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Note 1 \u2013 General Information
These consolidated financial statements are for the reporting
\u00a0
entity
Aker BioMarine ASA
\u00a0
(the
\u201cCompany\u201d) and its subsidiaries (together, the \u201cGroup\u201d).
\u00a0
The Company is a
limited liability company
domiciled in Norway with its registered office at
Oksen\u00f8yveien 10, 1366 Lysaker, Norway.
\u00a0
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
States.
\u00a0
These consolidated financial statements were authorized
\u00a0
for issue by the Board of Directors\u2019 and the
CEO on 18 March 2024. The consolidated financial
\u00a0
statements will be submitted to Aker BioMarine\u2019s
annual General Assembly on 16 April 2024 for final
\u00a0
approval.
\u00a0
Basis for preparation
The consolidated financial statements have been prepared
\u00a0
in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU and the IFRS Interpretations
\u00a0
Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2023. The consolidated financial
statements of Aker BioMarine ASA have been prepared on
\u00a0
a going concern basis under the historical
cost convention, except as otherwise described in
\u00a0
the sections below where fair value is required
\u00a0
for
derivatives and contingent consideration. Certain comparative
\u00a0
figures may be reclassified to conform to
the presentation adopted in the current year.
In these consolidated financial statements amounts
\u00a0
have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences,
\u00a0
amounts may not add up to the total.
Summary of Group accounting policies
Accounting policies that relate to the consolidated
\u00a0
financial statements in general are set out below,
while the accounting policies related to specific assets,
\u00a0
liabilities or financial statements line items
\u00a0
are
included in the corresponding note disclosure. All accounting
\u00a0
policies have been consistently applied
to all the years presented.
\u00a0
Functional and presentation currency
Transactions recorded in the financial statements of
\u00a0
each subsidiary are done in its functional
currency, i.e. the currency that best reflects the
\u00a0
primary economic environment in which the entity
operates. The consolidated financial statements are presented
\u00a0
in US Dollars (\u201cUSD\u201d), which is the
Group\u2019s presentation currency as the Group\u2019s cash
\u00a0
flow and economic returns are principally
denominated in USD and is the functional currency
\u00a0
of each key subsidiary. The functional currency of
the parent company Aker BioMarine ASA is USD.
Critical accounting estimates and significant
\u00a0
judgments
The preparation of consolidated financial statements in
\u00a0
conformity with IFRS requires management to
make estimates and assumptions that affect the reported
\u00a0
amounts of revenue, expenses, assets and
liabilities. The estimates and judgments are based
\u00a0
on historical experience and other factors, including
expectations of future events that are believed to be reasonable,
\u00a0
and constitute management\u2019s best
judgment at the date of the consolidated financial
\u00a0
statements. In the future, actual results may differ
from those estimates.
Where appropriate, present values are calculated using
\u00a0
discount rates reflecting the currency and
maturity of the items being valued. Further details
\u00a0
of critical estimates and significant judgments are
set out in the related notes to the consolidated financial
\u00a0
statements.
\u00a0
\n
The critical estimates that have a significant risk of
\u00a0
resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial
\u00a0
year results relate to:
\u00a0
\u25cf
Technical assessments when
\u00a0
estimating the useful
\u00a0
life of the
\u00a0
Group\u2019s vessels and
\u00a0
machinery
(see Note 8),
\u25cf
Estimating the
\u00a0
recoverable amount
\u00a0
of the
\u00a0
tangible and
\u00a0
intangible assets,
\u00a0
goodwill and
\u00a0
RoU
\u00a0
assets allocated to the Krill cash generating unit when conducting impairment tests (see Note
9 and 10),
\u25cf
Allocation of production
\u00a0
cost between
\u00a0
products produced
\u00a0
in the Ingredients
\u00a0
segment (see
\u00a0
Note
12).
The significant judgements that management has made
\u00a0
in the process of applying the entity\u2019s
accounting policies and that have the most significant
\u00a0
effect on the amounts recognized in the financial
statements relate to:
\u00a0
\u25cf
Expenses included as
\u00a0
part of the
\u00a0
indirect production
\u00a0
costs capitalized
\u00a0
as a part
\u00a0
of the inventory
and the
\u00a0
measurement of the
\u00a0
krill- based products
\u00a0
held as Inventories
\u00a0
at year end
\u00a0
(see Note
12),
\u00a0
\u25cf
Recognition and measurement of expenditure on vessels and machinery
\u00a0
included in Property,
plant and equipment (see Note 8).
\u00a0
Changes in accounting policies and new pronouncements
\u00a0
There are no changes in the accounting policies for
\u00a0
the consolidated financial statements for the year
ending 31 December 2023 as compared to the accounting
\u00a0
policies for the 2022 reporting year. The new
IFRS standards applicable for reporting periods on
\u00a0
or after 1 January 2023 adopted by the Group have
not had a material impact for the Group\u2019s financial
\u00a0
reporting.
None of the issued, not yet effective IFRS standards,
\u00a0
amendments to such standards or IFRIC
interpretations are expected to have significant effects
\u00a0
for the Group\u2019s financial reporting.
Significant changes in the current reporting
\u00a0
period
The financial position and performance of the group
\u00a0
was particularly affected by the following events
and transactions during the reporting period:
\u25cf
Construction of protein plant: During the
\u00a0
year the Group has capitalized
\u00a0
investments into the
new protein plant (see Note 8). The plant was
\u00a0
finalized in 2023.
\u25cf
Seasonal depreciations offshore: At the end of the year the
\u00a0
Group has changed how seasonal
offshore depreciations are estimated (see Note 8).
\u25cf
Deferred tax assets:
\u00a0
The Group has
\u00a0
recognized part
\u00a0
of the deferred
\u00a0
tax asset related
\u00a0
to the Feed
Ingredient business (see Note 7).
\u25cf
Hedge
\u00a0
accounting:
\u00a0
During
\u00a0
the
\u00a0
year,
\u00a0
the
\u00a0
Group
\u00a0
has
\u00a0
discontinued
\u00a0
hedge
\u00a0
accounting
\u00a0
and
terminated the remaining fuel option contracts (see
\u00a0
Note 20).
Going concern
These financial statements have been prepared under
\u00a0
the assumption of going concern. Prior to the
authorization of these financial statements, the Management
\u00a0
has asked for and been granted an
elevated leverage covenant threshold for Q1 2024
\u00a0
that will ensure compliance with the financing
facilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_1": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_2": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_3": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_4": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_5": { "value": "Oksen\u00f8yveien 10, 1366 Lysaker, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_6": { "value": "Lysaker", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_7": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_8": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_9": { "value": "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 States.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_245": { "value": "
Basis for preparation
The consolidated financial statements have been prepared
\u00a0
in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU and the IFRS Interpretations
\u00a0
Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2023. The consolidated financial
statements of Aker BioMarine ASA have been prepared on
\u00a0
a going concern basis under the historical
cost convention, except as otherwise described in
\u00a0
the sections below where fair value is required
\u00a0
for
derivatives and contingent consideration. Certain comparative
\u00a0
figures may be reclassified to conform to
the presentation adopted in the current year.
In these consolidated financial statements amounts
\u00a0
have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences,
\u00a0
amounts may not add up to the total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_246": { "value": "
Basis for preparation
The consolidated financial statements have been prepared
\u00a0
in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU and the IFRS Interpretations
\u00a0
Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2023. The consolidated financial
statements of Aker BioMarine ASA have been prepared on
\u00a0
a going concern basis under the historical
cost convention, except as otherwise described in
\u00a0
the sections below where fair value is required
\u00a0
for
derivatives and contingent consideration. Certain comparative
\u00a0
figures may be reclassified to conform to
the presentation adopted in the current year.
In these consolidated financial statements amounts
\u00a0
have been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding differences,
\u00a0
amounts may not add up to the total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_309": { "value": "
Functional and presentation currency
Transactions recorded in the financial statements of
\u00a0
each subsidiary are done in its functional
currency, i.e. the currency that best reflects the
\u00a0
primary economic environment in which the entity
operates. The consolidated financial statements are presented
\u00a0
in US Dollars (\u201cUSD\u201d), which is the
Group\u2019s presentation currency as the Group\u2019s cash
\u00a0
flow and economic returns are principally
denominated in USD and is the functional currency
\u00a0
of each key subsidiary. The functional currency of
the parent company Aker BioMarine ASA is USD.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_247": { "value": "
Critical accounting estimates and significant
\u00a0
judgments
The preparation of consolidated financial statements in
\u00a0
conformity with IFRS requires management to
make estimates and assumptions that affect the reported
\u00a0
amounts of revenue, expenses, assets and
liabilities. The estimates and judgments are based
\u00a0
on historical experience and other factors, including
expectations of future events that are believed to be reasonable,
\u00a0
and constitute management\u2019s best
judgment at the date of the consolidated financial
\u00a0
statements. In the future, actual results may differ
from those estimates.
Where appropriate, present values are calculated using
\u00a0
discount rates reflecting the currency and
maturity of the items being valued. Further details
\u00a0
of critical estimates and significant judgments are
set out in the related notes to the consolidated financial
\u00a0
statements.
\u00a0
\n
The critical estimates that have a significant risk of
\u00a0
resulting in a material adjustment to the carrying
amounts of assets and liabilities within the next financial
\u00a0
year results relate to:
\u00a0
\u25cf
Technical assessments when
\u00a0
estimating the useful
\u00a0
life of the
\u00a0
Group\u2019s vessels and
\u00a0
machinery
(see Note 8),
\u25cf
Estimating the
\u00a0
recoverable amount
\u00a0
of the
\u00a0
tangible and
\u00a0
intangible assets,
\u00a0
goodwill and
\u00a0
RoU
\u00a0
assets allocated to the Krill cash generating unit when conducting impairment tests (see Note
9 and 10),
\u25cf
Allocation of production
\u00a0
cost between
\u00a0
products produced
\u00a0
in the Ingredients
\u00a0
segment (see
\u00a0
Note
12).
The significant judgements that management has made
\u00a0
in the process of applying the entity\u2019s
accounting policies and that have the most significant
\u00a0
effect on the amounts recognized in the financial
statements relate to:
\u00a0
\u25cf
Expenses included as
\u00a0
part of the
\u00a0
indirect production
\u00a0
costs capitalized
\u00a0
as a part
\u00a0
of the inventory
and the
\u00a0
measurement of the
\u00a0
krill- based products
\u00a0
held as Inventories
\u00a0
at year end
\u00a0
(see Note
12),
\u00a0
\u25cf
Recognition and measurement of expenditure on vessels and machinery
\u00a0
included in Property,
plant and equipment (see Note 8).
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_248": { "value": "
There are no changes in the accounting policies for
\u00a0
the consolidated financial statements for the year
ending 31 December 2023 as compared to the accounting
\u00a0
policies for the 2022 reporting year. The new
IFRS standards applicable for reporting periods on
\u00a0
or after 1 January 2023 adopted by the Group have
not had a material impact for the Group\u2019s financial
\u00a0
reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_249": { "value": "
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Qrill\u2122
\u00a0
branded ingredients, or Krill oil during the year,
\u00a0
used
either in the feed industry or within human
\u00a0
health and nutrition. Lang, the distributor of
\u00a0
private labels
within the Brands segment operates within the human
\u00a0
health and nutrition markets but also sells other
natural supplements in addition to Krill oil. The
\u00a0
Group\u2019s main performance obligation is related
\u00a0
to the
delivery of agreed volumes of the above-mentioned products.
\u00a0
Some customers have longer term frame
agreements, agreeing the prices of the product per
\u00a0
MT/KG, but all sales are based on individual
purchase orders detailing the volume to be delivered
\u00a0
at a certain point in time, at a designated
location.
\u00a0
The Group recognizes as revenue the agreed transaction
\u00a0
price in a contract with a customer at the time
when the Group transfers the control of a distinct product
\u00a0
or service to the customer.
\u00a0
Ordinary purchase orders are normally the contracts
\u00a0
with the customer which create enforceable rights
and obligations. Volume discounts are the dominant
\u00a0
sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued
\u00a0
and recognized as reduction of revenue
based on the best estimate of the amounts potentially
\u00a0
due to the customer.
Under IFRS 15 the Group\u2019s revenue from sale of Krill
\u00a0
oil and Qrill\u2122 is recognized at a point in time,
\u00a0
when
the customer obtains control over the goods.
\u00a0
Control is transferred to the customer according
\u00a0
to agreed delivery terms, which is based on
standardized contract templates as published by the
\u00a0
International Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using F-terms
\u00a0
(delivery terms where the risk and
responsibility for any cost of transport, insurance
\u00a0
etc. are transferred to the buyer when the goods
\u00a0
are
on board the vessel/truck) or C-terms (delivery terms where
\u00a0
seller pays the costs and freight to bring
the goods to the port of destination), meaning the
\u00a0
risk is transferred upon handing the goods over
\u00a0
to
the carrier engaged by either the customer or Group,
\u00a0
respectively.
\u00a0
The main performance obligations for the Group
\u00a0
are related to the sale of goods of specified
\u00a0
amounts
and quality to customers. For a significant part of
\u00a0
the sales, the Group organizes and pays for shipping
of the goods (C-terms). The Group has assessed
\u00a0
that for these sales, there are two performance
obligations, and that the Group acts as an agent
\u00a0
for the shipping services. As a result, shipping revenue
and related shipping costs are netted in the consolidated
\u00a0
statement of profit or loss. The shipping
commission for transport of goods is considered
\u00a0
by the Group to be immaterial and further, the
\u00a0
Group's
delivery obligation is satisfied at the same time
\u00a0
as the control of the goods is transferred
\u00a0
to the
customers. Consequently, the shipping commission
\u00a0
is not separated from the revenues of sale
\u00a0
of
goods.
\u00a0
The goods are sold with standard warranties that
\u00a0
the goods sold comply with agreed upon specification
and condition. The Group does not have any significant
\u00a0
obligations for returns or refunds, and any
warranties would be accounted for using IAS 37
Provisions, contingent liabilities and contingent assets
.
\u00a0
Payment terms are usually between 30-60 days. The Group
\u00a0
does not have any contracts with a
significant financing component.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Geographical allocation of revenue from sale of products
\u00a0
(based on location of customer):
Year ended 31 December
USD Millions
2023
2022
Norway
33.6
26.8
EMEA
37.3
50.9
Americas
162.4
144.3
Asia Pacific
102.1
55.2
Total
335.3
277.2
2023
2022
USD Millions
Ingredients
Brands
Ingredients
Brands
Krill oil
78.1
112.5
57.7
100.8
Krill meal
133.0
-
105.1
-
Qrill\u2122
\u00a0
Pet and other products
5.9
-
13.8
-
Other income
4.2
5.6
4.3
5.6
Total revenue and other income
221.2
118.1
180.9
106.4
During the reporting periods the Group has had one customer
\u00a0
exceeding 9.8% of Net sales. In 2022,
16.1% of the Net sales was towards this customer.
\u00a0
The revenue from this customer is attributable
\u00a0
to the
Ingredients segment. The Group\u2019s three largest customers
\u00a0
in terms of revenue accounted for 25.6% of
the revenue in 2023 (2022: 34.5%). North America is
\u00a0
the Group\u2019s largest market which accounted
\u00a0
for USD
148.2 million of total Net sales (2022:
\u00a0
USD 134.8 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost of obtaining
\u00a0
customer contracts, which the Group
expects to recover. A success fee of USD 10 million
\u00a0
was paid upon signing of a significant contract
\u00a0
in the
Brands segment in 2020 and this contract cost is being
\u00a0
amortized over 5 years. The carried amount as
of 31 December 2023 was USD 3.2 million. The Group expects
\u00a0
to recover this cost from future sales and
the Group would not have incurred these incremental
\u00a0
costs if a certain contract had not been
\u00a0
obtained.
Liabilities with customers is less than the reporting
\u00a0
threshold as of 31 December 2023 (2022: USD
\u00a0
0.1
million), the liabilities relate to prepayments from
\u00a0
customers.
The timing of revenue recognition, billings, and cash collections
\u00a0
results in billed trade receivables (Note
13 and 20) and prepayments from customers (contract liabilities).
\u00a0
Prepayments up front is common
practice to reduce price risk for new customers.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2023
2022
Aion transaction
-
5.8
Fair value changes fuel derivatives
3.9
-
Rebalancing fuel hedge
-
2.9
Other
0.1
1.5
Total
4.0
10.2
Other income mainly consists of fair value changes
\u00a0
of fuel derivatives after termination of hedge
accounting end of May 2023. Refer to Note 20 for
\u00a0
more information about the fuel hedge.
\u00a0
In 2022, the spin-off of Aion AS resulted in a
\u00a0
total gain of USD 9.2 million where USD 5.8 million
\u00a0
was
recognized as other operating income and USD
\u00a0
3.4 million was recognized as Finance Income in
\u00a0
the
Statement of Profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_250": { "value": "
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Qrill\u2122
\u00a0
branded ingredients, or Krill oil during the year,
\u00a0
used
either in the feed industry or within human
\u00a0
health and nutrition. Lang, the distributor of
\u00a0
private labels
within the Brands segment operates within the human
\u00a0
health and nutrition markets but also sells other
natural supplements in addition to Krill oil. The
\u00a0
Group\u2019s main performance obligation is related
\u00a0
to the
delivery of agreed volumes of the above-mentioned products.
\u00a0
Some customers have longer term frame
agreements, agreeing the prices of the product per
\u00a0
MT/KG, but all sales are based on individual
purchase orders detailing the volume to be delivered
\u00a0
at a certain point in time, at a designated
location.
\u00a0
The Group recognizes as revenue the agreed transaction
\u00a0
price in a contract with a customer at the time
when the Group transfers the control of a distinct product
\u00a0
or service to the customer.
\u00a0
Ordinary purchase orders are normally the contracts
\u00a0
with the customer which create enforceable rights
and obligations. Volume discounts are the dominant
\u00a0
sales incentives used by Aker BioMarine. Volume
discounts with retrospective effect are systematically accrued
\u00a0
and recognized as reduction of revenue
based on the best estimate of the amounts potentially
\u00a0
due to the customer.
Under IFRS 15 the Group\u2019s revenue from sale of Krill
\u00a0
oil and Qrill\u2122 is recognized at a point in time,
\u00a0
when
the customer obtains control over the goods.
\u00a0
Control is transferred to the customer according
\u00a0
to agreed delivery terms, which is based on
standardized contract templates as published by the
\u00a0
International Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using F-terms
\u00a0
(delivery terms where the risk and
responsibility for any cost of transport, insurance
\u00a0
etc. are transferred to the buyer when the goods
\u00a0
are
on board the vessel/truck) or C-terms (delivery terms where
\u00a0
seller pays the costs and freight to bring
the goods to the port of destination), meaning the
\u00a0
risk is transferred upon handing the goods over
\u00a0
to
the carrier engaged by either the customer or Group,
\u00a0
respectively.
\u00a0
The main performance obligations for the Group
\u00a0
are related to the sale of goods of specified
\u00a0
amounts
and quality to customers. For a significant part of
\u00a0
the sales, the Group organizes and pays for shipping
of the goods (C-terms). The Group has assessed
\u00a0
that for these sales, there are two performance
obligations, and that the Group acts as an agent
\u00a0
for the shipping services. As a result, shipping revenue
and related shipping costs are netted in the consolidated
\u00a0
statement of profit or loss. The shipping
commission for transport of goods is considered
\u00a0
by the Group to be immaterial and further, the
\u00a0
Group's
delivery obligation is satisfied at the same time
\u00a0
as the control of the goods is transferred
\u00a0
to the
customers. Consequently, the shipping commission
\u00a0
is not separated from the revenues of sale
\u00a0
of
goods.
\u00a0
The goods are sold with standard warranties that
\u00a0
the goods sold comply with agreed upon specification
and condition. The Group does not have any significant
\u00a0
obligations for returns or refunds, and any
warranties would be accounted for using IAS 37
Provisions, contingent liabilities and contingent assets
.
\u00a0
Payment terms are usually between 30-60 days. The Group
\u00a0
does not have any contracts with a
significant financing component.
\u00a0
\n
\u00a0
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\n
Geographical allocation of revenue from sale of products
\u00a0
(based on location of customer):
Year ended 31 December
USD Millions
2023
2022
Norway
33.6
26.8
EMEA
37.3
50.9
Americas
162.4
144.3
Asia Pacific
102.1
55.2
Total
335.3
277.2
2023
2022
USD Millions
Ingredients
Brands
Ingredients
Brands
Krill oil
78.1
112.5
57.7
100.8
Krill meal
133.0
-
105.1
-
Qrill\u2122
\u00a0
Pet and other products
5.9
-
13.8
-
Other income
4.2
5.6
4.3
5.6
Total revenue and other income
221.2
118.1
180.9
106.4
During the reporting periods the Group has had one customer
\u00a0
exceeding 9.8% of Net sales. In 2022,
16.1% of the Net sales was towards this customer.
\u00a0
The revenue from this customer is attributable
\u00a0
to the
Ingredients segment. The Group\u2019s three largest customers
\u00a0
in terms of revenue accounted for 25.6% of
the revenue in 2023 (2022: 34.5%). North America is
\u00a0
the Group\u2019s largest market which accounted
\u00a0
for USD
148.2 million of total Net sales (2022:
\u00a0
USD 134.8 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost of obtaining
\u00a0
customer contracts, which the Group
expects to recover. A success fee of USD 10 million
\u00a0
was paid upon signing of a significant contract
\u00a0
in the
Brands segment in 2020 and this contract cost is being
\u00a0
amortized over 5 years. The carried amount as
of 31 December 2023 was USD 3.2 million. The Group expects
\u00a0
to recover this cost from future sales and
the Group would not have incurred these incremental
\u00a0
costs if a certain contract had not been
\u00a0
obtained.
Liabilities with customers is less than the reporting
\u00a0
threshold as of 31 December 2023 (2022: USD
\u00a0
0.1
million), the liabilities relate to prepayments from
\u00a0
customers.
The timing of revenue recognition, billings, and cash collections
\u00a0
results in billed trade receivables (Note
13 and 20) and prepayments from customers (contract liabilities).
\u00a0
Prepayments up front is common
practice to reduce price risk for new customers.
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2023
2022
Aion transaction
-
5.8
Fair value changes fuel derivatives
3.9
-
Rebalancing fuel hedge
-
2.9
Other
0.1
1.5
Total
4.0
10.2
Other income mainly consists of fair value changes
\u00a0
of fuel derivatives after termination of hedge
accounting end of May 2023. Refer to Note 20 for
\u00a0
more information about the fuel hedge.
\u00a0
In 2022, the spin-off of Aion AS resulted in a
\u00a0
total gain of USD 9.2 million where USD 5.8 million
\u00a0
was
recognized as other operating income and USD
\u00a0
3.4 million was recognized as Finance Income in
\u00a0
the
Statement of Profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_251": { "value": "
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment
\u00a0
information according to the
organization and reporting structure used by the chief
\u00a0
operating decision maker (CODM). The Group
defines the CODM as the Executive Management
\u00a0
Team (EMT) and the CEO.
The Group\u2019s operations have historically occurred
\u00a0
in one reportable segment with the production
\u00a0
and
sale of krill products. This is the Ingredients business
\u00a0
segment. Following the acquisition of Lang on
\u00a0
1
March 2019, the Group has two reportable segments.
\u00a0
The production and sale of krill products remains
the same, but with Lang there is now a distribution
\u00a0
segment, the Brands business. The two segments
are operated and managed separately, and financial results
\u00a0
are measured and reported on a stand-
alone basis for the two operating segments. The key
\u00a0
financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated in
\u00a0
the \u2018Adjustments & eliminations\u2019 column, as
well as group adjustments in relation to financial items,
\u00a0
depreciation and amortization on group assets
(such as customer lists acquired in a transaction).
The Ingredients business consists of offshore harvesting
\u00a0
and production activities, the logistical
operations and the onshore manufacturing and sale of
\u00a0
krill oil products globally to distributors and
feed producers. This segment sells the products Krill
\u00a0
oil and Krill Meal. This was the Group\u2019s core
business and only identified segment up until the
\u00a0
acquisition of Lang on 1 March 2019.
The Brands segment is the human consumption
\u00a0
distribution business. As of 31 December 2023, the
Brands segment comprises the group legal entities
\u00a0
Lang Pharma Nutrition LLC (Lang), Epion Brands
\u00a0
LLC
(Epion) and the holding company New Ride LLC. Lang
\u00a0
acquires raw materials derived from krill, fish and
plants. These raw materials are then processed and
\u00a0
packaged, labeled and sold to retailers in the
\u00a0
US
market. The Brands segment sells the products
\u00a0
under the brand name Qrill
TM
\u00a0
Pet and other brand
names.
Recognition and measurement applied to the
\u00a0
segment reporting is consistent with the accounting
principles applied when preparing the financial statements.
\u00a0
Transactions between segments and
\u00a0
internally within the Ingredients segment follow recognized
\u00a0
principals of transfer pricing. The
geographical distribution of revenue is presented in
\u00a0
Note 2. This is not part of the monthly/bi-monthly
segment reporting to management. Segment financial information
\u00a0
is given in the tables below for the
years 2023 and 2022.
The Company will implement a new Segment structure
\u00a0
from Q1 2024 based on new operating business
units. The new segments will be (1) Feed Ingredients;
\u00a0
(2) Human Health Ingredients; (3) Consumer
Health Ingredients; and (4) Emerging Businesses. Please
\u00a0
see information on the new financial and legal
structure in chapter one.
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\n
Operating segments 2023:
Adjustments &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
210.2
125.1
-
335.3
Internal sales
12.5
-
-12.5
-
Cost of goods sold
-141.4
-95.1
14.1
-222.4
Gross profit
81.3
30.0
1.6
112.9
SG&A
-61.1
-29.4
-
-90.5
Depreciation, amortization and impairment
-8.8
-2.7
-9.7
-21.1
Other operating income/(cost), net
43.6
-0.2
-39.4
4.0
Operating profit
55.0
-2.3
-47.5
5.3
Net financial items
-30.6
-8.6
-
-39.2
Tax expense
25.5
-0.5
-
25.0
Net profit (loss)
49.9
-11.4
-47.5
-9.0
Depreciation, amortization and impairment (Note
8)
40.3
2.7
9.7
52.7
EBITDA
95.3
0.4
-37.8
58.0
Adjusted EBITDA
67.6
0.8
1.5
70.0
Adjustments &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
341.2
0.3
-
341.5
Right-of-use assets (leasing)
9.0
0.2
-
9.2
Intangible assets
101.2
54.2
-
155.4
Cash and cash equivalents
11.2
16.3
-
27.5
Inventory
142.1
36.6
5.0
183.7
Interest-bearing receivable
3.0
-
-
3.0
Interest-bearing debt
-337.5
-55.5
-
-393.0
Net interest free asset and liabilities
85.3
-41.1
-5.0
39.3
Total equity
355.5
11.0
-
366.6
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\n
Operating segments 2022:
Adjustments &
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
-
10.3
Operating profit
20.2
-4.2
6.2
22.2
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
Adjustments &
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
151.9
39.2
5.5
196.6
Net interest free asset and liabilities
39.7
1.0
-5.5
35.2
Total equity
324.9
53.8
-
378.7
Adjusted EBITDA
The Executive Management Team (EMT) evaluates the
\u00a0
performance based on Adjusted EBITDA. This
metric is defined as operating profit before depreciation,
\u00a0
amortization, write-downs and impairments,
and special operating items. Special operating items
\u00a0
include gains or losses on sale of assets, if
material, restructuring expenses and other material items
\u00a0
which are not primarily related to the period
in which they are recognized or special in nature
\u00a0
compared to ordinary operational income or
expenses. See description of the Alternative Performance
\u00a0
Measures (APM) attached to the consolidated
financial statement.
The following table reconciles Adjusted EBITDA to
\u00a0
Net loss in the consolidated statements of profit
\u00a0
or
loss.
Year ended 31 December
USD Millions
2023
2022
Net loss
-9.0
10.0
Tax expense
-25.0
2.2
Financial income
-3.6
-4.0
Financial expenses
40.2
22.0
Net foreign exchange gain/loss
2.6
-8.1
Operating profit
5.3
22.1
Depreciation, amortization and impairment
52.7
51.4
EBITDA
58.0
73.5
Special operating items
12.0
-4.5
Adjusted EBITDA
70.0
69.0
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2023
2022
Restructuring and improvement program
11.6
1.3
Other
0.4
-
Aion transaction
-
-5.8
Special operating items
12.0
-4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_252": { "value": "
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment
\u00a0
information according to the
organization and reporting structure used by the chief
\u00a0
operating decision maker (CODM). The Group
defines the CODM as the Executive Management
\u00a0
Team (EMT) and the CEO.
The Group\u2019s operations have historically occurred
\u00a0
in one reportable segment with the production
\u00a0
and
sale of krill products. This is the Ingredients business
\u00a0
segment. Following the acquisition of Lang on
\u00a0
1
March 2019, the Group has two reportable segments.
\u00a0
The production and sale of krill products remains
the same, but with Lang there is now a distribution
\u00a0
segment, the Brands business. The two segments
are operated and managed separately, and financial results
\u00a0
are measured and reported on a stand-
alone basis for the two operating segments. The key
\u00a0
financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated in
\u00a0
the \u2018Adjustments & eliminations\u2019 column, as
well as group adjustments in relation to financial items,
\u00a0
depreciation and amortization on group assets
(such as customer lists acquired in a transaction).
The Ingredients business consists of offshore harvesting
\u00a0
and production activities, the logistical
operations and the onshore manufacturing and sale of
\u00a0
krill oil products globally to distributors and
feed producers. This segment sells the products Krill
\u00a0
oil and Krill Meal. This was the Group\u2019s core
business and only identified segment up until the
\u00a0
acquisition of Lang on 1 March 2019.
The Brands segment is the human consumption
\u00a0
distribution business. As of 31 December 2023, the
Brands segment comprises the group legal entities
\u00a0
Lang Pharma Nutrition LLC (Lang), Epion Brands
\u00a0
LLC
(Epion) and the holding company New Ride LLC. Lang
\u00a0
acquires raw materials derived from krill, fish and
plants. These raw materials are then processed and
\u00a0
packaged, labeled and sold to retailers in the
\u00a0
US
market. The Brands segment sells the products
\u00a0
under the brand name Qrill
TM
\u00a0
Pet and other brand
names.
Recognition and measurement applied to the
\u00a0
segment reporting is consistent with the accounting
principles applied when preparing the financial statements.
\u00a0
Transactions between segments and
\u00a0
internally within the Ingredients segment follow recognized
\u00a0
principals of transfer pricing. The
geographical distribution of revenue is presented in
\u00a0
Note 2. This is not part of the monthly/bi-monthly
segment reporting to management. Segment financial information
\u00a0
is given in the tables below for the
years 2023 and 2022.
The Company will implement a new Segment structure
\u00a0
from Q1 2024 based on new operating business
units. The new segments will be (1) Feed Ingredients;
\u00a0
(2) Human Health Ingredients; (3) Consumer
Health Ingredients; and (4) Emerging Businesses. Please
\u00a0
see information on the new financial and legal
structure in chapter one.
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\n
Operating segments 2023:
Adjustments &
USD Millions
Ingredients
Brands
Eliminations
Total
External sales
210.2
125.1
-
335.3
Internal sales
12.5
-
-12.5
-
Cost of goods sold
-141.4
-95.1
14.1
-222.4
Gross profit
81.3
30.0
1.6
112.9
SG&A
-61.1
-29.4
-
-90.5
Depreciation, amortization and impairment
-8.8
-2.7
-9.7
-21.1
Other operating income/(cost), net
43.6
-0.2
-39.4
4.0
Operating profit
55.0
-2.3
-47.5
5.3
Net financial items
-30.6
-8.6
-
-39.2
Tax expense
25.5
-0.5
-
25.0
Net profit (loss)
49.9
-11.4
-47.5
-9.0
Depreciation, amortization and impairment (Note
8)
40.3
2.7
9.7
52.7
EBITDA
95.3
0.4
-37.8
58.0
Adjusted EBITDA
67.6
0.8
1.5
70.0
Adjustments &
Balance sheet items
Ingredients
Brands
Eliminations
Total
Property, plant and equipment
341.2
0.3
-
341.5
Right-of-use assets (leasing)
9.0
0.2
-
9.2
Intangible assets
101.2
54.2
-
155.4
Cash and cash equivalents
11.2
16.3
-
27.5
Inventory
142.1
36.6
5.0
183.7
Interest-bearing receivable
3.0
-
-
3.0
Interest-bearing debt
-337.5
-55.5
-
-393.0
Net interest free asset and liabilities
85.3
-41.1
-5.0
39.3
Total equity
355.5
11.0
-
366.6
\"doc1p60i0\"\n
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\n
Operating segments 2022:
Adjustments &
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
-
10.3
Operating profit
20.2
-4.2
6.2
22.2
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
Adjustments &
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
151.9
39.2
5.5
196.6
Net interest free asset and liabilities
39.7
1.0
-5.5
35.2
Total equity
324.9
53.8
-
378.7
Adjusted EBITDA
The Executive Management Team (EMT) evaluates the
\u00a0
performance based on Adjusted EBITDA. This
metric is defined as operating profit before depreciation,
\u00a0
amortization, write-downs and impairments,
and special operating items. Special operating items
\u00a0
include gains or losses on sale of assets, if
material, restructuring expenses and other material items
\u00a0
which are not primarily related to the period
in which they are recognized or special in nature
\u00a0
compared to ordinary operational income or
expenses. See description of the Alternative Performance
\u00a0
Measures (APM) attached to the consolidated
financial statement.
The following table reconciles Adjusted EBITDA to
\u00a0
Net loss in the consolidated statements of profit
\u00a0
or
loss.
Year ended 31 December
USD Millions
2023
2022
Net loss
-9.0
10.0
Tax expense
-25.0
2.2
Financial income
-3.6
-4.0
Financial expenses
40.2
22.0
Net foreign exchange gain/loss
2.6
-8.1
Operating profit
5.3
22.1
Depreciation, amortization and impairment
52.7
51.4
EBITDA
58.0
73.5
Special operating items
12.0
-4.5
Adjusted EBITDA
70.0
69.0
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2023
2022
Restructuring and improvement program
11.6
1.3
Other
0.4
-
Aion transaction
-
-5.8
Special operating items
12.0
-4.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_310": { "value": "
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS 8
Operating Segments
. IFRS 8 requires management to report segment
\u00a0
information according to the
organization and reporting structure used by the chief
\u00a0
operating decision maker (CODM). The Group
defines the CODM as the Executive Management
\u00a0
Team (EMT) and the CEO.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_253": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_254": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_255": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_256": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_257": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_258": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_259": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and Other
operating cost
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
are recognized in the same period as the
corresponding revenue from sale of product is recognized.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Salaries and payroll expenses not related to production,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
Selling, General and Administrative expenses
\u00a0
consists of:
Year ended 31 December
USD Millions
2023
2022
Sales and Distribution Costs
-69.1
-67.7
Research and Development
-0.4
-4.0
Administrative Costs
-21.0
-14.8
Total
-90.5
-86.5
Sales and Distribution costs are all costs related
\u00a0
to selling, marketing, and distributing and storing
\u00a0
the
goods world-wide.
\u00a0
Research and Development costs represent the Innovation
\u00a0
department where ongoing studies within
the application and use of krill as an ingredient both
\u00a0
for human and for animal feed is being expensed.
The department also works on early phase product
\u00a0
development, finding new application for the raw
material, and bringing this out to the market.
\u00a0
Administrative costs represent the head office costs
\u00a0
which includes the management group, finance,
and Transformation (sustainability, strategy and IT),
\u00a0
providing services to the entire Group.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
\u00a0
Salary specification by function
The below schedule describes the total salary costs
\u00a0
of the Group. Salaries from the onshore and
offshore part of the Group is allocated to inventory,
\u00a0
as presented in Note 12. Selling, general and
administrative salaries specifies the salary part of
\u00a0
the total expenses of USD 90.5 million (2022: USD
\u00a0
86.5
million), as also presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2023
2022
Offshore - inventoriable
-22.2
-25.2
Onshore - inventoriable
-9.6
-10.5
Selling, general and administrative
-34.3
-32.6
Total
-66.1
-68.3
Number of employees at year-end
374
327
Full time Equivalent
373
325
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2023
2022
Salaries
-58.1
-57.9
Employer's social security contribution
-1.0
-1.0
Pension expenses
-1.3
-1.5
Other benefits
-5.7
-7.9
Total
-66.1
-68.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees except one employee who has
\u00a0
had
a defined benefit plan. At the end of the year the
\u00a0
defined benefit plan was terminated and the
employee was moved to the defined contribution plan.
\u00a0
As a result of this there is no defined obligation
or asset at year end. The plans comply with
\u00a0
laws and regulations set forth in the different
\u00a0
countries of
operations. During the year the Group expensed
\u00a0
USD 0.04 million, net of settlements and curtailment
on the defined benefit plan (2022: USD 0.04) USD 1.3 million
\u00a0
for the contribution plan (2022: USD 1.5
million).
\"doc1p60i0\"\n
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_311": { "value": "
The presentation of operating expenses in the
\u00a0
consolidated statements of profit or loss is
\u00a0
based on
function of the expenses. Production and operating expenses
\u00a0
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,
\u00a0
sales and distribution costs, and other general
and administrative costs are recognized when they occur
\u00a0
or when the Group has a liability for future
expenses. Production and operating expenses allocated
\u00a0
to product is presented within Note 12
Inventories.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_260": { "value": "
Government grants
During 2023 the Group received grants of USD 0.29 million
\u00a0
(2022: USD 0.36 million). The grants are partly
included in the Research and Development and partly
\u00a0
\u2018Asset under construction\u2019 to net the costs that
the grants are intended to compensate. There
\u00a0
are not any unfulfilled conditions or other contingencies
on these grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_261": { "value": "
\u00a0
\n
Remuneration to the Group auditors (excluding
\u00a0
VAT):
\u00a0
PwC is the Group auditor of Aker BioMarine ASA (KPMG
\u00a0
for 2021 and earlier years). The following table
shows the fees to the appointed auditors for 2023
\u00a0
and 2022. For both categories the reported fee is
\u00a0
the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Audit fees
-0.4
-0.3
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-0.1
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_262": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_263": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_264": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_265": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_266": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_267": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_268": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\n
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\n
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\n
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\n
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\n
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\n
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
\u00a0
Year ended 31 December
USD Millions
2023
2022
Interest income, bank deposits
2.2
0.2
Interest income loans and receivables (amortized cost)
0.2
0.4
Subsidiaries-
\u00a0
shares change in fair value, impairment, gain and losses
-
3.4
Other financial income
1.2
-
Total financial income
3.6
4.0
Interest expense on financial liabilities at amortized
\u00a0
cost
-33.4
-20.3
Share of loss in associated companies
-3.0
-
Other financial expenses
-3.8
-1.7
Total financial expenses
-40.2
-22.0
Foreign exchange gains (realized and unrealized)
10.5
14.3
Foreign exchange losses (realized and unrealized)
-13.1
-6.2
Foreign exchange gains/losses net
-2.6
8.1
Net financial expenses
-39.3
-9.9
Other financial expenses include provision and guarantee expenses
\u00a0
paid to DNB.
\u00a0
\n
\u00a0
\n
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\u00a0
\n
Note 16 \u2013 Interest bearing debt
The Group recognizes interest-bearing debt initially
\u00a0
at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost.
\u00a0
Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized
\u00a0
in the consolidated statements of profit or
loss over the period of the debt using the effective
\u00a0
interest method.
\u00a0
As per 31 December
USD Millions
2023
2022
Non-current liabilities
Secured bank loans
337.8
326.5
Non-current NOK-denominated loan from Antarctic Harvesting
\u00a0
Holding AS
1.3
1.3
Leasing liabilities
4.8
5.8
Book value total interest-bearing non-current liabilities
344.0
333.6
Current liabilities
Current portion of secured loans
29.4
9.4
Overdraft facilities
14.7
33.4
Leasing liabilities
4.9
4.8
Book value total interest-bearing current liabilities
49.0
47.6
Book value total interest-bearing liabilities
392.9
381.2
Total interest-bearing debt was at USD 392.9 million, including
\u00a0
IFRS 16 leasing commitments of USD 9.7
million as of 31 December 2023. Cash amounted
\u00a0
to USD 27.5 million, implying net interest-bearing debt
of USD 365.3 million, up from USD 358.8 million same
\u00a0
period last year. The increase is mainly due
\u00a0
to
investments in the protein factory, upgrades at Houston
\u00a0
Plant as well as shipyard. Total available
liquidity as of 31 December 2023 was USD 52.9 million
\u00a0
(cash and available amounts under the debt
facilities).
The Company has a financing structure with a bank
\u00a0
group consisting of DNB Bank, Cooperative
Rabobank and Nordea Bank. The structure consists
\u00a0
of a larger corporate revolving credit facility
\u00a0
(RCF)
and one term loan for the Endurance vessel. The Group
\u00a0
obtained a covenant waiver for 2023. The waiver
set out a new maximum threshold up to 6.0:1
\u00a0
(net interest-bearing debt / 12 month Adjusted EBITDA),
up from original 5:0:1. For 2023, the Company has
\u00a0
been within this threshold. Going into 2024, the
company has also been granted a leverage covenant waiver
\u00a0
for Q1 2024 to allow for some uncertainty
start of the year as a result of low harvesting
\u00a0
end of 2023.
\"doc1p60i0\"\n
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\n
Terms and debt repayment schedule per 31 December 2023:
Loan
Currency
USD Millions
Nominal interest rate
Year of maturity
Instalments
Secured bank loan - Bank syndicate
USD
67.9
3,13 % (fixed)
2,031
Quarterly
Secured loan - Bank syndicate
USD
299.3
SOFR + margin
1)
2,025
In full upon
termination
Antarctic Harvesting Holding AS
NOK
1.3
7.0%
-
-
Overdraft facility with DNB
USD
14.7
NOWA+0,13% yearly framework
agreement provision
2)
\u00a0
n/a
\u00a0
n/a
Leasing financing
NOK/USD
9.7
6.4 - 7.3%
\u00a0
<2030
\u00a0
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
2023
2022
Secured bank loans
367.2
335.9
Overdraft facility
14.7
33.4
Total secured debt
381.9
369.3
Book value of assets pledged as security
Operating assets
684.5
731.9
Asset pledged as security per company as of 31 December 2023:
AKBM Human
Ingredients AS
AKBM Distribution
Holding AS
Lang Pharma
Nutrition
USD Millions
Group total
Antarctic AS
Understory AS
AKBM US Holding
AKBM Manufacturing
New Ride
Ships/Rigs
180.6
180.6
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
Customers receivable
45.0
28.3
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
16.7
Shares
273.3
0.9
3.2
\u00a0
-
\u00a0
108.1
108.2
\u00a0
-
\u00a0
52.9
\u00a0
-
\u00a0
Inventory
\u00a0
149.1
63.6
47.6
\u00a0
-
\u00a0
\u00a0
-
\u00a0
2.9
\u00a0
-
\u00a0
\u00a0
-
\u00a0
35.1
Other assets
36.6
14.5
2.3
\u00a0
-
\u00a0
\u00a0
-
\u00a0
0.1
1.4
-
18.4
Total
684.6
287.9
53.1
-
108.1
111.1
1.4
53.0
70.1
\"doc1p60i0\"\n
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\u00a0
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\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2023:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2022
335.8
1.3
10.6
33.4
381.1
Changes in Financing cash flows
Secured bank loan - RCF
\u00a0
- DNB/ RABO
40.0
-
-
-
40.0
Instalments interest-bearing debt
-9.4
-
-5.2
-
-14.6
Overdraft facility with DNB/RABO
-
-
-
-18.7
-18.7
Net cash flow from financing activities
30.6
-
-5.2
-18.7
6.7
Non-Cash changes
\u00a0
Leasing financing (IFRS16)
-
-
4.3
-
4.3
Other changes, liability related
Interest/fees charged to loan
0.8
-
-
-
0.8
Total liability related changes
0.8
-
-
-
0.8
Balance Interest bearing debt at 31 December 2023
367.2
1.3
9.8
14.7
392.9
\u00a0
\"doc1p60i0\"\n
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\u00a0
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\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2022:
Secured bank
loans
Proceeds from
owner
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 + TL NewRide - 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
\u00a0
Leasing financing (IFRS16)
-
-
3.5
-
3.5
Other changes, liability related
Interest/fees charged to loan
0.6
-
-
-
0.6
Effect of changes in foreign exchange rates
-
-
-
-
-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_312": { "value": "
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_313": { "value": "
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_314": { "value": "
\u00a0
\n
Financial income comprises interest income on financial
\u00a0
investments and foreign exchange gains
recognized in the consolidated statement of profit
\u00a0
or loss. Financial expenses include interest
\u00a0
expense
guarantee fees, share of loss in associated companies,
\u00a0
earn out provisions and foreign exchange losses
recognized in the consolidated statement of profit
\u00a0
or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_269": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\n
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\n
\u00a0
\n
\u00a0
\n
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays
\u00a0
taxes according to the rates applicable in the
countries and states in which it operates. All the
\u00a0
vessels operate under Norwegian tax jurisdiction.
\u00a0
Most
taxes are recorded in the statement of profit
\u00a0
or loss and relate to taxes payable for
\u00a0
the reporting
period (current tax), but also deferred taxes. Deferred
\u00a0
tax is calculated based on the differences
between the accounting value and tax value of assets
\u00a0
and liabilities at the reporting period date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2023
2022
Profit (loss) before tax
-33.9
12.2
Calculated income tax at statutory rate of 22%
7.5
-2.7
Tax differential Norway and abroad
0.2
-0.5
Recognized deferred tax asset
25.0
-
Unrecognized change in deferred tax assets
7.3
-5.8
Permanent differences
-
-
Currency translation and other
\u00a0
-14.9
6.8
Total tax expense
25.0
-2.2
Effective tax rate
74%
18%
* The Group files its tax return in NOK. The effective tax rate is
\u00a0
affected by recognition of deferred
\u00a0
tax asset.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2023
2022
Property, plant and equipment and intangible assets
-8.8
-10.6
Inventory
-
-
Tax losses carried forward
53.0
60.8
Interest rate deductability carry forward
12.1
13.0
Other
6.1
2.7
Net deferred tax assets
62.4
65.9
Deferred tax liability
-3.7
-5.4
Deferred tax asset
66.1
71.3
Unrecognized deferred tax assets
41.1
71.3
Recognized deferred tax asset
25.0
\u00a0
-
\u00a0
Recognized deferred tax liability
-3.7
-5.4
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Current income tax expenses relate to subsidiaries
\u00a0
in US (21% Federal tax rate) and Australia
\u00a0
(30%) and
recognition of deferred tax asset in Norway (22%).
\u00a0
There were no changes in corporate tax rates
\u00a0
in
these countries over 2023 and 2022. In Norway
\u00a0
the corporate tax rate was reduced from 23%
\u00a0
to 22% in
2019 and is unchanged in 2023. The recognized
\u00a0
deferred tax liability of USD 3.7 million relates to
\u00a0
the
entities in the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
71.3 million in 2022 to USD 65.6 million in
\u00a0
2023 due to
lower tax losses carried forward.
Based on the current ownership structure for the
\u00a0
different entities in the Group, management has
identified two separate tax groups in accordance
\u00a0
with the Norwegian Tax Code. The first tax group
\u00a0
is
related to Aker BioMarine ASA. The second tax group
\u00a0
consists of Aker BioMarine Holding AS and its
wholly owned subsidiaries, being Aker BioMarine Antarctic
\u00a0
AS, Aker BioMarine Distribution Holding AS,
Aker BioMarine Understory AS, Aker BioMarine Human
\u00a0
Ingredients AS and KRBNX AS. In Norway, tax
losses are without expiration.
\u00a0
The two tax groups had the following tax losses carried forward, deferred tax assets (recognized
\u00a0
and
not recognized) as of 31 December 2023:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
64.0
14.0
-
14.0
Aker BioMarine Holding AS
178.0
39.0
25.0
14.0
Total
\u00a0
242.0
53.0
25.0
28.0
For the first tax group being Aker BioMarine ASA, no
\u00a0
deferred tax assets from historic tax losses have
been recognized as there is limited possibility
\u00a0
for the tax group to utilize these tax losses.
As for the second tax group being Aker BioMarine
\u00a0
Holding AS and subsidiaries, management has
assessed, based on 2023 results and future budgets
\u00a0
that the Group will be in a tax position going
forward. The positive development is driven by
\u00a0
Aker BioMarine Antarctic AS where the business
activities have been scaled sufficiently to be at a level
\u00a0
where the company on a standalone basis
generate taxable profits. Furthermore, Aker BioMarine
\u00a0
Antarctic AS, being the Feed Ingredients business
of the Group, has experienced increased prices
\u00a0
for its products, mainly Qrill Aqua, Qrill Pet and
\u00a0
Nutra
combined with increased production volumes at scale
\u00a0
with lower unit cost, and therefore higher
margins. Based on an overall assessment, and particularly
\u00a0
carried by the outlook of the Feed
Ingredients business, the Group has recognized USD
\u00a0
25m in tax assets. The recognized deferred tax
asset is calculated based on what has been considered
\u00a0
more likely than not that the tax Group
\u00a0
will be
able to utilize within the next 3-5 years.
PILLAR 2
The OECD Pillar Two Model Rules will be effective
\u00a0
for Aker\u2019s financial year starting on January 1, 2024.
Aker ASA, and thereby Aker BioMarine ASA, is
\u00a0
in the scope of the enacted legislation and
\u00a0
has evaluated
its potential exposure to Pillar 2 income taxes. The
\u00a0
preliminary analysis, based on the most recent
country-by-country reporting to the tax authorities and
\u00a0
financial statements for the entities in the
Group, indicates that most jurisdictions would be
\u00a0
covered by the Safe Harbour rules. However, it
\u00a0
is not
possible to assess the impact in 2024 with any level
\u00a0
of confidence based on the currently available
data. Aker is in the process of assessing the consequences
\u00a0
of the Pillar 2 income taxes. The financial
consequences will depend on, among others, the group
\u00a0
structure and financial results. Aker BioMarine
ASA has applied the exception from the requirements
\u00a0
of IAS 12 not to recognise and disclose
information about deferred tax assets and liabilities
\u00a0
associated with Pillar 2 income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_270": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays
\u00a0
taxes according to the rates applicable in the
countries and states in which it operates. All the
\u00a0
vessels operate under Norwegian tax jurisdiction.
\u00a0
Most
taxes are recorded in the statement of profit
\u00a0
or loss and relate to taxes payable for
\u00a0
the reporting
period (current tax), but also deferred taxes. Deferred
\u00a0
tax is calculated based on the differences
between the accounting value and tax value of assets
\u00a0
and liabilities at the reporting period date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2023
2022
Profit (loss) before tax
-33.9
12.2
Calculated income tax at statutory rate of 22%
7.5
-2.7
Tax differential Norway and abroad
0.2
-0.5
Recognized deferred tax asset
25.0
-
Unrecognized change in deferred tax assets
7.3
-5.8
Permanent differences
-
-
Currency translation and other
\u00a0
-14.9
6.8
Total tax expense
25.0
-2.2
Effective tax rate
74%
18%
* The Group files its tax return in NOK. The effective tax rate is
\u00a0
affected by recognition of deferred
\u00a0
tax asset.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2023
2022
Property, plant and equipment and intangible assets
-8.8
-10.6
Inventory
-
-
Tax losses carried forward
53.0
60.8
Interest rate deductability carry forward
12.1
13.0
Other
6.1
2.7
Net deferred tax assets
62.4
65.9
Deferred tax liability
-3.7
-5.4
Deferred tax asset
66.1
71.3
Unrecognized deferred tax assets
41.1
71.3
Recognized deferred tax asset
25.0
\u00a0
-
\u00a0
Recognized deferred tax liability
-3.7
-5.4
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Current income tax expenses relate to subsidiaries
\u00a0
in US (21% Federal tax rate) and Australia
\u00a0
(30%) and
recognition of deferred tax asset in Norway (22%).
\u00a0
There were no changes in corporate tax rates
\u00a0
in
these countries over 2023 and 2022. In Norway
\u00a0
the corporate tax rate was reduced from 23%
\u00a0
to 22% in
2019 and is unchanged in 2023. The recognized
\u00a0
deferred tax liability of USD 3.7 million relates to
\u00a0
the
entities in the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
71.3 million in 2022 to USD 65.6 million in
\u00a0
2023 due to
lower tax losses carried forward.
Based on the current ownership structure for the
\u00a0
different entities in the Group, management has
identified two separate tax groups in accordance
\u00a0
with the Norwegian Tax Code. The first tax group
\u00a0
is
related to Aker BioMarine ASA. The second tax group
\u00a0
consists of Aker BioMarine Holding AS and its
wholly owned subsidiaries, being Aker BioMarine Antarctic
\u00a0
AS, Aker BioMarine Distribution Holding AS,
Aker BioMarine Understory AS, Aker BioMarine Human
\u00a0
Ingredients AS and KRBNX AS. In Norway, tax
losses are without expiration.
\u00a0
The two tax groups had the following tax losses carried forward, deferred tax assets (recognized
\u00a0
and
not recognized) as of 31 December 2023:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
64.0
14.0
-
14.0
Aker BioMarine Holding AS
178.0
39.0
25.0
14.0
Total
\u00a0
242.0
53.0
25.0
28.0
For the first tax group being Aker BioMarine ASA, no
\u00a0
deferred tax assets from historic tax losses have
been recognized as there is limited possibility
\u00a0
for the tax group to utilize these tax losses.
As for the second tax group being Aker BioMarine
\u00a0
Holding AS and subsidiaries, management has
assessed, based on 2023 results and future budgets
\u00a0
that the Group will be in a tax position going
forward. The positive development is driven by
\u00a0
Aker BioMarine Antarctic AS where the business
activities have been scaled sufficiently to be at a level
\u00a0
where the company on a standalone basis
generate taxable profits. Furthermore, Aker BioMarine
\u00a0
Antarctic AS, being the Feed Ingredients business
of the Group, has experienced increased prices
\u00a0
for its products, mainly Qrill Aqua, Qrill Pet and
\u00a0
Nutra
combined with increased production volumes at scale
\u00a0
with lower unit cost, and therefore higher
margins. Based on an overall assessment, and particularly
\u00a0
carried by the outlook of the Feed
Ingredients business, the Group has recognized USD
\u00a0
25m in tax assets. The recognized deferred tax
asset is calculated based on what has been considered
\u00a0
more likely than not that the tax Group
\u00a0
will be
able to utilize within the next 3-5 years.
PILLAR 2
The OECD Pillar Two Model Rules will be effective
\u00a0
for Aker\u2019s financial year starting on January 1, 2024.
Aker ASA, and thereby Aker BioMarine ASA, is
\u00a0
in the scope of the enacted legislation and
\u00a0
has evaluated
its potential exposure to Pillar 2 income taxes. The
\u00a0
preliminary analysis, based on the most recent
country-by-country reporting to the tax authorities and
\u00a0
financial statements for the entities in the
Group, indicates that most jurisdictions would be
\u00a0
covered by the Safe Harbour rules. However, it
\u00a0
is not
possible to assess the impact in 2024 with any level
\u00a0
of confidence based on the currently available
data. Aker is in the process of assessing the consequences
\u00a0
of the Pillar 2 income taxes. The financial
consequences will depend on, among others, the group
\u00a0
structure and financial results. Aker BioMarine
ASA has applied the exception from the requirements
\u00a0
of IAS 12 not to recognise and disclose
information about deferred tax assets and liabilities
\u00a0
associated with Pillar 2 income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_271": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 7 \u2013 Income tax
The Group is headquartered in Norway and pays
\u00a0
taxes according to the rates applicable in the
countries and states in which it operates. All the
\u00a0
vessels operate under Norwegian tax jurisdiction.
\u00a0
Most
taxes are recorded in the statement of profit
\u00a0
or loss and relate to taxes payable for
\u00a0
the reporting
period (current tax), but also deferred taxes. Deferred
\u00a0
tax is calculated based on the differences
between the accounting value and tax value of assets
\u00a0
and liabilities at the reporting period date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2023
2022
Profit (loss) before tax
-33.9
12.2
Calculated income tax at statutory rate of 22%
7.5
-2.7
Tax differential Norway and abroad
0.2
-0.5
Recognized deferred tax asset
25.0
-
Unrecognized change in deferred tax assets
7.3
-5.8
Permanent differences
-
-
Currency translation and other
\u00a0
-14.9
6.8
Total tax expense
25.0
-2.2
Effective tax rate
74%
18%
* The Group files its tax return in NOK. The effective tax rate is
\u00a0
affected by recognition of deferred
\u00a0
tax asset.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2023
2022
Property, plant and equipment and intangible assets
-8.8
-10.6
Inventory
-
-
Tax losses carried forward
53.0
60.8
Interest rate deductability carry forward
12.1
13.0
Other
6.1
2.7
Net deferred tax assets
62.4
65.9
Deferred tax liability
-3.7
-5.4
Deferred tax asset
66.1
71.3
Unrecognized deferred tax assets
41.1
71.3
Recognized deferred tax asset
25.0
\u00a0
-
\u00a0
Recognized deferred tax liability
-3.7
-5.4
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Current income tax expenses relate to subsidiaries
\u00a0
in US (21% Federal tax rate) and Australia
\u00a0
(30%) and
recognition of deferred tax asset in Norway (22%).
\u00a0
There were no changes in corporate tax rates
\u00a0
in
these countries over 2023 and 2022. In Norway
\u00a0
the corporate tax rate was reduced from 23%
\u00a0
to 22% in
2019 and is unchanged in 2023. The recognized
\u00a0
deferred tax liability of USD 3.7 million relates to
\u00a0
the
entities in the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
71.3 million in 2022 to USD 65.6 million in
\u00a0
2023 due to
lower tax losses carried forward.
Based on the current ownership structure for the
\u00a0
different entities in the Group, management has
identified two separate tax groups in accordance
\u00a0
with the Norwegian Tax Code. The first tax group
\u00a0
is
related to Aker BioMarine ASA. The second tax group
\u00a0
consists of Aker BioMarine Holding AS and its
wholly owned subsidiaries, being Aker BioMarine Antarctic
\u00a0
AS, Aker BioMarine Distribution Holding AS,
Aker BioMarine Understory AS, Aker BioMarine Human
\u00a0
Ingredients AS and KRBNX AS. In Norway, tax
losses are without expiration.
\u00a0
The two tax groups had the following tax losses carried forward, deferred tax assets (recognized
\u00a0
and
not recognized) as of 31 December 2023:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
64.0
14.0
-
14.0
Aker BioMarine Holding AS
178.0
39.0
25.0
14.0
Total
\u00a0
242.0
53.0
25.0
28.0
For the first tax group being Aker BioMarine ASA, no
\u00a0
deferred tax assets from historic tax losses have
been recognized as there is limited possibility
\u00a0
for the tax group to utilize these tax losses.
As for the second tax group being Aker BioMarine
\u00a0
Holding AS and subsidiaries, management has
assessed, based on 2023 results and future budgets
\u00a0
that the Group will be in a tax position going
forward. The positive development is driven by
\u00a0
Aker BioMarine Antarctic AS where the business
activities have been scaled sufficiently to be at a level
\u00a0
where the company on a standalone basis
generate taxable profits. Furthermore, Aker BioMarine
\u00a0
Antarctic AS, being the Feed Ingredients business
of the Group, has experienced increased prices
\u00a0
for its products, mainly Qrill Aqua, Qrill Pet and
\u00a0
Nutra
combined with increased production volumes at scale
\u00a0
with lower unit cost, and therefore higher
margins. Based on an overall assessment, and particularly
\u00a0
carried by the outlook of the Feed
Ingredients business, the Group has recognized USD
\u00a0
25m in tax assets. The recognized deferred tax
asset is calculated based on what has been considered
\u00a0
more likely than not that the tax Group
\u00a0
will be
able to utilize within the next 3-5 years.
PILLAR 2
The OECD Pillar Two Model Rules will be effective
\u00a0
for Aker\u2019s financial year starting on January 1, 2024.
Aker ASA, and thereby Aker BioMarine ASA, is
\u00a0
in the scope of the enacted legislation and
\u00a0
has evaluated
its potential exposure to Pillar 2 income taxes. The
\u00a0
preliminary analysis, based on the most recent
country-by-country reporting to the tax authorities and
\u00a0
financial statements for the entities in the
Group, indicates that most jurisdictions would be
\u00a0
covered by the Safe Harbour rules. However, it
\u00a0
is not
possible to assess the impact in 2024 with any level
\u00a0
of confidence based on the currently available
data. Aker is in the process of assessing the consequences
\u00a0
of the Pillar 2 income taxes. The financial
consequences will depend on, among others, the group
\u00a0
structure and financial results. Aker BioMarine
ASA has applied the exception from the requirements
\u00a0
of IAS 12 not to recognise and disclose
information about deferred tax assets and liabilities
\u00a0
associated with Pillar 2 income taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_315": { "value": "
The Group is headquartered in Norway and pays
\u00a0
taxes according to the rates applicable in the
countries and states in which it operates. All the
\u00a0
vessels operate under Norwegian tax jurisdiction.
\u00a0
Most
taxes are recorded in the statement of profit
\u00a0
or loss and relate to taxes payable for
\u00a0
the reporting
period (current tax), but also deferred taxes. Deferred
\u00a0
tax is calculated based on the differences
between the accounting value and tax value of assets
\u00a0
and liabilities at the reporting period date using
the applicable tax rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_272": { "value": "
Note 8 \u2013 Property, plant and equipment
\u00a0
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Expenditures to replace a component of property, plant
\u00a0
and equipment are capitalized if it is probable
that future economic benefits associated with the asset
\u00a0
will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized
\u00a0
upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of
\u00a0
property, plant and equipment are expensed
\u00a0
as
incurred. Costs incurred for major inspections and overhauls
\u00a0
or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
Movements in property, plant and equipment in 2023
USD Millions
Vessels, transportation
equipment, etc.
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2023
283.7
149.0
46.5
19.6
498.8
Investments
18.5
3.6
23.8
-
45.9
Asset retirements
-4.3
-1.1
-0.6
-
-6.1
Other reclassifications 1)
-
20.5
-23.2
1.0
-1.7
Acquisition cost as of 31 December 2023
297.9
171.9
46.5
20.6
537.0
Acc. depreciation and impairment as of 1 January 2023
-96.1
-62.1
-2.7
-4.7
-165.6
Depreciation for the year
-18.0
-15.7
-
-0.7
-34.4
Asset retirements
4.3
0.7
-
-
5.0
Other reclassifications 1)
\u00a0
-
\u00a0
-0.5
-
-
-0.5
Acc. depreciation and impairment as of 31 December 2023
-109.7
-77.6
-2.7
-5.4
-195.5
Book value as of 31 December 2023
188.2
94.3
43.8
15.2
341.5
Depreciation period
\u00a0
10-30 years
\u00a0
3-20 years
\u00a0
30-50 years
Depreciation method
Straight-line
\u00a0
Straight-line
\u00a0
Straight-line
1) The reclassification from Asset under classification is mainly reclassification of the protein plant and smaller projects that are
reclassified to development assets, see Note 9
Major inspections of vessels are performed on a regular
\u00a0
basis as required by the classification
society, such as Det Norske Veritas and according
\u00a0
to laws and regulations. The costs of such
inspections are, including replacement spares and
\u00a0
labor costs, capitalized and amortized over the
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
average expected life between major inspections.
\u00a0
All other costs relating to maintenance of
vessels is charged to the statement of profit or
\u00a0
loss on consumption or as incurred.
Depreciation of vessels is included in the cost of inventory
\u00a0
conversion (see Note 12).
Movements in property, plant and equipment in
\u00a0
2022
USD Millions
\u00a0
Vessels, transportation,
equipment, etc
Machinery
Asset under construction
Buildings and Land
\u00a0
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
\u00a0
-
\u00a0
-0.4
Acquisition cost as of 31 December 2022
283.7
149.0
46.6
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
Impairment
12.6
21.4
-
-
34.0
Other reclassifications 1)
\u00a0
-
\u00a0
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
\u00a0
10-30 years
\u00a0
3-20 years
\u00a0
30-50 years
Depreciation method
Straight-line
\u00a0
Straight-line
\u00a0
Straight-line
1) Net Other reclassifications include reclassifications
\u00a0
payments related to construction of a new charter
\u00a0
vessel from Asset under construction to prepayment.
\u00a0
See Note 13 Trade receivable and other current assets.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Reconciliation depreciation and amortization
USD Millions
2023
2022
Depreciation for the year of Property, plant & equipment
(34.4)
(34.8)
Amortization for the year of Intangible assets
(11.1)
(10.2)
Amortization for the year of Contract cost
(2.0)
(2.0)
Leasing (ROU) depreciation
(4.7)
(4.4)
Total
(52.1)
(51.4)
Depreciation and amortization related to production assets
\u00a0
and
\u00a0
included in cost to inventory
(21.1)
(35.0)
Depreciation and amortization related to other assets
(32.0)
(16.4)
The Group\u2019s total depreciation, amortization, and impairment
\u00a0
is presented in the above schedule.
As compared to the consolidated statement of profit
\u00a0
or loss the USD 32.0 million (2022: USD 16.4
million) relates to depreciation and amortization of assets
\u00a0
not directly used in the production of
goods, and therefore recognized as depreciation, amortization
\u00a0
and impairment in the statement of
profit or loss. Other assets primarily consist of
\u00a0
the customer portfolios recognized following the
business combinations /asset acquisitions of Lang, Neptune
\u00a0
and Enzymotec, and the impairment
of customer portfolios and trademarks. Inventoriable
\u00a0
depreciation mainly consists of the Group\u2019s
operating harvesting vessels and the manufacturing
\u00a0
plant in Houston, Texas, amounting to USD
21.0 million (2022: USD 35.0 million).
\u00a0
Investments in 2023:
Investments in machinery and vessels are mainly
\u00a0
installments and harvesting equipment on the
vessels. Assets under construction comprise the investments
\u00a0
the Group has in the Ski plant and
Lysoveta initiatives. The Group has had its annual
\u00a0
shipyard in Q4-23 where all the vessels were
upgraded. Shipyard expenses amounted to USD 12 million
\u00a0
in 2023.
\u00a0
Asset retirements in 2023:
Asset retirements mainly include machinery and harvesting
\u00a0
equipment. All components that have
been retired were fully depreciated.
As of 31 December 2023, the Group has USD 1.2 million
\u00a0
in commitments for further investments in
property, plant and equipment (2022: USD 7.4 million).
\u00a0
For details on mortgages and pledging
\u00a0
of
security, see Note 16.
Change of estimate seasonal depreciations offshore
\u00a0
As part of the restructuring and the new reporting
\u00a0
format, the Company has decided to make a
change to its estimation methodology with regards
\u00a0
to how offshore costs are booked in the Feed
Ingredients segment. The following changes will take
\u00a0
place:
\u00a0
\u2022 Starting from Q4 2023, all maintenance related costs
\u00a0
in the normal yearly shipyard period
(October and November) are booked as fixed assets in
\u00a0
the balance sheet and then depreciated
over the first 10 months of the following year to
\u00a0
reflect the actual use in the harvesting season
\u00a0
(10
months).
\u00a0
USD 7.2 million has been booked as Fixed
\u00a0
Assets in Q4 2023, reflecting a longer shipyard
due to five-year class audits of two of the vessels.
\u2022 Starting from 2024, other offshore depreciations are
\u00a0
also shifted from 12 months to the 10
harvesting months.
\u00a0
The change is considered to be a change in an estimate
\u00a0
and hence no requirement to amend
historical reporting.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_273": { "value": "
Note 8 \u2013 Property, plant and equipment
\u00a0
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Expenditures to replace a component of property, plant
\u00a0
and equipment are capitalized if it is probable
that future economic benefits associated with the asset
\u00a0
will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized
\u00a0
upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of
\u00a0
property, plant and equipment are expensed
\u00a0
as
incurred. Costs incurred for major inspections and overhauls
\u00a0
or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
Movements in property, plant and equipment in 2023
USD Millions
Vessels, transportation
equipment, etc.
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2023
283.7
149.0
46.5
19.6
498.8
Investments
18.5
3.6
23.8
-
45.9
Asset retirements
-4.3
-1.1
-0.6
-
-6.1
Other reclassifications 1)
-
20.5
-23.2
1.0
-1.7
Acquisition cost as of 31 December 2023
297.9
171.9
46.5
20.6
537.0
Acc. depreciation and impairment as of 1 January 2023
-96.1
-62.1
-2.7
-4.7
-165.6
Depreciation for the year
-18.0
-15.7
-
-0.7
-34.4
Asset retirements
4.3
0.7
-
-
5.0
Other reclassifications 1)
\u00a0
-
\u00a0
-0.5
-
-
-0.5
Acc. depreciation and impairment as of 31 December 2023
-109.7
-77.6
-2.7
-5.4
-195.5
Book value as of 31 December 2023
188.2
94.3
43.8
15.2
341.5
Depreciation period
\u00a0
10-30 years
\u00a0
3-20 years
\u00a0
30-50 years
Depreciation method
Straight-line
\u00a0
Straight-line
\u00a0
Straight-line
1) The reclassification from Asset under classification is mainly reclassification of the protein plant and smaller projects that are
reclassified to development assets, see Note 9
Major inspections of vessels are performed on a regular
\u00a0
basis as required by the classification
society, such as Det Norske Veritas and according
\u00a0
to laws and regulations. The costs of such
inspections are, including replacement spares and
\u00a0
labor costs, capitalized and amortized over the
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
average expected life between major inspections.
\u00a0
All other costs relating to maintenance of
vessels is charged to the statement of profit or
\u00a0
loss on consumption or as incurred.
Depreciation of vessels is included in the cost of inventory
\u00a0
conversion (see Note 12).
Movements in property, plant and equipment in
\u00a0
2022
USD Millions
\u00a0
Vessels, transportation,
equipment, etc
Machinery
Asset under construction
Buildings and Land
\u00a0
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
\u00a0
-
\u00a0
-0.4
Acquisition cost as of 31 December 2022
283.7
149.0
46.6
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
Impairment
12.6
21.4
-
-
34.0
Other reclassifications 1)
\u00a0
-
\u00a0
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
\u00a0
10-30 years
\u00a0
3-20 years
\u00a0
30-50 years
Depreciation method
Straight-line
\u00a0
Straight-line
\u00a0
Straight-line
1) Net Other reclassifications include reclassifications
\u00a0
payments related to construction of a new charter
\u00a0
vessel from Asset under construction to prepayment.
\u00a0
See Note 13 Trade receivable and other current assets.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Reconciliation depreciation and amortization
USD Millions
2023
2022
Depreciation for the year of Property, plant & equipment
(34.4)
(34.8)
Amortization for the year of Intangible assets
(11.1)
(10.2)
Amortization for the year of Contract cost
(2.0)
(2.0)
Leasing (ROU) depreciation
(4.7)
(4.4)
Total
(52.1)
(51.4)
Depreciation and amortization related to production assets
\u00a0
and
\u00a0
included in cost to inventory
(21.1)
(35.0)
Depreciation and amortization related to other assets
(32.0)
(16.4)
The Group\u2019s total depreciation, amortization, and impairment
\u00a0
is presented in the above schedule.
As compared to the consolidated statement of profit
\u00a0
or loss the USD 32.0 million (2022: USD 16.4
million) relates to depreciation and amortization of assets
\u00a0
not directly used in the production of
goods, and therefore recognized as depreciation, amortization
\u00a0
and impairment in the statement of
profit or loss. Other assets primarily consist of
\u00a0
the customer portfolios recognized following the
business combinations /asset acquisitions of Lang, Neptune
\u00a0
and Enzymotec, and the impairment
of customer portfolios and trademarks. Inventoriable
\u00a0
depreciation mainly consists of the Group\u2019s
operating harvesting vessels and the manufacturing
\u00a0
plant in Houston, Texas, amounting to USD
21.0 million (2022: USD 35.0 million).
\u00a0
Investments in 2023:
Investments in machinery and vessels are mainly
\u00a0
installments and harvesting equipment on the
vessels. Assets under construction comprise the investments
\u00a0
the Group has in the Ski plant and
Lysoveta initiatives. The Group has had its annual
\u00a0
shipyard in Q4-23 where all the vessels were
upgraded. Shipyard expenses amounted to USD 12 million
\u00a0
in 2023.
\u00a0
Asset retirements in 2023:
Asset retirements mainly include machinery and harvesting
\u00a0
equipment. All components that have
been retired were fully depreciated.
As of 31 December 2023, the Group has USD 1.2 million
\u00a0
in commitments for further investments in
property, plant and equipment (2022: USD 7.4 million).
\u00a0
For details on mortgages and pledging
\u00a0
of
security, see Note 16.
Change of estimate seasonal depreciations offshore
\u00a0
As part of the restructuring and the new reporting
\u00a0
format, the Company has decided to make a
change to its estimation methodology with regards
\u00a0
to how offshore costs are booked in the Feed
Ingredients segment. The following changes will take
\u00a0
place:
\u00a0
\u2022 Starting from Q4 2023, all maintenance related costs
\u00a0
in the normal yearly shipyard period
(October and November) are booked as fixed assets in
\u00a0
the balance sheet and then depreciated
over the first 10 months of the following year to
\u00a0
reflect the actual use in the harvesting season
\u00a0
(10
months).
\u00a0
USD 7.2 million has been booked as Fixed
\u00a0
Assets in Q4 2023, reflecting a longer shipyard
due to five-year class audits of two of the vessels.
\u2022 Starting from 2024, other offshore depreciations are
\u00a0
also shifted from 12 months to the 10
harvesting months.
\u00a0
The change is considered to be a change in an estimate
\u00a0
and hence no requirement to amend
historical reporting.
Note 10 \u2013 Impairment assessment
Property, plant and equipment, RoU assets, intangible
\u00a0
assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate
\u00a0
that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment
\u00a0
of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment
\u00a0
annually, in addition to any tests required when
impairment indicators are determined to be present.
\u00a0
Identification of CGU's involves judgment, considering
\u00a0
if an active market exists for the output produced
by an asset or group of assets, independent cash inflows
\u00a0
as well as how management monitors the
Group's operations or how management makes decisions
\u00a0
about continuing or disposing of the Group's
assets and operations.
Based on a thorough analysis, a CGU for goodwill
\u00a0
impairment testing is assessed to be on segment
level.
Indicators that could trigger an impairment test
\u00a0
includes such conditions as significant
underperformance in sales volumes or margins
\u00a0
relative to historical or projected results, significant
changes in the Group's planned use of the assets,
\u00a0
obsolescence or physical damage of an asset,
\u00a0
or
significant negative industry or economic trends.
\u00a0
Fair value may be estimated based on recent transactions
\u00a0
on comparable assets. Calculation of the
value in use of an asset or segment involves estimating
\u00a0
the future cash inflows and outflows to be
derived from continuing use of the asset/segment
\u00a0
and from its ultimate disposal.
Impairment losses are only reversed to the extent that
\u00a0
the asset\u2019s carrying value does not exceed the
carrying value that would have been determined,
\u00a0
net of depreciation, if no impairment had
\u00a0
been
recognized.
\u00a0
Goodwill impairment testing
Mandatory annual tests for impairment are performed
\u00a0
for operating segments with allocated goodwill
or assets with indefinite useful life, and for
\u00a0
assets//operating segments where impairment indicators
have been identified. Impairment tests are performed
\u00a0
on Ingredients and Brands (the Ingredients and
Brands operating segment both with allocated goodwill).
\u00a0
The impairment test of the Ingredient segment
also includes a fishing license and trademark assets
\u00a0
with indefinite useful life.
Main assumptions for the value-in-use calculation
The Group updates its Group Business Plan for
\u00a0
the next five years on an annual basis. The
\u00a0
purpose of
the Group Business Plan process is to set overall
\u00a0
goals for the business and define the steps necessary
to achieve these goals. The plan facilitates the strategic
\u00a0
planning process and provides the Board of
Directors/Executive Management with a structure to
\u00a0
monitor progress towards these goals. It is a
\u00a0
result
of a bottom-up involvement of the organization,
\u00a0
and the key goals and objectives are in turn
communicated to the broader organization to set
\u00a0
the direction for departments and employees.
\u00a0
In the
value in use assessment used for impairment testing
\u00a0
purposes, the business plan has been risk
adjusted to reflect accuracy of previous budgets towards
\u00a0
actual figures.
The Group Business Plan uses sensitivities and scenarios
\u00a0
to analyze and understand how changes in
one or more internal/external variables impacts
\u00a0
the future of the Group\u2019s financials. Scenario planning
and sensitivity analysis provides a rational and
\u00a0
structured way to analyze the impact from altering
\u00a0
key
variables such as sales units, prices and timing, production
\u00a0
volumes, COGS, etc. The scenarios and
sensitivities are used by the Board of Directors/Executive
\u00a0
Management to measure and manage the risk
profile.
\u00a0
The discount rates used reflect the current market
\u00a0
assessment of the risks specific to each operating
segment and are estimated based on the weighted
\u00a0
average cost of capital. The discount rate
\u00a0
is
estimated based on a weighted average of equity return
\u00a0
requirements and expected costs of debt,
assuming a projected debt-to-equity ratio of 1. The
\u00a0
basis for the discount rate is a risk-free interest
\u00a0
rate
set at 10 years US government bonds, and the credit
\u00a0
risk premium has been set equal to the credit
spread (compared to government bonds) for US corporate
\u00a0
bonds with credit rating BB. The Group has
used different discount rates for the Ingredients and
\u00a0
the Brands operating segments to reflect the
different market operations.
\u00a0
Climate risk has been assessed when performing the
\u00a0
value-in-use calculation, primarily in the
Ingredients segment. Any climate change affecting the
\u00a0
krill biomass with regards to availability and
nutrients composition could significantly impact
\u00a0
the harvesting. In addition, ice and general weather
conditions could create operational difficulties. In the
\u00a0
value-in-use calculations the normal production
capacity of krill meal considers these uncertainties.
\u00a0
Ingredients:
Projected cash flows are based on management\u2019s
\u00a0
best estimates and the business plan for the
Ingredients segment for the subsequent five years period.
\u00a0
The estimates are based on detailed forecast
prepared by the various departments in the ingredients
\u00a0
segment. For subsequent periods, the model is
based on an estimated terminal growth. In the forecast
\u00a0
for the period 2024-2027, revenue projections
are based on executed agreements, actual historical
\u00a0
prices, and management\u2019s evaluation of the
potential for new agreements. The estimated operating
\u00a0
margin is in accordance with management\u2019s
forecast which is based on the scalability in the business
\u00a0
model. As approximately 65 per cent of the
Group\u2019s operating expenses are fixed costs (in line
\u00a0
with IAS 2), increased sales levels will contribute
\u00a0
to
higher operating margins. Future product pricing has
\u00a0
as per the above been based on historical prices
and management\u2019s expectation with regards to new
\u00a0
arrangements. The calculation is based on a fairly
flat development for krill oil sales volume as well as an
\u00a0
increase in the krill meal sales prices in the
forecast period, compared to the sales price levels
\u00a0
in 2023. Sales volumes have been modelled
\u00a0
to follow
the production targets, however lagging as to allow
\u00a0
for building and maintaining safety-stock.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
In the Ingredients impairment model the forecast
\u00a0
period is 2024-2027. At the end of the forecast
\u00a0
period
there is an extrapolation period from 2028-2032 (as
\u00a0
no detailed budget is prepared after 2027). In
\u00a0
the
extrapolation period the volume of krill oil has
\u00a0
been set flat for impairment test purposes
\u00a0
while the
volume of krill meal is expected to increase.
\u00a0
The discount rate is based on a WACC of
\u00a0
10.0% and in the
terminal value it is assumed a long-term annual
\u00a0
growth equal to 2.0%. The discount rate has increased
from last year due to an increase in the small
\u00a0
stock premium when calculating the cost of equity.
\u00a0
Capital expenditure is based on the long-term technical
\u00a0
and operations program and firm
commitments. It is also assumed that the vessels will
\u00a0
be replaced upon the end of the assumed useful
life.
\u00a0
Brands
Projected cash flows are based on management\u2019s
\u00a0
best estimates and the business plan for the Brands
segment for the subsequent five years period. The estimates
\u00a0
are based on a detailed forecast prepared
by management in Lang and Epion. For subsequent
\u00a0
periods, the model is based on an estimated
terminal growth, that does not exceed the growth
\u00a0
for the products, industry or country (US) in which
\u00a0
the
segment operates. In the forecast for the period 2024-2027,
\u00a0
revenue projections are based on executed
agreements, actual historical prices, and management\u2019s
\u00a0
evaluation of the potential for new agreements.
The estimated operating margin is in accordance
\u00a0
with management\u2019s forecast.
In the Brands impairment model the forecast period
\u00a0
is 2024-2027. At the end of the forecast
\u00a0
period
there is an extrapolation period from 2028-2032. In
\u00a0
the extrapolation period growth has been set
\u00a0
to
2.0% for Lang and higher growth rates for Epion
\u00a0
as the company is a start-up company. The discount
rate is based on a WACC of 10.0% and in the terminal
\u00a0
value it is assumed a long-term annual growth
equal to 2.0%.
\u00a0
WACC post-tax
\u00a0
\u00a0
WACC pre-tax*
\u00a0
Segment
2023
2022
2023
2022
Ingredients
10.0 %
9.6 %
10.5 %
9.8 %
Brands
10.0 %
10.4 %
10.5 %
10.7 %
* The pre-tax discount rate is the discount rate without
\u00a0
tax charge in the cash flow yielding the same recoverable
amount.
Ingredients
The sensitivities of the value in use have been tested
\u00a0
by using simulations of various combinations
\u00a0
of
discount rates and terminal value growth. The segment\u2019s
\u00a0
value in use is significantly higher than the
carrying amount. No reasonable possible change in
\u00a0
any of the key assumptions would cause the unit\u2019s
recoverable amount to be lower than the carrying
\u00a0
value.
An increase of the WACC of 1% in the Ingredients
\u00a0
segment would lead to 11% lower recoverable
\u00a0
amount
in the Ingredients segment. Lowering the terminal
\u00a0
growth by 1% would lead to 9% lower recoverable
amount in the Ingredients segment. Neither an increase
\u00a0
of the WACC by 1% nor a decrease of the
terminal growth of 1% would lead to impairment.
Brands
The sensitivities of the value in use have been
\u00a0
tested by using simulations of various combinations
\u00a0
of
discount rates and terminal value growth.
The operating segment\u2019s value in use is significantly
\u00a0
higher than the carrying amount. No reasonable
possible change in any of the key assumptions would cause
\u00a0
the unit\u2019s recoverable amount to be lower
than the carrying value.
An increase of the WACC of 1% in the Brands
\u00a0
segment would lead to a lower recoverable
\u00a0
amount of 14%.
Lowering the terminal growth by 1% would lead
\u00a0
to a 9% lower recoverable amount in the Brands
segment. Neither an increase of the WACC by
\u00a0
1% nor a decrease of the terminal growth of 1%
\u00a0
would
lead to impairment.
Intangible assets impairment testing
For customer relations, cash inflows have been
\u00a0
monitored at the same level as the identified
\u00a0
operating
segment for goodwill impairment testing. During 2023,
\u00a0
Management has assessed that there was no
impairment.
\u00a0
All other intangible assets have been assessed for
\u00a0
impairment with the conclusion that the value in
\u00a0
use
is higher than the book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_316": { "value": "
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_317": { "value": "
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_318": { "value": "
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_319": { "value": "
Property, plant and equipment are recorded at cost,
\u00a0
less any accumulated depreciation and any
accumulated impairment losses. Depreciation is recognized
\u00a0
on a straight-line basis over the estimated
useful lives of each major component of property,
\u00a0
plant and equipment. Assets under construction are
not depreciated until the items are available for
\u00a0
use as intended by management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_320": { "value": "
Expenditures to replace a component of property, plant
\u00a0
and equipment are capitalized if it is probable
that future economic benefits associated with the asset
\u00a0
will flow to the Group and the costs can be
measured reliably. Gains and losses are recognized
\u00a0
upon asset de-recognition. The costs of
consumables used, and day-to-day maintenance of
\u00a0
property, plant and equipment are expensed
\u00a0
as
incurred. Costs incurred for major inspections and overhauls
\u00a0
or to improve a vessel\u2019s operating
efficiency, functionality or safety are capitalized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_274": { "value": "
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group,
\u00a0
are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at
\u00a0
cost less accumulated amortization, recognized
on a straight-line basis over their estimated useful
\u00a0
lives, and accumulated impairment losses. The
estimated useful life and amortization method are
\u00a0
reviewed at the end of each reporting period, and
assets are tested for impairment if impairment indicators
\u00a0
exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal rights
\u00a0
or can be separated from the acquired
entity and sold or transferred. Intangible assets
\u00a0
with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are
\u00a0
not amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries
\u00a0
and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair
\u00a0
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the
\u00a0
fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested
\u00a0
for impairment annually, and more frequently if
indicators of possible impairment are observed.
\u00a0
Goodwill is allocated to the cash generating
\u00a0
units
(\"CGU\"), which are expected to benefit from synergies
\u00a0
of the combination. Each unit to which goodwill
is allocated represents the lowest level within the Group
\u00a0
at which goodwill is monitored for internal
management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new
\u00a0
scientific, technical or other knowledge
are expensed when incurred. Development expenditures
\u00a0
are capitalized only if the expenditure can
be measured reliably, the product or process is technically
\u00a0
and commercially feasible, future
economic benefits probable and the Group intends
\u00a0
to and has adequate resources to complete
development and to use or sell the asset. The amount
\u00a0
capitalized includes the cost of materials
\u00a0
and
direct attributable expenses. Additions to development in
\u00a0
2023 include Understory (protein product
project) and development of other new products.
License agreements
License agreements acquired separately are measured
\u00a0
at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated
\u00a0
amortization and impairment losses.
The license relates to the Group\u2019s technology to extract
\u00a0
purified krill oil at the facility in Houston,
Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at
\u00a0
USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the
\u00a0
Group\u2019s possession if all applicable
requirements are met, and as such they are determined
\u00a0
to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as
\u00a0
part of business combinations recognized
at fair value. Following initial recognition, the customer
\u00a0
relations are recorded less any accumulated
amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful
\u00a0
lives that are not amortized but carried at cost
less accumulated impairment losses. The trademarks
\u00a0
include NKO and KREAL.
\u00a0
Patents
Patents are intangible assets with defined useful lives
\u00a0
and are amortized until the expiration dates.
\u00a0
The patents are related to CaPre, acquired as part of
\u00a0
the Acasti transaction.
\u00a0
\"doc1p60i0\"\n
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\n
Movements in intangible assets for 2023
License
agreements
Fishing
license
Customer
relation
USD Millions
Goodwill
Development
Patents
Trademark
Total
Acquisition cost as of 1 January 2023
94.6
9.4
2.4
10.5
-
91.9
5.7
214.5
Additions - external cost
-
-
-
-
2.6
0.1
-
2.7
Asset retirements
-
-
-
-
-
-0.5
-
-0.5
Reclassifications
\u00a0
-
1.7
-
-
-
-0.5
-
1.2
Acquisition cost as of 31 December 2023
94.6
11.1
2.4
10.5
2.6
91.0
5.7
217.9
Amortization and impairment losses as of 1 January 2023
-
-5.4
-2.2
-
-
-43.3
-0.9
-51.8
Amortization for the year
-
-1.5
-0.2
-
-
-9.5
-
-11.2
Reclassifications
-
-
-
-
-
0.4
-
0.4
Amortization and impairment losses as of 31 December
\u00a0
2023
-
-6.9
-2.4
-
-
-52.4
-0.9
-62.5
Book value as of 31 December 2023
94.6
4.3
-
10.5
2.6
38.6
4.8
155.4
Amortization period
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
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
-
-
\u00a0
-
\u00a0
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
\u00a0
-
-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
\u00a0
-
\u00a0
-5.3
-1.5
\u00a0
-
\u00a0
-33.9
-0.9
-41.6
Amortization/ impairment for the year
\u00a0
-
\u00a0
-0.2
-0.5
\u00a0
-
\u00a0
-9.5
\u00a0
-
\u00a0
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December
\u00a0
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
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
\u00a0
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\u00a0
\n
Segment allocation of goodwill and intangible assets:
USD Millions
\u00a0
Goodwill *
\u00a0
Development
Patents
\u00a0
License
\u00a0
Fishing license
\u00a0
Customer relation
\u00a0
Trademark
Segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Ingredients
66.4
66.4
2.0
1.8
2.6
-
10.5
10.5
13.7
19.7
4.8
4.8
4.8
4.8
Brands
28.2
28.2
2.3
3.0
-
-
-
-
25.0
28.4
-
-
-
-
Total
94.6
94.6
4.3
4.8
2.6
-
10.5
10.5
38.7
48.1
4.8
4.8
4.8
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_275": { "value": "
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group,
\u00a0
are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at
\u00a0
cost less accumulated amortization, recognized
on a straight-line basis over their estimated useful
\u00a0
lives, and accumulated impairment losses. The
estimated useful life and amortization method are
\u00a0
reviewed at the end of each reporting period, and
assets are tested for impairment if impairment indicators
\u00a0
exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal rights
\u00a0
or can be separated from the acquired
entity and sold or transferred. Intangible assets
\u00a0
with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are
\u00a0
not amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries
\u00a0
and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair
\u00a0
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the
\u00a0
fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested
\u00a0
for impairment annually, and more frequently if
indicators of possible impairment are observed.
\u00a0
Goodwill is allocated to the cash generating
\u00a0
units
(\"CGU\"), which are expected to benefit from synergies
\u00a0
of the combination. Each unit to which goodwill
is allocated represents the lowest level within the Group
\u00a0
at which goodwill is monitored for internal
management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new
\u00a0
scientific, technical or other knowledge
are expensed when incurred. Development expenditures
\u00a0
are capitalized only if the expenditure can
be measured reliably, the product or process is technically
\u00a0
and commercially feasible, future
economic benefits probable and the Group intends
\u00a0
to and has adequate resources to complete
development and to use or sell the asset. The amount
\u00a0
capitalized includes the cost of materials
\u00a0
and
direct attributable expenses. Additions to development in
\u00a0
2023 include Understory (protein product
project) and development of other new products.
License agreements
License agreements acquired separately are measured
\u00a0
at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated
\u00a0
amortization and impairment losses.
The license relates to the Group\u2019s technology to extract
\u00a0
purified krill oil at the facility in Houston,
Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at
\u00a0
USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the
\u00a0
Group\u2019s possession if all applicable
requirements are met, and as such they are determined
\u00a0
to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as
\u00a0
part of business combinations recognized
at fair value. Following initial recognition, the customer
\u00a0
relations are recorded less any accumulated
amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful
\u00a0
lives that are not amortized but carried at cost
less accumulated impairment losses. The trademarks
\u00a0
include NKO and KREAL.
\u00a0
Patents
Patents are intangible assets with defined useful lives
\u00a0
and are amortized until the expiration dates.
\u00a0
The patents are related to CaPre, acquired as part of
\u00a0
the Acasti transaction.
\u00a0
\"doc1p60i0\"\n
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\u00a0
\n
Movements in intangible assets for 2023
License
agreements
Fishing
license
Customer
relation
USD Millions
Goodwill
Development
Patents
Trademark
Total
Acquisition cost as of 1 January 2023
94.6
9.4
2.4
10.5
-
91.9
5.7
214.5
Additions - external cost
-
-
-
-
2.6
0.1
-
2.7
Asset retirements
-
-
-
-
-
-0.5
-
-0.5
Reclassifications
\u00a0
-
1.7
-
-
-
-0.5
-
1.2
Acquisition cost as of 31 December 2023
94.6
11.1
2.4
10.5
2.6
91.0
5.7
217.9
Amortization and impairment losses as of 1 January 2023
-
-5.4
-2.2
-
-
-43.3
-0.9
-51.8
Amortization for the year
-
-1.5
-0.2
-
-
-9.5
-
-11.2
Reclassifications
-
-
-
-
-
0.4
-
0.4
Amortization and impairment losses as of 31 December
\u00a0
2023
-
-6.9
-2.4
-
-
-52.4
-0.9
-62.5
Book value as of 31 December 2023
94.6
4.3
-
10.5
2.6
38.6
4.8
155.4
Amortization period
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
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
-
-
\u00a0
-
\u00a0
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
\u00a0
-
-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
\u00a0
-
\u00a0
-5.3
-1.5
\u00a0
-
\u00a0
-33.9
-0.9
-41.6
Amortization/ impairment for the year
\u00a0
-
\u00a0
-0.2
-0.5
\u00a0
-
\u00a0
-9.5
\u00a0
-
\u00a0
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December
\u00a0
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
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
\u00a0
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\u00a0
\n
Segment allocation of goodwill and intangible assets:
USD Millions
\u00a0
Goodwill *
\u00a0
Development
Patents
\u00a0
License
\u00a0
Fishing license
\u00a0
Customer relation
\u00a0
Trademark
Segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Ingredients
66.4
66.4
2.0
1.8
2.6
-
10.5
10.5
13.7
19.7
4.8
4.8
4.8
4.8
Brands
28.2
28.2
2.3
3.0
-
-
-
-
25.0
28.4
-
-
-
-
Total
94.6
94.6
4.3
4.8
2.6
-
10.5
10.5
38.7
48.1
4.8
4.8
4.8
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_276": { "value": "
Note 9 \u2013 Goodwill and Intangible Assets
Intangible assets, acquired individually or as a group,
\u00a0
are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at
\u00a0
cost less accumulated amortization, recognized
on a straight-line basis over their estimated useful
\u00a0
lives, and accumulated impairment losses. The
estimated useful life and amortization method are
\u00a0
reviewed at the end of each reporting period, and
assets are tested for impairment if impairment indicators
\u00a0
exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal rights
\u00a0
or can be separated from the acquired
entity and sold or transferred. Intangible assets
\u00a0
with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are
\u00a0
not amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
IAS 36.
Goodwill
Goodwill arises on the acquisition of subsidiaries
\u00a0
and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair
\u00a0
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the
\u00a0
fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested
\u00a0
for impairment annually, and more frequently if
indicators of possible impairment are observed.
\u00a0
Goodwill is allocated to the cash generating
\u00a0
units
(\"CGU\"), which are expected to benefit from synergies
\u00a0
of the combination. Each unit to which goodwill
is allocated represents the lowest level within the Group
\u00a0
at which goodwill is monitored for internal
management purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain new
\u00a0
scientific, technical or other knowledge
are expensed when incurred. Development expenditures
\u00a0
are capitalized only if the expenditure can
be measured reliably, the product or process is technically
\u00a0
and commercially feasible, future
economic benefits probable and the Group intends
\u00a0
to and has adequate resources to complete
development and to use or sell the asset. The amount
\u00a0
capitalized includes the cost of materials
\u00a0
and
direct attributable expenses. Additions to development in
\u00a0
2023 include Understory (protein product
project) and development of other new products.
License agreements
License agreements acquired separately are measured
\u00a0
at cost. Following initial recognition, the
Group\u2019s license agreements are recorded less any accumulated
\u00a0
amortization and impairment losses.
The license relates to the Group\u2019s technology to extract
\u00a0
purified krill oil at the facility in Houston,
Texas.
Fishing License
One of the Group\u2019s fishing licenses is recognized at
\u00a0
USD 10.5 million. The license relates to krill
fishery in the Southern Ocean and will remain in the
\u00a0
Group\u2019s possession if all applicable
requirements are met, and as such they are determined
\u00a0
to have an indefinite life.
Customer relation
Customer relation (customer contracts) were acquired as
\u00a0
part of business combinations recognized
at fair value. Following initial recognition, the customer
\u00a0
relations are recorded less any accumulated
amortization and impairment losses.
\u00a0
Trademark
Trademark are intangible assets with indefinite useful
\u00a0
lives that are not amortized but carried at cost
less accumulated impairment losses. The trademarks
\u00a0
include NKO and KREAL.
\u00a0
Patents
Patents are intangible assets with defined useful lives
\u00a0
and are amortized until the expiration dates.
\u00a0
The patents are related to CaPre, acquired as part of
\u00a0
the Acasti transaction.
\u00a0
\"doc1p60i0\"\n
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\u00a0
\n
Movements in intangible assets for 2023
License
agreements
Fishing
license
Customer
relation
USD Millions
Goodwill
Development
Patents
Trademark
Total
Acquisition cost as of 1 January 2023
94.6
9.4
2.4
10.5
-
91.9
5.7
214.5
Additions - external cost
-
-
-
-
2.6
0.1
-
2.7
Asset retirements
-
-
-
-
-
-0.5
-
-0.5
Reclassifications
\u00a0
-
1.7
-
-
-
-0.5
-
1.2
Acquisition cost as of 31 December 2023
94.6
11.1
2.4
10.5
2.6
91.0
5.7
217.9
Amortization and impairment losses as of 1 January 2023
-
-5.4
-2.2
-
-
-43.3
-0.9
-51.8
Amortization for the year
-
-1.5
-0.2
-
-
-9.5
-
-11.2
Reclassifications
-
-
-
-
-
0.4
-
0.4
Amortization and impairment losses as of 31 December
\u00a0
2023
-
-6.9
-2.4
-
-
-52.4
-0.9
-62.5
Book value as of 31 December 2023
94.6
4.3
-
10.5
2.6
38.6
4.8
155.4
Amortization period
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
Straight-line
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
-
-
\u00a0
-
\u00a0
-
5.7
Deconsolidation
-
-4.0
-
-
-0.3
-
-4.3
Reclassifications
\u00a0
-
-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
\u00a0
-
\u00a0
-5.3
-1.5
\u00a0
-
\u00a0
-33.9
-0.9
-41.6
Amortization/ impairment for the year
\u00a0
-
\u00a0
-0.2
-0.5
\u00a0
-
\u00a0
-9.5
\u00a0
-
\u00a0
-10.2
Reclassifications
-
0.1
-0.2
-
0.1
-
-
Amortization and impairment losses as of 31 December
\u00a0
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
\u00a0
5-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Straight-line
\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Segment allocation of goodwill and intangible assets:
USD Millions
\u00a0
Goodwill *
\u00a0
Development
Patents
\u00a0
License
\u00a0
Fishing license
\u00a0
Customer relation
\u00a0
Trademark
Segment
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
2023
2022
Ingredients
66.4
66.4
2.0
1.8
2.6
-
10.5
10.5
13.7
19.7
4.8
4.8
4.8
4.8
Brands
28.2
28.2
2.3
3.0
-
-
-
-
25.0
28.4
-
-
-
-
Total
94.6
94.6
4.3
4.8
2.6
-
10.5
10.5
38.7
48.1
4.8
4.8
4.8
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_321": { "value": "
Intangible assets, acquired individually or as a group,
\u00a0
are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at
\u00a0
cost less accumulated amortization, recognized
on a straight-line basis over their estimated useful
\u00a0
lives, and accumulated impairment losses. The
estimated useful life and amortization method are
\u00a0
reviewed at the end of each reporting period, and
assets are tested for impairment if impairment indicators
\u00a0
exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal rights
\u00a0
or can be separated from the acquired
entity and sold or transferred. Intangible assets
\u00a0
with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are
\u00a0
not amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_322": { "value": "
Intangible assets, acquired individually or as a group,
\u00a0
are recognized at cost when acquired.
Intangible assets with finite useful lives are carried at
\u00a0
cost less accumulated amortization, recognized
on a straight-line basis over their estimated useful
\u00a0
lives, and accumulated impairment losses. The
estimated useful life and amortization method are
\u00a0
reviewed at the end of each reporting period, and
assets are tested for impairment if impairment indicators
\u00a0
exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal rights
\u00a0
or can be separated from the acquired
entity and sold or transferred. Intangible assets
\u00a0
with indefinite useful lives are carried at cost less
accumulated impairment losses. These assets are
\u00a0
not amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_323": { "value": "
Goodwill arises on the acquisition of subsidiaries
\u00a0
and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair
\u00a0
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the
\u00a0
fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested
\u00a0
for impairment annually, and more frequently if
indicators of possible impairment are observed.
\u00a0
Goodwill is allocated to the cash generating
\u00a0
units
(\"CGU\"), which are expected to benefit from synergies
\u00a0
of the combination. Each unit to which goodwill
is allocated represents the lowest level within the Group
\u00a0
at which goodwill is monitored for internal
management purposes and reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_324": { "value": "
Goodwill arises on the acquisition of subsidiaries
\u00a0
and represents the excess of the consideration
transferred over the Group\u2019s interest in net fair
\u00a0
value of the net identifiable assets, liabilities and
contingent liabilities of the acquiree and the
\u00a0
fair value of the non-controlling interest in the
acquiree. Goodwill is not amortized, and thus tested
\u00a0
for impairment annually, and more frequently if
indicators of possible impairment are observed.
\u00a0
Goodwill is allocated to the cash generating
\u00a0
units
(\"CGU\"), which are expected to benefit from synergies
\u00a0
of the combination. Each unit to which goodwill
is allocated represents the lowest level within the Group
\u00a0
at which goodwill is monitored for internal
management purposes and reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_325": { "value": "
Expenditures for research activities performed to gain new
\u00a0
scientific, technical or other knowledge
are expensed when incurred. Development expenditures
\u00a0
are capitalized only if the expenditure can
be measured reliably, the product or process is technically
\u00a0
and commercially feasible, future
economic benefits probable and the Group intends
\u00a0
to and has adequate resources to complete
development and to use or sell the asset. The amount
\u00a0
capitalized includes the cost of materials
\u00a0
and
direct attributable expenses. Additions to development in
\u00a0
2023 include Understory (protein product
project) and development of other new products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_326": { "value": "
Property, plant and equipment, RoU assets, intangible
\u00a0
assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate
\u00a0
that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment
\u00a0
of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment
\u00a0
annually, in addition to any tests required when
impairment indicators are determined to be present.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_327": { "value": "
Property, plant and equipment, RoU assets, intangible
\u00a0
assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate
\u00a0
that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment
\u00a0
of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment
\u00a0
annually, in addition to any tests required when
impairment indicators are determined to be present.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_328": { "value": "
Property, plant and equipment, RoU assets, intangible
\u00a0
assets and goodwill are reviewed for impairment
whenever events or changes in circumstances indicate
\u00a0
that the carrying amount may not be
recoverable, in accordance with IAS 36 Impairment
\u00a0
of Assets. Goodwill and intangible assets with
indefinite life are required to be tested for impairment
\u00a0
annually, in addition to any tests required when
impairment indicators are determined to be present.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_336": { "value": "
Note 11 \u2013 Climate risk
In 2021 AKBM set eight ESG ambitions, which is
\u00a0
currently under review and further development
\u00a0
as a
response to AKBMs new company structure, effective
\u00a0
January 1
st
\u00a0
2024, in addition to new reporting
requirement following the Corporate Sustainability Reporting
\u00a0
Directive (CSRD). The update of the
Company\u2019s ESG ambitions will be finalized in 2024.
\u00a0
In the introduction of chapter 2 the topics
considered to be material for AKBM is listed in addition
\u00a0
to KPIs, status and where in the report
\u00a0
the
topics are addressed in more detail. Climate, circularity
\u00a0
& waste management are among these
topics.
\u00a0
The Group has mapped the entire value chain to
\u00a0
identify main sources of CO
2
\u00a0
emissions combined
with a targeted approach to reduce emissions
\u00a0
from these sources. The Group\u2019s reporting on ESG
follows the Task Force on Climate-Related Financial Disclosures
\u00a0
(TCFD) framework (in chapter 1) ,
GHG-protocol and in reference to GRI
\u00a0
(chapter 2).
The Groups governance structure for sustainability is
\u00a0
described in detail in chapter 2.
\u00a0
Financial impact of climate change on
\u00a0
main asset classes
The following assessment considers the financial
\u00a0
impact of climate change on the Group\u2019s main
assets and its ability to continue as a going concern.
Property, plant, and equipment
The Group\u2019s property, plant and equipment primarily
\u00a0
consists of three krill harvesting vessels, one
service vessel, the protein facility in Ski, Norway
\u00a0
and the extraction facility in Houston, US.
Management has assessed if climate change could
\u00a0
be an indicator of impairment or if climate
change would require modifications to the useful life
\u00a0
assessment of the Group\u2019s assets.
Antarctic krill continues to be one of the world\u2019s biggest
\u00a0
and most underutilized marine resources. In
a scientific publication from September 2021, several Antarctic
\u00a0
research institutions around the globe
confirm the standing krill biomass of 63 million metric
\u00a0
tonnes. This is more than was identified in
\u00a0
the
\u00a0
survey from 2000 and shows that the biomass is
\u00a0
stable in density and distribution. A more recent
scientific krill study that came out in May 2023
\u00a0
presents a 10-year time series on smaller scales
(South Orkney) that confirms the healthy and stable
\u00a0
biomass of krill within that area. The study also
confirms that the annual krill catches are kept well
\u00a0
below the upper precautionary level for the area.
Recent harvest figures also support the fact that
\u00a0
krill availability is good. The fishery is MSC and
Friends of the Sea certified. In addition, we have
\u00a0
received consecutive A-ratings from Sustainable
Fisheries Partnership (SFP). These strong sustainability
\u00a0
credentials combined with increasing market
demand for krill meal reduces the risk of climate
\u00a0
related impact on the assets.
In respect to the onshore activity, the extraction facility
\u00a0
in Houston, Texas is in a geographical area
which has from time to time been exposed to extreme
\u00a0
weather. This has resulted in a few temporary
shutdowns and increased maintenance requirements,
\u00a0
especially for roofing and securing equipment
outside factory walls (such as evaporators and skids).
\u00a0
Based on Management\u2019s assessment, the
useful life assessment and residual value reflect
\u00a0
weather conditions in the area. The level of
\u00a0
repair
and maintenance (R&M) costs are uncertain, and these
\u00a0
costs are expensed when R&M activities
occur.
\u00a0
The Protein Plant located in Ski, Norway, is in a
\u00a0
geographical area which has not been exposed
\u00a0
to
extreme weather conditions and there is no indication
\u00a0
that this will change in the near future.
However, this is something that the Group consider
\u00a0
on an annual basis for assessment of the lifetime
and residual value, as we experience potential changes
\u00a0
in the climate globally. Currently, based on
Management\u2019s assessment the useful life assessment and
\u00a0
residual value of the Ski plant are not
affected by any climate
\u00a0
risk.
\u00a0
For the Group\u2019s assets, there are no known legal restrictions,
\u00a0
government actions or natural climate
events that indicate the need to reassess the useful
\u00a0
lives or residual value of the Group\u2019s property,
plant, and equipment. Management has assessed that
\u00a0
the transition plan towards lower carbon
emissions will not have material affect on the useful
\u00a0
lifetime or impairment of the assets or impact
the capital expenditure commitments.
\u00a0
Intangible assets
The Group\u2019s intangible assets are mainly in relation
\u00a0
to goodwill, customer portfolios, trademarks and
licenses (see Note 9). Based on the current outlook,
\u00a0
combined with all climate related activities that
the Group performs, Management concludes that climate
\u00a0
change has not impacted the Group\u2019s
assessment of value in use of these assets.
Trade and other receivables
The Group has trade and other receivables towards
\u00a0
feed producers, distributors, and retailers. The
expected credit loss (ECL) model in IFRS 9 Financial
\u00a0
Instruments requires the use of reasonable and
supportable information that is available without undue
\u00a0
cost or effort. Based on customer
segmentation and business activity, Management has
\u00a0
assessed that climate change does not affect
the assumptions that are made to estimate ECL.
\u00a0
Inventory
The Group\u2019s inventory is primarily krill derived
\u00a0
products sold to customers in the aforementioned
industries. Based on studies done by the decarbonization
\u00a0
committee, krill products perform well in
life cycle assessment (LCA) analyses because the products
\u00a0
are low on many stressors, including biotic
resource use, land use, freshwater use, acidification, and
\u00a0
eutrophication potential. Compared to other
ingredients, krill has one of the lowest CO
2
\u00a0
footprints. This low CO
2
\u00a0
footprint is beneficial as it is
expected that there will be a decline in demand
\u00a0
for products with high emissions, which could then
indicate that inventories or assets might be impaired.
\u00a0
Management confirms that no climate related
matters impact the value of the Group\u2019s inventory.
Deferred income taxes
The Group has significant tax losses being carried
\u00a0
forward which have not been recognized as
deferred tax assets historically (see Note 7). Based
\u00a0
on an assessment in 2023, the Group has
recognized deferred tax asset related to the
\u00a0
feed ingredient business. However, Management
concludes that climate change does not impact the Group\u2019s
\u00a0
tax losses.
Circularity
During 2023, Aker BioMarine together with Aion
\u00a0
agreed to produce 3000 reusable pallets made
\u00a0
from
own plastic waste. The agreement will reduce
\u00a0
the use of wooden pallets while at the same time
reduce the environmental footprint of both the
\u00a0
Feed Ingredients and Human Ingredients segments.
The Company will keep these pallets in its own
\u00a0
operation over a 10 year period when the
\u00a0
pallets will
be recycled into new pallets. 2023 also marked the year
\u00a0
when the Company sent 100% of meal bags
from Houston and 100% of trawls to be recycled
\u00a0
through Aion. With respect to products, 12 MT was
discarded, which is a decrease from 14 MT in 2022.
\u00a0
Management confirms that the Group has systems
and processes in place to reach the circularity goals.
CO
2
\u00a0
reduction efforts and estimated costs
The 2023 CO
2
\u00a0
emission was 2.2 per tonn krill meal produced,
\u00a0
which is a 18% reduction in intensity
from our base year 2020.
\u00a0
As a part of the Group\u2019s strategic review of the
\u00a0
ESG ambitions, and the ongoing preparations
\u00a0
to fully
comply with the Corporate Sustainability Reporting Directive
\u00a0
(CSRD), the Group is in the process of
creating a detailed transition plan to reach our
\u00a0
ESG-targets. This will build on our current reduction
plan, ensuring that effective measures are continued, with
\u00a0
the goal to reduce our negative impact.
The current reduction plan includes certain measures
\u00a0
such as renewable electricity and gas in
Houston as well as, low-emission transport and renewable
\u00a0
fuels on the service vessel. These
measures require limited additional investments.
\u00a0
As part of this reduction plan Aker BioMarine invested
\u00a0
in a heat recovery project in one of our
\u00a0
vessels
during shipyard 2022. Cost of the project was already capitalized
\u00a0
by the Group in 2022. In 2023 this
contributed to a reduction of fuel consumption equivalent
\u00a0
to 1,584 tonnes of CO
2
\u00a0
or 494 mt fuel. The
Group will continue to invest in projects on the
\u00a0
vessels to improve the carbon intensity and absolute
reduction. Renewable electricity in Houston and low-emission
\u00a0
transport will be expensed as incurred
as part of regular operating costs. The actual cost
\u00a0
of renewable fuels on the service vessel is
uncertain as there are no forward curves etc. indicating
\u00a0
a market price when the transition will occur.
\u00a0
Given that the identified measurements do not require
\u00a0
substantial capital expenditures or additions
to property, plant, and equipment combined with significant
\u00a0
uncertainty on future market prices on
green fuels, Management has not identified future costs
\u00a0
that meet the definition of a contingent
liability under IAS 37 \u2018Provisions, Contingent liabilities and contingent
\u00a0
assets.\u2019 Based on
Management\u2019s assessment, the cost of the different measures
\u00a0
does not significantly impact the
impairment testing or sensitivity analysis.
Management confirms that climate related risks do
\u00a0
not impact the Group\u2019s ability to operate as a
going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_10": { "value": "
Note 11 \u2013 Climate risk
In 2021 AKBM set eight ESG ambitions, which is
\u00a0
currently under review and further development
\u00a0
as a
response to AKBMs new company structure, effective
\u00a0
January 1
st
\u00a0
2024, in addition to new reporting
requirement following the Corporate Sustainability Reporting
\u00a0
Directive (CSRD). The update of the
Company\u2019s ESG ambitions will be finalized in 2024.
\u00a0
In the introduction of chapter 2 the topics
considered to be material for AKBM is listed in addition
\u00a0
to KPIs, status and where in the report
\u00a0
the
topics are addressed in more detail. Climate, circularity
\u00a0
& waste management are among these
topics.
\u00a0
The Group has mapped the entire value chain to
\u00a0
identify main sources of CO
2
\u00a0
emissions combined
with a targeted approach to reduce emissions
\u00a0
from these sources. The Group\u2019s reporting on ESG
follows the Task Force on Climate-Related Financial Disclosures
\u00a0
(TCFD) framework (in chapter 1) ,
GHG-protocol and in reference to GRI
\u00a0
(chapter 2).
The Groups governance structure for sustainability is
\u00a0
described in detail in chapter 2.
\u00a0
Financial impact of climate change on
\u00a0
main asset classes
The following assessment considers the financial
\u00a0
impact of climate change on the Group\u2019s main
assets and its ability to continue as a going concern.
Property, plant, and equipment
The Group\u2019s property, plant and equipment primarily
\u00a0
consists of three krill harvesting vessels, one
service vessel, the protein facility in Ski, Norway
\u00a0
and the extraction facility in Houston, US.
Management has assessed if climate change could
\u00a0
be an indicator of impairment or if climate
change would require modifications to the useful life
\u00a0
assessment of the Group\u2019s assets.
Antarctic krill continues to be one of the world\u2019s biggest
\u00a0
and most underutilized marine resources. In
a scientific publication from September 2021, several Antarctic
\u00a0
research institutions around the globe
confirm the standing krill biomass of 63 million metric
\u00a0
tonnes. This is more than was identified in
\u00a0
the
\u00a0
survey from 2000 and shows that the biomass is
\u00a0
stable in density and distribution. A more recent
scientific krill study that came out in May 2023
\u00a0
presents a 10-year time series on smaller scales
(South Orkney) that confirms the healthy and stable
\u00a0
biomass of krill within that area. The study also
confirms that the annual krill catches are kept well
\u00a0
below the upper precautionary level for the area.
Recent harvest figures also support the fact that
\u00a0
krill availability is good. The fishery is MSC and
Friends of the Sea certified. In addition, we have
\u00a0
received consecutive A-ratings from Sustainable
Fisheries Partnership (SFP). These strong sustainability
\u00a0
credentials combined with increasing market
demand for krill meal reduces the risk of climate
\u00a0
related impact on the assets.
In respect to the onshore activity, the extraction facility
\u00a0
in Houston, Texas is in a geographical area
which has from time to time been exposed to extreme
\u00a0
weather. This has resulted in a few temporary
shutdowns and increased maintenance requirements,
\u00a0
especially for roofing and securing equipment
outside factory walls (such as evaporators and skids).
\u00a0
Based on Management\u2019s assessment, the
useful life assessment and residual value reflect
\u00a0
weather conditions in the area. The level of
\u00a0
repair
and maintenance (R&M) costs are uncertain, and these
\u00a0
costs are expensed when R&M activities
occur.
\u00a0
The Protein Plant located in Ski, Norway, is in a
\u00a0
geographical area which has not been exposed
\u00a0
to
extreme weather conditions and there is no indication
\u00a0
that this will change in the near future.
However, this is something that the Group consider
\u00a0
on an annual basis for assessment of the lifetime
and residual value, as we experience potential changes
\u00a0
in the climate globally. Currently, based on
Management\u2019s assessment the useful life assessment and
\u00a0
residual value of the Ski plant are not
affected by any climate
\u00a0
risk.
\u00a0
For the Group\u2019s assets, there are no known legal restrictions,
\u00a0
government actions or natural climate
events that indicate the need to reassess the useful
\u00a0
lives or residual value of the Group\u2019s property,
plant, and equipment. Management has assessed that
\u00a0
the transition plan towards lower carbon
emissions will not have material affect on the useful
\u00a0
lifetime or impairment of the assets or impact
the capital expenditure commitments.
\u00a0
Intangible assets
The Group\u2019s intangible assets are mainly in relation
\u00a0
to goodwill, customer portfolios, trademarks and
licenses (see Note 9). Based on the current outlook,
\u00a0
combined with all climate related activities that
the Group performs, Management concludes that climate
\u00a0
change has not impacted the Group\u2019s
assessment of value in use of these assets.
Trade and other receivables
The Group has trade and other receivables towards
\u00a0
feed producers, distributors, and retailers. The
expected credit loss (ECL) model in IFRS 9 Financial
\u00a0
Instruments requires the use of reasonable and
supportable information that is available without undue
\u00a0
cost or effort. Based on customer
segmentation and business activity, Management has
\u00a0
assessed that climate change does not affect
the assumptions that are made to estimate ECL.
\u00a0
Inventory
The Group\u2019s inventory is primarily krill derived
\u00a0
products sold to customers in the aforementioned
industries. Based on studies done by the decarbonization
\u00a0
committee, krill products perform well in
life cycle assessment (LCA) analyses because the products
\u00a0
are low on many stressors, including biotic
resource use, land use, freshwater use, acidification, and
\u00a0
eutrophication potential. Compared to other
ingredients, krill has one of the lowest CO
2
\u00a0
footprints. This low CO
2
\u00a0
footprint is beneficial as it is
expected that there will be a decline in demand
\u00a0
for products with high emissions, which could then
indicate that inventories or assets might be impaired.
\u00a0
Management confirms that no climate related
matters impact the value of the Group\u2019s inventory.
Deferred income taxes
The Group has significant tax losses being carried
\u00a0
forward which have not been recognized as
deferred tax assets historically (see Note 7). Based
\u00a0
on an assessment in 2023, the Group has
recognized deferred tax asset related to the
\u00a0
feed ingredient business. However, Management
concludes that climate change does not impact the Group\u2019s
\u00a0
tax losses.
Circularity
During 2023, Aker BioMarine together with Aion
\u00a0
agreed to produce 3000 reusable pallets made
\u00a0
from
own plastic waste. The agreement will reduce
\u00a0
the use of wooden pallets while at the same time
reduce the environmental footprint of both the
\u00a0
Feed Ingredients and Human Ingredients segments.
The Company will keep these pallets in its own
\u00a0
operation over a 10 year period when the
\u00a0
pallets will
be recycled into new pallets. 2023 also marked the year
\u00a0
when the Company sent 100% of meal bags
from Houston and 100% of trawls to be recycled
\u00a0
through Aion. With respect to products, 12 MT was
discarded, which is a decrease from 14 MT in 2022.
\u00a0
Management confirms that the Group has systems
and processes in place to reach the circularity goals.
CO
2
\u00a0
reduction efforts and estimated costs
The 2023 CO
2
\u00a0
emission was 2.2 per tonn krill meal produced,
\u00a0
which is a 18% reduction in intensity
from our base year 2020.
\u00a0
As a part of the Group\u2019s strategic review of the
\u00a0
ESG ambitions, and the ongoing preparations
\u00a0
to fully
comply with the Corporate Sustainability Reporting Directive
\u00a0
(CSRD), the Group is in the process of
creating a detailed transition plan to reach our
\u00a0
ESG-targets. This will build on our current reduction
plan, ensuring that effective measures are continued, with
\u00a0
the goal to reduce our negative impact.
The current reduction plan includes certain measures
\u00a0
such as renewable electricity and gas in
Houston as well as, low-emission transport and renewable
\u00a0
fuels on the service vessel. These
measures require limited additional investments.
\u00a0
As part of this reduction plan Aker BioMarine invested
\u00a0
in a heat recovery project in one of our
\u00a0
vessels
during shipyard 2022. Cost of the project was already capitalized
\u00a0
by the Group in 2022. In 2023 this
contributed to a reduction of fuel consumption equivalent
\u00a0
to 1,584 tonnes of CO
2
\u00a0
or 494 mt fuel. The
Group will continue to invest in projects on the
\u00a0
vessels to improve the carbon intensity and absolute
reduction. Renewable electricity in Houston and low-emission
\u00a0
transport will be expensed as incurred
as part of regular operating costs. The actual cost
\u00a0
of renewable fuels on the service vessel is
uncertain as there are no forward curves etc. indicating
\u00a0
a market price when the transition will occur.
\u00a0
Given that the identified measurements do not require
\u00a0
substantial capital expenditures or additions
to property, plant, and equipment combined with significant
\u00a0
uncertainty on future market prices on
green fuels, Management has not identified future costs
\u00a0
that meet the definition of a contingent
liability under IAS 37 \u2018Provisions, Contingent liabilities and contingent
\u00a0
assets.\u2019 Based on
Management\u2019s assessment, the cost of the different measures
\u00a0
does not significantly impact the
impairment testing or sensitivity analysis.
Management confirms that climate related risks do
\u00a0
not impact the Group\u2019s ability to operate as a
going concern.
Note 20 \u2013 Financial risk
The Group's activities expose it to various types of
\u00a0
risk which are associated with the financial
instruments and markets in which it operates. The
\u00a0
most significant types of financial risk the Group
\u00a0
is
exposed to are credit risk, liquidity risk, and market
\u00a0
risks (including foreign exchange risk, interest
\u00a0
rate
risk and bunker risk. To manage these risks, risk
\u00a0
management is carried out in order to create
predictability and stability for operating cash flows and
\u00a0
values. Management can use financial
derivatives to hedge against risk relating to operations,
\u00a0
financing, and investment activities if the
financial derivative has been approved by the Board
\u00a0
of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of
\u00a0
the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group
\u00a0
if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The
\u00a0
Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on
\u00a0
a routine basis and credit evaluations are
performed on customers as appropriate. When entering
\u00a0
significant sales contracts, the sales
department seeks to reduce credit risk through
\u00a0
more stringent payment terms including requirement
\u00a0
of
up-front payments. The Group has had low losses
\u00a0
on receivables as the sales department is
maintaining close contact with each customer and routine
\u00a0
billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables
\u00a0
are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group
\u00a0
does not grant any payment terms more than
\u00a0
12
months, meaning that if the Group were to estimate
\u00a0
expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for
\u00a0
all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical
\u00a0
expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses over
\u00a0
the
past years.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over
\u00a0
the last
years to identify whether there are either
\u00a0
geographical or market (Qrill / Superba) indications
\u00a0
of
whether any additional breakdowns into sub-portfolios
\u00a0
is required. The reasonability of the ECL
accruals compared to prior years actual losses has
\u00a0
also been assessed, to ensure it constitutes
\u00a0
a
reasonable expectation.
The ECL rates per portfolio are reviewed at each
\u00a0
reporting date to assess if the matrix still reflects
\u00a0
the
current conditions, and if the provision still is
\u00a0
at a reasonable and supportable level, reflecting
\u00a0
the
future economic conditions.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
Write off and allocation for loss on trade receivable
\u00a0
are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2023
2022
Balance at 1 January under IFRS 9
-1.3
-0.9
Impairment loss (write-off) on trade and other receivables
-
-0.4
Allocation to loss on trade receivable and contract
\u00a0
assets
-1.0
-1.3
The Group`s two most significant customers account
\u00a0
for USD 10.7 million of the receivables carrying
amount as of 31 December 2023 (2022: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be
\u00a0
unable to meet its financial liabilities as they
\u00a0
mature.
\u00a0
The Group does not hedge against exposure to interest-rate
\u00a0
fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of
\u00a0
interest-bearing liabilities, which was USD 369.2
million as of 31 December 2023 (2022: USD 311.6 million).
\u00a0
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\u00a0
\n
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2023:
USD Millions
\u00a0
Book value at 31
December
Contractual cash
flows
Up to
\u00a0
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
367.2
-434.4
-39.6
-19.7
-318.1
-34.6
-22.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
14.7
-14.7
-14.7
-
-
-
-
Leasing liabilities (IFRS16)
9.7
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2023 maturity of loans and interest on interest
\u00a0
-bearing debt
392.9
-460.6
-56.9
-22.2
-321.3
-35.4
-24.8
Derivatives
-
-
-
-
-
-
-
Accounts payable and other current liabilities
63.9
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
3.8
-3.8
-
-
-
-
-3.8
Total liabilities
460.6
-521.6
-114.1
-22.2
-321.4
-35.4
-28.5
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2022:
USD Millions
\u00a0
Book value at 31
December
Nominal values
Up to
\u00a0
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
\u00a0
-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
-
-
-
-
-5.5
Total liabilities
443.7
-500.6
-109.4
-19.0
-295.0
-36.8
-40.3
Management has had continuous dialogue with the
\u00a0
company\u2019s bank group through 2023 and a
covenant waiver was granted at an elevated leverage
\u00a0
covenant threshold of which the company has
been in compliance with. Going into 2024, the
\u00a0
company has also been granted a leverage
\u00a0
covenant
waive.r for Q1 2024 to allow for some uncertainty start of
\u00a0
the year as a result of low harvesting end
\u00a0
of
2023.
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\u00a0
\n
\u00a0
\n
\u00a0
\n
Market risk
Foreign exchange risk
The Group operates in a global market and is
\u00a0
exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange
\u00a0
rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia,
\u00a0
India, Thailand, New Zealand, Canada and China,
\u00a0
but
these exposures are regarded minimal. The Group
\u00a0
has USD as its presentation and functional currency
in the main group companies. The Group has NOK
\u00a0
denominated financial instruments thus the
consolidated statement of financial position is exposed
\u00a0
to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses
\u00a0
are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses
\u00a0
the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
The table below shows the Group's exposure to
\u00a0
foreign exchange risk as per 31 December.
2023
2022
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
22.4
-
6.2
Cash
-0.7
-23.7
-0.3
-2.3
Other assets
-
0.3
-
-
Secured bank loan
-
-
-
-
Accounts payable
-0.2
-13.9
-1.1
-13.2
Other balance sheet items
-1.3
-14.5
-
-7.0
Gross balance sheet exposure
-2.2
-29.3
-1.4
-16.3
Currency forwards
-
-
-
-
Net exposure
-2.2
-29.3
-1.4
-16.3
Sensitivity analysis
A 10% increase or decrease in USD relative to the
\u00a0
Euro and the NOK would have reduced
\u00a0
or increased
the Group\u2019s profit before tax with USD 0.2 million related
\u00a0
to Euro and USD 2.9 million related to NOK,
respectively.
\u00a0
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances
\u00a0
are held at variable and fixed interest rates
linked to the Secured Overnight Financing Rate or Commercial
\u00a0
Interest Reference Rate (SOFR and CIRR,
3 or 6 months). A movement of 100 basis points
\u00a0
in the interest rate on borrowings and surplus cash
balances as of 31 December 2023 would have affected
\u00a0
the Group\u2019s profit before tax with USD 3.6 million
(2022: USD 1.3 million). This analysis assumes that
\u00a0
all other variables, especially the exchange rates,
remain constant.
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\u00a0
\n
\u00a0
\n
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing
\u00a0
financial instruments
was as follows:
USD Millions
Year ended 31 December
2023
Effective interest rate year
ended 31 December 2023
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
-67.9
3.1 %
-77.2
3.1 %
Net fixed interest instruments
-69.2
-78.5
Floating-interest instruments
Financial assets
Cash and cash equivalents
27.5
variable *)
22.3
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-299.3
6,9%-8,1%
-258.7
3,1%-7,1%
Overdraft facility
-14.7
variable **)
-33.4
variable **)
Leasing liabilities (IFRS16)
-9.7
variable **)
-10.5
variable **)
Net variable interest instruments
-296.1
-280.3
Total net interest-bearing debt
-365.3
-358.8
*) different cash and cash equivalents carry different
\u00a0
interest rates, as such no effective interest rate has
\u00a0
been calculated
**) different loans/ receivables carry different
\u00a0
interest rates, as such no effective interest rate has been
\u00a0
presented
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and
\u00a0
krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and
\u00a0
cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s
\u00a0
exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased
\u00a0
call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options gave Aker BioMarine
\u00a0
Antarctic AS the right to purchase Gasoil 0.1%
\u00a0
at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d)
\u00a0
each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call
\u00a0
option contracts giving the Group the right to
\u00a0
purchase
44,604 MT of fuel between 2023 and 2024. The value
\u00a0
of these options was reflected in the mark-to-
market (\u201cM2M\u201d) value, which at 31 December 2022 was USD
\u00a0
11.0 million. As of 31 December 2023, the call
option contracts for 2024 have been terminated.
\u00a0
Classification of derivatives
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option
\u00a0
portfolio to align with an updated forecast of
production and operations. As a result, the Group
\u00a0
sold 7 454 call options. The sale was recognized
\u00a0
as a
rebalancing effect of designated fuel volumes and
\u00a0
was accounted for in accordance with the
requirements for discontinuation of hedge accounting. The
\u00a0
gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019
\u00a0
in the statement of profit or loss, see Note
\u00a0
2. The
contracts not sold continued to follow hedge accounting.
During 2023, and as part of the Group\u2019s restructuring
\u00a0
and strategic review, the Group\u2019s risk management
objective changed. Management decided to terminate the remaining
\u00a0
2024 contracts. As a result of this,
the hedging relationship was discontinued. Following the
\u00a0
changes in the risk management objective,
the hedge accounting ended as the hedging relationship
\u00a0
no longer met the qualifying criteria. After the
\u00a0
discontinuation of hedge accounting by end of May 2023,
\u00a0
fair value adjustment of USD 3.9 million are
reported in the profit or loss, see Note 2.
Fuel hedge cash flow overview:
USD Millions
2023
Hedge settlements
5.9
Sale of surplus call options
3.9
2023 net cash impact
9.8
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge
\u00a0
contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD
\u00a0
3.5 million at the end of 2022. As of 2023,
\u00a0
the remaining
fuel options have been terminated.
\u00a0
Hedge effectiveness
The Group has determined hedge effectiveness
\u00a0
at the inception of the hedge relationship, and
\u00a0
through
periodic prospective effectiveness assessments, to ensure
\u00a0
that an economic relationship exists
between the hedged item and hedging instrument. During
\u00a0
2023, the remaining fuel options have been
terminated and the hedge accounting has been discontinued
\u00a0
at the end of May 2023.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2023
2022
Opening balance as per 1 January
3.5
5.4
Change in fair value of hedging instrument recognised
\u00a0
in OCI
4.7
-1.9
Reclassified to inventory
\u00a0
-8.2
-15.0
Intrinsic value of options
-
17.8
Reclassified from OCI to profit or loss
-
-2.8
Closing balance as per 31 December
-
3.5
Fair values
The Group has financial instruments that are measured
\u00a0
at fair value. These are the fuel options, which
are measured according to level 2 in the fair
\u00a0
value hierarchy. In level 2, the valuation techniques apply
the lowest level input that is significant to the
\u00a0
fair value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation techniques
\u00a0
are based on discounted cash flow
models.
For the short-term nature of financial instruments
\u00a0
measured at amortized cost, the book value
approximating fair value.
Capital management
\u00a0
The Group\u2019s objectives when managing capital are
\u00a0
to i) ensure the Groups ability to continue
\u00a0
as a going
concern, and ii) maintain an optimal capital structure
\u00a0
to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure,
\u00a0
the group may obtain short term funding through
supply chain financing, receivables purchase agreements,
\u00a0
issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group
\u00a0
monitors capital on the basis of the gearing
\u00a0
ratio
as agreed with the bank syndicate which is
\u00a0
net interest-bearing debt / 12 month Adjusted
\u00a0
EBITDA (see
Note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_277": { "value": "
Note 12 \u2013 Inventories
\u00a0
\n
Inventories are measured at the lower of cost and net
\u00a0
realizable value. The cost of finished goods
\u00a0
and
raw material and goods under production comprises
\u00a0
the costs of raw materials, direct labor
\u00a0
and other
direct costs, and related production overheads.
\u00a0
Indirect costs allocated to inventories, include salaries,
depreciation and certain other directly attributable
\u00a0
operating expenses. The Group allocate cost of
inventories using a weighted average cost formula.
\u00a0
Net realizable value is the estimated selling price
\u00a0
in the ordinary course of business less the
\u00a0
estimated
costs of completion and the estimated costs necessary
\u00a0
to make the sale. The impairment from cost
\u00a0
to
net realizable value is recognized in \u2018Cost of goods sold\u2019
\u00a0
in the Consolidated statement of Profit or
\u00a0
loss.
Ingredients:
The production of krill derived products in the Ingredients
\u00a0
segment is highly complex in several stages.
First, the raw krill is harvested in the Southern Ocean
\u00a0
using Eco-Harvesting. Then the raw krill is
processed into krill meal and raw krill oil onboard
\u00a0
the vessels. These products are subsequently
shipped to the logistics hub in Montevideo, Uruguay.
\u00a0
From Uruguay the meal is sent to feed customers
or to the Group\u2019s krill oil facility in Houston where
\u00a0
krill oil is extracted from the meal. After the
\u00a0
oil
extraction, the Group has a low fat/ high protein
\u00a0
krill meal and krill oil, where krill oil is the main
product. As part of the reprocessing of krill oil the Group
\u00a0
gets a neutral oil that can be blended into
\u00a0
krill
oil or used as ingredient into other applications.
\u00a0
The low fat/ high protein krill meal is currently
\u00a0
sold to
feed customers. In future production this meal
\u00a0
will be used as an ingredient to the Group\u2019s novel
protein product.
Brands:
\u00a0
In the Brands segment, raw materials and goods
\u00a0
under production and finished goods inventory
include processing cost incurred by the Group from
\u00a0
outside manufacturing service providers.
Inventory balances as of 31 December 2023 and 2022 are shown below:
Year ended 31 December
\u00a0
\n
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\n
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\n
USD Millions
2023
2022
Non-product related inventory*
10.7
10.0
Packaging*
7.9
4.0
Raw materials and goods under production
28.5
20.5
Finished goods
\u00a0
136.6
162.2
Total
183.7
196.6
Cost of inventories recognized at net realizable
\u00a0
value
-
-
Carrying value of inventories recognized at net realizable
\u00a0
value
-
-
Write-down of inventories recognized towards net change
\u00a0
in inventories in the
period**
-
-
Carrying value of inventories pledged as security
183.7
196.6
*) Non product related inventory is mostly related
\u00a0
to stock fuel.
\u00a0
**) Includes weight corrections, replacements to customers
\u00a0
and obsolesence
The inventory balance is pledged as security at
\u00a0
both 31 December 2023 and 2022 and is included
\u00a0
in the
book value of assets pledged as security, please
\u00a0
refer to Note 16.
\u00a0
Movements in inventory during 2023:
USD Millions
Ingredients
Brand
Elim
Total
Inventory at 1 January 2023
151.9
39.2
5.5
196.6
Acquired raw material, packaging, and non
product related inventory
18.6
-
-
4.6
\"doc1p60i0\"\n
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\n
Acquired inventory for sale
-
92.4
-14.6
77.8
Production
144.6
-
-
144.6
Sale
-142.6
-95.1
14.1
-223.6
Consumption
-20.3
-
-
-20.3
Other changes
2.6
-
-
2.6
Freight
1.3
-
-
1.3
Inventory at 31 December 2023
156.1
36.5
5.0
183.7
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\n
\u00a0
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\n
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\n
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Reconciliation of net change in inventories 2023:
USD Millions
2023
Cost of goods sold before elimination of internal
\u00a0
sales and internal profit
-237.6
Produced inventory
144.6
Acquired inventory
92.4
Changes acquired raw material and non product related
\u00a0
inventory
4.6
Rework, consumptions and obsolete
-16.5
Elimination of internal profit on stock
-0.5
Net change in inventories
-13.0
Cost of goods sold before elimination of internal
\u00a0
sales and internal profit
-236.5
Elimination of cost of internal sales
14.1
Cost of goods sold recognized in Profit and Loss
-222.4
Movements in inventory during 2022:
USD Millions
Ingredients
\u00a0
Brand
Elim
Total
Inventory at 1 January
\u00a0
104.2
39.4
-5.4
138.2
Acquired inventory for sale
\u00a0
-
\u00a0
81.5
-9.6
71.9
Production
164.5
\u00a0
-
\u00a0
\u00a0
-
\u00a0
164.5
Sale
-101.2
-81.7
20.5
-162.4
Consumption
-31.5
\u00a0
-
\u00a0
\u00a0
-
\u00a0
-31.5
Other charges
1.3
\u00a0
-
\u00a0
\u00a0
-
\u00a0
1.3
Freight
0.6
\u00a0
-
\u00a0
\u00a0
-
\u00a0
0.6
Inventory at 31 December
\u00a0
137.9
39.2
5.5
182.7
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Reconciliation of net change in inventories 2022:
USD Millions
2022
Cost of goods sold before elimination of internal
\u00a0
sales and internal profit
-182.9
Produced inventory
164.5
Acquired inventory
81.5
Acquired raw material and non product related inventory
14.0
Rework, consumptions and obsolete
-29.5
Elimination of internal profit on stock
10.9
Net change in inventories
58.5
Cost of goods sold before elimination of internal
\u00a0
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
The total production value of goods manufactured can be specified as follows:
Year ended 31 December
USD Millions
2023
2022
Salaries
-28.1
-32.2
Direct Production
-7.8
-8.9
Fuel
\u00a0
-28.0
-18.6
Consumables
-3.8
-4.2
R&M
-5.1
-8.0
Other
-8.4
-12.7
Nutra Freight
-1.3
-3.1
Capsulation
-5.3
-5.0
Uruguay
-9.1
-8.3
Depreciation
-24.4
-35.0
Consumption of krill raw materials
-20.3
-31.5
Total costs allocated to inventory
-141.6
-167.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_278": { "value": "
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2023
2022
Accounts receivable
57.6
59.9
Prepaid expenses
5.6
3.7
Other current receivables
8.3
5.2
Total
71.5
68.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_279": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2023
2022
Accounts receivable
57.6
59.9
Prepaid expenses
5.6
3.7
Other current receivables
8.3
5.2
Total
71.5
68.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_280": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2023
2022
Accounts receivable
57.6
59.9
Prepaid expenses
5.6
3.7
Other current receivables
8.3
5.2
Total
71.5
68.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_281": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2023
2022
Accounts receivable
57.6
59.9
Prepaid expenses
5.6
3.7
Other current receivables
8.3
5.2
Total
71.5
68.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_282": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement
\u00a0
of financial position and statement of cash
flow comprise cash at banks, including restricted deposits,
\u00a0
and cash on hand.
\u00a0
As per 31 December
USD Millions
2023
2022
Cash and bank deposits
25.4
21.0
Restricted bank deposits
2.2
1.3
Cash and cash equivalents
27.5
22.3
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances with the
\u00a0
tax
authorities on a periodic basis. As of 31 December 2023,
\u00a0
the Group had drawn USD 14.7 million (2022:
USD 33.9 million) out of a total of USD 40.0 million
\u00a0
available in an overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_283": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement
\u00a0
of financial position and statement of cash
flow comprise cash at banks, including restricted deposits,
\u00a0
and cash on hand.
\u00a0
As per 31 December
USD Millions
2023
2022
Cash and bank deposits
25.4
21.0
Restricted bank deposits
2.2
1.3
Cash and cash equivalents
27.5
22.3
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances with the
\u00a0
tax
authorities on a periodic basis. As of 31 December 2023,
\u00a0
the Group had drawn USD 14.7 million (2022:
USD 33.9 million) out of a total of USD 40.0 million
\u00a0
available in an overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_284": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 14 \u2013 Cash and cash equivalents
Cash and cash equivalents in the consolidated statement
\u00a0
of financial position and statement of cash
flow comprise cash at banks, including restricted deposits,
\u00a0
and cash on hand.
\u00a0
As per 31 December
USD Millions
2023
2022
Cash and bank deposits
25.4
21.0
Restricted bank deposits
2.2
1.3
Cash and cash equivalents
27.5
22.3
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances with the
\u00a0
tax
authorities on a periodic basis. As of 31 December 2023,
\u00a0
the Group had drawn USD 14.7 million (2022:
USD 33.9 million) out of a total of USD 40.0 million
\u00a0
available in an overdraft facility.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_329": { "value": "
Cash and cash equivalents in the consolidated statement
\u00a0
of financial position and statement of cash
flow comprise cash at banks, including restricted deposits,
\u00a0
and cash on hand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_285": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 15 \u2013 Investments in associated companies
Aker BioMarine ASA has the following investment in associates:
\u00a0
Entity
Country
Industry
Ownership interest
Voting rights
Aion AS
Norway
Circular plastic products
100%
-
The associated company is recognized using the
\u00a0
equity method where the share of profit/loss
\u00a0
is
classified as financial item.
Based on an overall assessment where size and
\u00a0
complexity are taken into account, Aion has been
considered to be significant associate. Further information
\u00a0
is disclosed below.
USD Millions
2023
2022
Book value at 1 January
10.2
-
Loss of control, reclassification from subsidiary
\u00a0
to associated
-
10.2
Share of profit/(loss)
-3.0
-
Reclassification to \"Asset held for sale\"
-7.1
-
Book value at 31 December
0.1
10.2
Aker BioMarine ASA owns 100% of the shares, but the
\u00a0
Group's involvement in Aion is limited to
\u00a0
board
participation and purchase of circular products on
\u00a0
market terms. Aker BioMarine only have two out
\u00a0
of
five Board members. Accordingly, it is concluded that
\u00a0
the Group does not have control over Aion
\u00a0
AS.
As of 31 December 2023, the investment in Aion
\u00a0
AS is classified as \"Asset held for sale\". The
\u00a0
Group has
initiated a sales process as Aion AS is not part
\u00a0
of the core business of the Group. A sale
\u00a0
is expected to
close within 12 months. Aion AS is reported within
\u00a0
the \u2018Ingredients\u2019 segment.
\u00a0
The remaining book value is an investment in
\u00a0
Founders Fund AS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_286": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 15 \u2013 Investments in associated companies
Aker BioMarine ASA has the following investment in associates:
\u00a0
Entity
Country
Industry
Ownership interest
Voting rights
Aion AS
Norway
Circular plastic products
100%
-
The associated company is recognized using the
\u00a0
equity method where the share of profit/loss
\u00a0
is
classified as financial item.
Based on an overall assessment where size and
\u00a0
complexity are taken into account, Aion has been
considered to be significant associate. Further information
\u00a0
is disclosed below.
USD Millions
2023
2022
Book value at 1 January
10.2
-
Loss of control, reclassification from subsidiary
\u00a0
to associated
-
10.2
Share of profit/(loss)
-3.0
-
Reclassification to \"Asset held for sale\"
-7.1
-
Book value at 31 December
0.1
10.2
Aker BioMarine ASA owns 100% of the shares, but the
\u00a0
Group's involvement in Aion is limited to
\u00a0
board
participation and purchase of circular products on
\u00a0
market terms. Aker BioMarine only have two out
\u00a0
of
five Board members. Accordingly, it is concluded that
\u00a0
the Group does not have control over Aion
\u00a0
AS.
As of 31 December 2023, the investment in Aion
\u00a0
AS is classified as \"Asset held for sale\". The
\u00a0
Group has
initiated a sales process as Aion AS is not part
\u00a0
of the core business of the Group. A sale
\u00a0
is expected to
close within 12 months. Aion AS is reported within
\u00a0
the \u2018Ingredients\u2019 segment.
\u00a0
The remaining book value is an investment in
\u00a0
Founders Fund AS.
Note 24 \u2013 Group companies
As of 31 December 2023, Aker Capital AS held
\u00a0
77.7% of the shares in Aker BioMarine, and
\u00a0
the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding
\u00a0
AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker
\u00a0
BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015.
\u00a0
The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend
\u00a0
of 7% of the invested capital, but with
\u00a0
no
economic rights to any profits above this level. The
\u00a0
preferred shares are included as interest bearing
debt in the statement of financial position. Following
\u00a0
the restructuring in 2023 Aker BioMarine
Holding AS was established and AHH now holds 555,900
\u00a0
shares in the new company. Aker BioMarine
Antarctic AS is fully owned by Aker BioMarine Holding
\u00a0
AS.
The structure enables the company to access foreign
\u00a0
capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement,
\u00a0
the company holds the majority of the voting
rights for all matter except the reserved matters.
\u00a0
The reserved matters give AHH some rights,
\u00a0
but not
power over the relevant activities. AHH\u2019s rights are
\u00a0
either protective or relates to activities that does
not significantly affect the return. The company has power
\u00a0
over the relevant activities, and has
control over Aker BioMarine Holding AS.
Based on the content of the shareholder agreement
\u00a0
between the company and AHH, the company
defines Aker BioMarine Holding AS as a subsidiary,
\u00a0
even if the ownership is 40% (the B-shares).
\u00a0
It has
therefore been assessed that the shareholders agreement
\u00a0
does not give rise to any non-controlling
interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been
\u00a0
the
main investment classified as investment in associates,
\u00a0
and the investment and the share of result
has been included in the Group\u2019s financial statements.
\u00a0
As per 31 December 2023, the investment has
been classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BoMarine Holding AS
40
\u00a0
100*
\u00a0
Lysaker
Norway
Aker BioMarine Antarctic AS
100
100
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 Distribution Holding AS
100
100
Lysaker
Norway
Aker BioMarine Human Ingredients AS
100
100
Lysaker
Norway
Aker BioMarine Holding Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
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
\u00a0
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 (until 08 2023)
100
100
Vancouver
Canada
Euphausia LLC (until 12 2023)
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
Qpaws AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
\"doc1p60i0\"\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2022 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
\u00a0
100*
\u00a0
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
\u00a0
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
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_287": { "value": "
\u00a0
\n
\u00a0
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\n
\u00a0
\n
Note 16 \u2013 Interest bearing debt
The Group recognizes interest-bearing debt initially
\u00a0
at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost.
\u00a0
Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized
\u00a0
in the consolidated statements of profit or
loss over the period of the debt using the effective
\u00a0
interest method.
\u00a0
As per 31 December
USD Millions
2023
2022
Non-current liabilities
Secured bank loans
337.8
326.5
Non-current NOK-denominated loan from Antarctic Harvesting
\u00a0
Holding AS
1.3
1.3
Leasing liabilities
4.8
5.8
Book value total interest-bearing non-current liabilities
344.0
333.6
Current liabilities
Current portion of secured loans
29.4
9.4
Overdraft facilities
14.7
33.4
Leasing liabilities
4.9
4.8
Book value total interest-bearing current liabilities
49.0
47.6
Book value total interest-bearing liabilities
392.9
381.2
Total interest-bearing debt was at USD 392.9 million, including
\u00a0
IFRS 16 leasing commitments of USD 9.7
million as of 31 December 2023. Cash amounted
\u00a0
to USD 27.5 million, implying net interest-bearing debt
of USD 365.3 million, up from USD 358.8 million same
\u00a0
period last year. The increase is mainly due
\u00a0
to
investments in the protein factory, upgrades at Houston
\u00a0
Plant as well as shipyard. Total available
liquidity as of 31 December 2023 was USD 52.9 million
\u00a0
(cash and available amounts under the debt
facilities).
The Company has a financing structure with a bank
\u00a0
group consisting of DNB Bank, Cooperative
Rabobank and Nordea Bank. The structure consists
\u00a0
of a larger corporate revolving credit facility
\u00a0
(RCF)
and one term loan for the Endurance vessel. The Group
\u00a0
obtained a covenant waiver for 2023. The waiver
set out a new maximum threshold up to 6.0:1
\u00a0
(net interest-bearing debt / 12 month Adjusted EBITDA),
up from original 5:0:1. For 2023, the Company has
\u00a0
been within this threshold. Going into 2024, the
company has also been granted a leverage covenant waiver
\u00a0
for Q1 2024 to allow for some uncertainty
start of the year as a result of low harvesting
\u00a0
end of 2023.
\"doc1p60i0\"\n
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\u00a0
\n
Terms and debt repayment schedule per 31 December 2023:
Loan
Currency
USD Millions
Nominal interest rate
Year of maturity
Instalments
Secured bank loan - Bank syndicate
USD
67.9
3,13 % (fixed)
2,031
Quarterly
Secured loan - Bank syndicate
USD
299.3
SOFR + margin
1)
2,025
In full upon
termination
Antarctic Harvesting Holding AS
NOK
1.3
7.0%
-
-
Overdraft facility with DNB
USD
14.7
NOWA+0,13% yearly framework
agreement provision
2)
\u00a0
n/a
\u00a0
n/a
Leasing financing
NOK/USD
9.7
6.4 - 7.3%
\u00a0
<2030
\u00a0
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
2023
2022
Secured bank loans
367.2
335.9
Overdraft facility
14.7
33.4
Total secured debt
381.9
369.3
Book value of assets pledged as security
Operating assets
684.5
731.9
Asset pledged as security per company as of 31 December 2023:
AKBM Human
Ingredients AS
AKBM Distribution
Holding AS
Lang Pharma
Nutrition
USD Millions
Group total
Antarctic AS
Understory AS
AKBM US Holding
AKBM Manufacturing
New Ride
Ships/Rigs
180.6
180.6
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
Customers receivable
45.0
28.3
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
16.7
Shares
273.3
0.9
3.2
\u00a0
-
\u00a0
108.1
108.2
\u00a0
-
\u00a0
52.9
\u00a0
-
\u00a0
Inventory
\u00a0
149.1
63.6
47.6
\u00a0
-
\u00a0
\u00a0
-
\u00a0
2.9
\u00a0
-
\u00a0
\u00a0
-
\u00a0
35.1
Other assets
36.6
14.5
2.3
\u00a0
-
\u00a0
\u00a0
-
\u00a0
0.1
1.4
-
18.4
Total
684.6
287.9
53.1
-
108.1
111.1
1.4
53.0
70.1
\"doc1p60i0\"\n
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\u00a0
\n
\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2023:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2022
335.8
1.3
10.6
33.4
381.1
Changes in Financing cash flows
Secured bank loan - RCF
\u00a0
- DNB/ RABO
40.0
-
-
-
40.0
Instalments interest-bearing debt
-9.4
-
-5.2
-
-14.6
Overdraft facility with DNB/RABO
-
-
-
-18.7
-18.7
Net cash flow from financing activities
30.6
-
-5.2
-18.7
6.7
Non-Cash changes
\u00a0
Leasing financing (IFRS16)
-
-
4.3
-
4.3
Other changes, liability related
Interest/fees charged to loan
0.8
-
-
-
0.8
Total liability related changes
0.8
-
-
-
0.8
Balance Interest bearing debt at 31 December 2023
367.2
1.3
9.8
14.7
392.9
\u00a0
\"doc1p60i0\"\n
\u00a0
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\n
\u00a0
\n
\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2022:
Secured bank
loans
Proceeds from
owner
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 + TL NewRide - 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
\u00a0
Leasing financing (IFRS16)
-
-
3.5
-
3.5
Other changes, liability related
Interest/fees charged to loan
0.6
-
-
-
0.6
Effect of changes in foreign exchange rates
-
-
-
-
-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_330": { "value": "
The Group recognizes interest-bearing debt initially
\u00a0
at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost.
\u00a0
Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized
\u00a0
in the consolidated statements of profit or
loss over the period of the debt using the effective
\u00a0
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_331": { "value": "
The Group recognizes interest-bearing debt initially
\u00a0
at fair value, net of transaction costs incurred.
Subsequently, the debt is carried at amortized cost.
\u00a0
Any difference between the proceeds (net of
transaction costs) and the redemption value is recognized
\u00a0
in the consolidated statements of profit or
loss over the period of the debt using the effective
\u00a0
interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_288": { "value": "
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\u00a0
\n
\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2023:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2022
335.8
1.3
10.6
33.4
381.1
Changes in Financing cash flows
Secured bank loan - RCF
\u00a0
- DNB/ RABO
40.0
-
-
-
40.0
Instalments interest-bearing debt
-9.4
-
-5.2
-
-14.6
Overdraft facility with DNB/RABO
-
-
-
-18.7
-18.7
Net cash flow from financing activities
30.6
-
-5.2
-18.7
6.7
Non-Cash changes
\u00a0
Leasing financing (IFRS16)
-
-
4.3
-
4.3
Other changes, liability related
Interest/fees charged to loan
0.8
-
-
-
0.8
Total liability related changes
0.8
-
-
-
0.8
Balance Interest bearing debt at 31 December 2023
367.2
1.3
9.8
14.7
392.9
\u00a0
\"doc1p60i0\"\n
\u00a0
\n
\u00a0
\n
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2022:
Secured bank
loans
Proceeds from
owner
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 + TL NewRide - 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
\u00a0
Leasing financing (IFRS16)
-
-
3.5
-
3.5
Other changes, liability related
Interest/fees charged to loan
0.6
-
-
-
0.6
Effect of changes in foreign exchange rates
-
-
-
-
-
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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_289": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 17 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2023
2022
Pension liabilities
\u2013
0.1
Total
\u2013
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_290": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 17 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2023
2022
Pension liabilities
\u2013
0.1
Total
\u2013
0.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_291": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 17 \u2013 Other non-current liabilities
\u00a0
Year ended 31 December
USD Millions
2023
2022
Pension liabilities
\u2013
0.1
Total
\u2013
0.1
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 18 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2023
2022
Accounts payable
30.1
39.0
Accrued expenses
31.4
14.9
Other current liabilities
2.4
3.2
Total
63.9
57.1
Foreign exchange and liquidity risks are described
\u00a0
in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_292": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 18 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2023
2022
Accounts payable
30.1
39.0
Accrued expenses
31.4
14.9
Other current liabilities
2.4
3.2
Total
63.9
57.1
Foreign exchange and liquidity risks are described
\u00a0
in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_293": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 18 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2023
2022
Accounts payable
30.1
39.0
Accrued expenses
31.4
14.9
Other current liabilities
2.4
3.2
Total
63.9
57.1
Foreign exchange and liquidity risks are described
\u00a0
in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_294": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 18 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2023
2022
Accounts payable
30.1
39.0
Accrued expenses
31.4
14.9
Other current liabilities
2.4
3.2
Total
63.9
57.1
Foreign exchange and liquidity risks are described
\u00a0
in Note 20.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_295": { "value": "
Note 19 \u2013 Leasing
The Group leases various types of assets, with the most
\u00a0
significant monetarily being the leases for
office buildings, warehouses and a tramper vessel. The smaller
\u00a0
leases comprise mainly leases for
housing for employees, IT equipment and production-related
\u00a0
equipment in the factory.
Management determines the lease term as the
\u00a0
non-cancellable term of the lease, as well as any
additional periods covered by an option to extend the
\u00a0
lease if it is reasonably certain to be exercised.
Time periods in the lease covered by an option
\u00a0
to terminate the lease are also included in
\u00a0
the lease
term if it is reasonably certain the termination
\u00a0
clause will not to be exercised. Management
\u00a0
applies
judgement in evaluating whether it is reasonably
\u00a0
certain to exercise a renewal option, considering
\u00a0
all
relevant factors as well as the potential economic incentives
\u00a0
related to the exercise of the renewal
option. The lease period in the current leases
\u00a0
held by the Group varies from one to five years.
\u00a0
Several
of the leases have a lease term that includes the
\u00a0
optional renewal period. Most of the leases include
\u00a0
a
clause for annual price increases during the term of
\u00a0
the lease agreement.
The Group has elected not to recognize right-of-use
\u00a0
(ROU) assets and lease liabilities for the following
types of leases, as allowed under IFRS 16:
\u25cf
Short-term leases with
\u00a0
a lease term of
\u00a0
less than 12 months
\u00a0
from commencement that
\u00a0
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
\u00a0
commencement date. The ROU asset is initially
measured at cost, and subsequently at cost less
\u00a0
any accumulated depreciation and impairment losses
and adjusted for certain remeasurements of the lease
\u00a0
liability. The ROU asset is generally depreciated
on a straight-line-basis over the shorter of the estimated
\u00a0
useful life of the asset or the lease term and
is subject to impairment assessments of non-financial
\u00a0
assets.
The lease liability is initially measured at the present
\u00a0
value of the future lease payments at
commencement date discounted using either:
\u25cf
The rate implicit in the lease, or if that cannot
\u00a0
be determined,
\u00a0
or
\u25cf
The leasing entity\u2019s incremental borrowing rate.
The Group is calculating the incremental borrowing rate
\u00a0
in a model with an interest rate swap rate as
\u00a0
a
basis and adjustments reflecting:
\u25cf
Credit worthiness of the lessee
\u25cf
Lease term of the contract
\u25cf
Acquisition cost of the ROU
\u25cf
Type of asset and
\u00a0
\u25cf
Jurisdiction and the contact\u2019s currency.
\"doc1p60i0\"\n
\u00a0
\n
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\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The Group\u2019s ROU asset as at 31 December 2023 include:
USD Millions
Buildings and
vessel
Machinery and
equipment
Total
Balance as of 1 January 2023
9.8
0.1
9.9
Depreciation for the year
-4.6
-0.1
-4.7
Additions to ROU assets
1.1
0.1
1.2
Adjustment of ROU asset
2.8
-
2.8
Balance as of 31 December 2023
9.0
0.1
9.1
Additions to ROU assets relates to a lease extension
\u00a0
of the Office in Shanghai, new lease of equipment
in Ski, and the annual CPI adjustments in some of
\u00a0
the lease payments.
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 assets
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
\u00a0
offices in Bangkok, Beijing, and Uruguay; a new
lease of a warehouse in Uruguay, and the annual
\u00a0
CPI adjustments in some of the lease payments.
Amounts recognized in profit or loss:
Year ended 31 December
USD Millions
2023
2022
Expenses related to short-term lease
-1.2
-3.9
Expenses related to low-value asset, excl. short-term
0.2
-
Leasing expenses related to variable payments not included
\u00a0
in lease liabilities
-2.7
-2.0
Interest on lease liabilities
-0.7
-0.7
Effect of changes in foreign exchange rates
0.2
0.2
Total
-4.2
-6.4
Instalments on lease liabilities included in cash flow
\u00a0
statement
-5.2
4.8
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Future lease liability payments as of year-end 2023 and 2022 (IFRS 16)
USD Millions
2023
2022
Within one year
5.0
5.0
1-2 years
3.3
3.3
3-5 years
0.8
1.5
More than 5 years
1.0
0.7
Total
10.1
10.5
Lease liabilities as of 31 December 2023 totaled
\u00a0
USD 9.7 million (31 December 2022: USD 10.5 million)
\u00a0
of
which USD 4.9 million (31 December 2022: USD
\u00a0
4.8 million) was classified as current and USD 4.8
\u00a0
million
(31 December 2022: USD 5.8 million) as non-current,
\u00a0
see Note 16.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_332": { "value": "
The Group leases various types of assets, with the most
\u00a0
significant monetarily being the leases for
office buildings, warehouses and a tramper vessel. The smaller
\u00a0
leases comprise mainly leases for
housing for employees, IT equipment and production-related
\u00a0
equipment in the factory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_296": { "value": "
Note 20 \u2013 Financial risk
The Group's activities expose it to various types of
\u00a0
risk which are associated with the financial
instruments and markets in which it operates. The
\u00a0
most significant types of financial risk the Group
\u00a0
is
exposed to are credit risk, liquidity risk, and market
\u00a0
risks (including foreign exchange risk, interest
\u00a0
rate
risk and bunker risk. To manage these risks, risk
\u00a0
management is carried out in order to create
predictability and stability for operating cash flows and
\u00a0
values. Management can use financial
derivatives to hedge against risk relating to operations,
\u00a0
financing, and investment activities if the
financial derivative has been approved by the Board
\u00a0
of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of
\u00a0
the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group
\u00a0
if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The
\u00a0
Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on
\u00a0
a routine basis and credit evaluations are
performed on customers as appropriate. When entering
\u00a0
significant sales contracts, the sales
department seeks to reduce credit risk through
\u00a0
more stringent payment terms including requirement
\u00a0
of
up-front payments. The Group has had low losses
\u00a0
on receivables as the sales department is
maintaining close contact with each customer and routine
\u00a0
billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables
\u00a0
are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group
\u00a0
does not grant any payment terms more than
\u00a0
12
months, meaning that if the Group were to estimate
\u00a0
expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for
\u00a0
all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical
\u00a0
expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses over
\u00a0
the
past years.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over
\u00a0
the last
years to identify whether there are either
\u00a0
geographical or market (Qrill / Superba) indications
\u00a0
of
whether any additional breakdowns into sub-portfolios
\u00a0
is required. The reasonability of the ECL
accruals compared to prior years actual losses has
\u00a0
also been assessed, to ensure it constitutes
\u00a0
a
reasonable expectation.
The ECL rates per portfolio are reviewed at each
\u00a0
reporting date to assess if the matrix still reflects
\u00a0
the
current conditions, and if the provision still is
\u00a0
at a reasonable and supportable level, reflecting
\u00a0
the
future economic conditions.
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
Write off and allocation for loss on trade receivable
\u00a0
are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2023
2022
Balance at 1 January under IFRS 9
-1.3
-0.9
Impairment loss (write-off) on trade and other receivables
-
-0.4
Allocation to loss on trade receivable and contract
\u00a0
assets
-1.0
-1.3
The Group`s two most significant customers account
\u00a0
for USD 10.7 million of the receivables carrying
amount as of 31 December 2023 (2022: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be
\u00a0
unable to meet its financial liabilities as they
\u00a0
mature.
\u00a0
The Group does not hedge against exposure to interest-rate
\u00a0
fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of
\u00a0
interest-bearing liabilities, which was USD 369.2
million as of 31 December 2023 (2022: USD 311.6 million).
\u00a0
\"doc1p60i0\"\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2023:
USD Millions
\u00a0
Book value at 31
December
Contractual cash
flows
Up to
\u00a0
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
367.2
-434.4
-39.6
-19.7
-318.1
-34.6
-22.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
14.7
-14.7
-14.7
-
-
-
-
Leasing liabilities (IFRS16)
9.7
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2023 maturity of loans and interest on interest
\u00a0
-bearing debt
392.9
-460.6
-56.9
-22.2
-321.3
-35.4
-24.8
Derivatives
-
-
-
-
-
-
-
Accounts payable and other current liabilities
63.9
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
3.8
-3.8
-
-
-
-
-3.8
Total liabilities
460.6
-521.6
-114.1
-22.2
-321.4
-35.4
-28.5
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2022:
USD Millions
\u00a0
Book value at 31
December
Nominal values
Up to
\u00a0
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
\u00a0
-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
-
-
-
-
-5.5
Total liabilities
443.7
-500.6
-109.4
-19.0
-295.0
-36.8
-40.3
Management has had continuous dialogue with the
\u00a0
company\u2019s bank group through 2023 and a
covenant waiver was granted at an elevated leverage
\u00a0
covenant threshold of which the company has
been in compliance with. Going into 2024, the
\u00a0
company has also been granted a leverage
\u00a0
covenant
waive.r for Q1 2024 to allow for some uncertainty start of
\u00a0
the year as a result of low harvesting end
\u00a0
of
2023.
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\n
Market risk
Foreign exchange risk
The Group operates in a global market and is
\u00a0
exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange
\u00a0
rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia,
\u00a0
India, Thailand, New Zealand, Canada and China,
\u00a0
but
these exposures are regarded minimal. The Group
\u00a0
has USD as its presentation and functional currency
in the main group companies. The Group has NOK
\u00a0
denominated financial instruments thus the
consolidated statement of financial position is exposed
\u00a0
to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses
\u00a0
are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses
\u00a0
the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
The table below shows the Group's exposure to
\u00a0
foreign exchange risk as per 31 December.
2023
2022
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
22.4
-
6.2
Cash
-0.7
-23.7
-0.3
-2.3
Other assets
-
0.3
-
-
Secured bank loan
-
-
-
-
Accounts payable
-0.2
-13.9
-1.1
-13.2
Other balance sheet items
-1.3
-14.5
-
-7.0
Gross balance sheet exposure
-2.2
-29.3
-1.4
-16.3
Currency forwards
-
-
-
-
Net exposure
-2.2
-29.3
-1.4
-16.3
Sensitivity analysis
A 10% increase or decrease in USD relative to the
\u00a0
Euro and the NOK would have reduced
\u00a0
or increased
the Group\u2019s profit before tax with USD 0.2 million related
\u00a0
to Euro and USD 2.9 million related to NOK,
respectively.
\u00a0
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances
\u00a0
are held at variable and fixed interest rates
linked to the Secured Overnight Financing Rate or Commercial
\u00a0
Interest Reference Rate (SOFR and CIRR,
3 or 6 months). A movement of 100 basis points
\u00a0
in the interest rate on borrowings and surplus cash
balances as of 31 December 2023 would have affected
\u00a0
the Group\u2019s profit before tax with USD 3.6 million
(2022: USD 1.3 million). This analysis assumes that
\u00a0
all other variables, especially the exchange rates,
remain constant.
\"doc1p60i0\"\n
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\u00a0
\n
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing
\u00a0
financial instruments
was as follows:
USD Millions
Year ended 31 December
2023
Effective interest rate year
ended 31 December 2023
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
-67.9
3.1 %
-77.2
3.1 %
Net fixed interest instruments
-69.2
-78.5
Floating-interest instruments
Financial assets
Cash and cash equivalents
27.5
variable *)
22.3
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-299.3
6,9%-8,1%
-258.7
3,1%-7,1%
Overdraft facility
-14.7
variable **)
-33.4
variable **)
Leasing liabilities (IFRS16)
-9.7
variable **)
-10.5
variable **)
Net variable interest instruments
-296.1
-280.3
Total net interest-bearing debt
-365.3
-358.8
*) different cash and cash equivalents carry different
\u00a0
interest rates, as such no effective interest rate has
\u00a0
been calculated
**) different loans/ receivables carry different
\u00a0
interest rates, as such no effective interest rate has been
\u00a0
presented
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and
\u00a0
krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and
\u00a0
cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s
\u00a0
exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased
\u00a0
call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options gave Aker BioMarine
\u00a0
Antarctic AS the right to purchase Gasoil 0.1%
\u00a0
at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d)
\u00a0
each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call
\u00a0
option contracts giving the Group the right to
\u00a0
purchase
44,604 MT of fuel between 2023 and 2024. The value
\u00a0
of these options was reflected in the mark-to-
market (\u201cM2M\u201d) value, which at 31 December 2022 was USD
\u00a0
11.0 million. As of 31 December 2023, the call
option contracts for 2024 have been terminated.
\u00a0
Classification of derivatives
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option
\u00a0
portfolio to align with an updated forecast of
production and operations. As a result, the Group
\u00a0
sold 7 454 call options. The sale was recognized
\u00a0
as a
rebalancing effect of designated fuel volumes and
\u00a0
was accounted for in accordance with the
requirements for discontinuation of hedge accounting. The
\u00a0
gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019
\u00a0
in the statement of profit or loss, see Note
\u00a0
2. The
contracts not sold continued to follow hedge accounting.
During 2023, and as part of the Group\u2019s restructuring
\u00a0
and strategic review, the Group\u2019s risk management
objective changed. Management decided to terminate the remaining
\u00a0
2024 contracts. As a result of this,
the hedging relationship was discontinued. Following the
\u00a0
changes in the risk management objective,
the hedge accounting ended as the hedging relationship
\u00a0
no longer met the qualifying criteria. After the
\u00a0
discontinuation of hedge accounting by end of May 2023,
\u00a0
fair value adjustment of USD 3.9 million are
reported in the profit or loss, see Note 2.
Fuel hedge cash flow overview:
USD Millions
2023
Hedge settlements
5.9
Sale of surplus call options
3.9
2023 net cash impact
9.8
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge
\u00a0
contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD
\u00a0
3.5 million at the end of 2022. As of 2023,
\u00a0
the remaining
fuel options have been terminated.
\u00a0
Hedge effectiveness
The Group has determined hedge effectiveness
\u00a0
at the inception of the hedge relationship, and
\u00a0
through
periodic prospective effectiveness assessments, to ensure
\u00a0
that an economic relationship exists
between the hedged item and hedging instrument. During
\u00a0
2023, the remaining fuel options have been
terminated and the hedge accounting has been discontinued
\u00a0
at the end of May 2023.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2023
2022
Opening balance as per 1 January
3.5
5.4
Change in fair value of hedging instrument recognised
\u00a0
in OCI
4.7
-1.9
Reclassified to inventory
\u00a0
-8.2
-15.0
Intrinsic value of options
-
17.8
Reclassified from OCI to profit or loss
-
-2.8
Closing balance as per 31 December
-
3.5
Fair values
The Group has financial instruments that are measured
\u00a0
at fair value. These are the fuel options, which
are measured according to level 2 in the fair
\u00a0
value hierarchy. In level 2, the valuation techniques apply
the lowest level input that is significant to the
\u00a0
fair value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation techniques
\u00a0
are based on discounted cash flow
models.
For the short-term nature of financial instruments
\u00a0
measured at amortized cost, the book value
approximating fair value.
Capital management
\u00a0
The Group\u2019s objectives when managing capital are
\u00a0
to i) ensure the Groups ability to continue
\u00a0
as a going
concern, and ii) maintain an optimal capital structure
\u00a0
to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure,
\u00a0
the group may obtain short term funding through
supply chain financing, receivables purchase agreements,
\u00a0
issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group
\u00a0
monitors capital on the basis of the gearing
\u00a0
ratio
as agreed with the bank syndicate which is
\u00a0
net interest-bearing debt / 12 month Adjusted
\u00a0
EBITDA (see
Note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_297": { "value": "
Note 20 \u2013 Financial risk
The Group's activities expose it to various types of
\u00a0
risk which are associated with the financial
instruments and markets in which it operates. The
\u00a0
most significant types of financial risk the Group
\u00a0
is
exposed to are credit risk, liquidity risk, and market
\u00a0
risks (including foreign exchange risk, interest
\u00a0
rate
risk and bunker risk. To manage these risks, risk
\u00a0
management is carried out in order to create
predictability and stability for operating cash flows and
\u00a0
values. Management can use financial
derivatives to hedge against risk relating to operations,
\u00a0
financing, and investment activities if the
financial derivative has been approved by the Board
\u00a0
of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of
\u00a0
the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group
\u00a0
if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The
\u00a0
Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on
\u00a0
a routine basis and credit evaluations are
performed on customers as appropriate. When entering
\u00a0
significant sales contracts, the sales
department seeks to reduce credit risk through
\u00a0
more stringent payment terms including requirement
\u00a0
of
up-front payments. The Group has had low losses
\u00a0
on receivables as the sales department is
maintaining close contact with each customer and routine
\u00a0
billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables
\u00a0
are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group
\u00a0
does not grant any payment terms more than
\u00a0
12
months, meaning that if the Group were to estimate
\u00a0
expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for
\u00a0
all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical
\u00a0
expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses over
\u00a0
the
past years.
\u00a0
\u00a0
\n
\u00a0
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\n
\u00a0
\n
\u00a0
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\u00a0
\n
\u00a0
\n
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over
\u00a0
the last
years to identify whether there are either
\u00a0
geographical or market (Qrill / Superba) indications
\u00a0
of
whether any additional breakdowns into sub-portfolios
\u00a0
is required. The reasonability of the ECL
accruals compared to prior years actual losses has
\u00a0
also been assessed, to ensure it constitutes
\u00a0
a
reasonable expectation.
The ECL rates per portfolio are reviewed at each
\u00a0
reporting date to assess if the matrix still reflects
\u00a0
the
current conditions, and if the provision still is
\u00a0
at a reasonable and supportable level, reflecting
\u00a0
the
future economic conditions.
\u00a0
\n
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\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
Write off and allocation for loss on trade receivable
\u00a0
are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2023
2022
Balance at 1 January under IFRS 9
-1.3
-0.9
Impairment loss (write-off) on trade and other receivables
-
-0.4
Allocation to loss on trade receivable and contract
\u00a0
assets
-1.0
-1.3
The Group`s two most significant customers account
\u00a0
for USD 10.7 million of the receivables carrying
amount as of 31 December 2023 (2022: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be
\u00a0
unable to meet its financial liabilities as they
\u00a0
mature.
\u00a0
The Group does not hedge against exposure to interest-rate
\u00a0
fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of
\u00a0
interest-bearing liabilities, which was USD 369.2
million as of 31 December 2023 (2022: USD 311.6 million).
\u00a0
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\u00a0
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\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2023:
USD Millions
\u00a0
Book value at 31
December
Contractual cash
flows
Up to
\u00a0
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
367.2
-434.4
-39.6
-19.7
-318.1
-34.6
-22.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
14.7
-14.7
-14.7
-
-
-
-
Leasing liabilities (IFRS16)
9.7
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2023 maturity of loans and interest on interest
\u00a0
-bearing debt
392.9
-460.6
-56.9
-22.2
-321.3
-35.4
-24.8
Derivatives
-
-
-
-
-
-
-
Accounts payable and other current liabilities
63.9
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
3.8
-3.8
-
-
-
-
-3.8
Total liabilities
460.6
-521.6
-114.1
-22.2
-321.4
-35.4
-28.5
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2022:
USD Millions
\u00a0
Book value at 31
December
Nominal values
Up to
\u00a0
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
\u00a0
-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
-
-
-
-
-5.5
Total liabilities
443.7
-500.6
-109.4
-19.0
-295.0
-36.8
-40.3
Management has had continuous dialogue with the
\u00a0
company\u2019s bank group through 2023 and a
covenant waiver was granted at an elevated leverage
\u00a0
covenant threshold of which the company has
been in compliance with. Going into 2024, the
\u00a0
company has also been granted a leverage
\u00a0
covenant
waive.r for Q1 2024 to allow for some uncertainty start of
\u00a0
the year as a result of low harvesting end
\u00a0
of
2023.
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\n
Market risk
Foreign exchange risk
The Group operates in a global market and is
\u00a0
exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange
\u00a0
rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia,
\u00a0
India, Thailand, New Zealand, Canada and China,
\u00a0
but
these exposures are regarded minimal. The Group
\u00a0
has USD as its presentation and functional currency
in the main group companies. The Group has NOK
\u00a0
denominated financial instruments thus the
consolidated statement of financial position is exposed
\u00a0
to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses
\u00a0
are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses
\u00a0
the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
The table below shows the Group's exposure to
\u00a0
foreign exchange risk as per 31 December.
2023
2022
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
22.4
-
6.2
Cash
-0.7
-23.7
-0.3
-2.3
Other assets
-
0.3
-
-
Secured bank loan
-
-
-
-
Accounts payable
-0.2
-13.9
-1.1
-13.2
Other balance sheet items
-1.3
-14.5
-
-7.0
Gross balance sheet exposure
-2.2
-29.3
-1.4
-16.3
Currency forwards
-
-
-
-
Net exposure
-2.2
-29.3
-1.4
-16.3
Sensitivity analysis
A 10% increase or decrease in USD relative to the
\u00a0
Euro and the NOK would have reduced
\u00a0
or increased
the Group\u2019s profit before tax with USD 0.2 million related
\u00a0
to Euro and USD 2.9 million related to NOK,
respectively.
\u00a0
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances
\u00a0
are held at variable and fixed interest rates
linked to the Secured Overnight Financing Rate or Commercial
\u00a0
Interest Reference Rate (SOFR and CIRR,
3 or 6 months). A movement of 100 basis points
\u00a0
in the interest rate on borrowings and surplus cash
balances as of 31 December 2023 would have affected
\u00a0
the Group\u2019s profit before tax with USD 3.6 million
(2022: USD 1.3 million). This analysis assumes that
\u00a0
all other variables, especially the exchange rates,
remain constant.
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\n
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing
\u00a0
financial instruments
was as follows:
USD Millions
Year ended 31 December
2023
Effective interest rate year
ended 31 December 2023
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
-67.9
3.1 %
-77.2
3.1 %
Net fixed interest instruments
-69.2
-78.5
Floating-interest instruments
Financial assets
Cash and cash equivalents
27.5
variable *)
22.3
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-299.3
6,9%-8,1%
-258.7
3,1%-7,1%
Overdraft facility
-14.7
variable **)
-33.4
variable **)
Leasing liabilities (IFRS16)
-9.7
variable **)
-10.5
variable **)
Net variable interest instruments
-296.1
-280.3
Total net interest-bearing debt
-365.3
-358.8
*) different cash and cash equivalents carry different
\u00a0
interest rates, as such no effective interest rate has
\u00a0
been calculated
**) different loans/ receivables carry different
\u00a0
interest rates, as such no effective interest rate has been
\u00a0
presented
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and
\u00a0
krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and
\u00a0
cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s
\u00a0
exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased
\u00a0
call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options gave Aker BioMarine
\u00a0
Antarctic AS the right to purchase Gasoil 0.1%
\u00a0
at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d)
\u00a0
each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call
\u00a0
option contracts giving the Group the right to
\u00a0
purchase
44,604 MT of fuel between 2023 and 2024. The value
\u00a0
of these options was reflected in the mark-to-
market (\u201cM2M\u201d) value, which at 31 December 2022 was USD
\u00a0
11.0 million. As of 31 December 2023, the call
option contracts for 2024 have been terminated.
\u00a0
Classification of derivatives
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option
\u00a0
portfolio to align with an updated forecast of
production and operations. As a result, the Group
\u00a0
sold 7 454 call options. The sale was recognized
\u00a0
as a
rebalancing effect of designated fuel volumes and
\u00a0
was accounted for in accordance with the
requirements for discontinuation of hedge accounting. The
\u00a0
gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019
\u00a0
in the statement of profit or loss, see Note
\u00a0
2. The
contracts not sold continued to follow hedge accounting.
During 2023, and as part of the Group\u2019s restructuring
\u00a0
and strategic review, the Group\u2019s risk management
objective changed. Management decided to terminate the remaining
\u00a0
2024 contracts. As a result of this,
the hedging relationship was discontinued. Following the
\u00a0
changes in the risk management objective,
the hedge accounting ended as the hedging relationship
\u00a0
no longer met the qualifying criteria. After the
\u00a0
discontinuation of hedge accounting by end of May 2023,
\u00a0
fair value adjustment of USD 3.9 million are
reported in the profit or loss, see Note 2.
Fuel hedge cash flow overview:
USD Millions
2023
Hedge settlements
5.9
Sale of surplus call options
3.9
2023 net cash impact
9.8
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge
\u00a0
contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD
\u00a0
3.5 million at the end of 2022. As of 2023,
\u00a0
the remaining
fuel options have been terminated.
\u00a0
Hedge effectiveness
The Group has determined hedge effectiveness
\u00a0
at the inception of the hedge relationship, and
\u00a0
through
periodic prospective effectiveness assessments, to ensure
\u00a0
that an economic relationship exists
between the hedged item and hedging instrument. During
\u00a0
2023, the remaining fuel options have been
terminated and the hedge accounting has been discontinued
\u00a0
at the end of May 2023.
\u00a0
\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2023
2022
Opening balance as per 1 January
3.5
5.4
Change in fair value of hedging instrument recognised
\u00a0
in OCI
4.7
-1.9
Reclassified to inventory
\u00a0
-8.2
-15.0
Intrinsic value of options
-
17.8
Reclassified from OCI to profit or loss
-
-2.8
Closing balance as per 31 December
-
3.5
Fair values
The Group has financial instruments that are measured
\u00a0
at fair value. These are the fuel options, which
are measured according to level 2 in the fair
\u00a0
value hierarchy. In level 2, the valuation techniques apply
the lowest level input that is significant to the
\u00a0
fair value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation techniques
\u00a0
are based on discounted cash flow
models.
For the short-term nature of financial instruments
\u00a0
measured at amortized cost, the book value
approximating fair value.
Capital management
\u00a0
The Group\u2019s objectives when managing capital are
\u00a0
to i) ensure the Groups ability to continue
\u00a0
as a going
concern, and ii) maintain an optimal capital structure
\u00a0
to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure,
\u00a0
the group may obtain short term funding through
supply chain financing, receivables purchase agreements,
\u00a0
issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group
\u00a0
monitors capital on the basis of the gearing
\u00a0
ratio
as agreed with the bank syndicate which is
\u00a0
net interest-bearing debt / 12 month Adjusted
\u00a0
EBITDA (see
Note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_298": { "value": "
Note 20 \u2013 Financial risk
The Group's activities expose it to various types of
\u00a0
risk which are associated with the financial
instruments and markets in which it operates. The
\u00a0
most significant types of financial risk the Group
\u00a0
is
exposed to are credit risk, liquidity risk, and market
\u00a0
risks (including foreign exchange risk, interest
\u00a0
rate
risk and bunker risk. To manage these risks, risk
\u00a0
management is carried out in order to create
predictability and stability for operating cash flows and
\u00a0
values. Management can use financial
derivatives to hedge against risk relating to operations,
\u00a0
financing, and investment activities if the
financial derivative has been approved by the Board
\u00a0
of Directors. In 2020 the company entered a fuel
hedge contract with DNB, see further description of
\u00a0
the contract below under iii) Fuel price risk.
Credit risk
Credit risk is the risk of financial loss to the Group
\u00a0
if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The
\u00a0
Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on
\u00a0
a routine basis and credit evaluations are
performed on customers as appropriate. When entering
\u00a0
significant sales contracts, the sales
department seeks to reduce credit risk through
\u00a0
more stringent payment terms including requirement
\u00a0
of
up-front payments. The Group has had low losses
\u00a0
on receivables as the sales department is
maintaining close contact with each customer and routine
\u00a0
billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables
\u00a0
are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group
\u00a0
does not grant any payment terms more than
\u00a0
12
months, meaning that if the Group were to estimate
\u00a0
expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for
\u00a0
all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical
\u00a0
expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses over
\u00a0
the
past years.
\u00a0
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\u00a0
\n
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over
\u00a0
the last
years to identify whether there are either
\u00a0
geographical or market (Qrill / Superba) indications
\u00a0
of
whether any additional breakdowns into sub-portfolios
\u00a0
is required. The reasonability of the ECL
accruals compared to prior years actual losses has
\u00a0
also been assessed, to ensure it constitutes
\u00a0
a
reasonable expectation.
The ECL rates per portfolio are reviewed at each
\u00a0
reporting date to assess if the matrix still reflects
\u00a0
the
current conditions, and if the provision still is
\u00a0
at a reasonable and supportable level, reflecting
\u00a0
the
future economic conditions.
\u00a0
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Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
Write off and allocation for loss on trade receivable
\u00a0
are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2023
2022
Balance at 1 January under IFRS 9
-1.3
-0.9
Impairment loss (write-off) on trade and other receivables
-
-0.4
Allocation to loss on trade receivable and contract
\u00a0
assets
-1.0
-1.3
The Group`s two most significant customers account
\u00a0
for USD 10.7 million of the receivables carrying
amount as of 31 December 2023 (2022: USD 12.1 million).
Liquidity risk
Liquidity risk is the risk that the Group will be
\u00a0
unable to meet its financial liabilities as they
\u00a0
mature.
\u00a0
The Group does not hedge against exposure to interest-rate
\u00a0
fluctuations on debt and is therefore
exposed to fluctuations on the variable-rate amount of
\u00a0
interest-bearing liabilities, which was USD 369.2
million as of 31 December 2023 (2022: USD 311.6 million).
\u00a0
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\n
\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2023:
USD Millions
\u00a0
Book value at 31
December
Contractual cash
flows
Up to
\u00a0
6 months
6-12 months
1-2 years
3-5 years
More than 5
years
Secured bank loans
367.2
-434.4
-39.6
-19.7
-318.1
-34.6
-22.4
Interest bearing debt, non-current, related parties
1.3
-1.8
-0.1
-0.1
-0.1
-0.1
-1.4
Overdraft facility
14.7
-14.7
-14.7
-
-
-
-
Leasing liabilities (IFRS16)
9.7
-9.7
-2.5
-2.4
-3.1
-0.7
-1.0
Total 2023 maturity of loans and interest on interest
\u00a0
-bearing debt
392.9
-460.6
-56.9
-22.2
-321.3
-35.4
-24.8
Derivatives
-
-
-
-
-
-
-
Accounts payable and other current liabilities
63.9
-57.1
-57.1
-
-
-
-
Non-current non-interest-bearing liabilities
3.8
-3.8
-
-
-
-
-3.8
Total liabilities
460.6
-521.6
-114.1
-22.2
-321.4
-35.4
-28.5
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2022:
USD Millions
\u00a0
Book value at 31
December
Nominal values
Up to
\u00a0
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
\u00a0
-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
-
-
-
-
-5.5
Total liabilities
443.7
-500.6
-109.4
-19.0
-295.0
-36.8
-40.3
Management has had continuous dialogue with the
\u00a0
company\u2019s bank group through 2023 and a
covenant waiver was granted at an elevated leverage
\u00a0
covenant threshold of which the company has
been in compliance with. Going into 2024, the
\u00a0
company has also been granted a leverage
\u00a0
covenant
waive.r for Q1 2024 to allow for some uncertainty start of
\u00a0
the year as a result of low harvesting end
\u00a0
of
2023.
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\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Market risk
Foreign exchange risk
The Group operates in a global market and is
\u00a0
exposed to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange
\u00a0
rates. In addition, the Group has operations with
exposure to local currencies in Uruguay, Australia,
\u00a0
India, Thailand, New Zealand, Canada and China,
\u00a0
but
these exposures are regarded minimal. The Group
\u00a0
has USD as its presentation and functional currency
in the main group companies. The Group has NOK
\u00a0
denominated financial instruments thus the
consolidated statement of financial position is exposed
\u00a0
to changes in NOK/USD exchange rate
.
The Group seeks to ensure that revenues and expenses
\u00a0
are in the same currency. Future cash flows are
estimated and offset. The Group periodically assesses
\u00a0
the need for foreign currency hedging. Currency
risk is managed on an overall Group level.
\u00a0
The table below shows the Group's exposure to
\u00a0
foreign exchange risk as per 31 December.
2023
2022
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
-
22.4
-
6.2
Cash
-0.7
-23.7
-0.3
-2.3
Other assets
-
0.3
-
-
Secured bank loan
-
-
-
-
Accounts payable
-0.2
-13.9
-1.1
-13.2
Other balance sheet items
-1.3
-14.5
-
-7.0
Gross balance sheet exposure
-2.2
-29.3
-1.4
-16.3
Currency forwards
-
-
-
-
Net exposure
-2.2
-29.3
-1.4
-16.3
Sensitivity analysis
A 10% increase or decrease in USD relative to the
\u00a0
Euro and the NOK would have reduced
\u00a0
or increased
the Group\u2019s profit before tax with USD 0.2 million related
\u00a0
to Euro and USD 2.9 million related to NOK,
respectively.
\u00a0
Interest rate risk
The Group\u2019s borrowings and any surplus cash balances
\u00a0
are held at variable and fixed interest rates
linked to the Secured Overnight Financing Rate or Commercial
\u00a0
Interest Reference Rate (SOFR and CIRR,
3 or 6 months). A movement of 100 basis points
\u00a0
in the interest rate on borrowings and surplus cash
balances as of 31 December 2023 would have affected
\u00a0
the Group\u2019s profit before tax with USD 3.6 million
(2022: USD 1.3 million). This analysis assumes that
\u00a0
all other variables, especially the exchange rates,
remain constant.
\"doc1p60i0\"\n
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\n
Interest rate profile
At the close of the year, the interest-
\u00a0
rate profile for the Group's interest-bearing
\u00a0
financial instruments
was as follows:
USD Millions
Year ended 31 December
2023
Effective interest rate year
ended 31 December 2023
Year ended 31 December
2022
Effective interest rate year
ended 31 December 2022
Fixed-interest instruments
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
-1.3
7.0 %
Secured bank loan - Bank syndicate
-67.9
3.1 %
-77.2
3.1 %
Net fixed interest instruments
-69.2
-78.5
Floating-interest instruments
Financial assets
Cash and cash equivalents
27.5
variable *)
22.3
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-299.3
6,9%-8,1%
-258.7
3,1%-7,1%
Overdraft facility
-14.7
variable **)
-33.4
variable **)
Leasing liabilities (IFRS16)
-9.7
variable **)
-10.5
variable **)
Net variable interest instruments
-296.1
-280.3
Total net interest-bearing debt
-365.3
-358.8
*) different cash and cash equivalents carry different
\u00a0
interest rates, as such no effective interest rate has
\u00a0
been calculated
**) different loans/ receivables carry different
\u00a0
interest rates, as such no effective interest rate has been
\u00a0
presented
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Fuel price risk
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion and
\u00a0
krill meal production is one of the Groups\u2019
most significant operating costs. The profitability and
\u00a0
cash flow of the Group will therefore be affected
by the market price of MGO. To reduce Aker BioMarine\u2019s
\u00a0
exposure to fluctuations in the fuel price, the
operating subsidiary Aker BioMarine Antarctic AS purchased
\u00a0
call options on Gasoil 0.1% at barges FOB
Rotterdam in 2020. These options gave Aker BioMarine
\u00a0
Antarctic AS the right to purchase Gasoil 0.1%
\u00a0
at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d)
\u00a0
each month until December 2024. As of 31
December 2022, Aker BioMarine held 44,604 call
\u00a0
option contracts giving the Group the right to
\u00a0
purchase
44,604 MT of fuel between 2023 and 2024. The value
\u00a0
of these options was reflected in the mark-to-
market (\u201cM2M\u201d) value, which at 31 December 2022 was USD
\u00a0
11.0 million. As of 31 December 2023, the call
option contracts for 2024 have been terminated.
\u00a0
Classification of derivatives
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
During 2022, the Group rebalanced its call option
\u00a0
portfolio to align with an updated forecast of
production and operations. As a result, the Group
\u00a0
sold 7 454 call options. The sale was recognized
\u00a0
as a
rebalancing effect of designated fuel volumes and
\u00a0
was accounted for in accordance with the
requirements for discontinuation of hedge accounting. The
\u00a0
gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019
\u00a0
in the statement of profit or loss, see Note
\u00a0
2. The
contracts not sold continued to follow hedge accounting.
During 2023, and as part of the Group\u2019s restructuring
\u00a0
and strategic review, the Group\u2019s risk management
objective changed. Management decided to terminate the remaining
\u00a0
2024 contracts. As a result of this,
the hedging relationship was discontinued. Following the
\u00a0
changes in the risk management objective,
the hedge accounting ended as the hedging relationship
\u00a0
no longer met the qualifying criteria. After the
\u00a0
discontinuation of hedge accounting by end of May 2023,
\u00a0
fair value adjustment of USD 3.9 million are
reported in the profit or loss, see Note 2.
Fuel hedge cash flow overview:
USD Millions
2023
Hedge settlements
5.9
Sale of surplus call options
3.9
2023 net cash impact
9.8
Hedge reserves
The Group\u2019s hedging reserves mainly relate to fuel hedge
\u00a0
contracts for hedging of bunkers oil for the
period 2021-2024. Total hedge reserve was USD
\u00a0
3.5 million at the end of 2022. As of 2023,
\u00a0
the remaining
fuel options have been terminated.
\u00a0
Hedge effectiveness
The Group has determined hedge effectiveness
\u00a0
at the inception of the hedge relationship, and
\u00a0
through
periodic prospective effectiveness assessments, to ensure
\u00a0
that an economic relationship exists
between the hedged item and hedging instrument. During
\u00a0
2023, the remaining fuel options have been
terminated and the hedge accounting has been discontinued
\u00a0
at the end of May 2023.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2023
2022
Opening balance as per 1 January
3.5
5.4
Change in fair value of hedging instrument recognised
\u00a0
in OCI
4.7
-1.9
Reclassified to inventory
\u00a0
-8.2
-15.0
Intrinsic value of options
-
17.8
Reclassified from OCI to profit or loss
-
-2.8
Closing balance as per 31 December
-
3.5
Fair values
The Group has financial instruments that are measured
\u00a0
at fair value. These are the fuel options, which
are measured according to level 2 in the fair
\u00a0
value hierarchy. In level 2, the valuation techniques apply
the lowest level input that is significant to the
\u00a0
fair value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation techniques
\u00a0
are based on discounted cash flow
models.
For the short-term nature of financial instruments
\u00a0
measured at amortized cost, the book value
approximating fair value.
Capital management
\u00a0
The Group\u2019s objectives when managing capital are
\u00a0
to i) ensure the Groups ability to continue
\u00a0
as a going
concern, and ii) maintain an optimal capital structure
\u00a0
to reduce the cost of capital and be in
compliance with bank covenants.
In order to maintain or adjust the capital structure,
\u00a0
the group may obtain short term funding through
supply chain financing, receivables purchase agreements,
\u00a0
issue new shares or sell assets to reduce
debt. Consistent with others in the industry, the Group
\u00a0
monitors capital on the basis of the gearing
\u00a0
ratio
as agreed with the bank syndicate which is
\u00a0
net interest-bearing debt / 12 month Adjusted
\u00a0
EBITDA (see
Note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_299": { "value": "
Credit risk
Credit risk is the risk of financial loss to the Group
\u00a0
if a customer or counterparty to a financial
instrument fails to meet its contractual obligations. The
\u00a0
Group\u2019s main credit risk relates to receivables
from customers. Exposure to that risk is monitored on
\u00a0
a routine basis and credit evaluations are
performed on customers as appropriate. When entering
\u00a0
significant sales contracts, the sales
department seeks to reduce credit risk through
\u00a0
more stringent payment terms including requirement
\u00a0
of
up-front payments. The Group has had low losses
\u00a0
on receivables as the sales department is
maintaining close contact with each customer and routine
\u00a0
billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables
\u00a0
are ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The Group
\u00a0
does not grant any payment terms more than
\u00a0
12
months, meaning that if the Group were to estimate
\u00a0
expected credit losses (ECL) as according to
general or simplified approach, the ECL would (for
\u00a0
all material purposes) represent the lifetime
expected credit losses.
The Group has determined to apply the practical
\u00a0
expedient for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses over
\u00a0
the
past years.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over
\u00a0
the last
years to identify whether there are either
\u00a0
geographical or market (Qrill / Superba) indications
\u00a0
of
whether any additional breakdowns into sub-portfolios
\u00a0
is required. The reasonability of the ECL
accruals compared to prior years actual losses has
\u00a0
also been assessed, to ensure it constitutes
\u00a0
a
reasonable expectation.
The ECL rates per portfolio are reviewed at each
\u00a0
reporting date to assess if the matrix still reflects
\u00a0
the
current conditions, and if the provision still is
\u00a0
at a reasonable and supportable level, reflecting
\u00a0
the
future economic conditions.
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
Write off and allocation for loss on trade receivable
\u00a0
are included under operating expenses in the
consolidated profit and loss.
Movements in allocation to loss on trade receivable and contract assets:
USD Millions
2023
2022
Balance at 1 January under IFRS 9
-1.3
-0.9
Impairment loss (write-off) on trade and other receivables
-
-0.4
Allocation to loss on trade receivable and contract
\u00a0
assets
-1.0
-1.3
The Group`s two most significant customers account
\u00a0
for USD 10.7 million of the receivables carrying
amount as of 31 December 2023 (2022: USD 12.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_300": { "value": "
\u00a0
\n
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\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2023
2022
Not at maturity
42.1
46.5
0-30 days overdue
10.4
10.1
31-120 days overdue
5.5
2.0
121- 365 days overdue
-
2.4
More than one year overdue
0.6
0.3
Total trade receivable
58.6
61.3
Bad debt provision
-1.0
-1.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_333": { "value": "
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_334": { "value": "
The Group uses fuel options for economic
\u00a0
hedging purposes and not as speculative investments.
\u00a0
From 1
January 2021 the Company met the requirements for
\u00a0
using hedge accounting on its fuel options which
means that the options are recognized in the balance
\u00a0
sheet under the line item \u2018Derivative assets\u2019.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_301": { "value": "
Fair values
The Group has financial instruments that are measured
\u00a0
at fair value. These are the fuel options, which
are measured according to level 2 in the fair
\u00a0
value hierarchy. In level 2, the valuation techniques apply
the lowest level input that is significant to the
\u00a0
fair value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation techniques
\u00a0
are based on discounted cash flow
models.
For the short-term nature of financial instruments
\u00a0
measured at amortized cost, the book value
approximating fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_335": { "value": "
Note 21 \u2013 Contingencies and legal claims
The Group recognizes a provision when it has a legal
\u00a0
or constructive obligation as a result of a
\u00a0
past
event, when it is probable that payment or the transfer
\u00a0
of other assets will be required to settle
\u00a0
the
obligation and a reliable estimate can be made of
\u00a0
the amount of the obligation.
\u00a0
With worldwide operations, the Group is involved
\u00a0
in disputes in the ordinary course of its business
activities. Provisions to cover projected losses arising
\u00a0
from such disputes are made to the extent
negative outcomes are probable and reliable estimates
\u00a0
can be prepared. However, the outcome of any
such dispute is inherently uncertain, and the resulting
\u00a0
liability may exceed any provision made.
\u00a0
As per 31 December 2023 no provisions were made
\u00a0
for legal claims
.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_302": { "value": "
Note 22 \u2013 Related parties
The Group\u2019s consolidated financial statements include
\u00a0
the following transactions and intercompany
balances with Aker ASA and companies controlled by
\u00a0
Aker ASA. Refer to Note 23 for remuneration to key
management.
Aker ASA is the controlling shareholder of the
\u00a0
Group.
\u00a0
\u00a0
\n
\u00a0
\n
USD Millions
2023
2022
Office Rent Fornebu N\u00e6ring
-0.6
-1.0
Recharge Rev Ocean
0.1
0.1
Miscellaneous cost
-0.4
-1.3
Total
\u00a0
-1.0
-2.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_303": { "value": "
Note 23 \u2013 Salaries and other remuneration to the Board of Directors and executive management
Board remuneration
There is no remuneration paid to the Board members
\u00a0
and Employee representative other than
ordinary salaries. For details about board remuneration,
\u00a0
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
\u00a0
management team (EMT)
The CEO is member of the defined contribution pension
\u00a0
and insurance plans that cover all
employees. The Group uses standard employment contracts.
\u00a0
The CEO may be dismissed upon three
months' notice. If the company terminates the employment,
\u00a0
the CEO is entitled to three months'
severance pay after the end of the notice period.
\u00a0
The pension is capped at a salary of 12
\u00a0
times the
National Social Security base amount.
The Group implemented share incentive programs
\u00a0
for employees in February 2022.
\u00a0
\u00a0
\n
In addition to the EMT bonus program also referred
\u00a0
to in the Remuneration report, Aker BioMarine
has established a bonus program for level two managers
\u00a0
based on EBITDA performance. Sales
resources have separate bonus programs linked
\u00a0
to achievement of certain sales related KPIs.
In 2023, Management team was awarded a discretionary
\u00a0
bonus decided by the board after the 2022
Annual Report was approved. Based on the company\u2019s
\u00a0
performance in 2023 no bonus for the
management team awarded, except for one member
\u00a0
of the EMT.
For details about remuneration paid to the CEO
\u00a0
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
\u00a0
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\u00a0
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\u00a0
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\n
\u00a0
\n
\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\u00a0
\n
\u00a0
\n
USD Millions
2023
2022
Name
Current position within the Company
Salary
Paid bonus
Pension
\u00a0
Total
Salary
Paid bonus
Pension
\u00a0
Total
Matts Johansen
Chief Executive Officer (CEO)
0.4
0.3
-
0.7
0.4
0.2
-
0.6
Katrine Klaveness
Chief Financial Officer (CFO)
0.3
0.1
-
0.4
0.3
0.1
-
0.4
Simon Seward
EVP Human Health and Nutrition
0.2
0.1
-
0.3
0.2
-
-
0.2
Hege Spaun
Chief Officer People & External Affairs
0.2
0.1
-
0.3
0.2
-
-
0.2
Tone Lorentzen
EVP Supply Chain
0.2
0.1
-
0.3
0.3
0.1
-
0.4
Shauna McNeill (until 31.01.2023)
EVP Innovation
-
0.1
-
0.1
0.2
-
-
0.2
Sigve Nordrum
EVP Animal Health and Nutrition
0.2
0.1
-
0.3
0.2
0.1
-
0.3
Webj\u00f8rn Barstad
EVP Offshore
\u00a0
0.3
0.2
-
0.5
0.3
0.2
-
0.5
Trond Atle Smedsrud
EVP Strategic Investments
0.2
0.1
-
0.3
0.2
0.1
-
0.3
Seth French
CEO Lang Pharma Nutrition Inc.
0.5
0.5
-
1.0
0.5
0.2
-
0.7
TOTAL
2.5
1.7
0.1
4.1
2.8
0.9
0.1
3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_304": { "value": "
Note 23 \u2013 Salaries and other remuneration to the Board of Directors and executive management
Board remuneration
There is no remuneration paid to the Board members
\u00a0
and Employee representative other than
ordinary salaries. For details about board remuneration,
\u00a0
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
\u00a0
management team (EMT)
The CEO is member of the defined contribution pension
\u00a0
and insurance plans that cover all
employees. The Group uses standard employment contracts.
\u00a0
The CEO may be dismissed upon three
months' notice. If the company terminates the employment,
\u00a0
the CEO is entitled to three months'
severance pay after the end of the notice period.
\u00a0
The pension is capped at a salary of 12
\u00a0
times the
National Social Security base amount.
The Group implemented share incentive programs
\u00a0
for employees in February 2022.
\u00a0
\u00a0
\n
In addition to the EMT bonus program also referred
\u00a0
to in the Remuneration report, Aker BioMarine
has established a bonus program for level two managers
\u00a0
based on EBITDA performance. Sales
resources have separate bonus programs linked
\u00a0
to achievement of certain sales related KPIs.
In 2023, Management team was awarded a discretionary
\u00a0
bonus decided by the board after the 2022
Annual Report was approved. Based on the company\u2019s
\u00a0
performance in 2023 no bonus for the
management team awarded, except for one member
\u00a0
of the EMT.
For details about remuneration paid to the CEO
\u00a0
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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
USD Millions
2023
2022
Name
Current position within the Company
Salary
Paid bonus
Pension
\u00a0
Total
Salary
Paid bonus
Pension
\u00a0
Total
Matts Johansen
Chief Executive Officer (CEO)
0.4
0.3
-
0.7
0.4
0.2
-
0.6
Katrine Klaveness
Chief Financial Officer (CFO)
0.3
0.1
-
0.4
0.3
0.1
-
0.4
Simon Seward
EVP Human Health and Nutrition
0.2
0.1
-
0.3
0.2
-
-
0.2
Hege Spaun
Chief Officer People & External Affairs
0.2
0.1
-
0.3
0.2
-
-
0.2
Tone Lorentzen
EVP Supply Chain
0.2
0.1
-
0.3
0.3
0.1
-
0.4
Shauna McNeill (until 31.01.2023)
EVP Innovation
-
0.1
-
0.1
0.2
-
-
0.2
Sigve Nordrum
EVP Animal Health and Nutrition
0.2
0.1
-
0.3
0.2
0.1
-
0.3
Webj\u00f8rn Barstad
EVP Offshore
\u00a0
0.3
0.2
-
0.5
0.3
0.2
-
0.5
Trond Atle Smedsrud
EVP Strategic Investments
0.2
0.1
-
0.3
0.2
0.1
-
0.3
Seth French
CEO Lang Pharma Nutrition Inc.
0.5
0.5
-
1.0
0.5
0.2
-
0.7
TOTAL
2.5
1.7
0.1
4.1
2.8
0.9
0.1
3.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_305": { "value": "
Note 24 \u2013 Group companies
As of 31 December 2023, Aker Capital AS held
\u00a0
77.7% of the shares in Aker BioMarine, and
\u00a0
the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding
\u00a0
AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker
\u00a0
BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015.
\u00a0
The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend
\u00a0
of 7% of the invested capital, but with
\u00a0
no
economic rights to any profits above this level. The
\u00a0
preferred shares are included as interest bearing
debt in the statement of financial position. Following
\u00a0
the restructuring in 2023 Aker BioMarine
Holding AS was established and AHH now holds 555,900
\u00a0
shares in the new company. Aker BioMarine
Antarctic AS is fully owned by Aker BioMarine Holding
\u00a0
AS.
The structure enables the company to access foreign
\u00a0
capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement,
\u00a0
the company holds the majority of the voting
rights for all matter except the reserved matters.
\u00a0
The reserved matters give AHH some rights,
\u00a0
but not
power over the relevant activities. AHH\u2019s rights are
\u00a0
either protective or relates to activities that does
not significantly affect the return. The company has power
\u00a0
over the relevant activities, and has
control over Aker BioMarine Holding AS.
Based on the content of the shareholder agreement
\u00a0
between the company and AHH, the company
defines Aker BioMarine Holding AS as a subsidiary,
\u00a0
even if the ownership is 40% (the B-shares).
\u00a0
It has
therefore been assessed that the shareholders agreement
\u00a0
does not give rise to any non-controlling
interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been
\u00a0
the
main investment classified as investment in associates,
\u00a0
and the investment and the share of result
has been included in the Group\u2019s financial statements.
\u00a0
As per 31 December 2023, the investment has
been classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BoMarine Holding AS
40
\u00a0
100*
\u00a0
Lysaker
Norway
Aker BioMarine Antarctic AS
100
100
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 Distribution Holding AS
100
100
Lysaker
Norway
Aker BioMarine Human Ingredients AS
100
100
Lysaker
Norway
Aker BioMarine Holding Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
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
\u00a0
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 (until 08 2023)
100
100
Vancouver
Canada
Euphausia LLC (until 12 2023)
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
Qpaws AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
\"doc1p60i0\"\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2022 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
\u00a0
100*
\u00a0
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
\u00a0
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
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_306": { "value": "
Note 24 \u2013 Group companies
As of 31 December 2023, Aker Capital AS held
\u00a0
77.7% of the shares in Aker BioMarine, and
\u00a0
the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Assessment of non-controlling interests:
Through its fully owned company Antarctic Harvesting Holding
\u00a0
AS (AHH), The Resource Group TGR AS,
subscribed to 555,900 new shares (the A-shares) in Aker
\u00a0
BioMarine Antarctic AS for a cash
consideration of NOK 11 million in September 2015.
\u00a0
The shares subscribed to constitute a separate
share class with rights to an annual preferential dividend
\u00a0
of 7% of the invested capital, but with
\u00a0
no
economic rights to any profits above this level. The
\u00a0
preferred shares are included as interest bearing
debt in the statement of financial position. Following
\u00a0
the restructuring in 2023 Aker BioMarine
Holding AS was established and AHH now holds 555,900
\u00a0
shares in the new company. Aker BioMarine
Antarctic AS is fully owned by Aker BioMarine Holding
\u00a0
AS.
The structure enables the company to access foreign
\u00a0
capital while remaining in compliance with its
fishing licenses. Through the shareholders agreement,
\u00a0
the company holds the majority of the voting
rights for all matter except the reserved matters.
\u00a0
The reserved matters give AHH some rights,
\u00a0
but not
power over the relevant activities. AHH\u2019s rights are
\u00a0
either protective or relates to activities that does
not significantly affect the return. The company has power
\u00a0
over the relevant activities, and has
control over Aker BioMarine Holding AS.
Based on the content of the shareholder agreement
\u00a0
between the company and AHH, the company
defines Aker BioMarine Holding AS as a subsidiary,
\u00a0
even if the ownership is 40% (the B-shares).
\u00a0
It has
therefore been assessed that the shareholders agreement
\u00a0
does not give rise to any non-controlling
interests in the Group financial statements.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been
\u00a0
the
main investment classified as investment in associates,
\u00a0
and the investment and the share of result
has been included in the Group\u2019s financial statements.
\u00a0
As per 31 December 2023, the investment has
been classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BoMarine Holding AS
40
\u00a0
100*
\u00a0
Lysaker
Norway
Aker BioMarine Antarctic AS
100
100
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 Distribution Holding AS
100
100
Lysaker
Norway
Aker BioMarine Human Ingredients AS
100
100
Lysaker
Norway
Aker BioMarine Holding Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
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
\u00a0
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 (until 08 2023)
100
100
Vancouver
Canada
Euphausia LLC (until 12 2023)
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
Qpaws AS
100
100
Lysaker
Norway
*) Aker BioMarine ASA has all voting rights except for certain
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
\"doc1p60i0\"\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2022 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Antarctic AS
40
\u00a0
100*
\u00a0
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
\u00a0
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
\u00a0
fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_307": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 25 \u2013 Earnings per share
USD Millions
2023
2022
Continued operations:
Net profit (loss)
-9.0
10.0
Profit (loss) from continued operations attributable to Equity
\u00a0
holders of the
parent
-9.0
10.0
Number of shares
Share outstanding as per 1 January
\u00a0
87,637,733
87,586,086
Capital increase
35,015
51,647.0
Shares outstanding as per 31 December
87,672,748
87,637,733
Weighted average number of shares as per 31 December
87,661,076
87,629,125
Earnings per share
Basic
-0.10
0.11
Dilluted
-0.10
0.11
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "ID_308": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 26 \u2013 Events after the end of the reporting period
The company announced on 14th of February that
\u00a0
it is initiating a strategic review for the
\u00a0
\u201cFeed
Ingredients\u201d business unit.
Aker BioMarine Feed Ingredients is the world\u2019s largest
\u00a0
krill harvester and producer of krill meal. Krill
meal is a premium marine ingredient used in aquaculture
\u00a0
feed, pet food and for extraction of krill oil
for human consumption. Feed Ingredients owns and operates
\u00a0
three specialized harvesting vessels
and a support vessel. Production takes place in Antarctica
\u00a0
utilizing an efficient and sustainable
harvesting technology. Based on external interest
\u00a0
for the Feed Ingredients business, the Company
has decided to initiate a process to explore strategic
\u00a0
alternatives for that segment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }