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"value": "NOTE 1 GENERAL Austevoll Seafood ASA is a public limited company registered in Norway. The Company's main office is located on Storeb\u00f8 in the municipality of Austevoll, | Norway. Laco AS is the company's | 29.04.2024. | Seafood ASA Group whilst \"Company\" is |
| major shareholder and ultimate parent | | used for the parent company itself. |
| (see note 16). | The Group has introduced ESEF reporting | |
| | for the income statement, statement of | All amounts in the notes are in NOK |
The Company is listed on the Oslo Stock | Exchange. | in equity, cash flow and notes. The ESEF | differently. |
| | report can be found on Austevoll | |
The annual, statutory accounts, based upon International Financial Reporting Standards (IFRS) as adopted by EU, were approved by the Board of Directors at
financial position, statement of changes Seafood ASA\u2019s website, www.auss.no. In the following \"Group\" is used to describe information related to Austevoll million (MNOK), if not specified ",
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"value": "29.04.2024.The annual, statutory accounts, based upon International Financial Reporting Standards (IFRS) as adopted by EU, were approved by the Board of Directors at
",
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"f6108": {
"value": "NOTE 2 Critical accounting estimates and judgements Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. RECOVERABLE AMOUNT OF GOODWILL AND LICENCES The Group tests annually whether good- will and licences with indefinite lives have suffered any impairment, in accordance with the accounting policy stated in note 29. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations unless otherwise stated. These calculations require the use of estimates and are further described in note 10.
INCOME TAXES The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The utilisation of recognised tax assets will depend on future positive tax earnings in various jurisdictions, and may not be offset between various tax regimes. Valuation of impairment requirement for tax assets is therefore based on estimates of future tax earnings in some of the tax regimes. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a significant accounting estimate. See note 26 for further information. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
VALUE ADJUSTMENT OF BIOLOGICAL ASSETS Biological assets comprise the stock of roe, fry, juvenile fish, cleaner fish and fish in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. For fish ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For fish not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvesting date for this fish. (1) Price One important premise in the valuation of fish both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest fluctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3-6 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For fish ready for harvest the forward price for the following month is applied. For fish not ready for harvest, the forward price for the month when the fish is expected to achieve optimal weight for harvest is applied. If it is probable on the balance sheet date that the fish will be harvested before it reaches optimal harvest weight, for example due to biological challenges (that have emerged prior to the balance sheet date), an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small fish is lower than for normal-size fish. The price is subsequently adjusted for exporter margins and clearing costs. This applies to fish both ready for harvest and not ready for harvest. Further adjustments are necessary for harvesting costs (well- boat, harvesting and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for ASC-certified fish. The adjustments for exporter margin and clearing costs are observable items estimated by Fish Pool. The adjustment for harvesting costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments.
(2) Cost For fish not ready for harvest, an adjustment is also required for the costs necessary to grow the fish to optimal harvest weight. Estimates related to future costs are based on the Group's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to reflect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of fish (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight (4.65 kg live weight for salmon and 4.76 kg live weight for trout). There is some uncertainty involving both the number of fish in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of fish on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of fish that results in a gutted weight of 4 kg, unless specific conditions exist on the balance sheet date to indicate that the fish have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the fish reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming fish per month, depending on region. (4) Discounting Every time a fish is harvested and sold, this generates a positive cash flow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash flow per locality. The cash flow is allocated to the month when harvest is estimated to take place. The sum of the cash flows from all the localities where the Group has fish in the sea will then be distributed over the entire period of time it takes to farm the fish in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash flow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) Licence lease and (3) Time value. (4.1) Risk adjustment The risk adjustment shall reflect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live fish rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash flow. Three significant factors could have an impact on cash flow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. (4.2) Hypothetical licence lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licences for farming fish for consumers, such licences currently have a very high value. For a hypothetical buyer of live fish to take over and continue to farm the fish, he/she would need a licence, locality and other permits required for such production. At the time of writing, leasing of licences is not permitted. However, on a hypothetical market for the purchase and sale of live fish, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a significant discount in order to allocate a sufficient share of the returns to the buyer\u2019s own licences or to cover the lease costs for leased licences. It is difficult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licences, as the curve in the model would be based on projections of future profit performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the licence limitations are measured at different levels (location, region and company). (4.3) Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash flow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live fish rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash flow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash flow would decrease for each month, as costs are incurred to farm the fish to harvest weight. The costs increase for every month the fish are in the sea. As such, the effect of deferred cash flow is lower than would be the case if the cash flow had been constant. This component is however deemed important due to the major values the stock of fish represents. (4.4) Evaluation of discount rate A monthly discount rate of 4% per month was applied in 2023. The rate applied in 2022 was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact
the value on fish in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a significant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also significance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for fish in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the fish in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis for fair value of fish in sea The Group considers that four components are key for valuation. These are: (1) weighted average price, (2) projected optimal harvest weight, (3) monthly discount rate and (4) estimated number of fish. The tables below show a simulated sensitivity to changes in fair value of the biological assets in the event of changes in these parameters: NOTE 2 cont. Critical accounting estimates and judgements The table shows total estimated fair value (present value) before provision for loss- making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction. The projected total cost is held constant, such that an increase in projected harvest weight will bring about a reduction in cost per kg, while a reduction in projected harvest weight will bring about an increase in cost per kg. For price, the change is per NOK gutted weight. The above price is after deduction for harvesting costs, transport to Oslo, quality, size and exporter margin. Sensitivity analysis in relation to weighted average price and projected optimal harvest weight | | | | Projected harvest weight per \ufb01sh in kg gwe | | |
| | | 3.5 | 3.8 4.0 | 4.3 | 4.5 |
| | | | Change in projected harvest weight per kg gwe | | |
| | | -0.50 | -0.25 - | 0.25 | 0.50 |
| 80.3 | -5.00 | 6 585 | 7 081 7 627 | 8 187 | 8 753 |
7 087 7 212 7 338 7 464 7 844
7 608 7 740 7 872 8 005 8 405
8 182 8 321 8 461 8 601 9 021
8 770 8 917 9 064 9 211 9 653
9 380 9 534 9 689 9 843 10 307
Sensitivity analysis of weighted average price and discount rate applied Sensitivity analysis of weighted average price and number of fish in stock The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively. The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock. | | | | Monthly discount rate (%) | | |
| | | 2.0% | 3.0% 4.0% | 5.0% | 6.0% |
| | | | Change in monthly discount rate (%) | | |
| | | -2.0% | -1.0% 0.0% | 1.0% | 2.0% |
| 80.3 | -5.00 | 8 799 | 8 180 7 627 | 7 132 | 6 687 |
83.3 -2.00 9 294 8 633 8 043 7 515 7 041 84.3 -1.00 9 459 8 784 8 182 7 643 7 158 85.3 - 9 624 8 935 8 321 7 770 7 277 86.3 1.00 9 791 9 088 8 461 7 900 7 396 87.3 2.00 9 957 9 240 8 601 8 029 7 515 90.3 5.00 10 457 9 698 9 021 8 416 7 873 Average price per kg (NOK) Change in price per kg (NOK) | | | | Number of \ufb01sh in stock (million \ufb01sh) | | |
| | | 51.6 | 53.3 54.3 | 55.4 | 57.1 |
| | | | Change in number of \ufb01sh in stock | | |
| | | -5% | -2% 0% | 2% | 5% |
| 80.3 | -5.00 | 7 069 | 7 404 7 627 | 7 851 | 8 186 |
83.3 -2.00 7 464 7 811 8 043 8 275 8 623 84.3 -1.00 7 595 7 947 8 182 8 416 8 768 85.3 - 7 727 8 083 8 321 8 558 8 915 86.3 1.00 7 859 8 220 8 461 8 701 9 062 87.3 2.00 7 992 8 357 8 601 8 844 9 209 90.3 5.00 8 392 8 769 9 021 9 273 9 651 Price parameters 2022 - Estimated forward price through expected harvesting period Forward price* Exporter fee Clearing cost Net forward price | Q1 2023 | 91.75 | -0.75 | -0.34 | 90.66 |
| Q2 2023 | 95.55 | -0.75 | -0.34 | 94.46 |
| Q3 2023 | 76.48 | -0.75 | -0.34 | 75.39 |
| Q4 2023 | 78.22 | -0.75 | -0.34 | 77.13 |
| Q1 2024 | 84.33 | -0.75 | -0.34 | 83.24 |
| Q2 2024 | 87.50 | -0.75 | -0.34 | 86.41 |
Price parameters 2023 - Estimated forward price through expected harvesting period Forward price* Exporter fee Clearing cost Net forward price | Q1 2024 | 108.90 | -0.75 | -0.34 | 107.81 |
| Q2 2024 | 114.40 | -0.75 | -0.34 | 113.31 |
| Q3 2024 | 84.65 | -0.75 | -0.34 | 83.56 |
| Q4 2024 | 87.07 | -0.75 | -0.34 | 85.98 |
| Q1 2025 | 101.83 | -0.75 | -0.34 | 100.74 |
| Q2 2025 | 102.29 | -0.75 | -0.34 | 101.20 |
* Quarterly forward price is based on monthly forward prices sourced from Fish Pool at 30.12. Quarterly forward price is based on average analyst estimates for 2025, picked up on the balance sheet date. Adjustments are also made for 2023 2022 | Price premium (+/-) for trout | 0.00 | 0.00 |
| Price premium (+/-) for organic salmon | 0.00 | 0.00 |
| Price premium (+/-) for ASC certi\ufb01ed salmon | 0.10 | 0.09 |
| Reduction for quality deviations, salmon | -1.27 | -1.30 |
| Reduction for quality deviations, trout | -1.60 | -1.60 |
| Reduction for size deviations, salmon | -0.24 | -0.26 |
| Reduction for size deviations, trout | -0.80 | -0.80 |
Deductions are also made for wellboat services, harvesting and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash flow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis described in the note on significant accounting estimates and assessments (note 2), an estimated average net price is applied to all sizes. This is calculated by dividing the total estimated net sales revenue per locality by the total estimated volume (measured as harvest weight), based on projected weight on the date of harvest. ACCIDENTAL RELEASE IN 2023 For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur randomly due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. This applies even if only one individual has escaped. The Group has not experienced any accidental release of economic significance in 2023. In total 15 030 individuals have escaped, from a total stock of approximately 55 million. The accidental release consists of five different incidents. Regardless of size, all incidents are described in the sustainability report, available at www.auss.no. INCIDENT-BASED MORTALITY The Group defines mortality as abnormal when more than a certain percentage of the total number of fish die in the space of one month. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For more detailed information, see the note on biological assets (I). Abnormal mortality is defined as incident- based mortality, and is charged to the income statement in the period in which it occurs. As in 2022 most of the incident- based mortality in 2023 has been caused by sea lice treatment. However, some mortality has been caused by diseases, like gill disease, jellyfish and CMS, together with weakness from winter wounds. Fish health, including minimising mortality, is the cornerstone of the Group\u2019s strategy. The positive number of sea lice treatments and related mortality, continued during first half of 2023. In second half of the year, the number of sea lice treatments have increased, as well as the mortality following the treatments. The Group works continuously with actions and technology to solve this challenge. 2023 2022 Calculated average net prices, all sizes (NOK/kg) 86.33 74.40 | Other parameters | | |
| Projected mortality in relation to number of individuals per month in North Norway | 0.45% | 0.45% |
| Projected mortality in relation to number of individuals per month in Central Norway | 0.60% | 0.60% |
| Projected mortality in relation to number of individuals per month in West Norway | 1.10% | 1.10% |
| Factor used for gutting waste, salmon | 14% | 14% |
| Factor used for gutting waste, trout | 16% | 16% |
| Projected harvest weight, salmon | 4.65 kg | 4.65 kg |
| Projected harvest weight, trout | 4.76 kg | 4.76 kg |
| Discount rate (monthly) | 4% | 4% |
NOTE 13 Climate and sustainability CLIMATE RISK A substantial amount of work has been carried out on climate risk in recent years. As well as directing attention to how the Group\u2019s activities impact the climate, it is also important for AUSS to understand how climate change may affect the Group\u2019s operations, including the financial impact on the Group\u2019s earnings, costs and investments. In 2019, we conducted a project at Group level to map relevant physical and transition risks related to climate change. In 2021, we further developed the project and started the process of assessing the significance of risks and opportunities related to climate change. In 2022, we initiated a climate risk analysis in accordance with the TCFD framework (Task Force on Climate-Related Financial Disclosures) for the companies that represent the Group\u2019s operating segments. This is an important process, both for ensuring transparency, and increasing our understanding of how climate-related incidents may impact the Group and the action we can take to mitigate climate- related impacts. The process is ongoing, and the TCFD report will be published on AUSS\u2019s website in the course of 2024. Nonetheless, we wish to discuss key elements based on the process so far, and to discuss in more detail some important factors that will be central in the ongoing analysis; relating to the financial impact of climate change on the Group. AUSS has reported the Group\u2019s greenhouse gas emissions to the CDP (Carbon Disclosure Project) since 2019. FINANCIAL IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S ASSETS Through its portfolio company, AUSS owns companies involved in the production of Atlantic salmon and trout throughout the value chain, from roe to end products delivered to consumers. The Group is also a major business within whitefish fisheries, and here too has control of the entire value chain from catch to end product. AUSS is involved in pelagic operations within fisheries, production of fishmeal, fish oil, protein concentrate and frozen consumer products. In addition, the Group has sales operations in Norway, Europe, Asia, the USA and South America.
FIXED ASSETS Accordingly, the Group\u2019s fixed assets primarily comprise fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal, fish oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group operates. The Group\u2019s fishery activities take place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. In 2023, 89.6% of the volume of raw materials from the Group\u2019s own wild catches, as well as raw materials purchased from third parties, was from certified fish species. Relevant certifications in 2023 were MSC Certification, Marine Trust 2.0, Friend of the Sea and Fishery Improvement Project (FIP). There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2023 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is far and away the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should such a situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. This would also have consequences for the onshore processing industry. Extreme weather would lead to an insufficient supply of raw materials for the onshore industry for the production of end products, which in turn would mean reduced earnings for both fishing vessels and processing facilities. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fires may damage key infrastructure. Potentially, this could have both a major direct impact on the Group\u2019s operations and an indirect impact through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions for fisheries. In 2023, fisheries in Peru were affected by El Ni\u00f1o, which started with a coastal El Ni\u00f1o in March. The first fishing season (April \u2013 July) was cancelled after a few days\u2019 trial fishery, and the quota for the second season (October \u2013 January) was set lower than is normal for this season. This resulted in negative earnings in 2023 for the business in Peru. The last time an entire fishing season was cancelled in Peru was in 2014. Apart from the negative impact for the business in Peru, the Group has not had any significant costs in 2023 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2023 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment testing by using historical catch volumes.
ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Historically, the Group\u2019s bad debts have been low. Accounts receivable are measured at fair value on the transaction date, which will usually correspond to the nominal value of the receivable. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Based on the Group\u2019s business activities and customer base, it has been assessed that climate change does not impact the Group\u2019s estimated provision for bad debt beyond what is stated in Note 9.
NOTE 13 cont. Climate and sustainability INVENTORY The Group\u2019s inventory mainly comprises biomass in the sea (Atlantic salmon and trout), end products in the form of fishmeal and oil, and frozen fish for direct consumption. For more information about how biological assets are valued, see Note 2, 7 and 29 to the consolidated financial statements . Biomass in the sea at 31.12 will mainly be harvested in the next 12-14 months, and relevant, up-to- date information is taken into account when estimating the production cost for live fish in the sea. Any permanent changes linked to climate risk will therefore be taken into account as part of this relevant, up-to-date information and reflected in production cost for live fish in the sea. Acute incidents, including algae bloom, acute disease outbreaks or other circumstances resulting in abnormal mortality, are expensed in the income statement on an ongoing basis. If monthly mortality at a site exceeds 1.5% of the opening number of fish at the site, this is considered an indication of possible abnormal mortality. Normal waste is considered part of the production cost. Salmon, trout and wild-caught fish have one of the lowest carbon footprints compared to other animal proteins. This is positive for the Group, as it is expected that consumers will increasingly demand food with a lower carbon footprint in the future. The value of the inventory has not been changed based on climate-
related incidents. | in Peru and hence lower emissions from |
| | the Group\u2019s factories there. |
CO e EMISSIONS IN 2023 2 | An overall CO emissions reduction target 2 |
In 2023, the Group\u2019s total direct greenhouse gas emissions, Scope 1 and 2 converted to tCO 2 e, were 266 209 (2022: 286 962). This breaks down into 248 186 for Scope 1 (2022: 267 237) and 18 023 for Scope 2 (2022: 19 725). The Group\u2019s fishing vessels account for the majority of the Scope 1 emissions, representing 65% of tCO 2 e in 2023 (2022: 59%). The reason for the increase for the fishing fleet is higher quotas, more trips and longer voyages to unload for our vessels in Norway. There is also an increase for the vessels in Peru because of longer voyages to look for fish. The vessels\u2019 propulsion systems run on marine oil (MGO), and there are currently no effective alternative propulsion systems for the Group\u2019s seagoing vessels. Ongoing efforts are being made to reduce the vessels\u2019 bunker consumption, including making operations more efficient where possible. Pelagic fish and cuttings from pelagic fish and whitefish are input factors in the production of fishmeal and fish oil. Fishmeal and fish oil are important input factors in the production of feed for farmed Atlantic salmon and trout. The Group\u2019s fishery activities and production of fishmeal and oil will therefore be included in its Scope 3 reporting for farming activities. A reduction in emissions linked to this area will result in a reduction in the Group\u2019s direct emissions but also in indirect emissions linked to the Group\u2019s farming activities. In addition, the Group\u2019s factories accounted for 12% of Scope 1 emissions in 2023, the majority of which was from the factories in Peru and Chile (2022: 21%). This is because the factories\u2019 energy consumption is mainly based on fossil fuels. Where possible, in recent years these factories have switched to using gas instead of gas oil as an energy source, which produces lower CO 2 emissions than gas oil. The decrease in energy consumption by the Group\u2019s factories is a result of lower receipt of raw materials has not yet been set for the Group as a whole. Ler\u00f8y Seafood Group ASA, as one of the largest portfolio companies, has set a target of reducing its total CO 2 emissions by 46% by 2030, compared with a 2019 baseline. As previously mentioned, the fishing vessels represent the largest share of the Group's direct CO 2 emissions, and there are currently no effective alternatives to the existing propulsion systems. Reducing emissions linked to the fishing fleet will require the development of currently unknown technology involving an unknown capital requirement. Based on current legislation, the Group has not identified any future costs that suggest the need for provisions for future liabilities under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to climate risk have not been found to have impacted the Group\u2019s impairment tests or sensitivity analyses. It is hereby confirmed that climate- related risks do not significantly affect the Group\u2019s going concern assumption.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2.
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"value": "The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. RECOVERABLE AMOUNT OF GOODWILL AND LICENCES The Group tests annually whether good- will and licences with indefinite lives have suffered any impairment, in accordance with the accounting policy stated in note 29. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations unless otherwise stated. These calculations require the use of estimates and are further described in note 10.
INCOME TAXES The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The utilisation of recognised tax assets will depend on future positive tax earnings in various jurisdictions, and may not be offset between various tax regimes. Valuation of impairment requirement for tax assets is therefore based on estimates of future tax earnings in some of the tax regimes. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a significant accounting estimate. See note 26 for further information. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
VALUE ADJUSTMENT OF BIOLOGICAL ASSETS Biological assets comprise the stock of roe, fry, juvenile fish, cleaner fish and fish in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. For fish ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For fish not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvesting date for this fish. (1) Price One important premise in the valuation of fish both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest fluctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3-6 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For fish ready for harvest the forward price for the following month is applied. For fish not ready for harvest, the forward price for the month when the fish is expected to achieve optimal weight for harvest is applied. If it is probable on the balance sheet date that the fish will be harvested before it reaches optimal harvest weight, for example due to biological challenges (that have emerged prior to the balance sheet date), an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small fish is lower than for normal-size fish. The price is subsequently adjusted for exporter margins and clearing costs. This applies to fish both ready for harvest and not ready for harvest. Further adjustments are necessary for harvesting costs (well- boat, harvesting and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for ASC-certified fish. The adjustments for exporter margin and clearing costs are observable items estimated by Fish Pool. The adjustment for harvesting costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments.
(2) Cost For fish not ready for harvest, an adjustment is also required for the costs necessary to grow the fish to optimal harvest weight. Estimates related to future costs are based on the Group's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to reflect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of fish (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight (4.65 kg live weight for salmon and 4.76 kg live weight for trout). There is some uncertainty involving both the number of fish in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of fish on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of fish that results in a gutted weight of 4 kg, unless specific conditions exist on the balance sheet date to indicate that the fish have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the fish reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming fish per month, depending on region. (4) Discounting Every time a fish is harvested and sold, this generates a positive cash flow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash flow per locality. The cash flow is allocated to the month when harvest is estimated to take place. The sum of the cash flows from all the localities where the Group has fish in the sea will then be distributed over the entire period of time it takes to farm the fish in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash flow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) Licence lease and (3) Time value. (4.1) Risk adjustment The risk adjustment shall reflect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live fish rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash flow. Three significant factors could have an impact on cash flow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. (4.2) Hypothetical licence lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licences for farming fish for consumers, such licences currently have a very high value. For a hypothetical buyer of live fish to take over and continue to farm the fish, he/she would need a licence, locality and other permits required for such production. At the time of writing, leasing of licences is not permitted. However, on a hypothetical market for the purchase and sale of live fish, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a significant discount in order to allocate a sufficient share of the returns to the buyer\u2019s own licences or to cover the lease costs for leased licences. It is difficult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licences, as the curve in the model would be based on projections of future profit performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the licence limitations are measured at different levels (location, region and company). (4.3) Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash flow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live fish rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash flow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash flow would decrease for each month, as costs are incurred to farm the fish to harvest weight. The costs increase for every month the fish are in the sea. As such, the effect of deferred cash flow is lower than would be the case if the cash flow had been constant. This component is however deemed important due to the major values the stock of fish represents. (4.4) Evaluation of discount rate A monthly discount rate of 4% per month was applied in 2023. The rate applied in 2022 was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact
the value on fish in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a significant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also significance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for fish in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the fish in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis for fair value of fish in sea The Group considers that four components are key for valuation. These are: (1) weighted average price, (2) projected optimal harvest weight, (3) monthly discount rate and (4) estimated number of fish. The tables below show a simulated sensitivity to changes in fair value of the biological assets in the event of changes in these parameters: NOTE 2 cont. Critical accounting estimates and judgements The table shows total estimated fair value (present value) before provision for loss- making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction. The projected total cost is held constant, such that an increase in projected harvest weight will bring about a reduction in cost per kg, while a reduction in projected harvest weight will bring about an increase in cost per kg. For price, the change is per NOK gutted weight. The above price is after deduction for harvesting costs, transport to Oslo, quality, size and exporter margin. Sensitivity analysis in relation to weighted average price and projected optimal harvest weight | | | | Projected harvest weight per \ufb01sh in kg gwe | | |
| | | 3.5 | 3.8 4.0 | 4.3 | 4.5 |
| | | | Change in projected harvest weight per kg gwe | | |
| | | -0.50 | -0.25 - | 0.25 | 0.50 |
| 80.3 | -5.00 | 6 585 | 7 081 7 627 | 8 187 | 8 753 |
7 087 7 212 7 338 7 464 7 844
7 608 7 740 7 872 8 005 8 405
8 182 8 321 8 461 8 601 9 021
8 770 8 917 9 064 9 211 9 653
9 380 9 534 9 689 9 843 10 307
Sensitivity analysis of weighted average price and discount rate applied Sensitivity analysis of weighted average price and number of fish in stock The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively. The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock. | | | | Monthly discount rate (%) | | |
| | | 2.0% | 3.0% 4.0% | 5.0% | 6.0% |
| | | | Change in monthly discount rate (%) | | |
| | | -2.0% | -1.0% 0.0% | 1.0% | 2.0% |
| 80.3 | -5.00 | 8 799 | 8 180 7 627 | 7 132 | 6 687 |
83.3 -2.00 9 294 8 633 8 043 7 515 7 041 84.3 -1.00 9 459 8 784 8 182 7 643 7 158 85.3 - 9 624 8 935 8 321 7 770 7 277 86.3 1.00 9 791 9 088 8 461 7 900 7 396 87.3 2.00 9 957 9 240 8 601 8 029 7 515 90.3 5.00 10 457 9 698 9 021 8 416 7 873 Average price per kg (NOK) Change in price per kg (NOK) | | | | Number of \ufb01sh in stock (million \ufb01sh) | | |
| | | 51.6 | 53.3 54.3 | 55.4 | 57.1 |
| | | | Change in number of \ufb01sh in stock | | |
| | | -5% | -2% 0% | 2% | 5% |
| 80.3 | -5.00 | 7 069 | 7 404 7 627 | 7 851 | 8 186 |
83.3 -2.00 7 464 7 811 8 043 8 275 8 623 84.3 -1.00 7 595 7 947 8 182 8 416 8 768 85.3 - 7 727 8 083 8 321 8 558 8 915 86.3 1.00 7 859 8 220 8 461 8 701 9 062 87.3 2.00 7 992 8 357 8 601 8 844 9 209 90.3 5.00 8 392 8 769 9 021 9 273 9 651 RECOVERABLE AMOUNT OF GOODWILL AND LICENCES The Group tests annually whether good- will and licences with indefinite lives have suffered any impairment, in accordance with the accounting policy stated in note 29. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations unless otherwise stated. These calculations require the use of estimates and are further described in note 10.
NOTE 10 Intangible assets | | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2022 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 2 346 | 4 439 | 4 449 | 1 145 | 50 | 12 429 |
| Accumulated depreciation and amortisation | 0 | -282 | -267 | -35 | 0 | -584 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Exchange di\ufb00erences | 62 | 0 | | 179 | 0 | 243 |
| Business combinations | 0 | 6 | 0 | 0 | 0 | 7 |
| Additions for the year | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation and amortisation | 0 | -29 | -21 | -31 | 0 | -81 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 407 | 4 472 | 4 449 | 1 325 | 50 | 12 703 |
| Accumulated depreciation and amortisation | 0 | -336 | -288 | -66 | 0 | -690 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| - of which assets with inde\ufb01nite lives | 2 279 | 4 117 | 3 797 | 1 239 | 50 | 11 483 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 365 | 0 | 0 | 365 |
| | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2023 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| Carrying amount at 01.01. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| Exchange di\ufb00erences | 49 | -3 | 0 | 51 | 0 | 100 |
| Business combinations | 107 | 0 | 0 | 0 | 0 | 107 |
| Depreciation and amortisation | 0 | 0 | -50 | -2 | 0 | -52 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 113 | 1 290 | 50 | 12 002 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 564 | 4 495 | 4 448 | 1 377 | 50 | 12 933 |
| Accumulated depreciation and amortisation | 0 | -361 | -338 | -68 | 0 | -767 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 112 | 1 289 | 50 | 12 002 |
| - of which assets with inde\ufb01nite lives | 2 436 | 4 115 | 3 796 | 1 289 | 50 | 11 686 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 315 | 0 | 0 | 315 |
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
Cash-generating units (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non-amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write- down of goodwill. LSG has following fish farming licences; 30 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 64 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 6 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of good- will or intangible assets with an indefinite useful life in 2023 and 2022. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per license in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2.0% growth in volume produced. The licences in this segment are owned by the sub-group, Ler\u00f8y Havfisk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of fish. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a specific buyer. The principle for pricing is the average price realised for the species of fish in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Havfisk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Havfisk AS has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Havfisk AS to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y Havfisk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Havfiske AS, Finnmark Havfiske AS and Hammerfest Industrifiske AS. It has not been acquired Carrying amount of intangible assets per CGU Goodwill Licences Trademarks Total | Ler\u00f8y Seafood Group ASA | 1 938 | 7 491 | 50 | 9 480 |
| Br. Birkeland AS | 169 | 556 | 0 | 725 |
| Br. Birkeland Farming AS | 21 | 174 | 0 | 195 |
| Austral Group S.A.A. | 307 | 890 | 0 | 1 197 |
| FoodCorp Chile S.A. | 0 | 405 | 0 | 405 |
| Total | 2 436 | 9 516 | 50 | 12 002 |
or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for whitefish in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to fish for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of fish allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to fish its share of the quota. This is known as \u201cre-allocation\u201d. In 2023 (2022), one cod licence entitled the holder to fish for 979 (1 154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the final licence volumes after re-allocations for 2023 (2022), this is a change of -15% (-18%) for cod, +8% (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to improve profitability for fisheries and reduce the number of vessels in operation, the fisheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of fisheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per fish species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2007 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual fisheries, thereby facilitating improved profitability for the remaining vessels \u2013 i.e. improving efficiency within a regulated framework. Moreover, the schemes are intended to adapt fleet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Havfisk AS \u2013 and LNWS to a limited extent \u2013 is involved in fishing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in fishing and catches (Participant Act). Ler\u00f8y Havfisk AS has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns fishing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of LSG's acquisition of the majority shareholding in Ler\u00f8y Havfisk AS was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Havfisk AS, LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Ler\u00f8y Havfisk AS and that AUSS continues to own minimum 50% of the shares in LSG. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in AUSS. Any significant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizen- ship. According to the second paragraph letra a) of the provision, limited companies, public limited companies and other companies with limited liability have equal status to Norwegian citizens when the company's head office and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company's capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Havfisk AS, LSG and AUSS are obliged to submit an overview twice a year detailing the company's shareholders, including specification of the shares held by foreign shareholders. Ultimately, a breach of the above- mentioned licence provisions could result in Ler\u00f8y Havfisk AS losing its licence rights. BR. BIRKELAND AS (BRBI) BRBI owns four fishing vessels, two of which are pelagic ring net/trawlers. The pelagic vessels each have a 681 basic tonne ring net licence and a 1 425 trawling licence. Two vessels catch snow crab, with onboard facilities for full processing. Impairment testing of licences related to pelagic fishing is based on broker estimates of revenue figures, and this indicates a good margin in relation to book values. At present, only vessels with a snow crab permit can catch snow crab, cf. Chapter 6 of the Norwegian Licence Regulation of 13.10.2006. However, the scheme remains open in the sense that new operators with vessels that meet the conditions set out in section 6-2 of the Licence Regulation may participate. Snow-crab catching is therefore currently
NOTE 10 cont. Intangible assets an \u201cOlympic\u201d fishery, where vessels race to maximise their share of the catch quota. Based on broker estimates, the two vessels used to catch snow crab were written down by MNOK 28 in 2023. BR. BIRKELAND FARMING AS (BFARM) The BFARM Group owns seven licences for farming Atlantic salmon in West Norway. A pre-tax discount rate (WACC) of 10.2%, insignificant growth in volume produced and a long-term growth rate of 1% are applied when testing for possible impairment of farming licences. BFARM\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.3%, a nominal growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD- FAO Agricultural Outlook 2023-2032 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.25 million tonnes in the terminal period: 4.0 million tonnes in Central/North Peru and 0.25 million tonnes in South Peru. 2023 was affected by the El Ni\u00f1o weather phenomenon, which started in March with a coastal El Ni\u00f1o, causing cancellation of the first fishing season of the year. Ahead of the second fishing season, IMARPE measured the biomass at just over 7 million tonnes, in line with the 2022 measurements for the second season. However, the quota was set at the lower end of the range, with a figure of 1.68 million tonnes for the second season compared with 2.28 million tonnes for the same season in 2022. El Ni\u00f1o is a regular occurrence, and the last time an entire season was cancelled was in 2014. From 2008 to 2022, the total volume caught in Central/North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (year) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o, coming in at just under 2.0 million tonnes. Estimates for raw materials in the model have therefore taken into account the natural weather phenomena that will occur at regular intervals by using the historical figures above. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. Using WACC and best estimate for quota in the terminal period, the tests show that the value remains intact in the face of reasonable changes in prices realised for fishmeal and fish oil. The fishmeal price used for the terminal period in the model is USD 1,816. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1 718 in 2023 and USD 1 641 in 2022 (source: SUNAT ). FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2023 the company held 8.6% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% in both 2022 and 2023. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023. For 2024 the quota has been increased by 15%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 9.5%, a nominal
growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2023- 2032 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a further increase of 15% for 2025, annual increases of 5% in 2026 and 2027, and no increase in the terminal period. The model assumes a total horse mackerel quota for Chile in the region of 1 039 000 tonnes in the terminal period. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2023 or 2022. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/ trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated. The aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licences. Principal terms for different types of licences Since January 2005, the limitations on production established for aquaculture licences for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This specifies the maximum biomass in the sea that a licence holder can have at any given time. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licenses are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per licence. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per licence based on various conditions, a fixed maximum allowable biomass per licence is no longer specified. The system has been named the \u201ctraffic light system\u201d. The traffic light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a fixed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. Green farming licences are licences that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licences, mainly concerning environmental improvement measures. The licences were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licences are licences defined as for special purposes. Demonstration licences are granted to enterprises in order to spread knowledge of the aquaculture industry. Such licences are often operated in cooperation with a non-commercial entity. Teaching licences are another kind of special-purpose licence and are allocated to disseminate knowledge of the fish farming industry. The licences are linked to specific educational institutions and are thus regulated by the county. Research and development licences are licences awarded in connection with research and development projects in the industry, where dedicated licences are required to carry out the R&D activity. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as for special purposes. Parent fish licences are granted for the production of salmon roe utilised to produce juvenile fish. Juvenile fish licences are licences to produce juvenile salmon and trout in fresh water that in total authorise the licence holder to produce a specific number of
NOTE 10 cont. Intangible assets juvenile salmon and trout. There are certain limitations on the size of juvenile fish produced according to the individual licence. Licences are granted on the basis of a discharge permit for a certain number of fish/biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source. Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming licences. As the licences are not bound by a time- limited period, there is no need to apply for their renewal. The licences are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a licence. Section 9 states that licences may be revoked due to gross contravention of the provisions of the Act. We can confirm that no operative licences for salmon and trout have been revoked in Norway. Research and development licences are time-limited, and in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group's value chain (parent fish production takes place before production of roe and juvenile fish in the value chain), and is therefore closely linked to the breeding system for salmon and trout. The Group's applications for renewal of parent fish licences have always been approved, in line with the prevailing practice in the industry. The licences for harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow- out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. Costs related to licences Payment has been required for new licences granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a fixed price versus the auction principle. Given that there is no requirement to apply for renewal of licences, then there are no costs involved in licence renewal. The costs of maintaining aquaculture licences in Norway are insignificant. There are no annual fees or other types of duties linked to the actual licence. However, there are certain fees to be paid for inspection and control of the licences. Fees also have to be paid to establish new localities and/ or to extend/amend localities. As a main rule, an amount of NOK 12 000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming
licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow- out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent fish licences was amended from 10 years to 15 years (amendment to regulation dated 14.08.2007 no. 986). In the consultation document dated 07.06.2007, the Ministry stated the following regarding time limitation for parent fish licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly defined predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent fish production is a time-consuming and resource- intensive activity, but this is provided for by (...) a fixed-term period with clearly defined predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences The Group's demonstration licences are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. . The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or
holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for pelagic fisheries and whitefish. Fisheries permits within pelagic fisheries and whitefish The fishing permits (licenses) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within pelagic fishery and whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within pelagic fishery and whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within pelagic fishery and whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Norwegian Ministry of Trade, Industry and Fisheries submitted the new quota report (Report to the Storting 7 (2023- 2024)) on 12.01.2024. The title of the quota report can be translated into English as \u201cPeople, fish and community \u2013 a quota report for predictability and fair distribution\u201d. Among other things, the report covers allocation of the structural quotas after the expiry of time limits in the structural quota scheme and allocation of quotas for Northeast Arctic cod. One of the government\u2019s proposals is that the structural gain that arises when the time- limited structural quotas expire should pass to the vessel group that implemented the structuring, and be allocated with full effect to basic quotas and with half effect to the remaining structural quotas (model X). The report also proposes reintroducing the \u201ctrawl ladder\u201d mechanism in the allocation of the quota for cod in the zone north of 62 degrees and the \u201cherring ladder\u201d in the allocation of the quota for Norwegian spring-spawning herring. The government has further proposed that the quota for the open group for cod fisheries in the zone north of 62 degrees latitude be withdrawn from the \u201ctop\u201d as a provision, before the quota is allocated between the trawler group and the conventional group. In reality, this means a reduction in the quotas for the trawler group. The quota report is scheduled for debate in the Storting at the end of April 2024. Once the Storting has debated the quota report, the Ministry will make a decision on whether, and if so to what extent, it is necessary to amend the Participation Act and the Marine Resources Act or make other legal changes to align with the Storting\u2019s decision. Licence scheme for fishing rights in Peru The fishing license is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing license only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation and paid of the corresponding fishing rights), otherwise, the fishing license keep in force unlimited. The Supreme Decree N\u00b0 017-2017- PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing license is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest in Law N\u00ba 20.657 of 09.02.2013.
Until the introduction of 2013 fishing law modifications, fishing licenses were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing license (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licenses (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well | as for the artisanal shipowners. | of the industry average. In this case, is |
| | a partial loss, applying a quota reduction |
The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing license type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-regions (grouped according to the geographical administrative area division of the country - regions). The Fishing Act of 2013 also establishes that 15% of the LTPs will be auctioned when the fisheries reaches 90% of the Maximum Sustainable Yield (\u201cMSY\u201dor \u201cRMS\u201d in Spanish) or after 3 years after the Law came into full effect, in 5% annual allocations. This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d license valid for 20 years for each of the auctioned lots. After this period, a new auction process | is required. | |
| | A new Fishing Act project was introduced |
The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous | regulation. | artisanal allocations and the proportion |
| | between LTP-A and LTP-B from 85%/15% |
Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licenses for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent license system. LTP-B is a 20-year non- renewable fishing license. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time. by the Government into Congress by the end of December, 2023, intended to fully replace the current 1989 fishing Act. It promotes changes in the industrial/ to 50%/50%. Long discussions expected in all stages of the process and uncertain results for now. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
LICENCES/QUOTAS Intangible assets with an indefinite useful life are not amortised, but tested for impairment once a year as a minimum. Reference is made to the Note 10 on intangible assets for information on impairment tests. All licenses are distributed to the Group companies by the Government, and as such the licenses are at all-time subject to each country\u2019s fishing and fish farming quota regulations. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note 10. A more detailed explanation supporting the assessment that the assets have an indefinite useful life is provided in note 10. BRAND/TRADEMARKS Brands acquired, separately, or as part of a business combination are capitalised as a brand if it meets the definition of an intangible asset and the recognition criteria are satisfied. Brand acquired as part of a business combination are valued at fair value based on valuation done by external valuation experts. Brands assessed to have an indefinite useful life are not amortized but reviewed for impairment not less than annually frequently if events or changes in circumstances indicate that the carrying amount may have decreased.
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"value": "RECOVERABLE AMOUNT OF GOODWILL AND LICENCES The Group tests annually whether good- will and licences with indefinite lives have suffered any impairment, in accordance with the accounting policy stated in note 29. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations unless otherwise stated. These calculations require the use of estimates and are further described in note 10.
INCOME TAXES The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The utilisation of recognised tax assets will depend on future positive tax earnings in various jurisdictions, and may not be offset between various tax regimes. Valuation of impairment requirement for tax assets is therefore based on estimates of future tax earnings in some of the tax regimes. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a significant accounting estimate. See note 26 for further information. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
VALUE ADJUSTMENT OF BIOLOGICAL ASSETS Biological assets comprise the stock of roe, fry, juvenile fish, cleaner fish and fish in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. For fish ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For fish not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvesting date for this fish. (1) Price One important premise in the valuation of fish both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest fluctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3-6 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For fish ready for harvest the forward price for the following month is applied. For fish not ready for harvest, the forward price for the month when the fish is expected to achieve optimal weight for harvest is applied. If it is probable on the balance sheet date that the fish will be harvested before it reaches optimal harvest weight, for example due to biological challenges (that have emerged prior to the balance sheet date), an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small fish is lower than for normal-size fish. The price is subsequently adjusted for exporter margins and clearing costs. This applies to fish both ready for harvest and not ready for harvest. Further adjustments are necessary for harvesting costs (well- boat, harvesting and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for ASC-certified fish. The adjustments for exporter margin and clearing costs are observable items estimated by Fish Pool. The adjustment for harvesting costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments.
(2) Cost For fish not ready for harvest, an adjustment is also required for the costs necessary to grow the fish to optimal harvest weight. Estimates related to future costs are based on the Group's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to reflect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of fish (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight (4.65 kg live weight for salmon and 4.76 kg live weight for trout). There is some uncertainty involving both the number of fish in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of fish on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of fish that results in a gutted weight of 4 kg, unless specific conditions exist on the balance sheet date to indicate that the fish have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the fish reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming fish per month, depending on region. (4) Discounting Every time a fish is harvested and sold, this generates a positive cash flow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash flow per locality. The cash flow is allocated to the month when harvest is estimated to take place. The sum of the cash flows from all the localities where the Group has fish in the sea will then be distributed over the entire period of time it takes to farm the fish in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash flow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) Licence lease and (3) Time value. (4.1) Risk adjustment The risk adjustment shall reflect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live fish rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash flow. Three significant factors could have an impact on cash flow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. (4.2) Hypothetical licence lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licences for farming fish for consumers, such licences currently have a very high value. For a hypothetical buyer of live fish to take over and continue to farm the fish, he/she would need a licence, locality and other permits required for such production. At the time of writing, leasing of licences is not permitted. However, on a hypothetical market for the purchase and sale of live fish, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a significant discount in order to allocate a sufficient share of the returns to the buyer\u2019s own licences or to cover the lease costs for leased licences. It is difficult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licences, as the curve in the model would be based on projections of future profit performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the licence limitations are measured at different levels (location, region and company). (4.3) Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash flow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live fish rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash flow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash flow would decrease for each month, as costs are incurred to farm the fish to harvest weight. The costs increase for every month the fish are in the sea. As such, the effect of deferred cash flow is lower than would be the case if the cash flow had been constant. This component is however deemed important due to the major values the stock of fish represents. (4.4) Evaluation of discount rate A monthly discount rate of 4% per month was applied in 2023. The rate applied in 2022 was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact
the value on fish in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a significant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also significance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for fish in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the fish in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis for fair value of fish in sea The Group considers that four components are key for valuation. These are: (1) weighted average price, (2) projected optimal harvest weight, (3) monthly discount rate and (4) estimated number of fish. The tables below show a simulated sensitivity to changes in fair value of the biological assets in the event of changes in these parameters: NOTE 2 cont. Critical accounting estimates and judgements The table shows total estimated fair value (present value) before provision for loss- making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction. The projected total cost is held constant, such that an increase in projected harvest weight will bring about a reduction in cost per kg, while a reduction in projected harvest weight will bring about an increase in cost per kg. For price, the change is per NOK gutted weight. The above price is after deduction for harvesting costs, transport to Oslo, quality, size and exporter margin. Sensitivity analysis in relation to weighted average price and projected optimal harvest weight | | | | Projected harvest weight per \ufb01sh in kg gwe | | |
| | | 3.5 | 3.8 4.0 | 4.3 | 4.5 |
| | | | Change in projected harvest weight per kg gwe | | |
| | | -0.50 | -0.25 - | 0.25 | 0.50 |
| 80.3 | -5.00 | 6 585 | 7 081 7 627 | 8 187 | 8 753 |
7 087 7 212 7 338 7 464 7 844
7 608 7 740 7 872 8 005 8 405
8 182 8 321 8 461 8 601 9 021
8 770 8 917 9 064 9 211 9 653
9 380 9 534 9 689 9 843 10 307
Sensitivity analysis of weighted average price and discount rate applied Sensitivity analysis of weighted average price and number of fish in stock The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively. The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock. | | | | Monthly discount rate (%) | | |
| | | 2.0% | 3.0% 4.0% | 5.0% | 6.0% |
| | | | Change in monthly discount rate (%) | | |
| | | -2.0% | -1.0% 0.0% | 1.0% | 2.0% |
| 80.3 | -5.00 | 8 799 | 8 180 7 627 | 7 132 | 6 687 |
83.3 -2.00 9 294 8 633 8 043 7 515 7 041 84.3 -1.00 9 459 8 784 8 182 7 643 7 158 85.3 - 9 624 8 935 8 321 7 770 7 277 86.3 1.00 9 791 9 088 8 461 7 900 7 396 87.3 2.00 9 957 9 240 8 601 8 029 7 515 90.3 5.00 10 457 9 698 9 021 8 416 7 873 Average price per kg (NOK) Change in price per kg (NOK) | | | | Number of \ufb01sh in stock (million \ufb01sh) | | |
| | | 51.6 | 53.3 54.3 | 55.4 | 57.1 |
| | | | Change in number of \ufb01sh in stock | | |
| | | -5% | -2% 0% | 2% | 5% |
| 80.3 | -5.00 | 7 069 | 7 404 7 627 | 7 851 | 8 186 |
83.3 -2.00 7 464 7 811 8 043 8 275 8 623 84.3 -1.00 7 595 7 947 8 182 8 416 8 768 85.3 - 7 727 8 083 8 321 8 558 8 915 86.3 1.00 7 859 8 220 8 461 8 701 9 062 87.3 2.00 7 992 8 357 8 601 8 844 9 209 90.3 5.00 8 392 8 769 9 021 9 273 9 651 FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. None of the shares categorized as available for sale are traded in active markets. | | sheet date. | is considered to approximate the |
| The fair value of financial instruments that | | carrying amount. |
are not traded in an active market (for example, over-the-counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost NOTE 29 Accounting policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. BASIS OF PREPARATION The consolidated financial statements of Austevoll Seafood Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention, as modified by: \u2022 Biological assets, are estimated at fair value through profit and loss. \u2022 Onerous contracts related to biological assets are measured at the lower of settlement amount and the amount needed to fulfil the contract. \u2022 Fish Pool contacts, financial assets and financial liabilities (including derivative instruments) are estimated at fair value.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2.
(a) New and amended standards implemented in 2023 In 2023, the IASB and EU have not adopted any new standards for obligatory application in the current financial year. (b) New standards where the Group has not chosen early adoption The Group has chosen not to early adopt some of the new standards and interpretations that were published in the accounting period under review and that were not mandatory for 2023. The new standards and interpretations are not expected to have a material impact on the financial statements for either the period under review or for future periods and expected transactions.
CONSOLIDATION Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is applied to acquisition of businesses. Identifiable assets, debt and contingent liabilities are recognised at fair value on the date of acquisition. If the business combination is achieved in stages, the acquisition date fair value of the acquirer`s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. The contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised, unless this is an equity instrument. Contingent considerations classified as equity are not remeasured, and subsequent settlements are charged to equity. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.
FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\"the functional currency\"). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company\u2019s functional and presentation currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within \"finance income or costs\". All other foreign exchange gains and losses are presented in the income statement within \"Other (losses)/ gains \u2013 net\". Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. assets and liabilities for each balance sheet date presented are translated at the closing rate at the date of that balance sheet; ii. income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and iii. all resulting exchange differences are recognised in other comprehensive income. When a foreign operation is disposed of, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at closing rate. Exchange differences arising are recognised in other comprehensive income. REVENUE RECOGNITION Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Group\u2019s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminated sales within the Group. The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group\u2019s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Operating revenues from contracts with customers as defined in IFRS 15 are recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and specific information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods. Sales of goods Sales of goods are recognised when a Group entity has delivered products to the customer, the customer has accepted the goods and when the risks and rewards related to the goods have been transferred to the customer. Dividend income Dividend income is recognised when the right to receive payment is established.
CURRENT AND DEFERRED INCOME TAX The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. The management continuously assesses the statements made in the tax return in situations where prevailing tax legislation is subject to interpretation. Based on the management's assessment, provisions are made for expected tax payments when deemed necessary. Deferred income tax is provided in full at nominal values, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is calculated on temporary differences from investments in subsidiaries, associated companies and jointly controlled operations, with the exception of situations where the Group has control over the timing of the reversal of the temporary differences and it is probable that these differences will not be reversed in the foreseeable future. The Group is not normally able to gain control over the reversal of temporary differences for associated companies. This would only be the case if an agreement had been signed enabling the Group to control reversal of temporary differences. Deferred tax is recognised for temporary differences related to the actual investment in subsidiaries, associated companies and jointly controlled operations when it is no longer probable that the difference will not be reversed at a later date.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
LICENCES/QUOTAS Intangible assets with an indefinite useful life are not amortised, but tested for impairment once a year as a minimum. Reference is made to the Note 10 on intangible assets for information on impairment tests. All licenses are distributed to the Group companies by the Government, and as such the licenses are at all-time subject to each country\u2019s fishing and fish farming quota regulations. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note 10. A more detailed explanation supporting the assessment that the assets have an indefinite useful life is provided in note 10. BRAND/TRADEMARKS Brands acquired, separately, or as part of a business combination are capitalised as a brand if it meets the definition of an intangible asset and the recognition criteria are satisfied. Brand acquired as part of a business combination are valued at fair value based on valuation done by external valuation experts. Brands assessed to have an indefinite useful life are not amortized but reviewed for impairment not less than annually frequently if events or changes in circumstances indicate that the carrying amount may have decreased.
PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS Fixed assets and all leases shall be recognised in the statement of financial position. Leased operating assets are designated as \u201cright-of-use assets\u201d. The Group has chosen to disclose right-of- use assets as a separate item in the statement of financial position.
Property, plant and equipment Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment loss. The same applies to right-of-use assets. Cost may also include transfers from equity for any gains or losses on cash flow hedges of foreign currency purchases of property, plant and equipment. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset when it is likely that future economic benefits associated with the cost will flow to the Group and the cost can be measured reliably. Other repair and maintenance costs are charged to the income statement in the period in which they are incurred. Depreciation linked to property, plant and equipment is allocated on a straight-line basis over the expected useful life (depreciation period). Material parts of assets that have different depreciation periods are broken down into components and depreciated separately (component depreciation). Depreciation linked to right- of-use assets is allocated on a straight-line basis over the lease term. Any extension options likely to be exercised are included in the lease term. Land is not depreciated. Buildings mainly comprise factories and offices. The assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement as other gains and losses.
Right-of-use assets For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a significant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than NOK 50 000 each. Rent paid on non-recognised leases are presented in the note 23. The group distinct between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the definition of NIBD. See note 23 for further information.
IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at each reporting date.
FINANCIAL ASSETS Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
(b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s loans and receivables comprise \"trade and other receivables\" and cash and cash equivalents in the balance sheet (note 9). (c) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
INVENTORIES Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
BIOLOGICAL ASSETS, LOSS-MAKING CONTRACTS AND MORTALITY EXPENSES The Group's biological assets comprise live fish, mainly salmon and trout, at all stages of the life cycle. The fish are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the fish are classified in group (1) roe, fry and juvenile fish. During this stage, the fish are kept on shore. When the fish are large enough for release to sea, they are classified in group (2) consumer products. The group for consumer products also comprises the subgroup for parent fish, utilised to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other consumer products ready for harvest. The stock of fish, in addition to salmon and trout, also comprises cleaner fish. This species of fish is utilised during production of salmon and trout as a means of eliminating salmon lice. Despite the significant volume of cleaner fish produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated financial statements. In order to simplify accounting, this species is therefore grouped with roe, fry and juvenile fish. Biological assets shall be measured at fair value minus sales costs, unless fair value cannot be reliably measured. For roe, fry and juvenile fish, in addition to cleaner fish, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation. This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group comprises a limited share of the Group's biological assets measured in terms of both volume and value. If changes emerge in the future implying that the smolt produced are significantly larger when released to sea, a new assessment will be required. For consumer products, the fair value is calculated by applying a present value model. For more detailed information on the fair value hierarchy, please refer to the note on financial instruments. The highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the fish have optimal harvest weight when they have a live weight corresponding to 4 kg gutted weight. This corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight of that stated above or more are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). For fish ready for harvest, the highest and best use is defined as harvesting and selling the fish as quickly as possible in the month following the balance sheet date. For fish not yet ready for harvest, the highest and best use is in principle defined as growing the fish to harvest weight, then harvesting and selling the fish. The harvest date applied in the valuation may however be brought forward if required by situations at a specific locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash flow-based present value model, is independent of historical and company- specific factors. On a hypothetical market with perfect competition, a hypothetical buyer of live fish would be willing to pay as a maximum the present value of the estimated future profit from the sale of the fish when it is ready for harvest. The estimated future profit, taking into account all price adjustments and payable fees until completion, constitutes the cash flow. No deductions are made for sales expenses, as these are not observable on the market. Such expenses are also deemed immaterial. Incoming cash flow is calculated as a function of estimated volume multiplied by estimated price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents
that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money. Please refer to the note on significant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated harvest weight per individual at the time of harvest. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that there are no effective markets for the sale of live fish. Fish Pool is a market place for financial purchase and sale agreements for superior Norwegian salmon, size 3-6 kg gutted weight. Updated forward prices are published daily for harvested salmon on Fish Pool. The volume on Fish Pool is however limited. This market is therefore assessed to be insufficiently active and effective. Despite this, the Group is of the opinion that the observable forward prices must be seen as the best approach to a hypothetical price for the sale of salmon. The volume of trout sales in Norway is significantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (wellboat, harvesting and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise. Changes to estimated fair value for biological assets, are recorded through profit or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of fish in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to financial purchase and sale contracts for fish in Fish Pool.
Onerous contracts are contracts where the expenses of fulfilling the contracts are higher than the economic yield the company expects to gain by fulfilling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be defined as onerous contracts, even if the contractual price is higher than the production costs for the products. At the end of the period, the management will evaluate whether contracts are onerous contracts by estimating the value of the commitment per contract. This evaluation is based on a number of premises and estimates. The estimate includes all contracts involving the sale of salmon and trout, where the fish have been produced by the Group. For contracts where the product to be delivered has a higher degree of processing than gutted fish, the contractual price is converted to a price per kilo gutted weight based on estimated yield for the different product types and normal processing costs in accordance with the Group's calculations. All contractual prices are translated to Norwegian kroner. For contracts that contain different product types, a weighted price is estimated. The weighted price per contract is then compared with an estimated benchmark price per month. This price corresponds to the price applied as a starting point for valuation of the biological assets, and is based on forward prices from Fish Pool, adjusted for export margin and transport from fish farm to Oslo. A provision is recognised on the balance sheet. The provision is classified as other short-term debt. As the financial statements also present production costs for the stock of live fish, the reporting of mortality is of significance. Costs related to abnormal mortality are immediately recognised through profit or loss and presented on the line for changes in inventory, while normal waste is classified as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming number of fish at the locality, this is classified as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the fish. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
SHARE CAPITAL AND SHARE PREMIUM Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders.
EMPLOYEE BENEFITS Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value.
LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
PROVISIONS Provisions (for e.g. environmental improvements, restructuring and legal claims) are recognised when: \u2022 a legal or self-imposed liability exists as a result of previous events; \u2022 it is more likely than not that the liability will be settled in the form of a transfer of economic resources; \u2022 the size of the liability can be estimated with a sufficient level of reliability. Provisions for restructuring costs comprise termination fees for lease contracts and severance pay for employees. No provisions are made for future operating losses. If several liabilities of the same character exist, the probability of settlement being made is determined for the liabilities as a group. Provisions for the group of liabilities are recognised even if the probability of settlement related to the individual liabilities in the group may be low. Provisions are measured as the current value of expected payments required to clear the liability. A discount rate is applied before tax that reflects the current market situation and the specific risk for the liability. Any increase in a liability caused by a change in time value is recognised as a financial expense.
DIVIDEND DISTRIBUTION Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements when the dividends are approved by the Company\u2019s shareholders.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
| | losses previously deferred in equity are | equivalents. Cash flows resulting from |
| transferred from equity and included in | the disposal of operations are presented |
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity. | are disclosed, with the exception of |
| | contingent liabilities where the probability |
| of the liability occurring is remote. |
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
CASH FLOW STATEMENT The Group\u2019s cash flow statement shows the overall cash flow broken down to operating, investing and financing activities. The cash flow is reported on the basis of the indirect method. The cash flow statement illustrates the effect of the various activities on cash and cash under investing activities.
EVENTS AFTER THE REPORTING PERIOD New information after the reporting period concerning the Group\u2019s financial position at the reporting date is considered in the financial statements. An event after the reporting period that does not affect the Group\u2019s financial position on the reporting date, but will affect the Group\u2019s financial position in the future is reported where material.
EARNINGS PER SHARE Earnings per share is calculated by the profit attributable to equity holders of the company of the result for the period being divided by a time-weighted average of ordinary shares for the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
RECOVERABLE AMOUNT OF GOODWILL AND LICENCES The Group tests annually whether good- will and licences with indefinite lives have suffered any impairment, in accordance with the accounting policy stated in note 29. The recoverable amounts of cash- generating units have been determined based on value-in-use calculations unless otherwise stated. These calculations require the use of estimates and are further described in note 10.
GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
LICENCES/QUOTAS Intangible assets with an indefinite useful life are not amortised, but tested for impairment once a year as a minimum. Reference is made to the Note 10 on intangible assets for information on impairment tests. All licenses are distributed to the Group companies by the Government, and as such the licenses are at all-time subject to each country\u2019s fishing and fish farming quota regulations. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note 10. A more detailed explanation supporting the assessment that the assets have an indefinite useful life is provided in note 10. BRAND/TRADEMARKS Brands acquired, separately, or as part of a business combination are capitalised as a brand if it meets the definition of an intangible asset and the recognition criteria are satisfied. Brand acquired as part of a business combination are valued at fair value based on valuation done by external valuation experts. Brands assessed to have an indefinite useful life are not amortized but reviewed for impairment not less than annually frequently if events or changes in circumstances indicate that the carrying amount may have decreased.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"f6147": {
"value": "INCOME TAXES The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The utilisation of recognised tax assets will depend on future positive tax earnings in various jurisdictions, and may not be offset between various tax regimes. Valuation of impairment requirement for tax assets is therefore based on estimates of future tax earnings in some of the tax regimes. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a significant accounting estimate. See note 26 for further information. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
NEW RESOURCE RENT TAX ON AQUACULTURE (IN THE SEA) FROM 01.01.2023 On 31.05.2023, the Storting voted to introduce resource rent tax of 25% on earnings from sea-based production of salmon and trout. The enactment was retroactive from 01.01.2023. The resource rent tax comes on top of ordinary tax of 22%, giving a total nominal tax rate of 47% for the activity concerned. The resource rent tax expense in 2023 comprises two elements: an implementation effect (one-off effect) and the resource rent tax for the period. The implementation effect has been estimated at NOK 1.9 billion. This figure relates entirely to increased deferred tax on the inventory of fish in the sea at the start of the year. The resource rent tax constitutes 25% of the difference between the carrying amount and tax base of the inventory. The deferred tax arises as a consequence of a lack of deduction in resource rent tax for expenses incurred on the fish up to the time of entry into force. This creates an asymmetry, where the income from the fish, which was in stock at the start of 2023, receives a total taxation of 47% (ordinary tax plus resource rent tax), while only a 22% ordinary tax deduction is given. It is specified that this asymmetry only applies to the stocks of fish in the sea that the affected companies had at the time of entry into force. Costs incurred from and including 2023 will result in a full tax deduction of 47%. The asymmetry makes this a controversial point. Historical practice dictates that deductions should be granted. But the government has stated that deductions will not be given. The group has therefore recognized the obligation as a deferred tax. Nevertheless, it is possible that the tax obligation may cease, if tax deduction is given. The resource rent tax for the period comprises the two components: (1) resource rent tax payable and (2) change in deferred resource rent tax. Deferred resource rent tax on inventory will be payable as the inventory of fish in the sea is harvested and sold. Income from this fish will be included in the basis for calculation of resource rent tax payable. At the same time, the production cost for new fish added to the inventory will be included as an allowance when calculating the basis for resource rent tax payable. This implies that if the production cost for fish in the sea is higher on the date of the statement of financial position than at the start of the period, the change in inventory will represent a net allowance in the basis for resource rent tax payable. Conversely, if the production cost for fish in the sea is lower on the date of the statement of financial position than at the start of the period, the change in inventory will represent an increase in the basis for resource rent tax payable. The changes in inventory have no impact on the tax expense in total. However, the change in inventory does affect the timing of when tax is due for payment. The ongoing resource rent tax for the period is to be calculated on earnings from production of salmon and trout in the sea. The main principles established via the Proposition to the Odelsting dated 31.05.2023 are founded on chapter 19 of the Norwegian Taxation Act \u2013 Special regulations relating to taxation of aquaculture operations. The Act describes how to carry out the technical calculation. The main challenge here, however, is to differentiate between activities in the sea that are liable to the resource rent tax and other aquaculture operations. This is particularly difficult with a fully- integrated value chain, where both sea-based and onshore activities have been carried out by one company. Furthermore, the aquaculture companies make use of centralised resources from the Group\u2019s parent company, which also have to be split in relation to activities, in the sea and onshore. The Group has implemented company law agreements, where the services supplied between the Group companies are priced in line with the OECD\u2019s guidelines for transfer pricing. As this is a new tax, it is unknown how the tax authorities will assess the methods used and the assumptions made. Management is, therefore, not able to quantify any meaningful sensitivity, caused by a reasonable change in the assumptions applied. In addition to the difficulties with differentiation, the regional variation in conditions for earnings will also represent complications. Such variations will also affect the distribution of profit between the different activities. The variations in price level will, for example, have more impact on sea-based operations, which are covered by the resource rent regulations, than onshore activities that are not covered by the resource rent tax regime. It is therefore not expedient to estimate a percentage to represent the distribution between earnings that are liable and not liable to resource rent tax. Despite the fact that an estimate of the income liable to resource rent tax can be converted into a percentage share, it is not possible to carry out this process in reverse and obtain a correct basis by initially estimating a percentage. NOTE 26 Tax
2023 2022 | Tax for the year is as follows | | |
| Tax payable | 206 | 1 239 |
| Tax payable resource rent tax (32.1% of taxable resource rent income) | 43 | 0 |
| Change in deferred tax/tax asset | 385 | -100 |
| Change in deferred resource rent tax (incl. implementation e\ufb00ect) | 1 869 | 0 |
| Correction, prior years | -2 | 3 |
| Tax | 2 501 | 1 142 |
| Tax reconciliation | | |
| Pro\ufb01t before tax | 2 845 | 5 428 |
| Tax calculated using the nominal tax rate | 936 | 1 209 |
| Income from associates | 63 | 109 |
| Tax-free pro\ufb01t from sale of shares | -33 | 0 |
| Other di\ufb00erences | -372 | -173 |
| Deferred tax asset not recognised in the SOFP | -4 | -3 |
| Estimated resource rent tax | 1 911 | 0 |
| Tax | 2 501 | 1 142 |
Weighted average tax rate 87.9% 21.0% Change in gross book deferred tax 2023 2022 | Carrying amount at 01.01. | 3 421 | 3 443 |
| Recognised in the period | 385 | -100 |
| Recognised in other comprehensive income in the period | 6 | 6 |
| Exchange di\ufb00erences | 26 | 71 |
| E\ufb00ect of business combinations | 1 | 1 |
| Reclassi\ufb01cation | -3 | 0 |
| E\ufb00ect of resource rent | 1 869 | 0 |
| Net balance sheet value at 31.12. | 5 706 | 3 421 |
| Balance sheet value of deferred tax asset | -263 | -160 |
| Balance sheet value of deferred tax | 4 101 | 3 581 |
| Balance sheet value of deferred tax of resource rent (25%) | 1 869 | 0 |
| Net balance sheet value at 31.12. | 5 706 | 3 421 |
The movement in deferred income tax assets and liabilities during the year: | | | | Inventories | | | | |
| | Non-current | Current | and biological | | Loss carry- | Other | |
| Change in book value of deferred tax | assets | assets | assets | Liabilities | forward | di\ufb00erences | Total |
| Carrying amount at 01.01.2022 | 2 212 | -4 | 1 322 | -33 | -31 | -23 | 3 443 |
| Recognised in 2022 | -108 | 0 | 46 | -31 | -76 | 70 | -100 |
| Recognised in other comprehensive | | | | | | | |
| income in the period | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
| Exchange di\ufb00erences | 76 | 0 | -2 | -3 | 0 | 0 | 71 |
| E\ufb00ect of business combinations | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| 31.12.2022 | 2 181 | -4 | 1 367 | -67 | -108 | 52 | 3 421 |
| Recognised in 2023 | 9 | 0 | 641 | 19 | -98 | -186 | 385 |
| Recognised in other comprehensive income | | | | | | | |
| in the period | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
| Exchange di\ufb00erences | 24 | 0 | -9 | 8 | 0 | 3 | 26 |
| Reclassi\ufb01cation | -3 | 0 | 0 | 0 | 0 | 0 | -3 |
| E\ufb00ect of resource rent | 0 | 0 | 1 869 | 0 | 0 | 0 | 1 869 |
| E\ufb00ect of business combinations | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| 31.12.2023 | 2 213 | -4 | 3 867 | -40 | -206 | -124 | 5 706 |
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Speci\ufb01cation of temporary di\ufb00erences not included in deferred tax 2023 2022 | Non-current assets | -45 | -44 |
| Loss carryforward | -840 | -822 |
| Interest deduction carryforward | -115 | -94 |
| Liabilities | 7 | 3 |
| Other di\ufb00erences | 25 | 25 |
| Total temporary di\ufb00erences not included in deferred tax | -968 | -932 |
| Including net deferred tax asset not recognised in the SOFP | -213 | -205 |
| Speci\ufb01cation of loss carryforward | | |
| Austevoll Seafood ASA | -473 | -461 |
| A-Fish AS | -182 | -206 |
| Gateport Overseas Ltd | -183 | -153 |
| Andean Opportunities Fund Ltd | -2 | -2 |
| Total | -840 | -822 |
Capitalised deferred tax assets derive mainly from loss carryforwards in foreign entities where the loss is expected to be able to be utilised within a reasonable time. The applicable tax rates vary from 21% to 25%. Capitalised deferred tax liabilities derive mainly from Norwegian entities, where a rate of 22% has been applied. Austevoll Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from 01.01.2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identified a limited number of jurisdictions where the transitional safe harbour relief does not apply. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. As provided in the amendments to IAS 12 issued May 2023, the Group applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes. CURRENT AND DEFERRED INCOME TAX The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. The management continuously assesses the statements made in the tax return in situations where prevailing tax legislation is subject to interpretation. Based on the management's assessment, provisions are made for expected tax payments when deemed necessary. Deferred income tax is provided in full at nominal values, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is calculated on temporary differences from investments in subsidiaries, associated companies and jointly controlled operations, with the exception of situations where the Group has control over the timing of the reversal of the temporary differences and it is probable that these differences will not be reversed in the foreseeable future. The Group is not normally able to gain control over the reversal of temporary differences for associated companies. This would only be the case if an agreement had been signed enabling the Group to control reversal of temporary differences. Deferred tax is recognised for temporary differences related to the actual investment in subsidiaries, associated companies and jointly controlled operations when it is no longer probable that the difference will not be reversed at a later date.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. INCOME TAXES The Group is subject to income taxes in numerous jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. The utilisation of recognised tax assets will depend on future positive tax earnings in various jurisdictions, and may not be offset between various tax regimes. Valuation of impairment requirement for tax assets is therefore based on estimates of future tax earnings in some of the tax regimes. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a significant accounting estimate. See note 26 for further information. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
CURRENT AND DEFERRED INCOME TAX The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. The management continuously assesses the statements made in the tax return in situations where prevailing tax legislation is subject to interpretation. Based on the management's assessment, provisions are made for expected tax payments when deemed necessary. Deferred income tax is provided in full at nominal values, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is calculated on temporary differences from investments in subsidiaries, associated companies and jointly controlled operations, with the exception of situations where the Group has control over the timing of the reversal of the temporary differences and it is probable that these differences will not be reversed in the foreseeable future. The Group is not normally able to gain control over the reversal of temporary differences for associated companies. This would only be the case if an agreement had been signed enabling the Group to control reversal of temporary differences. Deferred tax is recognised for temporary differences related to the actual investment in subsidiaries, associated companies and jointly controlled operations when it is no longer probable that the difference will not be reversed at a later date.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
NOTE 8 Inventories 2023 2022 | Raw materials | 942 | 1 110 |
| Work in progress | 115 | 64 |
| Finished goods | 2 045 | 1 800 |
| Impairment due to loss in value and obsolescence | -13 | -17 |
| Total | 3 089 | 2 956 |
Impairment of inventories expensed during the year 1 -4 INVENTORY The Group\u2019s inventory mainly comprises biomass in the sea (Atlantic salmon and trout), end products in the form of fishmeal and oil, and frozen fish for direct consumption. For more information about how biological assets are valued, see Note 2, 7 and 29 to the consolidated financial statements . Biomass in the sea at 31.12 will mainly be harvested in the next 12-14 months, and relevant, up-to- date information is taken into account when estimating the production cost for live fish in the sea. Any permanent changes linked to climate risk will therefore be taken into account as part of this relevant, up-to-date information and reflected in production cost for live fish in the sea. Acute incidents, including algae bloom, acute disease outbreaks or other circumstances resulting in abnormal mortality, are expensed in the income statement on an ongoing basis. If monthly mortality at a site exceeds 1.5% of the opening number of fish at the site, this is considered an indication of possible abnormal mortality. Normal waste is considered part of the production cost. Salmon, trout and wild-caught fish have one of the lowest carbon footprints compared to other animal proteins. This is positive for the Group, as it is expected that consumers will increasingly demand food with a lower carbon footprint in the future. The value of the inventory has not been changed based on climate-
related incidents.
INVENTORIES Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
",
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"value": "INVENTORY Finished goods of fish are measured at the lowest of cost and net realisable value. Material fluctuations in sales prices do occur for such inventory, and might rapidly outdate the assessments made by the Group at a given date. The cost of farmed fish is measured at fair value at harvest.
INVENTORIES Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less applicable variable selling expenses.
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"f6193": {
"value": "BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
NOTE 4 Associated companies and investments in joint ventures | | | | Country of | | Measurement |
| Company | Ownership | Business | incorporation | Voting rights | method |
| 2023 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
| 2022 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
The amounts recognised in the balance sheet: Profit and loss recognised in the income statement: Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. Set out below are the summarised financial information for the investments in associates considered material to the Group. | Company | Norskott Havbruk AS Group* | Seistar Holding AS Group |
| Year-end | 2023 2022 | 2023 2022 |
| Income statement | | | | |
| Revenue | 2 561 | 3 188 | 250 | 271 |
| Pro\ufb01t before tax | -482 | 166 | 62 | 42 |
| Of which fair value adjustment of biological assets | 6 | 12 | 0 | 0 |
| Pro\ufb01t after tax | -335 | 83 | 61 | 41 |
| Other comprehensive income | -9 | 29 | 0 | 0 |
| Statement of \ufb01nancial position | | | | |
| Total current assets | 2 540 | 1 824 | 173 | 124 |
| Total current liabilities | -1 583 | -840 | -91 | -44 |
| Total non-current assets | 3 592 | 3 403 | 741 | 711 |
| Total non-current liabilities | -2 396 | -2 081 | -338 | -367 |
| Net assets | 2 152 | 2 306 | 486 | 425 |
Carrying amount in AUSS 1 107 1 184 261 234 2023 2022 | Associates | 1 592 | 1 617 |
| Joint venture | 1 980 | 1 765 |
| At 31.12. | 3 572 | 3 382 |
2023 2022 | Associates | -103 | 76 |
| Joint venture | 388 | 418 |
| At 31.12. | 285 | 494 |
The table below shows 100% share of assets and liabilities, income and profit/loss in joint venture recognised under the equity method. Reconciliation of summarised financial information of companies recognised under the equity method. | Pelagia Holding AS | Norskott Havbruk AS | Seistar Holding AS | | |
| Group | Group* | Group | Others | Total |
| 2022 | | | | | |
| At 01.01. | 1 473 | 1 126 | 219 | 184 | 3 002 |
| Share of pro\ufb01t/(loss) | 418 | 41 | 21 | 14 | 494 |
| Exchange di\ufb00erences | 6 | 2 | -6 | 0 | 2 |
| Dividends | -125 | 0 | 0 | 0 | -125 |
| Other changes in equity | -8 | 15 | 0 | 1 | 8 |
| Carrying amount at 31.12. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| 2023 | | | | | |
| At 01.01. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| Share of pro\ufb01t/(loss) | 388 | -168 | 30 | 34 | 285 |
| Exchange di\ufb00erences | 37 | 95 | 0 | 0 | 132 |
| Dividends | -225 | 0 | -3 | 0 | -228 |
| Other changes in equity | 16 | -4 | 0 | -10 | 1 |
| Carrying amount at 31.12. | 1 980 | 1 107 | 261 | 223 | 3 572 |
Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
* Norskott Havbruk Group operate their business through their subsidiary in Scotland. Exchange di\ufb00erences refer to translation of currency from GBP to NOK. Pelagia Holding AS Group 2023 2022 | Assets | | |
| Non-current assets | 5 098 | 4 894 |
| Cash and cash equivalents | 171 | 129 |
| Other current assets | 4 773 | 4 114 |
| Total assets | 10 042 | 9 137 |
| Non-current liabilities | 3 639 | 2 963 |
| Current liabilities | 2 258 | 2 365 |
| Total liabilities | 5 897 | 5 328 |
Total equity 4 145 3 809 Total equity and liabilities 10 042 9 137 | Revenue | 13 001 | 11 282 |
| Depreciation, amortisation and impairment | -459 | -355 |
| Operating expenses | -11 280 | -9 578 |
| Net interest expense | -247 | -132 |
| Other \ufb01nancial items | 8 | -44 |
| Pro\ufb01t before tax | 1 023 | 1 173 |
| Tax | -240 | -257 |
| Pro\ufb01t after tax | 783 | 916 |
| Pro\ufb01t attributable to minority interests | -7 | -79 |
| Total income to shareholders | 777 | 837 |
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2023 | | | the shares in Ler\u00f8y Seafood Denmark A/S |
| Mondo Mar Marine Foods ApS | Ler\u00f8y Vest Kraft AS | (previously named Seafood Danmark A/S) |
The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of whitefish as main activity. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2022 Ler\u00f8y Vest AS acquired 100% of the shares in a small local power plant on Fitjar, producing power from a local river. It was paid MNOK 10 for the shares. The plant will contribute with own-produced electricity to the smolt facility owned by Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS. Ler\u00f8y Seafood Denmark A/S In 2022 the Group settled the remaining part of the consideration agreed upon for that the Group acquired in 2021. The consideration accrued for in the balance sheet last year. The paid amount was the same as accrued for, and totalled MNOK 49. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was MNOK 6. The amount is recognized as a reduction in equity. Considerations paid 2023 2022 | Ler\u00f8y Vest Kraft AS (100%) | Business combination | 0 | 10 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 0 | 49 |
| Mondo Mar Marine Foods ApS | Business combination | 85 | 0 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 14 | 0 |
| Total cash \ufb02ow out | | 99 | 59 |
Purchase price allocation and acquisition balance sheet Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time of acquisition Goodwill Acquisition balance sheet | Goodwill | 0 | 0 | 0 | 64 | 64 |
| Fixed assets | 22 | 0 | 22 | 0 | 22 |
| Inventories | 3 | 0 | 3 | 0 | 3 |
| Short-term receivables | 44 | 0 | 44 | 0 | 44 |
| Total assets | 69 | 0 | 69 | 64 | 133 |
| Equity | 35 | 0 | 35 | 64 | 99 |
| Deferred tax | 1 | 0 | 1 | 0 | 1 |
| Non-current liabilities | 6 | 0 | 6 | 0 | 6 |
| Current liabilities | 27 | 0 | 27 | 0 | 27 |
| Total equity and liabilities | 69 | 0 | 69 | 64 | 133 |
| Acquisition analysis | 100% |
| Recognised equity in acquired entity | 35 |
| Net identi\ufb01ed added value in the acquired entity | 0 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Calculation of goodwill | 100% |
| Consideration paid to seller | 85 |
| Consideration in the form of long-term seller's credit | 14 |
| Total consideration | 99 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Goodwill | 64 |
FINANCIAL IMPACT OF CLIMATE CHANGE ON THE GROUP\u2019S ASSETS Through its portfolio company, AUSS owns companies involved in the production of Atlantic salmon and trout throughout the value chain, from roe to end products delivered to consumers. The Group is also a major business within whitefish fisheries, and here too has control of the entire value chain from catch to end product. AUSS is involved in pelagic operations within fisheries, production of fishmeal, fish oil, protein concentrate and frozen consumer products. In addition, the Group has sales operations in Norway, Europe, Asia, the USA and South America.
NOTE 24 Investments in other shares | 2023 | | Ownership/ | Acquisition | |
| Company | Registered o\ufb03ce | voting share | cost | Fair value |
| Euro-Terminal AS | Bergen, Norway | 16.18% | 22 | 26 |
| Bulandet Eiendom AS | Bulandet, Norway | minor | 1 | 1 |
| DNB - Private Equity fund | Norway | minor | 5 | 5 |
| Other shares | | minor | 10 | 8 |
| Total non-current assets | | | 38 | 40 |
| 2022 | | Ownership/ | Acquisition | |
| Company | Registered o\ufb03ce | voting share | cost | Fair value |
| Euro-Terminal AS | Bergen, Norway | 16.18% | 22 | 26 |
| Bulandet Eiendom AS | Bulandet, Norway | minor | 1 | 1 |
| DNB - Private Equity fund | Norway | minor | 5 | 5 |
| Other shares | | minor | 10 | 11 |
| Total non-current assets | | | 38 | 43 |
There were no impairment losses on investments in other shares in 2023 and 2022. Reconciliation of the carrying amount of investments in other shares 2023 2022 | At 01.01. | 43 | 47 |
| Additions/disposals | -3 | -4 |
| At 31.12. | 40 | 43 |
| Minus: share of non-current assets | -40 | -43 |
| Share of current assets | 0 | 0 |
NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries: | | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Group ASA | | Norway | Austevoll Seafood ASA | 52.69% |
| AUSS Laks AS | 4 | Norway | Ler\u00f8y Austevoll AS | 100.00% |
| Drag\u00f8y Grossist AS | 2 | Norway | Ler\u00f8y Nord AS | 51.00% |
| Eurosalmon SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk B\u00e5tsfjord AS | 13.34% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 78.45% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Nordkyn AS | 5.84% |
| Fishcut SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Hammerfest Industri\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 60.00% |
| Hav\ufb01sk B\u00e5tsfjord AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Finnmark AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Management AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Melbu AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Nordkyn AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Stamsund AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Leroy Canarias SL | 3 | Spain | Leroy Processing Spain S.L | 100.00% |
| Leroy Processing Canarias SL | | Spain | Leroy Processing Spain S.L. | 100.00% |
| Leroy Processing Spain S.L. | | Spain | Ler\u00f8y Seafood Group ASA | 100.00% |
| Leroy Seafood Italy | | Italy | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y & Strudshavn AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Aurora Sj\u00f8 AS | 3 | Norway | Ler\u00f8y Aurora AS | 100.00% |
| Ler\u00f8y Aurora AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Austevoll AS | 4 | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Bulandet AS | | Norway | Ler\u00f8y Seafood AS | 83.43% |
| Ler\u00f6y Finland OY | | Finland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Fossen AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Germany GmbH | | Germany | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Hav\ufb01sk AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Midt Sj\u00f8 AS | | Norway | Ler\u00f8y Midt AS | 100.00% |
| Ler\u00f8y Midt AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Nord AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norge AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norway Seafoods AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Ocean Harvest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Portugal Lda | | Portugal | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Quality Group AS | | Norway | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Schile A/S | 8 | Denmark | Ler\u00f8y Seafood Danmark A/S | 0.00% |
| Ler\u00f6y Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Seafood AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Center B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Convenience B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Danmark A/S | | Denmark | Ler\u00f8y Seafood Group ASA | 77.59% |
| Ler\u00f8y Seafood France SAS | | France | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Seafood Hirtshals A/S | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Ler\u00f8y Seafood Holding B.V. | | Holland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood Netherlands B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood Real Estate B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood UK Ltd. | | UK | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood USA Inc | | USA | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Norge AS | 73.75% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Nord AS | 2.50% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Sj\u00f8troll Havbruk AS | 50.00% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Ler\u00f8y Vest AS | 50.00% |
| Ler\u00f8y Sm\u00f6gen Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Sverige AB | | Sweden | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f6y Turkey Su \u0170r\u0171nleri San. Ve Tic A.S. | | Turkey | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Sj\u00f8 AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y Vest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Kraft AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y \u00c5rskog AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Melbu Fryselager AS | | Norway | Ler\u00f8y Norway Seafoods AS | 100.00% |
| Mondo Mar Marine Foods ApS | 3 | Denmark | Ler\u00f8y Seafood Denmark A/S | 100.00% |
| Nigra Fiskeeksport A/S | 7 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 0.00% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Melbu AS | 47.07% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Stamsund AS | 52.93% |
| Norsk Oppdrettservice AS | | Norway | Ler\u00f8y Seafood Group ASA | 51.00% |
| Ove Johnsen Fisk en Gros ApS | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| P. Tabbel & Co A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Preline Fishfarming System AS | | Norway | Ler\u00f8y Seafood Group ASA | 96.00% |
| Scan Fish Danmark A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Sirevaag AS | | Norway | Ler\u00f8y Norge AS | 100.00% |
| Sj\u00f8mathuset AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Sj\u00f8troll Havbruk Sj\u00f8 AS | | Norway | Sj\u00f8troll Havbruk AS | 100.00% |
| Sj\u00f8troll Havbruk AS | | Norway | Ler\u00f8y Seafood Group ASA | 50.71% |
| S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS | | Norway | Ler\u00f8y Norway Seafoods AS | 51.00% |
| Thor\ufb01sk A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Wannebo International AS | 2 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| AUSS Shared Service AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Eiendom AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Paci\ufb01c AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Gateport Overseas Inc. * | | Panama | Austevoll Paci\ufb01c AS | 100.00 % |
| Andean Oportunities Fund Ltd. * | | CaymanIslands | Gateport Overseas Inc. | 100.00 % |
| Dordogne Holdings Ltd. * | | Panama | Gateport Overseas Inc. | 66.67 % |
| Dordogne Holdings Ltd. * | | Panama | Andean Oportunities Fund Ltd. | 33.33 % |
| Austral Group S.A.A. | | Peru | Dordogne Holdings Ltd. | 90.12 % |
| Alumrock Overseas S.A | | Panama | Austral Group S.A.A | 98.27 % |
| A-Fish AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| FoodCorp Chile S.A. | | Chile | A-Fish AS | 73.61 % |
| FoodCorp Chile S.A. | | Chile | Austevoll Seafood ASA | 26.39 % |
| FoodCorp Peru S.A. | | Peru | FoodCorp Chile S.A. | 99.99 % |
| Br. Birkeland AS | | Norway | Austevoll Seafood ASA | 42.92 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland AS | 50.00 % |
| Br. Birkeland Fiskeb\u00e5trederi AS | | Norway | Br. Birkeland AS | 100.00 % |
| Opilio AS | | Norway | Br. Birkeland AS | 100.00 % |
| Talbor AS | | Norway | Br. Birkeland AS | 100.00 % |
| Br. Birkeland Farming AS | | Norway | Austevoll Seafood ASA | 55.24 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland Farming AS | 50.00 % |
| Kobbevik og Furuholmen Oppdrett AS | | Norway | Br. Birkeland Farming AS | 100.00 % |
| Farming Serviceb\u00e5t AS | 3 | Norway | Br. Birkeland Farming AS | 100.00 % |
* The company are Norwegian object of taxation Comments on changes 1) Business combination 2) Transactions with non-controlling interests 3) Foundation of a new company 4) Intragroup purchase/sale of company/shareholding 5) Sale of shares to external 6) Private placement (with change in shareholding) 7) Parent - subsidiary business combination 8) Merger between associated companies The changes in ownership in the subsidiaries are commented in note 6. Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is applied to acquisition of businesses. Identifiable assets, debt and contingent liabilities are recognised at fair value on the date of acquisition. If the business combination is achieved in stages, the acquisition date fair value of the acquirer`s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. The contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised, unless this is an equity instrument. Contingent considerations classified as equity are not remeasured, and subsequent settlements are charged to equity. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6194": {
"value": "BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
NOTE 4 Associated companies and investments in joint ventures | | | | Country of | | Measurement |
| Company | Ownership | Business | incorporation | Voting rights | method |
| 2023 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
| 2022 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
The amounts recognised in the balance sheet: Profit and loss recognised in the income statement: Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. Set out below are the summarised financial information for the investments in associates considered material to the Group. | Company | Norskott Havbruk AS Group* | Seistar Holding AS Group |
| Year-end | 2023 2022 | 2023 2022 |
| Income statement | | | | |
| Revenue | 2 561 | 3 188 | 250 | 271 |
| Pro\ufb01t before tax | -482 | 166 | 62 | 42 |
| Of which fair value adjustment of biological assets | 6 | 12 | 0 | 0 |
| Pro\ufb01t after tax | -335 | 83 | 61 | 41 |
| Other comprehensive income | -9 | 29 | 0 | 0 |
| Statement of \ufb01nancial position | | | | |
| Total current assets | 2 540 | 1 824 | 173 | 124 |
| Total current liabilities | -1 583 | -840 | -91 | -44 |
| Total non-current assets | 3 592 | 3 403 | 741 | 711 |
| Total non-current liabilities | -2 396 | -2 081 | -338 | -367 |
| Net assets | 2 152 | 2 306 | 486 | 425 |
Carrying amount in AUSS 1 107 1 184 261 234 2023 2022 | Associates | 1 592 | 1 617 |
| Joint venture | 1 980 | 1 765 |
| At 31.12. | 3 572 | 3 382 |
2023 2022 | Associates | -103 | 76 |
| Joint venture | 388 | 418 |
| At 31.12. | 285 | 494 |
The table below shows 100% share of assets and liabilities, income and profit/loss in joint venture recognised under the equity method. Reconciliation of summarised financial information of companies recognised under the equity method. | Pelagia Holding AS | Norskott Havbruk AS | Seistar Holding AS | | |
| Group | Group* | Group | Others | Total |
| 2022 | | | | | |
| At 01.01. | 1 473 | 1 126 | 219 | 184 | 3 002 |
| Share of pro\ufb01t/(loss) | 418 | 41 | 21 | 14 | 494 |
| Exchange di\ufb00erences | 6 | 2 | -6 | 0 | 2 |
| Dividends | -125 | 0 | 0 | 0 | -125 |
| Other changes in equity | -8 | 15 | 0 | 1 | 8 |
| Carrying amount at 31.12. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| 2023 | | | | | |
| At 01.01. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| Share of pro\ufb01t/(loss) | 388 | -168 | 30 | 34 | 285 |
| Exchange di\ufb00erences | 37 | 95 | 0 | 0 | 132 |
| Dividends | -225 | 0 | -3 | 0 | -228 |
| Other changes in equity | 16 | -4 | 0 | -10 | 1 |
| Carrying amount at 31.12. | 1 980 | 1 107 | 261 | 223 | 3 572 |
Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
* Norskott Havbruk Group operate their business through their subsidiary in Scotland. Exchange di\ufb00erences refer to translation of currency from GBP to NOK. Pelagia Holding AS Group 2023 2022 | Assets | | |
| Non-current assets | 5 098 | 4 894 |
| Cash and cash equivalents | 171 | 129 |
| Other current assets | 4 773 | 4 114 |
| Total assets | 10 042 | 9 137 |
| Non-current liabilities | 3 639 | 2 963 |
| Current liabilities | 2 258 | 2 365 |
| Total liabilities | 5 897 | 5 328 |
Total equity 4 145 3 809 Total equity and liabilities 10 042 9 137 | Revenue | 13 001 | 11 282 |
| Depreciation, amortisation and impairment | -459 | -355 |
| Operating expenses | -11 280 | -9 578 |
| Net interest expense | -247 | -132 |
| Other \ufb01nancial items | 8 | -44 |
| Pro\ufb01t before tax | 1 023 | 1 173 |
| Tax | -240 | -257 |
| Pro\ufb01t after tax | 783 | 916 |
| Pro\ufb01t attributable to minority interests | -7 | -79 |
| Total income to shareholders | 777 | 837 |
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6195": {
"value": "BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
NOTE 4 Associated companies and investments in joint ventures | | | | Country of | | Measurement |
| Company | Ownership | Business | incorporation | Voting rights | method |
| 2023 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
| 2022 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
The amounts recognised in the balance sheet: Profit and loss recognised in the income statement: Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. Set out below are the summarised financial information for the investments in associates considered material to the Group. | Company | Norskott Havbruk AS Group* | Seistar Holding AS Group |
| Year-end | 2023 2022 | 2023 2022 |
| Income statement | | | | |
| Revenue | 2 561 | 3 188 | 250 | 271 |
| Pro\ufb01t before tax | -482 | 166 | 62 | 42 |
| Of which fair value adjustment of biological assets | 6 | 12 | 0 | 0 |
| Pro\ufb01t after tax | -335 | 83 | 61 | 41 |
| Other comprehensive income | -9 | 29 | 0 | 0 |
| Statement of \ufb01nancial position | | | | |
| Total current assets | 2 540 | 1 824 | 173 | 124 |
| Total current liabilities | -1 583 | -840 | -91 | -44 |
| Total non-current assets | 3 592 | 3 403 | 741 | 711 |
| Total non-current liabilities | -2 396 | -2 081 | -338 | -367 |
| Net assets | 2 152 | 2 306 | 486 | 425 |
Carrying amount in AUSS 1 107 1 184 261 234 2023 2022 | Associates | 1 592 | 1 617 |
| Joint venture | 1 980 | 1 765 |
| At 31.12. | 3 572 | 3 382 |
2023 2022 | Associates | -103 | 76 |
| Joint venture | 388 | 418 |
| At 31.12. | 285 | 494 |
The table below shows 100% share of assets and liabilities, income and profit/loss in joint venture recognised under the equity method. Reconciliation of summarised financial information of companies recognised under the equity method. | Pelagia Holding AS | Norskott Havbruk AS | Seistar Holding AS | | |
| Group | Group* | Group | Others | Total |
| 2022 | | | | | |
| At 01.01. | 1 473 | 1 126 | 219 | 184 | 3 002 |
| Share of pro\ufb01t/(loss) | 418 | 41 | 21 | 14 | 494 |
| Exchange di\ufb00erences | 6 | 2 | -6 | 0 | 2 |
| Dividends | -125 | 0 | 0 | 0 | -125 |
| Other changes in equity | -8 | 15 | 0 | 1 | 8 |
| Carrying amount at 31.12. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| 2023 | | | | | |
| At 01.01. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| Share of pro\ufb01t/(loss) | 388 | -168 | 30 | 34 | 285 |
| Exchange di\ufb00erences | 37 | 95 | 0 | 0 | 132 |
| Dividends | -225 | 0 | -3 | 0 | -228 |
| Other changes in equity | 16 | -4 | 0 | -10 | 1 |
| Carrying amount at 31.12. | 1 980 | 1 107 | 261 | 223 | 3 572 |
Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
* Norskott Havbruk Group operate their business through their subsidiary in Scotland. Exchange di\ufb00erences refer to translation of currency from GBP to NOK. Pelagia Holding AS Group 2023 2022 | Assets | | |
| Non-current assets | 5 098 | 4 894 |
| Cash and cash equivalents | 171 | 129 |
| Other current assets | 4 773 | 4 114 |
| Total assets | 10 042 | 9 137 |
| Non-current liabilities | 3 639 | 2 963 |
| Current liabilities | 2 258 | 2 365 |
| Total liabilities | 5 897 | 5 328 |
Total equity 4 145 3 809 Total equity and liabilities 10 042 9 137 | Revenue | 13 001 | 11 282 |
| Depreciation, amortisation and impairment | -459 | -355 |
| Operating expenses | -11 280 | -9 578 |
| Net interest expense | -247 | -132 |
| Other \ufb01nancial items | 8 | -44 |
| Pro\ufb01t before tax | 1 023 | 1 173 |
| Tax | -240 | -257 |
| Pro\ufb01t after tax | 783 | 916 |
| Pro\ufb01t attributable to minority interests | -7 | -79 |
| Total income to shareholders | 777 | 837 |
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6196": {
"value": "BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6197": {
"value": "BR. BIRKELAND GROUP The Group has a 42.92% stake in Br. Birkeland AS. Because the Group exercises de facto control by virtue of the composition of the Board of Directors, the Norwegian Financial Supervisory Authority has ordered the Group to treat the company as a group company. Continued consolidation of the Br. Birkeland Group is dependent on the composition of the company\u2019s Board of Directors.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f6211": {
"value": "VALUE ADJUSTMENT OF BIOLOGICAL ASSETS Biological assets comprise the stock of roe, fry, juvenile fish, cleaner fish and fish in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. For fish ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For fish not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvesting date for this fish. (1) Price One important premise in the valuation of fish both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest fluctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3-6 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For fish ready for harvest the forward price for the following month is applied. For fish not ready for harvest, the forward price for the month when the fish is expected to achieve optimal weight for harvest is applied. If it is probable on the balance sheet date that the fish will be harvested before it reaches optimal harvest weight, for example due to biological challenges (that have emerged prior to the balance sheet date), an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small fish is lower than for normal-size fish. The price is subsequently adjusted for exporter margins and clearing costs. This applies to fish both ready for harvest and not ready for harvest. Further adjustments are necessary for harvesting costs (well- boat, harvesting and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for ASC-certified fish. The adjustments for exporter margin and clearing costs are observable items estimated by Fish Pool. The adjustment for harvesting costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments.
(2) Cost For fish not ready for harvest, an adjustment is also required for the costs necessary to grow the fish to optimal harvest weight. Estimates related to future costs are based on the Group's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to reflect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of fish (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight (4.65 kg live weight for salmon and 4.76 kg live weight for trout). There is some uncertainty involving both the number of fish in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of fish on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of fish that results in a gutted weight of 4 kg, unless specific conditions exist on the balance sheet date to indicate that the fish have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the fish reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming fish per month, depending on region. (4) Discounting Every time a fish is harvested and sold, this generates a positive cash flow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash flow per locality. The cash flow is allocated to the month when harvest is estimated to take place. The sum of the cash flows from all the localities where the Group has fish in the sea will then be distributed over the entire period of time it takes to farm the fish in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash flow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) Licence lease and (3) Time value. (4.1) Risk adjustment The risk adjustment shall reflect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live fish rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash flow. Three significant factors could have an impact on cash flow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. (4.2) Hypothetical licence lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licences for farming fish for consumers, such licences currently have a very high value. For a hypothetical buyer of live fish to take over and continue to farm the fish, he/she would need a licence, locality and other permits required for such production. At the time of writing, leasing of licences is not permitted. However, on a hypothetical market for the purchase and sale of live fish, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a significant discount in order to allocate a sufficient share of the returns to the buyer\u2019s own licences or to cover the lease costs for leased licences. It is difficult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licences, as the curve in the model would be based on projections of future profit performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the licence limitations are measured at different levels (location, region and company). (4.3) Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash flow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live fish rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash flow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash flow would decrease for each month, as costs are incurred to farm the fish to harvest weight. The costs increase for every month the fish are in the sea. As such, the effect of deferred cash flow is lower than would be the case if the cash flow had been constant. This component is however deemed important due to the major values the stock of fish represents. (4.4) Evaluation of discount rate A monthly discount rate of 4% per month was applied in 2023. The rate applied in 2022 was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact
the value on fish in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a significant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also significance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for fish in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the fish in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis for fair value of fish in sea The Group considers that four components are key for valuation. These are: (1) weighted average price, (2) projected optimal harvest weight, (3) monthly discount rate and (4) estimated number of fish. The tables below show a simulated sensitivity to changes in fair value of the biological assets in the event of changes in these parameters: NOTE 2 cont. Critical accounting estimates and judgements The table shows total estimated fair value (present value) before provision for loss- making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction. The projected total cost is held constant, such that an increase in projected harvest weight will bring about a reduction in cost per kg, while a reduction in projected harvest weight will bring about an increase in cost per kg. For price, the change is per NOK gutted weight. The above price is after deduction for harvesting costs, transport to Oslo, quality, size and exporter margin. Sensitivity analysis in relation to weighted average price and projected optimal harvest weight | | | | Projected harvest weight per \ufb01sh in kg gwe | | |
| | | 3.5 | 3.8 4.0 | 4.3 | 4.5 |
| | | | Change in projected harvest weight per kg gwe | | |
| | | -0.50 | -0.25 - | 0.25 | 0.50 |
| 80.3 | -5.00 | 6 585 | 7 081 7 627 | 8 187 | 8 753 |
7 087 7 212 7 338 7 464 7 844
7 608 7 740 7 872 8 005 8 405
8 182 8 321 8 461 8 601 9 021
8 770 8 917 9 064 9 211 9 653
9 380 9 534 9 689 9 843 10 307
Sensitivity analysis of weighted average price and discount rate applied Sensitivity analysis of weighted average price and number of fish in stock The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively. The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock. | | | | Monthly discount rate (%) | | |
| | | 2.0% | 3.0% 4.0% | 5.0% | 6.0% |
| | | | Change in monthly discount rate (%) | | |
| | | -2.0% | -1.0% 0.0% | 1.0% | 2.0% |
| 80.3 | -5.00 | 8 799 | 8 180 7 627 | 7 132 | 6 687 |
83.3 -2.00 9 294 8 633 8 043 7 515 7 041 84.3 -1.00 9 459 8 784 8 182 7 643 7 158 85.3 - 9 624 8 935 8 321 7 770 7 277 86.3 1.00 9 791 9 088 8 461 7 900 7 396 87.3 2.00 9 957 9 240 8 601 8 029 7 515 90.3 5.00 10 457 9 698 9 021 8 416 7 873 Average price per kg (NOK) Change in price per kg (NOK) | | | | Number of \ufb01sh in stock (million \ufb01sh) | | |
| | | 51.6 | 53.3 54.3 | 55.4 | 57.1 |
| | | | Change in number of \ufb01sh in stock | | |
| | | -5% | -2% 0% | 2% | 5% |
| 80.3 | -5.00 | 7 069 | 7 404 7 627 | 7 851 | 8 186 |
83.3 -2.00 7 464 7 811 8 043 8 275 8 623 84.3 -1.00 7 595 7 947 8 182 8 416 8 768 85.3 - 7 727 8 083 8 321 8 558 8 915 86.3 1.00 7 859 8 220 8 461 8 701 9 062 87.3 2.00 7 992 8 357 8 601 8 844 9 209 90.3 5.00 8 392 8 769 9 021 9 273 9 651 NOTE 7 Biological assets The group recognises and measures biological assets (fish in sea) at fair value. For salmon and trout, including parent fish, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner fish, historical cost provides the best estimate of fair value. The fair value of fish in the sea is estimated as a function of the estimated biomass at the time of harvest, multiplied by the estimated sales price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to optimal harvest weight. The cash flow is discounted monthly by a discount rate. Please refer to note 29 accounting policies for more detailed information. Fair value adjustment recognised in the period related to biological assets comprises: (1) change in fair value adjustment of biological assets, (2) change in fair value (provision) of loss-making contracts and (3) change in unrealised gain/loss of financial sale and purchase contracts (derivatives) for fish in Fish Pool. The last mentioned adjustment does only include Fish Pool contracts included in the balance sheet at the beginning of the year. For new contracts entered into in 2023 the change in fair value is recognised as other comprehensive income (OCI) due to cash flow hedging. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfill the contract. This implies that the Group may experience loss-making (onerous) contracts according to IAS 37 even if the contract price for physical delivery contracts is higher than the actual production cost for the products. In such a scenario, a provision is made for the estimated negative value. The provision is classified in the financial statements as other short- term debt. The Group also enters into Fish Pool contracts to hedge prices. The number of such contracts is limited. When utilised, the Fish Pool contracts are recorded as financial instruments on the balance sheet (derivatives), where unrealised gain is classified as other short-term receivables and unrealised loss as other short-term debt. Carrying amount of biological assets 2023 2022 | Fish in sea at historical cost* | 5 576 | 4 870 |
| Fry, brood, smolt and cleaner \ufb01sh at cost* | 455 | 477 |
| Total biological assets before fair value adjustment | 6 030 | 5 346 |
| Fair value adjustment of biological assets | 2 745 | 2 626 |
| Total biological assets | 8 775 | 7 972 |
| Fair value of \ufb01sh in sea | 8 321 | 7 495 |
| Fair value of fry, brood, smolt and cleaner \ufb01sh | 455 | 477 |
| Total biological assets | 8 775 | 7 972 |
| * Historical cost minus expensed mortality | | |
Carrying amount of loss-making contracts Total loss-making contracts in the SOFP at 31.12. 56 14 Recognised fair value adjustment related to biological assets | Change in fair value adjustment of biological assets (\ufb01sh in sea) | 119 | 1 159 |
| Change in fair value of loss-making contracts | -42 | 31 |
| Total fair value adjustments related to biological assets | 77 | 1 189 |
Reconciliation of carrying amount of fair value related to biological assets | Fair value adjustment of biological assets at 01.01. | 2 626 | 1 468 |
| Change in fair value adjustment on \ufb01sh in sea | 119 | 1 159 |
| Fair value adjustment of biological assets at 31.12. | 2 745 | 2 626 |
The balance sheet item is included in biological assets. The accounting line is further speci\ufb01ed below. Reconciliation of changes in carrying amount of biological assets Roe, fry, smolt and cleaner \ufb01sh* Fish in sea (salmon and trout)* Fair value adjustment Total biological assets Biological assets at 31.12.2021 385 4 320 1 466 6 173 | Changes in 2022 | | | | |
| Increase from biological transformation (released and net growth) | 1 301 | 8 614 | 0 | 9 914 |
| Reduction due to sale and own consumption (smolt and cleaner \ufb01sh) | -1 192 | 0 | 0 | -1 192 |
| Reduction due to harvest | 0 | -7 717 | 0 | -7 717 |
| Reduction due to incident-based mortality | -18 | -347 | 0 | -365 |
| Net change in fair value (\ufb01sh in sea) | 0 | 0 | 1 159 | 1 159 |
| Biological assets at 31.12.2022 | 476 | 4 869 | 2 625 | 7 972 |
| Changes in 2023 | | | | |
| Increase from biological transformation (released and net growth) | 1 406 | 10 108 | 0 | 11 514 |
| Reduction due to sale and own consumption (smolt and cleaner \ufb01sh) | -1 411 | 0 | 0 | -1 411 |
| Reduction due to harvest | 0 | -8 902 | 0 | -8 902 |
| Reduction due to incident-based mortality | -17 | -501 | 0 | -518 |
| Net change in fair value (\ufb01sh in sea) | 0 | 0 | 119 | 119 |
| Biological assets at 31.12.2023 | 454 | 5 575 | 2 744 | 8 775 |
* Carrying amount before fair value adjustment (historical cost minus charged mortality) Reconciliation of volume (LWT) for stock of \ufb01sh in sea 2023 2022 Live weight (LWT) of \ufb01sh in sea at 01.01. (tonnes) 102 708 111 622 | Changes through the year | | |
| Increase from biological transformation (released and net growth) | 212 680 | 218 348 |
| Reduction due to harvest | -195 972 | -214 741 |
| Reduction due to incident-based mortality | -16 973 | -12 518 |
| Reduction due to accidental release | -1 | -3 |
| Live weight of \ufb01sh in sea at 31.12. (tonnes) | 102 442 | 102 708 |
Volume (LWT) - Overview of \ufb01sh in sea at 31.12. 2023 2022 | Fish in sea, 0-1 kg | 10 964 | 11 041 |
| Fish in sea, 1-2 kg | 11 508 | 18 417 |
| Fish in sea, 2-3 kg | 34 313 | 20 597 |
| Fish in sea, 3-4 kg | 17 016 | 35 865 |
| Fish in sea: salmon 4-4.65 kg, trout 4-4.76 kg | 15 401 | 12 680 |
| Fish in sea: salmon > 4.65 kg, trout > 4.76 kg (ready for harvest) | 13 240 | 4 108 |
| Fish in sea, total salmon and trout | 102 442 | 102 708 |
The table below shows the total volume of fish in sea, living weight measured in tonnes, distributed by weight: NOTE 7 cont. Biological assets By species and main group 2023 2022 | Fish ready for harvest | 13 240 | 4 108 |
| Salmon (\ufb01sh of live weight > 4.65 kg) | 13 240 | 4 108 |
| Trout (\ufb01sh of live weight > 4.76 kg) | 0 | 0 |
| Fish not ready for harvest | 89 203 | 98 600 |
| Salmon (\ufb01sh of live weight < 4.65 kg) | 74 454 | 86 068 |
| Trout (\ufb01sh of live weight < 4.76 kg) | 14 748 | 12 532 |
| Total volume | 102 442 | 102 708 |
| Salmon | 87 694 | 90 176 |
| Trout | 14 748 | 12 532 |
| Number of individuals | | |
| Total number, all groups (in 1 000) | 54 723 | 55 945 |
Price parameters 2022 - Estimated forward price through expected harvesting period Forward price* Exporter fee Clearing cost Net forward price | Q1 2023 | 91.75 | -0.75 | -0.34 | 90.66 |
| Q2 2023 | 95.55 | -0.75 | -0.34 | 94.46 |
| Q3 2023 | 76.48 | -0.75 | -0.34 | 75.39 |
| Q4 2023 | 78.22 | -0.75 | -0.34 | 77.13 |
| Q1 2024 | 84.33 | -0.75 | -0.34 | 83.24 |
| Q2 2024 | 87.50 | -0.75 | -0.34 | 86.41 |
Price parameters 2023 - Estimated forward price through expected harvesting period Forward price* Exporter fee Clearing cost Net forward price | Q1 2024 | 108.90 | -0.75 | -0.34 | 107.81 |
| Q2 2024 | 114.40 | -0.75 | -0.34 | 113.31 |
| Q3 2024 | 84.65 | -0.75 | -0.34 | 83.56 |
| Q4 2024 | 87.07 | -0.75 | -0.34 | 85.98 |
| Q1 2025 | 101.83 | -0.75 | -0.34 | 100.74 |
| Q2 2025 | 102.29 | -0.75 | -0.34 | 101.20 |
* Quarterly forward price is based on monthly forward prices sourced from Fish Pool at 30.12. Quarterly forward price is based on average analyst estimates for 2025, picked up on the balance sheet date. Adjustments are also made for 2023 2022 | Price premium (+/-) for trout | 0.00 | 0.00 |
| Price premium (+/-) for organic salmon | 0.00 | 0.00 |
| Price premium (+/-) for ASC certi\ufb01ed salmon | 0.10 | 0.09 |
| Reduction for quality deviations, salmon | -1.27 | -1.30 |
| Reduction for quality deviations, trout | -1.60 | -1.60 |
| Reduction for size deviations, salmon | -0.24 | -0.26 |
| Reduction for size deviations, trout | -0.80 | -0.80 |
Deductions are also made for wellboat services, harvesting and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash flow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis described in the note on significant accounting estimates and assessments (note 2), an estimated average net price is applied to all sizes. This is calculated by dividing the total estimated net sales revenue per locality by the total estimated volume (measured as harvest weight), based on projected weight on the date of harvest. ACCIDENTAL RELEASE IN 2023 For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur randomly due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. This applies even if only one individual has escaped. The Group has not experienced any accidental release of economic significance in 2023. In total 15 030 individuals have escaped, from a total stock of approximately 55 million. The accidental release consists of five different incidents. Regardless of size, all incidents are described in the sustainability report, available at www.auss.no. INCIDENT-BASED MORTALITY The Group defines mortality as abnormal when more than a certain percentage of the total number of fish die in the space of one month. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For more detailed information, see the note on biological assets (I). Abnormal mortality is defined as incident- based mortality, and is charged to the income statement in the period in which it occurs. As in 2022 most of the incident- based mortality in 2023 has been caused by sea lice treatment. However, some mortality has been caused by diseases, like gill disease, jellyfish and CMS, together with weakness from winter wounds. Fish health, including minimising mortality, is the cornerstone of the Group\u2019s strategy. The positive number of sea lice treatments and related mortality, continued during first half of 2023. In second half of the year, the number of sea lice treatments have increased, as well as the mortality following the treatments. The Group works continuously with actions and technology to solve this challenge. 2023 2022 Calculated average net prices, all sizes (NOK/kg) 86.33 74.40 | Other parameters | | |
| Projected mortality in relation to number of individuals per month in North Norway | 0.45% | 0.45% |
| Projected mortality in relation to number of individuals per month in Central Norway | 0.60% | 0.60% |
| Projected mortality in relation to number of individuals per month in West Norway | 1.10% | 1.10% |
| Factor used for gutting waste, salmon | 14% | 14% |
| Factor used for gutting waste, trout | 16% | 16% |
| Projected harvest weight, salmon | 4.65 kg | 4.65 kg |
| Projected harvest weight, trout | 4.76 kg | 4.76 kg |
| Discount rate (monthly) | 4% | 4% |
FIXED ASSETS Accordingly, the Group\u2019s fixed assets primarily comprise fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal, fish oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group operates. The Group\u2019s fishery activities take place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. In 2023, 89.6% of the volume of raw materials from the Group\u2019s own wild catches, as well as raw materials purchased from third parties, was from certified fish species. Relevant certifications in 2023 were MSC Certification, Marine Trust 2.0, Friend of the Sea and Fishery Improvement Project (FIP). There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2023 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is far and away the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should such a situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. This would also have consequences for the onshore processing industry. Extreme weather would lead to an insufficient supply of raw materials for the onshore industry for the production of end products, which in turn would mean reduced earnings for both fishing vessels and processing facilities. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fires may damage key infrastructure. Potentially, this could have both a major direct impact on the Group\u2019s operations and an indirect impact through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions for fisheries. In 2023, fisheries in Peru were affected by El Ni\u00f1o, which started with a coastal El Ni\u00f1o in March. The first fishing season (April \u2013 July) was cancelled after a few days\u2019 trial fishery, and the quota for the second season (October \u2013 January) was set lower than is normal for this season. This resulted in negative earnings in 2023 for the business in Peru. The last time an entire fishing season was cancelled in Peru was in 2014. Apart from the negative impact for the business in Peru, the Group has not had any significant costs in 2023 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2023 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment testing by using historical catch volumes.
BIOLOGICAL ASSETS, LOSS-MAKING CONTRACTS AND MORTALITY EXPENSES The Group's biological assets comprise live fish, mainly salmon and trout, at all stages of the life cycle. The fish are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the fish are classified in group (1) roe, fry and juvenile fish. During this stage, the fish are kept on shore. When the fish are large enough for release to sea, they are classified in group (2) consumer products. The group for consumer products also comprises the subgroup for parent fish, utilised to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other consumer products ready for harvest. The stock of fish, in addition to salmon and trout, also comprises cleaner fish. This species of fish is utilised during production of salmon and trout as a means of eliminating salmon lice. Despite the significant volume of cleaner fish produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated financial statements. In order to simplify accounting, this species is therefore grouped with roe, fry and juvenile fish. Biological assets shall be measured at fair value minus sales costs, unless fair value cannot be reliably measured. For roe, fry and juvenile fish, in addition to cleaner fish, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation. This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group comprises a limited share of the Group's biological assets measured in terms of both volume and value. If changes emerge in the future implying that the smolt produced are significantly larger when released to sea, a new assessment will be required. For consumer products, the fair value is calculated by applying a present value model. For more detailed information on the fair value hierarchy, please refer to the note on financial instruments. The highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the fish have optimal harvest weight when they have a live weight corresponding to 4 kg gutted weight. This corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight of that stated above or more are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). For fish ready for harvest, the highest and best use is defined as harvesting and selling the fish as quickly as possible in the month following the balance sheet date. For fish not yet ready for harvest, the highest and best use is in principle defined as growing the fish to harvest weight, then harvesting and selling the fish. The harvest date applied in the valuation may however be brought forward if required by situations at a specific locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash flow-based present value model, is independent of historical and company- specific factors. On a hypothetical market with perfect competition, a hypothetical buyer of live fish would be willing to pay as a maximum the present value of the estimated future profit from the sale of the fish when it is ready for harvest. The estimated future profit, taking into account all price adjustments and payable fees until completion, constitutes the cash flow. No deductions are made for sales expenses, as these are not observable on the market. Such expenses are also deemed immaterial. Incoming cash flow is calculated as a function of estimated volume multiplied by estimated price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents
that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money. Please refer to the note on significant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated harvest weight per individual at the time of harvest. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that there are no effective markets for the sale of live fish. Fish Pool is a market place for financial purchase and sale agreements for superior Norwegian salmon, size 3-6 kg gutted weight. Updated forward prices are published daily for harvested salmon on Fish Pool. The volume on Fish Pool is however limited. This market is therefore assessed to be insufficiently active and effective. Despite this, the Group is of the opinion that the observable forward prices must be seen as the best approach to a hypothetical price for the sale of salmon. The volume of trout sales in Norway is significantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (wellboat, harvesting and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise. Changes to estimated fair value for biological assets, are recorded through profit or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of fish in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to financial purchase and sale contracts for fish in Fish Pool.
Onerous contracts are contracts where the expenses of fulfilling the contracts are higher than the economic yield the company expects to gain by fulfilling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be defined as onerous contracts, even if the contractual price is higher than the production costs for the products. At the end of the period, the management will evaluate whether contracts are onerous contracts by estimating the value of the commitment per contract. This evaluation is based on a number of premises and estimates. The estimate includes all contracts involving the sale of salmon and trout, where the fish have been produced by the Group. For contracts where the product to be delivered has a higher degree of processing than gutted fish, the contractual price is converted to a price per kilo gutted weight based on estimated yield for the different product types and normal processing costs in accordance with the Group's calculations. All contractual prices are translated to Norwegian kroner. For contracts that contain different product types, a weighted price is estimated. The weighted price per contract is then compared with an estimated benchmark price per month. This price corresponds to the price applied as a starting point for valuation of the biological assets, and is based on forward prices from Fish Pool, adjusted for export margin and transport from fish farm to Oslo. A provision is recognised on the balance sheet. The provision is classified as other short-term debt. As the financial statements also present production costs for the stock of live fish, the reporting of mortality is of significance. Costs related to abnormal mortality are immediately recognised through profit or loss and presented on the line for changes in inventory, while normal waste is classified as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming number of fish at the locality, this is classified as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the fish. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
VALUE ADJUSTMENT OF BIOLOGICAL ASSETS Biological assets comprise the stock of roe, fry, juvenile fish, cleaner fish and fish in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. For fish ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For fish not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvesting date for this fish. (1) Price One important premise in the valuation of fish both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest fluctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3-6 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For fish ready for harvest the forward price for the following month is applied. For fish not ready for harvest, the forward price for the month when the fish is expected to achieve optimal weight for harvest is applied. If it is probable on the balance sheet date that the fish will be harvested before it reaches optimal harvest weight, for example due to biological challenges (that have emerged prior to the balance sheet date), an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small fish is lower than for normal-size fish. The price is subsequently adjusted for exporter margins and clearing costs. This applies to fish both ready for harvest and not ready for harvest. Further adjustments are necessary for harvesting costs (well- boat, harvesting and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for ASC-certified fish. The adjustments for exporter margin and clearing costs are observable items estimated by Fish Pool. The adjustment for harvesting costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments.
(2) Cost For fish not ready for harvest, an adjustment is also required for the costs necessary to grow the fish to optimal harvest weight. Estimates related to future costs are based on the Group's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to reflect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of fish (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight (4.65 kg live weight for salmon and 4.76 kg live weight for trout). There is some uncertainty involving both the number of fish in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of fish on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of fish that results in a gutted weight of 4 kg, unless specific conditions exist on the balance sheet date to indicate that the fish have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the fish reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming fish per month, depending on region. (4) Discounting Every time a fish is harvested and sold, this generates a positive cash flow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash flow per locality. The cash flow is allocated to the month when harvest is estimated to take place. The sum of the cash flows from all the localities where the Group has fish in the sea will then be distributed over the entire period of time it takes to farm the fish in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash flow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) Licence lease and (3) Time value. (4.1) Risk adjustment The risk adjustment shall reflect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live fish rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash flow. Three significant factors could have an impact on cash flow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. (4.2) Hypothetical licence lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licences for farming fish for consumers, such licences currently have a very high value. For a hypothetical buyer of live fish to take over and continue to farm the fish, he/she would need a licence, locality and other permits required for such production. At the time of writing, leasing of licences is not permitted. However, on a hypothetical market for the purchase and sale of live fish, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a significant discount in order to allocate a sufficient share of the returns to the buyer\u2019s own licences or to cover the lease costs for leased licences. It is difficult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licences, as the curve in the model would be based on projections of future profit performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the licence limitations are measured at different levels (location, region and company). (4.3) Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash flow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live fish rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash flow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash flow would decrease for each month, as costs are incurred to farm the fish to harvest weight. The costs increase for every month the fish are in the sea. As such, the effect of deferred cash flow is lower than would be the case if the cash flow had been constant. This component is however deemed important due to the major values the stock of fish represents. (4.4) Evaluation of discount rate A monthly discount rate of 4% per month was applied in 2023. The rate applied in 2022 was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact
the value on fish in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a significant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also significance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for fish in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the fish in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis for fair value of fish in sea The Group considers that four components are key for valuation. These are: (1) weighted average price, (2) projected optimal harvest weight, (3) monthly discount rate and (4) estimated number of fish. The tables below show a simulated sensitivity to changes in fair value of the biological assets in the event of changes in these parameters: NOTE 2 cont. Critical accounting estimates and judgements The table shows total estimated fair value (present value) before provision for loss- making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction. The projected total cost is held constant, such that an increase in projected harvest weight will bring about a reduction in cost per kg, while a reduction in projected harvest weight will bring about an increase in cost per kg. For price, the change is per NOK gutted weight. The above price is after deduction for harvesting costs, transport to Oslo, quality, size and exporter margin. Sensitivity analysis in relation to weighted average price and projected optimal harvest weight | | | | Projected harvest weight per \ufb01sh in kg gwe | | |
| | | 3.5 | 3.8 4.0 | 4.3 | 4.5 |
| | | | Change in projected harvest weight per kg gwe | | |
| | | -0.50 | -0.25 - | 0.25 | 0.50 |
| 80.3 | -5.00 | 6 585 | 7 081 7 627 | 8 187 | 8 753 |
7 087 7 212 7 338 7 464 7 844
7 608 7 740 7 872 8 005 8 405
8 182 8 321 8 461 8 601 9 021
8 770 8 917 9 064 9 211 9 653
9 380 9 534 9 689 9 843 10 307
Sensitivity analysis of weighted average price and discount rate applied Sensitivity analysis of weighted average price and number of fish in stock The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively. The table shows total estimated fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of fish in stock on the balance sheet date. For the number of fish in stock, the table simulates a change of +/- 2% and +/- 5% in the number of fish per locality for all localities with fish in stock. | | | | Monthly discount rate (%) | | |
| | | 2.0% | 3.0% 4.0% | 5.0% | 6.0% |
| | | | Change in monthly discount rate (%) | | |
| | | -2.0% | -1.0% 0.0% | 1.0% | 2.0% |
| 80.3 | -5.00 | 8 799 | 8 180 7 627 | 7 132 | 6 687 |
83.3 -2.00 9 294 8 633 8 043 7 515 7 041 84.3 -1.00 9 459 8 784 8 182 7 643 7 158 85.3 - 9 624 8 935 8 321 7 770 7 277 86.3 1.00 9 791 9 088 8 461 7 900 7 396 87.3 2.00 9 957 9 240 8 601 8 029 7 515 90.3 5.00 10 457 9 698 9 021 8 416 7 873 Average price per kg (NOK) Change in price per kg (NOK) | | | | Number of \ufb01sh in stock (million \ufb01sh) | | |
| | | 51.6 | 53.3 54.3 | 55.4 | 57.1 |
| | | | Change in number of \ufb01sh in stock | | |
| | | -5% | -2% 0% | 2% | 5% |
| 80.3 | -5.00 | 7 069 | 7 404 7 627 | 7 851 | 8 186 |
83.3 -2.00 7 464 7 811 8 043 8 275 8 623 84.3 -1.00 7 595 7 947 8 182 8 416 8 768 85.3 - 7 727 8 083 8 321 8 558 8 915 86.3 1.00 7 859 8 220 8 461 8 701 9 062 87.3 2.00 7 992 8 357 8 601 8 844 9 209 90.3 5.00 8 392 8 769 9 021 9 273 9 651 BIOLOGICAL ASSETS, LOSS-MAKING CONTRACTS AND MORTALITY EXPENSES The Group's biological assets comprise live fish, mainly salmon and trout, at all stages of the life cycle. The fish are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the fish are classified in group (1) roe, fry and juvenile fish. During this stage, the fish are kept on shore. When the fish are large enough for release to sea, they are classified in group (2) consumer products. The group for consumer products also comprises the subgroup for parent fish, utilised to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other consumer products ready for harvest. The stock of fish, in addition to salmon and trout, also comprises cleaner fish. This species of fish is utilised during production of salmon and trout as a means of eliminating salmon lice. Despite the significant volume of cleaner fish produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated financial statements. In order to simplify accounting, this species is therefore grouped with roe, fry and juvenile fish. Biological assets shall be measured at fair value minus sales costs, unless fair value cannot be reliably measured. For roe, fry and juvenile fish, in addition to cleaner fish, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation. This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group comprises a limited share of the Group's biological assets measured in terms of both volume and value. If changes emerge in the future implying that the smolt produced are significantly larger when released to sea, a new assessment will be required. For consumer products, the fair value is calculated by applying a present value model. For more detailed information on the fair value hierarchy, please refer to the note on financial instruments. The highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the fish have optimal harvest weight when they have a live weight corresponding to 4 kg gutted weight. This corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight of that stated above or more are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). For fish ready for harvest, the highest and best use is defined as harvesting and selling the fish as quickly as possible in the month following the balance sheet date. For fish not yet ready for harvest, the highest and best use is in principle defined as growing the fish to harvest weight, then harvesting and selling the fish. The harvest date applied in the valuation may however be brought forward if required by situations at a specific locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash flow-based present value model, is independent of historical and company- specific factors. On a hypothetical market with perfect competition, a hypothetical buyer of live fish would be willing to pay as a maximum the present value of the estimated future profit from the sale of the fish when it is ready for harvest. The estimated future profit, taking into account all price adjustments and payable fees until completion, constitutes the cash flow. No deductions are made for sales expenses, as these are not observable on the market. Such expenses are also deemed immaterial. Incoming cash flow is calculated as a function of estimated volume multiplied by estimated price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents
that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money. Please refer to the note on significant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated harvest weight per individual at the time of harvest. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that there are no effective markets for the sale of live fish. Fish Pool is a market place for financial purchase and sale agreements for superior Norwegian salmon, size 3-6 kg gutted weight. Updated forward prices are published daily for harvested salmon on Fish Pool. The volume on Fish Pool is however limited. This market is therefore assessed to be insufficiently active and effective. Despite this, the Group is of the opinion that the observable forward prices must be seen as the best approach to a hypothetical price for the sale of salmon. The volume of trout sales in Norway is significantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (wellboat, harvesting and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise. Changes to estimated fair value for biological assets, are recorded through profit or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of fish in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to financial purchase and sale contracts for fish in Fish Pool.
Onerous contracts are contracts where the expenses of fulfilling the contracts are higher than the economic yield the company expects to gain by fulfilling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be defined as onerous contracts, even if the contractual price is higher than the production costs for the products. At the end of the period, the management will evaluate whether contracts are onerous contracts by estimating the value of the commitment per contract. This evaluation is based on a number of premises and estimates. The estimate includes all contracts involving the sale of salmon and trout, where the fish have been produced by the Group. For contracts where the product to be delivered has a higher degree of processing than gutted fish, the contractual price is converted to a price per kilo gutted weight based on estimated yield for the different product types and normal processing costs in accordance with the Group's calculations. All contractual prices are translated to Norwegian kroner. For contracts that contain different product types, a weighted price is estimated. The weighted price per contract is then compared with an estimated benchmark price per month. This price corresponds to the price applied as a starting point for valuation of the biological assets, and is based on forward prices from Fish Pool, adjusted for export margin and transport from fish farm to Oslo. A provision is recognised on the balance sheet. The provision is classified as other short-term debt. As the financial statements also present production costs for the stock of live fish, the reporting of mortality is of significance. Costs related to abnormal mortality are immediately recognised through profit or loss and presented on the line for changes in inventory, while normal waste is classified as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming number of fish at the locality, this is classified as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the fish. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
NOTE 3 Segment information OPERATING SEGMENTS The Board of Directors is the Group's chief operating decision-maker. Management has determined the operating segment based on the information reviewed by the Board of Directors. The Board of Directors considers the business from a company perspective. Several of the larger companies controlled by AUSS are separately listed companies, and as such naturally reviewed on a consolidated basis. | | fishmeal and fish oil. The company holds | |
| Ler\u00f8y Seafood Group ASA | a fleet of three modern purse-seiner | Other/Elimination |
| Ler\u00f8y Seafood Group ASA (LSG) is a | vessels. | Austevoll Seafood ASA (parent company), |
| Norwegian public company listed on the | | Austevoll Eiendom AS and AUSS Shared |
| Oslo Stock Exchange. LSG group is | Br. Birkeland AS | Service AS are not included in any of the |
involved in fish farming (salmon and trout), fishery of whitefish and VAP of salmon, trout and whitefish, and sale and distribution of different fish species and | processed fish products. | permit to fish snow crab. | as other/elimination. |
| | | Pelagia is proportionately consolidated in |
| Austral Group S.A.A. - Peru | Br. Birkeland Farming AS | the segment reporting, whereas the equity |
Austral Group S.A.A. (Austral) is a Peruvian public company listed on the Peru Stock Exchange. Austral is engaged in the | production of fishmeal, fish oil, canned | elimination of figures from Pelagia. |
| fish and frozen fish. From its fishing | |
vessels to the finished products produced in the four fishmeal/oil factories in Coishco, Chancay, Pisco and Ilo respectively, Austral is a truly integrated system. FoodCorp Chile S.A. - Chile FoodCorp Chile S.A. (FC) is a Chilean private company within the pelagic sector. The company is located in Coronel and is a truly integrated system engaged in production of frozen fish, canned fish, Br. Birkeland AS (BRBI) holds pelagic fishing licences utilised by two modern purse-seiner fishing vessels, in addition the company owns two vessels with Br. Birkeland Farming AS (BFARM) holds seven salmon farming licences in the Western Region of Norway. Pelagia Holding AS Pelagia Holding AS (Pelagia) is a private company within the pelagic sector. Pelagia is engaged in production of fishmeal, fish oil, Omega-3 oil, frozen fish for direct human consumption and protein concentrate and oil based on cuttings from the salmon industry, whitefish industry and pelagic cuttings in Norway, UK and Ireland. Pelagia is jointly owned with Kvefi AS, and is accounted for as a joint venture. operating segments. Unrealised gains on sales between the operating segments, which are eliminated in the consolidated financial statements, are also presented method is used in the consolidated financial statements. The column Other/ elimination therefore mainly comprises 2023 2022 | Operating revenue | | |
| Sale of goods and services | 33 712 | 31 155 |
| Lease income | 0 | 7 |
| Damages received | 2 | 0 |
| Other operating revenue | 17 | 10 |
| Total | 33 731 | 31 172 |
| Other gains and losses | | |
| Gain(+)/loss(-) from disposal of \ufb01xed assets | 21 | -20 |
| Gain(+)/loss(-) from termination of leases (disposal RoU-assets) | 1 | 1 |
| Gain(+)/loss(-) from changes in shares in associated companies | 21 | 0 |
| Total | 43 | -19 |
Gain(+)/loss(-) from changes in shares in associated companies | Gain(+)/loss(-) from disposal of shares in associated companies | 21 | 0 |
| Total | 21 | 0 |
Operating revenue | | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Other operating income | 30 834 | 1 002 | 966 | 356 | 559 | 6 500 | -6 490 | 33 731 |
| Inter-segment sales | 36 | 0 | 0 | 1 | 230 | 0 | -271 | 0 |
| Other gains and losses | 36 | -2 | 0 | 0 | 0 | 0 | 8 | 44 |
| Total segment income | 30 906 | 1 000 | 966 | 357 | 789 | 6 500 | -6 752 | 33 774 |
| Operating expenses | -26 212 | -1 184 | -741 | -266 | -462 | -5 640 | 5 858 | -28 647 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair value | | | | | | | | |
| adjustment of biological assets | 4 694 | -184 | 225 | 91 | 326 | 860 | -894 | 5 126 |
| Depreciation and amortisation | -1 484 | -234 | -48 | -63 | -63 | -209 | 192 | -1 909 |
| Impairment/reversal of impairment * | -108 | 1 | -7 | -28 | 0 | -21 | 21 | -142 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 102 | -417 | 170 | 0 | 263 | 631 | -681 | 3 076 |
| Fair value adjustment of biological assets | 125 | 0 | 0 | 0 | -48 | 0 | 0 | 77 |
| Operating pro\ufb01t | 3 227 | -417 | 170 | 0 | 215 | 631 | -681 | 3 152 |
| | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Income from associates | -143 | 0 | 0 | 1 | 40 | 0 | 388 | 285 |
| Financial income | 136 | 474 | 12 | 6 | 10 | 12 | 13 | 660 |
| Financial expenses | -620 | -524 | -13 | -14 | -22 | -132 | 71 | -1 253 |
| Pro\ufb01t before tax | 2 600 | -467 | 169 | -7 | 242 | 511 | -209 | 2 845 |
| Tax | -2 390 | 121 | -49 | 3 | -196 | -120 | 133 | -2 501 |
| Pro\ufb01t for the year | 210 | -346 | 121 | -5 | 46 | 392 | -77 | 344 |
| Attributable to non-controlling interests | 67 | -33 | 0 | -3 | 21 | 0 | 0 | 53 |
| Attributable to shareholders in | | | | | | | | |
| Austevoll Seafood ASA | 144 | -313 | 121 | -2 | 25 | 391 | -77 | 291 |
| Share of dividend recognised in the | | | | | | | | |
| parent company, Austevoll Seafood ASA | 785 | 8 | 20 | 0 | 32 | 225 | 49 | 1 119 |
* For further information on impairment, see notes 10 and 11 NOTE 3 cont. Segment information | | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Other operating income | 26 643 | 2 590 | 820 | 333 | 743 | 5 641 | -5 601 | 31 169 |
| Inter-segment sales | 3 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Other gains and losses | 6 | -27 | 1 | 0 | 0 | 0 | 0 | -19 |
| Total segment income | 26 652 | 2 563 | 821 | 333 | 743 | 5 641 | -5 602 | 31 150 |
| Operating expenses | -22 131 | -1 900 | -621 | -296 | -376 | -4 789 | 4 746 | -25 368 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair | | | | | | | | |
| value adjustment of biological assets | 4 521 | 663 | 200 | 37 | 367 | 852 | -857 | 5 782 |
| Depreciation and amortisation | -1 326 | -196 | -72 | -55 | -66 | -177 | 160 | -1 732 |
| Impairment/reversal of impairment* | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 195 | 468 | 128 | -18 | 300 | 674 | -696 | 4 051 |
| Fair value adjustment of | | | | | | | | |
| biological assets | 1 088 | 0 | 0 | 0 | 101 | 0 | 0 | 1 189 |
| Operating pro\ufb01t | 4 283 | 468 | 128 | -18 | 402 | 674 | -696 | 5 240 |
| | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Income from associates | 66 | 0 | 0 | 2 | 7 | 0 | 419 | 494 |
| Financial income | 56 | 720 | 12 | 13 | 2 | 2 | 44 | 849 |
| Financial expenses | -337 | -745 | -2 | -18 | -8 | -90 | 45 | -1 155 |
| Pro\ufb01t before tax | 4 067 | 443 | 139 | -22 | 404 | 586 | -188 | 5 428 |
| Tax | -902 | -138 | -49 | 6 | -87 | -129 | 156 | -1 143 |
| Pro\ufb01t for the year | 3 165 | 305 | 90 | -16 | 317 | 458 | -32 | 4 285 |
| Attributable to non-controlling | | | | | | | | |
| interests | 1 635 | 30 | 0 | -9 | 142 | 0 | 0 | 1 798 |
| Attributable to shareholders | | | | | | | | |
| in Austevoll Seafood ASA | 1 530 | 275 | 90 | -7 | 175 | 458 | -32 | 2 490 |
| Share of dividend recognised in | | | | | | | | |
| the parent company, Austevoll | | | | | | | | |
| Seafood ASA | 785 | 160 | 18 | 29 | 36 | 125 | 0 | 1 153 |
SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.
",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7152": {
"value": "2023 2022 | Operating revenue | | |
| Sale of goods and services | 33 712 | 31 155 |
| Lease income | 0 | 7 |
| Damages received | 2 | 0 |
| Other operating revenue | 17 | 10 |
| Total | 33 731 | 31 172 |
| Other gains and losses | | |
| Gain(+)/loss(-) from disposal of \ufb01xed assets | 21 | -20 |
| Gain(+)/loss(-) from termination of leases (disposal RoU-assets) | 1 | 1 |
| Gain(+)/loss(-) from changes in shares in associated companies | 21 | 0 |
| Total | 43 | -19 |
Gain(+)/loss(-) from changes in shares in associated companies | Gain(+)/loss(-) from disposal of shares in associated companies | 21 | 0 |
| Total | 21 | 0 |
Operating revenue | | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Other operating income | 30 834 | 1 002 | 966 | 356 | 559 | 6 500 | -6 490 | 33 731 |
| Inter-segment sales | 36 | 0 | 0 | 1 | 230 | 0 | -271 | 0 |
| Other gains and losses | 36 | -2 | 0 | 0 | 0 | 0 | 8 | 44 |
| Total segment income | 30 906 | 1 000 | 966 | 357 | 789 | 6 500 | -6 752 | 33 774 |
| Operating expenses | -26 212 | -1 184 | -741 | -266 | -462 | -5 640 | 5 858 | -28 647 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair value | | | | | | | | |
| adjustment of biological assets | 4 694 | -184 | 225 | 91 | 326 | 860 | -894 | 5 126 |
| Depreciation and amortisation | -1 484 | -234 | -48 | -63 | -63 | -209 | 192 | -1 909 |
| Impairment/reversal of impairment * | -108 | 1 | -7 | -28 | 0 | -21 | 21 | -142 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 102 | -417 | 170 | 0 | 263 | 631 | -681 | 3 076 |
| Fair value adjustment of biological assets | 125 | 0 | 0 | 0 | -48 | 0 | 0 | 77 |
| Operating pro\ufb01t | 3 227 | -417 | 170 | 0 | 215 | 631 | -681 | 3 152 |
| | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Income from associates | -143 | 0 | 0 | 1 | 40 | 0 | 388 | 285 |
| Financial income | 136 | 474 | 12 | 6 | 10 | 12 | 13 | 660 |
| Financial expenses | -620 | -524 | -13 | -14 | -22 | -132 | 71 | -1 253 |
| Pro\ufb01t before tax | 2 600 | -467 | 169 | -7 | 242 | 511 | -209 | 2 845 |
| Tax | -2 390 | 121 | -49 | 3 | -196 | -120 | 133 | -2 501 |
| Pro\ufb01t for the year | 210 | -346 | 121 | -5 | 46 | 392 | -77 | 344 |
| Attributable to non-controlling interests | 67 | -33 | 0 | -3 | 21 | 0 | 0 | 53 |
| Attributable to shareholders in | | | | | | | | |
| Austevoll Seafood ASA | 144 | -313 | 121 | -2 | 25 | 391 | -77 | 291 |
| Share of dividend recognised in the | | | | | | | | |
| parent company, Austevoll Seafood ASA | 785 | 8 | 20 | 0 | 32 | 225 | 49 | 1 119 |
* For further information on impairment, see notes 10 and 11 NOTE 3 cont. Segment information | | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Other operating income | 26 643 | 2 590 | 820 | 333 | 743 | 5 641 | -5 601 | 31 169 |
| Inter-segment sales | 3 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Other gains and losses | 6 | -27 | 1 | 0 | 0 | 0 | 0 | -19 |
| Total segment income | 26 652 | 2 563 | 821 | 333 | 743 | 5 641 | -5 602 | 31 150 |
| Operating expenses | -22 131 | -1 900 | -621 | -296 | -376 | -4 789 | 4 746 | -25 368 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair | | | | | | | | |
| value adjustment of biological assets | 4 521 | 663 | 200 | 37 | 367 | 852 | -857 | 5 782 |
| Depreciation and amortisation | -1 326 | -196 | -72 | -55 | -66 | -177 | 160 | -1 732 |
| Impairment/reversal of impairment* | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 195 | 468 | 128 | -18 | 300 | 674 | -696 | 4 051 |
| Fair value adjustment of | | | | | | | | |
| biological assets | 1 088 | 0 | 0 | 0 | 101 | 0 | 0 | 1 189 |
| Operating pro\ufb01t | 4 283 | 468 | 128 | -18 | 402 | 674 | -696 | 5 240 |
| | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Income from associates | 66 | 0 | 0 | 2 | 7 | 0 | 419 | 494 |
| Financial income | 56 | 720 | 12 | 13 | 2 | 2 | 44 | 849 |
| Financial expenses | -337 | -745 | -2 | -18 | -8 | -90 | 45 | -1 155 |
| Pro\ufb01t before tax | 4 067 | 443 | 139 | -22 | 404 | 586 | -188 | 5 428 |
| Tax | -902 | -138 | -49 | 6 | -87 | -129 | 156 | -1 143 |
| Pro\ufb01t for the year | 3 165 | 305 | 90 | -16 | 317 | 458 | -32 | 4 285 |
| Attributable to non-controlling | | | | | | | | |
| interests | 1 635 | 30 | 0 | -9 | 142 | 0 | 0 | 1 798 |
| Attributable to shareholders | | | | | | | | |
| in Austevoll Seafood ASA | 1 530 | 275 | 90 | -7 | 175 | 458 | -32 | 2 490 |
| Share of dividend recognised in | | | | | | | | |
| the parent company, Austevoll | | | | | | | | |
| Seafood ASA | 785 | 160 | 18 | 29 | 36 | 125 | 0 | 1 153 |
| | | | Total investments in | |
| | Non-current assets | | non-current assets | |
| Segment | 2023 | 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 19 132 | 18 539 | 1 326 | 912 |
| Pelagia Holding AS | IA | IA | IA | IA |
| Br. Birkeland AS | 1 051 | 1 080 | 27 | 114 |
| Br. Birkeland Farming AS | 599 | 591 | 31 | 10 |
| Other | 5 752 | 5 628 | 179 | 445 |
| Total for Norway | 26 534 | 25 838 | 1 564 | 1 480 |
| Austral Group S.A.A. - Peru | 2 563 | 2 424 | 166 | 268 |
| FoodCorp Chile S.A. - Chile | 850 | 712 | 237 | 87 |
| Total | 29 946 | 28 974 | 1 968 | 1 835 |
| | Associates and joint venture | Total liabilities | |
| Segment | 2023 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 1 397 | 1 456 | 21 615 | 16 351 |
| Pelagia Holding AS | 1 980 | 1 765 | IA | IA |
| Br. Birkeland AS | 48 | 47 | 430 | 421 |
| Br. Birkeland Farming AS | 145 | 106 | 812 | 694 |
| Other | 0 | 8 | 1 013 | 777 |
| Total for Norway | 3 571 | 3 381 | 23 870 | 18 243 |
| Austral Group S.A.A. - Peru | 2 | 1 | 1 612 | 1 407 |
| FoodCorp Chile S.A. - Chile | 0 | 0 | 302 | 251 |
| Total | 3 572 | 3 382 | 25 784 | 19 901 |
Revenue by geographic area 2023 % 2022 % | Norway | 6 526 | 19 | 5 732 | 18 |
| EU | 16 983 | 50 | 14 858 | 48 |
| UK | 895 | 3 | 0 | 0 |
| Eastern Europe | 1 394 | 4 | 1 539 | 5 |
| Africa | 653 | 2 | 660 | 2 |
| North America | 1 515 | 4 | 1 324 | 4 |
| Asia | 5 022 | 15 | 6 275 | 20 |
| South America | 743 | 2 | 782 | 3 |
| Total | 33 730 | 100 | 31 170 | 100 |
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. REVENUE RECOGNITION Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Group\u2019s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminated sales within the Group. The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group\u2019s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Operating revenues from contracts with customers as defined in IFRS 15 are recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and specific information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods. Sales of goods Sales of goods are recognised when a Group entity has delivered products to the customer, the customer has accepted the goods and when the risks and rewards related to the goods have been transferred to the customer. Dividend income Dividend income is recognised when the right to receive payment is established.
",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f7153": {
"value": "2023 2022 | Operating revenue | | |
| Sale of goods and services | 33 712 | 31 155 |
| Lease income | 0 | 7 |
| Damages received | 2 | 0 |
| Other operating revenue | 17 | 10 |
| Total | 33 731 | 31 172 |
| Other gains and losses | | |
| Gain(+)/loss(-) from disposal of \ufb01xed assets | 21 | -20 |
| Gain(+)/loss(-) from termination of leases (disposal RoU-assets) | 1 | 1 |
| Gain(+)/loss(-) from changes in shares in associated companies | 21 | 0 |
| Total | 43 | -19 |
Gain(+)/loss(-) from changes in shares in associated companies | Gain(+)/loss(-) from disposal of shares in associated companies | 21 | 0 |
| Total | 21 | 0 |
Operating revenue | | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Other operating income | 30 834 | 1 002 | 966 | 356 | 559 | 6 500 | -6 490 | 33 731 |
| Inter-segment sales | 36 | 0 | 0 | 1 | 230 | 0 | -271 | 0 |
| Other gains and losses | 36 | -2 | 0 | 0 | 0 | 0 | 8 | 44 |
| Total segment income | 30 906 | 1 000 | 966 | 357 | 789 | 6 500 | -6 752 | 33 774 |
| Operating expenses | -26 212 | -1 184 | -741 | -266 | -462 | -5 640 | 5 858 | -28 647 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair value | | | | | | | | |
| adjustment of biological assets | 4 694 | -184 | 225 | 91 | 326 | 860 | -894 | 5 126 |
| Depreciation and amortisation | -1 484 | -234 | -48 | -63 | -63 | -209 | 192 | -1 909 |
| Impairment/reversal of impairment * | -108 | 1 | -7 | -28 | 0 | -21 | 21 | -142 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 102 | -417 | 170 | 0 | 263 | 631 | -681 | 3 076 |
| Fair value adjustment of biological assets | 125 | 0 | 0 | 0 | -48 | 0 | 0 | 77 |
| Operating pro\ufb01t | 3 227 | -417 | 170 | 0 | 215 | 631 | -681 | 3 152 |
| | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Income from associates | -143 | 0 | 0 | 1 | 40 | 0 | 388 | 285 |
| Financial income | 136 | 474 | 12 | 6 | 10 | 12 | 13 | 660 |
| Financial expenses | -620 | -524 | -13 | -14 | -22 | -132 | 71 | -1 253 |
| Pro\ufb01t before tax | 2 600 | -467 | 169 | -7 | 242 | 511 | -209 | 2 845 |
| Tax | -2 390 | 121 | -49 | 3 | -196 | -120 | 133 | -2 501 |
| Pro\ufb01t for the year | 210 | -346 | 121 | -5 | 46 | 392 | -77 | 344 |
| Attributable to non-controlling interests | 67 | -33 | 0 | -3 | 21 | 0 | 0 | 53 |
| Attributable to shareholders in | | | | | | | | |
| Austevoll Seafood ASA | 144 | -313 | 121 | -2 | 25 | 391 | -77 | 291 |
| Share of dividend recognised in the | | | | | | | | |
| parent company, Austevoll Seafood ASA | 785 | 8 | 20 | 0 | 32 | 225 | 49 | 1 119 |
* For further information on impairment, see notes 10 and 11 NOTE 3 cont. Segment information | | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Other operating income | 26 643 | 2 590 | 820 | 333 | 743 | 5 641 | -5 601 | 31 169 |
| Inter-segment sales | 3 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Other gains and losses | 6 | -27 | 1 | 0 | 0 | 0 | 0 | -19 |
| Total segment income | 26 652 | 2 563 | 821 | 333 | 743 | 5 641 | -5 602 | 31 150 |
| Operating expenses | -22 131 | -1 900 | -621 | -296 | -376 | -4 789 | 4 746 | -25 368 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair | | | | | | | | |
| value adjustment of biological assets | 4 521 | 663 | 200 | 37 | 367 | 852 | -857 | 5 782 |
| Depreciation and amortisation | -1 326 | -196 | -72 | -55 | -66 | -177 | 160 | -1 732 |
| Impairment/reversal of impairment* | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 195 | 468 | 128 | -18 | 300 | 674 | -696 | 4 051 |
| Fair value adjustment of | | | | | | | | |
| biological assets | 1 088 | 0 | 0 | 0 | 101 | 0 | 0 | 1 189 |
| Operating pro\ufb01t | 4 283 | 468 | 128 | -18 | 402 | 674 | -696 | 5 240 |
| | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Income from associates | 66 | 0 | 0 | 2 | 7 | 0 | 419 | 494 |
| Financial income | 56 | 720 | 12 | 13 | 2 | 2 | 44 | 849 |
| Financial expenses | -337 | -745 | -2 | -18 | -8 | -90 | 45 | -1 155 |
| Pro\ufb01t before tax | 4 067 | 443 | 139 | -22 | 404 | 586 | -188 | 5 428 |
| Tax | -902 | -138 | -49 | 6 | -87 | -129 | 156 | -1 143 |
| Pro\ufb01t for the year | 3 165 | 305 | 90 | -16 | 317 | 458 | -32 | 4 285 |
| Attributable to non-controlling | | | | | | | | |
| interests | 1 635 | 30 | 0 | -9 | 142 | 0 | 0 | 1 798 |
| Attributable to shareholders | | | | | | | | |
| in Austevoll Seafood ASA | 1 530 | 275 | 90 | -7 | 175 | 458 | -32 | 2 490 |
| Share of dividend recognised in | | | | | | | | |
| the parent company, Austevoll | | | | | | | | |
| Seafood ASA | 785 | 160 | 18 | 29 | 36 | 125 | 0 | 1 153 |
| | | | Total investments in | |
| | Non-current assets | | non-current assets | |
| Segment | 2023 | 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 19 132 | 18 539 | 1 326 | 912 |
| Pelagia Holding AS | IA | IA | IA | IA |
| Br. Birkeland AS | 1 051 | 1 080 | 27 | 114 |
| Br. Birkeland Farming AS | 599 | 591 | 31 | 10 |
| Other | 5 752 | 5 628 | 179 | 445 |
| Total for Norway | 26 534 | 25 838 | 1 564 | 1 480 |
| Austral Group S.A.A. - Peru | 2 563 | 2 424 | 166 | 268 |
| FoodCorp Chile S.A. - Chile | 850 | 712 | 237 | 87 |
| Total | 29 946 | 28 974 | 1 968 | 1 835 |
| | Associates and joint venture | Total liabilities | |
| Segment | 2023 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 1 397 | 1 456 | 21 615 | 16 351 |
| Pelagia Holding AS | 1 980 | 1 765 | IA | IA |
| Br. Birkeland AS | 48 | 47 | 430 | 421 |
| Br. Birkeland Farming AS | 145 | 106 | 812 | 694 |
| Other | 0 | 8 | 1 013 | 777 |
| Total for Norway | 3 571 | 3 381 | 23 870 | 18 243 |
| Austral Group S.A.A. - Peru | 2 | 1 | 1 612 | 1 407 |
| FoodCorp Chile S.A. - Chile | 0 | 0 | 302 | 251 |
| Total | 3 572 | 3 382 | 25 784 | 19 901 |
Revenue by geographic area 2023 % 2022 % | Norway | 6 526 | 19 | 5 732 | 18 |
| EU | 16 983 | 50 | 14 858 | 48 |
| UK | 895 | 3 | 0 | 0 |
| Eastern Europe | 1 394 | 4 | 1 539 | 5 |
| Africa | 653 | 2 | 660 | 2 |
| North America | 1 515 | 4 | 1 324 | 4 |
| Asia | 5 022 | 15 | 6 275 | 20 |
| South America | 743 | 2 | 782 | 3 |
| Total | 33 730 | 100 | 31 170 | 100 |
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. 2023 2022 | Operating revenue | | |
| Sale of goods and services | 33 712 | 31 155 |
| Lease income | 0 | 7 |
| Damages received | 2 | 0 |
| Other operating revenue | 17 | 10 |
| Total | 33 731 | 31 172 |
| Other gains and losses | | |
| Gain(+)/loss(-) from disposal of \ufb01xed assets | 21 | -20 |
| Gain(+)/loss(-) from termination of leases (disposal RoU-assets) | 1 | 1 |
| Gain(+)/loss(-) from changes in shares in associated companies | 21 | 0 |
| Total | 43 | -19 |
Gain(+)/loss(-) from changes in shares in associated companies | Gain(+)/loss(-) from disposal of shares in associated companies | 21 | 0 |
| Total | 21 | 0 |
Operating revenue | | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Other operating income | 30 834 | 1 002 | 966 | 356 | 559 | 6 500 | -6 490 | 33 731 |
| Inter-segment sales | 36 | 0 | 0 | 1 | 230 | 0 | -271 | 0 |
| Other gains and losses | 36 | -2 | 0 | 0 | 0 | 0 | 8 | 44 |
| Total segment income | 30 906 | 1 000 | 966 | 357 | 789 | 6 500 | -6 752 | 33 774 |
| Operating expenses | -26 212 | -1 184 | -741 | -266 | -462 | -5 640 | 5 858 | -28 647 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair value | | | | | | | | |
| adjustment of biological assets | 4 694 | -184 | 225 | 91 | 326 | 860 | -894 | 5 126 |
| Depreciation and amortisation | -1 484 | -234 | -48 | -63 | -63 | -209 | 192 | -1 909 |
| Impairment/reversal of impairment * | -108 | 1 | -7 | -28 | 0 | -21 | 21 | -142 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 102 | -417 | 170 | 0 | 263 | 631 | -681 | 3 076 |
| Fair value adjustment of biological assets | 125 | 0 | 0 | 0 | -48 | 0 | 0 | 77 |
| Operating pro\ufb01t | 3 227 | -417 | 170 | 0 | 215 | 631 | -681 | 3 152 |
| | | Austral | FoodCorp | Br. Birkeland | Pelagia | Other/ | |
| 2023 | LSG | Group | Chile Br. Birkeland | Farming | Holding 50% | elim. | Group |
| Income from associates | -143 | 0 | 0 | 1 | 40 | 0 | 388 | 285 |
| Financial income | 136 | 474 | 12 | 6 | 10 | 12 | 13 | 660 |
| Financial expenses | -620 | -524 | -13 | -14 | -22 | -132 | 71 | -1 253 |
| Pro\ufb01t before tax | 2 600 | -467 | 169 | -7 | 242 | 511 | -209 | 2 845 |
| Tax | -2 390 | 121 | -49 | 3 | -196 | -120 | 133 | -2 501 |
| Pro\ufb01t for the year | 210 | -346 | 121 | -5 | 46 | 392 | -77 | 344 |
| Attributable to non-controlling interests | 67 | -33 | 0 | -3 | 21 | 0 | 0 | 53 |
| Attributable to shareholders in | | | | | | | | |
| Austevoll Seafood ASA | 144 | -313 | 121 | -2 | 25 | 391 | -77 | 291 |
| Share of dividend recognised in the | | | | | | | | |
| parent company, Austevoll Seafood ASA | 785 | 8 | 20 | 0 | 32 | 225 | 49 | 1 119 |
* For further information on impairment, see notes 10 and 11 NOTE 3 cont. Segment information | | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Other operating income | 26 643 | 2 590 | 820 | 333 | 743 | 5 641 | -5 601 | 31 169 |
| Inter-segment sales | 3 | 0 | 0 | 0 | 0 | 0 | -2 | 0 |
| Other gains and losses | 6 | -27 | 1 | 0 | 0 | 0 | 0 | -19 |
| Total segment income | 26 652 | 2 563 | 821 | 333 | 743 | 5 641 | -5 602 | 31 150 |
| Operating expenses | -22 131 | -1 900 | -621 | -296 | -376 | -4 789 | 4 746 | -25 368 |
| Operating pro\ufb01t before depreciation, | | | | | | | | |
| amortisation, impairment and fair | | | | | | | | |
| value adjustment of biological assets | 4 521 | 663 | 200 | 37 | 367 | 852 | -857 | 5 782 |
| Depreciation and amortisation | -1 326 | -196 | -72 | -55 | -66 | -177 | 160 | -1 732 |
| Impairment/reversal of impairment* | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| Operating pro\ufb01t before fair value | | | | | | | | |
| adjustment of biological assets | 3 195 | 468 | 128 | -18 | 300 | 674 | -696 | 4 051 |
| Fair value adjustment of | | | | | | | | |
| biological assets | 1 088 | 0 | 0 | 0 | 101 | 0 | 0 | 1 189 |
| Operating pro\ufb01t | 4 283 | 468 | 128 | -18 | 402 | 674 | -696 | 5 240 |
| | | | | | Br. | Pelagia | | |
| | | Austral | FoodCorp | Br. | Birkeland | Holding | Other/ | |
| 2022 | LSG | Group | Chile | Birkeland | Farming | 50% | elim. | Group |
| Income from associates | 66 | 0 | 0 | 2 | 7 | 0 | 419 | 494 |
| Financial income | 56 | 720 | 12 | 13 | 2 | 2 | 44 | 849 |
| Financial expenses | -337 | -745 | -2 | -18 | -8 | -90 | 45 | -1 155 |
| Pro\ufb01t before tax | 4 067 | 443 | 139 | -22 | 404 | 586 | -188 | 5 428 |
| Tax | -902 | -138 | -49 | 6 | -87 | -129 | 156 | -1 143 |
| Pro\ufb01t for the year | 3 165 | 305 | 90 | -16 | 317 | 458 | -32 | 4 285 |
| Attributable to non-controlling | | | | | | | | |
| interests | 1 635 | 30 | 0 | -9 | 142 | 0 | 0 | 1 798 |
| Attributable to shareholders | | | | | | | | |
| in Austevoll Seafood ASA | 1 530 | 275 | 90 | -7 | 175 | 458 | -32 | 2 490 |
| Share of dividend recognised in | | | | | | | | |
| the parent company, Austevoll | | | | | | | | |
| Seafood ASA | 785 | 160 | 18 | 29 | 36 | 125 | 0 | 1 153 |
| | | | Total investments in | |
| | Non-current assets | | non-current assets | |
| Segment | 2023 | 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 19 132 | 18 539 | 1 326 | 912 |
| Pelagia Holding AS | IA | IA | IA | IA |
| Br. Birkeland AS | 1 051 | 1 080 | 27 | 114 |
| Br. Birkeland Farming AS | 599 | 591 | 31 | 10 |
| Other | 5 752 | 5 628 | 179 | 445 |
| Total for Norway | 26 534 | 25 838 | 1 564 | 1 480 |
| Austral Group S.A.A. - Peru | 2 563 | 2 424 | 166 | 268 |
| FoodCorp Chile S.A. - Chile | 850 | 712 | 237 | 87 |
| Total | 29 946 | 28 974 | 1 968 | 1 835 |
| | Associates and joint venture | Total liabilities | |
| Segment | 2023 2022 | 2023 | 2022 |
| Ler\u00f8y Seafood Group ASA | 1 397 | 1 456 | 21 615 | 16 351 |
| Pelagia Holding AS | 1 980 | 1 765 | IA | IA |
| Br. Birkeland AS | 48 | 47 | 430 | 421 |
| Br. Birkeland Farming AS | 145 | 106 | 812 | 694 |
| Other | 0 | 8 | 1 013 | 777 |
| Total for Norway | 3 571 | 3 381 | 23 870 | 18 243 |
| Austral Group S.A.A. - Peru | 2 | 1 | 1 612 | 1 407 |
| FoodCorp Chile S.A. - Chile | 0 | 0 | 302 | 251 |
| Total | 3 572 | 3 382 | 25 784 | 19 901 |
Revenue by geographic area 2023 % 2022 % | Norway | 6 526 | 19 | 5 732 | 18 |
| EU | 16 983 | 50 | 14 858 | 48 |
| UK | 895 | 3 | 0 | 0 |
| Eastern Europe | 1 394 | 4 | 1 539 | 5 |
| Africa | 653 | 2 | 660 | 2 |
| North America | 1 515 | 4 | 1 324 | 4 |
| Asia | 5 022 | 15 | 6 275 | 20 |
| South America | 743 | 2 | 782 | 3 |
| Total | 33 730 | 100 | 31 170 | 100 |
Revenue is allocated based on the customer`s country/destination for shipment of sold goods. NOTE 28 Alternative performance targets The Group's accounts are submitted in accordance with international standards for financial reporting (IFRS) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures (APMs) to make the Group\u2019s developments simpler to understand. The Board and management are of the opinion that these performance measures are in demand and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures defined in IFRS. The figures are defined below. They are consistently calculated and presented in addition to other performance measures, in line with the Guidelines on Alternative Performance Measures from the European Securities and Markets Authority (ESMA). EBIT BEFORE FAIR VALUE ADJUSTMENTS EBIT before fair value adjustments is an APM utilised by the Group. Pursuant to IFRS, biological assets (fish in the sea) shall be measured at fair value in the statement of financial position (IAS 41). Estimates of fair value require various assumptions about the future, including price developments. Changes in the market\u2019s price expectations may therefore result in major changes in carried value. As this change in value is included in the operating profit or loss (EBIT) as defined in IFRS, this figure alone is not sufficient to illustrate the Group's performance during the period. The same applies to other items on the statement of financial position related to biological assets, onerous contracts (IAS 37) and financial Fish Pool contracts (IFRS 9). The Group has therefore elected to present operating profit as it would be presented before recognition of the above-mentioned fair value adjustments, as an alternative performance measure. By presenting (1) EBIT before fair value adjustments, (2) fair value adjustments in the period and (3) EBIT after fair value adjustments, the user of the financial statements will easily be able to identify how much of the operating profit comprises changes in fair value (fair value adjustments) and thereby compare performance with other companies in the same industry. The note on biological assets contains a detailed description of how fair value adjustment is calculated and the figures for each component. Fair value adjustments comprises 1. Change in fair value adjustment on fish in sea 2. Change in fair value adjustment on roe, fry and cleaning fish* 3. Change in fair value adjustment on onerous contracts (salmon and trout) 4. Change in fair value adjustment on Fish Pool contracts (financial contracts on salmon) * For this group historical cost provides the best estimate of fair value. See note on biological assets for further details. EBITDA before fair value adjustments EBITDA before fair value adjustments is an APM. Calculation is identical as the calculation of \"EBIT before fair value adjustments\" (above). Operating pro\ufb01t before fair value adjustments 2023 2022 | Operating pro\ufb01t | 3 153 | 5 240 |
| - Fair value adjustments | -77 | -1 189 |
| Operating pro\ufb01t before fair value adjustments | 3 076 | 4 051 |
Operating pro\ufb01t before depreciation, amortisation and fair value adjustments 2023 2022 | Operating pro\ufb01t | 3 153 | 5 240 |
| Depreciation and amortisation | 2 051 | 1 731 |
| Operating pro\ufb01t before depreciation and amortisation (EBITDA) | 5 204 | 6 971 |
| - Fair value adjustments | -77 | -1 189 |
| Operating pro\ufb01t before depreciation, amortisation and fair value adjustments | 5 127 | 5 782 |
The following components are included: EBITDA before tax and fair value adjustments Profit before tax and fair value adjustments is an APM utilised by the Group. Pursuant to IFRS, biological assets (fish in the sea) shall be measured at fair value in the statement of financial position (IAS 41). The APM demonstrates how the result would have been if IAS 41 not had been applied. This implies that the FV adjustment on fish in sea are reversed (eliminated). This includes both the group`s own FV adjustment and also the FV adjustments included in the income from associated companies (AC) also applying IAS 41, following the equity method. Net interest bearing debt (NIBD) NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to grant financing to the Group and for stakeholders who want to value the company. The Group therefore defines NIBD as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing financing and/or credit, minus interest-bearing cash or cash equivalents. This implies that long-term interest- bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS 16.
Pro\ufb01t before tax and fair value adjustments 2023 2022 | Pro\ufb01t before tax | 2 845 | 5 428 |
| - Fair value adjustments | -77 | -1 189 |
| - Fair value adj. incl. in share of pro\ufb01t from associates* | -6 | -12 |
| Pro\ufb01t before tax and fair value adjustments | 2 762 | 4 226 |
* See note on biological assets for details. Net interest-bearing debt (NIBD) 2023 2022 | Loans from credit institutions* | 9 512 | 7 077 |
| + Lease liabilities to credit institutions* | 1 195 | 1 248 |
| + Other long-term loans* | 21 | 1 |
| + Overdrafts and other short-term credits | 1 462 | 1 153 |
| - Liquid assets | -5 475 | -4 339 |
| Net interest-bearing debt (NIBD)** | 6 715 | 5 140 |
* Both long-term and short-term ** See note on net interest bearing debt for an overview of changes during the period The components included are: The following components from the statement of financial position are included: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f8730": {
"value": "NOTE 4 Associated companies and investments in joint ventures | | | | Country of | | Measurement |
| Company | Ownership | Business | incorporation | Voting rights | method |
| 2023 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
| 2022 | | | | | |
| Pelagia Holding AS group | Joint venture | Pelagic | Norway | 50.00% | Equity method |
| Norskott Havbruk AS group | Associates | Harvest | Norway | 50.00% | Equity method |
| Seistar Holding AS group | Associates | Wellboat | Norway | 50.00% | Equity method |
The amounts recognised in the balance sheet: Profit and loss recognised in the income statement: Set out below are the major joint venture and associates of the Group as of 31.12. In joint venture enterprises, two shareholders each own half of the shares, while in associated companies there are several shareholders owning shares. Set out below are the summarised financial information for the investments in associates considered material to the Group. | Company | Norskott Havbruk AS Group* | Seistar Holding AS Group |
| Year-end | 2023 2022 | 2023 2022 |
| Income statement | | | | |
| Revenue | 2 561 | 3 188 | 250 | 271 |
| Pro\ufb01t before tax | -482 | 166 | 62 | 42 |
| Of which fair value adjustment of biological assets | 6 | 12 | 0 | 0 |
| Pro\ufb01t after tax | -335 | 83 | 61 | 41 |
| Other comprehensive income | -9 | 29 | 0 | 0 |
| Statement of \ufb01nancial position | | | | |
| Total current assets | 2 540 | 1 824 | 173 | 124 |
| Total current liabilities | -1 583 | -840 | -91 | -44 |
| Total non-current assets | 3 592 | 3 403 | 741 | 711 |
| Total non-current liabilities | -2 396 | -2 081 | -338 | -367 |
| Net assets | 2 152 | 2 306 | 486 | 425 |
Carrying amount in AUSS 1 107 1 184 261 234 2023 2022 | Associates | 1 592 | 1 617 |
| Joint venture | 1 980 | 1 765 |
| At 31.12. | 3 572 | 3 382 |
2023 2022 | Associates | -103 | 76 |
| Joint venture | 388 | 418 |
| At 31.12. | 285 | 494 |
The table below shows 100% share of assets and liabilities, income and profit/loss in joint venture recognised under the equity method. Reconciliation of summarised financial information of companies recognised under the equity method. | Pelagia Holding AS | Norskott Havbruk AS | Seistar Holding AS | | |
| Group | Group* | Group | Others | Total |
| 2022 | | | | | |
| At 01.01. | 1 473 | 1 126 | 219 | 184 | 3 002 |
| Share of pro\ufb01t/(loss) | 418 | 41 | 21 | 14 | 494 |
| Exchange di\ufb00erences | 6 | 2 | -6 | 0 | 2 |
| Dividends | -125 | 0 | 0 | 0 | -125 |
| Other changes in equity | -8 | 15 | 0 | 1 | 8 |
| Carrying amount at 31.12. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| 2023 | | | | | |
| At 01.01. | 1 764 | 1 184 | 234 | 199 | 3 381 |
| Share of pro\ufb01t/(loss) | 388 | -168 | 30 | 34 | 285 |
| Exchange di\ufb00erences | 37 | 95 | 0 | 0 | 132 |
| Dividends | -225 | 0 | -3 | 0 | -228 |
| Other changes in equity | 16 | -4 | 0 | -10 | 1 |
| Carrying amount at 31.12. | 1 980 | 1 107 | 261 | 223 | 3 572 |
Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
* Norskott Havbruk Group operate their business through their subsidiary in Scotland. Exchange di\ufb00erences refer to translation of currency from GBP to NOK. Pelagia Holding AS Group 2023 2022 | Assets | | |
| Non-current assets | 5 098 | 4 894 |
| Cash and cash equivalents | 171 | 129 |
| Other current assets | 4 773 | 4 114 |
| Total assets | 10 042 | 9 137 |
| Non-current liabilities | 3 639 | 2 963 |
| Current liabilities | 2 258 | 2 365 |
| Total liabilities | 5 897 | 5 328 |
Total equity 4 145 3 809 Total equity and liabilities 10 042 9 137 | Revenue | 13 001 | 11 282 |
| Depreciation, amortisation and impairment | -459 | -355 |
| Operating expenses | -11 280 | -9 578 |
| Net interest expense | -247 | -132 |
| Other \ufb01nancial items | 8 | -44 |
| Pro\ufb01t before tax | 1 023 | 1 173 |
| Tax | -240 | -257 |
| Pro\ufb01t after tax | 783 | 916 |
| Pro\ufb01t attributable to minority interests | -7 | -79 |
| Total income to shareholders | 777 | 837 |
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f9266": {
"value": "Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2023 | | | the shares in Ler\u00f8y Seafood Denmark A/S |
| Mondo Mar Marine Foods ApS | Ler\u00f8y Vest Kraft AS | (previously named Seafood Danmark A/S) |
The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of whitefish as main activity. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2022 Ler\u00f8y Vest AS acquired 100% of the shares in a small local power plant on Fitjar, producing power from a local river. It was paid MNOK 10 for the shares. The plant will contribute with own-produced electricity to the smolt facility owned by Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS. Ler\u00f8y Seafood Denmark A/S In 2022 the Group settled the remaining part of the consideration agreed upon for that the Group acquired in 2021. The consideration accrued for in the balance sheet last year. The paid amount was the same as accrued for, and totalled MNOK 49. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was MNOK 6. The amount is recognized as a reduction in equity. Considerations paid 2023 2022 | Ler\u00f8y Vest Kraft AS (100%) | Business combination | 0 | 10 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 0 | 49 |
| Mondo Mar Marine Foods ApS | Business combination | 85 | 0 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 14 | 0 |
| Total cash \ufb02ow out | | 99 | 59 |
Purchase price allocation and acquisition balance sheet Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time of acquisition Goodwill Acquisition balance sheet | Goodwill | 0 | 0 | 0 | 64 | 64 |
| Fixed assets | 22 | 0 | 22 | 0 | 22 |
| Inventories | 3 | 0 | 3 | 0 | 3 |
| Short-term receivables | 44 | 0 | 44 | 0 | 44 |
| Total assets | 69 | 0 | 69 | 64 | 133 |
| Equity | 35 | 0 | 35 | 64 | 99 |
| Deferred tax | 1 | 0 | 1 | 0 | 1 |
| Non-current liabilities | 6 | 0 | 6 | 0 | 6 |
| Current liabilities | 27 | 0 | 27 | 0 | 27 |
| Total equity and liabilities | 69 | 0 | 69 | 64 | 133 |
| Acquisition analysis | 100% |
| Recognised equity in acquired entity | 35 |
| Net identi\ufb01ed added value in the acquired entity | 0 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Calculation of goodwill | 100% |
| Consideration paid to seller | 85 |
| Consideration in the form of long-term seller's credit | 14 |
| Total consideration | 99 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Goodwill | 64 |
NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries: | | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Group ASA | | Norway | Austevoll Seafood ASA | 52.69% |
| AUSS Laks AS | 4 | Norway | Ler\u00f8y Austevoll AS | 100.00% |
| Drag\u00f8y Grossist AS | 2 | Norway | Ler\u00f8y Nord AS | 51.00% |
| Eurosalmon SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk B\u00e5tsfjord AS | 13.34% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 78.45% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Nordkyn AS | 5.84% |
| Fishcut SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Hammerfest Industri\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 60.00% |
| Hav\ufb01sk B\u00e5tsfjord AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Finnmark AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Management AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Melbu AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Nordkyn AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Stamsund AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Leroy Canarias SL | 3 | Spain | Leroy Processing Spain S.L | 100.00% |
| Leroy Processing Canarias SL | | Spain | Leroy Processing Spain S.L. | 100.00% |
| Leroy Processing Spain S.L. | | Spain | Ler\u00f8y Seafood Group ASA | 100.00% |
| Leroy Seafood Italy | | Italy | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y & Strudshavn AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Aurora Sj\u00f8 AS | 3 | Norway | Ler\u00f8y Aurora AS | 100.00% |
| Ler\u00f8y Aurora AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Austevoll AS | 4 | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Bulandet AS | | Norway | Ler\u00f8y Seafood AS | 83.43% |
| Ler\u00f6y Finland OY | | Finland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Fossen AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Germany GmbH | | Germany | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Hav\ufb01sk AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Midt Sj\u00f8 AS | | Norway | Ler\u00f8y Midt AS | 100.00% |
| Ler\u00f8y Midt AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Nord AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norge AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norway Seafoods AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Ocean Harvest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Portugal Lda | | Portugal | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Quality Group AS | | Norway | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Schile A/S | 8 | Denmark | Ler\u00f8y Seafood Danmark A/S | 0.00% |
| Ler\u00f6y Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Seafood AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Center B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Convenience B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Danmark A/S | | Denmark | Ler\u00f8y Seafood Group ASA | 77.59% |
| Ler\u00f8y Seafood France SAS | | France | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Seafood Hirtshals A/S | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Ler\u00f8y Seafood Holding B.V. | | Holland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood Netherlands B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood Real Estate B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood UK Ltd. | | UK | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood USA Inc | | USA | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Norge AS | 73.75% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Nord AS | 2.50% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Sj\u00f8troll Havbruk AS | 50.00% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Ler\u00f8y Vest AS | 50.00% |
| Ler\u00f8y Sm\u00f6gen Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Sverige AB | | Sweden | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f6y Turkey Su \u0170r\u0171nleri San. Ve Tic A.S. | | Turkey | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Sj\u00f8 AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y Vest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Kraft AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y \u00c5rskog AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Melbu Fryselager AS | | Norway | Ler\u00f8y Norway Seafoods AS | 100.00% |
| Mondo Mar Marine Foods ApS | 3 | Denmark | Ler\u00f8y Seafood Denmark A/S | 100.00% |
| Nigra Fiskeeksport A/S | 7 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 0.00% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Melbu AS | 47.07% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Stamsund AS | 52.93% |
| Norsk Oppdrettservice AS | | Norway | Ler\u00f8y Seafood Group ASA | 51.00% |
| Ove Johnsen Fisk en Gros ApS | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| P. Tabbel & Co A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Preline Fishfarming System AS | | Norway | Ler\u00f8y Seafood Group ASA | 96.00% |
| Scan Fish Danmark A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Sirevaag AS | | Norway | Ler\u00f8y Norge AS | 100.00% |
| Sj\u00f8mathuset AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Sj\u00f8troll Havbruk Sj\u00f8 AS | | Norway | Sj\u00f8troll Havbruk AS | 100.00% |
| Sj\u00f8troll Havbruk AS | | Norway | Ler\u00f8y Seafood Group ASA | 50.71% |
| S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS | | Norway | Ler\u00f8y Norway Seafoods AS | 51.00% |
| Thor\ufb01sk A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Wannebo International AS | 2 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| AUSS Shared Service AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Eiendom AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Paci\ufb01c AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Gateport Overseas Inc. * | | Panama | Austevoll Paci\ufb01c AS | 100.00 % |
| Andean Oportunities Fund Ltd. * | | CaymanIslands | Gateport Overseas Inc. | 100.00 % |
| Dordogne Holdings Ltd. * | | Panama | Gateport Overseas Inc. | 66.67 % |
| Dordogne Holdings Ltd. * | | Panama | Andean Oportunities Fund Ltd. | 33.33 % |
| Austral Group S.A.A. | | Peru | Dordogne Holdings Ltd. | 90.12 % |
| Alumrock Overseas S.A | | Panama | Austral Group S.A.A | 98.27 % |
| A-Fish AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| FoodCorp Chile S.A. | | Chile | A-Fish AS | 73.61 % |
| FoodCorp Chile S.A. | | Chile | Austevoll Seafood ASA | 26.39 % |
| FoodCorp Peru S.A. | | Peru | FoodCorp Chile S.A. | 99.99 % |
| Br. Birkeland AS | | Norway | Austevoll Seafood ASA | 42.92 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland AS | 50.00 % |
| Br. Birkeland Fiskeb\u00e5trederi AS | | Norway | Br. Birkeland AS | 100.00 % |
| Opilio AS | | Norway | Br. Birkeland AS | 100.00 % |
| Talbor AS | | Norway | Br. Birkeland AS | 100.00 % |
| Br. Birkeland Farming AS | | Norway | Austevoll Seafood ASA | 55.24 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland Farming AS | 50.00 % |
| Kobbevik og Furuholmen Oppdrett AS | | Norway | Br. Birkeland Farming AS | 100.00 % |
| Farming Serviceb\u00e5t AS | 3 | Norway | Br. Birkeland Farming AS | 100.00 % |
* The company are Norwegian object of taxation Comments on changes 1) Business combination 2) Transactions with non-controlling interests 3) Foundation of a new company 4) Intragroup purchase/sale of company/shareholding 5) Sale of shares to external 6) Private placement (with change in shareholding) 7) Parent - subsidiary business combination 8) Merger between associated companies The changes in ownership in the subsidiaries are commented in note 6. Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is applied to acquisition of businesses. Identifiable assets, debt and contingent liabilities are recognised at fair value on the date of acquisition. If the business combination is achieved in stages, the acquisition date fair value of the acquirer`s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. The contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised, unless this is an equity instrument. Contingent considerations classified as equity are not remeasured, and subsequent settlements are charged to equity. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9267": {
"value": "Information on material transactions It has not been any material transactions with joint ventures or associates in 2023.
NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2023 | | | the shares in Ler\u00f8y Seafood Denmark A/S |
| Mondo Mar Marine Foods ApS | Ler\u00f8y Vest Kraft AS | (previously named Seafood Danmark A/S) |
The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of whitefish as main activity. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2022 Ler\u00f8y Vest AS acquired 100% of the shares in a small local power plant on Fitjar, producing power from a local river. It was paid MNOK 10 for the shares. The plant will contribute with own-produced electricity to the smolt facility owned by Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS. Ler\u00f8y Seafood Denmark A/S In 2022 the Group settled the remaining part of the consideration agreed upon for that the Group acquired in 2021. The consideration accrued for in the balance sheet last year. The paid amount was the same as accrued for, and totalled MNOK 49. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was MNOK 6. The amount is recognized as a reduction in equity. Considerations paid 2023 2022 | Ler\u00f8y Vest Kraft AS (100%) | Business combination | 0 | 10 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 0 | 49 |
| Mondo Mar Marine Foods ApS | Business combination | 85 | 0 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 14 | 0 |
| Total cash \ufb02ow out | | 99 | 59 |
Purchase price allocation and acquisition balance sheet Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time of acquisition Goodwill Acquisition balance sheet | Goodwill | 0 | 0 | 0 | 64 | 64 |
| Fixed assets | 22 | 0 | 22 | 0 | 22 |
| Inventories | 3 | 0 | 3 | 0 | 3 |
| Short-term receivables | 44 | 0 | 44 | 0 | 44 |
| Total assets | 69 | 0 | 69 | 64 | 133 |
| Equity | 35 | 0 | 35 | 64 | 99 |
| Deferred tax | 1 | 0 | 1 | 0 | 1 |
| Non-current liabilities | 6 | 0 | 6 | 0 | 6 |
| Current liabilities | 27 | 0 | 27 | 0 | 27 |
| Total equity and liabilities | 69 | 0 | 69 | 64 | 133 |
| Acquisition analysis | 100% |
| Recognised equity in acquired entity | 35 |
| Net identi\ufb01ed added value in the acquired entity | 0 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Calculation of goodwill | 100% |
| Consideration paid to seller | 85 |
| Consideration in the form of long-term seller's credit | 14 |
| Total consideration | 99 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Goodwill | 64 |
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9416": {
"value": "NOTE 5 Earnings and dividend per share | | | | | | | Proposed dividend | Dividend | |
| | Share of pro\ufb01t | | | | | as % of pro\ufb01t for the | paid in NOK | |
| | after tax to | | | | Proposed | year excl. fair value | million | |
| | shareholders | No. of shares | Earnings | Proposed | dividend | adjustment of | (from last | Dividend paid |
| Year | in AUSS | at 31.12. | per share | dividend | per share | biological assets | year) | per share |
| 2023 | 292 | 202 717 374 | 1.44 | 912 | 4.50 | 321% | 1 115 | 5.50 |
| 2022 | 292 | 202 717 374 | 12.34 | 1 115 | 5.50 | 33% | 912 | 4.50 |
| 2021 | 1 982 | 202 717 374 | 9.82 | 912 | 4.50 | 36% | 710 | 3.50 |
| 2020 | 494 | 202 717 374 | 2.45 | 710 | 3.50 | 45% | 507 | 2.50 |
| 2019 | 1 256 | 202 717 374 | 6.22 | 507 | 2.50 | 21% | 708 | 3.50 |
| 2018 | 2 299 | 202 717 374 | 11.39 | 710 | 3.50 | 20% | 566 | 2.80 |
| 2017 | 1 009 | 202 717 374 | 5.00 | 568 | 2.80 | 18% | 505 | 2.50 |
| 2016 | 1 645 | 202 717 374 | 8.17 | 507 | 2.50 | 20% | 1 419 | 7.00 |
| 2015 | 722 | 202 717 374 | 3.59 | 1 419 | 7.00 | 129% | 405 | 2.00 |
| 2014 | 555 | 202 717 374 | 2.76 | 405 | 2.00 | 32% | 324 | 1.60 |
| 2013 | 699 | 202 717 374 | 3.48 | 324 | 1.60 | 32% | 243 | 1.20 |
| 2006-2012 | 3 619 | 202 717 374 | 17.85 | 1 054 | 5.20 | 28% | 806 | 4.00 |
| Total | 14 863 | | | 9 143 | 45.10 | | 8 220 | 40.60 |
Distributed dividend per share in 2023, based on profit figure for 2022 was NOK 5.50 per share. This amounted to a total of TNOK 1 114 946. Based on the profit figure for 2023, a dividend payment of NOK 4.50 per share is proposed for 2024. This will in total constitute TNOK 912 228. A final decision will be made by the ordinary shareholders' meeting on 29.05.2024. AUSS aims to maximize value creation for the benefit of shareholders by constantly striving to achieve good results. Over time, the target is to pay out between 20% and 40% of the Group`s net profit as dividends (excluding the value adjustment of biological assets). EARNINGS PER SHARE Earnings per share is calculated by the profit attributable to equity holders of the company of the result for the period being divided by a time-weighted average of ordinary shares for the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9418": {
"value": "NOTE 5 Earnings and dividend per share | | | | | | | Proposed dividend | Dividend | |
| | Share of pro\ufb01t | | | | | as % of pro\ufb01t for the | paid in NOK | |
| | after tax to | | | | Proposed | year excl. fair value | million | |
| | shareholders | No. of shares | Earnings | Proposed | dividend | adjustment of | (from last | Dividend paid |
| Year | in AUSS | at 31.12. | per share | dividend | per share | biological assets | year) | per share |
| 2023 | 292 | 202 717 374 | 1.44 | 912 | 4.50 | 321% | 1 115 | 5.50 |
| 2022 | 292 | 202 717 374 | 12.34 | 1 115 | 5.50 | 33% | 912 | 4.50 |
| 2021 | 1 982 | 202 717 374 | 9.82 | 912 | 4.50 | 36% | 710 | 3.50 |
| 2020 | 494 | 202 717 374 | 2.45 | 710 | 3.50 | 45% | 507 | 2.50 |
| 2019 | 1 256 | 202 717 374 | 6.22 | 507 | 2.50 | 21% | 708 | 3.50 |
| 2018 | 2 299 | 202 717 374 | 11.39 | 710 | 3.50 | 20% | 566 | 2.80 |
| 2017 | 1 009 | 202 717 374 | 5.00 | 568 | 2.80 | 18% | 505 | 2.50 |
| 2016 | 1 645 | 202 717 374 | 8.17 | 507 | 2.50 | 20% | 1 419 | 7.00 |
| 2015 | 722 | 202 717 374 | 3.59 | 1 419 | 7.00 | 129% | 405 | 2.00 |
| 2014 | 555 | 202 717 374 | 2.76 | 405 | 2.00 | 32% | 324 | 1.60 |
| 2013 | 699 | 202 717 374 | 3.48 | 324 | 1.60 | 32% | 243 | 1.20 |
| 2006-2012 | 3 619 | 202 717 374 | 17.85 | 1 054 | 5.20 | 28% | 806 | 4.00 |
| Total | 14 863 | | | 9 143 | 45.10 | | 8 220 | 40.60 |
Distributed dividend per share in 2023, based on profit figure for 2022 was NOK 5.50 per share. This amounted to a total of TNOK 1 114 946. Based on the profit figure for 2023, a dividend payment of NOK 4.50 per share is proposed for 2024. This will in total constitute TNOK 912 228. A final decision will be made by the ordinary shareholders' meeting on 29.05.2024. AUSS aims to maximize value creation for the benefit of shareholders by constantly striving to achieve good results. Over time, the target is to pay out between 20% and 40% of the Group`s net profit as dividends (excluding the value adjustment of biological assets). DIVIDEND DISTRIBUTION Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements when the dividends are approved by the Company\u2019s shareholders.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9747": {
"value": "5.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f9751": {
"value": "4.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f9770": {
"value": "NOTE 6 Acquisition of shares/business combinations BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2023 | | | the shares in Ler\u00f8y Seafood Denmark A/S |
| Mondo Mar Marine Foods ApS | Ler\u00f8y Vest Kraft AS | (previously named Seafood Danmark A/S) |
The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of whitefish as main activity. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. BUSINESS COMBINATIONS AND TRANSACTIONS WITH NON- CONTROLLING INTERESTS IN 2022 Ler\u00f8y Vest AS acquired 100% of the shares in a small local power plant on Fitjar, producing power from a local river. It was paid MNOK 10 for the shares. The plant will contribute with own-produced electricity to the smolt facility owned by Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS. Ler\u00f8y Seafood Denmark A/S In 2022 the Group settled the remaining part of the consideration agreed upon for that the Group acquired in 2021. The consideration accrued for in the balance sheet last year. The paid amount was the same as accrued for, and totalled MNOK 49. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was MNOK 6. The amount is recognized as a reduction in equity. Considerations paid 2023 2022 | Ler\u00f8y Vest Kraft AS (100%) | Business combination | 0 | 10 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 0 | 49 |
| Mondo Mar Marine Foods ApS | Business combination | 85 | 0 |
| Ler\u00f8y Seafood Denmark A/S (33.3%) | Business combination | 14 | 0 |
| Total cash \ufb02ow out | | 99 | 59 |
Purchase price allocation and acquisition balance sheet Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time of acquisition Goodwill Acquisition balance sheet | Goodwill | 0 | 0 | 0 | 64 | 64 |
| Fixed assets | 22 | 0 | 22 | 0 | 22 |
| Inventories | 3 | 0 | 3 | 0 | 3 |
| Short-term receivables | 44 | 0 | 44 | 0 | 44 |
| Total assets | 69 | 0 | 69 | 64 | 133 |
| Equity | 35 | 0 | 35 | 64 | 99 |
| Deferred tax | 1 | 0 | 1 | 0 | 1 |
| Non-current liabilities | 6 | 0 | 6 | 0 | 6 |
| Current liabilities | 27 | 0 | 27 | 0 | 27 |
| Total equity and liabilities | 69 | 0 | 69 | 64 | 133 |
| Acquisition analysis | 100% |
| Recognised equity in acquired entity | 35 |
| Net identi\ufb01ed added value in the acquired entity | 0 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Calculation of goodwill | 100% |
| Consideration paid to seller | 85 |
| Consideration in the form of long-term seller's credit | 14 |
| Total consideration | 99 |
| Identi\ufb01ed value in the acquired entity | 35 |
| Goodwill | 64 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11026": {
"value": "NOTE 9 Trade receivables and other receivables 2023 2022 | Trade receivables | 3 130 | 2 945 |
| Minus: provision for bad debts | -24 | -36 |
| Trade receivables \u2013 net | 3 106 | 2 909 |
Other current receivables | Prepayments | 241 | 136 |
| Receivables from related parties | 0 | 0 |
| Loans to related parties | 2 | 2 |
| Short-term loans provided | 40 | 30 |
| Public fees and taxes, credit balance | 1 666 | 350 |
| Currency forward contracts and assets recognised in the SOFP due to fair value hedging | 127 | 23 |
| Short-term loans | 41 | 21 |
| Receivables on sale of non-current assets | 4 | 8 |
| Other current assets | 213 | 180 |
| Total other current receivables | 2 334 | 751 |
Total current receivables 5 441 3 661 Other non-current receivables | Loans to related parties (cf. note 25) | 15 | 42 |
| Loans to third parties | 118 | 112 |
| Other non-current receivables | 58 | 69 |
| Total non-current receivables | 191 | 223 |
Age distribution for trade receivables past due but not impaired | 0 to 3 months | 2 997 | 591 |
| 3 to 6 months | 39 | 32 |
| Over 6 months | 11 | 8 |
| Total | 3 046 | 631 |
Age distribution for trade receivables past due and impaired | 0 to 3 months | 5 | 9 |
| 3 to 6 months | 1 | 2 |
| Over 6 months | 18 | 24 |
| Total | 24 | 36 |
Carrying amount of trade receivables and other short-term receivables per currency 2023 2022 | USD | 316 | 232 |
| GBP | 7 | 0 |
| EUR | 781 | 1 364 |
| NOK | 3 393 | 1 422 |
| DKK | 152 | 0 |
| CLP | 61 | 29 |
| PEN | 164 | 81 |
| SEK | 194 | 334 |
| JPY | 336 | 0 |
| Others | 37 | 199 |
| Total | 5 441 | 3 660 |
The change in provision for bad debts is as follows | At 01.01. | -36 | -24 |
| Provision for bad debts for the year | 12 | -11 |
| Exchange di\ufb00erences | -1 | 0 |
| Reversed provisions for bad debts | 0 | 0 |
| At 31.12. | -24 | -36 |
The Group's trade receivables of MNOK 3 106 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3 142 while provisions for bad debts were amounted to MNOK 24. Trade receivables, past due but not impaired was MNOK 3 046 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 2 926 of the amount overdue. Per end of February 2024 more than 96.7% of the customer receivables related to LSG are paid. NOTE 9 cont. Trade receivables and other receivables ACCOUNTS RECEIVABLE AND OTHER RECEIVABLES Historically, the Group\u2019s bad debts have been low. Accounts receivable are measured at fair value on the transaction date, which will usually correspond to the nominal value of the receivable. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Based on the Group\u2019s business activities and customer base, it has been assessed that climate change does not impact the Group\u2019s estimated provision for bad debt beyond what is stated in Note 9.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11229": {
"value": "Carrying amount of trade receivables and other short-term receivables per currency 2023 2022 | USD | 316 | 232 |
| GBP | 7 | 0 |
| EUR | 781 | 1 364 |
| NOK | 3 393 | 1 422 |
| DKK | 152 | 0 |
| CLP | 61 | 29 |
| PEN | 164 | 81 |
| SEK | 194 | 334 |
| JPY | 336 | 0 |
| Others | 37 | 199 |
| Total | 5 441 | 3 660 |
The change in provision for bad debts is as follows | At 01.01. | -36 | -24 |
| Provision for bad debts for the year | 12 | -11 |
| Exchange di\ufb00erences | -1 | 0 |
| Reversed provisions for bad debts | 0 | 0 |
| At 31.12. | -24 | -36 |
The Group's trade receivables of MNOK 3 106 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3 142 while provisions for bad debts were amounted to MNOK 24. Trade receivables, past due but not impaired was MNOK 3 046 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 2 926 of the amount overdue. Per end of February 2024 more than 96.7% of the customer receivables related to LSG are paid. NOTE 12 Financial instruments Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, cash flow and fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019 focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses to some degree derivative financial instruments to reduce certain risk exposures. Market risk (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Groups income statement as per year end. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the USD with all other variables held constant, before- tax profit for the year would have been MNOK 49 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the EUR with all other variables held constant, before- tax profit for the year would have been MNOK 91 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group. (ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating- to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2023, the Group has a total profit of MNOK 28 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 31 in 2023 and MNOK 22 in 2022 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest bearing debt (NIBD) by year end 2023 and 2022, allowed for entered interest rate swaps. Amount in MNOK Increase/reduction in interest points 2023 2022 Impact on pro\ufb01t before tax +/- 50 -/+ 31 -/+ 22
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all the Group's sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer's financial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to
31.12.2023 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 736 | 3 210 | 3 600 | 3 626 | 13 172 |
| Lease liability for right-of-use assets to credit institutions | 314 | 524 | 330 | 198 | 1 366 |
| Lease liability for right-of-use assets other than to credit institutions | 337 | 545 | 473 | 364 | 1 719 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 758 | 0 | 0 | 0 | 3 758 |
| Total | 7 144 | 4 280 | 4 403 | 4 187 | 20 015 |
31.12.2022 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 360 | 2 028 | 2 362 | 2 292 | 9 042 |
| Lease liability for right-of-use assets to credit institutions | 380 | 423 | 310 | 252 | 1 365 |
| Lease liability for right-of-use assets other than to credit institutions | 379 | 605 | 523 | 597 | 2 104 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 505 | 0 | 0 | 0 | 3 505 |
| Total | 6 626 | 3 055 | 3 195 | 3 141 | 16 016 |
derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for
further information on credit risk. | lines available. | classified in relation to downpayment |
| | | schedule. The figures in the table are |
Liquidity risk | Management monitors rolling forecasts | non-discounted contractual cash flows, |
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, and includes both repayment of principal and future interest payments.
2023 2022 | Total loans (note 17) | 12 206 | 9 480 |
| Minus liquid assets | 5 475 | 4 340 |
| Minus other interest-bearing assets | 16 | 0 |
| Net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Total equity | 27 042 | 28 162 |
| Total assets | 33 756 | 33 303 |
Debt\u2013equity ratio 20% 15% Capital management The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further information on the dividend policy, see note 5. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by capital employed. Net interest bearing debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated statement of financial position) less interest bearing assets and cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. The gearing ratios at 31.12.2023 and 31.12.2022 were as follows: | | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 40 | 0 | 40 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 5 163 | 0 | 0 | 5 163 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 117 | 0 | 117 |
| Liquid assets | 5 475 | 0 | 0 | 5 475 |
| Total | 10 638 | 157 | 12 | 10 807 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 11 011 | 0 | 0 | 11 011 |
| Lease liabilities to credit institutions | 1 195 | 0 | 0 | 1 195 |
| Lease liabilities other than to credit institutions | 1 719 | 0 | 0 | 1 719 |
| Derivatives (interest rate swaps) | 0 | 0 | 0 | 0 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 758 | 0 | 0 | 3 758 |
| Total | 17 683 | 0 | 0 | 17 683 |
FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. None of the shares categorized as available for sale are traded in active markets. | | sheet date. | is considered to approximate the |
| The fair value of financial instruments that | | carrying amount. |
are not traded in an active market (for example, over-the-counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost * Prepayments are excluded from the receivables line in the statement of \ufb01nancial position, as this analysis is only required for \ufb01nancial instruments. FINANCIAL INSTRUMENTS BY VALUATION METHOD The Group does not have material financial instruments measured at fair value so there are no further disclosures
| which are off-balance items. | Contracts with expiration later than |
| | | one year |
Currency forward contracts The value of the Norwegian krone (NOK) is one of many parameters that have an effect on the Group's competitiveness. The Group has at all times a substantial biomass in the sea that represents future sales. A significant share of the Group's revenue is generated in currencies other than NOK. Revenue by currency is presented in the note on operating segments, and trade receivables by currency is presented in the note on | receivables. | recognised in cost of materials in the | has been estimated using market inputs |
| | income statement, as it relates to the | per 31.12. As at 31.12.2023, a total |
| In order to minimise the currency risk the | inventory cycle. | unrealised profit of MNOK 24 was |
| Group uses currency forward contracts to | | included in equity. |
hedge both net receivables and signed sales contracts in foreign currency. Thus the Group recognises the currency forward contracts as fair value hedging, also for the signed sales contracts, At 31.12.2023 the Group has currency forward contracts with a net positive fair value of MNOK 25 (MNOK 22.5 in 2022). The currency forward contracts are classified as other current receivables at 31.12.2023. MNOK 0 (MNOK 5.8 in 2022) of the net positive value is offset against the off-balance item signed sales contracts, and is classified as current debt. The net currency loss in 2023 is MNOK -2 (MNOK 23.8 in 2022), which is Interest rate swaps Contracts with expiration within one year \u2022 There are no agreements with expiration within one year. \u2022 Contract from 2020: MNOK 361, start date: 15.04.2020, duration 7 years, closing date 15.04.2027, interest 1.438%, Ler\u00f8y Havfisk AS (replace previous contract) \u2022 Contract from 2020: MNOK 361, start date: 15.04.2020, duration 7 years, closing date 15.04.2027, interest 1.440%, Ler\u00f8y Havfisk AS (replace previous contract) The fair value of the swap agreements | | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 43 | 0 | 43 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 3 485 | 0 | 0 | 3 485 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 23 | 0 | 23 |
| Liquid assets | 4 340 | 0 | 0 | 4 340 |
| Total | 7 825 | 65 | 12 | 7 902 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 8 232 | 0 | 0 | 8 232 |
| Lease liabilities to credit institutions | 1 248 | 0 | 0 | 1 248 |
| Lease liabilities other than to credit institutions | 1 851 | 0 | 0 | 1 851 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 505 | 0 | 6 | 3 511 |
| Total | 14 836 | 0 | 6 | 14 842 |
Fair value of the interest rate swaps (gross liability) is recognised as \"other non-current receivables\". The effective part of the fair value adjustment is recognised in other comprehensive income (cash flow hedge). The deferred tax effect is also recognised in other comprehensive income, and is thus not part of current tax income in profit and loss. | | Nominal | Interest rate/ | Gross liability | Corresponding | Equity |
| Interest rate swaps | value | average interest rate | recognised | deferred tax | impact |
| Fair value at 31.12.2022 | 647 | 1.44% | -40 | -9 | 30 |
| Fair value adjustment 31.12.2023 | 609 | 1.44% | 3 | 1 | -2 |
| Fair value at 31.12.2023 | | | -37 | -8 | 28 |
Repayment pro\ufb01le for interest-bearing debt 2024* 2025 2026 2027 2028 Subsequent Total* | Mortgages* | 1 139 | 1 203 | 544 | 758 | 995 | 1 580 | 6 221 |
| Overdraft facility | 976 | 0 | 0 | 0 | 0 | 0 | 976 |
| Bond loans | 8 | 0 | 500 | 500 | 500 | 2 290 | 3 798 |
| Lease liabilities to credit institutions | 256 | 238 | 212 | 176 | 121 | 192 | 1 195 |
| Other non-current liabilities | 0 | 2 | 2 | 2 | 2 | 7 | 15 |
| Total | 2 379 | 1 444 | 1 258 | 1 436 | 1 619 | 4 070 | 12 206 |
Repayment pro\ufb01le for long-term non-interest-bearing debt | Lease liabilities other than to credit institutions | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
| Total | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
Total 2 716 1 730 1 517 1 687 1 841 4 433 13 925 NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2023, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. * Repayments of non-current liabilities which mature in 2024 are classi\ufb01ed as current liabilities in the balance sheet. 2023 2022 | Non-current liabilities | | |
| Mortgages | 5 060 | 4 467 |
| Bond loans | 3 790 | 1 501 |
| Other loans | 38 | 1 |
| Lease liabilities to credit institutions | 939 | 903 |
| Total non-current liabilities | 9 827 | 6 872 |
| Current liabilities | | |
| Overdraft facility | 1 462 | 1 153 |
| Mortgages | 654 | 610 |
| Bond loans | 8 | 500 |
| Lease liabilities to credit institutions | 256 | 345 |
| Total current liabilities | 2 379 | 2 609 |
| Total non-current and current liabilities | 12 206 | 9 480 |
| Net interest-bearing debt | | |
| Liquid assets | 5 475 | 4 339 |
| Other non interest-bearing debt \u2013 non-current | 16 | 0 |
| Total net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Long term lease liabilities other than to credit institutions | 1 381 | 1 528 |
| Short term lease liabilities other than to credit institutions | 337 | 323 |
| Lease liabilities other than to credit institutions | 1 719 | 1 851 |
| Total non-current and current liabilities | 13 909 | 11 331 |
| Liquid assets | -5 475 | -4 340 |
| Net interest bearing debt incl. lease liabilities other than to credit institutions | 8 434 | 6 991 |
Liabilities secured by mortgage 2023 2022 | Current liabilities | 1 081 | 1 334 |
| Non-current liabilities | 5 340 | 4 634 |
| Liabilities to credit institutions incl. \ufb01nance lease agreements | 6 421 | 5 968 |
| Assets provided as security | | |
| Operating assets | 7 108 | 8 342 |
| Licences* | 1 431 | 1 430 |
| Inventories | 5 | 12 |
| Biological assets | 9 706 | 7 579 |
| Shares | 1 364 | 1 441 |
| Trade receivables | 1 091 | 1 192 |
| Right-of-use assets leased from credit institutions | -1 | 52 |
| Total assets provided as security | 20 704 | 20 048 |
AUSS has pledged as security the shares in BRBI and BFARM for the bank loans of AUSS of MNOK 78.2. Assets owned by LSG, BRBI and BFARM are also placed as security directly to their separate and individual loans, and are included in the figures presented above. Based on contractual terms the fair value of non-current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2023, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 are so called green bonds. This implies that the group have established a green financing framework which covers how the proceeds from the bond loans can be used. The bond loans are listed on Oslo Stock Exchange, and fair value is calculated to booked value. The carrying amounts of short-term borrowings approximate their fair value. Next repayment of bond loan is in June 2028. * Licence value ex. price purchase allocation. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2023 2022 | 6 months or less | 10 097 | 8 333 |
| 1-5 years | 609 | 647 |
| Over 5 years | 1 500 | 498 |
| Total | 12 206 | 9 477 |
The carrying amounts of the Group's loans are denominated in the following currencies 2023 2022 | NOK | 10 197 | 8 059 |
| SEK | 106 | 111 |
| DKK | 276 | 217 |
| USD | 1 372 | 735 |
| EUR | 247 | 348 |
| Other currencies | 7 | 7 |
| Total | 12 206 | 9 477 |
Financial \"covenants\" Financing is handled by the individual subsidiaries, and they have their own covenants. The Group has not been in breach of any covenants during the financial year 2023, and is not in breach as of 31.12.2023. Overdraft facility 2023 2022 | Overdraft facility | 1 509 | 1 153 |
| Unutilised overdraft facility | 3 715 | 3 193 |
| Limit of overdraft facility | 5 254 | 4 346 |
Unutilised long term credit facility 1 224 734 Net interest bearing debt (NIBD) NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to grant financing to the Group and for stakeholders who want to value the company. The Group therefore defines NIBD as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing financing and/or credit, minus interest-bearing cash or cash equivalents. This implies that long-term interest- bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS 16.
Net interest-bearing debt (NIBD) 2023 2022 | Loans from credit institutions* | 9 512 | 7 077 |
| + Lease liabilities to credit institutions* | 1 195 | 1 248 |
| + Other long-term loans* | 21 | 1 |
| + Overdrafts and other short-term credits | 1 462 | 1 153 |
| - Liquid assets | -5 475 | -4 339 |
| Net interest-bearing debt (NIBD)** | 6 715 | 5 140 |
* Both long-term and short-term ** See note on net interest bearing debt for an overview of changes during the period The following components from the statement of financial position are included:FINANCIAL ASSETS Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
(b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s loans and receivables comprise \"trade and other receivables\" and cash and cash equivalents in the balance sheet (note 9). (c) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
Carrying amount of trade receivables and other short-term receivables per currency 2023 2022 | USD | 316 | 232 |
| GBP | 7 | 0 |
| EUR | 781 | 1 364 |
| NOK | 3 393 | 1 422 |
| DKK | 152 | 0 |
| CLP | 61 | 29 |
| PEN | 164 | 81 |
| SEK | 194 | 334 |
| JPY | 336 | 0 |
| Others | 37 | 199 |
| Total | 5 441 | 3 660 |
The change in provision for bad debts is as follows | At 01.01. | -36 | -24 |
| Provision for bad debts for the year | 12 | -11 |
| Exchange di\ufb00erences | -1 | 0 |
| Reversed provisions for bad debts | 0 | 0 |
| At 31.12. | -24 | -36 |
The Group's trade receivables of MNOK 3 106 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3 142 while provisions for bad debts were amounted to MNOK 24. Trade receivables, past due but not impaired was MNOK 3 046 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 2 926 of the amount overdue. Per end of February 2024 more than 96.7% of the customer receivables related to LSG are paid. Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all the Group's sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer's financial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to
derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for
further information on credit risk.
Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
Carrying amount of trade receivables and other short-term receivables per currency 2023 2022 | USD | 316 | 232 |
| GBP | 7 | 0 |
| EUR | 781 | 1 364 |
| NOK | 3 393 | 1 422 |
| DKK | 152 | 0 |
| CLP | 61 | 29 |
| PEN | 164 | 81 |
| SEK | 194 | 334 |
| JPY | 336 | 0 |
| Others | 37 | 199 |
| Total | 5 441 | 3 660 |
The change in provision for bad debts is as follows | At 01.01. | -36 | -24 |
| Provision for bad debts for the year | 12 | -11 |
| Exchange di\ufb00erences | -1 | 0 |
| Reversed provisions for bad debts | 0 | 0 |
| At 31.12. | -24 | -36 |
The Group's trade receivables of MNOK 3 106 are partly covered by credit insurance and other types of security. Trade receivables per 31.12. were nominally MNOK 3 142 while provisions for bad debts were amounted to MNOK 24. Trade receivables, past due but not impaired was MNOK 3 046 per 31.12. A major part of the trade receivables, past due but not impaired are related to the subsidiary LSG with MNOK 2 926 of the amount overdue. Per end of February 2024 more than 96.7% of the customer receivables related to LSG are paid. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
NOTE 10 Intangible assets | | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2022 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 2 346 | 4 439 | 4 449 | 1 145 | 50 | 12 429 |
| Accumulated depreciation and amortisation | 0 | -282 | -267 | -35 | 0 | -584 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Exchange di\ufb00erences | 62 | 0 | | 179 | 0 | 243 |
| Business combinations | 0 | 6 | 0 | 0 | 0 | 7 |
| Additions for the year | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation and amortisation | 0 | -29 | -21 | -31 | 0 | -81 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 407 | 4 472 | 4 449 | 1 325 | 50 | 12 703 |
| Accumulated depreciation and amortisation | 0 | -336 | -288 | -66 | 0 | -690 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| - of which assets with inde\ufb01nite lives | 2 279 | 4 117 | 3 797 | 1 239 | 50 | 11 483 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 365 | 0 | 0 | 365 |
| | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2023 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| Carrying amount at 01.01. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| Exchange di\ufb00erences | 49 | -3 | 0 | 51 | 0 | 100 |
| Business combinations | 107 | 0 | 0 | 0 | 0 | 107 |
| Depreciation and amortisation | 0 | 0 | -50 | -2 | 0 | -52 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 113 | 1 290 | 50 | 12 002 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 564 | 4 495 | 4 448 | 1 377 | 50 | 12 933 |
| Accumulated depreciation and amortisation | 0 | -361 | -338 | -68 | 0 | -767 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 112 | 1 289 | 50 | 12 002 |
| - of which assets with inde\ufb01nite lives | 2 436 | 4 115 | 3 796 | 1 289 | 50 | 11 686 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 315 | 0 | 0 | 315 |
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
Cash-generating units (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non-amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write- down of goodwill. LSG has following fish farming licences; 30 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 64 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 6 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of good- will or intangible assets with an indefinite useful life in 2023 and 2022. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per license in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2.0% growth in volume produced. The licences in this segment are owned by the sub-group, Ler\u00f8y Havfisk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of fish. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a specific buyer. The principle for pricing is the average price realised for the species of fish in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Havfisk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Havfisk AS has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Havfisk AS to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y Havfisk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Havfiske AS, Finnmark Havfiske AS and Hammerfest Industrifiske AS. It has not been acquired Carrying amount of intangible assets per CGU Goodwill Licences Trademarks Total | Ler\u00f8y Seafood Group ASA | 1 938 | 7 491 | 50 | 9 480 |
| Br. Birkeland AS | 169 | 556 | 0 | 725 |
| Br. Birkeland Farming AS | 21 | 174 | 0 | 195 |
| Austral Group S.A.A. | 307 | 890 | 0 | 1 197 |
| FoodCorp Chile S.A. | 0 | 405 | 0 | 405 |
| Total | 2 436 | 9 516 | 50 | 12 002 |
or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for whitefish in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to fish for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of fish allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to fish its share of the quota. This is known as \u201cre-allocation\u201d. In 2023 (2022), one cod licence entitled the holder to fish for 979 (1 154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the final licence volumes after re-allocations for 2023 (2022), this is a change of -15% (-18%) for cod, +8% (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to improve profitability for fisheries and reduce the number of vessels in operation, the fisheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of fisheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per fish species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2007 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual fisheries, thereby facilitating improved profitability for the remaining vessels \u2013 i.e. improving efficiency within a regulated framework. Moreover, the schemes are intended to adapt fleet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Havfisk AS \u2013 and LNWS to a limited extent \u2013 is involved in fishing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in fishing and catches (Participant Act). Ler\u00f8y Havfisk AS has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns fishing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of LSG's acquisition of the majority shareholding in Ler\u00f8y Havfisk AS was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Havfisk AS, LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Ler\u00f8y Havfisk AS and that AUSS continues to own minimum 50% of the shares in LSG. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in AUSS. Any significant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizen- ship. According to the second paragraph letra a) of the provision, limited companies, public limited companies and other companies with limited liability have equal status to Norwegian citizens when the company's head office and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company's capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Havfisk AS, LSG and AUSS are obliged to submit an overview twice a year detailing the company's shareholders, including specification of the shares held by foreign shareholders. Ultimately, a breach of the above- mentioned licence provisions could result in Ler\u00f8y Havfisk AS losing its licence rights. BR. BIRKELAND AS (BRBI) BRBI owns four fishing vessels, two of which are pelagic ring net/trawlers. The pelagic vessels each have a 681 basic tonne ring net licence and a 1 425 trawling licence. Two vessels catch snow crab, with onboard facilities for full processing. Impairment testing of licences related to pelagic fishing is based on broker estimates of revenue figures, and this indicates a good margin in relation to book values. At present, only vessels with a snow crab permit can catch snow crab, cf. Chapter 6 of the Norwegian Licence Regulation of 13.10.2006. However, the scheme remains open in the sense that new operators with vessels that meet the conditions set out in section 6-2 of the Licence Regulation may participate. Snow-crab catching is therefore currently
an \u201cOlympic\u201d fishery, where vessels race to maximise their share of the catch quota. Based on broker estimates, the two vessels used to catch snow crab were written down by MNOK 28 in 2023. BR. BIRKELAND FARMING AS (BFARM) The BFARM Group owns seven licences for farming Atlantic salmon in West Norway. A pre-tax discount rate (WACC) of 10.2%, insignificant growth in volume produced and a long-term growth rate of 1% are applied when testing for possible impairment of farming licences. BFARM\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.3%, a nominal growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD- FAO Agricultural Outlook 2023-2032 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.25 million tonnes in the terminal period: 4.0 million tonnes in Central/North Peru and 0.25 million tonnes in South Peru. 2023 was affected by the El Ni\u00f1o weather phenomenon, which started in March with a coastal El Ni\u00f1o, causing cancellation of the first fishing season of the year. Ahead of the second fishing season, IMARPE measured the biomass at just over 7 million tonnes, in line with the 2022 measurements for the second season. However, the quota was set at the lower end of the range, with a figure of 1.68 million tonnes for the second season compared with 2.28 million tonnes for the same season in 2022. El Ni\u00f1o is a regular occurrence, and the last time an entire season was cancelled was in 2014. From 2008 to 2022, the total volume caught in Central/North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (year) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o, coming in at just under 2.0 million tonnes. Estimates for raw materials in the model have therefore taken into account the natural weather phenomena that will occur at regular intervals by using the historical figures above. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. Using WACC and best estimate for quota in the terminal period, the tests show that the value remains intact in the face of reasonable changes in prices realised for fishmeal and fish oil. The fishmeal price used for the terminal period in the model is USD 1,816. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1 718 in 2023 and USD 1 641 in 2022 (source: SUNAT ). FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2023 the company held 8.6% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% in both 2022 and 2023. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023. For 2024 the quota has been increased by 15%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 9.5%, a nominal
growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2023- 2032 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a further increase of 15% for 2025, annual increases of 5% in 2026 and 2027, and no increase in the terminal period. The model assumes a total horse mackerel quota for Chile in the region of 1 039 000 tonnes in the terminal period. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2023 or 2022. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/ trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated. The aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licences. Principal terms for different types of licences Since January 2005, the limitations on production established for aquaculture licences for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This specifies the maximum biomass in the sea that a licence holder can have at any given time. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licenses are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per licence. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per licence based on various conditions, a fixed maximum allowable biomass per licence is no longer specified. The system has been named the \u201ctraffic light system\u201d. The traffic light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a fixed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. Green farming licences are licences that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licences, mainly concerning environmental improvement measures. The licences were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licences are licences defined as for special purposes. Demonstration licences are granted to enterprises in order to spread knowledge of the aquaculture industry. Such licences are often operated in cooperation with a non-commercial entity. Teaching licences are another kind of special-purpose licence and are allocated to disseminate knowledge of the fish farming industry. The licences are linked to specific educational institutions and are thus regulated by the county. Research and development licences are licences awarded in connection with research and development projects in the industry, where dedicated licences are required to carry out the R&D activity. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as for special purposes. Parent fish licences are granted for the production of salmon roe utilised to produce juvenile fish. Juvenile fish licences are licences to produce juvenile salmon and trout in fresh water that in total authorise the licence holder to produce a specific number of
juvenile salmon and trout. There are certain limitations on the size of juvenile fish produced according to the individual licence. Licences are granted on the basis of a discharge permit for a certain number of fish/biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source. Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming licences. As the licences are not bound by a time- limited period, there is no need to apply for their renewal. The licences are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a licence. Section 9 states that licences may be revoked due to gross contravention of the provisions of the Act. We can confirm that no operative licences for salmon and trout have been revoked in Norway. Research and development licences are time-limited, and in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group's value chain (parent fish production takes place before production of roe and juvenile fish in the value chain), and is therefore closely linked to the breeding system for salmon and trout. The Group's applications for renewal of parent fish licences have always been approved, in line with the prevailing practice in the industry. The licences for harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow- out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. Costs related to licences Payment has been required for new licences granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a fixed price versus the auction principle. Given that there is no requirement to apply for renewal of licences, then there are no costs involved in licence renewal. The costs of maintaining aquaculture licences in Norway are insignificant. There are no annual fees or other types of duties linked to the actual licence. However, there are certain fees to be paid for inspection and control of the licences. Fees also have to be paid to establish new localities and/ or to extend/amend localities. As a main rule, an amount of NOK 12 000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming
licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow- out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent fish licences was amended from 10 years to 15 years (amendment to regulation dated 14.08.2007 no. 986). In the consultation document dated 07.06.2007, the Ministry stated the following regarding time limitation for parent fish licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly defined predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent fish production is a time-consuming and resource- intensive activity, but this is provided for by (...) a fixed-term period with clearly defined predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences The Group's demonstration licences are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. . The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or
holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for pelagic fisheries and whitefish. Fisheries permits within pelagic fisheries and whitefish The fishing permits (licenses) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within pelagic fishery and whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within pelagic fishery and whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within pelagic fishery and whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Norwegian Ministry of Trade, Industry and Fisheries submitted the new quota report (Report to the Storting 7 (2023- 2024)) on 12.01.2024. The title of the quota report can be translated into English as \u201cPeople, fish and community \u2013 a quota report for predictability and fair distribution\u201d. Among other things, the report covers allocation of the structural quotas after the expiry of time limits in the structural quota scheme and allocation of quotas for Northeast Arctic cod. One of the government\u2019s proposals is that the structural gain that arises when the time- limited structural quotas expire should pass to the vessel group that implemented the structuring, and be allocated with full effect to basic quotas and with half effect to the remaining structural quotas (model X). The report also proposes reintroducing the \u201ctrawl ladder\u201d mechanism in the allocation of the quota for cod in the zone north of 62 degrees and the \u201cherring ladder\u201d in the allocation of the quota for Norwegian spring-spawning herring. The government has further proposed that the quota for the open group for cod fisheries in the zone north of 62 degrees latitude be withdrawn from the \u201ctop\u201d as a provision, before the quota is allocated between the trawler group and the conventional group. In reality, this means a reduction in the quotas for the trawler group. The quota report is scheduled for debate in the Storting at the end of April 2024. Once the Storting has debated the quota report, the Ministry will make a decision on whether, and if so to what extent, it is necessary to amend the Participation Act and the Marine Resources Act or make other legal changes to align with the Storting\u2019s decision. Licence scheme for fishing rights in Peru The fishing license is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing license only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation and paid of the corresponding fishing rights), otherwise, the fishing license keep in force unlimited. The Supreme Decree N\u00b0 017-2017- PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing license is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest in Law N\u00ba 20.657 of 09.02.2013.
Until the introduction of 2013 fishing law modifications, fishing licenses were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing license (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licenses (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well | as for the artisanal shipowners. | of the industry average. In this case, is |
| | a partial loss, applying a quota reduction |
The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing license type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-regions (grouped according to the geographical administrative area division of the country - regions). The Fishing Act of 2013 also establishes that 15% of the LTPs will be auctioned when the fisheries reaches 90% of the Maximum Sustainable Yield (\u201cMSY\u201dor \u201cRMS\u201d in Spanish) or after 3 years after the Law came into full effect, in 5% annual allocations. This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d license valid for 20 years for each of the auctioned lots. After this period, a new auction process | is required. | |
| | A new Fishing Act project was introduced |
The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous | regulation. | artisanal allocations and the proportion |
| | between LTP-A and LTP-B from 85%/15% |
Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licenses for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent license system. LTP-B is a 20-year non- renewable fishing license. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time. by the Government into Congress by the end of December, 2023, intended to fully replace the current 1989 fishing Act. It promotes changes in the industrial/ to 50%/50%. Long discussions expected in all stages of the process and uncertain results for now. LICENCES/QUOTAS Intangible assets with an indefinite useful life are not amortised, but tested for impairment once a year as a minimum. Reference is made to the Note 10 on intangible assets for information on impairment tests. All licenses are distributed to the Group companies by the Government, and as such the licenses are at all-time subject to each country\u2019s fishing and fish farming quota regulations. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note 10. A more detailed explanation supporting the assessment that the assets have an indefinite useful life is provided in note 10. BRAND/TRADEMARKS Brands acquired, separately, or as part of a business combination are capitalised as a brand if it meets the definition of an intangible asset and the recognition criteria are satisfied. Brand acquired as part of a business combination are valued at fair value based on valuation done by external valuation experts. Brands assessed to have an indefinite useful life are not amortized but reviewed for impairment not less than annually frequently if events or changes in circumstances indicate that the carrying amount may have decreased.
",
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"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11379": {
"value": "NOTE 10 Intangible assets | | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2022 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 2 346 | 4 439 | 4 449 | 1 145 | 50 | 12 429 |
| Accumulated depreciation and amortisation | 0 | -282 | -267 | -35 | 0 | -584 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Exchange di\ufb00erences | 62 | 0 | | 179 | 0 | 243 |
| Business combinations | 0 | 6 | 0 | 0 | 0 | 7 |
| Additions for the year | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation and amortisation | 0 | -29 | -21 | -31 | 0 | -81 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 407 | 4 472 | 4 449 | 1 325 | 50 | 12 703 |
| Accumulated depreciation and amortisation | 0 | -336 | -288 | -66 | 0 | -690 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| - of which assets with inde\ufb01nite lives | 2 279 | 4 117 | 3 797 | 1 239 | 50 | 11 483 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 365 | 0 | 0 | 365 |
| | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2023 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| Carrying amount at 01.01. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| Exchange di\ufb00erences | 49 | -3 | 0 | 51 | 0 | 100 |
| Business combinations | 107 | 0 | 0 | 0 | 0 | 107 |
| Depreciation and amortisation | 0 | 0 | -50 | -2 | 0 | -52 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 113 | 1 290 | 50 | 12 002 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 564 | 4 495 | 4 448 | 1 377 | 50 | 12 933 |
| Accumulated depreciation and amortisation | 0 | -361 | -338 | -68 | 0 | -767 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 112 | 1 289 | 50 | 12 002 |
| - of which assets with inde\ufb01nite lives | 2 436 | 4 115 | 3 796 | 1 289 | 50 | 11 686 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 315 | 0 | 0 | 315 |
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
Cash-generating units (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non-amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write- down of goodwill. LSG has following fish farming licences; 30 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 64 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 6 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of good- will or intangible assets with an indefinite useful life in 2023 and 2022. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per license in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2.0% growth in volume produced. The licences in this segment are owned by the sub-group, Ler\u00f8y Havfisk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of fish. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a specific buyer. The principle for pricing is the average price realised for the species of fish in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Havfisk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Havfisk AS has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Havfisk AS to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y Havfisk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Havfiske AS, Finnmark Havfiske AS and Hammerfest Industrifiske AS. It has not been acquired Carrying amount of intangible assets per CGU Goodwill Licences Trademarks Total | Ler\u00f8y Seafood Group ASA | 1 938 | 7 491 | 50 | 9 480 |
| Br. Birkeland AS | 169 | 556 | 0 | 725 |
| Br. Birkeland Farming AS | 21 | 174 | 0 | 195 |
| Austral Group S.A.A. | 307 | 890 | 0 | 1 197 |
| FoodCorp Chile S.A. | 0 | 405 | 0 | 405 |
| Total | 2 436 | 9 516 | 50 | 12 002 |
or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for whitefish in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to fish for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of fish allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to fish its share of the quota. This is known as \u201cre-allocation\u201d. In 2023 (2022), one cod licence entitled the holder to fish for 979 (1 154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the final licence volumes after re-allocations for 2023 (2022), this is a change of -15% (-18%) for cod, +8% (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to improve profitability for fisheries and reduce the number of vessels in operation, the fisheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of fisheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per fish species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2007 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual fisheries, thereby facilitating improved profitability for the remaining vessels \u2013 i.e. improving efficiency within a regulated framework. Moreover, the schemes are intended to adapt fleet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Havfisk AS \u2013 and LNWS to a limited extent \u2013 is involved in fishing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in fishing and catches (Participant Act). Ler\u00f8y Havfisk AS has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns fishing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of LSG's acquisition of the majority shareholding in Ler\u00f8y Havfisk AS was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Havfisk AS, LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Ler\u00f8y Havfisk AS and that AUSS continues to own minimum 50% of the shares in LSG. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in AUSS. Any significant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizen- ship. According to the second paragraph letra a) of the provision, limited companies, public limited companies and other companies with limited liability have equal status to Norwegian citizens when the company's head office and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company's capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Havfisk AS, LSG and AUSS are obliged to submit an overview twice a year detailing the company's shareholders, including specification of the shares held by foreign shareholders. Ultimately, a breach of the above- mentioned licence provisions could result in Ler\u00f8y Havfisk AS losing its licence rights. BR. BIRKELAND AS (BRBI) BRBI owns four fishing vessels, two of which are pelagic ring net/trawlers. The pelagic vessels each have a 681 basic tonne ring net licence and a 1 425 trawling licence. Two vessels catch snow crab, with onboard facilities for full processing. Impairment testing of licences related to pelagic fishing is based on broker estimates of revenue figures, and this indicates a good margin in relation to book values. At present, only vessels with a snow crab permit can catch snow crab, cf. Chapter 6 of the Norwegian Licence Regulation of 13.10.2006. However, the scheme remains open in the sense that new operators with vessels that meet the conditions set out in section 6-2 of the Licence Regulation may participate. Snow-crab catching is therefore currently
an \u201cOlympic\u201d fishery, where vessels race to maximise their share of the catch quota. Based on broker estimates, the two vessels used to catch snow crab were written down by MNOK 28 in 2023. BR. BIRKELAND FARMING AS (BFARM) The BFARM Group owns seven licences for farming Atlantic salmon in West Norway. A pre-tax discount rate (WACC) of 10.2%, insignificant growth in volume produced and a long-term growth rate of 1% are applied when testing for possible impairment of farming licences. BFARM\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.3%, a nominal growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD- FAO Agricultural Outlook 2023-2032 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.25 million tonnes in the terminal period: 4.0 million tonnes in Central/North Peru and 0.25 million tonnes in South Peru. 2023 was affected by the El Ni\u00f1o weather phenomenon, which started in March with a coastal El Ni\u00f1o, causing cancellation of the first fishing season of the year. Ahead of the second fishing season, IMARPE measured the biomass at just over 7 million tonnes, in line with the 2022 measurements for the second season. However, the quota was set at the lower end of the range, with a figure of 1.68 million tonnes for the second season compared with 2.28 million tonnes for the same season in 2022. El Ni\u00f1o is a regular occurrence, and the last time an entire season was cancelled was in 2014. From 2008 to 2022, the total volume caught in Central/North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (year) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o, coming in at just under 2.0 million tonnes. Estimates for raw materials in the model have therefore taken into account the natural weather phenomena that will occur at regular intervals by using the historical figures above. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. Using WACC and best estimate for quota in the terminal period, the tests show that the value remains intact in the face of reasonable changes in prices realised for fishmeal and fish oil. The fishmeal price used for the terminal period in the model is USD 1,816. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1 718 in 2023 and USD 1 641 in 2022 (source: SUNAT ). FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2023 the company held 8.6% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% in both 2022 and 2023. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023. For 2024 the quota has been increased by 15%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 9.5%, a nominal
growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2023- 2032 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a further increase of 15% for 2025, annual increases of 5% in 2026 and 2027, and no increase in the terminal period. The model assumes a total horse mackerel quota for Chile in the region of 1 039 000 tonnes in the terminal period. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2023 or 2022. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/ trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated. The aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licences. Principal terms for different types of licences Since January 2005, the limitations on production established for aquaculture licences for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This specifies the maximum biomass in the sea that a licence holder can have at any given time. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licenses are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per licence. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per licence based on various conditions, a fixed maximum allowable biomass per licence is no longer specified. The system has been named the \u201ctraffic light system\u201d. The traffic light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a fixed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. Green farming licences are licences that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licences, mainly concerning environmental improvement measures. The licences were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licences are licences defined as for special purposes. Demonstration licences are granted to enterprises in order to spread knowledge of the aquaculture industry. Such licences are often operated in cooperation with a non-commercial entity. Teaching licences are another kind of special-purpose licence and are allocated to disseminate knowledge of the fish farming industry. The licences are linked to specific educational institutions and are thus regulated by the county. Research and development licences are licences awarded in connection with research and development projects in the industry, where dedicated licences are required to carry out the R&D activity. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as for special purposes. Parent fish licences are granted for the production of salmon roe utilised to produce juvenile fish. Juvenile fish licences are licences to produce juvenile salmon and trout in fresh water that in total authorise the licence holder to produce a specific number of
juvenile salmon and trout. There are certain limitations on the size of juvenile fish produced according to the individual licence. Licences are granted on the basis of a discharge permit for a certain number of fish/biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source. Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming licences. As the licences are not bound by a time- limited period, there is no need to apply for their renewal. The licences are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a licence. Section 9 states that licences may be revoked due to gross contravention of the provisions of the Act. We can confirm that no operative licences for salmon and trout have been revoked in Norway. Research and development licences are time-limited, and in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group's value chain (parent fish production takes place before production of roe and juvenile fish in the value chain), and is therefore closely linked to the breeding system for salmon and trout. The Group's applications for renewal of parent fish licences have always been approved, in line with the prevailing practice in the industry. The licences for harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow- out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. Costs related to licences Payment has been required for new licences granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a fixed price versus the auction principle. Given that there is no requirement to apply for renewal of licences, then there are no costs involved in licence renewal. The costs of maintaining aquaculture licences in Norway are insignificant. There are no annual fees or other types of duties linked to the actual licence. However, there are certain fees to be paid for inspection and control of the licences. Fees also have to be paid to establish new localities and/ or to extend/amend localities. As a main rule, an amount of NOK 12 000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming
licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow- out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent fish licences was amended from 10 years to 15 years (amendment to regulation dated 14.08.2007 no. 986). In the consultation document dated 07.06.2007, the Ministry stated the following regarding time limitation for parent fish licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly defined predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent fish production is a time-consuming and resource- intensive activity, but this is provided for by (...) a fixed-term period with clearly defined predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences The Group's demonstration licences are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. . The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or
holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for pelagic fisheries and whitefish. Fisheries permits within pelagic fisheries and whitefish The fishing permits (licenses) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within pelagic fishery and whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within pelagic fishery and whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within pelagic fishery and whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Norwegian Ministry of Trade, Industry and Fisheries submitted the new quota report (Report to the Storting 7 (2023- 2024)) on 12.01.2024. The title of the quota report can be translated into English as \u201cPeople, fish and community \u2013 a quota report for predictability and fair distribution\u201d. Among other things, the report covers allocation of the structural quotas after the expiry of time limits in the structural quota scheme and allocation of quotas for Northeast Arctic cod. One of the government\u2019s proposals is that the structural gain that arises when the time- limited structural quotas expire should pass to the vessel group that implemented the structuring, and be allocated with full effect to basic quotas and with half effect to the remaining structural quotas (model X). The report also proposes reintroducing the \u201ctrawl ladder\u201d mechanism in the allocation of the quota for cod in the zone north of 62 degrees and the \u201cherring ladder\u201d in the allocation of the quota for Norwegian spring-spawning herring. The government has further proposed that the quota for the open group for cod fisheries in the zone north of 62 degrees latitude be withdrawn from the \u201ctop\u201d as a provision, before the quota is allocated between the trawler group and the conventional group. In reality, this means a reduction in the quotas for the trawler group. The quota report is scheduled for debate in the Storting at the end of April 2024. Once the Storting has debated the quota report, the Ministry will make a decision on whether, and if so to what extent, it is necessary to amend the Participation Act and the Marine Resources Act or make other legal changes to align with the Storting\u2019s decision. Licence scheme for fishing rights in Peru The fishing license is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing license only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation and paid of the corresponding fishing rights), otherwise, the fishing license keep in force unlimited. The Supreme Decree N\u00b0 017-2017- PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing license is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest in Law N\u00ba 20.657 of 09.02.2013.
Until the introduction of 2013 fishing law modifications, fishing licenses were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing license (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licenses (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well | as for the artisanal shipowners. | of the industry average. In this case, is |
| | a partial loss, applying a quota reduction |
The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing license type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-regions (grouped according to the geographical administrative area division of the country - regions). The Fishing Act of 2013 also establishes that 15% of the LTPs will be auctioned when the fisheries reaches 90% of the Maximum Sustainable Yield (\u201cMSY\u201dor \u201cRMS\u201d in Spanish) or after 3 years after the Law came into full effect, in 5% annual allocations. This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d license valid for 20 years for each of the auctioned lots. After this period, a new auction process | is required. | |
| | A new Fishing Act project was introduced |
The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous | regulation. | artisanal allocations and the proportion |
| | between LTP-A and LTP-B from 85%/15% |
Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licenses for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent license system. LTP-B is a 20-year non- renewable fishing license. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time. by the Government into Congress by the end of December, 2023, intended to fully replace the current 1989 fishing Act. It promotes changes in the industrial/ to 50%/50%. Long discussions expected in all stages of the process and uncertain results for now. GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11381": {
"value": "NOTE 10 Intangible assets | | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2022 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 2 346 | 4 439 | 4 449 | 1 145 | 50 | 12 429 |
| Accumulated depreciation and amortisation | 0 | -282 | -267 | -35 | 0 | -584 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Exchange di\ufb00erences | 62 | 0 | | 179 | 0 | 243 |
| Business combinations | 0 | 6 | 0 | 0 | 0 | 7 |
| Additions for the year | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation and amortisation | 0 | -29 | -21 | -31 | 0 | -81 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 407 | 4 472 | 4 449 | 1 325 | 50 | 12 703 |
| Accumulated depreciation and amortisation | 0 | -336 | -288 | -66 | 0 | -690 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| - of which assets with inde\ufb01nite lives | 2 279 | 4 117 | 3 797 | 1 239 | 50 | 11 483 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 365 | 0 | 0 | 365 |
| | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2023 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| Carrying amount at 01.01. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| Exchange di\ufb00erences | 49 | -3 | 0 | 51 | 0 | 100 |
| Business combinations | 107 | 0 | 0 | 0 | 0 | 107 |
| Depreciation and amortisation | 0 | 0 | -50 | -2 | 0 | -52 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 113 | 1 290 | 50 | 12 002 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 564 | 4 495 | 4 448 | 1 377 | 50 | 12 933 |
| Accumulated depreciation and amortisation | 0 | -361 | -338 | -68 | 0 | -767 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 112 | 1 289 | 50 | 12 002 |
| - of which assets with inde\ufb01nite lives | 2 436 | 4 115 | 3 796 | 1 289 | 50 | 11 686 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 315 | 0 | 0 | 315 |
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
Cash-generating units (CGU) Each operating segment in the AUSS Group is classified as one group of CGUs in order to allow for the distribution of goodwill for impairment testing. Goodwill and intangible assets with an indefinite useful life are not amortised, but shall be tested for impairment at least once a year \u2013 or when there are indications of impairment \u2013 and written down if their value can no longer be justified. Useful life is utilised as a main rule when establishing recoverable amount. Useful life is estimated as the present value of future cash flows. The present value is compared with the book value per CGU or group of CGUs. The present value estimate is based on the budget for the next year and the estimated profit/loss over the next four years. A terminal value is estimated for the period following the next five years. The Gordon growth model is applied to estimate terminal value. Goodwill and intangible assets with indefinite useful life (which is not depreciated) is distributed on the different groups as follows: LER\u00d8Y SEAFOOD GROUP ASA (LSG) LSG is a fully-integrated seafood company and comprises the entire value chain, from roe, fry, smolt, farming of Atlantic salmon and trout, catching whitefish and processing to sales and distribution. Goodwill linked to LSG is measured at operating segment level, which is LSG as a whole. The impairment test for goodwill uses equivalent assumptions to the impairment tests for non-amortisable licences in the Farming segment and for whitefish licences. (See also further discussion below.) No reasonable changes in the assumptions would lead to write- down of goodwill. LSG has following fish farming licences; 30 licences in the North of Norway (incl. slaughter cage-, parent fish-, demonstration- and teaching licences), 59.5 licences (incl. slaughter cage, parent fish-, demonstration- and teaching licences) in Central Norway and 64 (incl. slaughter cage, parent fish-, green farming-, demonstration- and teaching licences) in West Norway. LSG group has also 18 licences for juvenile fish and 6 licences for cleaner fish, and licences to cultivate seaweed in connection with localities for production of salmon. The following rates are applied for tests of possible impairment: discount rate (WACC after tax of 7.1%, and a nominal rate of 2.0%. LSG's impairment tests did not produce grounds for write-down of good- will or intangible assets with an indefinite useful life in 2023 and 2022. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0%. Within aquaculture, historically up to 2012, the Group has experienced a significant production growth per license in Norway. Since 2012 and until today the growth has been low. The model is based on an assumption of 2.0% growth in volume produced. The licences in this segment are owned by the sub-group, Ler\u00f8y Havfisk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Troms og Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of fish. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a specific buyer. The principle for pricing is the average price realised for the species of fish in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Havfisk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Havfisk AS has however leased out the facilities in these locations. The lessee is LNWS (group). The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Havfisk AS to sustain operations in the specified locations. At the end of the financial year, the Ler\u00f8y Havfisk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Havfiske AS, Finnmark Havfiske AS and Hammerfest Industrifiske AS. It has not been acquired Carrying amount of intangible assets per CGU Goodwill Licences Trademarks Total | Ler\u00f8y Seafood Group ASA | 1 938 | 7 491 | 50 | 9 480 |
| Br. Birkeland AS | 169 | 556 | 0 | 725 |
| Br. Birkeland Farming AS | 21 | 174 | 0 | 195 |
| Austral Group S.A.A. | 307 | 890 | 0 | 1 197 |
| FoodCorp Chile S.A. | 0 | 405 | 0 | 405 |
| Total | 2 436 | 9 516 | 50 | 12 002 |
or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for whitefish in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to fish for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of fish allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to fish its share of the quota. This is known as \u201cre-allocation\u201d. In 2023 (2022), one cod licence entitled the holder to fish for 979 (1 154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the final licence volumes after re-allocations for 2023 (2022), this is a change of -15% (-18%) for cod, +8% (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re-allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to improve profitability for fisheries and reduce the number of vessels in operation, the fisheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of fisheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per fish species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2007 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual fisheries, thereby facilitating improved profitability for the remaining vessels \u2013 i.e. improving efficiency within a regulated framework. Moreover, the schemes are intended to adapt fleet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Havfisk AS \u2013 and LNWS to a limited extent \u2013 is involved in fishing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in fishing and catches (Participant Act). Ler\u00f8y Havfisk AS has been given an exemption from the requirement stating that the controlling interest must be an active fisherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns fishing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of LSG's acquisition of the majority shareholding in Ler\u00f8y Havfisk AS was granted on the basis of LSG\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Havfisk AS, LSG and AUSS provided that LSG continues to own minimum 60% of the shares in Ler\u00f8y Havfisk AS and that AUSS continues to own minimum 50% of the shares in LSG. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in AUSS. Any significant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizen- ship. According to the second paragraph letra a) of the provision, limited companies, public limited companies and other companies with limited liability have equal status to Norwegian citizens when the company's head office and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company's capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Havfisk AS, LSG and AUSS are obliged to submit an overview twice a year detailing the company's shareholders, including specification of the shares held by foreign shareholders. Ultimately, a breach of the above- mentioned licence provisions could result in Ler\u00f8y Havfisk AS losing its licence rights. BR. BIRKELAND AS (BRBI) BRBI owns four fishing vessels, two of which are pelagic ring net/trawlers. The pelagic vessels each have a 681 basic tonne ring net licence and a 1 425 trawling licence. Two vessels catch snow crab, with onboard facilities for full processing. Impairment testing of licences related to pelagic fishing is based on broker estimates of revenue figures, and this indicates a good margin in relation to book values. At present, only vessels with a snow crab permit can catch snow crab, cf. Chapter 6 of the Norwegian Licence Regulation of 13.10.2006. However, the scheme remains open in the sense that new operators with vessels that meet the conditions set out in section 6-2 of the Licence Regulation may participate. Snow-crab catching is therefore currently
an \u201cOlympic\u201d fishery, where vessels race to maximise their share of the catch quota. Based on broker estimates, the two vessels used to catch snow crab were written down by MNOK 28 in 2023. BR. BIRKELAND FARMING AS (BFARM) The BFARM Group owns seven licences for farming Atlantic salmon in West Norway. A pre-tax discount rate (WACC) of 10.2%, insignificant growth in volume produced and a long-term growth rate of 1% are applied when testing for possible impairment of farming licences. BFARM\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. The management's calculations regarding farming licences are robust in the face of reasonable changes in conditions in the future. AUSTRAL GROUP S.A.A. (AUSTRAL) Austral is a fully-integrated fishing company involved in catches, processing and sales. Austral has fishing rights for anchoveta and horse mackerel/mackerel in Peru. The company\u2019s anchoveta quota represents just under 7% of the total quota in Central/North Peru, and just under 4% of the quota in South Peru. Austral's product range comprises fishmeal and fish oil, and fresh and frozen consumer products. Austral's operations are based on wild-caught fish, and the company would not be able sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena (El Ni\u00f1o/La Ni\u00f1a) will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and quota levels from year to year. There are two main seasons for anchoveta \u2013 the first from April to July and the second from November to January. Resource management is handled by Instituto del Mar de Peru (IMARPE). Prior to each fishing season, IMARPE undertakes exploratory voyages and recommends quota levels on the basis of its biomass measurements. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 8.3%, a nominal growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD- FAO Agricultural Outlook 2023-2032 report. The model applies current cost levels, adjusted for growth. The model assumes a total anchoveta quota of 4.25 million tonnes in the terminal period: 4.0 million tonnes in Central/North Peru and 0.25 million tonnes in South Peru. 2023 was affected by the El Ni\u00f1o weather phenomenon, which started in March with a coastal El Ni\u00f1o, causing cancellation of the first fishing season of the year. Ahead of the second fishing season, IMARPE measured the biomass at just over 7 million tonnes, in line with the 2022 measurements for the second season. However, the quota was set at the lower end of the range, with a figure of 1.68 million tonnes for the second season compared with 2.28 million tonnes for the same season in 2022. El Ni\u00f1o is a regular occurrence, and the last time an entire season was cancelled was in 2014. From 2008 to 2022, the total volume caught in Central/North and South Peru averaged just over 4.3 million tonnes, ranging from an annual catch of 6.1 million tonnes (year) to 2.2 million tonnes (2014). The volume caught in 2023 was severely impacted by El Ni\u00f1o, coming in at just under 2.0 million tonnes. Estimates for raw materials in the model have therefore taken into account the natural weather phenomena that will occur at regular intervals by using the historical figures above. Austral's impairment tests, which incorporate risks and opportunities within environmental sustainability did not give grounds for write-down of goodwill or intangible assets with an indefinite useful life in either 2023 and 2022. Using WACC and best estimate for quota in the terminal period, the tests show that the value remains intact in the face of reasonable changes in prices realised for fishmeal and fish oil. The fishmeal price used for the terminal period in the model is USD 1,816. For comparison, the average price of fishmeal FOB Peru for all producers of fishmeal in Peru was USD 1 718 in 2023 and USD 1 641 in 2022 (source: SUNAT ). FOODCORP CHILE S.A. (FC) FC is a fully-integrated fishing company involved in catches, processing and sales. FC has fishing rights for horse mackerel, mackerel, sardines and anchoveta in Chile. In 2023 the company held 8.6% of the horse mackerel quota for the fleet group in Chile to which the company's vessels belong. FC produces frozen consumer products, as well as fishmeal and fish oil. FC's operations are based on wild-caught fish, and the company would not be able to sustain the long-term values generated by its licences without sustainable management of resources. Moreover, natural weather phenomena will have an impact on conditions at sea and may cause periodic, short-term fluctuations in biomass and, as a result, quota levels from year to year. Horse mackerel stocks in the southern Pacific have been heavily fished, and a common fish stock management scheme was not implemented until 2011. Fish stock management is now handled by the South Pacific Regional Fisheries Management Organisation (SPRFMO). Their work involves measurements and estimates of stock sizes that in turn provide the basis for specification of total quotas from year to year. Total quotas (TAC) were set for the first time in 2012, and at historically extremely low levels. In order to build up the biomass, the quotas in the following years increased only slightly. Conservative management meant that in the autumn of 2017 SPRFMO was able to report that the biomass had reached a sustainable level, and that the organization could therefore recommend a 17% increase in the quotas for 2018. The quotas increased by 15% in both 2022 and 2023. Further confirmation of the positive biomass status came with a 20% increase in quotas for 2023. For 2024 the quota has been increased by 15%. The tests for impairment apply cash flows after tax and an equivalent post-tax discount rate (WACC) of 9.5%, a nominal
growth rate of 2.0% and estimated inflation of 2.0%. The model uses projected prices for the products, based on the OECD-FAO Agricultural Outlook 2023- 2032 report. The model applies current cost levels, adjusted for growth. The figure for volume of raw materials used in the model is based on a further increase of 15% for 2025, annual increases of 5% in 2026 and 2027, and no increase in the terminal period. The model assumes a total horse mackerel quota for Chile in the region of 1 039 000 tonnes in the terminal period. FC\u2019s impairment tests, which incorporate risks and opportunities within environmental sustainability, did not give grounds for write-down of intangible assets with an indefinite useful life in either 2023 or 2022. Licence scheme in Norway The licence scheme for production of salmon and trout in Norway has been implemented by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licences). All activities involving aquaculture require a licence. It is prohibited to farm salmon/ trout without a licence from the authorities, cf. section 4 of the Aquaculture Act. All licences are governed by the same regulations (current Aquaculture Act with provisions) irrespective of when the licence was allocated. The aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licences. Principal terms for different types of licences Since January 2005, the limitations on production established for aquaculture licences for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This specifies the maximum biomass in the sea that a licence holder can have at any given time. The Group has a sufficient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group's total MAB. All commercial licenses are currently operational. The following regulations regarding production limitations apply to the different types of licences held by the Group: Farming licences are limited in number, i.e. the enterprises are only granted new licences or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per licence. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per licence. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per licence based on various conditions, a fixed maximum allowable biomass per licence is no longer specified. The system has been named the \u201ctraffic light system\u201d. The traffic light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a fixed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. Green farming licences are licences that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licences, mainly concerning environmental improvement measures. The licences were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licences are licences defined as for special purposes. Demonstration licences are granted to enterprises in order to spread knowledge of the aquaculture industry. Such licences are often operated in cooperation with a non-commercial entity. Teaching licences are another kind of special-purpose licence and are allocated to disseminate knowledge of the fish farming industry. The licences are linked to specific educational institutions and are thus regulated by the county. Research and development licences are licences awarded in connection with research and development projects in the industry, where dedicated licences are required to carry out the R&D activity. Harvest cage licences are allocated for the use of sea cages for live fish ready for harvest. These licences are attached to a specific location, which is the Group's harvesting plant for salmon and trout. Parent fish licences are also licences defined as for special purposes. Parent fish licences are granted for the production of salmon roe utilised to produce juvenile fish. Juvenile fish licences are licences to produce juvenile salmon and trout in fresh water that in total authorise the licence holder to produce a specific number of
juvenile salmon and trout. There are certain limitations on the size of juvenile fish produced according to the individual licence. Licences are granted on the basis of a discharge permit for a certain number of fish/biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source. Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \"The Ministry may prescribe detailed provisions relating to the content of the aquaculture licences, including the scope, time limitations, etc., by administrative decision or regulations.\" In the legislative background to the Aquaculture Act, White Paper no. 61 2004-2005, the following statement can be found on page 59: \"It will remain the case that licences are normally allocated without any specific time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the specific situation, provides for a more complete fulfilment of the Act than if the licence were to be allocated without a time limitation.\" The duration of licences is also specified by the Aquaculture Act, which in its most recent revision underlined ownership of licences by allowing the licences to be mortgaged to the benefit of the lender. There are no time limitations specified in the Group's terms for grow out and juvenile licences, and they are therefore deemed to be time-indefinite production rights according to the prevailing regulations. This also applies for green farming licences. As the licences are not bound by a time- limited period, there is no need to apply for their renewal. The licences are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a licence. Section 9 states that licences may be revoked due to gross contravention of the provisions of the Act. We can confirm that no operative licences for salmon and trout have been revoked in Norway. Research and development licences are time-limited, and in principle are valid for the duration of the project. They are often linked to the lifecycle of the salmon, i.e. three years. Applications may be made to renew R&D licences operated in close collaboration with research environments for a further three-year period after the end of the project. The parent fish licences are granted for 15 years at a time, and applications have to be submitted for their renewal \u2013 provided that the licence holder is still involved in production of brood stock for salmon or trout. Parent fish production is an integral part of the Group's value chain (parent fish production takes place before production of roe and juvenile fish in the value chain), and is therefore closely linked to the breeding system for salmon and trout. The Group's applications for renewal of parent fish licences have always been approved, in line with the prevailing practice in the industry. The licences for harvest cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licences provided that they are attached to an approved harvesting plant and only utilised to keep fish ready for harvest in immediate proximity to the harvesting plant. The Group's demonstration licences are granted with a duration of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease, moving etc. All licences can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licences where transfers and mortgaging are registered. The leasing of aquaculture licences or licence capacity is not permitted. Grow- out licences and parent fish licences can be linked to different locations, but there are certain limitations on moving of licences between the regions defined by the Directorate of Fisheries. In practice, this means that licences cannot be moved between defined regions, which typically follow county borders. Juvenile fish licences are attached to one locality \u2013 the locality for which the licence applies. Costs related to licences Payment has been required for new licences granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a fixed price versus the auction principle. Given that there is no requirement to apply for renewal of licences, then there are no costs involved in licence renewal. The costs of maintaining aquaculture licences in Norway are insignificant. There are no annual fees or other types of duties linked to the actual licence. However, there are certain fees to be paid for inspection and control of the licences. Fees also have to be paid to establish new localities and/ or to extend/amend localities. As a main rule, an amount of NOK 12 000 is paid per licence covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian fish farming
licences are not a time-limited right, and licences should therefore not be subject to amortisation. Where time-limited R&D licences, demonstration licences and educational licences are concerned, these are awarded free of charge so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalized, they will be subjected to depreciation over the economic life. Grow-out licences and juvenile fish licences The following factors played a key role in the assessment of whether licences have an indefinite useful life, with reference to the description of the licence types above: (1) No time limitation on the licences (2) Insignificant expenditure involved in maintaining the licences (3) High threshold for revocation of licences; this has never happened in Norway It has also been noted that the licences are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be indefinite for the grow- out licences and juvenile fish licences, in accordance with IAS 38.90. Parent fish licences As mentioned above, these licences are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent fish licences was amended from 10 years to 15 years (amendment to regulation dated 14.08.2007 no. 986). In the consultation document dated 07.06.2007, the Ministry stated the following regarding time limitation for parent fish licences in item 3.3: \"The recommendation implies that the licences shall be time-limited for a period (...) with clearly defined predictability for extension of new periods. Time-limited licences may however result in less predictability for the entities than licences without time limitations. Predictability is key as breeding and parent fish production is a time-consuming and resource- intensive activity, but this is provided for by (...) a fixed-term period with clearly defined predictability for extension.\" IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not significant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG's assessment of indefinite useful life for the parent fish licences: a. The entity's licences have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the licence are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal is that parent fish production is carried out in connection with a breeding system. Parent fish production will continue to be an integral part of LSG's value chain, and as such this requirement will be met. b. The entity can document fulfilment of the licence conditions, c. The cost to the entity for renewal is not significant, when compared with the future economic benefits expected to flow to the entity from renewal. Demonstration licences The Group's demonstration licences are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licences provided that the terms for the licence are met pursuant to the Aquaculture Act. As with parent fish licences, this type of licence is defined as being for special purposes. Both parent fish and demonstration licences are a type of activity without any clear time limitation. In principle, the same factors as for parent fish licences will apply to demonstration licences. Teaching licences With one exception, the Group\u2019s teaching licences have been allocated for 10 years. Applications can be submitted for renewal of teaching licences provided that the terms for the licence are met pursuant to the Aquaculture Act. The Group has also taken over one teaching licence pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited undefined useful life, its duration has been estimated at one year. The Norwegian fishery licence scheme The Participation Act (the Act relating to the right to participate in fishing and catches) and the Marine Resources Act (the Act relating to the management of wild living marine resources) constitute the legal framework for allocation and management of fishery licences and quotas in Norway. The freedom to carry out commercial fishery is regulated in or pursuant to the Participation Act. . The Participation Act establishes that a fishing vessel cannot be used for commercial fishery or catches unless it has a commercial licence issued by the Ministry. A commercial licence is issued to the owner of the vessel for a specific vessel. Among other things, the Participation Act sets out criteria for the vessel\u2019s construction and conditions governing activity, nationality and residence in order for the vessel owner to be issued with a commercial licence. A commercial licence only confers the right to carry out fishery or catches in accordance with the provisions set out in or pursuant to the Marine Resources Act at all times. If the permit holder replaces one vessel with another, a new application is required for a new professional permit so that the fishing rights are transferred to the new vessel. Such transfer is normally granted provided that the requirements specified in the Participation Act are fulfilled. In the event of transfer of a share or
holding in the company/association of undertakings that directly or indirectly owns the vessel, advance approval of a change of ownership composition is required from the Ministry. A commercial permit is annulled when the owner loses the right of ownership to a vessel, whether by compulsory sale, condemnation, shipwreck etc. A commercial licence shall and can be revoked if the vessel owner does not fulfil the conditions set out in the Participation Act. If such incidents are of a less serious nature, the Ministry may decide to retract the commercial permit for a specific period of time. Special permits pursuant to sections 12 of the Participation Act Most economically important fisheries also require either a special licence or annual permit to participate in a closed group. Essentially, the sea fishing fleet has licence schemes, while the coastal fishing fleet is regulated by means of annual limits on access. The Group\u2019s vessels have special licences for pelagic fisheries and whitefish. Fisheries permits within pelagic fisheries and whitefish The fishing permits (licenses) are valued at cost less any accumulated depreciation and impairment losses. There are no predetermined time limitations specified in the Group's conditions for licences that apply to basic quotas within pelagic fishery and whitefish, and they are therefore deemed to be time-indefinite rights according to the prevailing regulations. As the fishing rights are not bound by a time-limited period, there is no need to apply for their renewal. The fishing rights are deemed to be valid pursuant to the Participation Act, and pursuant regulations, unless they are annulled or retracted in accordance with the Participation Act. The Group also holds fishing rights within pelagic fishery and whitefish that have a time limit \u2013 so-called structural quotas. These are amortised over the lifetime of the individual structural quota. The fisheries licences within pelagic fishery and whitefish comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a definite useful life and are amortised over the length of the structural period. The basic quotas have an indefinite useful life and are not amortised, but are tested annually for impairment. The fishing permits meet the definition of intangible assets in accordance with IAS 38, as these are legal rights, are identifiable and generates economic yield that the company can control. The Norwegian Ministry of Trade, Industry and Fisheries submitted the new quota report (Report to the Storting 7 (2023- 2024)) on 12.01.2024. The title of the quota report can be translated into English as \u201cPeople, fish and community \u2013 a quota report for predictability and fair distribution\u201d. Among other things, the report covers allocation of the structural quotas after the expiry of time limits in the structural quota scheme and allocation of quotas for Northeast Arctic cod. One of the government\u2019s proposals is that the structural gain that arises when the time- limited structural quotas expire should pass to the vessel group that implemented the structuring, and be allocated with full effect to basic quotas and with half effect to the remaining structural quotas (model X). The report also proposes reintroducing the \u201ctrawl ladder\u201d mechanism in the allocation of the quota for cod in the zone north of 62 degrees and the \u201cherring ladder\u201d in the allocation of the quota for Norwegian spring-spawning herring. The government has further proposed that the quota for the open group for cod fisheries in the zone north of 62 degrees latitude be withdrawn from the \u201ctop\u201d as a provision, before the quota is allocated between the trawler group and the conventional group. In reality, this means a reduction in the quotas for the trawler group. The quota report is scheduled for debate in the Storting at the end of April 2024. Once the Storting has debated the quota report, the Ministry will make a decision on whether, and if so to what extent, it is necessary to amend the Participation Act and the Marine Resources Act or make other legal changes to align with the Storting\u2019s decision. Licence scheme for fishing rights in Peru The fishing license is granted by the Production Ministry (Ministerio de la Producci\u00f3n) for the extraction of hydrobiological resources, subject to Fishing Regulations as stipulated by General Law of Fisheries (Decreto Ley N\u00b0 25977) and the Regulations for the General Law of Fisheries (Decreto Supremo N\u00b0 012-2001-PE). A fishing license only expires in case the legal owner breach the requirements established in the mentioned article 33 of the Regulation for the General Law of Fisheries (not increase authorized storage capacity, accredit vessel operation and paid of the corresponding fishing rights), otherwise, the fishing license keep in force unlimited. The Supreme Decree N\u00b0 017-2017- PRODUCE (Regulations of control and sanction of fisheries and aquaculture activities) establish the limitations that fleet must fulfil during its operations. The indeterminate life of fishing license is also subject to lack of repetition of severe penalties (maximum four infractions of the same type allowed in one year). Licence scheme for fishing rights in Chile Fishing and aquaculture activities are ruled by the \u201cGeneral Fishing and Aquaculture Act N\u00ba 18.892 of 1989\u201d (\u201cLey General de Pesca y Acuicultura\u201d or LGPA), which has received several modifications during its life, being the latest in Law N\u00ba 20.657 of 09.02.2013.
Until the introduction of 2013 fishing law modifications, fishing licenses were linked to a fishing vessel and could not be divided or independently transferred. These types of fishing license (\u201cPermiso de Pesca\u201d) still exist for those species out of the list of tradable fishing licenses (\u201cLicencia Transable de Pesca\u201d or LTP), such as giant squid and mackerel, as well | as for the artisanal shipowners. | of the industry average. In this case, is |
| | a partial loss, applying a quota reduction |
The fishing law of 2013 grants industrial shipowner a \u201cLTP-A\u201d tradeable fishing license type, which is automatically renewed every 20 years, provided that owner has had a good behaviour in environmental and labour regulations. These LTPs are divided by fish species and macro-regions (grouped according to the geographical administrative area division of the country - regions). The Fishing Act of 2013 also establishes that 15% of the LTPs will be auctioned when the fisheries reaches 90% of the Maximum Sustainable Yield (\u201cMSY\u201dor \u201cRMS\u201d in Spanish) or after 3 years after the Law came into full effect, in 5% annual allocations. This was done for horse mackerel in 2017. The new quotas will be deducted from the LTP-A, creating a \u201cLTP-B\u201d license valid for 20 years for each of the auctioned lots. After this period, a new auction process | is required. | |
| | A new Fishing Act project was introduced |
The LTPs are transferable, permanently or temporarily and are also subject to be used as guarantees to financial institutions, something impossible with previous | regulation. | artisanal allocations and the proportion |
| | between LTP-A and LTP-B from 85%/15% |
Fishing permits for the non-LTP species remain linked to a physical fishing vessel are permanent. Fishing licenses for the LTP-A are granted for 20 years with automatic renewal for same period of time, therefore are considered a permanent license system. LTP-B is a 20-year non- renewable fishing license. Fishing rights can be lost or reduced (partial loss), if a Company: \u2022 Catches in excess over 10% of its quota during 2 years in a row. \u2022 Does not perform fishing activities during 2 years or 12 consecutive months, unless is a case of force majeure, which must be approved by Undersecretary of Fisheries. \u2022 If during a 5-year period, offloading of the 3 highest years are below 70% equivalent to the difference between this average and the company actual landings. \u2022 Repeatedly not submitting the statistical information required by law. \u2022 Not paying fishing or specific fishing taxes. Gives a 30 days grace period after due dates. \u2022 If court sentences company for spillage of chemical or other harmful substances into water portions. \u2022 If sentenced repeatedly of illegal or unauthorized modifications, alterations or changes to fishing vessels. \u2022 If Company has been sentenced 3 or more times within a 2-year period of infractions to anti-union labour law related only to workers on board vessels. This is a partial loss, equivalent to 10% of the main specie that the vessel was operating at infraction time. by the Government into Congress by the end of December, 2023, intended to fully replace the current 1989 fishing Act. It promotes changes in the industrial/ to 50%/50%. Long discussions expected in all stages of the process and uncertain results for now. NOTE 11 Fixed assets | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 564 | 762 | 6 059 | 9 414 | 6 893 | 23 692 |
| Accumulated depreciation and amortisation | 0 | -1 | -1 899 | -6 014 | -3 138 | -11 050 |
| Accumulated impairment | -22 | 0 | -47 | -21 | -208 | -297 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Currency translation di\ufb00erences | 17 | 10 | 65 | 64 | 98 | 255 |
| Reclassi\ufb01cation | 39 | -1 060 | 666 | 146 | 223 | 15 |
| Acquisitions through business combinations | 0 | 0 | 6 | 0 | 0 | 6 |
| Additions | 21 | 711 | 383 | 859 | 661 | 2 634 |
| Disposals | 0 | 0 | -36 | -126 | -177 | -339 |
| Depreciation and amortisation | 0 | 0 | -420 | -711 | -520 | -1 651 |
| Acc. depreciation on disposals | 0 | 0 | 22 | 85 | 107 | 214 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 645 | 424 | 7 206 | 10 623 | 7 975 | 26 874 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 358 | -6 912 | -3 822 | -13 091 |
| Accumulated impairment | -25 | 0 | -50 | -13 | -213 | -301 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
Carrying amount of right-of-use assets included above 0 0 530 1 380 1 312 3 222 Depreciation of right-of-use assets included above 0 0 67 270 276 613 | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| Carrying amount at 01.01 | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| Currency translation di\ufb00erences | 10 | 5 | 64 | 67 | 44 | 189 |
| Reclassi\ufb01cation | 15 | -726 | 294 | 165 | 285 | 34 |
| Acquisitions through business combinations | 0 | 0 | 19 | 57 | 0 | 76 |
| Additions | 23 | 661 | 489 | 964 | 265 | 2 401 |
| Disposals | -2 | 0 | -116 | -204 | -138 | -460 |
| Depreciation and amortisation | 0 | 0 | -459 | -789 | -609 | -1 857 |
| Acc. depreciation on disposals | 0 | 0 | 102 | 187 | 127 | 416 |
| Impairment | 0 | -33 | -57 | -24 | -28 | -142 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 666 | 330 | 5 135 | 4 122 | 3 887 | 14 141 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 692 | 364 | 7 957 | 11 803 | 8 538 | 29 354 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 715 | -7 645 | -4 408 | -14 769 |
| Accumulated impairment | -26 | -33 | -106 | -37 | -243 | -444 |
| Carrying amount at 31.12. | 666 | 330 | 5 136 | 4 122 | 3 887 | 14 141 |
Right-of-use assets included above 0 0 541 1 344 1 157 3 043 Depreciation of right-of-use assets included above 0 0 72 285 288 645 IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11383": {
"value": "NOTE 10 Intangible assets | | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2022 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 2 346 | 4 439 | 4 449 | 1 145 | 50 | 12 429 |
| Accumulated depreciation and amortisation | 0 | -282 | -267 | -35 | 0 | -584 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Carrying amount at 01.01. | 2 218 | 4 139 | 4 182 | 1 090 | 50 | 11 679 |
| Exchange di\ufb00erences | 62 | 0 | | 179 | 0 | 243 |
| Business combinations | 0 | 6 | 0 | 0 | 0 | 7 |
| Additions for the year | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation and amortisation | 0 | -29 | -21 | -31 | 0 | -81 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 407 | 4 472 | 4 449 | 1 325 | 50 | 12 703 |
| Accumulated depreciation and amortisation | 0 | -336 | -288 | -66 | 0 | -690 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| - of which assets with inde\ufb01nite lives | 2 279 | 4 117 | 3 797 | 1 239 | 50 | 11 483 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 365 | 0 | 0 | 365 |
| | | | Licences, white | Licences, | | |
| | | Licences, \ufb01sh | \ufb01sh and pelagic | pelagic \ufb01sheries, | | |
| 2023 | Goodwill | farming, Norway | \ufb01sheries, Norway | South America | Brands | Total |
| Carrying amount at 01.01. | 2 279 | 4 117 | 4 162 | 1 239 | 50 | 11 847 |
| Exchange di\ufb00erences | 49 | -3 | 0 | 51 | 0 | 100 |
| Business combinations | 107 | 0 | 0 | 0 | 0 | 107 |
| Depreciation and amortisation | 0 | 0 | -50 | -2 | 0 | -52 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 113 | 1 290 | 50 | 12 002 |
| At 31.12. | | | | | | |
| Acquisition cost | 2 564 | 4 495 | 4 448 | 1 377 | 50 | 12 933 |
| Accumulated depreciation and amortisation | 0 | -361 | -338 | -68 | 0 | -767 |
| Accumulated impairment | -128 | -18 | 0 | -21 | 0 | -168 |
| Carrying amount at 31.12. | 2 436 | 4 115 | 4 112 | 1 289 | 50 | 12 002 |
| - of which assets with inde\ufb01nite lives | 2 436 | 4 115 | 3 796 | 1 289 | 50 | 11 686 |
| - of which assets with de\ufb01nite lives | 0 | 0 | 315 | 0 | 0 | 315 |
Included in licences fishfarming above is a privilege for utilisation of waterfalls with definite useful lives.
NOTE 11 Fixed assets | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 564 | 762 | 6 059 | 9 414 | 6 893 | 23 692 |
| Accumulated depreciation and amortisation | 0 | -1 | -1 899 | -6 014 | -3 138 | -11 050 |
| Accumulated impairment | -22 | 0 | -47 | -21 | -208 | -297 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Currency translation di\ufb00erences | 17 | 10 | 65 | 64 | 98 | 255 |
| Reclassi\ufb01cation | 39 | -1 060 | 666 | 146 | 223 | 15 |
| Acquisitions through business combinations | 0 | 0 | 6 | 0 | 0 | 6 |
| Additions | 21 | 711 | 383 | 859 | 661 | 2 634 |
| Disposals | 0 | 0 | -36 | -126 | -177 | -339 |
| Depreciation and amortisation | 0 | 0 | -420 | -711 | -520 | -1 651 |
| Acc. depreciation on disposals | 0 | 0 | 22 | 85 | 107 | 214 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 645 | 424 | 7 206 | 10 623 | 7 975 | 26 874 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 358 | -6 912 | -3 822 | -13 091 |
| Accumulated impairment | -25 | 0 | -50 | -13 | -213 | -301 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
Carrying amount of right-of-use assets included above 0 0 530 1 380 1 312 3 222 Depreciation of right-of-use assets included above 0 0 67 270 276 613 | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| Carrying amount at 01.01 | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| Currency translation di\ufb00erences | 10 | 5 | 64 | 67 | 44 | 189 |
| Reclassi\ufb01cation | 15 | -726 | 294 | 165 | 285 | 34 |
| Acquisitions through business combinations | 0 | 0 | 19 | 57 | 0 | 76 |
| Additions | 23 | 661 | 489 | 964 | 265 | 2 401 |
| Disposals | -2 | 0 | -116 | -204 | -138 | -460 |
| Depreciation and amortisation | 0 | 0 | -459 | -789 | -609 | -1 857 |
| Acc. depreciation on disposals | 0 | 0 | 102 | 187 | 127 | 416 |
| Impairment | 0 | -33 | -57 | -24 | -28 | -142 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 666 | 330 | 5 135 | 4 122 | 3 887 | 14 141 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 692 | 364 | 7 957 | 11 803 | 8 538 | 29 354 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 715 | -7 645 | -4 408 | -14 769 |
| Accumulated impairment | -26 | -33 | -106 | -37 | -243 | -444 |
| Carrying amount at 31.12. | 666 | 330 | 5 136 | 4 122 | 3 887 | 14 141 |
Right-of-use assets included above 0 0 541 1 344 1 157 3 043 Depreciation of right-of-use assets included above 0 0 72 285 288 645 | | | | Plant, | | | | |
| | | | equipment | | Total | Of which | |
| | | Buildings/ | and other | | right-of-use | from credit | Of which |
| Right-of-use assets | Land | real estate | \ufb01xtures | Vessels | assets | institutions | from others |
| At 01.01.2022 | | | | | | | |
| Acquisition cost | 59 | 646 | 2 218 | 1 733 | 4 656 | 2 570 | 2 089 |
| Accumulated depreciation and amortisation | -8 | -180 | -833 | -570 | -1 592 | -769 | -826 |
| Carrying amount at 01.01.2022 | 50 | 466 | 1 385 | 1 163 | 3 064 | 1 801 | 1 262 |
| Financial year 2022 | | | | | | | |
| Carrying amount at 01.01. | 50 | 466 | 1 385 | 1 163 | 3 064 | 1 801 | 1 262 |
| Currency translation di\ufb00erences | 0 | 5 | 6 | 0 | 11 | 9 | 2 |
| Addition of new right-of-use assets | 2 | 87 | 271 | 443 | 803 | 230 | 572 |
| Disposals | -13 | 0 | -14 | -31 | -57 | -2 | -54 |
| Depreciation and amortisation for the year | -6 | -61 | -270 | -276 | -613 | -231 | -382 |
| Impairment for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reclassi\ufb01cation | 0 | 0 | 1 | 13 | 15 | 0 | 15 |
| Carrying amount at 31.12.2022 | 34 | 497 | 1 379 | 1 312 | 3 222 | 1 806 | 1 416 |
| At 31.12.2022 | | | | | | | |
| Acquisition cost | 48 | 738 | 2 483 | 2 159 | 5 428 | 2 807 | 2 624 |
| Accumulated depreciation and amortisation | -14 | -241 | -1 103 | -847 | -2 206 | -1 001 | -1 208 |
| Carrying amount at 31.12.2022 | 34 | 498 | 1 380 | 1 312 | 3 222 | 1 806 | 1 416 |
| Of which secured by mortgage | | | | | | 1 806 | |
| Financial year 2023 | | | | | | | |
| Carrying amount at 01.01.2023 | 34 | 498 | 1 380 | 1 312 | 3 222 | 1 806 | 1 416 |
| Currency translation di\ufb00erences | 1 | 12 | 9 | 0 | 22 | 14 | 8 |
| Addition of new right-of-use assets | 4 | 69 | 245 | 133 | 451 | 186 | 266 |
| Disposals | -1 | -2 | -2 | 0 | -6 | -3 | -3 |
| Depreciation and amortisation for the year | -5 | -67 | -286 | -288 | -646 | -238 | -408 |
| Business combinations | 0 | 0 | -2 | 0 | -2 | -2 | 0 |
| Reclassi\ufb01cation | 0 | 0 | 2 | 0 | 2 | 2 | 0 |
| Carrying amount at 31.12.2023 | 32 | 511 | 1 345 | 1 158 | 3 043 | 1 765 | 1 278 |
| At 31.12.2023 | | | | | | | |
| Acquisition cost | 51 | 817 | 2 734 | 2 292 | 5 895 | 3 004 | 2 894 |
| Accumulated depreciation and amortisation | -19 | -308 | -1 389 | -1 135 | -2 852 | -1 239 | -1 616 |
| Carrying amount at 31.12.2023 | 32 | 510 | 1 345 | 1 158 | 3 043 | 1 765 | 1 278 |
| Of which secured by mortgage | | | | | | 1 765 | |
Depreciation linked to property, plant and equipment is allocated on a straight-line basis over the expected useful life (depreciation period). Material parts of assets that have different depreciation periods are broken down into components and depreciated separately (component depreciation). Depreciation linked to right- of-use assets is allocated on a straight-line basis over the lease term. Any extension options likely to be exercised are included in the lease term. Land is not depreciated. Buildings mainly comprise factories and offices. The assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement as other gains and losses.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f13271": {
"value": "NOTE 11 Fixed assets | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 564 | 762 | 6 059 | 9 414 | 6 893 | 23 692 |
| Accumulated depreciation and amortisation | 0 | -1 | -1 899 | -6 014 | -3 138 | -11 050 |
| Accumulated impairment | -22 | 0 | -47 | -21 | -208 | -297 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Currency translation di\ufb00erences | 17 | 10 | 65 | 64 | 98 | 255 |
| Reclassi\ufb01cation | 39 | -1 060 | 666 | 146 | 223 | 15 |
| Acquisitions through business combinations | 0 | 0 | 6 | 0 | 0 | 6 |
| Additions | 21 | 711 | 383 | 859 | 661 | 2 634 |
| Disposals | 0 | 0 | -36 | -126 | -177 | -339 |
| Depreciation and amortisation | 0 | 0 | -420 | -711 | -520 | -1 651 |
| Acc. depreciation on disposals | 0 | 0 | 22 | 85 | 107 | 214 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 645 | 424 | 7 206 | 10 623 | 7 975 | 26 874 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 358 | -6 912 | -3 822 | -13 091 |
| Accumulated impairment | -25 | 0 | -50 | -13 | -213 | -301 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
Carrying amount of right-of-use assets included above 0 0 530 1 380 1 312 3 222 Depreciation of right-of-use assets included above 0 0 67 270 276 613 | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| Carrying amount at 01.01 | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| Currency translation di\ufb00erences | 10 | 5 | 64 | 67 | 44 | 189 |
| Reclassi\ufb01cation | 15 | -726 | 294 | 165 | 285 | 34 |
| Acquisitions through business combinations | 0 | 0 | 19 | 57 | 0 | 76 |
| Additions | 23 | 661 | 489 | 964 | 265 | 2 401 |
| Disposals | -2 | 0 | -116 | -204 | -138 | -460 |
| Depreciation and amortisation | 0 | 0 | -459 | -789 | -609 | -1 857 |
| Acc. depreciation on disposals | 0 | 0 | 102 | 187 | 127 | 416 |
| Impairment | 0 | -33 | -57 | -24 | -28 | -142 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 666 | 330 | 5 135 | 4 122 | 3 887 | 14 141 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 692 | 364 | 7 957 | 11 803 | 8 538 | 29 354 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 715 | -7 645 | -4 408 | -14 769 |
| Accumulated impairment | -26 | -33 | -106 | -37 | -243 | -444 |
| Carrying amount at 31.12. | 666 | 330 | 5 136 | 4 122 | 3 887 | 14 141 |
Right-of-use assets included above 0 0 541 1 344 1 157 3 043 Depreciation of right-of-use assets included above 0 0 72 285 288 645 FIXED ASSETS Accordingly, the Group\u2019s fixed assets primarily comprise fishing vessels, service vessels for the aquaculture industry, feed barges, sea cages, buildings for the production of spawn and smolt, processing facilities for the receipt and slaughter of salmon, factories for the further processing of salmon, trout and whitefish, and factories for the production of fishmeal, fish oil, and protein concentrate. The aquaculture and fishery activities also require licences/rights in the various jurisdictions where the Group operates. The Group\u2019s fishery activities take place in the Barents Sea, the Norwegian Sea, the North Sea, and the Atlantic and Pacific Oceans. In 2023, 89.6% of the volume of raw materials from the Group\u2019s own wild catches, as well as raw materials purchased from third parties, was from certified fish species. Relevant certifications in 2023 were MSC Certification, Marine Trust 2.0, Friend of the Sea and Fishery Improvement Project (FIP). There were no grounds for writing down the company's intangible assets related to aquaculture and fishery rights in 2023 as a result of the impact of climate change. In terms of the Group\u2019s fishery activities (wild catches), extreme weather is far and away the most significant physical risk. If the weather is too extreme, the fishing vessels may not be able to fish. Should such a situation arise during high season for the fishery concerned, the vessels may not be able to fish their quotas for individual fish species within the quota year. This would also have consequences for the onshore processing industry. Extreme weather would lead to an insufficient supply of raw materials for the onshore industry for the production of end products, which in turn would mean reduced earnings for both fishing vessels and processing facilities. Extreme weather in the form of strong winds, heavy precipitation, floods, droughts and fires may damage key infrastructure. Potentially, this could have both a major direct impact on the Group\u2019s operations and an indirect impact through our supplier chain, as efficient logistics are crucial for maintaining normal operations. The weather phenomena El Ni\u00f1o and La Ni\u00f1a occur at regular intervals and may cause changes in fishing patterns in the form of lower quotas and challenging catch conditions for fisheries. In 2023, fisheries in Peru were affected by El Ni\u00f1o, which started with a coastal El Ni\u00f1o in March. The first fishing season (April \u2013 July) was cancelled after a few days\u2019 trial fishery, and the quota for the second season (October \u2013 January) was set lower than is normal for this season. This resulted in negative earnings in 2023 for the business in Peru. The last time an entire fishing season was cancelled in Peru was in 2014. Apart from the negative impact for the business in Peru, the Group has not had any significant costs in 2023 resulting from incidents that may have been caused by extreme weather. No climate-related incidents were identified in 2023 that would indicate the need to reassess the working life or residual value of the Group\u2019s fixed assets. El Ni\u00f1o and La Ni\u00f1a occur at regular intervals. This is taken into account in the Group\u2019s impairment testing by using historical catch volumes.
PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS Fixed assets and all leases shall be recognised in the statement of financial position. Leased operating assets are designated as \u201cright-of-use assets\u201d. The Group has chosen to disclose right-of- use assets as a separate item in the statement of financial position.
Property, plant and equipment Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment loss. The same applies to right-of-use assets. Cost may also include transfers from equity for any gains or losses on cash flow hedges of foreign currency purchases of property, plant and equipment. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset when it is likely that future economic benefits associated with the cost will flow to the Group and the cost can be measured reliably. Other repair and maintenance costs are charged to the income statement in the period in which they are incurred. Depreciation linked to property, plant and equipment is allocated on a straight-line basis over the expected useful life (depreciation period). Material parts of assets that have different depreciation periods are broken down into components and depreciated separately (component depreciation). Depreciation linked to right- of-use assets is allocated on a straight-line basis over the lease term. Any extension options likely to be exercised are included in the lease term. Land is not depreciated. Buildings mainly comprise factories and offices. The assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement as other gains and losses.
NOTE 11 Fixed assets | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 01.01. | | | | | | |
| Acquisition cost | 564 | 762 | 6 059 | 9 414 | 6 893 | 23 692 |
| Accumulated depreciation and amortisation | 0 | -1 | -1 899 | -6 014 | -3 138 | -11 050 |
| Accumulated impairment | -22 | 0 | -47 | -21 | -208 | -297 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Carrying amount at 01.01. | 542 | 761 | 4 112 | 3 380 | 3 547 | 12 344 |
| Currency translation di\ufb00erences | 17 | 10 | 65 | 64 | 98 | 255 |
| Reclassi\ufb01cation | 39 | -1 060 | 666 | 146 | 223 | 15 |
| Acquisitions through business combinations | 0 | 0 | 6 | 0 | 0 | 6 |
| Additions | 21 | 711 | 383 | 859 | 661 | 2 634 |
| Disposals | 0 | 0 | -36 | -126 | -177 | -339 |
| Depreciation and amortisation | 0 | 0 | -420 | -711 | -520 | -1 651 |
| Acc. depreciation on disposals | 0 | 0 | 22 | 85 | 107 | 214 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2022 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 645 | 424 | 7 206 | 10 623 | 7 975 | 26 874 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 358 | -6 912 | -3 822 | -13 091 |
| Accumulated impairment | -25 | 0 | -50 | -13 | -213 | -301 |
| Carrying amount at 31.12. | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
Carrying amount of right-of-use assets included above 0 0 530 1 380 1 312 3 222 Depreciation of right-of-use assets included above 0 0 67 270 276 613 | | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| Carrying amount at 01.01 | 620 | 423 | 4 798 | 3 698 | 3 940 | 13 480 |
| Currency translation di\ufb00erences | 10 | 5 | 64 | 67 | 44 | 189 |
| Reclassi\ufb01cation | 15 | -726 | 294 | 165 | 285 | 34 |
| Acquisitions through business combinations | 0 | 0 | 19 | 57 | 0 | 76 |
| Additions | 23 | 661 | 489 | 964 | 265 | 2 401 |
| Disposals | -2 | 0 | -116 | -204 | -138 | -460 |
| Depreciation and amortisation | 0 | 0 | -459 | -789 | -609 | -1 857 |
| Acc. depreciation on disposals | 0 | 0 | 102 | 187 | 127 | 416 |
| Impairment | 0 | -33 | -57 | -24 | -28 | -142 |
| Reversal of impairment | 0 | 0 | 1 | 0 | 0 | 1 |
| Carrying amount at 31.12. | 666 | 330 | 5 135 | 4 122 | 3 887 | 14 141 |
| | | | | Plant, | | |
| | | Projects in | Buildings/ | equipment and | | |
| 2023 | Land | progress | real estate | other \ufb01xtures | Vessels | Total |
| At 31.12. | | | | | | |
| Acquisition cost | 692 | 364 | 7 957 | 11 803 | 8 538 | 29 354 |
| Accumulated depreciation and amortisation | 0 | -1 | -2 715 | -7 645 | -4 408 | -14 769 |
| Accumulated impairment | -26 | -33 | -106 | -37 | -243 | -444 |
| Carrying amount at 31.12. | 666 | 330 | 5 136 | 4 122 | 3 887 | 14 141 |
Right-of-use assets included above 0 0 541 1 344 1 157 3 043 Depreciation of right-of-use assets included above 0 0 72 285 288 645 Repayment pro\ufb01le for interest-bearing debt 2024* 2025 2026 2027 2028 Subsequent Total* | Mortgages* | 1 139 | 1 203 | 544 | 758 | 995 | 1 580 | 6 221 |
| Overdraft facility | 976 | 0 | 0 | 0 | 0 | 0 | 976 |
| Bond loans | 8 | 0 | 500 | 500 | 500 | 2 290 | 3 798 |
| Lease liabilities to credit institutions | 256 | 238 | 212 | 176 | 121 | 192 | 1 195 |
| Other non-current liabilities | 0 | 2 | 2 | 2 | 2 | 7 | 15 |
| Total | 2 379 | 1 444 | 1 258 | 1 436 | 1 619 | 4 070 | 12 206 |
Repayment pro\ufb01le for long-term non-interest-bearing debt | Lease liabilities other than to credit institutions | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
| Total | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
Total 2 716 1 730 1 517 1 687 1 841 4 433 13 925 NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2023, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. * Repayments of non-current liabilities which mature in 2024 are classi\ufb01ed as current liabilities in the balance sheet. 2023 2022 | Non-current liabilities | | |
| Mortgages | 5 060 | 4 467 |
| Bond loans | 3 790 | 1 501 |
| Other loans | 38 | 1 |
| Lease liabilities to credit institutions | 939 | 903 |
| Total non-current liabilities | 9 827 | 6 872 |
| Current liabilities | | |
| Overdraft facility | 1 462 | 1 153 |
| Mortgages | 654 | 610 |
| Bond loans | 8 | 500 |
| Lease liabilities to credit institutions | 256 | 345 |
| Total current liabilities | 2 379 | 2 609 |
| Total non-current and current liabilities | 12 206 | 9 480 |
| Net interest-bearing debt | | |
| Liquid assets | 5 475 | 4 339 |
| Other non interest-bearing debt \u2013 non-current | 16 | 0 |
| Total net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Long term lease liabilities other than to credit institutions | 1 381 | 1 528 |
| Short term lease liabilities other than to credit institutions | 337 | 323 |
| Lease liabilities other than to credit institutions | 1 719 | 1 851 |
| Total non-current and current liabilities | 13 909 | 11 331 |
| Liquid assets | -5 475 | -4 340 |
| Net interest bearing debt incl. lease liabilities other than to credit institutions | 8 434 | 6 991 |
Liabilities secured by mortgage 2023 2022 | Current liabilities | 1 081 | 1 334 |
| Non-current liabilities | 5 340 | 4 634 |
| Liabilities to credit institutions incl. \ufb01nance lease agreements | 6 421 | 5 968 |
| Assets provided as security | | |
| Operating assets | 7 108 | 8 342 |
| Licences* | 1 431 | 1 430 |
| Inventories | 5 | 12 |
| Biological assets | 9 706 | 7 579 |
| Shares | 1 364 | 1 441 |
| Trade receivables | 1 091 | 1 192 |
| Right-of-use assets leased from credit institutions | -1 | 52 |
| Total assets provided as security | 20 704 | 20 048 |
AUSS has pledged as security the shares in BRBI and BFARM for the bank loans of AUSS of MNOK 78.2. Assets owned by LSG, BRBI and BFARM are also placed as security directly to their separate and individual loans, and are included in the figures presented above. Based on contractual terms the fair value of non-current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2023, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 are so called green bonds. This implies that the group have established a green financing framework which covers how the proceeds from the bond loans can be used. The bond loans are listed on Oslo Stock Exchange, and fair value is calculated to booked value. The carrying amounts of short-term borrowings approximate their fair value. Next repayment of bond loan is in June 2028. * Licence value ex. price purchase allocation. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2023 2022 | 6 months or less | 10 097 | 8 333 |
| 1-5 years | 609 | 647 |
| Over 5 years | 1 500 | 498 |
| Total | 12 206 | 9 477 |
The carrying amounts of the Group's loans are denominated in the following currencies 2023 2022 | NOK | 10 197 | 8 059 |
| SEK | 106 | 111 |
| DKK | 276 | 217 |
| USD | 1 372 | 735 |
| EUR | 247 | 348 |
| Other currencies | 7 | 7 |
| Total | 12 206 | 9 477 |
Financial \"covenants\" Financing is handled by the individual subsidiaries, and they have their own covenants. The Group has not been in breach of any covenants during the financial year 2023, and is not in breach as of 31.12.2023. Overdraft facility 2023 2022 | Overdraft facility | 1 509 | 1 153 |
| Unutilised overdraft facility | 3 715 | 3 193 |
| Limit of overdraft facility | 5 254 | 4 346 |
Unutilised long term credit facility 1 224 734 NOTE 23 Lease contracts | | | | Plant, | | | | |
| | | | equipment | | Total | Of which | |
| | | Buildings/ | and other | | right-of-use | from credit | Of which |
| Right-of-use assets | Land | real estate | \ufb01xtures | Vessels | assets | institutions | from others |
| At 01.01.2022 | | | | | | | |
| Acquisition cost | 59 | 646 | 2 218 | 1 733 | 4 656 | 2 570 | 2 089 |
| Accumulated depreciation and amortisation | -8 | -180 | -833 | -570 | -1 592 | -769 | -826 |
| Carrying amount at 01.01.2022 | 50 | 466 | 1 385 | 1 163 | 3 064 | 1 801 | 1 262 |
| Financial year 2022 | | | | | | | |
| Carrying amount at 01.01. | 50 | 466 | 1 385 | 1 163 | 3 064 | 1 801 | 1 262 |
| Currency translation di\ufb00erences | 0 | 5 | 6 | 0 | 11 | 9 | 2 |
| Addition of new right-of-use assets | 2 | 87 | 271 | 443 | 803 | 230 | 572 |
| Disposals | -13 | 0 | -14 | -31 | -57 | -2 | -54 |
| Depreciation and amortisation for the year | -6 | -61 | -270 | -276 | -613 | -231 | -382 |
| Impairment for the year | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reclassi\ufb01cation | 0 | 0 | 1 | 13 | 15 | 0 | 15 |
| Carrying amount at 31.12.2022 | 34 | 497 | 1 379 | 1 312 | 3 222 | 1 806 | 1 416 |
| At 31.12.2022 | | | | | | | |
| Acquisition cost | 48 | 738 | 2 483 | 2 159 | 5 428 | 2 807 | 2 624 |
| Accumulated depreciation and amortisation | -14 | -241 | -1 103 | -847 | -2 206 | -1 001 | -1 208 |
| Carrying amount at 31.12.2022 | 34 | 498 | 1 380 | 1 312 | 3 222 | 1 806 | 1 416 |
| Of which secured by mortgage | | | | | | 1 806 | |
| Financial year 2023 | | | | | | | |
| Carrying amount at 01.01.2023 | 34 | 498 | 1 380 | 1 312 | 3 222 | 1 806 | 1 416 |
| Currency translation di\ufb00erences | 1 | 12 | 9 | 0 | 22 | 14 | 8 |
| Addition of new right-of-use assets | 4 | 69 | 245 | 133 | 451 | 186 | 266 |
| Disposals | -1 | -2 | -2 | 0 | -6 | -3 | -3 |
| Depreciation and amortisation for the year | -5 | -67 | -286 | -288 | -646 | -238 | -408 |
| Business combinations | 0 | 0 | -2 | 0 | -2 | -2 | 0 |
| Reclassi\ufb01cation | 0 | 0 | 2 | 0 | 2 | 2 | 0 |
| Carrying amount at 31.12.2023 | 32 | 511 | 1 345 | 1 158 | 3 043 | 1 765 | 1 278 |
| At 31.12.2023 | | | | | | | |
| Acquisition cost | 51 | 817 | 2 734 | 2 292 | 5 895 | 3 004 | 2 894 |
| Accumulated depreciation and amortisation | -19 | -308 | -1 389 | -1 135 | -2 852 | -1 239 | -1 616 |
| Carrying amount at 31.12.2023 | 32 | 510 | 1 345 | 1 158 | 3 043 | 1 765 | 1 278 |
| Of which secured by mortgage | | | | | | 1 765 | |
Lease liabilities right of use assets 01.01.2023 Changes in 2023 31.12.2023 Lease liabilities other than to credit institutions | Long-term portion (cf note 17 and 23) | 1 527 | -146 | 1 381 |
| Short-term portion (cf note 17 and 23) | 323 | 14 | 337 |
| Total | 1 850 | -132 | 1 718 |
| Lease liabilities to credit institutions | | | |
| Long-term portion (cf. note 17 and 23) | 903 | 36 | 939 |
| Short-term portion (cf. 17 and 23) | 345 | -89 | 256 |
| Total | 1 248 | -53 | 1 195 |
| Total lease liabilities right of use assets | | | |
| Long-term portion (cf. note 17 and 23) | 2 430 | -110 | 2 320 |
| Short-term portion (cf note 17 and 23) | 668 | -75 | 593 |
| Total | 3 098 | -185 | 2 913 |
Interest expense on right-of-use assets Note 2023 2022 | Interest expense on lease liabilities to credit institutions | 19 | 56 | 41 |
| Interest expense on lease liabilities to others | 19 | 74 | 67 |
| Interest expenses on lease liabilities | | 130 | 108 |
Leased assets booked as lease is specified in note 11 and note 23. PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS Fixed assets and all leases shall be recognised in the statement of financial position. Leased operating assets are designated as \u201cright-of-use assets\u201d. The Group has chosen to disclose right-of- use assets as a separate item in the statement of financial position.
Right-of-use assets For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a significant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than NOK 50 000 each. Rent paid on non-recognised leases are presented in the note 23. The group distinct between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the definition of NIBD. See note 23 for further information.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14004": {
"value": "Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk, cash flow and fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest rate risk. The Group\u2019 focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s financial performance. The Group uses to some degree derivative financial instruments to reduce certain risk exposures. Market risk (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Groups income statement as per year end. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the USD with all other variables held constant, before- tax profit for the year would have been MNOK 49 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the EUR with all other variables held constant, before- tax profit for the year would have been MNOK 91 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group. (ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating- to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2023, the Group has a total profit of MNOK 28 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 31 in 2023 and MNOK 22 in 2022 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest bearing debt (NIBD) by year end 2023 and 2022, allowed for entered interest rate swaps. Amount in MNOK Increase/reduction in interest points 2023 2022 Impact on pro\ufb01t before tax +/- 50 -/+ 31 -/+ 22
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and financial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and fixed agreements. As virtually all the Group's sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer's financial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group's compliance on these procedures is regularly monitored. For the business in Europe, almost all of the Group's trade receivables are covered by credit insurance securing about 90% of nominal amounts. For the business in South America, credit and prepayment are largely used. The counterparties to
31.12.2023 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 736 | 3 210 | 3 600 | 3 626 | 13 172 |
| Lease liability for right-of-use assets to credit institutions | 314 | 524 | 330 | 198 | 1 366 |
| Lease liability for right-of-use assets other than to credit institutions | 337 | 545 | 473 | 364 | 1 719 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 758 | 0 | 0 | 0 | 3 758 |
| Total | 7 144 | 4 280 | 4 403 | 4 187 | 20 015 |
31.12.2022 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 360 | 2 028 | 2 362 | 2 292 | 9 042 |
| Lease liability for right-of-use assets to credit institutions | 380 | 423 | 310 | 252 | 1 365 |
| Lease liability for right-of-use assets other than to credit institutions | 379 | 605 | 523 | 597 | 2 104 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 505 | 0 | 0 | 0 | 3 505 |
| Total | 6 626 | 3 055 | 3 195 | 3 141 | 16 016 |
derivative contracts and financial placements may only be financial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for
further information on credit risk. | lines available. | classified in relation to downpayment |
| | | schedule. The figures in the table are |
Liquidity risk | Management monitors rolling forecasts | non-discounted contractual cash flows, |
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, and includes both repayment of principal and future interest payments.
2023 2022 | Total loans (note 17) | 12 206 | 9 480 |
| Minus liquid assets | 5 475 | 4 340 |
| Minus other interest-bearing assets | 16 | 0 |
| Net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Total equity | 27 042 | 28 162 |
| Total assets | 33 756 | 33 303 |
Debt\u2013equity ratio 20% 15% Capital management The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further information on the dividend policy, see note 5. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by capital employed. Net interest bearing debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated statement of financial position) less interest bearing assets and cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. The gearing ratios at 31.12.2023 and 31.12.2022 were as follows: FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. None of the shares categorized as available for sale are traded in active markets. | | sheet date. | is considered to approximate the |
| The fair value of financial instruments that | | carrying amount. |
are not traded in an active market (for example, over-the-counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14019": {
"value": "Market risk (i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Groups income statement as per year end. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the USD with all other variables held constant, before- tax profit for the year would have been MNOK 49 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the EUR with all other variables held constant, before- tax profit for the year would have been MNOK 91 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group. (ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating- to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2023, the Group has a total profit of MNOK 28 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 31 in 2023 and MNOK 22 in 2022 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest bearing debt (NIBD) by year end 2023 and 2022, allowed for entered interest rate swaps. Amount in MNOK Increase/reduction in interest points 2023 2022 Impact on pro\ufb01t before tax +/- 50 -/+ 31 -/+ 22
",
"dimensions": {
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}
},
"f14022": {
"value": "(i) Foreign currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the USD, EUR, CLP and PEN. Foreign exchange risk arises from future commercial transactions, recognised assets and liabilities and net investments in foreign operations. To manage their foreign exchange risk arising, entities in the Group use forward contracts in addition to withdrawals and deposits on multicurrency accounts. Changes in exchange rates that affects accounts receivable, other receivables, and liabilities nominated in other currencies than the entities functional currency will have a direct effect on the Groups income statement as per year end. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the USD with all other variables held constant, before- tax profit for the year would have been MNOK 49 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of USD denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. At 31.12.2023, if NOK had weakened/ strengthened by 10% against the EUR with all other variables held constant, before- tax profit for the year would have been MNOK 91 higher/lower. The sensitivity is calculated based on foreign exchange gains/losses on translation of EUR denominated trade receivables and other receivables, trade payables, cash in bank and interest bearing debt. Corresponding changes in exchange rates at year end of other currencies are not considered to have any material effect on the post-tax profit for the Group. (ii) Price risk Through the subsidiary LSG, the Group has a substantial exposure to the price risk of the fluctuating marked prices on salmon, trout and whitefish. To reduce this risk, LSG aims to have a certain part of the sales on fixed price contracts. The Group is also exposed to changes in the prices of other products sold, mainly fishmeal, fish oil and human consumption products. Local management reviews before selling whether price levels are consistent with the target profitability. The group is also exposed to changes in prices of pelagic raw material purchase. Price risk identified here is not hedged by any derivative financial instruments. (iii) Interest rate risk The Group's interest rate risk arises from long-term borrowings. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group search to reduce interest rate risk by using interest rate swaps (floating- to-fixed) for part of the borrowings. Such interest rate swaps have the economic effect of converting borrowings from floating rates to fixed rates. As at 31.12.2023, the Group has a total profit of MNOK 28 (after tax) attached to interest rate swaps. If the interest rate level had been 0.5% higher (lower) throughout the year, all other variables held constant, profit before income taxes would have decreased (increased) by MNOK 31 in 2023 and MNOK 22 in 2022 through the impact of floating rate borrowings and deposits. The sensitivity analysis is based on the level of net interest bearing debt (NIBD) by year end 2023 and 2022, allowed for entered interest rate swaps. Amount in MNOK Increase/reduction in interest points 2023 2022 Impact on pro\ufb01t before tax +/- 50 -/+ 31 -/+ 22
FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\"the functional currency\"). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company\u2019s functional and presentation currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within \"finance income or costs\". All other foreign exchange gains and losses are presented in the income statement within \"Other (losses)/ gains \u2013 net\". Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. assets and liabilities for each balance sheet date presented are translated at the closing rate at the date of that balance sheet; ii. income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and iii. all resulting exchange differences are recognised in other comprehensive income. When a foreign operation is disposed of, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at closing rate. Exchange differences arising are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14162": {
"value": "31.12.2023 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 736 | 3 210 | 3 600 | 3 626 | 13 172 |
| Lease liability for right-of-use assets to credit institutions | 314 | 524 | 330 | 198 | 1 366 |
| Lease liability for right-of-use assets other than to credit institutions | 337 | 545 | 473 | 364 | 1 719 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 758 | 0 | 0 | 0 | 3 758 |
| Total | 7 144 | 4 280 | 4 403 | 4 187 | 20 015 |
31.12.2022 Less than 1 year 1-2 years 3-5 years Over 5 years Total | Loan debt | 2 360 | 2 028 | 2 362 | 2 292 | 9 042 |
| Lease liability for right-of-use assets to credit institutions | 380 | 423 | 310 | 252 | 1 365 |
| Lease liability for right-of-use assets other than to credit institutions | 379 | 605 | 523 | 597 | 2 104 |
| Trade payables and other liabilities (excl. statutory liabilities) | 3 505 | 0 | 0 | 0 | 3 505 |
| Total | 6 626 | 3 055 | 3 195 | 3 141 | 16 016 |
lines available.
classified in relation to downpayment
schedule. The figures in the table are
Liquidity risk
Management monitors rolling forecasts
non-discounted contractual cash flows,
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, the Group aims to maintain flexibility in funding by keeping committed credit of the Group's liquidity reserve (comprises undrawn borrowing facility and cash and cash equivalents) on the basis of expected cash flow. This is generally carried out at local level in the operating companies of the Group. The table below specifies the Group's financial liabilities that are not derivatives, and includes both repayment of principal and future interest payments.
Repayment pro\ufb01le for interest-bearing debt 2024* 2025 2026 2027 2028 Subsequent Total* | Mortgages* | 1 139 | 1 203 | 544 | 758 | 995 | 1 580 | 6 221 |
| Overdraft facility | 976 | 0 | 0 | 0 | 0 | 0 | 976 |
| Bond loans | 8 | 0 | 500 | 500 | 500 | 2 290 | 3 798 |
| Lease liabilities to credit institutions | 256 | 238 | 212 | 176 | 121 | 192 | 1 195 |
| Other non-current liabilities | 0 | 2 | 2 | 2 | 2 | 7 | 15 |
| Total | 2 379 | 1 444 | 1 258 | 1 436 | 1 619 | 4 070 | 12 206 |
Repayment pro\ufb01le for long-term non-interest-bearing debt | Lease liabilities other than to credit institutions | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
| Total | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
Total 2 716 1 730 1 517 1 687 1 841 4 433 13 925 * Repayments of non-current liabilities which mature in 2024 are classi\ufb01ed as current liabilities in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14370": {
"value": "2023 2022 | Total loans (note 17) | 12 206 | 9 480 |
| Minus liquid assets | 5 475 | 4 340 |
| Minus other interest-bearing assets | 16 | 0 |
| Net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Total equity | 27 042 | 28 162 |
| Total assets | 33 756 | 33 303 |
Debt\u2013equity ratio 20% 15% Capital management The Group`s objectives when managing capital are to safeguard the Group`s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. For further information on the dividend policy, see note 5. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net interest bearing debt divided by capital employed. Net interest bearing debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated statement of financial position) less interest bearing assets and cash and cash equivalents. Total capital is calculated as 'equity' as shown in the statement of financial position plus net debt. The gearing ratios at 31.12.2023 and 31.12.2022 were as follows: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14458": {
"value": "| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 40 | 0 | 40 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 5 163 | 0 | 0 | 5 163 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 117 | 0 | 117 |
| Liquid assets | 5 475 | 0 | 0 | 5 475 |
| Total | 10 638 | 157 | 12 | 10 807 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 11 011 | 0 | 0 | 11 011 |
| Lease liabilities to credit institutions | 1 195 | 0 | 0 | 1 195 |
| Lease liabilities other than to credit institutions | 1 719 | 0 | 0 | 1 719 |
| Derivatives (interest rate swaps) | 0 | 0 | 0 | 0 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 758 | 0 | 0 | 3 758 |
| Total | 17 683 | 0 | 0 | 17 683 |
FINANCIAL INSTRUMENTS BY VALUATION METHOD The Group does not have material financial instruments measured at fair value so there are no further disclosures
| which are off-balance items. | Contracts with expiration later than |
| | | one year |
Currency forward contracts The value of the Norwegian krone (NOK) is one of many parameters that have an effect on the Group's competitiveness. The Group has at all times a substantial biomass in the sea that represents future sales. A significant share of the Group's revenue is generated in currencies other than NOK. Revenue by currency is presented in the note on operating segments, and trade receivables by currency is presented in the note on | receivables. | recognised in cost of materials in the | has been estimated using market inputs |
| | income statement, as it relates to the | per 31.12. As at 31.12.2023, a total |
| In order to minimise the currency risk the | inventory cycle. | unrealised profit of MNOK 24 was |
| Group uses currency forward contracts to | | included in equity. |
hedge both net receivables and signed sales contracts in foreign currency. Thus the Group recognises the currency forward contracts as fair value hedging, also for the signed sales contracts, At 31.12.2023 the Group has currency forward contracts with a net positive fair value of MNOK 25 (MNOK 22.5 in 2022). The currency forward contracts are classified as other current receivables at 31.12.2023. MNOK 0 (MNOK 5.8 in 2022) of the net positive value is offset against the off-balance item signed sales contracts, and is classified as current debt. The net currency loss in 2023 is MNOK -2 (MNOK 23.8 in 2022), which is Interest rate swaps Contracts with expiration within one year \u2022 There are no agreements with expiration within one year. \u2022 Contract from 2020: MNOK 361, start date: 15.04.2020, duration 7 years, closing date 15.04.2027, interest 1.438%, Ler\u00f8y Havfisk AS (replace previous contract) \u2022 Contract from 2020: MNOK 361, start date: 15.04.2020, duration 7 years, closing date 15.04.2027, interest 1.440%, Ler\u00f8y Havfisk AS (replace previous contract) The fair value of the swap agreements | | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 43 | 0 | 43 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 3 485 | 0 | 0 | 3 485 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 23 | 0 | 23 |
| Liquid assets | 4 340 | 0 | 0 | 4 340 |
| Total | 7 825 | 65 | 12 | 7 902 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 8 232 | 0 | 0 | 8 232 |
| Lease liabilities to credit institutions | 1 248 | 0 | 0 | 1 248 |
| Lease liabilities other than to credit institutions | 1 851 | 0 | 0 | 1 851 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 505 | 0 | 6 | 3 511 |
| Total | 14 836 | 0 | 6 | 14 842 |
Fair value of the interest rate swaps (gross liability) is recognised as \"other non-current receivables\". The effective part of the fair value adjustment is recognised in other comprehensive income (cash flow hedge). The deferred tax effect is also recognised in other comprehensive income, and is thus not part of current tax income in profit and loss. | | Nominal | Interest rate/ | Gross liability | Corresponding | Equity |
| Interest rate swaps | value | average interest rate | recognised | deferred tax | impact |
| Fair value at 31.12.2022 | 647 | 1.44% | -40 | -9 | 30 |
| Fair value adjustment 31.12.2023 | 609 | 1.44% | 3 | 1 | -2 |
| Fair value at 31.12.2023 | | | -37 | -8 | 28 |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 40 | 0 | 40 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 5 163 | 0 | 0 | 5 163 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 117 | 0 | 117 |
| Liquid assets | 5 475 | 0 | 0 | 5 475 |
| Total | 10 638 | 157 | 12 | 10 807 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 11 011 | 0 | 0 | 11 011 |
| Lease liabilities to credit institutions | 1 195 | 0 | 0 | 1 195 |
| Lease liabilities other than to credit institutions | 1 719 | 0 | 0 | 1 719 |
| Derivatives (interest rate swaps) | 0 | 0 | 0 | 0 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 758 | 0 | 0 | 3 758 |
| Total | 17 683 | 0 | 0 | 17 683 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 43 | 0 | 43 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 3 485 | 0 | 0 | 3 485 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 23 | 0 | 23 |
| Liquid assets | 4 340 | 0 | 0 | 4 340 |
| Total | 7 825 | 65 | 12 | 7 902 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 8 232 | 0 | 0 | 8 232 |
| Lease liabilities to credit institutions | 1 248 | 0 | 0 | 1 248 |
| Lease liabilities other than to credit institutions | 1 851 | 0 | 0 | 1 851 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 505 | 0 | 6 | 3 511 |
| Total | 14 836 | 0 | 6 | 14 842 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 40 | 0 | 40 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 5 163 | 0 | 0 | 5 163 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 117 | 0 | 117 |
| Liquid assets | 5 475 | 0 | 0 | 5 475 |
| Total | 10 638 | 157 | 12 | 10 807 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 11 011 | 0 | 0 | 11 011 |
| Lease liabilities to credit institutions | 1 195 | 0 | 0 | 1 195 |
| Lease liabilities other than to credit institutions | 1 719 | 0 | 0 | 1 719 |
| Derivatives (interest rate swaps) | 0 | 0 | 0 | 0 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 758 | 0 | 0 | 3 758 |
| Total | 17 683 | 0 | 0 | 17 683 |
FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. None of the shares categorized as available for sale are traded in active markets. | | sheet date. | is considered to approximate the |
| The fair value of financial instruments that | | carrying amount. |
are not traded in an active market (for example, over-the-counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost FINANCIAL INSTRUMENTS BY VALUATION METHOD The Group does not have material financial instruments measured at fair value so there are no further disclosures
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 43 | 0 | 43 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 3 485 | 0 | 0 | 3 485 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 23 | 0 | 23 |
| Liquid assets | 4 340 | 0 | 0 | 4 340 |
| Total | 7 825 | 65 | 12 | 7 902 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 8 232 | 0 | 0 | 8 232 |
| Lease liabilities to credit institutions | 1 248 | 0 | 0 | 1 248 |
| Lease liabilities other than to credit institutions | 1 851 | 0 | 0 | 1 851 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 505 | 0 | 6 | 3 511 |
| Total | 14 836 | 0 | 6 | 14 842 |
Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
For consumer products, the fair value is calculated by applying a present value model. For more detailed information on the fair value hierarchy, please refer to the note on financial instruments. The highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the fish have optimal harvest weight when they have a live weight corresponding to 4 kg gutted weight. This corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight of that stated above or more are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). For fish ready for harvest, the highest and best use is defined as harvesting and selling the fish as quickly as possible in the month following the balance sheet date. For fish not yet ready for harvest, the highest and best use is in principle defined as growing the fish to harvest weight, then harvesting and selling the fish. The harvest date applied in the valuation may however be brought forward if required by situations at a specific locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash flow-based present value model, is independent of historical and company- specific factors. On a hypothetical market with perfect competition, a hypothetical buyer of live fish would be willing to pay as a maximum the present value of the estimated future profit from the sale of the fish when it is ready for harvest. The estimated future profit, taking into account all price adjustments and payable fees until completion, constitutes the cash flow. No deductions are made for sales expenses, as these are not observable on the market. Such expenses are also deemed immaterial. Incoming cash flow is calculated as a function of estimated volume multiplied by estimated price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents
that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money. Please refer to the note on significant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated harvest weight per individual at the time of harvest. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that there are no effective markets for the sale of live fish. Fish Pool is a market place for financial purchase and sale agreements for superior Norwegian salmon, size 3-6 kg gutted weight. Updated forward prices are published daily for harvested salmon on Fish Pool. The volume on Fish Pool is however limited. This market is therefore assessed to be insufficiently active and effective. Despite this, the Group is of the opinion that the observable forward prices must be seen as the best approach to a hypothetical price for the sale of salmon. The volume of trout sales in Norway is significantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (wellboat, harvesting and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise. Changes to estimated fair value for biological assets, are recorded through profit or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of fish in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to financial purchase and sale contracts for fish in Fish Pool.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14464": {
"value": "| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 40 | 0 | 40 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 5 163 | 0 | 0 | 5 163 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 117 | 0 | 117 |
| Liquid assets | 5 475 | 0 | 0 | 5 475 |
| Total | 10 638 | 157 | 12 | 10 807 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2023 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 11 011 | 0 | 0 | 11 011 |
| Lease liabilities to credit institutions | 1 195 | 0 | 0 | 1 195 |
| Lease liabilities other than to credit institutions | 1 719 | 0 | 0 | 1 719 |
| Derivatives (interest rate swaps) | 0 | 0 | 0 | 0 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 758 | 0 | 0 | 3 758 |
| Total | 17 683 | 0 | 0 | 17 683 |
FINANCIAL INSTRUMENTS BY VALUATION METHOD The Group does not have material financial instruments measured at fair value so there are no further disclosures
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Assets | Amortised cost | pro\ufb01t and loss | income | Total |
| Investment in shares | 0 | 43 | 0 | 43 |
| Derivatives (interest rate swaps) | 0 | 0 | 12 | 12 |
| Trade receivables and other receivables excl. prepayments* | 3 485 | 0 | 0 | 3 485 |
| Financial assets at fair value through pro\ufb01t or loss | 0 | 23 | 0 | 23 |
| Liquid assets | 4 340 | 0 | 0 | 4 340 |
| Total | 7 825 | 65 | 12 | 7 902 |
| | | | Fair value | |
| | | Fair value | through other | |
| 31.12.2022 | | through | comprehensive | |
| Liabilities | Amortised cost | pro\ufb01t and loss | income | Total |
| Loans excl. lease liabilities to credit institutions | 8 232 | 0 | 0 | 8 232 |
| Lease liabilities to credit institutions | 1 248 | 0 | 0 | 1 248 |
| Lease liabilities other than to credit institutions | 1 851 | 0 | 0 | 1 851 |
| Trade payables and other liabilities, excl. statutory liabilities | 3 505 | 0 | 6 | 3 511 |
| Total | 14 836 | 0 | 6 | 14 842 |
FAIR VALUE ESTIMATION The fair value of financial instruments traded in active markets (such as trading and available-for-sale securities) is based on quoted market prices at the balance sheet date. The quoted market price used for financial assets held by the Group is the current bid price. None of the shares categorized as available for sale are traded in active markets. | | sheet date. | is considered to approximate the |
| The fair value of financial instruments that | | carrying amount. |
are not traded in an active market (for example, over-the-counter derivatives) is determined by the use of valuation techniques. The Group uses a variety of methods and makes assumptions that are based on market conditions existing at each balance sheet date. Other techniques, such as estimated discounted cash flows, are also used in certain cases. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the balance The carrying value less impairment provision of trade receivables and payables are assumed to approximate their fair values. The fair value of financial liabilities for disclosure purposes is estimated by discounting the future contractual cash flows at the current market interest rate that is available to the Group for similar financial instruments. Fair value for all the Group\u2019s assets and liabilities recognised at amortised cost Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
For consumer products, the fair value is calculated by applying a present value model. For more detailed information on the fair value hierarchy, please refer to the note on financial instruments. The highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the fish have optimal harvest weight when they have a live weight corresponding to 4 kg gutted weight. This corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight of that stated above or more are classified as ready for harvest (mature fish), while fish that have still not achieved this weight are classified as not ready for harvest (immature fish). For fish ready for harvest, the highest and best use is defined as harvesting and selling the fish as quickly as possible in the month following the balance sheet date. For fish not yet ready for harvest, the highest and best use is in principle defined as growing the fish to harvest weight, then harvesting and selling the fish. The harvest date applied in the valuation may however be brought forward if required by situations at a specific locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash flow-based present value model, is independent of historical and company- specific factors. On a hypothetical market with perfect competition, a hypothetical buyer of live fish would be willing to pay as a maximum the present value of the estimated future profit from the sale of the fish when it is ready for harvest. The estimated future profit, taking into account all price adjustments and payable fees until completion, constitutes the cash flow. No deductions are made for sales expenses, as these are not observable on the market. Such expenses are also deemed immaterial. Incoming cash flow is calculated as a function of estimated volume multiplied by estimated price. For fish not ready for harvest, a deduction is made to cover estimated residual costs to grow the fish to harvest weight. The cash flow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents
that have an effect on cash flow, (2) hypothetical licence lease and (3) the time value of money. Please refer to the note on significant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated harvest weight per individual at the time of harvest. The measurement unit is the individual fish. However, for practical reasons, these estimates are carried out per locality. The live weight of fish in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that there are no effective markets for the sale of live fish. Fish Pool is a market place for financial purchase and sale agreements for superior Norwegian salmon, size 3-6 kg gutted weight. Updated forward prices are published daily for harvested salmon on Fish Pool. The volume on Fish Pool is however limited. This market is therefore assessed to be insufficiently active and effective. Despite this, the Group is of the opinion that the observable forward prices must be seen as the best approach to a hypothetical price for the sale of salmon. The volume of trout sales in Norway is significantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the fish is expected to be harvested is applied in order to estimate cash flow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvesting cost (wellboat, harvesting and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors specific to an individual locality require otherwise. Changes to estimated fair value for biological assets, are recorded through profit or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of fish in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to financial purchase and sale contracts for fish in Fish Pool.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15366": {
"value": "in Peru and hence lower emissions from
the Group\u2019s factories there.
CO e EMISSIONS IN 2023 2
An overall CO emissions reduction target 2
In 2023, the Group\u2019s total direct greenhouse gas emissions, Scope 1 and 2 converted to tCO 2 e, were 266 209 (2022: 286 962). This breaks down into 248 186 for Scope 1 (2022: 267 237) and 18 023 for Scope 2 (2022: 19 725). The Group\u2019s fishing vessels account for the majority of the Scope 1 emissions, representing 65% of tCO 2 e in 2023 (2022: 59%). The reason for the increase for the fishing fleet is higher quotas, more trips and longer voyages to unload for our vessels in Norway. There is also an increase for the vessels in Peru because of longer voyages to look for fish. The vessels\u2019 propulsion systems run on marine oil (MGO), and there are currently no effective alternative propulsion systems for the Group\u2019s seagoing vessels. Ongoing efforts are being made to reduce the vessels\u2019 bunker consumption, including making operations more efficient where possible. Pelagic fish and cuttings from pelagic fish and whitefish are input factors in the production of fishmeal and fish oil. Fishmeal and fish oil are important input factors in the production of feed for farmed Atlantic salmon and trout. The Group\u2019s fishery activities and production of fishmeal and oil will therefore be included in its Scope 3 reporting for farming activities. A reduction in emissions linked to this area will result in a reduction in the Group\u2019s direct emissions but also in indirect emissions linked to the Group\u2019s farming activities. In addition, the Group\u2019s factories accounted for 12% of Scope 1 emissions in 2023, the majority of which was from the factories in Peru and Chile (2022: 21%). This is because the factories\u2019 energy consumption is mainly based on fossil fuels. Where possible, in recent years these factories have switched to using gas instead of gas oil as an energy source, which produces lower CO 2 emissions than gas oil. The decrease in energy consumption by the Group\u2019s factories is a result of lower receipt of raw materials has not yet been set for the Group as a whole. Ler\u00f8y Seafood Group ASA, as one of the largest portfolio companies, has set a target of reducing its total CO 2 emissions by 46% by 2030, compared with a 2019 baseline. As previously mentioned, the fishing vessels represent the largest share of the Group's direct CO 2 emissions, and there are currently no effective alternatives to the existing propulsion systems. Reducing emissions linked to the fishing fleet will require the development of currently unknown technology involving an unknown capital requirement. Based on current legislation, the Group has not identified any future costs that suggest the need for provisions for future liabilities under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Costs related to climate risk have not been found to have impacted the Group\u2019s impairment tests or sensitivity analyses. It is hereby confirmed that climate- related risks do not significantly affect the Group\u2019s going concern assumption.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15483": {
"value": "NOTE 14 Restricted cash deposits 2023 2022 | Restricted deposits related to employee tax deduction | 150 | 135 |
| Other restricted deposits | 0 | 51 |
| Total | 151 | 187 |
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15519": {
"value": "NOTE 15 Events after reporting period INVESTIGATIONS INTO SUSPECTED | COLLUSION IN THE SALMON MARKET | investigation. | companies own the fishing vessels M/S |
| On 25.01.2024, the Commission | | Birkeland and M/S Talbor, with associated |
announced that it had sent a Statement of Objections (\"SO\") to several exporters of Norwegian salmon, including to Ler\u00f8y Seafood Group. The SO sets out the Commission's preliminary assessment that the exporters, in some instances, may have exchanged commercially sensitive information in relation to spot market sale of whole Norwegian farmed salmon to the EU in the period 2011-2019. Ler\u00f8y Seafood Group strongly rejects the Commission's allegations. The SO is not a final decision and has been issued in accordance with the Commission's ordinary procedures for such an In February 2024 a group of British supermarkets issued claims for damages in the UK against several Norwegian- owned aquaculture companies, including companies in the Ler\u00f8y Seafood Group. The Group strongly rejects the claimants' allegations and considers such claims from customers to be baseless. AGREEMENTS TO SELL 100% OF THE SHARES IN BR. BIRKELAND FISKEB\u00c5TREDERI AS AND TALBOR AS Br. Birkeland AS has in April 2024 entered into agreements for the sale of 100% of the shares in Br. Birkeland Fiskeb\u00e5trederi AS and Talbor AS, respectively. The two purse seine quotas and trawl quotas for blue whiting. Subject to completion of the share sales this will give a cash effect for Br. Birkeland AS in the region of MNOK 1 960. Final completion is subject to satisfaction of ordinary conditions for transactions of this type, hereunder approvals by relevant governmental authorities. AUSS owns 42.9% of the shares in Br. Birkeland AS. EVENTS AFTER THE REPORTING PERIOD New information after the reporting period concerning the Group\u2019s financial position at the reporting date is considered in the financial statements. An event after the reporting period that does not affect the Group\u2019s financial position on the reporting date, but will affect the Group\u2019s financial position in the future is reported where material.
",
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"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f15587": {
"value": "NOTE 16 Share capital and shareholders SHARE CAPITAL As of 31.12.2023, the Company has 202 717 374 shares at nominal value of NOK 0.50 per share, of which 893 300 treasury shares. | | | Nominal value | Total | No. of |
| Date of registration | Type of change | per share (NOK) | share capital | ordinary shares |
| 01.01.2008/30.09.2009 | Capital increase | 0.50 | 101 358 687 | 202 717 374 |
| 2010 - 2023 | No changes | | | |
| 31.12.2023 | | 0.50 | 101 358 687 | 202 717 374 |
| | 2023 | 2022 |
| Overview of shareholders at 31.12. | No. of shares Share holding | No. of shares Share holding |
| Laco AS | 112 605 876 | 55.55% | 112 605 876 | 55.55% |
| State Street Bank and Trust Comp A/C Client Omnibus F, Ref: OM06 | 4 331 500 | 2.14% | 5 165 858 | 2.55% |
| J.P. Morgan SE, Luxembourg Branch | 3 929 178 | 1.94% | 4 439 961 | 2.19% |
| Pareto Aksje Norge Verdipapirfond | 3 730 805 | 1.84% | 2 763 705 | 1.36% |
| OM Holding AS | 3 005 636 | 1.48% | 2 891 114 | 1.43% |
| Folketrygdfondet | 2 948 377 | 1.45% | 2 947 377 | 1.45% |
| SIX SIS AG | 2 601 219 | 1.28% | 2 648 818 | 1.31% |
| The Bank of New York Mellon SA/NV C/O BNYMSANVDUB RE 472 | 2 110 798 | 1.04% | 1 939 129 | 0.96% |
| State Street Bank and Trust Comp | 1 987 565 | 0.98% | 2 440 699 | 1.20% |
| JPMorgan Chase Bank, N.A., London | 1 797 025 | 0.89% | 1 797 025 | 0.89% |
| The Northern Trust Comp, London Br | 1 559 682 | 0.77% | 1 437 719 | 0.71% |
| Clearstream Banking S.A. | 1 462 426 | 0.72% | 1 473 857 | 0.73% |
| Danske Invest Norske Instit. II. | 1 336 963 | 0.66% | 1 142 963 | 0.56% |
| J.P. Morgan SE, Luxembourg Branch | 1 313 357 | 0.65% | 1 212 623 | 0.60% |
| State Street Bank and Trust Comp A/C West non-treaty account | 1 301 123 | 0.64% | 1 382 867 | 0.68% |
| Verdipapirfondet Storebrand Norge | 1 282 895 | 0.63% | 967 421 | 0.48% |
| Verdipapirfondet Fonds\ufb01nans Norge | 1 250 000 | 0.62% | 800 000 | 0.39% |
| DNB Bank ASA | 1 227 107 | 0.61% | 1 914 | 0.00% |
| State Street Bank and Trust Comp | 1 224 829 | 0.60% | 971 952 | 0.48% |
| VPF Sparebank 1 Utbytte | 1 140 000 | 0.56% | 650 000 | 0.32% |
| Total, 20 largest shareholders | 152 146 361 | 75.05% | 149 680 878 | 73.84% |
| Other shareholders | 50 571 013 | 24.95% | 53 036 496 | 26.16% |
| Total, all shareholders | 202 717 374 | 100% | 202 717 374 | 100% |
SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT Directors\u2019 ownership of shares Helge Singelstad owns 50 000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS Managements\u2019 ownership of shares Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50 367 shares in the company
SHARE CAPITAL AND SHARE PREMIUM Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders.
",
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"f15588": {
"value": "NOTE 16 Share capital and shareholders SHARE CAPITAL As of 31.12.2023, the Company has 202 717 374 shares at nominal value of NOK 0.50 per share, of which 893 300 treasury shares. | | | Nominal value | Total | No. of |
| Date of registration | Type of change | per share (NOK) | share capital | ordinary shares |
| 01.01.2008/30.09.2009 | Capital increase | 0.50 | 101 358 687 | 202 717 374 |
| 2010 - 2023 | No changes | | | |
| 31.12.2023 | | 0.50 | 101 358 687 | 202 717 374 |
| | 2023 | 2022 |
| Overview of shareholders at 31.12. | No. of shares Share holding | No. of shares Share holding |
| Laco AS | 112 605 876 | 55.55% | 112 605 876 | 55.55% |
| State Street Bank and Trust Comp A/C Client Omnibus F, Ref: OM06 | 4 331 500 | 2.14% | 5 165 858 | 2.55% |
| J.P. Morgan SE, Luxembourg Branch | 3 929 178 | 1.94% | 4 439 961 | 2.19% |
| Pareto Aksje Norge Verdipapirfond | 3 730 805 | 1.84% | 2 763 705 | 1.36% |
| OM Holding AS | 3 005 636 | 1.48% | 2 891 114 | 1.43% |
| Folketrygdfondet | 2 948 377 | 1.45% | 2 947 377 | 1.45% |
| SIX SIS AG | 2 601 219 | 1.28% | 2 648 818 | 1.31% |
| The Bank of New York Mellon SA/NV C/O BNYMSANVDUB RE 472 | 2 110 798 | 1.04% | 1 939 129 | 0.96% |
| State Street Bank and Trust Comp | 1 987 565 | 0.98% | 2 440 699 | 1.20% |
| JPMorgan Chase Bank, N.A., London | 1 797 025 | 0.89% | 1 797 025 | 0.89% |
| The Northern Trust Comp, London Br | 1 559 682 | 0.77% | 1 437 719 | 0.71% |
| Clearstream Banking S.A. | 1 462 426 | 0.72% | 1 473 857 | 0.73% |
| Danske Invest Norske Instit. II. | 1 336 963 | 0.66% | 1 142 963 | 0.56% |
| J.P. Morgan SE, Luxembourg Branch | 1 313 357 | 0.65% | 1 212 623 | 0.60% |
| State Street Bank and Trust Comp A/C West non-treaty account | 1 301 123 | 0.64% | 1 382 867 | 0.68% |
| Verdipapirfondet Storebrand Norge | 1 282 895 | 0.63% | 967 421 | 0.48% |
| Verdipapirfondet Fonds\ufb01nans Norge | 1 250 000 | 0.62% | 800 000 | 0.39% |
| DNB Bank ASA | 1 227 107 | 0.61% | 1 914 | 0.00% |
| State Street Bank and Trust Comp | 1 224 829 | 0.60% | 971 952 | 0.48% |
| VPF Sparebank 1 Utbytte | 1 140 000 | 0.56% | 650 000 | 0.32% |
| Total, 20 largest shareholders | 152 146 361 | 75.05% | 149 680 878 | 73.84% |
| Other shareholders | 50 571 013 | 24.95% | 53 036 496 | 26.16% |
| Total, all shareholders | 202 717 374 | 100% | 202 717 374 | 100% |
SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT Directors\u2019 ownership of shares Helge Singelstad owns 50 000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS Managements\u2019 ownership of shares Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50 367 shares in the company
SHARE CAPITAL AND SHARE PREMIUM Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders.
",
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"f15915": {
"value": "SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT Directors\u2019 ownership of shares Helge Singelstad owns 50 000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS Managements\u2019 ownership of shares Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50 367 shares in the company
The Group management takes part in the Groups collective pension schemes. | | extra compensation. Pension age is 70 | on the Group\u2019s website, www.auss.no |
| No loans or securities have been issued in | years, and the CEO takes part in the | |
| 2023 or 2022 to the CEO, board members, | defined contribution scheme. | Options |
| members of the corporate management or | | There are as of 31.12.2023, no on-going |
| other employees or closely related parties. | | option program in the Group. |
The CEO has a term of notice of 3 months. On resignation, the CEO has no right to Additional disclosures are provided in the Remuneration report, which is available | | | | Chairman of | Other board | |
| 2023 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 909 | 3 057 | 0 | 0 | 6 966 |
| Bonus payment based on results for 2022 | 3 500 | 1 200 | 0 | 0 | 4 700 |
| Pension costs | 118 | 120 | 0 | 0 | 238 |
| Other remuneration | 229 | 195 | 0 | 0 | 424 |
| Board fee/other remuneration | 0 | 0 | 3 920 | 2 340 | 6 290 |
| Total | 7 757 | 4 573 | 3 920 | 2 340 | 18 619 |
| | | | Chairman of | Other board | |
| 2022 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 543 | 3 008 | 0 | 0 | 6 551 |
| Bonus payment based on results for 2021 | 3 520 | 1 000 | 0 | 0 | 4 520 |
| Pension costs | 175 | 178 | 0 | 0 | 353 |
| Other remuneration | 215 | 195 | 0 | 0 | 410 |
| Board fee/other remuneration | 0 | 0 | 4 177 | 2 030 | 6 207 |
| Total | 7 454 | 4 382 | 4 177 | 2 030 | 18 041 |
* The annual directors' fee to the Chairman of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chairman's services and for consultancy fees by Group head entity Laco AS, with which company the Chairman is employed. The total amount paid in 2022 of TNOK 4 177 includes Board remuneration of TNOK 425, and the total amount paid in 2023 of TNOK 3 920 includes Board remuneration of TNOK 425. Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TNOK.
NOTE 25 Related parties The Group is controlled by Laco AS which owns 55.55% of the company's shares. The remaining 44.45% of the shares are widely held. The ultimate parent of the Group is Laco AS. The majority of transactions with related parties are carried out through; - LSG sale and purchase of goods to/ from LSG associated companies. In addition, the Group had some minor transactions with related parties such as the associated companies Pelagia and Marin IT AS (ownership directly by parent Company). Group companies have sold services as harvesting, filleting and storage of salmon to associated companies. The Group has also sold administrative services to associated companies. All goods and services are bought based on the market price and terms that would be available for third parties. The Group has bought fish and fish products, and renting wellboats from associated companies. The Group has bought administrative services such as IT, reception, catering, accounting and secretary- and financial from associated companies. The receivables from related parties arise mainly from sale transactions and are due one month after date of sale. The receivables are unsecured in nature and bear no interest. The payable to related parties arise mainly from purchase transactions and are due one month after the date of purchase. The payable bear no interest. The following transactions were conducted with related parties: Sales of goods and services 2023 2022 | Sales | | |
| - associates | 194 | 78 |
| Sale of services | | |
| - ultimate parent and its subsidiaries | 1 | 0 |
| Total | 195 | 78 |
Purchase of goods and services 2023 2022 | Purchase | | |
| - associates | 783 | 747 |
| Purchase of goods | | |
| - ultimate parent and its subsidiaries | 68 | 153 |
| Total | 851 | 901 |
SOFP items arising from purchase and sale of goods and services 2023 2022 | Receivables from related parties | | |
| - associates | 53 | 40 |
| - close family members of controlling owner | 11 | 10 |
| Debt to related parties | | |
| - ultimate parent and its subsidiaries | 13 | 5 |
| - associates | 46 | 61 |
",
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},
"f15916": {
"value": "SHARES CONTROLLED BY BOARD MEMBERS AND MANAGEMENT Directors\u2019 ownership of shares Helge Singelstad owns 50 000 shares in the company Helge M\u00f8gster owns shares indirectly through Laco AS Lill Maren M\u00f8gster owns shares indirectly through Laco AS Eirik Dr\u00f8nen Melingen owns shares indirectly through Laco AS Managements\u2019 ownership of shares Arne M\u00f8gster owns shares indirectly through Laco AS Britt Kathrine Drivenes owns, through Lerkehaug AS, 50 367 shares in the company
The Group management takes part in the Groups collective pension schemes. | | extra compensation. Pension age is 70 | on the Group\u2019s website, www.auss.no |
| No loans or securities have been issued in | years, and the CEO takes part in the | |
| 2023 or 2022 to the CEO, board members, | defined contribution scheme. | Options |
| members of the corporate management or | | There are as of 31.12.2023, no on-going |
| other employees or closely related parties. | | option program in the Group. |
The CEO has a term of notice of 3 months. On resignation, the CEO has no right to Additional disclosures are provided in the Remuneration report, which is available | | | | Chairman of | Other board | |
| 2023 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 909 | 3 057 | 0 | 0 | 6 966 |
| Bonus payment based on results for 2022 | 3 500 | 1 200 | 0 | 0 | 4 700 |
| Pension costs | 118 | 120 | 0 | 0 | 238 |
| Other remuneration | 229 | 195 | 0 | 0 | 424 |
| Board fee/other remuneration | 0 | 0 | 3 920 | 2 340 | 6 290 |
| Total | 7 757 | 4 573 | 3 920 | 2 340 | 18 619 |
| | | | Chairman of | Other board | |
| 2022 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 543 | 3 008 | 0 | 0 | 6 551 |
| Bonus payment based on results for 2021 | 3 520 | 1 000 | 0 | 0 | 4 520 |
| Pension costs | 175 | 178 | 0 | 0 | 353 |
| Other remuneration | 215 | 195 | 0 | 0 | 410 |
| Board fee/other remuneration | 0 | 0 | 4 177 | 2 030 | 6 207 |
| Total | 7 454 | 4 382 | 4 177 | 2 030 | 18 041 |
* The annual directors' fee to the Chairman of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chairman's services and for consultancy fees by Group head entity Laco AS, with which company the Chairman is employed. The total amount paid in 2022 of TNOK 4 177 includes Board remuneration of TNOK 425, and the total amount paid in 2023 of TNOK 3 920 includes Board remuneration of TNOK 425. Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TNOK.
",
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"f15939": {
"value": "Repayment pro\ufb01le for interest-bearing debt 2024* 2025 2026 2027 2028 Subsequent Total* | Mortgages* | 1 139 | 1 203 | 544 | 758 | 995 | 1 580 | 6 221 |
| Overdraft facility | 976 | 0 | 0 | 0 | 0 | 0 | 976 |
| Bond loans | 8 | 0 | 500 | 500 | 500 | 2 290 | 3 798 |
| Lease liabilities to credit institutions | 256 | 238 | 212 | 176 | 121 | 192 | 1 195 |
| Other non-current liabilities | 0 | 2 | 2 | 2 | 2 | 7 | 15 |
| Total | 2 379 | 1 444 | 1 258 | 1 436 | 1 619 | 4 070 | 12 206 |
Repayment pro\ufb01le for long-term non-interest-bearing debt | Lease liabilities other than to credit institutions | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
| Total | 337 | 286 | 258 | 251 | 222 | 364 | 1 719 |
Total 2 716 1 730 1 517 1 687 1 841 4 433 13 925 NOTE 17 Interest-bearing debt The conditions for long-term loans other than bond loans mean that fair value is estimated to be equal to the carrying amount at 31.12.2023, adjusted for fair value of interest rate swaps. Three of the bond loans are so-called green bonds. This means that the Group has established a green framework stipulating how the proceeds from the loans can be used. * Repayments of non-current liabilities which mature in 2024 are classi\ufb01ed as current liabilities in the balance sheet. 2023 2022 | Non-current liabilities | | |
| Mortgages | 5 060 | 4 467 |
| Bond loans | 3 790 | 1 501 |
| Other loans | 38 | 1 |
| Lease liabilities to credit institutions | 939 | 903 |
| Total non-current liabilities | 9 827 | 6 872 |
| Current liabilities | | |
| Overdraft facility | 1 462 | 1 153 |
| Mortgages | 654 | 610 |
| Bond loans | 8 | 500 |
| Lease liabilities to credit institutions | 256 | 345 |
| Total current liabilities | 2 379 | 2 609 |
| Total non-current and current liabilities | 12 206 | 9 480 |
| Net interest-bearing debt | | |
| Liquid assets | 5 475 | 4 339 |
| Other non interest-bearing debt \u2013 non-current | 16 | 0 |
| Total net interest-bearing debt (cf. note 28) | 6 715 | 5 140 |
| Long term lease liabilities other than to credit institutions | 1 381 | 1 528 |
| Short term lease liabilities other than to credit institutions | 337 | 323 |
| Lease liabilities other than to credit institutions | 1 719 | 1 851 |
| Total non-current and current liabilities | 13 909 | 11 331 |
| Liquid assets | -5 475 | -4 340 |
| Net interest bearing debt incl. lease liabilities other than to credit institutions | 8 434 | 6 991 |
Liabilities secured by mortgage 2023 2022 | Current liabilities | 1 081 | 1 334 |
| Non-current liabilities | 5 340 | 4 634 |
| Liabilities to credit institutions incl. \ufb01nance lease agreements | 6 421 | 5 968 |
| Assets provided as security | | |
| Operating assets | 7 108 | 8 342 |
| Licences* | 1 431 | 1 430 |
| Inventories | 5 | 12 |
| Biological assets | 9 706 | 7 579 |
| Shares | 1 364 | 1 441 |
| Trade receivables | 1 091 | 1 192 |
| Right-of-use assets leased from credit institutions | -1 | 52 |
| Total assets provided as security | 20 704 | 20 048 |
AUSS has pledged as security the shares in BRBI and BFARM for the bank loans of AUSS of MNOK 78.2. Assets owned by LSG, BRBI and BFARM are also placed as security directly to their separate and individual loans, and are included in the figures presented above. Based on contractual terms the fair value of non-current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2023, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 are so called green bonds. This implies that the group have established a green financing framework which covers how the proceeds from the bond loans can be used. The bond loans are listed on Oslo Stock Exchange, and fair value is calculated to booked value. The carrying amounts of short-term borrowings approximate their fair value. Next repayment of bond loan is in June 2028. * Licence value ex. price purchase allocation. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2023 2022 | 6 months or less | 10 097 | 8 333 |
| 1-5 years | 609 | 647 |
| Over 5 years | 1 500 | 498 |
| Total | 12 206 | 9 477 |
The carrying amounts of the Group's loans are denominated in the following currencies 2023 2022 | NOK | 10 197 | 8 059 |
| SEK | 106 | 111 |
| DKK | 276 | 217 |
| USD | 1 372 | 735 |
| EUR | 247 | 348 |
| Other currencies | 7 | 7 |
| Total | 12 206 | 9 477 |
Financial \"covenants\" Financing is handled by the individual subsidiaries, and they have their own covenants. The Group has not been in breach of any covenants during the financial year 2023, and is not in breach as of 31.12.2023. Overdraft facility 2023 2022 | Overdraft facility | 1 509 | 1 153 |
| Unutilised overdraft facility | 3 715 | 3 193 |
| Limit of overdraft facility | 5 254 | 4 346 |
Unutilised long term credit facility 1 224 734 Net interest bearing debt (NIBD) NIBD is an APM utilised by the Group. The figure shows how much capital the Group employs and is an important key figure for stakeholders who are planning to grant financing to the Group and for stakeholders who want to value the company. The Group therefore defines NIBD as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing financing and/or credit, minus interest-bearing cash or cash equivalents. This implies that long-term interest- bearing receivables (assets) and other lease commitments with the exception of leasing debt to credit institutions (liability) are not included. The latter component comprises most of the new lease commitments carried in connection with implementation of IFRS 16.
Net interest-bearing debt (NIBD) 2023 2022 | Loans from credit institutions* | 9 512 | 7 077 |
| + Lease liabilities to credit institutions* | 1 195 | 1 248 |
| + Other long-term loans* | 21 | 1 |
| + Overdrafts and other short-term credits | 1 462 | 1 153 |
| - Liquid assets | -5 475 | -4 339 |
| Net interest-bearing debt (NIBD)** | 6 715 | 5 140 |
* Both long-term and short-term ** See note on net interest bearing debt for an overview of changes during the period The following components from the statement of financial position are included:LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
",
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"f16278": {
"value": "Liabilities secured by mortgage 2023 2022 | Current liabilities | 1 081 | 1 334 |
| Non-current liabilities | 5 340 | 4 634 |
| Liabilities to credit institutions incl. \ufb01nance lease agreements | 6 421 | 5 968 |
| Assets provided as security | | |
| Operating assets | 7 108 | 8 342 |
| Licences* | 1 431 | 1 430 |
| Inventories | 5 | 12 |
| Biological assets | 9 706 | 7 579 |
| Shares | 1 364 | 1 441 |
| Trade receivables | 1 091 | 1 192 |
| Right-of-use assets leased from credit institutions | -1 | 52 |
| Total assets provided as security | 20 704 | 20 048 |
AUSS has pledged as security the shares in BRBI and BFARM for the bank loans of AUSS of MNOK 78.2. Assets owned by LSG, BRBI and BFARM are also placed as security directly to their separate and individual loans, and are included in the figures presented above. Based on contractual terms the fair value of non-current borrowings (incl. bond loan) is estimated to be equal to book value as of 31.12.2023, adjusted for fair value of interest rate swaps. Three of the new bonds established in 2021 are so called green bonds. This implies that the group have established a green financing framework which covers how the proceeds from the bond loans can be used. The bond loans are listed on Oslo Stock Exchange, and fair value is calculated to booked value. The carrying amounts of short-term borrowings approximate their fair value. Next repayment of bond loan is in June 2028. * Licence value ex. price purchase allocation. The Group is exposed to interest rate changes on the loans, based on the following repricing structure 2023 2022 | 6 months or less | 10 097 | 8 333 |
| 1-5 years | 609 | 647 |
| Over 5 years | 1 500 | 498 |
| Total | 12 206 | 9 477 |
The carrying amounts of the Group's loans are denominated in the following currencies 2023 2022 | NOK | 10 197 | 8 059 |
| SEK | 106 | 111 |
| DKK | 276 | 217 |
| USD | 1 372 | 735 |
| EUR | 247 | 348 |
| Other currencies | 7 | 7 |
| Total | 12 206 | 9 477 |
",
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"f16514": {
"value": "NOTE 18 Contingencies and provisions Contingent liabilities are defined as i. possible obligations resulting from past events whose existence depends on future events ii. obligations that are not recognised because it is not probable that they will lead to an outflow of resources iii. obligations that cannot be measured | with sufficient reliability. | case, a provision of MNOK 21 relating to |
| | these suits, which is considered to be |
| | the best estimate. |
CORMAR The Group has recognised a provision related to the acquisition of Cormar in Austral in 2007. The Group will have reimbursement rights for some of the liabilities, if the liabilities materialises. A provision of MNOK 22 has been recorded for this contingent liability, ref note 22. AUSTRAL The subsidiary Austral (Peru) has certain court actions pending resolution for a total of MNOK 136 as of 31.12.2023 mainly related to its business activities. It is considered unlikely that the prosecutor will succeed with the claims in full. Based on specific assessments of each Pension costs 2023 2022 | Pension costs, de\ufb01ned contribution plan | 171 | 142 |
| National insurance contributions, de\ufb01ned contribution plan | 23 | 19 |
| Net pension costs, de\ufb01ned contribution plan | 194 | 161 |
| Net pension costs, de\ufb01ned bene\ufb01t plan | -1 | 6 |
| Total pension costs | 193 | 167 |
| Pension liabilities and other liabilities | | |
| Pension liabilities | 4 | 13 |
| Total | 4 | 13 |
The Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2023. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 25.05.2023.
Onerous contracts are contracts where the expenses of fulfilling the contracts are higher than the economic yield the company expects to gain by fulfilling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be defined as onerous contracts, even if the contractual price is higher than the production costs for the products. At the end of the period, the management will evaluate whether contracts are onerous contracts by estimating the value of the commitment per contract. This evaluation is based on a number of premises and estimates. The estimate includes all contracts involving the sale of salmon and trout, where the fish have been produced by the Group. For contracts where the product to be delivered has a higher degree of processing than gutted fish, the contractual price is converted to a price per kilo gutted weight based on estimated yield for the different product types and normal processing costs in accordance with the Group's calculations. All contractual prices are translated to Norwegian kroner. For contracts that contain different product types, a weighted price is estimated. The weighted price per contract is then compared with an estimated benchmark price per month. This price corresponds to the price applied as a starting point for valuation of the biological assets, and is based on forward prices from Fish Pool, adjusted for export margin and transport from fish farm to Oslo. A provision is recognised on the balance sheet. The provision is classified as other short-term debt. As the financial statements also present production costs for the stock of live fish, the reporting of mortality is of significance. Costs related to abnormal mortality are immediately recognised through profit or loss and presented on the line for changes in inventory, while normal waste is classified as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming number of fish at the locality, this is classified as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the fish. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
PROVISIONS Provisions (for e.g. environmental improvements, restructuring and legal claims) are recognised when: \u2022 a legal or self-imposed liability exists as a result of previous events; \u2022 it is more likely than not that the liability will be settled in the form of a transfer of economic resources; \u2022 the size of the liability can be estimated with a sufficient level of reliability. Provisions for restructuring costs comprise termination fees for lease contracts and severance pay for employees. No provisions are made for future operating losses. If several liabilities of the same character exist, the probability of settlement being made is determined for the liabilities as a group. Provisions for the group of liabilities are recognised even if the probability of settlement related to the individual liabilities in the group may be low. Provisions are measured as the current value of expected payments required to clear the liability. A discount rate is applied before tax that reflects the current market situation and the specific risk for the liability. Any increase in a liability caused by a change in time value is recognised as a financial expense.
are disclosed, with the exception of
contingent liabilities where the probability
of the liability occurring is remote.
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16515": {
"value": "NOTE 18 Contingencies and provisions Contingent liabilities are defined as i. possible obligations resulting from past events whose existence depends on future events ii. obligations that are not recognised because it is not probable that they will lead to an outflow of resources iii. obligations that cannot be measured | with sufficient reliability. | case, a provision of MNOK 21 relating to |
| | these suits, which is considered to be |
| | the best estimate. |
CORMAR The Group has recognised a provision related to the acquisition of Cormar in Austral in 2007. The Group will have reimbursement rights for some of the liabilities, if the liabilities materialises. A provision of MNOK 22 has been recorded for this contingent liability, ref note 22. AUSTRAL The subsidiary Austral (Peru) has certain court actions pending resolution for a total of MNOK 136 as of 31.12.2023 mainly related to its business activities. It is considered unlikely that the prosecutor will succeed with the claims in full. Based on specific assessments of each are disclosed, with the exception of
contingent liabilities where the probability
of the liability occurring is remote.
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16568": {
"value": "NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
NOTE 19 Financial income and expenses 2023 2022 | Other interest income | 188 | 79 |
| Foreign exchange gains (realised and unrealised) | 458 | 739 |
| Other \ufb01nancial income | 14 | 30 |
| Total \ufb01nancial income | 660 | 848 |
| Interest expense | 586 | 323 |
| Interest expense on lease liabilities to credit institutions | 56 | 41 |
| Interest expense on lease liabilities to others | 74 | 67 |
| Foreign exchange losses (realised and unrealised) | 465 | 705 |
| Other \ufb01nancial expenses | 71 | 19 |
| Total \ufb01nancial expenses | 1 252 | 1 155 |
| Net \ufb01nancial expenses | -592 | -307 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16670": {
"value": "NOTE 20 Payroll, fees, no. of employees etc. 2023 2022 | Salaries and holiday pay | 3 640 | 3 399 |
| Contract labour | 354 | 293 |
| Other remuneration | 106 | 144 |
| National insurance contributions | 350 | 289 |
| Pension costs (incl. national insurance contribution) | 193 | 167 |
| Remuneration to board members | 3 | 2 |
| Other payments | 212 | 224 |
| Total wages and salaries | 4 857 | 4 519 |
| No. of full-time equivalents | 7 022 | 7 235 |
Pension costs 2023 2022 | Pension costs, de\ufb01ned contribution plan | 171 | 142 |
| National insurance contributions, de\ufb01ned contribution plan | 23 | 19 |
| Net pension costs, de\ufb01ned contribution plan | 194 | 161 |
| Net pension costs, de\ufb01ned bene\ufb01t plan | -1 | 6 |
| Total pension costs | 193 | 167 |
| Pension liabilities and other liabilities | | |
| Pension liabilities | 4 | 13 |
| Total | 4 | 13 |
The Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2023. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. The Group management takes part in the Groups collective pension schemes. | | extra compensation. Pension age is 70 | on the Group\u2019s website, www.auss.no |
| No loans or securities have been issued in | years, and the CEO takes part in the | |
| 2023 or 2022 to the CEO, board members, | defined contribution scheme. | Options |
| members of the corporate management or | | There are as of 31.12.2023, no on-going |
| other employees or closely related parties. | | option program in the Group. |
The CEO has a term of notice of 3 months. On resignation, the CEO has no right to Additional disclosures are provided in the Remuneration report, which is available | | | | Chairman of | Other board | |
| 2023 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 909 | 3 057 | 0 | 0 | 6 966 |
| Bonus payment based on results for 2022 | 3 500 | 1 200 | 0 | 0 | 4 700 |
| Pension costs | 118 | 120 | 0 | 0 | 238 |
| Other remuneration | 229 | 195 | 0 | 0 | 424 |
| Board fee/other remuneration | 0 | 0 | 3 920 | 2 340 | 6 290 |
| Total | 7 757 | 4 573 | 3 920 | 2 340 | 18 619 |
| | | | Chairman of | Other board | |
| 2022 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 543 | 3 008 | 0 | 0 | 6 551 |
| Bonus payment based on results for 2021 | 3 520 | 1 000 | 0 | 0 | 4 520 |
| Pension costs | 175 | 178 | 0 | 0 | 353 |
| Other remuneration | 215 | 195 | 0 | 0 | 410 |
| Board fee/other remuneration | 0 | 0 | 4 177 | 2 030 | 6 207 |
| Total | 7 454 | 4 382 | 4 177 | 2 030 | 18 041 |
* The annual directors' fee to the Chairman of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chairman's services and for consultancy fees by Group head entity Laco AS, with which company the Chairman is employed. The total amount paid in 2022 of TNOK 4 177 includes Board remuneration of TNOK 425, and the total amount paid in 2023 of TNOK 3 920 includes Board remuneration of TNOK 425. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 25.05.2023.
Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TNOK.
EMPLOYEE BENEFITS Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f16672": {
"value": "NOTE 20 Payroll, fees, no. of employees etc. 2023 2022 | Salaries and holiday pay | 3 640 | 3 399 |
| Contract labour | 354 | 293 |
| Other remuneration | 106 | 144 |
| National insurance contributions | 350 | 289 |
| Pension costs (incl. national insurance contribution) | 193 | 167 |
| Remuneration to board members | 3 | 2 |
| Other payments | 212 | 224 |
| Total wages and salaries | 4 857 | 4 519 |
| No. of full-time equivalents | 7 022 | 7 235 |
Pension costs 2023 2022 | Pension costs, de\ufb01ned contribution plan | 171 | 142 |
| National insurance contributions, de\ufb01ned contribution plan | 23 | 19 |
| Net pension costs, de\ufb01ned contribution plan | 194 | 161 |
| Net pension costs, de\ufb01ned bene\ufb01t plan | -1 | 6 |
| Total pension costs | 193 | 167 |
| Pension liabilities and other liabilities | | |
| Pension liabilities | 4 | 13 |
| Total | 4 | 13 |
The Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are in the main established as defined contribution pension schemes, with external life insurance companies. The Group participates in an overarching pension scheme for employees, where it is not possible to measure the individual entity\u2019s share of the obligation. Moreover, a limited part of the Group companies have defined benefit schemes with life insurance companies, with pension funds placed in a portfolio of investments by insurance companies. The insurance company administers all transactions related to the pension scheme. Estimated return on pension funds is based on marked prices on balance sheet date and projected development during the period in which the pension scheme is valid. The calculation of pension liabilities is based on assumptions in line with the recommendations of Norsk Regnskapsstiftelse (NRS) per 31.12.2023. Change in the benefit obligations as a result of actuarial gains and losses are booked as comprehensive income. The Group management takes part in the Groups collective pension schemes. | | extra compensation. Pension age is 70 | on the Group\u2019s website, www.auss.no |
| No loans or securities have been issued in | years, and the CEO takes part in the | |
| 2023 or 2022 to the CEO, board members, | defined contribution scheme. | Options |
| members of the corporate management or | | There are as of 31.12.2023, no on-going |
| other employees or closely related parties. | | option program in the Group. |
The CEO has a term of notice of 3 months. On resignation, the CEO has no right to Additional disclosures are provided in the Remuneration report, which is available | | | | Chairman of | Other board | |
| 2023 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 909 | 3 057 | 0 | 0 | 6 966 |
| Bonus payment based on results for 2022 | 3 500 | 1 200 | 0 | 0 | 4 700 |
| Pension costs | 118 | 120 | 0 | 0 | 238 |
| Other remuneration | 229 | 195 | 0 | 0 | 424 |
| Board fee/other remuneration | 0 | 0 | 3 920 | 2 340 | 6 290 |
| Total | 7 757 | 4 573 | 3 920 | 2 340 | 18 619 |
| | | | Chairman of | Other board | |
| 2022 \u2013 Remuneration to leading personnel (amounts in NOK 1 000) | CEO | CFO | the Board* | members | Total |
| Salary | 3 543 | 3 008 | 0 | 0 | 6 551 |
| Bonus payment based on results for 2021 | 3 520 | 1 000 | 0 | 0 | 4 520 |
| Pension costs | 175 | 178 | 0 | 0 | 353 |
| Other remuneration | 215 | 195 | 0 | 0 | 410 |
| Board fee/other remuneration | 0 | 0 | 4 177 | 2 030 | 6 207 |
| Total | 7 454 | 4 382 | 4 177 | 2 030 | 18 041 |
* The annual directors' fee to the Chairman of the Board is not paid as taxable remuneration. AUSS is invoiced for the Chairman's services and for consultancy fees by Group head entity Laco AS, with which company the Chairman is employed. The total amount paid in 2022 of TNOK 4 177 includes Board remuneration of TNOK 425, and the total amount paid in 2023 of TNOK 3 920 includes Board remuneration of TNOK 425. For further information see the declaration from the Board of Directors on salaries and other remuneration to executive personnel submitted at the Ordinary General Meeting 25.05.2023.
Remuneration to executives and members of the parent Company's Board are reported exclusive employer\u2019s contribution and in amounts TNOK.
Speci\ufb01cation of auditor\u2019s fee 2023 2022 | Statutory audit | 23 | 14 |
| Audit fee, other auditors | 2 | 2 |
| Other certi\ufb01cation services | 3 | 1 |
| Other certi\ufb01cation services provided by other auditors | 1 | 1 |
| Technical assistance, taxation | 1 | 1 |
| Other non-audit services | 13 | 8 |
| Total | 44 | 28 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17173": {
"value": "NOTE 21 Other gains and losses 2023 2022 | Gains and losses on sale of land, buildings and equipment | 43 | -20 |
| Total other gains and losses | 43 | -20 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17202": {
"value": "NOTE 22 Other current liabilities Speci\ufb01cation of other current liabilities 2023 2022 | Wages, salaries and other sta\ufb00 costs | 487 | 558 |
| Public taxes payable | 1 637 | 399 |
| Accrued expenses | 432 | 383 |
| Forward exchange contracts/liability recognised as a result of fair value hedging (cf. note 12) | 0 | 6 |
| Contingent liabilities from addition of Cormar (cf. note 18) | 22 | 21 |
| Contingent liabilities concerning ongoing legal disputes in Austral (cf. note 18) | 21 | 15 |
| Provisions and contingencies | 0 | 2 |
| Unrealised loss on Fish Pool contracts (cf. note 7) | 56 | 14 |
| Other current liabilities | 118 | 145 |
| Total other current liabilities | 2 773 | 1 543 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f17203": {
"value": "NOTE 22 Other current liabilities Speci\ufb01cation of other current liabilities 2023 2022 | Wages, salaries and other sta\ufb00 costs | 487 | 558 |
| Public taxes payable | 1 637 | 399 |
| Accrued expenses | 432 | 383 |
| Forward exchange contracts/liability recognised as a result of fair value hedging (cf. note 12) | 0 | 6 |
| Contingent liabilities from addition of Cormar (cf. note 18) | 22 | 21 |
| Contingent liabilities concerning ongoing legal disputes in Austral (cf. note 18) | 21 | 15 |
| Provisions and contingencies | 0 | 2 |
| Unrealised loss on Fish Pool contracts (cf. note 7) | 56 | 14 |
| Other current liabilities | 118 | 145 |
| Total other current liabilities | 2 773 | 1 543 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18005": {
"value": "NOTE 24 Investments in other shares | 2023 | | Ownership/ | Acquisition | |
| Company | Registered o\ufb03ce | voting share | cost | Fair value |
| Euro-Terminal AS | Bergen, Norway | 16.18% | 22 | 26 |
| Bulandet Eiendom AS | Bulandet, Norway | minor | 1 | 1 |
| DNB - Private Equity fund | Norway | minor | 5 | 5 |
| Other shares | | minor | 10 | 8 |
| Total non-current assets | | | 38 | 40 |
| 2022 | | Ownership/ | Acquisition | |
| Company | Registered o\ufb03ce | voting share | cost | Fair value |
| Euro-Terminal AS | Bergen, Norway | 16.18% | 22 | 26 |
| Bulandet Eiendom AS | Bulandet, Norway | minor | 1 | 1 |
| DNB - Private Equity fund | Norway | minor | 5 | 5 |
| Other shares | | minor | 10 | 11 |
| Total non-current assets | | | 38 | 43 |
There were no impairment losses on investments in other shares in 2023 and 2022. Reconciliation of the carrying amount of investments in other shares 2023 2022 | At 01.01. | 43 | 47 |
| Additions/disposals | -3 | -4 |
| At 31.12. | 40 | 43 |
| Minus: share of non-current assets | -40 | -43 |
| Share of current assets | 0 | 0 |
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18712": {
"value": "The movement in deferred income tax assets and liabilities during the year: | | | | Inventories | | | | |
| | Non-current | Current | and biological | | Loss carry- | Other | |
| Change in book value of deferred tax | assets | assets | assets | Liabilities | forward | di\ufb00erences | Total |
| Carrying amount at 01.01.2022 | 2 212 | -4 | 1 322 | -33 | -31 | -23 | 3 443 |
| Recognised in 2022 | -108 | 0 | 46 | -31 | -76 | 70 | -100 |
| Recognised in other comprehensive | | | | | | | |
| income in the period | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
| Exchange di\ufb00erences | 76 | 0 | -2 | -3 | 0 | 0 | 71 |
| E\ufb00ect of business combinations | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| 31.12.2022 | 2 181 | -4 | 1 367 | -67 | -108 | 52 | 3 421 |
| Recognised in 2023 | 9 | 0 | 641 | 19 | -98 | -186 | 385 |
| Recognised in other comprehensive income | | | | | | | |
| in the period | 0 | 0 | 0 | 0 | 0 | 6 | 6 |
| Exchange di\ufb00erences | 24 | 0 | -9 | 8 | 0 | 3 | 26 |
| Reclassi\ufb01cation | -3 | 0 | 0 | 0 | 0 | 0 | -3 |
| E\ufb00ect of resource rent | 0 | 0 | 1 869 | 0 | 0 | 0 | 1 869 |
| E\ufb00ect of business combinations | 1 | 0 | 0 | 0 | 0 | 0 | 1 |
| 31.12.2023 | 2 213 | -4 | 3 867 | -40 | -206 | -124 | 5 706 |
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same fiscal authority. Speci\ufb01cation of temporary di\ufb00erences not included in deferred tax 2023 2022 | Non-current assets | -45 | -44 |
| Loss carryforward | -840 | -822 |
| Interest deduction carryforward | -115 | -94 |
| Liabilities | 7 | 3 |
| Other di\ufb00erences | 25 | 25 |
| Total temporary di\ufb00erences not included in deferred tax | -968 | -932 |
| Including net deferred tax asset not recognised in the SOFP | -213 | -205 |
| Speci\ufb01cation of loss carryforward | | |
| Austevoll Seafood ASA | -473 | -461 |
| A-Fish AS | -182 | -206 |
| Gateport Overseas Ltd | -183 | -153 |
| Andean Opportunities Fund Ltd | -2 | -2 |
| Total | -840 | -822 |
Capitalised deferred tax assets derive mainly from loss carryforwards in foreign entities where the loss is expected to be able to be utilised within a reasonable time. The applicable tax rates vary from 21% to 25%. Capitalised deferred tax liabilities derive mainly from Norwegian entities, where a rate of 22% has been applied. Austevoll Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from 01.01.2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax filings, country-by-country reporting and financial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identified a limited number of jurisdictions where the transitional safe harbour relief does not apply. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. As provided in the amendments to IAS 12 issued May 2023, the Group applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes. CURRENT AND DEFERRED INCOME TAX The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. The management continuously assesses the statements made in the tax return in situations where prevailing tax legislation is subject to interpretation. Based on the management's assessment, provisions are made for expected tax payments when deemed necessary. Deferred income tax is provided in full at nominal values, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is calculated on temporary differences from investments in subsidiaries, associated companies and jointly controlled operations, with the exception of situations where the Group has control over the timing of the reversal of the temporary differences and it is probable that these differences will not be reversed in the foreseeable future. The Group is not normally able to gain control over the reversal of temporary differences for associated companies. This would only be the case if an agreement had been signed enabling the Group to control reversal of temporary differences. Deferred tax is recognised for temporary differences related to the actual investment in subsidiaries, associated companies and jointly controlled operations when it is no longer probable that the difference will not be reversed at a later date.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f19141": {
"value": "NOTE 27 Group companies The consolidated financial statements include AUSS and the following subsidiaries: | | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Group ASA | | Norway | Austevoll Seafood ASA | 52.69% |
| AUSS Laks AS | 4 | Norway | Ler\u00f8y Austevoll AS | 100.00% |
| Drag\u00f8y Grossist AS | 2 | Norway | Ler\u00f8y Nord AS | 51.00% |
| Eurosalmon SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk B\u00e5tsfjord AS | 13.34% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 78.45% |
| Finnmark Hav\ufb01ske AS | | Norway | Hav\ufb01sk Nordkyn AS | 5.84% |
| Fishcut SAS | | France | SAS Ler\u00f8y Seafood France | 100.00% |
| Hammerfest Industri\ufb01ske AS | | Norway | Hav\ufb01sk Finnmark AS | 60.00% |
| Hav\ufb01sk B\u00e5tsfjord AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Finnmark AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Management AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Melbu AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Hav\ufb01sk Nordkyn AS | | Norway | Hav\ufb01sk Finnmark AS | 100.00% |
| Hav\ufb01sk Stamsund AS | | Norway | Ler\u00f8y Hav\ufb01sk AS | 100.00% |
| Leroy Canarias SL | 3 | Spain | Leroy Processing Spain S.L | 100.00% |
| Leroy Processing Canarias SL | | Spain | Leroy Processing Spain S.L. | 100.00% |
| Leroy Processing Spain S.L. | | Spain | Ler\u00f8y Seafood Group ASA | 100.00% |
| Leroy Seafood Italy | | Italy | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y & Strudshavn AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Aurora Sj\u00f8 AS | 3 | Norway | Ler\u00f8y Aurora AS | 100.00% |
| Ler\u00f8y Aurora AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Austevoll AS | 4 | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Bulandet AS | | Norway | Ler\u00f8y Seafood AS | 83.43% |
| Ler\u00f6y Finland OY | | Finland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Fossen AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Germany GmbH | | Germany | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Hav\ufb01sk AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Midt Sj\u00f8 AS | | Norway | Ler\u00f8y Midt AS | 100.00% |
| Ler\u00f8y Midt AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Nord AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norge AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Norway Seafoods AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Ocean Harvest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Portugal Lda | | Portugal | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Quality Group AS | | Norway | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Schile A/S | 8 | Denmark | Ler\u00f8y Seafood Danmark A/S | 0.00% |
| Ler\u00f6y Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Seafood AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| Ler\u00f8y Seafood Center B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Convenience B.V. | 8 | Holland | Ler\u00f8y Seafood Holding B.V. | 0.00% |
| Ler\u00f8y Seafood Danmark A/S | | Denmark | Ler\u00f8y Seafood Group ASA | 77.59% |
| Ler\u00f8y Seafood France SAS | | France | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Seafood Hirtshals A/S | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Ler\u00f8y Seafood Holding B.V. | | Holland | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood Netherlands B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood Real Estate B.V. | | Holland | Ler\u00f8y Seafood Holding B.V. | 100.00% |
| Ler\u00f8y Seafood UK Ltd. | | UK | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Seafood USA Inc | | USA | Ler\u00f8y Seafood AS | 100.00% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Norge AS | 73.75% |
| Ler\u00f8y Sj\u00f8matgruppen AS | | Norway | Ler\u00f8y Nord AS | 2.50% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Sj\u00f8troll Havbruk AS | 50.00% |
| Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS | | Norway | Ler\u00f8y Vest AS | 50.00% |
| Ler\u00f8y Sm\u00f6gen Seafood AB | | Sweden | Ler\u00f8y Sverige AB | 100.00% |
| Ler\u00f8y Sverige AB | | Sweden | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f6y Turkey Su \u0170r\u0171nleri San. Ve Tic A.S. | | Turkey | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Sj\u00f8 AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y Vest AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Ler\u00f8y Vest Kraft AS | | Norway | Ler\u00f8y Vest AS | 100.00% |
| Ler\u00f8y \u00c5rskog AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Melbu Fryselager AS | | Norway | Ler\u00f8y Norway Seafoods AS | 100.00% |
| Mondo Mar Marine Foods ApS | 3 | Denmark | Ler\u00f8y Seafood Denmark A/S | 100.00% |
| Nigra Fiskeeksport A/S | 7 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 0.00% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Melbu AS | 47.07% |
| Nordland Hav\ufb01ske AS | | Norway | Hav\ufb01sk Stamsund AS | 52.93% |
| Norsk Oppdrettservice AS | | Norway | Ler\u00f8y Seafood Group ASA | 51.00% |
| Ove Johnsen Fisk en Gros ApS | | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| P. Tabbel & Co A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Preline Fishfarming System AS | | Norway | Ler\u00f8y Seafood Group ASA | 96.00% |
| Scan Fish Danmark A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Sirevaag AS | | Norway | Ler\u00f8y Norge AS | 100.00% |
| Sj\u00f8mathuset AS | | Norway | Ler\u00f8y Seafood Group ASA | 100.00% |
| Sj\u00f8troll Havbruk Sj\u00f8 AS | | Norway | Sj\u00f8troll Havbruk AS | 100.00% |
| Sj\u00f8troll Havbruk AS | | Norway | Ler\u00f8y Seafood Group ASA | 50.71% |
| S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS | | Norway | Ler\u00f8y Norway Seafoods AS | 51.00% |
| Thor\ufb01sk A/S | 2 | Denmark | Ler\u00f8y Seafood Danmark A/S | 100.00% |
| Wannebo International AS | 2 | Denmark | Brdr. Schlie's Fiskeeksport A/S | 100.00% |
| | Comments | | | |
| Company | on change | Country | Parent company | Ownership % |
| AUSS Shared Service AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Eiendom AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Austevoll Paci\ufb01c AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| Gateport Overseas Inc. * | | Panama | Austevoll Paci\ufb01c AS | 100.00 % |
| Andean Oportunities Fund Ltd. * | | CaymanIslands | Gateport Overseas Inc. | 100.00 % |
| Dordogne Holdings Ltd. * | | Panama | Gateport Overseas Inc. | 66.67 % |
| Dordogne Holdings Ltd. * | | Panama | Andean Oportunities Fund Ltd. | 33.33 % |
| Austral Group S.A.A. | | Peru | Dordogne Holdings Ltd. | 90.12 % |
| Alumrock Overseas S.A | | Panama | Austral Group S.A.A | 98.27 % |
| A-Fish AS | | Norway | Austevoll Seafood ASA | 100.00 % |
| FoodCorp Chile S.A. | | Chile | A-Fish AS | 73.61 % |
| FoodCorp Chile S.A. | | Chile | Austevoll Seafood ASA | 26.39 % |
| FoodCorp Peru S.A. | | Peru | FoodCorp Chile S.A. | 99.99 % |
| Br. Birkeland AS | | Norway | Austevoll Seafood ASA | 42.92 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland AS | 50.00 % |
| Br. Birkeland Fiskeb\u00e5trederi AS | | Norway | Br. Birkeland AS | 100.00 % |
| Opilio AS | | Norway | Br. Birkeland AS | 100.00 % |
| Talbor AS | | Norway | Br. Birkeland AS | 100.00 % |
| Br. Birkeland Farming AS | | Norway | Austevoll Seafood ASA | 55.24 % |
| Br. Birkeland Drift AS | | Norway | Br. Birkeland Farming AS | 50.00 % |
| Kobbevik og Furuholmen Oppdrett AS | | Norway | Br. Birkeland Farming AS | 100.00 % |
| Farming Serviceb\u00e5t AS | 3 | Norway | Br. Birkeland Farming AS | 100.00 % |
* The company are Norwegian object of taxation Comments on changes 1) Business combination 2) Transactions with non-controlling interests 3) Foundation of a new company 4) Intragroup purchase/sale of company/shareholding 5) Sale of shares to external 6) Private placement (with change in shareholding) 7) Parent - subsidiary business combination 8) Merger between associated companies The changes in ownership in the subsidiaries are commented in note 6. BASIS OF PREPARATION The consolidated financial statements of Austevoll Seafood Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention, as modified by: \u2022 Biological assets, are estimated at fair value through profit and loss. \u2022 Onerous contracts related to biological assets are measured at the lower of settlement amount and the amount needed to fulfil the contract. \u2022 Fish Pool contacts, financial assets and financial liabilities (including derivative instruments) are estimated at fair value.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in note 2.
(a) New and amended standards implemented in 2023 In 2023, the IASB and EU have not adopted any new standards for obligatory application in the current financial year. (b) New standards where the Group has not chosen early adoption The Group has chosen not to early adopt some of the new standards and interpretations that were published in the accounting period under review and that were not mandatory for 2023. The new standards and interpretations are not expected to have a material impact on the financial statements for either the period under review or for future periods and expected transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20569": {
"value": "The consolidated financial statements of Austevoll Seafood Group have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU. The consolidated financial statements have been prepared under the historical cost convention, as modified by: \u2022 Biological assets, are estimated at fair value through profit and loss. \u2022 Onerous contracts related to biological assets are measured at the lower of settlement amount and the amount needed to fulfil the contract. \u2022 Fish Pool contacts, financial assets and financial liabilities (including derivative instruments) are estimated at fair value.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20601": {
"value": "(a) New and amended standards implemented in 2023 In 2023, the IASB and EU have not adopted any new standards for obligatory application in the current financial year. (b) New standards where the Group has not chosen early adoption The Group has chosen not to early adopt some of the new standards and interpretations that were published in the accounting period under review and that were not mandatory for 2023. The new standards and interpretations are not expected to have a material impact on the financial statements for either the period under review or for future periods and expected transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20602": {
"value": "(a) New and amended standards implemented in 2023 In 2023, the IASB and EU have not adopted any new standards for obligatory application in the current financial year. (b) New standards where the Group has not chosen early adoption The Group has chosen not to early adopt some of the new standards and interpretations that were published in the accounting period under review and that were not mandatory for 2023. The new standards and interpretations are not expected to have a material impact on the financial statements for either the period under review or for future periods and expected transactions.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20621": {
"value": "CONSOLIDATION Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is applied to acquisition of businesses. Identifiable assets, debt and contingent liabilities are recognised at fair value on the date of acquisition. If the business combination is achieved in stages, the acquisition date fair value of the acquirer`s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. The contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised, unless this is an equity instrument. Contingent considerations classified as equity are not remeasured, and subsequent settlements are charged to equity. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
Associates Associates are all entities over which the Group has significant influence but not control, generally accompanying a shareholding of between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting. Under the equity method, the investment is initially recognised at cost, and the carrying amount is increased or decreased to recognise the investor`s share of the profit or loss of the investee after the date of acquisition. The Group\u2019s investment in associates includes goodwill (net of any accumulated impairment loss) identified on acquisition. If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate. The Group\u2019s share of post-acquisition profit or loss is recognised in the income statement, and its share of post- acquisition movements in other
comprehensive income is recognised in other comprehensive income with a corresponding adjustment to the carrying amount of the investment. When the Group\u2019s share of losses in an associate equals or exceeds its interest in the associate, including any other unsecured receivables, the Group does not recognise further losses, unless it has incurred legal or constructive obligations or made payments on behalf of the associate. The Group determines at each reporting date whether there is any objective evidence that the investment in the associate is impaired. If this is the case, the Group calculates the amount of impairment as the difference between the recoverable amount of the associate and it\u2019s carrying value and recognise the amount adjacent to \"share of profit/(loss) of an associate\" in the income statement. Profit and losses resulting from upstream and downstream transactions between the Group and its associate are recognised in the Group`s financial statement only to the extent of unrelated investor`s interest in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of associates have been changed where necessary to ensure consistency with the policies adopted by the Group. Dilution gains and losses arising in investments in associates are recognised in the income statement.
Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
Subsidiaries Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The acquisition method is applied to acquisition of businesses. Identifiable assets, debt and contingent liabilities are recognised at fair value on the date of acquisition. If the business combination is achieved in stages, the acquisition date fair value of the acquirer`s previously held equity interest in the acquire is re-measured to fair value at the acquisition date; any gains or losses arising from such re-measurement are recognised in profit or loss. The contingent consideration is measured at fair value on the date of acquisition. Subsequent changes in fair value of the contingent consideration are recognised, unless this is an equity instrument. Contingent considerations classified as equity are not remeasured, and subsequent settlements are charged to equity. Inter-company transactions, balances and unrealised gains and losses on transactions between Group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
Disposal of subsidiaries When the Group ceases to have control any retained interest in the entity is re-measured to its fair value at the date when control is lost, with the change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20664": {
"value": "Changes in ownership interests in subsidiaries without change of control Transactions with non-controlling interests in subsidiaries that do not result in loss of control are treated as equity transactions. In the event of further acquisitions, the difference between the consideration and the shares' proportional share of the carrying amount of net assets in the subsidiary is charged to shareholders\u2019 equity in the parent company. Gain or loss on the sale to non-controlling interests is correspondingly charged to equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20793": {
"value": "Joint arrangements The Group has applied IFRS 11 to all joint arrangements with restatement of comparatives. The investments in Pelagia should be considered as joint ventures. Joint ventures are accounted for using the equity method, whereas the joint operation is accounted for by proportional consolidation. When the Group\u2019s share of losses in a joint venture equals or exceeds its interests in the joint ventures (which includes any long-term interests that, in substance, form part of the Group\u2019s net investment in the joint ventures), the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint ventures. Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group\u2019s interest in the joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of the joint ventures have been changed where necessary to ensure consistency with the policies adopted by the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20825": {
"value": "SEGMENT REPORTING Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the board of directors that makes strategic decisions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20838": {
"value": "FOREIGN CURRENCY TRANSLATION Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\"the functional currency\"). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company\u2019s functional and presentation currency.
Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement, except when deferred in other comprehensive income as qualifying cash flow hedges and qualifying net investment hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the income statement within \"finance income or costs\". All other foreign exchange gains and losses are presented in the income statement within \"Other (losses)/ gains \u2013 net\". Group companies The results and financial position of all the Group entities (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: i. assets and liabilities for each balance sheet date presented are translated at the closing rate at the date of that balance sheet; ii. income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); and iii. all resulting exchange differences are recognised in other comprehensive income. When a foreign operation is disposed of, exchange differences that were recorded in equity are recognised in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at closing rate. Exchange differences arising are recognised in other comprehensive income. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20841": {
"value": "Functional and presentation currency Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (\"the functional currency\"). The consolidated financial statements are presented in Norwegian Kroner (NOK), which is the parent company\u2019s functional and presentation currency.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20929": {
"value": "REVENUE RECOGNITION Revenue comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the Group\u2019s activities. Revenue is shown net of value-added tax, returns, rebates and discounts and after eliminated sales within the Group. The Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when specific criteria have been met for each of the Group\u2019s activities as described below. The amount of revenue is not considered to be reliably measurable until all contingencies relating to the sale have been resolved. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement. Operating revenues from contracts with customers as defined in IFRS 15 are recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and specific information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods. Sales of goods Sales of goods are recognised when a Group entity has delivered products to the customer, the customer has accepted the goods and when the risks and rewards related to the goods have been transferred to the customer. Dividend income Dividend income is recognised when the right to receive payment is established.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20987": {
"value": "CURRENT AND DEFERRED INCOME TAX The tax expense for the period comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries where the company\u2019s subsidiaries and associates operate and generate taxable income. The management continuously assesses the statements made in the tax return in situations where prevailing tax legislation is subject to interpretation. Based on the management's assessment, provisions are made for expected tax payments when deemed necessary. Deferred income tax is provided in full at nominal values, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. Deferred tax is calculated on temporary differences from investments in subsidiaries, associated companies and jointly controlled operations, with the exception of situations where the Group has control over the timing of the reversal of the temporary differences and it is probable that these differences will not be reversed in the foreseeable future. The Group is not normally able to gain control over the reversal of temporary differences for associated companies. This would only be the case if an agreement had been signed enabling the Group to control reversal of temporary differences. Deferred tax is recognised for temporary differences related to the actual investment in subsidiaries, associated companies and jointly controlled operations when it is no longer probable that the difference will not be reversed at a later date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21064": {
"value": "GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21066": {
"value": "GOODWILL Goodwill arises on the acquisition of subsidiaries and represents the excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the identifiable net assets acquired. If the total of consideration transferred, non- controlling interest recognised and previously held interest measured at fair value is less than the fair value of the net assets of the subsidiary acquired, in the case of a bargain purchase, the difference is recognised directly in the income statement. For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each of the
CGUs, or Groups of CGUs, that is expected to benefit from the synergies of the combination. Each unit or Group of units to which the goodwill is allocated represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. Goodwill is monitored at the operating segment level. Goodwill impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. The carrying value of the CGU containing the goodwill is compared to the recoverable amount, which is the higher of value in use and the fair value less costs of disposal. Any impairment is recognised immediately as an expense and is not subsequently reversed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21129": {
"value": "LICENCES/QUOTAS Intangible assets with an indefinite useful life are not amortised, but tested for impairment once a year as a minimum. Reference is made to the Note 10 on intangible assets for information on impairment tests. All licenses are distributed to the Group companies by the Government, and as such the licenses are at all-time subject to each country\u2019s fishing and fish farming quota regulations. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note 10. A more detailed explanation supporting the assessment that the assets have an indefinite useful life is provided in note 10. BRAND/TRADEMARKS Brands acquired, separately, or as part of a business combination are capitalised as a brand if it meets the definition of an intangible asset and the recognition criteria are satisfied. Brand acquired as part of a business combination are valued at fair value based on valuation done by external valuation experts. Brands assessed to have an indefinite useful life are not amortized but reviewed for impairment not less than annually frequently if events or changes in circumstances indicate that the carrying amount may have decreased.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21169": {
"value": "PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS Fixed assets and all leases shall be recognised in the statement of financial position. Leased operating assets are designated as \u201cright-of-use assets\u201d. The Group has chosen to disclose right-of- use assets as a separate item in the statement of financial position.
Property, plant and equipment Property, plant and equipment are recognised at cost less accumulated depreciation and any impairment loss. The same applies to right-of-use assets. Cost may also include transfers from equity for any gains or losses on cash flow hedges of foreign currency purchases of property, plant and equipment. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset when it is likely that future economic benefits associated with the cost will flow to the Group and the cost can be measured reliably. Other repair and maintenance costs are charged to the income statement in the period in which they are incurred. Depreciation linked to property, plant and equipment is allocated on a straight-line basis over the expected useful life (depreciation period). Material parts of assets that have different depreciation periods are broken down into components and depreciated separately (component depreciation). Depreciation linked to right- of-use assets is allocated on a straight-line basis over the lease term. Any extension options likely to be exercised are included in the lease term. Land is not depreciated. Buildings mainly comprise factories and offices. The assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement as other gains and losses.
PROPERTY, PLANT, EQUIPMENT AND RIGHT-OF-USE ASSETS Fixed assets and all leases shall be recognised in the statement of financial position. Leased operating assets are designated as \u201cright-of-use assets\u201d. The Group has chosen to disclose right-of- use assets as a separate item in the statement of financial position.
Right-of-use assets For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a significant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than NOK 50 000 each. Rent paid on non-recognised leases are presented in the note 23. The group distinct between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the definition of NIBD. See note 23 for further information.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21202": {
"value": "Depreciation linked to property, plant and equipment is allocated on a straight-line basis over the expected useful life (depreciation period). Material parts of assets that have different depreciation periods are broken down into components and depreciated separately (component depreciation). Depreciation linked to right- of-use assets is allocated on a straight-line basis over the lease term. Any extension options likely to be exercised are included in the lease term. Land is not depreciated. Buildings mainly comprise factories and offices. The assets\u2019 residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at each balance sheet date. An asset\u2019s carrying amount is written down to its recoverable amount if the asset\u2019s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in the income statement as other gains and losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21277": {
"value": "IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at each reporting date.
Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
IMPAIRMENT OF NON-FINANCIAL ASSETS Assets that have an indefinite useful life are not subject to amortisation and are tested annually for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash- generating units). Non-financial assets, other than goodwill, that have been impaired are reviewed for possible reversal of the impairment at each reporting date.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21305": {
"value": "FINANCIAL ASSETS Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
(b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s loans and receivables comprise \"trade and other receivables\" and cash and cash equivalents in the balance sheet (note 9). (c) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
FINANCIAL ASSETS Classification The Group classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available for sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition. (a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
(b) Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s loans and receivables comprise \"trade and other receivables\" and cash and cash equivalents in the balance sheet (note 9). (c) Available-for-sale financial assets Available-for-sale financial assets are non-derivatives that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months of the balance sheet date. Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
(a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21320": {
"value": "(a) Financial assets at fair value through profit or loss Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short term. Derivatives are classified as held for trading (see section \"Derivative financial instruments and hedging activities\"). Assets in this category are classified as current assets if expected to be settled within 12 months, otherwise they are classified as non-current.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21362": {
"value": "Recognition and measurement Regular purchases and sales of financial assets are recognised on the trade-date \u2013 the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit and loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Group has transferred substantially all risks and rewards of ownership. Available- for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Changes in the fair value of monetary securities denominated in a foreign currency and classified as available for sale are analysed between translation differences resulting from changes in amortised cost of the security and other changes in the carrying amount of the security. The translation differences on monetary securities are recognised in profit or loss; translation differences on non-monetary securities are recognised in equity. Changes in the fair value of monetary and non-monetary securities classified as available for sale are recognised in other comprehensive income. When securities classified as available for sale are sold or impaired, the accumulated fair value adjustments recognised in equity are included in the income statement as \"gains and losses from investment securities\". Interest on available-for-sale securities calculated using the effective interest method is recognised in the income statement as part of other financial income. Dividends on available-for sale equity instruments are recognised in the income statement as part of other income when the Group\u2019s right to receive payments is established. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is a legally enforceable right to offset the recognised amounts and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the company or the counterparty. The fair values of quoted investments are based on current bid prices. If the market for a financial asset is not active (and for unlisted securities), the Group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s length transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, and option pricing models, making maximum use of market inputs and relying as little as possible on entity-specific inputs. The Group assesses at each balance sheet date whether there is objective evidence that a financial asset or a Group of financial assets is impaired.
For debt securities, if any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. If, in a subsequent period, the fair value of a debt instrument classified as available for sale increases and the increase can be objectively related to an event occurring after the impairment loss was recognised in profit or loss, the impairment loss is reversed through the consolidated income statement. For equity investments, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists the cumulative loss \u2013 measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in profit or loss \u2013 is removed from equity and recognised in profit or loss. Impairment losses recognised in the consolidated income statement on equity instruments are not reversed through the consolidated income statement.
ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
Onerous contracts are contracts where the expenses of fulfilling the contracts are higher than the economic yield the company expects to gain by fulfilling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to fulfil the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be defined as onerous contracts, even if the contractual price is higher than the production costs for the products. At the end of the period, the management will evaluate whether contracts are onerous contracts by estimating the value of the commitment per contract. This evaluation is based on a number of premises and estimates. The estimate includes all contracts involving the sale of salmon and trout, where the fish have been produced by the Group. For contracts where the product to be delivered has a higher degree of processing than gutted fish, the contractual price is converted to a price per kilo gutted weight based on estimated yield for the different product types and normal processing costs in accordance with the Group's calculations. All contractual prices are translated to Norwegian kroner. For contracts that contain different product types, a weighted price is estimated. The weighted price per contract is then compared with an estimated benchmark price per month. This price corresponds to the price applied as a starting point for valuation of the biological assets, and is based on forward prices from Fish Pool, adjusted for export margin and transport from fish farm to Oslo. A provision is recognised on the balance sheet. The provision is classified as other short-term debt. As the financial statements also present production costs for the stock of live fish, the reporting of mortality is of significance. Costs related to abnormal mortality are immediately recognised through profit or loss and presented on the line for changes in inventory, while normal waste is classified as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming number of fish at the locality, this is classified as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the fish. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
PROVISIONS Provisions (for e.g. environmental improvements, restructuring and legal claims) are recognised when: \u2022 a legal or self-imposed liability exists as a result of previous events; \u2022 it is more likely than not that the liability will be settled in the form of a transfer of economic resources; \u2022 the size of the liability can be estimated with a sufficient level of reliability. Provisions for restructuring costs comprise termination fees for lease contracts and severance pay for employees. No provisions are made for future operating losses. If several liabilities of the same character exist, the probability of settlement being made is determined for the liabilities as a group. Provisions for the group of liabilities are recognised even if the probability of settlement related to the individual liabilities in the group may be low. Provisions are measured as the current value of expected payments required to clear the liability. A discount rate is applied before tax that reflects the current market situation and the specific risk for the liability. Any increase in a liability caused by a change in time value is recognised as a financial expense.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21802": {
"value": "ACCOUNTS RECEIVABLE Accounts receivable are measured at fair value on the transaction date, and will usually correspond to the nominal value of the receivable. On subsequent measurement, accounts receivable are
valued at nominal value minus provisions for loss. Provisions for loss are recognised when there are objective indications that the Group will not receive settlement in accordance with the original terms. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the account receivable is impaired. The amount of the provision is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement within \"other operating expenses\". When a trade receivable is uncollectable, it is written off against the allowance account for trade receivables. Subsequent recoveries of amounts previously written off are credited against \"selling and marketing costs\" in the income statement.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21860": {
"value": "SHARE CAPITAL AND SHARE PREMIUM Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Where any Group company purchases the company\u2019s equity share capital (treasury shares), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the company\u2019s equity holders until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the company\u2019s equity holders.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21883": {
"value": "EMPLOYEE BENEFITS Termination benefits Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21887": {
"value": "Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal; or providing termination benefits as a result of an offer made to encourage voluntary redundancy. Benefits falling due more than 12 months after the balance sheet date are discounted to present value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21907": {
"value": "LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21909": {
"value": "LIABILITIES TO CREDIT INSTITUTIONS AND OTHER BORROWINGS Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21913": {
"value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21914": {
"value": "Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date. Borrowing costs incurred for the construction of any qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use. Other borrowing costs are expensed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21964": {
"value": "DIVIDEND DISTRIBUTION Dividend distribution to the Company\u2019s shareholders is recognised as a liability in the Group\u2019s financial statements when the dividends are approved by the Company\u2019s shareholders.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21975": {
"value": "DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES Derivative financial instruments are registered in the balance sheet at fair value at the time of contract and are subsequently adjusted to current fair values. Registration of associated gains/ losses depends on whether the derivative is regarded as a hedging instrument, and if so, what type of hedging. The Group classifies derivatives as either a) hedges of fair value of recognised assets or liabilities of a firm commitment (fair value hedge); or b) hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents at the inception of the transaction the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions. The Group also documents its assessment, both at hedge inception and on the ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items.
Fair values of derivative instruments used for hedging are disclosed in Note 12. Fair value of a hedging derivative is classified as fixed assets or long-term liability if the hedging object matures in more than 12 months, and as current assets or short- term liabilities if the hedging object matures in less than 12 months.
losses previously deferred in equity are
transferred from equity and included in
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The Group only applies fair value hedge accounting for hedging fixed interest risk on borrowings. The gain or loss relating to the effective portion of interest rate swaps hedging fixed rate borrowings is recognised in the income statement within \"finance costs\". The gain or loss relating to the ineffective portion is recognised in the income statement within \"other gains/(losses) \u2013 net\". Changes in the fair value of the hedge fixed rate borrowings attributable to interest rate risk are recognised in the income statement within \"finance costs\". If the hedge no longer meets the criteria for hedge accounting, the adjustment to the carrying amount of a hedged item for which the effective interest method is used is amortised to profit or loss
over the period to maturity.
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognised in other comprehensive income. The gain or loss relating to the ineffective portion is recognised immediately in the income statement within \"other gains/ (losses) \u2013 net\". Amounts accumulated in equity are reclassified to profit or loss in the periods when the hedged item affects profit or loss (for example, when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in the income statement within \"finance income/cost\". However, when the forecast transaction that is hedged results in the recognition of a non-financial asset, the gains and the initial measurement of the cost of the asset. The deferred amounts are ultimately recognised in cost of goods sold in the case of inventory or in depreciation in the case of fixed assets. When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the income statement within \"other gains/(losses) \u2013 net\".
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22052": {
"value": "equivalents. Cash flows resulting from
the disposal of operations are presented
CASH FLOW STATEMENT The Group\u2019s cash flow statement shows the overall cash flow broken down to operating, investing and financing activities. The cash flow is reported on the basis of the indirect method. The cash flow statement illustrates the effect of the various activities on cash and cash under investing activities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22053": {
"value": "equivalents. Cash flows resulting from
the disposal of operations are presented
CASH FLOW STATEMENT The Group\u2019s cash flow statement shows the overall cash flow broken down to operating, investing and financing activities. The cash flow is reported on the basis of the indirect method. The cash flow statement illustrates the effect of the various activities on cash and cash under investing activities.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22134": {
"value": "are disclosed, with the exception of
contingent liabilities where the probability
of the liability occurring is remote.
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22135": {
"value": "are disclosed, with the exception of
contingent liabilities where the probability
of the liability occurring is remote.
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22136": {
"value": "are disclosed, with the exception of
contingent liabilities where the probability
of the liability occurring is remote.
CONTINGENT ASSETS AND LIABILITIES Contingent liabilities are not recognised in the annual financial statements apart from contingent liabilities which are acquired through the acquisition of an entity. Significant contingent liabilities Contingent liabilities acquired upon the purchase of operations are recognised at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognised in the income statement. A contingent asset is not recognised in the financial statements, but is disclosed if there is a certain level of probability that a benefit will accrue to the Group.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f22264": {
"value": "EARNINGS PER SHARE Earnings per share is calculated by the profit attributable to equity holders of the company of the result for the period being divided by a time-weighted average of ordinary shares for the period. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXFFDC03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}