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"iso4217:USD" } }, "ID_206": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ID_207": { "value": "-373200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ID_208": { "value": "-373100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughOtherContributionsByOwners", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ID_132A": { "value": "75900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:USD" } }, "ID_133A": { "value": "530300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "ID_134A": { "value": "-36300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:AdditionalPaidinCapitalMember", "unit": "iso4217:USD" } }, "ID_135A": { "value": "-100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "ID_136A": { "value": "-396300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ID_53AA": { "value": "173900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2025-01-01T00:00:00", "unit": "iso4217:USD" } }, "ID_209": { "value": "
Note 1 \u2013 General Information
These consolidated financial statements are for the
\u00a0
reporting 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. In 2024, the Group sold its Feed Ingredients
business and the operations at the end of the year is a to be a leading biotech innovator developing
krill-derived products for consumer health and wellness. The company has a strong industry position
and is the world's leading producer of human ingredients from krill.
The Group purchases krill meal, which is then processed into oil-products in the United States
\u00a0
and then
sold worldwide.
\u00a0
These consolidated financial statements were authorized
\u00a0
for issue by the Board of Directors\u2019 and
\u00a0
the
CEO on 28 March 2025. The consolidated financial
\u00a0
statements will be submitted to Aker BioMarine\u2019s
annual General Assembly on 25 April 2025 for final 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
\u00a0
Interpretations Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2024. The consolidated financial
statements of Aker BioMarine ASA have been prepared
\u00a0
on 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 have
\u00a0
been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding
\u00a0
differences, amounts may not add up to the total.
Summary of Group accounting policies
Accounting policies that relate to the consolidated financial
\u00a0
statements in general are set out below,
while the accounting policies related to specific assets,
\u00a0
liabilities or financial statements line items are
included in the corresponding note disclosure. All
\u00a0
accounting 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 primary
\u00a0
economic environment in which the entity
operates. The consolidated financial statements are
\u00a0
presented 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
\u00a0
of
the parent company Aker BioMarine ASA is USD.
Critical accounting estimates and significant
\u00a0
judgments
The preparation of consolidated financial statements
\u00a0
in 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
\u00a0
be reasonable, and constitute management\u2019s best
judgment at the date of the consolidated financial
\u00a0
statements. In the future, actual results may
\u00a0
differ
from those estimates.
\u00a0
\n
\u00a0
\n
Where appropriate, present values are calculated using
\u00a0
discount rates reflecting the currency and
maturity of the items being valued. Further details of
\u00a0
critical estimates and significant judgments are
set out in the related notes to the consolidated financial
\u00a0
statements.
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 estimating the useful
\u00a0
life of the Group\u2019s machinery (see Note 8),
\u25cf
Estimating the recoverable amount of the tangible
\u00a0
and intangible assets, goodwill and RoU
\u00a0
assets allocated to the cash generating unit when conducting
\u00a0
impairment tests (see Note 9
and 10),
\u25cf
Allocation of production cost between products produced
\u00a0
in the Human Health Ingredients
segment (see 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
\u00a0
financial
statements relate to:
\u00a0
\u25cf
Expenses included as part of the indirect production
\u00a0
costs capitalized as a part of the
inventory and the measurement of the krill- based
\u00a0
products held as Inventories at year end
(see Note 12),
\u00a0
Changes in accounting policies and new pronouncements
\u00a0
There are no changes in the accounting policies
\u00a0
for the consolidated financial statements for the year
ending 31 December 2024 as compared to the accounting
\u00a0
policies for the 2023 reporting year. The new
IFRS standards applicable for reporting periods on
\u00a0
or after 1 January 2024 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.
Assets held for sale and discontinued operations
The Group classifies non-current assets and disposal groups
\u00a0
as held for sale if their carrying amounts
will be recovered principally through a sale transaction
\u00a0
rather than through continuing use. As of 30
June 2024, the Feed Ingredients segment was classified
\u00a0
as discontinued operations. As of 30 September
2024, Understory Protein was classified as discontinued
\u00a0
operations.
\u00a0
Non-current assets and disposal groups classified
\u00a0
as held for sale are measured at the lower of
\u00a0
their
carrying amount and fair value less costs to sell.
\u00a0
Costs to sell are the incremental costs directly
attributable to the disposal of an asset (disposal group),
\u00a0
excluding finance costs and income tax
expense. The criteria for held for sale classification is
\u00a0
regarded as met only when the sale is highly
probable, and the asset or disposal group is available
\u00a0
for immediate sale in its present condition.
Actions required to complete the sale should indicate
\u00a0
that it is unlikely that significant changes to
\u00a0
the
sale will be made or that the decision to sell
\u00a0
will be withdrawn. Management must be committed
\u00a0
to the
plan to sell the asset and the sale expected to
\u00a0
be completed within one year from the date of
\u00a0
the
classification. Property, plant and equipment and intangible
\u00a0
assets are not depreciated or amortized
once classified as held for sale. A disposal group
\u00a0
qualifies as discontinued operation if it is a
component of an entity that either has been disposed
\u00a0
of, or is classified as held for sale, and:
\u00a0
\u2022 Represents a separate major line of business or
\u00a0
geographical area of operations.
\u00a0
\u2022 Is part of a single coordinated plan to dispose
\u00a0
of a separate major line of business or
\u00a0
geographical
area of operations, or;
\u00a0
\u2022 Is a subsidiary acquired exclusively with a view
\u00a0
to resale.
\u00a0
Discontinued operations are excluded from the results
\u00a0
of continuing operations and are presented
\u00a0
as a
single amount as profit or loss after tax from discontinued
\u00a0
operations in the income statement. The
results from prior periods have been reclassified and included
\u00a0
in net profit from discontinuing
operations for all periods presented. Asset and liabilities
\u00a0
related to discontinued operations have been
presented separately from other assets and liabilities in
\u00a0
the statement of financial position. The
Statement of Financial Position is not re-presented
\u00a0
for the comparative figures. The consolidated
statements of cash flow have not been adjusted. Elimination
\u00a0
of internal profit in inventory for sales
from the discontinued operation to the Group's
\u00a0
continued operations is presented as part of net
\u00a0
profit
of discontinued operations.
Significant changes in the current reporting period
The financial position and performance of the group was particularly affected by the following events
and transactions during the reporting period:
\u25cf Sale of Feed Ingredients: During the reporting period, the Group has sold the segment Feed
Ingredients (see note 23). The result and the gain from the transaction is presented as net
profit from discontinued operations
\u25cf Protein plant: During the reporting period, the Group announced that there is an ongoing
sales process to sell the protein plant (which was finalized in 2023). The investment was
classified as held for sale in Q3-24. Until Q3-24, the Group has capitalized investments into
the protein plant. From Q4-24, all expenses from the plant is presented as net result from
discontinued operations (see note 24).
Going concern
These financial statements have been prepared under
\u00a0
the assumption of going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_1": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_2": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_3": { "value": "Aker BioMarine ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_4": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_5": { "value": "Oksen\u00f8yveien 10, 1366 Lysaker, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_6": { "value": "Lysaker", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_7": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_8": { "value": "Norway.", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_9": { "value": "The Group is a global supplier of krill-derived products. In 2024, the Group sold its Feed Ingredients business and the operations at the end of the year is a to be a leading biotech innovator developing krill-derived products for consumer health and wellness. The company has a strong industry position and is the world's leading producer of human ingredients from krill. The Group purchases krill meal, which is then processed into oil-products in the United States", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_210": { "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
\u00a0
Interpretations Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2024. The consolidated financial
statements of Aker BioMarine ASA have been prepared
\u00a0
on 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 have
\u00a0
been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding
\u00a0
differences, amounts may not add up to the total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_211": { "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
\u00a0
Interpretations Committee (IFRIC) as approved by the
International Accounting Standards Board (IASB) as of
\u00a0
31 December 2024. The consolidated financial
statements of Aker BioMarine ASA have been prepared
\u00a0
on 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 have
\u00a0
been rounded to the nearest million USD,
unless otherwise stated. As a result of rounding
\u00a0
differences, amounts may not add up to the total.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_262": { "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 primary
\u00a0
economic environment in which the entity
operates. The consolidated financial statements are
\u00a0
presented 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
\u00a0
of
the parent company Aker BioMarine ASA is USD.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_212": { "value": "
Critical accounting estimates and significant
\u00a0
judgments
The preparation of consolidated financial statements
\u00a0
in 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
\u00a0
be reasonable, and constitute management\u2019s best
judgment at the date of the consolidated financial
\u00a0
statements. In the future, actual results may
\u00a0
differ
from those estimates.
\u00a0
\n
\u00a0
\n
Where appropriate, present values are calculated using
\u00a0
discount rates reflecting the currency and
maturity of the items being valued. Further details of
\u00a0
critical estimates and significant judgments are
set out in the related notes to the consolidated financial
\u00a0
statements.
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 estimating the useful
\u00a0
life of the Group\u2019s machinery (see Note 8),
\u25cf
Estimating the recoverable amount of the tangible
\u00a0
and intangible assets, goodwill and RoU
\u00a0
assets allocated to the cash generating unit when conducting
\u00a0
impairment tests (see Note 9
and 10),
\u25cf
Allocation of production cost between products produced
\u00a0
in the Human Health Ingredients
segment (see 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
\u00a0
financial
statements relate to:
\u00a0
\u25cf
Expenses included as part of the indirect production
\u00a0
costs capitalized as a part of the
inventory and the measurement of the krill- based
\u00a0
products held as Inventories at year end
(see Note 12),
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_213": { "value": "
There are no changes in the accounting policies
\u00a0
for the consolidated financial statements for the year
ending 31 December 2024 as compared to the accounting
\u00a0
policies for the 2023 reporting year. The new
IFRS standards applicable for reporting periods on
\u00a0
or after 1 January 2024 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_10": { "value": "Significant changes in the current reporting period The financial position and performance of the group was particularly affected by the following events and transactions during the reporting period: \u25cf Sale of Feed Ingredients: During the reporting period, the Group has sold the segment Feed Ingredients (see note 23). The result and the gain from the transaction is presented as net profit from discontinued operations \u25cf Protein plant: During the reporting period, the Group announced that there is an ongoing sales process to sell the protein plant (which was finalized in 2023). The investment was classified as held for sale in Q3-24. Until Q3-24, the Group has capitalized investments into the protein plant. From Q4-24, all expenses from the plant is presented as net result from discontinued operations (see note 24).", "dimensions": { "concept": "ifrs-full:DescriptionOfReasonWhyFinancialStatementsAreNotEntirelyComparable", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_214": { "value": "
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Krill oil during
\u00a0
the year, used within human health and
nutrition. Lang, the distributor of private labels within
\u00a0
the Consumer Health Product segment operates
within the human health and nutrition markets but
\u00a0
also sells other natural supplements in addition
\u00a0
to
Krill oil. The Group\u2019s main performance obligation
\u00a0
is related to the delivery of agreed volumes
\u00a0
of the
above-mentioned products. Some customers have longer
\u00a0
term frame agreements, agreeing the prices
of the product per MT/KG, but all sales are based
\u00a0
on individual purchase orders detailing the volume
\u00a0
to
be delivered at a certain point in time, at a designated
\u00a0
location.
\u00a0
The Group recognizes as revenue the agreed transaction
\u00a0
price in a contract with a customer at the
\u00a0
time
when the Group transfers the control of a distinct
\u00a0
product 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
\u00a0
accrued 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
\u00a0
of Krill oil and other products are recognized at
\u00a0
a point in
time, when the customer obtains control over the
\u00a0
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 International
\u00a0
Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using
\u00a0
F-terms (delivery terms where the risk and
responsibility for any cost of transport, insurance etc. are
\u00a0
transferred to the buyer when the goods
\u00a0
are
on board the vessel/truck) or C-terms (delivery terms
\u00a0
where seller pays the costs and freight to bring
the goods to the port of destination), meaning
\u00a0
the 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 the
\u00a0
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
\u00a0
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 Group's
delivery obligation is satisfied at the same time
\u00a0
as the control of the goods is transferred to
\u00a0
the
customers. Consequently, the shipping commission is not
\u00a0
separated from the revenues of sale of
goods.
\u00a0
The goods are sold with standard warranties that the
\u00a0
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
\u00a0
assets
.
\u00a0
Payment terms are usually between 30-90 days. The
\u00a0
Group does not have any contracts with
\u00a0
a
significant financing component.
\"doc1p55i0\"\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
\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
2024
2023
Norway
5.1
0.2
EMEA
15.9
15.4
Americas
140.8
145.7
Asia Pacific
37.2
35.0
Total
199.0
196.3
USD Millions
2024
2023
Krill oil (Superba + PL+)
85.6
78.6
Other human ingredients (Algae + QHP + Other)
12.3
5.1
Consumer Health Products
109.4
122.2
Emerging Business
9.7
11.1
Other/elim
\u00a0
-18.1
-20.7
Other revenue
2.0
-0.1
Total revenue and other income
200.9
196.2
During the reporting periods the Group has had one
\u00a0
customer exceeding 15.4% of Net sales. In 2023,
15.6% of the Net sales was towards this customer.
\u00a0
The revenue from this customer is attributable
\u00a0
to the
Consumer Health Product segment. The Group\u2019s three
\u00a0
largest customers in terms of revenue accounted
for 39.0% of the revenue in 2024 (2023: 42.0%). North
\u00a0
America is the Group\u2019s largest market which
accounted for USD 135.5 million of total Net sales
\u00a0
(2023:
\u00a0
USD 133.2 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost
\u00a0
of obtaining 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
Emerging Business segment in 2020 and this contract
\u00a0
cost is being amortized over 5 years. The carried
amount as of 31 December 2024 was USD 1.7 million. The
\u00a0
Group expects to recover this cost from future
sales and the Group would not have incurred these
\u00a0
incremental costs if a certain contract had
\u00a0
not been
obtained.
Liabilities with customers is less than the reporting
\u00a0
threshold as of 31 December 2024 (2023: USD 0.1
million), the liabilities relate to prepayments from
\u00a0
customers.
The timing of revenue recognition, billings, and
\u00a0
cash collections results in billed trade receivables
\u00a0
(Note
13 and 19) and prepayments from customers (contract
\u00a0
liabilities). Prepayments up front is common
practice to reduce price risk for new customers.
\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
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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
\u00a0
\n
\u00a0
\n
\u00a0
\n
Other operating income is comprised of the following:
Year ended 31 December
USD Millions
2024
2023
TSA revenue
1.0
Insurance claim
1.1
Other
(0.1)
(0.1)
Total
2.0
(0.1)
In 2024, other income mainly consists of refund
\u00a0
from an insurance claim as well as transitional services
rendered to Aker Qrill Company post the sale of Feed
\u00a0
Ingredients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_215": { "value": "
Note 2 \u2013 Revenue and Other income
Revenue primarily stems from the sale of Krill oil during
\u00a0
the year, used within human health and
nutrition. Lang, the distributor of private labels within
\u00a0
the Consumer Health Product segment operates
within the human health and nutrition markets but
\u00a0
also sells other natural supplements in addition
\u00a0
to
Krill oil. The Group\u2019s main performance obligation
\u00a0
is related to the delivery of agreed volumes
\u00a0
of the
above-mentioned products. Some customers have longer
\u00a0
term frame agreements, agreeing the prices
of the product per MT/KG, but all sales are based
\u00a0
on individual purchase orders detailing the volume
\u00a0
to
be delivered at a certain point in time, at a designated
\u00a0
location.
\u00a0
The Group recognizes as revenue the agreed transaction
\u00a0
price in a contract with a customer at the
\u00a0
time
when the Group transfers the control of a distinct
\u00a0
product 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
\u00a0
accrued 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
\u00a0
of Krill oil and other products are recognized at
\u00a0
a point in
time, when the customer obtains control over the
\u00a0
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 International
\u00a0
Chamber of Commerce (set forth in
the Incoterms 2010). All sales are conducted using
\u00a0
F-terms (delivery terms where the risk and
responsibility for any cost of transport, insurance etc. are
\u00a0
transferred to the buyer when the goods
\u00a0
are
on board the vessel/truck) or C-terms (delivery terms
\u00a0
where seller pays the costs and freight to bring
the goods to the port of destination), meaning
\u00a0
the 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 the
\u00a0
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
\u00a0
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 Group's
delivery obligation is satisfied at the same time
\u00a0
as the control of the goods is transferred to
\u00a0
the
customers. Consequently, the shipping commission is not
\u00a0
separated from the revenues of sale of
goods.
\u00a0
The goods are sold with standard warranties that the
\u00a0
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
\u00a0
assets
.
\u00a0
Payment terms are usually between 30-90 days. The
\u00a0
Group does not have any contracts with
\u00a0
a
significant financing component.
\"doc1p55i0\"\n
\u00a0
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\u00a0
\n
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\u00a0
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\u00a0
\n
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\u00a0
\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
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\u00a0
\n
\u00a0
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\u00a0
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\u00a0
\n
\u00a0
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\u00a0
\n
\u00a0
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\u00a0
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\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
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\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\u00a0
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\u00a0
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\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
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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
Geographical allocation of revenue from sale of products
\u00a0
(based on location of customer):
Year ended 31 December
USD Millions
2024
2023
Norway
5.1
0.2
EMEA
15.9
15.4
Americas
140.8
145.7
Asia Pacific
37.2
35.0
Total
199.0
196.3
USD Millions
2024
2023
Krill oil (Superba + PL+)
85.6
78.6
Other human ingredients (Algae + QHP + Other)
12.3
5.1
Consumer Health Products
109.4
122.2
Emerging Business
9.7
11.1
Other/elim
\u00a0
-18.1
-20.7
Other revenue
2.0
-0.1
Total revenue and other income
200.9
196.2
During the reporting periods the Group has had one
\u00a0
customer exceeding 15.4% of Net sales. In 2023,
15.6% of the Net sales was towards this customer.
\u00a0
The revenue from this customer is attributable
\u00a0
to the
Consumer Health Product segment. The Group\u2019s three
\u00a0
largest customers in terms of revenue accounted
for 39.0% of the revenue in 2024 (2023: 42.0%). North
\u00a0
America is the Group\u2019s largest market which
accounted for USD 135.5 million of total Net sales
\u00a0
(2023:
\u00a0
USD 133.2 million).
Assets and liabilities related to contracts with customers
The Group has recognized an incremental cost
\u00a0
of obtaining 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
Emerging Business segment in 2020 and this contract
\u00a0
cost is being amortized over 5 years. The carried
amount as of 31 December 2024 was USD 1.7 million. The
\u00a0
Group expects to recover this cost from future
sales and the Group would not have incurred these
\u00a0
incremental costs if a certain contract had
\u00a0
not been
obtained.
Liabilities with customers is less than the reporting
\u00a0
threshold as of 31 December 2024 (2023: USD 0.1
million), the liabilities relate to prepayments from
\u00a0
customers.
The timing of revenue recognition, billings, and
\u00a0
cash collections results in billed trade receivables
\u00a0
(Note
13 and 19) and prepayments from customers (contract
\u00a0
liabilities). 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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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
2024
2023
TSA revenue
1.0
Insurance claim
1.1
Other
(0.1)
(0.1)
Total
2.0
(0.1)
In 2024, other income mainly consists of refund
\u00a0
from an insurance claim as well as transitional services
rendered to Aker Qrill Company post the sale of Feed
\u00a0
Ingredients.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_11": { "value": "
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
\u00a0
accrued and recognized as reduction of revenue
based on the best estimate of the amounts potentially
\u00a0
due to the customer.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_12": { "value": "
The goods are sold with standard warranties that the
\u00a0
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
\u00a0
assets
.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_216": { "value": "
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS
\u00a0
8
Operating Segments
. IFRS 8 requires management to report
\u00a0
segment 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 Team
\u00a0
(EMT) and the CEO.
The Group\u2019s operations have historically occurred in
\u00a0
two reportable segments, the Ingredients and
Brands business.
\u00a0
In 2024, the Company has implemented a new Segment
\u00a0
structure based on new
operating business units. The new segments are (1)
\u00a0
Feed Ingredients; (2) Human Health Ingredients;
\u00a0
(3)
Consumer Health Ingredients; and (4) Emerging
\u00a0
Businesses. Following the sale of Feed Ingredients
during the reporting period, the Company has three
\u00a0
segments.
\u00a0
The Human Health Ingredients segment includes Superba,
\u00a0
Lysoveta, PL+ Algae and our Houston
manufacturing plant. The segment sells B2B krill
\u00a0
oil supplements to nutritional brands for humans
around the world.
The Consumer Health Products segment consists of
\u00a0
the legal entity
\u00a0
Lang Pharma Nutrition LLC (Lang).
Lang acquires raw materials derived from krill,
\u00a0
fish and plants. These raw materials are then
\u00a0
processed
and packaged, labeled and sold to retailers in
\u00a0
the US market.
\u00a0
The Emerging Business includes Epion, Aker BioMarine\u2019s
\u00a0
consumer brand company that sells our own
krill oil brand, Kori krill oil, to the largest retailers
\u00a0
in the US.
The segments are operated and managed separately, and
\u00a0
financial results are measured and reported
on a stand-alone basis for the operating segments.
\u00a0
Each segment reports SG&A costs directly
attributable to their operations and FTE resources. The
\u00a0
key financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated
\u00a0
in the \u2018Other/elim\u2019
\u00a0
column. In addition, all
overhead and corporate costs (finance, legal, sustainability,
\u00a0
HR, communication and IT compliance) are
booked under \u201cother/elim\u201d.
\u00a0
Recognition and measurement applied to the segment
\u00a0
reporting is consistent with the accounting
principles applied when preparing the financial statements.
\u00a0
Transactions between segments and
internally within the Human Health Ingredients segment
\u00a0
follow recognized principals of transfer pricing.
The geographical distribution of revenue is presented
\u00a0
in Note 2. This is not part of the monthly
\u00a0
segment
reporting to management. Segment financial information
\u00a0
is given in the tables below for the years 2024
and 2023.
\u00a0
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\u00a0
\n
Operating segments 2024:
USD Millions
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
External sales
84.3
104.9
9.7
-
199.0
Internal sales
13.6
4.5
-
-18.1
-
Cost of goods sold
-52.8
-85.8
-5.3
14.0
-129.9
Gross profit
45.2
23.6
4.5
-4.1
69.1
SG&A
-16.5
-16.1
-8.8
-19.6
-61.0
DD&A
-7.1
-5.1
-1.0
-3.5
-16.6
Other income
0.9
-
-0.1
1.2
2.0
Operating profit
22.5
2.4
-5.4
-26.0
-6.5
DD&A non-prod assets
7.1
5.1
1.0
3.5
16.6
DD&A prod assets
5.7
-
-
-
5.7
EBITDA
35.3
7.5
-4.4
-22.5
15.9
Special operating items
1.3
0.5
-
11.3
13.1
Adjusted EBITDA
36.6
7.9
-4.4
-11.2
29.0
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
Balance sheet items
PPE
47.7
0.3
0.9
0.1
49.0
Inventory
53.2
33.7
12.6
-3.1
96.3
Trade receivables and
prepaid expenses
30.7
17.9
1.3
4.3
54.2
Accounts payable and other
payable
23.4
18.2
2.7
-1.7
42.6
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Operating segments 2023:
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
USD Millions
External sales
74.7
110.5
11.1
-
196.3
Internal sales
9.0
11.7
-
-20.7
-
Cost of goods sold
-41.0
-95.4
-7.7
20.3
-123.8
Gross profit
42.7
26.8
3.4
-0.4
72.4
SG&A
-15.8
-16.4
-13.9
-20.2
-66.4
DD&A
-6.6
-4.8
-3.5
-1.4
-16.3
Other income
39.4
-
-0.2
-39.3
-0.1
Operating profit
59.7
5.6
-14.2
-61.3
-10.4
DD&A non-prod assets
6.6
4.8
3.5
1.4
16.3
DD&A prod assets
4.4
-
-
-
4.4
EBITDA
70.7
10.4
-10.7
-59.9
10.4
Special operating items
-38.6
0.4
0.2
48.7
10.7
Adjusted EBITDA
32.1
10.8
-10.5
-11.2
21.1
Feed
Ingredients
Human
Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Balance sheet items
Other/elim
Total
PPE
243.3
68.2
0.3
28.5
1.2
341.5
Inventory
63.7
50.4
35.1
22.7
11.8
183.7
Trade receivables and
prepaid expenses
26.0
25.0
19.4
0.5
0.6
71.5
Accounts payable and other
payable
23.9
15.6
11.1
4.3
9.0
63.9
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
\u00a0
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
Operating profit in the consolidated statements of
profit or loss.
Year ended 31 December
USD Millions
2024
2023
Operating profit
-6.5
-10.4
Depreciation, amortization and impairment
22.4
20.7
EBITDA
15.9
10.4
Special operating items
13.1
10.7
Adjusted EBITDA
29.0
21.1
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2024
2023
Restructuring and improvement program
8.9
10.3
Other
4.2
0.4
Special operating items
13.1
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_217": { "value": "
Note 3 \u2013 Operating segments and adjusted EBITDA
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS
\u00a0
8
Operating Segments
. IFRS 8 requires management to report
\u00a0
segment 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 Team
\u00a0
(EMT) and the CEO.
The Group\u2019s operations have historically occurred in
\u00a0
two reportable segments, the Ingredients and
Brands business.
\u00a0
In 2024, the Company has implemented a new Segment
\u00a0
structure based on new
operating business units. The new segments are (1)
\u00a0
Feed Ingredients; (2) Human Health Ingredients;
\u00a0
(3)
Consumer Health Ingredients; and (4) Emerging
\u00a0
Businesses. Following the sale of Feed Ingredients
during the reporting period, the Company has three
\u00a0
segments.
\u00a0
The Human Health Ingredients segment includes Superba,
\u00a0
Lysoveta, PL+ Algae and our Houston
manufacturing plant. The segment sells B2B krill
\u00a0
oil supplements to nutritional brands for humans
around the world.
The Consumer Health Products segment consists of
\u00a0
the legal entity
\u00a0
Lang Pharma Nutrition LLC (Lang).
Lang acquires raw materials derived from krill,
\u00a0
fish and plants. These raw materials are then
\u00a0
processed
and packaged, labeled and sold to retailers in
\u00a0
the US market.
\u00a0
The Emerging Business includes Epion, Aker BioMarine\u2019s
\u00a0
consumer brand company that sells our own
krill oil brand, Kori krill oil, to the largest retailers
\u00a0
in the US.
The segments are operated and managed separately, and
\u00a0
financial results are measured and reported
on a stand-alone basis for the operating segments.
\u00a0
Each segment reports SG&A costs directly
attributable to their operations and FTE resources. The
\u00a0
key financial metric that management uses for
decision making is Adjusted EBITDA.
Transactions between the two segments are eliminated
\u00a0
in the \u2018Other/elim\u2019
\u00a0
column. In addition, all
overhead and corporate costs (finance, legal, sustainability,
\u00a0
HR, communication and IT compliance) are
booked under \u201cother/elim\u201d.
\u00a0
Recognition and measurement applied to the segment
\u00a0
reporting is consistent with the accounting
principles applied when preparing the financial statements.
\u00a0
Transactions between segments and
internally within the Human Health Ingredients segment
\u00a0
follow recognized principals of transfer pricing.
The geographical distribution of revenue is presented
\u00a0
in Note 2. This is not part of the monthly
\u00a0
segment
reporting to management. Segment financial information
\u00a0
is given in the tables below for the years 2024
and 2023.
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\n
Operating segments 2024:
USD Millions
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
External sales
84.3
104.9
9.7
-
199.0
Internal sales
13.6
4.5
-
-18.1
-
Cost of goods sold
-52.8
-85.8
-5.3
14.0
-129.9
Gross profit
45.2
23.6
4.5
-4.1
69.1
SG&A
-16.5
-16.1
-8.8
-19.6
-61.0
DD&A
-7.1
-5.1
-1.0
-3.5
-16.6
Other income
0.9
-
-0.1
1.2
2.0
Operating profit
22.5
2.4
-5.4
-26.0
-6.5
DD&A non-prod assets
7.1
5.1
1.0
3.5
16.6
DD&A prod assets
5.7
-
-
-
5.7
EBITDA
35.3
7.5
-4.4
-22.5
15.9
Special operating items
1.3
0.5
-
11.3
13.1
Adjusted EBITDA
36.6
7.9
-4.4
-11.2
29.0
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
Balance sheet items
PPE
47.7
0.3
0.9
0.1
49.0
Inventory
53.2
33.7
12.6
-3.1
96.3
Trade receivables and
prepaid expenses
30.7
17.9
1.3
4.3
54.2
Accounts payable and other
payable
23.4
18.2
2.7
-1.7
42.6
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\n
Operating segments 2023:
Human Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Other/elim
Total
USD Millions
External sales
74.7
110.5
11.1
-
196.3
Internal sales
9.0
11.7
-
-20.7
-
Cost of goods sold
-41.0
-95.4
-7.7
20.3
-123.8
Gross profit
42.7
26.8
3.4
-0.4
72.4
SG&A
-15.8
-16.4
-13.9
-20.2
-66.4
DD&A
-6.6
-4.8
-3.5
-1.4
-16.3
Other income
39.4
-
-0.2
-39.3
-0.1
Operating profit
59.7
5.6
-14.2
-61.3
-10.4
DD&A non-prod assets
6.6
4.8
3.5
1.4
16.3
DD&A prod assets
4.4
-
-
-
4.4
EBITDA
70.7
10.4
-10.7
-59.9
10.4
Special operating items
-38.6
0.4
0.2
48.7
10.7
Adjusted EBITDA
32.1
10.8
-10.5
-11.2
21.1
Feed
Ingredients
Human
Health
Ingredients
Consumer
Health
Products
Emerging
Businesses
Balance sheet items
Other/elim
Total
PPE
243.3
68.2
0.3
28.5
1.2
341.5
Inventory
63.7
50.4
35.1
22.7
11.8
183.7
Trade receivables and
prepaid expenses
26.0
25.0
19.4
0.5
0.6
71.5
Accounts payable and other
payable
23.9
15.6
11.1
4.3
9.0
63.9
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
\u00a0
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
Operating profit in the consolidated statements of
profit or loss.
Year ended 31 December
USD Millions
2024
2023
Operating profit
-6.5
-10.4
Depreciation, amortization and impairment
22.4
20.7
EBITDA
15.9
10.4
Special operating items
13.1
10.7
Adjusted EBITDA
29.0
21.1
The following table reconciles Special operating items.
Year ended 31 December
USD Millions
2024
2023
Restructuring and improvement program
8.9
10.3
Other
4.2
0.4
Special operating items
13.1
10.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_263": { "value": "
The Group discloses segment information and identifies
\u00a0
reportable segments in accordance with IFRS
\u00a0
8
Operating Segments
. IFRS 8 requires management to report
\u00a0
segment 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 Team
\u00a0
(EMT) and the CEO.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_218": { "value": "
\u00a0
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\u00a0
\n
Note 4 \u2013 Selling, General & Administration expenses and
Other operating cost
The presentation of operating expenses in the consolidated
\u00a0
statements of profit or loss is based on
function of the expenses. Production and operating
\u00a0
expenses are recognized in the same period
\u00a0
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
\u00a0
occur or when the Group has a liability for
\u00a0
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
2024
2023
Sales and Distribution Costs
-31.1
-33.9
Research and Development
-1.0
-1.1
Administrative Costs
-28.9
-31.4
Total
-61.0
-66.4
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 is
\u00a0
being expensed. The department also works on
\u00a0
early
phase product development, finding new application
\u00a0
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,
other group functions such as sustainability, HR, communication
\u00a0
and IT, providing services to the entire
Group.
\u00a0
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\n
\u00a0
\n
\u00a0
\n
Government grants
During 2024 the Group received grants of USD 0.29 million
\u00a0
(2023: 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 are not
\u00a0
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 part
\u00a0
of the
Group is allocated to inventory, as presented in
\u00a0
Note 12. Selling, general and administrative salaries
specifies the salary part of the total expenses of USD 61.0
\u00a0
million (2023: USD 66.5 million), as also
presented within Note 4.
\u00a0
Salary specification by function:
Year ended 31 December
USD Millions
2024
2023
Onshore - inventoriable
-7.5
-5.8
Selling, general and administrative
-35.2
-27.5
Total
-42.7
-33.3
Number of employees at year-end
255
231
Full time Equivalent
249
231
Total salary cost comprises of the following:
Year ended 31 December
USD Millions
2024
2023
Salaries
-37.6
-30.0
Employer's social security contribution
-1.1
-1.0
Pension expenses
-0.8
-0.7
Other benefits
-3.2
-1.7
Total
-42.7
-33.3
Pension plans
The Group has a defined contribution plan that covers
\u00a0
all employees. The plan comply with laws and
regulations set forth in the different countries of operations.
\u00a0
During the year the Group expensed USD
0.95 million for the contribution plan (2023: USD
\u00a0
1.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_264": { "value": "
The presentation of operating expenses in the consolidated
\u00a0
statements of profit or loss is based on
function of the expenses. Production and operating
\u00a0
expenses are recognized in the same period
\u00a0
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
\u00a0
occur or when the Group has a liability for
\u00a0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_219": { "value": "
Government grants
During 2024 the Group received grants of USD 0.29 million
\u00a0
(2023: 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 are not
\u00a0
any unfulfilled conditions or other contingencies
on these grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_220": { "value": "
\u00a0
\n
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\u00a0
\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 2024
\u00a0
and 2023. For both categories the reported
\u00a0
fee is the
recognized expense for the year.
\u00a0
Year ended 31 December
USD Millions
2024
2023
Audit fees
-0.4
-0.4
Other audit and attestation services
-0.1
-0.1
Fees for tax services
\u00a0
-
-
Total
-0.5
-0.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_221": { "value": "
\u00a0
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\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_222": { "value": "
\u00a0
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\n
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\u00a0
\n
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_223": { "value": "
\u00a0
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\u00a0
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\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
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\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
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_224": { "value": "
\u00a0
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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
\u00a0
\n
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\n
\u00a0
\n
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\u00a0
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\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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\u00a0
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\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
\u00a0
\n
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_225": { "value": "
\u00a0
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\n
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\u00a0
\n
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\n
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\n
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\n
\u00a0
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
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\u00a0
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\u00a0
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\n
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\n
\u00a0
\n
\u00a0
\n
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\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
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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
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_226": { "value": "
\u00a0
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\n
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\n
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\n
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\u00a0
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\u00a0
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\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
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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
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_227": { "value": "
\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\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
Note 5 \u2013 Financial income and expenses
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
Year ended 31 December
USD Millions
2024
2023
Interest income, bank deposits
3.6
1.3
Interest income loans and receivables (amortized cost)
-
0.2
Other financial income
0.4
-
Total financial income
4.0
1.5
Interest expense on financial liabilities at amortized cost
-2.5
-19.7
Share of loss in associated companies
-
-3.0
Other financial expenses
-8.4
-
Total financial expenses
-10.9
-22.7
Foreign exchange gains (realized and unrealized)
3.0
3.4
Foreign exchange losses (realized and unrealized)
-4.1
-4.2
Foreign exchange gains/losses net
-1.0
-0.8
Net financial expenses
-8.0
-22.0
Other financial expenses include provision and guarantee
\u00a0
expenses paid to DNB.
Note 16 \u2013 Interest bearing debt
The Group recognizes interest-bearing debt initially at
\u00a0
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
\u00a0
or
loss over the period of the debt using the effective
\u00a0
interest method.
\u00a0
As per 31 December
USD Millions
2024
2023
Non-current liabilities
Secured bank loans
337.8
Secured bond issues
138.7
Non-current NOK-denominated loan from Antarctic Harvesting
\u00a0
Holding AS
1.3
Leasing liabilities
1.6
4.8
Book value total interest-bearing non-current liabilities
140.3
344.0
Current liabilities
Current portion of secured loans
29.4
Overdraft facilities
5.7
14.7
Leasing liabilities
1.4
4.9
Book value total interest-bearing current liabilities
7.2
49.0
Book value total interest-bearing liabilities
147.3
392.9
\u00a0
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\n
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\n
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\u00a0
\n
\u00a0
\n
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\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
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\n
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\n
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\n
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\n
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\n
\u00a0
\n
\u00a0
\n
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\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
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\n
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\n
\u00a0
\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
\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\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
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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
Total interest-bearing debt was at USD 159.2 million,
\u00a0
including IFRS 16 leasing commitments of USD
\u00a0
3.0
million and derivative liability of USD 11.8 million as
\u00a0
of 31 December 2024. Cash amounted to USD
\u00a0
15.0
million, implying net interest-bearing debt of USD
\u00a0
144.2 million, up from USD 365.3 million same period
last year. The decrease is a result of refinancing
\u00a0
of all debt after the Feed Ingredients transaction.
\u00a0
Total
available liquidity as of 31 December 2024 was USD
\u00a0
39.3 million (cash and available amounts under the
overdraft facility).
In 2024, Aker BioMarine has refinanced its debt
\u00a0
with a 3-year NOK 1,600 million secured bond as well
\u00a0
as
a USD 30 million super senior bank facility. The
\u00a0
bond agreement carries a liquidity covenant of
\u00a0
USD 7.5
million in available liquidity, and the bank facility carries
\u00a0
a leverage covenant starting in Q4 2024 at
\u00a0
6.5:1
(net interest-bearing debt / 12 month Adjusted EBITDA).
\u00a0
For 2024, the Company is within both
thresholds.
Asset pledged as security per company as of 31 December 2024:
AKBM Holding
AS
USD Millions
Shares
188.8
IC loans
191.6
Total
380.3
Terms and debt repayment schedule per 31 December 2024:
Loan
Currency
USD Millions
Nominal interest rate
Year of maturity
Instalments
Bond loan
NOK
\u00a0
138.7
SOFR + 4.68%
2,027
n/a
Overdraft facility with DNB
USD
5.7
NOWA+0,13% yearly framework
agreement provision
1)
\u00a0
n/a
\u00a0
n/a
Leasing financing
NOK/USD
3.0
6.4 - 7.3%
\u00a0
<2031
\u00a0
Monthly
1) NOWA: Norwegian Overnight Weighted Average
\"doc1p55i0\"\n
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The following table displays debt secured by mortgaged assets:
As per 31 December
USD Millions
2024
2023
Secured bank loans
\u2013
367.2
Secured bond (at book value)
138.7
Overdraft facility
5.7
14.7
Total secured debt
144.4
381.9
Book value of assets pledged as security
Operating assets
380.3
684.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_265": { "value": "
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_266": { "value": "
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_267": { "value": "
Financial income comprises interest income on
\u00a0
financial investments and foreign exchange gains
recognized in the consolidated statement of profit or
\u00a0
loss. Financial expenses include interest expense
guarantee fees, share of loss in associated companies,
\u00a0
write-down of associated companies, earn out
provisions and foreign exchange losses recognized
\u00a0
in the consolidated statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_228": { "value": "
Note 6 \u2013 Asset acquisition and business combinations
\u00a0
There have been no material business combinations
\u00a0
or asset acquisitions during 2024 and 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_229": { "value": "
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\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 or
\u00a0
loss and relate to taxes payable for 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
\u00a0
assets and liabilities at the reporting period
\u00a0
date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2024
2023
Net profit (loss)
-180.3
9.0
Calculated income tax at statutory rate of 22%
-39.7
2.0
Tax differential Norway and abroad
-1.0
0.2
Recognized deferred tax asset
5.6
-
Unrecognized change in deferred tax assets
-5.6
-0.1
Permanent differences
36.0
-
Currency translation and other
\u00a0
4.6
-2.0
Total tax expense
0.1
-0.0
Effective tax rate
0%
0%
* The majority of the Group files its tax return
\u00a0
in NOK. The effective tax rate is affected
by deferred tax asset that is not recognized.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2024
2023
Property, plant and equipment and intangible assets
-8.7
-8.8
Inventory
-
-
Tax losses carried forward
24.5
53.0
Interest rate deductibility carry forward
12.8
12.1
Other
-3.3
6.1
Net deferred tax assets
25.2
62.4
Deferred tax liability
-8.3
-3.7
Deferred tax asset
33.5
66.1
Unrecognized deferred tax assets
27.7
41.1
Recognized deferred tax asset
5.7
25.0
Recognized deferred tax liability
-8.3
-3.7
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\n
There were no changes in corporate tax rates in
\u00a0
the main countries Norway (22%) or US 21% (Federal
tax rate). The recognized deferred tax liability of
\u00a0
USD 8.3 million relates to the entities in
\u00a0
the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
66.1 million in 2023 to USD 25.2 million in 2024 due
\u00a0
to
lower tax losses carried forward following the sale of Feed
\u00a0
Ingredients.
\u00a0
The Norwegian tax group had the following tax losses carried forward, deferred tax assets
(recognized and not recognized) as of 31 December 2024 and 31 December 2023:
31 December 2024:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
29.0
6.4
-
6.4
Total
\u00a0
29.0
6.4
-
6.4
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 Norwegian tax group being Aker BioMarine
\u00a0
ASA with subsidiaries, no deferred tax assets
\u00a0
from
historic tax losses have been recognized as there
\u00a0
is limited possibility for the tax group to utilize
\u00a0
these
tax losses.
PILLAR 2
The OECD Pillar Two Model Rules is effective for
\u00a0
Aker\u2019s financial year started on January 1, 2024. The TRG
Group including Aker ASA, and thereby Aker BioMarine
\u00a0
ASA, is in the scope of the enacted legislation
and has evaluated its potential exposure to Pillar
\u00a0
2 income taxes. Aker ASA has performed an
\u00a0
analysis
of the potential exposure for top-up tax, based on the
\u00a0
most recent country-by-country reporting to the
tax authorities and financial statements for the entities in
\u00a0
the Group.
Aker has assessed consequences of the Pillar 2 income
\u00a0
taxes. The financial consequences depend on,
among others, the group structure and financial results.
\u00a0
Based on the assessment, some of the
jurisdictions will not be covered by the Safe Harbour
\u00a0
rules. However, further analysis of taxable
adjustments has been made and there is no top-up
\u00a0
tax related to the Aker BioMarine Group As such,
\u00a0
no
deferred tax assets or liabilities associated with Pillar
\u00a0
2 income taxes is recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_230": { "value": "
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\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 or
\u00a0
loss and relate to taxes payable for 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
\u00a0
assets and liabilities at the reporting period
\u00a0
date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2024
2023
Net profit (loss)
-180.3
9.0
Calculated income tax at statutory rate of 22%
-39.7
2.0
Tax differential Norway and abroad
-1.0
0.2
Recognized deferred tax asset
5.6
-
Unrecognized change in deferred tax assets
-5.6
-0.1
Permanent differences
36.0
-
Currency translation and other
\u00a0
4.6
-2.0
Total tax expense
0.1
-0.0
Effective tax rate
0%
0%
* The majority of the Group files its tax return
\u00a0
in NOK. The effective tax rate is affected
by deferred tax asset that is not recognized.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2024
2023
Property, plant and equipment and intangible assets
-8.7
-8.8
Inventory
-
-
Tax losses carried forward
24.5
53.0
Interest rate deductibility carry forward
12.8
12.1
Other
-3.3
6.1
Net deferred tax assets
25.2
62.4
Deferred tax liability
-8.3
-3.7
Deferred tax asset
33.5
66.1
Unrecognized deferred tax assets
27.7
41.1
Recognized deferred tax asset
5.7
25.0
Recognized deferred tax liability
-8.3
-3.7
\u00a0
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\u00a0
\n
There were no changes in corporate tax rates in
\u00a0
the main countries Norway (22%) or US 21% (Federal
tax rate). The recognized deferred tax liability of
\u00a0
USD 8.3 million relates to the entities in
\u00a0
the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
66.1 million in 2023 to USD 25.2 million in 2024 due
\u00a0
to
lower tax losses carried forward following the sale of Feed
\u00a0
Ingredients.
\u00a0
The Norwegian tax group had the following tax losses carried forward, deferred tax assets
(recognized and not recognized) as of 31 December 2024 and 31 December 2023:
31 December 2024:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
29.0
6.4
-
6.4
Total
\u00a0
29.0
6.4
-
6.4
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 Norwegian tax group being Aker BioMarine
\u00a0
ASA with subsidiaries, no deferred tax assets
\u00a0
from
historic tax losses have been recognized as there
\u00a0
is limited possibility for the tax group to utilize
\u00a0
these
tax losses.
PILLAR 2
The OECD Pillar Two Model Rules is effective for
\u00a0
Aker\u2019s financial year started on January 1, 2024. The TRG
Group including Aker ASA, and thereby Aker BioMarine
\u00a0
ASA, is in the scope of the enacted legislation
and has evaluated its potential exposure to Pillar
\u00a0
2 income taxes. Aker ASA has performed an
\u00a0
analysis
of the potential exposure for top-up tax, based on the
\u00a0
most recent country-by-country reporting to the
tax authorities and financial statements for the entities in
\u00a0
the Group.
Aker has assessed consequences of the Pillar 2 income
\u00a0
taxes. The financial consequences depend on,
among others, the group structure and financial results.
\u00a0
Based on the assessment, some of the
jurisdictions will not be covered by the Safe Harbour
\u00a0
rules. However, further analysis of taxable
adjustments has been made and there is no top-up
\u00a0
tax related to the Aker BioMarine Group As such,
\u00a0
no
deferred tax assets or liabilities associated with Pillar
\u00a0
2 income taxes is recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_231": { "value": "
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\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 or
\u00a0
loss and relate to taxes payable for 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
\u00a0
assets and liabilities at the reporting period
\u00a0
date using
the applicable tax rate.
\u00a0
Reconciliation of nominal statutory tax rate to effective tax rate:
Year ended 31 December
USD Millions
2024
2023
Net profit (loss)
-180.3
9.0
Calculated income tax at statutory rate of 22%
-39.7
2.0
Tax differential Norway and abroad
-1.0
0.2
Recognized deferred tax asset
5.6
-
Unrecognized change in deferred tax assets
-5.6
-0.1
Permanent differences
36.0
-
Currency translation and other
\u00a0
4.6
-2.0
Total tax expense
0.1
-0.0
Effective tax rate
0%
0%
* The majority of the Group files its tax return
\u00a0
in NOK. The effective tax rate is affected
by deferred tax asset that is not recognized.
Deferred tax assets comprise:
Year ended 31 December
USD Millions
2024
2023
Property, plant and equipment and intangible assets
-8.7
-8.8
Inventory
-
-
Tax losses carried forward
24.5
53.0
Interest rate deductibility carry forward
12.8
12.1
Other
-3.3
6.1
Net deferred tax assets
25.2
62.4
Deferred tax liability
-8.3
-3.7
Deferred tax asset
33.5
66.1
Unrecognized deferred tax assets
27.7
41.1
Recognized deferred tax asset
5.7
25.0
Recognized deferred tax liability
-8.3
-3.7
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
There were no changes in corporate tax rates in
\u00a0
the main countries Norway (22%) or US 21% (Federal
tax rate). The recognized deferred tax liability of
\u00a0
USD 8.3 million relates to the entities in
\u00a0
the US.
\u00a0
The deferred tax asset has decreased from USD
\u00a0
66.1 million in 2023 to USD 25.2 million in 2024 due
\u00a0
to
lower tax losses carried forward following the sale of Feed
\u00a0
Ingredients.
\u00a0
The Norwegian tax group had the following tax losses carried forward, deferred tax assets
(recognized and not recognized) as of 31 December 2024 and 31 December 2023:
31 December 2024:
USD Millions
Tax losses
carry forward
Deferred tax
assets
Recognized
deferred tax
assets
Not recognized
deferred tax
assets
Tax group
\u00a0
Aker BioMarine ASA
29.0
6.4
-
6.4
Total
\u00a0
29.0
6.4
-
6.4
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 Norwegian tax group being Aker BioMarine
\u00a0
ASA with subsidiaries, no deferred tax assets
\u00a0
from
historic tax losses have been recognized as there
\u00a0
is limited possibility for the tax group to utilize
\u00a0
these
tax losses.
PILLAR 2
The OECD Pillar Two Model Rules is effective for
\u00a0
Aker\u2019s financial year started on January 1, 2024. The TRG
Group including Aker ASA, and thereby Aker BioMarine
\u00a0
ASA, is in the scope of the enacted legislation
and has evaluated its potential exposure to Pillar
\u00a0
2 income taxes. Aker ASA has performed an
\u00a0
analysis
of the potential exposure for top-up tax, based on the
\u00a0
most recent country-by-country reporting to the
tax authorities and financial statements for the entities in
\u00a0
the Group.
Aker has assessed consequences of the Pillar 2 income
\u00a0
taxes. The financial consequences depend on,
among others, the group structure and financial results.
\u00a0
Based on the assessment, some of the
jurisdictions will not be covered by the Safe Harbour
\u00a0
rules. However, further analysis of taxable
adjustments has been made and there is no top-up
\u00a0
tax related to the Aker BioMarine Group As such,
\u00a0
no
deferred tax assets or liabilities associated with Pillar
\u00a0
2 income taxes is recognized.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_268": { "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 or
\u00a0
loss and relate to taxes payable for 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
\u00a0
assets and liabilities at the reporting period
\u00a0
date using
the applicable tax rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_232": { "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
\u00a0
property, plant and equipment. Assets under
construction are not depreciated until the items are
\u00a0
available for use as intended by management.
Expenditures to replace a component of property,
\u00a0
plant and equipment are capitalized if it is
\u00a0
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\n
probable that future economic benefits associated
\u00a0
with the asset will flow to the Group and the
costs can be measured reliably. Gains and losses
\u00a0
are recognized upon asset de-recognition. The
costs of consumables used, and day-to-day maintenance
\u00a0
of property, plant and equipment are
expensed as incurred. Costs incurred for major
\u00a0
inspections and overhauls or to improve a vessel\u2019s
operating efficiency, functionality or safety are capitalized.
Movements in property, plant and equipment in 2024
Movements in property, plant and equipment in 2024:
USD Millions
Vessels, transportation
equipment, etc.
Machinery
Asset under construction
Buildings and Land
Total
Acquisition cost as of 1 January 2024
297.9
171.9
46.5
20.6
537.0
Investments continued
-
0.9
0.3
3.0
4.1
Held for sale and discontinued 1)
-297.9
-110.3
-20.5
-
-428.7
Sale
-
-
-0.4
-0.4
Other reclassifications 2)
-
-0.2
-17.1
-
-17.3
Acquisition cost as of 31 December 2024
-
62.3
8.8
23.6
94.8
Acc. depreciation and impairment as of 1 January 2024
-109.7
-77.6
-2.7
-5.4
-195.4
Depreciation for the year
-
-4.6
-
-0.8
-5.4
Acc. depeciation asset held for sale and discontinued
109.7
43.9
2.7
-
156.3
Impairment
-
-
-1.2
-
-1.2
Acc. depreciation and impairment as of 31 December 2024
-
-38.3
-1.2
-6.2
-45.7
Book value as of 31 December 2024
-
24.0
7.6
17.4
49.0
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) Including investments of USD 14 million. See Note 24
\u00a0
and 23
\u00a0
2) The reclassification to asset under development and development
\u00a0
assets is reclassification done after an assessment
\u00a0
of projects classified under asset under construction,
\u00a0
see Note 9
\u00a0
\"doc1p55i0\"\n
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\u00a0
\n
Movements in property, plant and equipment in 2023
USD Millions
\u00a0
Vessels, transportation,
equipment, etc
Machinery
Asset under construction
Buildings and Land
\u00a0
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
-
-6.0
Other reclassifications
\u00a0
-
20.4
-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
-
-4.4
-
-0.7
-5.1
Depreciation for the year discontinued
-18.0
-11.4
-29.3
Impairment
4.3
0.7
-
-
5.0
Other reclassifications 1)
\u00a0
-
\u00a0
-0.5
-
-
-0.5
Acc. depreciation and impairment as of 31 December 2023
-109.8
-77.6
-2.7
-5.4
-195.5
Book value as of 31 December 2023
188.1
94.3
43.7
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) Net Other reclassifications include reclassifications
\u00a0
payments related to construction of a new
\u00a0
charter vessel from Asset under construction to prepayment.
\u00a0
See Note 13 Trade receivable and other current assets.
Major inspections of vessels are performed on a
\u00a0
regular basis as required by the classification society,
\u00a0
such as Det Norske Veritas and according to laws
\u00a0
and regulations. The costs of such inspections
\u00a0
are,
including replacement spares and labor costs, capitalized
\u00a0
and amortized over the average expected life
\u00a0
between major inspections. All other costs
\u00a0
relating to maintenance of vessels is charged to the
statement of profit or loss on consumption or as
\u00a0
incurred.
USD Millions
2024
2023
Depreciation for the year of Property, plant & equipment
(5.4)
(5.1)
Impairment Property, plant & equipment
(1.2)
-
Amortization for the year of Intangible assets
(12.1)
(11.2)
Amortization for the year of Contract cost
(2.0)
(2.0)
Loss on disposal
-
(0.4)
Leasing (ROU) depreciation
(1.7)
(1.9)
Total
(22.3)
(20.7)
Depreciation and amortization related to production assets
\u00a0
and included in cost to inventory
(16.6)
(16.3)
Depreciation and amortization related to other assets
(5.7)
(4.4)
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 16.6 million (2023: USD 18.7
million) relates to depreciation and amortization of
\u00a0
assets not directly used in the production
\u00a0
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 depreciation
\u00a0
in 2024 mainly consists of the
Group\u2019s manufacturing plant in Houston, Texas, amounting
\u00a0
to USD 5.7 million (2023: USD 24.4
million which also included depreciations on the
\u00a0
offshore business).
\u00a0
Investments in 2024:
Investments in machinery and vessels are mainly installments
\u00a0
and harvesting equipment on the
vessels. Assets under construction comprise development
\u00a0
projects.
\u00a0
Asset retirements in 2024:
Asset retirements mainly include machinery and
\u00a0
harvesting equipment. Most components that
have been retired were fully depreciated.
As a result of the sale of feed there has been
\u00a0
a decrease of property, plant and equipment
\u00a0
owned
by the group. The majority of this decrease has affected
\u00a0
the balance of vessels and machinery.
There is no book value of vessels by the end
\u00a0
of 2024 (2023: USD 188.2 million) and machinery is
down to USD 24.2 million by the end of 2024
\u00a0
(2023: USD 101.8 million)
As of 31 December 2024, the Group has no commitments
\u00a0
for further investments in property, plant
and equipment (2023: USD 1.2 million). For details
\u00a0
on mortgages and pledging of security, see
\u00a0
Note
16.
Change of estimate seasonal depreciations offshore
\u00a0
As part of the restructuring and the new reporting
\u00a0
format, the Company decided to make a change
to its estimation methodology with regards to
\u00a0
how offshore costs were booked in the Feed
Ingredients segment. The following changes took place:
\u00a0
\u2022 Starting from Q4 2023, all maintenance related costs
\u00a0
in the normal yearly shipyard period
(October and November) were booked as fixed assets
\u00a0
in 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 was booked as Fixed Assets
\u00a0
in Q4 2023, reflecting a longer shipyard due
to five-year class audits of two of the vessels.
The change was considered to be a change in
\u00a0
an estimate 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
\u00a0
inflows as well as how management monitors
\u00a0
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. From 2024, the Group consists of three segment,
\u00a0
Human Health Ingredients, Consumer Health
Products and Emerging Businesses.
Indicators that could trigger an impairment test
\u00a0
includes such conditions as significant
underperformance in sales volumes or margins relative
\u00a0
to historical or projected results, significant
changes in the Group's planned use of the assets,
\u00a0
obsolescence or physical damage of an asset, 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
\u00a0
estimating the future cash inflows and outflows
\u00a0
to be
derived from continuing use of the asset/segment
\u00a0
and from its ultimate disposal.
Impairment losses are only reversed to the extent
\u00a0
that the asset\u2019s carrying value does not exceed
\u00a0
the
carrying value that would have been determined, net
\u00a0
of depreciation, if no impairment had 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 assets//operating
\u00a0
segments where impairment indicators
have been identified. Impairment tests are performed on
\u00a0
the segments that have allocated goodwill,
Human Health Ingredients and Consumer Health Products.
\u00a0
The impairment test of the Human Health
Ingredients segment also includes trademark assets
\u00a0
with indefinite useful life.
Main assumptions for the value-in-use calculation
The Group updates its Group Business Plan
\u00a0
for 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 result
of a bottom-up involvement of the organization, and the
\u00a0
key goals and objectives are in turn
communicated to the broader organization to set
\u00a0
the direction for departments and employees. In
\u00a0
the
value in use assessment used for impairment testing purposes,
\u00a0
the business plan has been risk
adjusted to reflect accuracy of previous budgets
\u00a0
towards actual figures.
The Group Business Plan uses sensitivities and
\u00a0
scenarios to analyze and understand how changes
\u00a0
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 structured
\u00a0
way to analyze the impact from altering 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 is
estimated based on a weighted average of equity
\u00a0
return 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
\u00a0
credit
spread (compared to government bonds) for US corporate
\u00a0
bonds with credit rating BB. The Group has
used different discount rates for the Human Health Ingredients,
\u00a0
Consumer Health Products and
Emerging Businesses operating segments to reflect the different
\u00a0
market operations.
\u00a0
Climate risk has been assessed when performing the
\u00a0
value-in-use calculation, primarily in the Human
Health Ingredients segment. The extraction facility in Houston,
\u00a0
Texas, is in a geographical area which
\u00a0
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\n
has from time to time been exposed to extreme weather.
\u00a0
This has resulted in a few temporary
shutdowns and increased maintenance requirements.
\u00a0
In the value-in-use calculations the normal
production capacity of krill oil considers these uncertainties.
\u00a0
Human Health Ingredients:
Projected cash flows are based on management\u2019s best
\u00a0
estimates and the business plan for the Human
Health Ingredients segment for the subsequent five years
\u00a0
period. 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
\u00a0
the forecast for the period 2025-2028, revenue
projections are risk-adjusted based on executed
\u00a0
agreements, actual historical prices, and
management\u2019s evaluation of the potential for new agreements.
\u00a0
The estimated operating margin is in
accordance with management\u2019s forecast which is based
\u00a0
on the scalability in the business model.
\u00a0
As
approximately 65 per cent of the Group\u2019s operating
\u00a0
expenses are fixed costs (in line with IAS 2),
increased sales levels will contribute to higher operating
\u00a0
margins. Future product pricing has as per
\u00a0
the
above been based on historical prices and management\u2019s
\u00a0
expectation with regards to new
arrangements. The calculation is based on a fairly
\u00a0
flat development for krill oil prices while sales
volumes are expected to increase in the forecast
\u00a0
period, compared to the sales volume levels in
\u00a0
2024.
Sales volumes have been modelled to follow the
\u00a0
production targets, however lagging as to allow
\u00a0
for
building and maintaining safety-stock.
At the end of the forecast period there is an extrapolation
\u00a0
period from 2029-2033
\u00a0
(as no detailed
budget is prepared after 2028). In the extrapolation
\u00a0
period the growth has been set to 3.0%.
\u00a0
The
discount rate is based on a WACC of 11.0% and
\u00a0
in the terminal value it is assumed a long-term
\u00a0
annual
growth equal to 2.0%. The discount rate has increased
\u00a0
from last year due to higher interest levels.
\u00a0
Capital expenditure is based on the long-term technical
\u00a0
and operations program for the Houston
facility.
\u00a0
Consumer Health Products
\u00a0
Projected cash flows are based on management\u2019s best
\u00a0
estimates and the business plan for the
Consumer Health Products segment for the subsequent
\u00a0
five years period. The estimates are based on
\u00a0
a
detailed forecast prepared by management in Lang. For
\u00a0
subsequent periods, the model is based on an
estimated terminal growth, that does not exceed the
\u00a0
growth for the products, industry or country (US)
in which the segment operates. In the forecast for
\u00a0
the period 2025-2028, revenue projections are based
on executed agreements, actual historical prices, and
\u00a0
management\u2019s evaluation of the potential for new
agreements. The estimated operating margin is
\u00a0
in accordance with management\u2019s forecast.
In the Consumer Health Products impairment model
\u00a0
the forecast period is 2025-2028. At the end of the
forecast period there is an extrapolation period from
\u00a0
2029-2033. In the extrapolation period growth has
been gradually reduced from 5.0% to 2.0%. The
\u00a0
discount rate is based on a WACC of 10.5% and
\u00a0
in the
terminal value it is assumed a long-term annual
\u00a0
growth equal to 2.0%.
\u00a0
WACC post-tax
\u00a0
\u00a0
WACC pre-tax*
\u00a0
Segment
2024
2023
2024
2023
Human Health Ingredients
11.0 %
10.0 %
11.3 %
10.5 %
Consumer Health Products
10.5 %
10.0 %
10.7 %
10.5 %
* The pre-tax discount rate is the discount rate without
\u00a0
tax charge in the cash flow yielding the same
\u00a0
recoverable
amount.
Human Health Ingredients
The sensitivities of the value in use have been tested
\u00a0
by using simulations of various combinations 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
\u00a0
unit\u2019s
recoverable amount to be lower than the carrying
\u00a0
value.
An increase of the WACC of 1% in the Human
\u00a0
Health Ingredients segment would lead to 10% lower
recoverable amount in the Human Health Ingredients
\u00a0
segment. Lowering the terminal growth by
\u00a0
1%
would lead to 5% lower recoverable amount in the
\u00a0
Human Health Ingredients segment. Neither an
increase of the WACC by 1% nor a decrease of
\u00a0
the terminal growth of 1% would lead to
\u00a0
impairment.
Consumer Health Products
\u00a0
The sensitivities of the value in use have been tested
\u00a0
by using simulations of various combinations of
discount rates and terminal value growth.
The operating segment\u2019s value in use is higher than
\u00a0
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
\u00a0
the
carrying value.
An increase of the WACC of 1% in the Consumer
\u00a0
Health Products segment would lead to a lower
recoverable amount of 13%. Lowering the terminal growth
\u00a0
by 1% would lead to a 6% lower recoverable
amount in the Consumer Health Products segment.
\u00a0
Neither an increase of the WACC by 1%
\u00a0
nor a
decrease of the terminal growth of 1% would lead
\u00a0
to impairment.
Intangible assets impairment testing
For customer relations, cash inflows have been monitored
\u00a0
at the same level as the identified operating
segment for goodwill impairment testing. During 2024,
\u00a0
Management has assessed that there was no
impairment.
\u00a0
All other intangible assets have been assessed
\u00a0
for impairment with the conclusion that the value
\u00a0
in use
is higher than the book value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_269": { "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
\u00a0
property, plant and equipment. Assets under
construction are not depreciated until the items are
\u00a0
available for use as intended by management.
Expenditures to replace a component of property,
\u00a0
plant and equipment are capitalized if it is
probable that future economic benefits associated
\u00a0
with the asset will flow to the Group and the
costs can be measured reliably. Gains and losses
\u00a0
are recognized upon asset de-recognition. The
costs of consumables used, and day-to-day maintenance
\u00a0
of property, plant and equipment are
expensed as incurred. Costs incurred for major
\u00a0
inspections and overhauls or to improve a vessel\u2019s
operating efficiency, functionality or safety are capitalized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_233": { "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 cost less
\u00a0
accumulated amortization, recognized on a
straight-line basis over their estimated useful lives, and
\u00a0
accumulated impairment losses. The estimated
useful life and amortization method are reviewed at
\u00a0
the end of each reporting period, and assets
\u00a0
are
tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal
\u00a0
rights or can be separated from the acquired entity
and sold or transferred. Intangible assets with indefinite
\u00a0
useful lives are carried at cost less
accumulated impairment losses. These assets are not
\u00a0
amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
\u00a0
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 value
\u00a0
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 for impairment
\u00a0
annually, and more frequently if indicators
\u00a0
of
possible impairment are observed. Goodwill is allocated
\u00a0
to the cash generating units (\"CGU\"), which
\u00a0
are
expected to benefit from synergies of the combination.
\u00a0
Each unit to which goodwill is allocated
represents the lowest level within the Group at
\u00a0
which goodwill is monitored for internal management
purposes and reporting.
Intangible assets
Development
Expenditures for research activities performed to gain
\u00a0
new scientific, technical or other knowledge
\u00a0
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 to and has
\u00a0
adequate resources to complete development
\u00a0
and
to use or sell the asset. The amount capitalized
\u00a0
includes the cost of materials and direct
\u00a0
attributable
expenses. Additions to development in 2024 include
\u00a0
development of new products.
Fishing License
As of 31 December 2023, one of the Group\u2019s
\u00a0
fishing licenses was recognized at USD 10.5 million. The
license related to krill fishery and was derecognized
\u00a0
as part of the sale of Feed Ingredients.
\u00a0
Customer relation
Customer relations
\u00a0
(customer contracts) were acquired as part of business
\u00a0
combinations recognized at
fair value. Following initial recognition, the customer
\u00a0
relations are recorded less any accumulated
amortization and impairment losses.
\u00a0
Trademark
Trademarks
\u00a0
are intangible assets with indefinite useful lives
\u00a0
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
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Movements in intangible assets for 2024
Fishing
license
Customer
relation
USD Millions
Goodwill
Assets
under
\u00a0
development
Development
Patents
Trademark
Total
Acquisition cost as of 1 January 2024
94.6
-
11.1
10.5
2.6
91.0
5.7
215.5
Additions
\u00a0
-
0.1
5.6
-
-
-
5.7
Discontinued operations
-32.0
-10.5
-
-
-
-42.5
Other reclassifications 1)
-
9.2
7.9
-
-
-
-
17.1
Acquisition cost as of 31 December 2024
62.6
9.3
24.5
-
2.6
91.0
5.7
195.8
Amortization and impairment losses as of 1 January 2024
-
-
-6.9
-
-
-52.4
-0.9
-60.2
Amortization for the year
-
-
-3.0
-
-0.4
-8.7
-12.1
Amortization and impairment losses as of 31 December
\u00a0
2024
-
-
-9.9
-
-0.4
-61.1
-0.9
-72.3
Book value as of 31 December 2024
62.6
9.3
14.7
-
2.2
29.9
4.8
123.4
Amortization period
\u00a0
3-10 years
7-10 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
1) The reclassification to assets under development and development
\u00a0
assets is reclassification done after an assessment
\u00a0
of projects classified under asset under construction,
\u00a0
see Note 8
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Movements in intangible assets for 2023
USD Millions
Goodwill
Development
License
agreements
Fishing
license
Patents
Customer
relation
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/ impairment 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
3-10 years
\u00a0
10-12 years
\u00a0
7-10 years
\u00a0
Amortization method
Straight-line
Straight-line
Straight-line
Segment allocation of goodwill and intangible assets:
USD Millions
\u00a0
Goodwill
Assets under development
\u00a0
Development
Patents
\u00a0
Fishing license
\u00a0
Customer relation
\u00a0
Trademark
Segment
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
2024
2023
Feed Ingredients (sold in 2024)
-
32.0
-
-
-
-
-
-
-
10.5
-
-
Human Health Ingredients
34.4
34.4
9.3
-
12.3
1.9
2.2
2.6
-
-
10.7
13.7
4.2
4.8
Consumer Health Product
28.2
28.2
-
-
1.1
2.4
-
-
-
-
19.2
25.0
Emerging business
-
-
-
-
1.2
-
-
-
-
-
-
-
Total
62.6
94.6
9.3
-
14.7
4.3
2.2
2.6
-
10.5
29.9
38.6
4.8
4.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_270": { "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 cost less
\u00a0
accumulated amortization, recognized on a
straight-line basis over their estimated useful lives, and
\u00a0
accumulated impairment losses. The estimated
useful life and amortization method are reviewed at
\u00a0
the end of each reporting period, and assets
\u00a0
are
tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal
\u00a0
rights or can be separated from the acquired entity
and sold or transferred. Intangible assets with indefinite
\u00a0
useful lives are carried at cost less
accumulated impairment losses. These assets are not
\u00a0
amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
\u00a0
IAS
36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_271": { "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 cost less
\u00a0
accumulated amortization, recognized on a
straight-line basis over their estimated useful lives, and
\u00a0
accumulated impairment losses. The estimated
useful life and amortization method are reviewed at
\u00a0
the end of each reporting period, and assets
\u00a0
are
tested for impairment if impairment indicators exist.
Intangible assets acquired in a business combination
\u00a0
are recognized at fair value separately from
goodwill when they arise from contractual or legal
\u00a0
rights or can be separated from the acquired entity
and sold or transferred. Intangible assets with indefinite
\u00a0
useful lives are carried at cost less
accumulated impairment losses. These assets are not
\u00a0
amortized, but are tested for impairment
annually, and more frequently if indicators of possible
\u00a0
impairment are observed, in accordance with
\u00a0
IAS
36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_272": { "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 value
\u00a0
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 for impairment
\u00a0
annually, and more frequently if indicators
\u00a0
of
possible impairment are observed. Goodwill is allocated
\u00a0
to the cash generating units (\"CGU\"), which
\u00a0
are
expected to benefit from synergies of the combination.
\u00a0
Each unit to which goodwill is allocated
represents the lowest level within the Group at
\u00a0
which goodwill is monitored for internal management
purposes and reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_273": { "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 value
\u00a0
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 for impairment
\u00a0
annually, and more frequently if indicators
\u00a0
of
possible impairment are observed. Goodwill is allocated
\u00a0
to the cash generating units (\"CGU\"), which
\u00a0
are
expected to benefit from synergies of the combination.
\u00a0
Each unit to which goodwill is allocated
represents the lowest level within the Group at
\u00a0
which goodwill is monitored for internal management
purposes and reporting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_274": { "value": "
Expenditures for research activities performed to gain
\u00a0
new scientific, technical or other knowledge
\u00a0
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 to and has
\u00a0
adequate resources to complete development
\u00a0
and
to use or sell the asset. The amount capitalized
\u00a0
includes the cost of materials and direct
\u00a0
attributable
expenses. Additions to development in 2024 include
\u00a0
development of new products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_275": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_276": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_277": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_285": { "value": "
Note 11 \u2013 Climate risk
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 impact
\u00a0
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 the extraction facility in Houston,
\u00a0
US
and the protein facility in Ski, Norway. Management
\u00a0
has assessed if climate change could be an
indicator of impairment or if climate change
\u00a0
would require modifications to the useful life
assessment of the Group\u2019s assets.
The extraction facility in Houston, Texas, is in a geographical
\u00a0
area which has from time to time been
exposed to extreme weather. This has resulted in a
\u00a0
few temporary shutdowns and increased
maintenance requirements, especially for roofing and
\u00a0
securing equipment outside factory walls (such
as evaporators and skids).
\u00a0
Based on Management\u2019s assessment, the useful
\u00a0
life assessment and
residual value reflect weather conditions in the area. The
\u00a0
level of repair and maintenance (R&M)
costs are uncertain, and these costs are expensed
\u00a0
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
\u00a0
and 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
\u00a0
that a future transition plan towards lower carbon
emissions will not have material effect on the
\u00a0
useful lifetime or impairment of the assets or
\u00a0
impact
the capital expenditure commitments.
\u00a0
Intangible assets
The Group\u2019s intangible assets are mainly in relation
\u00a0
to goodwill, customer portfolios, trademarks and
patents (see Note 9). Based on the current outlook,
\u00a0
combined with all climate related activities that
the Group performs, Management concludes that
\u00a0
climate 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
\u00a0
has assessed that climate change does not
\u00a0
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 former
\u00a0
decarbonization committee, renamed sustainability
committee, krill products perform well in life cycle
\u00a0
assessment (LCA) analyses because the products
are low on many stressors, including biotic
\u00a0
resource use, land use, freshwater use, acidification,
\u00a0
and
eutrophication potential. Compared to other ingredients,
\u00a0
krill has one of the lowest CO2 footprints.
This low CO2 footprint is beneficial as it is expected
\u00a0
that there will be a decline in demand for
products with high emissions, which could then indicate
\u00a0
that inventories or assets might be
impaired. Management confirms that no climate related
\u00a0
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). Management
\u00a0
concludes that climate change does not
impact the Group\u2019s tax losses in carryforwards.
CO
2
\u00a0
reduction efforts and estimated costs
The 2024 CO
2
\u00a0
emissions were 23,673 ton CO
2
e.
The current initiatives include certain measures
\u00a0
such as renewable electricity in Houston as well
\u00a0
as,
low-emission transport. These measures require limited
\u00a0
additional investments. The initiatives
involving renewable electricity in Houston and low-emission
\u00a0
transport will be expensed as incurred
as part of regular operating costs.
\u00a0
Given that the identified measurements do not require
\u00a0
substantial capital expenditures or additions
to property, plant, and equipment, Management has
\u00a0
not identified future costs that meet the
definition of a contingent liability under IAS 37 \u2018Provisions,
\u00a0
Contingent liabilities and contingent
assets.\u2019 Based on Management\u2019s assessment, the cost
\u00a0
of the different measures does not
significantly impact the impairment testing or sensitivity
\u00a0
analysis.
Management confirms that climate related risks do not
\u00a0
impact the Group\u2019s ability to operate as a
going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_13": { "value": "
Note 11 \u2013 Climate risk
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 impact
\u00a0
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 the extraction facility in Houston,
\u00a0
US
and the protein facility in Ski, Norway. Management
\u00a0
has assessed if climate change could be an
indicator of impairment or if climate change
\u00a0
would require modifications to the useful life
assessment of the Group\u2019s assets.
The extraction facility in Houston, Texas, is in a geographical
\u00a0
area which has from time to time been
exposed to extreme weather. This has resulted in a
\u00a0
few temporary shutdowns and increased
maintenance requirements, especially for roofing and
\u00a0
securing equipment outside factory walls (such
as evaporators and skids).
\u00a0
Based on Management\u2019s assessment, the useful
\u00a0
life assessment and
residual value reflect weather conditions in the area. The
\u00a0
level of repair and maintenance (R&M)
costs are uncertain, and these costs are expensed
\u00a0
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
\u00a0
and 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
\u00a0
that a future transition plan towards lower carbon
emissions will not have material effect on the
\u00a0
useful lifetime or impairment of the assets or
\u00a0
impact
the capital expenditure commitments.
\u00a0
Intangible assets
The Group\u2019s intangible assets are mainly in relation
\u00a0
to goodwill, customer portfolios, trademarks and
patents (see Note 9). Based on the current outlook,
\u00a0
combined with all climate related activities that
the Group performs, Management concludes that
\u00a0
climate 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
\u00a0
has assessed that climate change does not
\u00a0
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 former
\u00a0
decarbonization committee, renamed sustainability
committee, krill products perform well in life cycle
\u00a0
assessment (LCA) analyses because the products
are low on many stressors, including biotic
\u00a0
resource use, land use, freshwater use, acidification,
\u00a0
and
eutrophication potential. Compared to other ingredients,
\u00a0
krill has one of the lowest CO2 footprints.
This low CO2 footprint is beneficial as it is expected
\u00a0
that there will be a decline in demand for
products with high emissions, which could then indicate
\u00a0
that inventories or assets might be
impaired. Management confirms that no climate related
\u00a0
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). Management
\u00a0
concludes that climate change does not
impact the Group\u2019s tax losses in carryforwards.
CO
2
\u00a0
reduction efforts and estimated costs
The 2024 CO
2
\u00a0
emissions were 23,673 ton CO
2
e.
The current initiatives include certain measures
\u00a0
such as renewable electricity in Houston as well
\u00a0
as,
low-emission transport. These measures require limited
\u00a0
additional investments. The initiatives
involving renewable electricity in Houston and low-emission
\u00a0
transport will be expensed as incurred
as part of regular operating costs.
\u00a0
Given that the identified measurements do not require
\u00a0
substantial capital expenditures or additions
to property, plant, and equipment, Management has
\u00a0
not identified future costs that meet the
definition of a contingent liability under IAS 37 \u2018Provisions,
\u00a0
Contingent liabilities and contingent
assets.\u2019 Based on Management\u2019s assessment, the cost
\u00a0
of the different measures does not
significantly impact the impairment testing or sensitivity
\u00a0
analysis.
Management confirms that climate related risks do not
\u00a0
impact the Group\u2019s ability to operate as a
going concern.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_234": { "value": "
Note 12 - Inventories
Inventories are measured at the lower of cost and
\u00a0
net realizable value. The cost of finished goods and
raw material and goods under production comprises
\u00a0
the costs of raw materials, direct labor and other
direct costs, and related production overheads. Indirect costs
\u00a0
allocated to inventories, include salaries,
depreciation and certain other directly attributable operating
\u00a0
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 to
net realizable value is recognized in \u2018Cost of goods
\u00a0
sold\u2019 in the Consolidated statement of Profit or
\u00a0
loss.
Human Health Ingredients:
The production of krill derived products and
\u00a0
algae products in the Human Health Ingredients
\u00a0
segment
is highly complex in several stages. For krill oil,
\u00a0
first, the raw material (krill meal) is purchased. From
Uruguay the meal is sent to the Group\u2019s krill oil
\u00a0
facility in Houston where krill oil is extracted from
\u00a0
the
meal. After the oil extraction, the Group has a low
\u00a0
fat/ high protein krill meal and krill oil, where
\u00a0
krill oil
is the main product. As part of the reprocessing
\u00a0
of krill oil the Group gets a neutral oil
\u00a0
that can be
blended into krill oil or used as ingredient into other
\u00a0
applications. The low fat/ high protein krill meal
is either sold or used as an ingredient to the Group\u2019s
\u00a0
novel protein product. For algae, crude algae is
purchased from an external supplier. Then, algae oil
\u00a0
is extracted in the facility in Houston. The algae
\u00a0
oil
is then sold to customers.
\u00a0
\u00a0
\n
\u00a0
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\u00a0
\n
Consumer Health Products and Emerging Businesses:
\u00a0
In the Consumer Health Products and Emerging
\u00a0
Businesses segments, raw materials and goods under
production and finished goods inventory include processing
\u00a0
cost incurred by the Group from outside
manufacturing service providers.
Inventory balances as of 31 December 2024 and 2023 are shown below:
Year ended 31 December
USD Millions
2024
2023
Non-product related inventory*
10.7
Packaging*
0.6
7.9
Raw materials and goods under production
18.3
28.5
Finished goods
\u00a0
77.4
136.6
Total
96.3
183.7
Cost of inventories recognized at net realizable value
-
-
Carrying value of inventories recognized at net realizable
\u00a0
value
-
-
Write-down of inventories recognized towards net
\u00a0
change in inventories in the
period**
-
-
Carrying value of inventories pledged as security
-
183.7
*) Non-product related inventory is mostly related to stock
\u00a0
fuel.
\u00a0
**) Includes weight corrections, replacements to customers
\u00a0
and obsolescence
No inventory balance pledge as security as of
\u00a0
31 December 2024. The inventory balance was pledged
\u00a0
as
security at 31 December 2023
\u00a0
and was included in the book value of assets
\u00a0
pledged as security for 2023,
please refer to Note 16.
\u00a0
Movements in inventory during 2024:
Feed
Human Health
Health
Emerging
\u00a0
Other/
USD Millions
Ingredients
Ingredients
\u00a0
Products
Business
elim
Total
Inventory at 1 January 2024
73.5
47.9
35.1
22.7
4.5
183.7
Acquired raw material, packaging,
and non-product related inventory
28.3
-
-
28.3
Acquired inventory for sale
5.2
84.5
4.7
94.5
Production
62.6
-
-
62.6
Sale
-55.2
-85.8
-5.1
-146.2
Discontinued operations
-73.5
-73.5
Consumption
-33.7
-
-
-33.7
Other changes
-2.0
-
-9.7
-7.6
-19.3
Freight
-
-
-
Inventory at 31 December 2024
0.0
53.1
33.8
12.6
-3.2
96.3
\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
\n
\u00a0
\n
\u00a0
\n
Reconciliation of net change in inventories 2024:
USD Millions
2024
Cost of goods sold before elimination of internal sales and
\u00a0
internal profit
-143.9
Produced inventory
62.6
Acquired inventory
122.7
Rework, consumptions and obsolete
-54.3
Elimination of internal profit on stock
-1.1
Net change in inventories
-13.9
Cost of goods sold before elimination of internal sales and
\u00a0
internal profit
-143.9
Elimination of cost of internal sales
14.0
Cost of goods sold recognized in Profit and Loss
-129.9
\u00a0
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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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
Movements in inventory during 2023:
Feed
Human
Health
Health
Emerging
\u00a0
Other/
USD Millions
Ingredient
s
Ingredients
\u00a0
Products
Business
elim
Total
Inventory at 1 January
\u00a0
71.8
80.1
37.6
1.7
5.5
196.6
Acquired raw material, packaging,
and non-product related inventory
4.6
-
-
-
-
4.6
Acquired inventory for sale
-
-
93.0
28.3
-43.4
77.8
Production
104.9
39.6
-
-
-
144.6
Sale
-99.8
-42.2
-95.4
-7.3
21.1
-223.6
Consumption
-0.0
-20.3
-
-
-
-20.3
Other charges
-9.3
-9.3
-
-
21.2
2.6
Freight
1.3
-
-
-
-
1.3
Inventory at 31 December
\u00a0
73.5
47.9
35.1
22.7
4.5
183.7
Reconciliation of net change in inventories 2023:
USD Millions
2023
Cost of goods sold before elimination of internal sales and
\u00a0
internal profit
-237.6
Produced inventory
144.6
Acquired inventory
92.4
Acquired raw material and non-product related 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 sales and
\u00a0
internal profit
-236.5
Elimination of cost of internal sales
14.1
Cost of goods sold recognized in Profit and Loss
-222.4
\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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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
The total production value of goods manufactured can be specified as follows:
Year ended 31 December
USD Millions
2024
2023
Salaries
-9.2
-28.1
Direct Production
-3.3
-7.8
Fuel
\u00a0
-
-28.0
Consumables
-1.2
-3.8
R&M
-2.2
-5.1
Other
-0.6
-8.4
Nutra Freight
-
-1.3
Capsulation
-6.5
-5.3
Uruguay
-9.1
Depreciation
-5.7
-24.4
Consumption of krill raw materials
-29.3
-20.3
Total costs allocated to inventory
-58.0
-141.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_235": { "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
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2024
2023
Accounts receivable
47.3
57.6
Prepaid expenses
5.1
5.6
Other current receivables
1.8
8.3
Total
54.2
71.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_236": { "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
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2024
2023
Accounts receivable
47.3
57.6
Prepaid expenses
5.1
5.6
Other current receivables
1.8
8.3
Total
54.2
71.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_237": { "value": "
\u00a0
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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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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
2024
2023
Accounts receivable
47.3
57.6
Prepaid expenses
5.1
5.6
Other current receivables
1.8
8.3
Total
54.2
71.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_238": { "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
Note 13 \u2013 Trade receivable and other current assets
As per 31 December
USD Millions
2024
2023
Accounts receivable
47.3
57.6
Prepaid expenses
5.1
5.6
Other current receivables
1.8
8.3
Total
54.2
71.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_239": { "value": "
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
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\u00a0
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\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
\u00a0
deposits, and cash on hand.
\u00a0
As per 31 December
USD Millions
2024
2023
Cash and bank deposits
14.4
25.4
Restricted bank deposits
0.6
2.2
Cash and cash equivalents
15.0
27.5
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances
\u00a0
with the tax
authorities on a periodic basis. As of 31 December
\u00a0
2024, the Group had drawn USD 5.7 million out of
\u00a0
a
total of USD 30.0 million available in an overdraft facility.
\u00a0
As of 31 December 2023, the Group had drawn
USD 14.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_240": { "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
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
\u00a0
deposits, and cash on hand.
\u00a0
As per 31 December
USD Millions
2024
2023
Cash and bank deposits
14.4
25.4
Restricted bank deposits
0.6
2.2
Cash and cash equivalents
15.0
27.5
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances
\u00a0
with the tax
authorities on a periodic basis. As of 31 December
\u00a0
2024, the Group had drawn USD 5.7 million out of
\u00a0
a
total of USD 30.0 million available in an overdraft facility.
\u00a0
As of 31 December 2023, the Group had drawn
USD 14.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_241": { "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
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
\u00a0
deposits, and cash on hand.
\u00a0
As per 31 December
USD Millions
2024
2023
Cash and bank deposits
14.4
25.4
Restricted bank deposits
0.6
2.2
Cash and cash equivalents
15.0
27.5
Restricted bank deposits relate to employee tax
\u00a0
withholdings used to settle tax remittances
\u00a0
with the tax
authorities on a periodic basis. As of 31 December
\u00a0
2024, the Group had drawn USD 5.7 million out of
\u00a0
a
total of USD 30.0 million available in an overdraft facility.
\u00a0
As of 31 December 2023, the Group had drawn
USD 14.7 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_278": { "value": "
Cash and cash equivalents in the consolidated statement
\u00a0
of financial position and statement of cash
flow comprise cash at banks, including restricted
\u00a0
deposits, and cash on hand.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_242": { "value": "
\u00a0
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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
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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
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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
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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
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\u00a0
\n
\u00a0
\n
\u00a0
\n
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\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
Qpaws AS
Norway
App for dog owners
58%
40%
The associated company is recognized using the
\u00a0
equity method where the share of profit/loss
\u00a0
is
classified as financial item.
USD Millions
2024
2023
Book value at 1 January
0.1
10.2
Loss of control, reclassification from subsidiary to
\u00a0
associated
0.5
-
Sale of associated company
-0.1
Share of profit/(loss)
-
-3.0
Reclassification to \"Asset held for sale\"
-7.1
Book value at 31 December
0.4
0.1
Aker BioMarine ASA owns 58% of the shares in
\u00a0
Qpaws AS, but Aker BioMarine only have two out
\u00a0
of five
Board members. Accordingly, it is concluded that the
\u00a0
Group does not have control over Qpaws AS.
As of 31 December 2024, the investment in Aion
\u00a0
AS was classified as \"Asset held for sale\". The Group
\u00a0
has
initiated a sales process as Aion AS is not part
\u00a0
of the core business of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_243": { "value": "
\u00a0
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\n
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\n
\u00a0
\n
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\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
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\u00a0
\n
\u00a0
\n
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\n
\u00a0
\n
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\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
Qpaws AS
Norway
App for dog owners
58%
40%
The associated company is recognized using the
\u00a0
equity method where the share of profit/loss
\u00a0
is
classified as financial item.
USD Millions
2024
2023
Book value at 1 January
0.1
10.2
Loss of control, reclassification from subsidiary to
\u00a0
associated
0.5
-
Sale of associated company
-0.1
Share of profit/(loss)
-
-3.0
Reclassification to \"Asset held for sale\"
-7.1
Book value at 31 December
0.4
0.1
Aker BioMarine ASA owns 58% of the shares in
\u00a0
Qpaws AS, but Aker BioMarine only have two out
\u00a0
of five
Board members. Accordingly, it is concluded that the
\u00a0
Group does not have control over Qpaws AS.
As of 31 December 2024, the investment in Aion
\u00a0
AS was classified as \"Asset held for sale\". The Group
\u00a0
has
initiated a sales process as Aion AS is not part
\u00a0
of the core business of the Group.
Note 25 \u2013 Group companies
As of 31 December 2024, Aker Capital AS held 77.7%
\u00a0
of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been the
\u00a0
main
investment classified as investment in associates,
\u00a0
and the investment and the share of result
\u00a0
has been
included in the Group\u2019s financial statements. As per
\u00a0
31 December 2024, the investment has been
classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
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\n
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\n
\u00a0
\n
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\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
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\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
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\n
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\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
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\n
\u00a0
\n
\u00a0
\n
The consolidated financial statements for the Group in 2024 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Holding AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
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 Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
NewRide LLC (until March 2024)
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrition Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
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\n
The consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine 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 Nutrition 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
\u00a0
certain fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_279": { "value": "
The Group recognizes interest-bearing debt initially at
\u00a0
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
\u00a0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_280": { "value": "
The Group recognizes interest-bearing debt initially at
\u00a0
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
\u00a0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_244": { "value": "
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\n
The following table reconciles the movements in liabilities to cash flow from financing
\u00a0
activities in 2024:
Secured bank
loans
Proceeds from
owner
USD Millions
Lease
Bank overdraft
Total
Balance Interest bearing debt at 31 December 2023
367.2
1.3
9.7
14.7
392.9
Changes in Financing cash flows
Bond loan (at initial recognition)
150.7
-
-
-
150.7
Instalment Secured bank loan Bank syndicate
-183.2
-183.2
Lease payments (IFRS 16)
-1.9
-1.9
Overdraft facility with DNB/RABO
3.5
3.5
Net cash flow from financing activities
-32.5
-
-1.9
3.5
-30.9
Non-Cash changes
\u00a0
Fair value adjustment of derivative liability
-12.0
-12.0
Leasing financing (IFRS16)
1.8
1.8
Reclass held for sale
-2.1
-2.1
Sale of Feed Ingredients
-184.1
-1.3
-4.5
-12.5
-202.3
Total liability related changes
-
-
-6.6
-12.5
-204.5
Balance Interest bearing debt at 31 December 2024
138.7
-
3.0
5.7
147.4
\"doc1p55i0\"\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
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 + TL NewRide - DNB/ RABO
40.0
-
-
-
40.0
Instalment Secured bank loan DNB/GIEK/NEK
-9.4
-
-5.2
-
-14.6
Lease payments
-
-
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
Effect of changes in foreign exchange rates
-
-
-
-
-
Total liability related changes
0.8
-
-
-
0.8
Balance Interest bearing debt at 31 December 2023
367.2
1.3
9.7
14.7
392.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_245": { "value": "
\u00a0
\n
\u00a0
\n
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\n
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\u00a0
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\u00a0
\n
\u00a0
\n
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2024
2023
Accounts payable
16.3
30.1
Accrued expenses
23.0
31.4
Other current liabilities
3.3
2.4
Total
42.6
63.9
Foreign exchange and liquidity risks are described
\u00a0
in Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_246": { "value": "
\u00a0
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\u00a0
\n
\u00a0
\n
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\n
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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
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2024
2023
Accounts payable
16.3
30.1
Accrued expenses
23.0
31.4
Other current liabilities
3.3
2.4
Total
42.6
63.9
Foreign exchange and liquidity risks are described
\u00a0
in Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_247": { "value": "
\u00a0
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\n
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\n
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\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
\n
\u00a0
\n
\u00a0
\n
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2024
2023
Accounts payable
16.3
30.1
Accrued expenses
23.0
31.4
Other current liabilities
3.3
2.4
Total
42.6
63.9
Foreign exchange and liquidity risks are described
\u00a0
in Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_248": { "value": "
\u00a0
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\n
\u00a0
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\u00a0
\n
\u00a0
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\u00a0
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\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
Note 17 \u2013 Accounts payable and other payables
Accounts payable and other payment liabilities comprise the following items:
Year ended 31 December
USD Millions
2024
2023
Accounts payable
16.3
30.1
Accrued expenses
23.0
31.4
Other current liabilities
3.3
2.4
Total
42.6
63.9
Foreign exchange and liquidity risks are described
\u00a0
in Note 19.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_249": { "value": "
Note 18 \u2013 Leasing
The Group leases various types of assets, with the
\u00a0
most significant monetarily being the leases
\u00a0
for
office buildings and warehouses. The smaller leases comprise
\u00a0
mainly leases for housing for employees,
IT equipment and production-related equipment in
\u00a0
the factory.
Management determines the lease term as the non-cancellable
\u00a0
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 the lease
term if it is reasonably certain the termination
\u00a0
clause will not to be exercised. Management applies
judgement in evaluating whether it is reasonably certain
\u00a0
to exercise a renewal option, considering 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 held
\u00a0
by the Group varies from one to five years. Several
of the leases have a lease term that includes
\u00a0
the 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 a lease term of less than
\u00a0
12 months from commencement that does
not include any purchase or renewal options, and
\u25cf
Leases of low-
\u00a0
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
\u00a0
lease liability. The ROU asset is generally depreciated
on a straight-line-basis over the shorter of the
\u00a0
estimated useful life of the asset or the lease
\u00a0
term and
is subject to impairment assessments of non-financial
\u00a0
assets.
The lease liability is initially measured at the
\u00a0
present value of the future lease payments
\u00a0
at
commencement date discounted using either:
\u25cf
The rate implicit in the lease, or if that cannot
\u00a0
be determined, or
\u25cf
The leasing entity\u2019s incremental borrowing rate.
The Group is calculating the incremental borrowing
\u00a0
rate in a model with an interest rate swap rate
\u00a0
as a
basis and adjustments reflecting:
\u00a0
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\n
\u00a0
\n
\u00a0
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\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
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\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
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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
\u00a0
\n
\u00a0
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\u00a0
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\u00a0
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\u00a0
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\u00a0
\n
\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.
The Group\u2019s ROU asset as at 31 December 2024 include:
USD Millions
Buildings and
vessel
Machinery and
equipment
Total
Balance as of 1 January 2024
9.0
0.1
9.1
Depreciation for the year
-1.6
-0.1
-1.7
Additions to ROU assets
1.7
-
1.7
Reductions of ROU asset (sublease)
-0.4
-
-0.4
Adjustment of ROU asset related to discontinued operations
-3.8
-
-3.8
4.8
-
4.8
Depreciation for the year for held for sale
-0.4
-
-0.4
Adjustments of ROU assets held for sale
0.7
-
0.7
Reclassified to assets held for sale
-2.5
-
-2.5
Balance as of 31 December 2024
2.6
-
2.6
Additions to ROU assets relates to a lease extension
\u00a0
of the Warehouse in Houston, and the annual
\u00a0
CPI
adjustments in some of the lease payments.
\u00a0
Reduction in the ROU assets relates to a sublease
contract for the Fornebu office.
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 assets
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
\u00a0
of the lease payments.
Amounts recognized in profit or loss:
Year ended 31 December
\"doc1p55i0\"\n
\u00a0
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\u00a0
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\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
USD Millions
2024
2023
Expenses related to short-term lease
-0.6
-1.2
Expenses related to low-value asset, excl. short-term
0.2
Leasing expenses related to variable payments not
\u00a0
included in lease liabilities
-1.0
-2.7
Interest on lease liabilities
-0.2
-0.7
Effect of changes in foreign exchange rates
-
0.2
Total
-1.8
-4.2
Instalments on lease liabilities included in cash flow
\u00a0
statement
-1.9
-5.2
Future lease liability payments as of year-end 2024 and 2023 (IFRS 16)
USD Millions
2024
2023
Within one year
1.2
5.0
1-2 years
0.5
3.3
3-5 years
0.9
0.8
More than 5 years
0.4
1.0
Total
3.0
10.1
Lease liabilities as of 31 December 2024 totaled
\u00a0
USD 3.0 million (31 December 2023: USD 10.1 million)
\u00a0
of
which USD 1.2 million (31 December 2023: USD 1.8 million)
\u00a0
was classified as current and USD 1.8 million
(31 December 2023: USD 5.1 million) as non-current, see
\u00a0
Note 16. The major change compared to last
year is related to discontinued operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_281": { "value": "
The Group leases various types of assets, with the
\u00a0
most significant monetarily being the leases
\u00a0
for
office buildings and warehouses. The smaller leases comprise
\u00a0
mainly leases for housing for employees,
IT equipment and production-related equipment in
\u00a0
the factory.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_250": { "value": "
Note 19 \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 is
exposed to are credit risk, liquidity risk, and market
\u00a0
risks (including foreign exchange risk and interest
rate risk). To manage these risks, risk management
\u00a0
is carried out in order to create predictability
\u00a0
and
stability for operating cash flows and values. Management
\u00a0
can use financial derivatives to hedge
against risk relating to operations, financing, and investment
\u00a0
activities if the financial derivative has
been approved by the Board of Directors.
\u00a0
Credit risk
Credit risk is the risk of financial loss to the
\u00a0
Group if a customer or counterparty to a
\u00a0
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
\u00a0
on 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
\u00a0
and routine billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are
\u00a0
ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The
\u00a0
Group does not grant any payment terms more
\u00a0
than 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 expedient
\u00a0
for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses
\u00a0
over the
past years.
\u00a0
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over the last
years to identify whether there are either geographical
\u00a0
or market indications of whether any additional
breakdowns into sub-portfolios is required. The reasonability
\u00a0
of the ECL accruals compared to prior
years actual losses has also been assessed, to ensure it
\u00a0
constitutes 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 at
\u00a0
a reasonable and supportable level, reflecting the
future economic conditions.
\u00a0
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Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2024
2023
Not at maturity
32.7
42.1
0-30 days overdue
12.1
10.4
31-120 days overdue
2.8
5.5
121- 365 days overdue
0.3
-
More than one year overdue
\u00a0
-
\u00a0
0.6
Total trade receivable
47.9
58.6
Bad debt provision
-0.6
-1.0
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
2024
2023
Balance at 1 January under IFRS 9
-1.0
-1.3
Impairment loss (write-off) on trade and other receivables
-
-
Provision/reversal of impairment loss on trade and other
\u00a0
receivables
0.4
0.3
Write off receivables not provisioned for
-
-
Effects of changes in foreign exchange rates
0.0
-
Allocation to loss on trade receivable and contract
\u00a0
assets
-0.6
-1.0
The Group`s two most significant customers account for
\u00a0
USD 7.7 million of the receivables carrying
amount as of 31 December 2024 (2023: USD 10.7 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
\u00a0
of interest-bearing liabilities, which was USD 150.4
million as of 31 December 2024 (2023: USD 369.2 million).
\u00a0
The Group has refinanced all debt as a result
of the Feed Ingredients transaction. The refinancing
\u00a0
was done through a 3-year NOK 1,600 million
secured bond as well as a USD 30 million super senior
\u00a0
bank facility. The bond agreement carries a
liquidity covenant of USD 7.5 million in available
\u00a0
liquidity, and the bank facility carries a leverage
covenant starting in Q4 2024 at 6.5:1 (net interest-bearing
\u00a0
debt / 12 month Adjusted EBITDA).
\u00a0
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\n
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2024:
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
Bond loan
138.7
-174.6
-6.5
-6.5
-13.1
-148.5
-
Other non-current interest-bearing liabilities
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
\u00a0
-
\u00a0
Interest bearing debt, non-current, related parties
-
Overdraft facility
5.7
-5.7
-5.7
Leasing liabilities (IFRS16)
3.0
-3.0
-0.6
-0.6
-0.5
-0.9
-0.5
Total 2024 maturity of loans and interest on interest-bearing
\u00a0
debt
147.4
-183.4
-12.9
-7.1
-13.5
-149.4
-0.5
Derivatives
11.8
-
-
-
-
-11.8
-
Accounts payable and other current liabilities
42.6
-42.6
-42.6
-
-
-
-
Non-current non-interest-bearing liabilities
8.3
-
-
-
-8.3
Total liabilities
210.1
-226.0
-55.5
-7.1
-13.5
-161.2
-8.8
Overview of maturities including estimated interest payments by category of liability
\u00a0
in 2023:
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
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
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
Market risk
Foreign exchange risk
The Group operates in a global market and is exposed
\u00a0
to currency fluctuations, primarily through
fluctuations in the USD, NOK and EUR exchange rates.
\u00a0
In addition, the Group has operations with
exposure to local currencies in Australia, New Zealand,
\u00a0
Canada and China, but these exposures are
regarded minimal. The Group has USD as its presentation
\u00a0
and functional currency in the main group
companies. The Group has NOK denominated financial
\u00a0
instruments thus the consolidated statement of
financial position is exposed to changes in NOK/USD
\u00a0
exchange rate
.
The Company has
entered into an
FX and interest rate swap agreement to mitigate the FX
\u00a0
risk related to the NOK-denominated bond. The
Group does not apply hedge accounting for the cross-currency
\u00a0
interest swap and the derivative is
presented in a separate line in the statement
\u00a0
of financial position. As of 31 December 2024,
\u00a0
the value of
the derivative liability was USD 11.8 million.
\u00a0
The Group seeks to ensure that revenues and expenses
\u00a0
are in the same currency. Future cash
\u00a0
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. As
\u00a0
of 31 December 2024, The Group does not use hedge
accounting.
\"doc1p55i0\"\n
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\n
The table below shows the Group's exposure to
\u00a0
foreign exchange risk as per 31 December.
2024
2023
USD Millions
Euro
NOK
Euro
NOK
Accounts receivable
0.1
13.8
-
22.4
Cash
-2.3
0.7
-0.7
-23.7
Other assets
-
0.6
-
0.3
Bond loan
0.0
-138.8
-
-
Accounts payable
0.0
-11.9
-0.2
-13.9
Other balance sheet items
-
-0.9
-1.3
-14.5
Gross balance sheet exposure
-2.2
-138.3
-2.2
-29.3
Currency forwards
-
-
-
-
Net exposure
-2.2
-138.3
-2.2
-29.3
Sensitivity analysis
A 10% increase or decrease in USD relative to the
\u00a0
Euro and the NOK would have reduced or increased
the Group\u2019s profit before tax with USD 0.2 million
\u00a0
related to Euro and USD 13.8 million related
\u00a0
to NOK,
respectively (before FX swap on bond loan).
\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
\u00a0
or Commercial 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
\u00a0
cash
balances as of 31 December 2024 would have affected
\u00a0
the Group\u2019s profit before tax with USD 1.6 million
(2023: USD 3.6 million). This analysis assumes that all other
\u00a0
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
2024
Effective interest rate year
ended 31 December 2024
Year ended 31 December
2023
Effective interest rate year
ended 31 December 2023
Fixed-interest instruments
Bond Loan
-138.7
SOFR + 4.68%
Loan from Antarctic Harvesting Holding AS
-1.3
7.0 %
Secured bank loan - Bank syndicate
-67.9
3.1 %
Net fixed interest instruments
-138.7
-69.2
Floating-interest instruments
Financial assets
Cash and cash equivalents
15.0
variable *)
27.5
variable *)
Financial liabilities
Secured bank loan - Bank syndicate
-
-299.3
6,9%-8,1%
Overdraft facility
-5.7
variable **)
-14.7
variable **)
Leasing liabilities (IFRS16)
-3.0
variable **)
-9.7
variable **)
Net variable interest instruments
6.3
-296.2
Total net interest-bearing debt
-132.3
-365.4
*) different cash and cash equivalents carry different interest
\u00a0
rates, as such no effective interest rate has
\u00a0
been calculated
**) different loans/ receivables carry different interest
\u00a0
rates, as such no effective interest rate has been
\u00a0
presented
Fuel price risk (Not relevant after 2023/sale of Feed)
Marine Gasoil (\u201cMGO\u201d) fuel used for vessel propulsion
\u00a0
and 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% at
barges FOB Rotterdam at defined price (\u201cthe strike\u201d)
\u00a0
each month until December 2022. As of 31
December 2023, Aker BioMarine held 44,604 call
\u00a0
option contracts giving the Group the right to purchase
44,604 MT of fuel between 2023 and 2024. The
\u00a0
value of these options was reflected in the
\u00a0
mark-to-
market (\u201cM2M\u201d) value, which at 31 December 2022 was
\u00a0
USD 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 hedging
\u00a0
purposes and not as speculative investments. From
1 January 2021 the Company met the requirements
\u00a0
for 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 sold
\u00a0
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.
\u00a0
The gain from rebalancing was USD 2.9 million
and was recognized as \u2018Other operating income\u2019 in
\u00a0
the statement of profit or loss, see Note 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
\u00a0
the remaining 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
\u00a0
2023, fair value adjustment of USD 3.9 million are
reported in the profit or loss, see Note 2.
\u00a0
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\n
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
\u00a0
hedge contracts for hedging of bunkers oil for
\u00a0
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 at
\u00a0
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.
\u00a0
During 2023, the remaining fuel options have been
terminated, and the hedge accounting has been discontinued
\u00a0
at the end of May 2023.
\u00a0
Movements in the fuel hedge reserve for the year ended 31 December:
USD Millions
2023
Opening balance as per 1 January
3.5
Change in fair value of hedging instrument recognized
\u00a0
in OCI
4.7
Reclassified to inventory
\u00a0
-8.2
Closing balance as per 31 December
-
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 value
\u00a0
hierarchy. In level 2, the valuation techniques
\u00a0
apply
the lowest level input that is significant to the fair
\u00a0
value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation
\u00a0
techniques 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 as
\u00a0
a going
concern, and ii) maintain an optimal capital structure
\u00a0
to reduce the cost of capital and be
\u00a0
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
\u00a0
Group monitors capital on the basis of
\u00a0
the gearing ratio
as agreed with the bank syndicate which is net interest-bearing
\u00a0
debt / 12 month Adjusted EBITDA (see
Note 16).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_251": { "value": "
Credit risk
Credit risk is the risk of financial loss to the
\u00a0
Group if a customer or counterparty to a
\u00a0
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
\u00a0
on 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
\u00a0
and routine billing and cash collection is performed.
The book value of financial assets represents the
\u00a0
maximum credit exposure.
\u00a0
Receivables presented under Trade Receivables are
\u00a0
ordinary account receivables generated through
sales of goods, accounted for under IFRS 15. The
\u00a0
Group does not grant any payment terms more
\u00a0
than 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 expedient
\u00a0
for measuring ECL of the Account
Receivable, mainly due to the large extent of smaller
\u00a0
clients, and the limited amount of losses
\u00a0
over the
past years.
\u00a0
The Group has designed a provision matrix based
\u00a0
on the assessment on historical data over the last
years to identify whether there are either geographical
\u00a0
or market indications of whether any additional
breakdowns into sub-portfolios is required. The reasonability
\u00a0
of the ECL accruals compared to prior
years actual losses has also been assessed, to ensure it
\u00a0
constitutes 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 at
\u00a0
a reasonable and supportable level, reflecting the
future economic conditions.
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\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2024
2023
Not at maturity
32.7
42.1
0-30 days overdue
12.1
10.4
31-120 days overdue
2.8
5.5
121- 365 days overdue
0.3
-
More than one year overdue
\u00a0
-
\u00a0
0.6
Total trade receivable
47.9
58.6
Bad debt provision
-0.6
-1.0
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
2024
2023
Balance at 1 January under IFRS 9
-1.0
-1.3
Impairment loss (write-off) on trade and other receivables
-
-
Provision/reversal of impairment loss on trade and other
\u00a0
receivables
0.4
0.3
Write off receivables not provisioned for
-
-
Effects of changes in foreign exchange rates
0.0
-
Allocation to loss on trade receivable and contract
\u00a0
assets
-0.6
-1.0
The Group`s two most significant customers account for
\u00a0
USD 7.7 million of the receivables carrying
amount as of 31 December 2024 (2023: USD 10.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_252": { "value": "
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\u00a0
\n
Aging profile of accounts receivable and bad debt provisions:
As per 31 December
USD Millions
2024
2023
Not at maturity
32.7
42.1
0-30 days overdue
12.1
10.4
31-120 days overdue
2.8
5.5
121- 365 days overdue
0.3
-
More than one year overdue
\u00a0
-
\u00a0
0.6
Total trade receivable
47.9
58.6
Bad debt provision
-0.6
-1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_14": { "value": "
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
\u00a0
of interest-bearing liabilities, which was USD 150.4
million as of 31 December 2024 (2023: USD 369.2 million).
\u00a0
The Group has refinanced all debt as a result
of the Feed Ingredients transaction. The refinancing
\u00a0
was done through a 3-year NOK 1,600 million
secured bond as well as a USD 30 million super senior
\u00a0
bank facility. The bond agreement carries a
liquidity covenant of USD 7.5 million in available
\u00a0
liquidity, and the bank facility carries a leverage
covenant starting in Q4 2024 at 6.5:1 (net interest-bearing
\u00a0
debt / 12 month Adjusted EBITDA).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_282": { "value": "
The Group uses fuel options for economic hedging
\u00a0
purposes and not as speculative investments. From
1 January 2021 the Company met the requirements
\u00a0
for 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_283": { "value": "
The Group uses fuel options for economic hedging
\u00a0
purposes and not as speculative investments. From
1 January 2021 the Company met the requirements
\u00a0
for 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_253": { "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 value
\u00a0
hierarchy. In level 2, the valuation techniques
\u00a0
apply
the lowest level input that is significant to the fair
\u00a0
value measurement that is directly or indirectly
observable. The fair values using Level 2 valuation
\u00a0
techniques 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_284": { "value": "
Note 20 \u2013 Contingencies and legal claims
The Group recognizes a provision when it has
\u00a0
a legal or constructive obligation as a result of
\u00a0
a past
event, when it is probable that payment or
\u00a0
the transfer of other assets will be required to settle
\u00a0
the
obligation and a reliable estimate can be made
\u00a0
of 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_254": { "value": "
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\n
Note 21 \u2013 Related parties
The Group\u2019s consolidated financial statements include
\u00a0
the following transactions and intercompany
balances with Aker ASA and companies controlled
\u00a0
by Aker ASA. Refer to Note 22 for remuneration
\u00a0
to key
management.
Aker ASA is the controlling shareholder of the Group.
\u00a0
USD Millions
2024
2023
Office Rent Fornebu N\u00e6ring
-0.5
-0.6
Recharge Rev Ocean
0.1
0.1
Purchase of raw material from Aker Qrill Company
-14.4
-
Sale of product to Aker Qrill Company
4.0
-
Net sale of services to/from Aker Qrill Company
0.5
-
Miscellaneous cost
-0.4
-0.4
Total
\u00a0
-10.6
-1.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_255": { "value": "
Note 22 \u2013 Salaries and other remuneration to the Board of
Directors and executive management
Board remuneration
There is no remuneration paid to the Board members
\u00a0
and Employee representative other than ordinary
salaries. For details about board remuneration, refer
\u00a0
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
\u00a0
pension and insurance plans that cover all employees.
The Group uses standard employment contracts. The
\u00a0
CEO may be dismissed upon three months' notice.
If the company terminates the employment, the CEO
\u00a0
is entitled to three months' severance pay after
the end of the notice period. The pension is capped
\u00a0
at a salary of 12 times the National Social Security
base amount.
The Group implemented share incentive programs
\u00a0
for employees in February 2022, and the programs
have been continued in 2023 and 2024.
\u00a0
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\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 to achievement
\u00a0
of certain sales related KPIs.
In 2024, Management team was awarded a discretionary
\u00a0
bonus decided by the board after the 2023
Annual Report was approved. Based on the company\u2019s
\u00a0
performance in 2024, financial targets were met
for Aker BioMarine ASA as a group, resulting in bonus
\u00a0
payments for the CEO, CFO and the Chief Officer
People & Communication. The Human Health Ingredients
\u00a0
segment not meet their financial targets
\u00a0
for
the year and thus no cash bonus was earned.
\u00a0
The Emerging Business segment achieved financial
targets that triggered a partial cash bonus payment.
\u00a0
For details about remuneration paid to the CEO and
\u00a0
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
USD Millions
2024
2023
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
0.6
1.0
0.4
0.3
-
0.7
Katrine Klaveness
Chief Financial Officer (CFO)
0.3
0.5
0.8
0.3
0.1
-
0.4
Simon Seward
CEO Human Health Ingredients
0.3
0.2
0.5
0.2
0.1
-
0.3
Hege Spaun
Chief Officer People & External Affairs
0.2
0.2
0.4
0.2
0.1
-
0.3
Tone Lorentzen
EVP Supply Chain
0.2
0.1
-
0.3
Shauna McNeill (until 31.01.2023)
EVP Innovation
-
-
-
0.1
-
0.1
Sigve Nordrum
EVP Feed Ingredients
\u00a0
-
-
0.2
0.1
-
0.3
Webj\u00f8rn Barstad
CEO Feed Ingredients
\u00a0
0.2
-
0.2
0.3
0.2
-
0.5
Trond Atle Smedsrud
CEO Emerging Business
0.2
0.2
0.4
0.2
0.1
-
0.3
Seth French
CEO Lang Pharma Nutrition Inc.
0.5
0.3
0.8
0.5
0.5
-
1.0
TOTAL
2.1
1.9
-
4.0
2.5
1.7
0.1
4.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_256": { "value": "
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\n
Note 23 Discontinued operations
\u00a0
On 3 July 2024,
\u00a0
the Company announced
\u00a0
an agreement with American
\u00a0
Industrial Partners (\u201cAIP\u201d) and
\u00a0
Aker
Capital (\u201cAker\u201d)
\u00a0
for the
\u00a0
sale of
\u00a0
Aker BioMarine\u2019s
\u00a0
ownership position
\u00a0
in the
\u00a0
Feed Ingredients
\u00a0
business,
based on an enterprise valuation of USD 590 million (around NOK 6.3 billion). Closing of the transaction
occurred on 3 September
\u00a0
2024, with economic
\u00a0
value date 31
\u00a0
August 2024, upon
\u00a0
which the Feed Ingredient
segment has been deconsolidated from the Aker BioMarine
\u00a0
Group.
\u00a0
The enterprise value in
\u00a0
the transaction was set to
\u00a0
USD 590 million, assuming a
\u00a0
normalized net working
capital and to be adjusted for net debt.
\u00a0
On the closing date of the transaction, Aker BioMarine received
a preliminary purchase price for the Feed Ingredients business.
\u00a0
After deduction of net cash in the Feed
Ingredients,
\u00a0
a
\u00a0
sellers
\u00a0
financing
\u00a0
and
\u00a0
a
\u00a0
dividend,
\u00a0
the
\u00a0
net
\u00a0
cash
\u00a0
flow
\u00a0
received
\u00a0
from
\u00a0
the
\u00a0
sale
\u00a0
of
\u00a0
Feed
Ingredients was
\u00a0
USD 404 million.
\u00a0
The preliminary
\u00a0
purchase price
\u00a0
was calculated
\u00a0
pursuant to
\u00a0
a pre-closing
statement including net debt and net
\u00a0
working capital of the Feed Ingredients business.
\u00a0
At 31 December
2024, the calculation of the
\u00a0
gain from sale of
\u00a0
the Feed Ingredients assets has
\u00a0
been based on the
\u00a0
latest
available estimated purchase price of
\u00a0
USD 383.9 million.
\u00a0
The final closing statement
\u00a0
including the final
purchase price is expected
\u00a0
to be finalized
\u00a0
in first half of
\u00a0
2025. The gain after
\u00a0
income tax resulting from
the sale of the Feed
\u00a0
Ingredients assets is USD 209.0 million. The
\u00a0
gain has been calculated by deducting
Aker
\u00a0
BioMarine
\u00a0
Group's
\u00a0
book
\u00a0
value
\u00a0
of
\u00a0
the
\u00a0
Feed
\u00a0
Ingredients
\u00a0
assets
\u00a0
on
\u00a0
the
\u00a0
closing
\u00a0
date
\u00a0
from
\u00a0
the
preliminary
\u00a0
purchase
\u00a0
price
\u00a0
less
\u00a0
costs
\u00a0
to
\u00a0
sell
\u00a0
and
\u00a0
revenues
\u00a0
and
\u00a0
expenses
\u00a0
allocated
\u00a0
to
\u00a0
discontinued
operations. Costs that have occurred in other group companies as a direct consequence of the disposal
are also classified as discontinued business.
Financial information for the disposal
\u00a0
group
The following tables present financial information for
\u00a0
profit (loss) and cash flows for the Feed
ingredients disposal group. The Group\u2019s Income Statement
\u00a0
has been re-presented for the comparative
figures for 2023 for the effects of the disposal
\u00a0
group Feed Ingredients. The Statement of Financial
Position and Cash Flow statement are not re-presented
\u00a0
for the comparative figures. Elimination of
internal profit in inventory for sales from the discontinued
\u00a0
operation to the Group's continued
operations is presented
\u00a0
as part of net profit of discontinued operations.
\u00a0
Year ended 31 December
USD Millions
2024
2023
Net profit for the period
-9.6
25.8
Gain on the sale of subsidiary after tax
209.0
-
Net profit (loss) from discontinued operations
199.4
25.8
\u00a0
Year ended 31 December
USD Millions
2024
2023
Net sales
88.1
139.0
Cost of goods sold
-68.8
-98.6
Gross profit
19.2
40.4
SG&A
-12.4
-24.1
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\n
Depreciation, amortization and impairment
-1.3
-2.5
Other operating income/(cost), net
0.5
4.1
Operating profit (loss)
6.1
17.9
Net financial items
-15.7
-17.1
Tax expense
\u00a0
-
\u00a0
25.0
Net profit (loss) from discontinued operations
-9.6
25.8
\u00a0
Year ended 31 December
USD Millions
2024
2023
Net cash-flow from operating activities
26.4
43.0
Net cash-flow from investing activities
-11.1
-14.0
Net cash-flow from financing activities
-12.0
-3.0
Net change in cash and cash equivalents
3.4
26.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_257": { "value": "
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\n
Note 24 - Assets held for sale and discontinued operations
The company Aion AS has been defined as held-for-sale since
\u00a0
31 December 2023. As of 30 September
2024, the company AKBM Understory AS is also defined
\u00a0
as held-for-sale. The Group has initiated a sales
process for both companies, and it is considered
\u00a0
highly probable that sales will close within 12 months.
Management has exercised judgement in determining
\u00a0
whether the Protein business (Aker BioMarine
Understory AS) represents a separate major line of
\u00a0
business in line with IFRS 5. When performing the
assessment, management has considered costs,
\u00a0
fixed assets as well as number of employees
\u00a0
compared
to continued business when concluding that the Protein
\u00a0
business is a \u2018major line of business\u2019. Based
\u00a0
on
Management assessment, AKBM Understory AS is considered
\u00a0
to represent a separate major line of
business and is classified as discontinued operation.
Financial information for the held for sale
\u00a0
disposal groups
The following tables present financial information for
\u00a0
profit (loss), cash flows and classes of assets and
liabilities for AKBM Understory AS as well as assets
\u00a0
for Aion AS.
\u00a0
\u00a0
Year ended 31 December
USD Millions
2024
2023
Net sales
-
-
Cost of goods sold
\u00a0
-
\u00a0
-
Gross profit
-
-
SG&A
-2.2
-
Depreciation, amortization and impairment
-2.5
-2.3
Other operating income/(cost), net
-
-
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Operating profit (loss)
-4.7
-2.3
Net financial items
-0.1
-0.1
Tax expence
\u00a0
-
\u00a0
-
Net profit (loss) from discontinued operations
-4.8
-2.4
\u00a0
Year ended 31 December
USD Millions
2024
2023
Net cash-flow from operating activities
-0.1
-
Net cash-flow from investing activities
-3.2
-8.3
Net cash-flow from financing activities
3.5
-0.3
Net change in cash and cash equivalents
0.3
-8.6
USD Millions
Understory
Aion
Total
ASSETS
Property, plant and equipment
28.2
28.2
Right to use assets
2.6
2.6
Cash and cash equivalents
0.3
0.3
Assets directly associated with the disposal group
31.1
-
31.1
Investments in Aion
4.2
4.2
Assets held for sale
31.1
4.2
35.3
LIABILITIES
\u00a0
Interest-bearing debt
2.3
2.3
Accounts payable and other payables
1.1
1.1
Liabilities directly associated with the disposal group
3.4
-
3.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_258": { "value": "
Note 25 \u2013 Group companies
As of 31 December 2024, Aker Capital AS held 77.7%
\u00a0
of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been the
\u00a0
main
investment classified as investment in associates,
\u00a0
and the investment and the share of result
\u00a0
has been
included in the Group\u2019s financial statements. As per
\u00a0
31 December 2024, the investment has been
classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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
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\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
\u00a0
\n
\u00a0
\n
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\n
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\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
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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
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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 consolidated financial statements for the Group in 2024 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Holding AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
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 Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
NewRide LLC (until March 2024)
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrition Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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 consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine 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 Nutrition 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
\u00a0
certain fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_259": { "value": "
Note 25 \u2013 Group companies
As of 31 December 2024, Aker Capital AS held 77.7%
\u00a0
of the shares in Aker BioMarine, and the CEO,
through his wholly owned subsidiary KMMN Invest
\u00a0
II AS, held 1.2%.
Investments in associates
The Group accounts for investments in associates
\u00a0
under the equity method. Aion AS has been the
\u00a0
main
investment classified as investment in associates,
\u00a0
and the investment and the share of result
\u00a0
has been
included in the Group\u2019s financial statements. As per
\u00a0
31 December 2024, the investment has been
classified as \u201cAsset held for sale\u201d.
\u00a0
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\u00a0
\n
\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 consolidated financial statements for the Group in 2024 included the following subsidiaries:
Shareholding
Voting rights
\u00a0
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine Holding AS
100
100
Lysaker
Norway
Aker BioMarine Antarctic US LLC
100
100
Issaquah
USA
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 Understory AS
100
100
Lysaker
Norway
KRBNX AS
100
100
Lysaker
Norway
Aker BioMarine Manufacturing LLC
100
100
Houston
USA
Aker BioMarine US Holding Inc
100
100
Issaquah
USA
Aker BioMarine Asia Ltd
100
100
Hong Kong
China
Aker BioMarine Shanghai International Trading Co Ltd
100
100
Shanghai
China
NewRide LLC (until March 2024)
100
100
Issaquah
USA
Epion Brands LLC
100
100
Issaquah
USA
Lang Pharma Nutrition Inc
100
100
Middletown
USA
Wanaka BioMarine Ltd
100
100
Nelson
New Zealand
Aker BioMarine Japan K.K
100
100
Tokyo
Japan
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The consolidated financial statements for the Group in 2023 included the following subsidiaries:
Shareholding
Voting rights
Administrative headquarters
in %
in %
Location
Country
Aker BioMarine 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 Nutrition 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
\u00a0
certain fundamental matters which require consent from
\u00a0
both
shareholders
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_260": { "value": "
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Note 26 \u2013 Earnings per share
USD Millions
2024
2023
Continued operations:
Net profit (loss)
-14.5
-32.3
Profit (loss) from continued operations attributable to Equity
\u00a0
holders of the
parent
-14.5
-32.3
Number of shares
Share outstanding as per 1 January
\u00a0
87,672,748
87,637,733
Capital increase
12,266
35,015.0
Shares outstanding as per 31 December
87,685,014
87,672,748
Weighted average number of shares as per 31 December
87,680,925
87,661,076
Basic - continued operations
-0.16
-0.10
Diluted - continued operations
-0.16
-0.10
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "ID_261": { "value": "
Note 27 \u2013 Events after the end of the reporting period
Since Donald Trump's inauguration as President of
\u00a0
the United States, political and geopolitical
uncertainty has escalated, particularly regarding the
\u00a0
international tariff regime. To address the
potential impact of increased tariffs on its supply
\u00a0
chain, Aker BioMarine is actively monitoring the
situation and exploring strategic initiatives to minimize
\u00a0
adverse effects.
Aker BioMarine's largest international trade activity involves
\u00a0
importing krill meal from Norway to
Houston. To mitigate potential disruptions, the
\u00a0
company is collaborating with stakeholders to minimize
the impact of raw materials not readily available
\u00a0
in the U.S. This includes negotiating with partners
\u00a0
to
reduce the cost of raw materials, thereby minimizing
\u00a0
tariff impacts.
Additionally, the Group has contract manufacturing operations
\u00a0
in Canada for the U.S. market, where
there is a risk of increased costs related to encapsulation
\u00a0
services. As a countermeasure, the company
is considering the possibility of producing capsules in
\u00a0
Canada and selling directly to the Canadian
market, bypassing the need to return goods to
\u00a0
the U.S.
For sales of products from Houston to customers
\u00a0
in markets such as Mexico, Canada, the EU
\u00a0
and Asia
there is a risk that retaliatory tariffs could affect
\u00a0
these transactions. To mitigate this risk, the Group is
working on various strategies to reduce operational
\u00a0
costs, aiming to minimize the impact of higher
tariffs. The Group is also looking into alternative
\u00a0
trade routes with free trade agreements with US,
\u00a0
e.g.,
New Zealand and South Korea.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:549300V34T6VWDSYWE64", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }