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"decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-931": { "value": "3873091000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-932": { "value": "29060000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-933": { "value": "-77494000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": 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-3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-942": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-943": { "value": "369416000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsInSubsidiaryOrBusinessesAcquiredOrDisposed2013", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-944": { "value": "318705000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-945": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-946": { "value": "785271000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-947": { "value": "3031412000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-948": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-949": { "value": "318705000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-950": { "value": "785271000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-951": { "value": "2712707000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-952": { "value": "9754227000", "decimals": -3, "dimensions": { "concept": "ifrs-full:UndrawnBorrowingFacilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-953": { "value": "8133813000", "decimals": -3, "dimensions": { "concept": "ifrs-full:UndrawnBorrowingFacilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-954": { "value": "NOTE 1.1 General information
SalMar ASA is a listed public limited liability company, registered and
domiciled in Norway. The company's shares are listed on the Oslo Stock Exchange. The company's head office is located at Industriveien 51, 7266 Kverva , in the municipality of Fr\u00f8ya. SalMar's consolidated financial statements of 31 December 2023 and for the year as a whole is comprised of SalMar ASA and its subsidiaries, as well as the Group's share of associates and joint venture accounted for using the equity method. The Group operates in Norway, Iceland and Asia, and has operations in Scotland through an associate. The annual financial statements were formally approved by the Board of Directors on 12 April 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "SalMar ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-991": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1017": { "value": " Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-993": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-992": { "value": "Industriveien 51, 7266 Kverva ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-994": { "value": "The Group operates in Norway, Iceland and Asia, and has operations in Scotland through an associate. ", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-995": { "value": "
The annual financial statements were formally approved by the Board
of Directors on 12 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-955": { "value": "NOTE 1.2 Basis of preparation SalMar's consolidated financial statements is comprised of the state- ment of profit or loss, statement of other comprehensive income, balance sheet, statement of changes in equity and Statement of Cash Flows. The consolidated financial statements have been pre- pared in accordance with IFRS\u00ae Accounting Standards and inter- pretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS as adopted by EU. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) at 31 December 2023, as well as disclosure requirements pursuant to the Norwegian Accounting Act as at 31 December 2023. Significant accounting principles relating to specific accounting lines and accounting items are described in the introduction to the relevant notes. The consolidated financial statements are presented in Norwegian kroner (NOK). The financial statements have been prepared on a his- torical cost basis, except for the following: \u2022 Biological assets \u2013 measured at fair value (Note 3.6) \u2022 Financial derivatives - measured at fair value (Note 3.8) \u2022 Other shares and securities \u2013 measured at fair value (Note 3.8) New and amended standards adopted by the group The Group applied for the first-time certain standards and amend- ments, which are effective for annual periods beginning on or after 1 January 2023. The Group has not early adopted any other stand- ard, interpretation or amendment that has been issued but is not yet effective. Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2 The amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements provide guidance and examples to help enti- ties apply materiality judgements to accounting policy disclosures. The amendments have had an impact on the Group\u2019s disclosures of accounting policies, but not on measurement, recognition or presenta- tion of any items in the Group\u2019s financial statements. Definition of Accounting Estimates - Amendments to IAS 8 The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correc- tion of errors. The amendments had no impact on the Group\u2019s consol- idated financial statements. New standards and interpretations not yet adopted At the end of 2023 there are some amendments to existing standards that are not yet effective. There are no amendments that is expected to have a significant impact on the Group's financial statements", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-990": { "value": "The consolidated financial statements have been pre- pared in accordance with IFRS\u00ae Accounting Standards and inter- pretations issued by the IFRS Interpretations Committee (IFRS IC) applicable to companies reporting under IFRS as adopted by EU. The financial statements comply with IFRS as issued by the International Accounting Standards Board (IASB) at 31 December 2023, as well as disclosure requirements pursuant to the Norwegian Accounting Act as at 31 December 2023", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1018": { "value": "
NOTE 1.3 Principles of consolidation
The acquisition method of accounting is used to account for business combinations by the group. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are decon- solidated from the date that control ceases. The entity perspective is applied in connection with acquisitions where control is established. The exception is goodwill, where for each acquisition it is optional whether to recognise the controlling owners' share or 100 %. In the cases where the fair value of the acquired assets exceeds the amount paid, the difference is treated as income in profit and loss. Inter-company transactions, balances and unrealised gains on trans- actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-956": { "value": "NOTE 1.3 Principles of consolidation SalMar's consolidated financial statements encompass SalMar ASA and its subsidiaries as at 31 December 2023. Subsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activ- ities of the entity. If the Group has a majority of the voting rights in an entity, the entity is presumed to be a subsidiary of the Group. To substantiate this presumption, and where the Group does not hold a majority of the voting rights, the Group considers all relevant facts and circumstances to determine whether the Group has control over the entity in which it has invested. This includes assessing the size of its shareholding, its voting share, the shareholder structure and its relative strength therein, as well as options controlled by the Group, shareholder agreements or other agreements. This assessment is performed for each investment. A reassessment is performed when facts and circumstances indicate that changes have taken place in one or more of the factors determining control . The acquisition method of accounting is used to account for business combinations by the group. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are decon- solidated from the date that control ceases. The entity perspective is applied in connection with acquisitions where control is established. The exception is goodwill, where for each acquisition it is optional whether to recognise the controlling owners' share or 100 %. In the cases where the fair value of the acquired assets exceeds the amount paid, the difference is treated as income in profit and loss. Inter-company transactions, balances and unrealised gains on trans- actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group . Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any dif- ference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a sep-arate reserve within equity attributable to owners of SalMar ASA. When the Group no longer has control, any remaining shareholding is measured at fair value, with changes in value recognised through profit and loss. In connection with its future recognition as an invest- ment, associate, jointly controlled entity or financial asset, fair value is deemed to equal acquisition cost. Amounts which were previously recognised in OCI with respect to this company are treated as if the Group had divested the underlying assets and liabilities. This may mean that amounts which have previously been recognised in OCI are reclassified to profit and loss .", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1034": { "value": "NOTE 1.3 Principles of consolidation The acquisition method of accounting is used to account for business combinations by the group. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are decon- solidated from the date that control ceases. The entity perspective is applied in connection with acquisitions where control is established. The exception is goodwill, where for each acquisition it is optional whether to recognise the controlling owners' share or 100 %. In the cases where the fair value of the acquired assets exceeds the amount paid, the difference is treated as income in profit and loss. Inter-company transactions, balances and unrealised gains on trans- actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1052": { "value": "NOTE 1.3 Principles of consolidation Inter-company transactions, balances and unrealised gains on trans- actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1063": { "value": "NOTE 1.3 Principles of consolidation
Non-controlling interests in the results and equity of subsidiaries
are shown separately in the consolidated statement of profit or loss,
statement of comprehensive income, statement of changes in equity
and balance sheet respectively.
The group treats transactions with non-controlling interests that do
not result in a loss of control as transactions with equity owners of
the group. A change in ownership interest results in an adjustment
between the carrying amounts of the controlling and non-controlling
interests to reflect their relative interests in the subsidiary. Any dif-
ference between the amount of the adjustment to non-controlling
interests and any consideration paid or received is recognised in a sep-
arate reserve within equity attributable to owners of SalMar ASA.
When the Group no longer has control, any remaining shareholding is measured at fair value, with changes in value recognised through profit and loss. In connection with its future recognition as an invest- ment, associate, jointly controlled entity or financial asset, fair value is deemed to equal acquisition cost. Amounts which were previously recognised in OCI with respect to this company are treated as if the Group had divested the underlying assets and liabilities. This may mean that amounts which have previously been recognised in OCI are reclassified to profit and loss .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1091": { "value": "Subsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activ- ities of the entity. If the Group has a majority of the voting rights in an entity, the entity is presumed to be a subsidiary of the Group. To substantiate this presumption, and where the Group does not hold a majority of the voting rights, the Group considers all relevant facts and circumstances to determine whether the Group has control over the entity in which it has invested. This includes assessing the size of its shareholding, its voting share, the shareholder structure and its relative strength therein, as well as options controlled by the Group, shareholder agreements or other agreements. This assessment is performed for each investment. A reassessment is performed when facts and circumstances indicate that changes have taken place in one or more of the factors determining control . The acquisition method of accounting is used to account for business combinations by the group. Subsidiaries are fully consolidated from the date on which control is transferred to the group. They are decon- solidated from the date that control ceases. The entity perspective is applied in connection with acquisitions where control is established. The exception is goodwill, where for each acquisition it is optional whether to recognise the controlling owners' share or 100 %. In the cases where the fair value of the acquired assets exceeds the amount paid, the difference is treated as income in profit and loss. Inter-company transactions, balances and unrealised gains on trans- actions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group . Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or loss, statement of comprehensive income, statement of changes in equity and balance sheet respectively. The group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any dif- ference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a sep-arate reserve within equity attributable to owners of SalMar ASA. When the Group no longer has control, any remaining shareholding is measured at fair value, with changes in value recognised through profit and loss. In connection with its future recognition as an invest- ment, associate, jointly controlled entity or financial asset, fair value is deemed to equal acquisition cost. Amounts which were previously recognised in OCI with respect to this company are treated as if the Group had divested the underlying assets and liabilities. This may mean that amounts which have previously been recognised in OCI are reclassified to profit and loss Accounting policies Income from the sale of goods comes mainly from the sale of fresh whole Atlantic salmon and a wide selection of fresh and frozen salmon products, either on spot sales or from contracts. Income from the sale of services mainly relates to the sale of harvesting services. Revenue is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for these goods. This is typically when the goods are picked up by the carrier or on delivery to a terminal or the customer. This depends on the delivery conditions and varies from customer to customer. The normal credit period is 30 days net. Income from harvesting services is recognised as income as the services are provided. For further details, see Note 2.1 for operating revenues relating to the Group's business segments. Accounting policies The Group has a share-based incentive scheme, whereby the compa- nies receive services from the employees in return for Restricted Share Units (RSUs) in the Group. The fair value of the services received by the business units from the employees in return for the RSU entitlements awarded is recognised as an expense. The fair value of RSU entitlements is established when they are granted. The fair value of RSU entitlements that are not at mar- ket terms are valued at the share price in effect when the RSUs are granted. The probability of the performance criteria being met is considered when assessing how many RSU entitlements will be redeemed. The fair value of RSU entitlements that are not at market terms is calculated using a Monte-Carlo simulation. The value is established when they are granted and charged in profit and loss over the RSU's vesting period, with a corresponding increase in paid-in equity. Employers' national insurance contributions are recognised over the vesting period Accounting policies The Group has a defined-contribution pension scheme for its employ- ees. The company pays contributions to a privately held insurance plan and under this scheme, it has no further payment obligation once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Social security costs are charged based on the contribution paid Accounting policies Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of capitalised operating assets reduce the carrying amount of the assets. The grant is then recognised in profit or loss over the useful life of the depreciable asset by way of reduced depreciation charge Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Accounting policies Intangible assets acquired separately are measured on initial recog- nition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with a limited economic life are amortised over the economic useful life. Impairments of intangible assets are recognised in the extend of which the carrying amount of the asset exceeds its recoverable amount. Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation . Fish-farming licences Licences acquired by the Group are capitalised at cost. Fish-farming licences are deemed to have an indefinite useful life and are not amortised, but are tested annually for impairment or more frequently if there is indication of impairment, see Note 3.2 for further information. Norway Licences that the Group owns are capitalised at cost. Licences granted in Norway are deemed to have an indefinite usable life and are there- fore not amortised, but tested annually for impairment. The exception is time-limited licences, which are depreciated over their remaining life. Any value identified in connection with the acquisition of licences is capitalised as an intangible asset. Iceland The sea farming licences in Iceland are issued, in accordance with the current regulations, with a nominal lifespan of 16 years. The licences will be renewed if the applicant meets the requirements set pursuant to statute and regulation at the time the licence comes up for renewal. A small fee must be paid for the licence renewal. This means that sea farming licences are operated in a 16-year rolling lifespan system, where the licences are renewed every 16th year. The Groups judgment is that the fish-farming licences on Iceland, which are capitalized, will not be amortised, but tested annually for impairment. Goodwill When the company assumes control over a separate business entity for a consideration that exceeds the fair value of the individual assets and liabilities assumed, the difference is entered as goodwill in the statement of financial position. Goodwill deriving from purchases of subsidiaries is presented under intangible assets. Goodwill is not depreciated but is tested for impairment annually and when there are indications that its value is lower than the carrying amount. When assessing the need to write-down goodwill, this is assigned to relevant cash flow generating units or groups, which are expected to benefit from the acquisition. See Note 3.2 for further information. Accounting policies Annually or upon indication, each cash generating unit, is tested for impairment. If the recoverable amount of a cash generating unit is estimated to be less than the carrying amount of the net assets of the cash generating unit, impairment to the recoverable amount is recognised. The Group has substantial assets with indefinite lives in the form of licences and goodwill. The licences are subject to impairment testing in combination with goodwill in the annual test. Assets that are subject to amortization are reviewed for impairment whenever there are indications that future earnings do not justify the carrying value. SalMar has identified the Group's business segments as cash generating units. In connection with acqui - sitions, goodwill and intangible assets are allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination. The cash generating units are the lowest level in which independent cash flows can be identified, and no higher than the Group's business segments based on the geographic distribution of its sea farming operations in Norway, the segments Fish Farming Central Norway and Fish Farming Northern Norway, Sales & Industry, Icelandic Salmon and SalMar Aker Ocean. Impairment testing is carried out by calculating the net present value of estimated future cash flows (value in use) for the cash-generating unit and comparing the net present value of the cash flow towards the carrying amount of net assets held by the cash-generating unit. The cash flow used in the calculations represents the management\u2019s best estimate at the time of reporting. If the carrying amount is higher than the calculated value in use, the assets are considered impaired. The estimated cash flow is based on the assumption of continued operation. Value in use is calculated by estimating future cash flows, based on approved budgets and forecasts. Cash flow growth after the last year in the calculation is assumed to equal the expected rate of inflation. Cash flows are discounted by a rate of interest before tax which takes account of relevant market risk. If the calculated value in use is less than the carrying amount of the cash flow-generating entity, goodwill is impaired first and then other assets as required Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate Accounting policies The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset is depreciated over the estimated useful life of the asset. Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. This applies to some of the groups lease arrangements of wellboats and service boats, where crew and other service elements are included in the contract. The cost related to service elements not defined as lease, are expensed in the period they occur. The lease liabilities at commencement date are measured at the pres- ent value of the lease payments. The lease payments are discounted using the Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in the calculation of the lease liability and asset. Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 Accounting policies Inventory and biological assets Live fish are recognised at fair value less sales costs. Other inventory is comprised of feed, packaging materials, roe, fry, smolt, cleaner fish and finished goods. Inventories of goods are meas- ured at the lowest of cost and net realisable value. The cost of finished goods includes direct material costs, direct per- sonnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost is based on the principle of first-in first-out. Biological assets Live fish are accounted for in accordance with IAS 41 Agriculture. The general rule is that such assets are measured at fair value less sales costs. Fair value is measured in accordance with IFRS 13 within level 3, based on factors not drawn from observable markets. Changes in value are recognised and classified under fair value adjustments in Consolidated statement of profit and loss. Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value of biological assets held at the Group's sea farms is calculated using a model based on future cash flow. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the reporting date. Present value is estimated for the biomass at each site. Incoming cash flows are calculated as the estimated biomass at har- vest multiplied by the price expected to be achieved at the same time. The estimated biomass (volume) at harvest is calculated on the basis of the number of individual fish held at sea farms on the reporting date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is calculated using the Fish Pool forward price for the esti- mated harvesting date that was in effect on the reporting date. Forward prices are adjusted for an exporter supplement, as well as harvesting, sales and well-boat costs. In addition, an adjustment is made to take account of expected differences in fish quality. The price is also reduced by production tax. Se further information in note 2.6. The price adjustments are made at the site level. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated on the basis of price expectations obtained from industry analysts. Estimated remaining production costs are estimated costs that a rational person would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for licence fees and site rent are included in the discount factor, and thereby reduces the fair value of the biomass. The fair value of the biomass is calculated using a monthly discounting of the cash flow based on the harvest plan. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow 2. Hypothetical licence fees and site rental cost 3. Time value of money The discount factor is set on the basis of an average for all the Group's sites, which, in the Group's assessment, provides a sensible growth curve for the fish - from smolt to harvestable size. The risk adjustment must take into account the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognised. The present value model includes a the- oretical compensation for licence fees and site rent as an addition to the discount factor in the model, instead of being a cost-increasing factor in the calculation. A discount rate of 6.5 % per month has been used to calculate the fair value of biological assets for the Group's Norwegian operations. Correspondingly, a discount rate of 6 % per month was used in 2022. For the Group's operations in Iceland, a discount rate of 5 % per month was used both in 2023 and 2022. The discount rate reflects the biomass's capital cost, risk and synthetic licence fees and site rental charges. Change in margins as a result of changes in prices or cost, will cause a change in the synthetic licence fee and the discount rate. The increase in the discount rate in 2023 for the Norwegian oper- ation is based on higher forward prices and thereby an expectation of higher margins Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss Accounting principles The Group's receivables are recognised at amortised cost. Receivables in foreign currency are converted at the exchange rate at the time of the transaction. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The group uses a simplified method to calculate provisions for losses on trade receivables. The group uses credit insurance to secure its accounts receivable and makes provisions for expected losses on the excess that is not covered by the insurance. The group measures the provision for bad debts based on the expected credit loss over the remaining lifetime of the exposure, and not based on an expected loss of 12 months Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset . Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term Accounting policies Onerous contacts Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised as a liability is the difference between the market price at the balance sheet date plus costs to sell and the contract price. Changes in provisions are recognised in a separate line in the statement of profit and loss and are included in the operational profit Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1019": { "value": "Subsidiaries are all entities over which the group has control. The group controls an entity where the group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activ- ities of the entity. If the Group has a majority of the voting rights in an entity, the entity is presumed to be a subsidiary of the Group. To substantiate this presumption, and where the Group does not hold a majority of the voting rights, the Group considers all relevant facts and circumstances to determine whether the Group has control over the entity in which it has invested. This includes assessing the size of its shareholding, its voting share, the shareholder structure and its relative strength therein, as well as options controlled by the Group, shareholder agreements or other agreements. This assessment is performed for each investment. A reassessment is performed when facts and circumstances indicate that changes have taken place in one or more of the factors determining control ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-959": { "value": "
NOTE 1.4 Principles of classification
Changes in the fair value of biological assets are presented as fair
value adjustments and are included in the Group's operating profit/
loss. Fair value adjustments also includes changes in the unrealised
value of Fish Pool contracts. Operational EBIT is reported before fair
value adjustment, changes in onerous contracts and production tax in
the period in order to show the Group's underlying sales performance
during the period .
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1053": { "value": "Changes in the fair value of biological assets are presented as fair value adjustments and are included in the Group's operating profit/ loss. Fair value adjustments also includes changes in the unrealised value of Fish Pool contracts. Operational EBIT is reported before fair value adjustment, changes in onerous contracts and production tax in the period in order to show the Group's underlying sales performance during the period Accounting policies Inventory and biological assets Live fish are recognised at fair value less sales costs. Other inventory is comprised of feed, packaging materials, roe, fry, smolt, cleaner fish and finished goods. Inventories of goods are meas- ured at the lowest of cost and net realisable value. The cost of finished goods includes direct material costs, direct per- sonnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost is based on the principle of first-in first-out. Biological assets Live fish are accounted for in accordance with IAS 41 Agriculture. The general rule is that such assets are measured at fair value less sales costs. Fair value is measured in accordance with IFRS 13 within level 3, based on factors not drawn from observable markets. Changes in value are recognised and classified under fair value adjustments in Consolidated statement of profit and loss. Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value of biological assets held at the Group's sea farms is calculated using a model based on future cash flow. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the reporting date. Present value is estimated for the biomass at each site. Incoming cash flows are calculated as the estimated biomass at har- vest multiplied by the price expected to be achieved at the same time. The estimated biomass (volume) at harvest is calculated on the basis of the number of individual fish held at sea farms on the reporting date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is calculated using the Fish Pool forward price for the esti- mated harvesting date that was in effect on the reporting date. Forward prices are adjusted for an exporter supplement, as well as harvesting, sales and well-boat costs. In addition, an adjustment is made to take account of expected differences in fish quality. The price is also reduced by production tax. Se further information in note 2.6. The price adjustments are made at the site level. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated on the basis of price expectations obtained from industry analysts. Estimated remaining production costs are estimated costs that a rational person would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for licence fees and site rent are included in the discount factor, and thereby reduces the fair value of the biomass. The fair value of the biomass is calculated using a monthly discounting of the cash flow based on the harvest plan. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow 2. Hypothetical licence fees and site rental cost 3. Time value of money The discount factor is set on the basis of an average for all the Group's sites, which, in the Group's assessment, provides a sensible growth curve for the fish - from smolt to harvestable size. The risk adjustment must take into account the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognised. The present value model includes a the- oretical compensation for licence fees and site rent as an addition to the discount factor in the model, instead of being a cost-increasing factor in the calculation. A discount rate of 6.5 % per month has been used to calculate the fair value of biological assets for the Group's Norwegian operations. Correspondingly, a discount rate of 6 % per month was used in 2022. For the Group's operations in Iceland, a discount rate of 5 % per month was used both in 2023 and 2022. The discount rate reflects the biomass's capital cost, risk and synthetic licence fees and site rental charges. Change in margins as a result of changes in prices or cost, will cause a change in the synthetic licence fee and the discount rate. The increase in the discount rate in 2023 for the Norwegian oper- ation is based on higher forward prices and thereby an expectation of higher margins . Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBiologicalAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-957": { "value": "
NOTE 1.5 Functional currency and translation of foreign currencies
The consolidated financial statements are presented in Norwegian
kroner (NOK), which is the parent company's functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1020": { "value": "NOTE 1.5 Functional currency and translation of foreign currencies
Foreign currency transactions are translated into the functional cur-
rency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of
such transactions, and from the translation of monetary assets and
liabilities denominated in foreign currencies at year end exchange
rates, are generally recognised in profit or loss. They are deferred in
other comprehensive income if they relate to qualifying cash flow
hedges and qualifying net investment hedges.
The results and financial position of foreign operations that have
a functional currency different from the presentation currency are
translated into the presentation currency as follows:
a. assets and liabilities for each balance sheet presented
are translated at the closing rate at the date of that
balance sheet
b. income and expenses for each statement of profit or loss
and statement of comprehensive income are translated at
average exchange rates
c. all resulting exchange differences are recognised in other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-996": { "value": "
NOTE 1.6 Statement of Cash Flows
The Group's Statement of Cash Flows shows a breakdown of the
Group's overall cash flow into operating, investing and financing activi-
ties. The statement shows the individual activity's impact on liquid
assets. Cash flow deriving from the acquisition and sale of businesses
is presented under investing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-958": { "value": "NOTE 1.6 Statement of Cash Flows The Group's Statement of Cash Flows shows a breakdown of the Group's overall cash flow into operating, investing and financing activi- ties. The statement shows the individual activity's impact on liquid assets. Cash flow deriving from the acquisition and sale of businesses is presented under investing activities", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-960": { "value": "
NOTE 1.7 Use of estimates
Preparation of the financial statements in accordance with IFRS
requires management to make evaluations, estimates and assumptions
which affect the application of accounting principles and the value of
assets and liabilities recognised in the Consolidated balance sheet as
well as income and expenses in the Statement of profit or loss for the
financial year. Estimates and their underlying assumptions are based
on past experience and other factors deemed relevant and probable
at the time the evaluations are made. These evaluations affect the
book value of the assets and liabilities whose valuation is not based
on other sources. Estimates are reviewed continuously and final values
and results may differ from these estimates. Changes in accounting
estimates are included in the period in which the changes occur.
The following evaluations and estimates are considered to be sig-
nificant for the Group:
Fair value of the biomass
Biological assets held at the Group's sea farms are measured in accord-
ance with IAS 41. The principles for calculating fair value are described
in Note 3.6 \"Biological assets and other inventory\".
The valuation is based on a number of assumptions that require
considerable discretionary judgement. The key assumptions relate
to volume, costs, price and the discount rate.
The estimated volume at harvest is based on the number of fish held
at sea farms, adjusted for estimated growth and mortality from the
time the fish were transferred to the sea until they have actually
been harvested. The actual volume harvested may deviate from the
estimated volume as a result of biological developments. Uncertainty
with regard to biological developments may affect the date of harvest
and therefore the discounting period in the model.
Expected market prices underpin the measurement of fish at fair
value. The industry considers the Fish Pool forward price to be the
best estimate of market prices. Historically, the market price for fish
has proved susceptible to relatively large fluctuations from period
to period and between seasons. The price achieved will moreover,
differ depending on the size and quality of the fish at harvest. At
the same time, the date of harvest will depend on the fish's biological
development.
There is considerable uncertainty to the estimated remaining pro-
duction costs to harvest. Biological challenges, such as disease and
sea lice infestations, will affect fish-related costs. In addition, there
is uncertainty related to the price of other important input factors,
such as fish feed.
Expected future cash flows for the individual sites are discounted
by a monthly discount factor. The discount factor is comprised of
several elements (see Note 3.6 \"Inventory and biological assets\" for
further details). As described in Note 3.6, a synthetic licence fee and
site leasing cost is added to the discount factor in the model, instead
of these elements being treated as a cost in the calculation. In order
to engage in the farming of salmon, it is necessary to have access
to infrastructure in the form of production licences and sites. The
market price for a production licence in today's market is high, and it
is reasonable to assume that in a hypothetical market there would be
a considerable cost attached to use of the infrastructure and licences
necessary to operate an aquaculture business. This cost is reflected
as an element of the discount rate and will be subject to considerable
discretionary judgement.
Fair value at acquisition
In connection with an acquisition, the cost price of the acquired
entity must be allocated such that the opening balance in the
Group's accounts reflects the estimated fair value of the acquired
assets and liabilities. To determine the fair value at acquisition, alterna-
tive methods are used to determine the fair value of assets for which
there is no active market. Value excess identifiable assets and liabilities
is recognised in the Consolidated balance sheet as goodwill. If the
fair value of equity in the acquired entity exceeds the consideration
paid, the excess amount is immediately recognised as income. The
allocation of cost price in connection with business combinations is
updated if, no later than 12 months after the acquisition took place,
new information is obtained with respect to fair value on the date of
takeover and assumption of control.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-961": { "value": "NOTE 2.1 Business segments Accounting policies The Group's business areas comprise of Fish Farming, Sales & Industry and the Group's operations in Iceland which are reported as a separate unit and are defined as a separate segment. In addition, SalMar Aker Ocean, the Group's offshore farming is defined as a separate segment. Fish farming in Norway is divided into two regions, Fish Farming Central Norway and Fish Farming Northern Norway, which are defined as separate segments, and are reported and administered as such internally. The Group\u2019s hatchery operations are also included in these segments. The operating unit Icelandic Salmon, located in Iceland, is a fully integrated aquaculture company, with its own hatchery, sea farms, harvesting plant and sales force. This segment\u2019s combined results are reported through the business segment Icelandic Salmon. SalMar Aker Ocean is a partnership between SalMar (85 per cent ownership) and Aker (15 per cent) that specialise in offshore farming. The company has two semi-offshore units in operation, Ocean Farm 1 in Central Norway and Arctic Offshore Farming in Northern Norway. Group management evaluates the segments\u2019 performance on the basis of Operational EBIT. The column Other/Eliminations includes costs relating to share-based employee cost, R&D costs relating to jointly operated licences and other overheads not allocated to segments. In addition, it includes transaction costs from business combinations, restructuring cost and for 2022 costs incurred in the settlement of allegations of price collusion related to lawsuits in North America. Sales between segments are carried out in accordance with the arm\u2019s length principle. When revenues from external parties are reported to group management, they are measured at the same amount recognised in profit and loss. Assets and liabilities are not reported to group management at segment level
Fish Farming Fish Farming
Central Northern Sales & Icelandic SalMar Aker Other/
2023 (NOK 1,000) Norway Norway Industry Salmon Ocean
Eliminations
SalMar Group
External operating revenue - sale of goods and services
170,134
50,825
26,017,108
1,861,107
0
0
28,099,174
Internal operating revenue - sale of goods and services
12,128,520
7,829,649
1,057,997
1,284
172,834
-21,190,283
0
TOTAL revenues from contracts with customers
12,298,654
7,880,474
27,075,104
1,862,391
172,834
-21,190,283
28,099,174
Compensation
10,998
8,989
0
0
0
0
19,987
Other operating income
109,673
4,855
18,982
8,865
1
-42,989
99,387
Revenue and income
12,419,325
7,894,318
27,094,086
1,871,256
172,835
-21,233,272
28,218,548
Depreciation and amortisation
656,799
362,578
201,762
103,160
77,637
17,222
1,419,159
Write-downs
0
16
1,965
0
-7,543
38,633
33,071
Other operating expenses
7,150,100
4,129,703
26,636,056
1,537,896
155,313
-20,930,650
18,678,418
Operational EBIT
4,612,426
3,402,021
254,303
230,199
-52,572
-358,478
8,087,900
Production tax
-208,374
Onerous contracts
-237,346
Fair value adjustments
1,589,853
Fair value adjustment included in cost of goods sold due to business combination
-722,809
Operating profit/loss
8,509,224
Income from investments in associates and joint venture
-27,295
Net financial items
-1,202,608
Profit before tax
7,279,321
Tax
4,533,736
Profit for the year from continuing operations
2,745,585
Profit after tax from discontinued operations
656,594
Profit for the year
3,402,179
Investments in PP&E
957,299
561,041
357,222
294,138
98,114
997
2,268,811
Investments in right-to-use assets
723,657
38,379
0
9,132
0
0
771,169
Investments in licences
255,651
32,571
0
0
0
0
288,223
Fish Farming Fish Farming
Central Northern Sales & Icelandic SalMar Aker Other/
2022 (NOK 1,000) Norway Norway Industry Salmon Ocean
Eliminations
SalMar Group
External operating revenue - sale of goods and services
3,317
50,825
18,429,251
1,586,722
0
0
20,070,115
Internal operating revenue - sale of goods and services
8,831,134
4,830,067
675,897
7,402
0
-14,344,500
0
TOTAL revenues from contracts with customers
8,834,451
4,880,892
19,105,148
1,594,124
0
-14,344,500
20,070,115
Compensation
3,901
0
0
0
32,460
10
36,371
Other operating income
33,971
2,231
36,267
1,052
0
-21,728
51,793
Revenue and income
8,872,323
4,883,123
19,141,415
1,595,176
32,460
-14,366,219
20,158,279
Depreciation and amortisation
480,084
186,472
176,278
75,472
72,420
10,328
1,001,053
Write-downs
2,788
0
213
0
33,641
0
36,642
Other operating expenses
4,790,235
2,170,897
20,251,179
1,153,761
81,167
-13,791,227
14,656,013
Operational EBIT
3,599,217
2,525,754
-1,286,255
365,943
-154,769
-585,319
4,464,571
Production tax
-85,232
Onerous contracts
126,330
Fair value adjustments
515,887
Fair value adjustment included in cost of goods sold due to business combination
-283,398
Operating profit/loss
4,738,158
Income from investments in associates and joint venture
66,432
Net financial items
-242,558
Profit before tax
4,562,032
Tax
953,996
Profit for the year from continuing operations
3,608,036
Profit after tax from discontinued operations
107,372
Profit for the year
3,715,408
Investments in PP&E
1,291,718
244,919
280,340
168,200
265,565
14,265
2,265,008
Investments in PP&E through business combinations
999,317
1,121,628
163,367
195,909
0
99,259
2,579,479
Investments in right-to-use assets
49,107
56,313
5,220
28,148
3,509
0
142,296
Investments in right-to-use assets through business combinations
163,499
270,558
40,094
0
0
72,753
546,905
Investments in licences
50,000
0
0
2,812
0
0
52,812
Investments in licences through business combinations
2,968,852
4,293,183
0
3,857
0
0
7,265,892
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-997": { "value": "Accounting policies The Group's business areas comprise of Fish Farming, Sales & Industry and the Group's operations in Iceland which are reported as a separate unit and are defined as a separate segment. In addition, SalMar Aker Ocean, the Group's offshore farming is defined as a separate segment. Fish farming in Norway is divided into two regions, Fish Farming Central Norway and Fish Farming Northern Norway, which are defined as separate segments, and are reported and administered as such internally. The Group\u2019s hatchery operations are also included in these segments. The operating unit Icelandic Salmon, located in Iceland, is a fully integrated aquaculture company, with its own hatchery, sea farms, harvesting plant and sales force. This segment\u2019s combined results are reported through the business segment Icelandic Salmon. SalMar Aker Ocean is a partnership between SalMar (85 per cent ownership) and Aker (15 per cent) that specialise in offshore farming. The company has two semi-offshore units in operation, Ocean Farm 1 in Central Norway and Arctic Offshore Farming in Northern Norway. Group management evaluates the segments\u2019 performance on the basis of Operational EBIT. The column Other/Eliminations includes costs relating to share-based employee cost, R&D costs relating to jointly operated licences and other overheads not allocated to segments. In addition, it includes transaction costs from business combinations, restructuring cost and for 2022 costs incurred in the settlement of allegations of price collusion related to lawsuits in North America. Sales between segments are carried out in accordance with the arm\u2019s length principle. When revenues from external parties are reported to group management, they are measured at the same amount recognised in profit and loss. Assets and liabilities are not reported to group management at segment level ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-962": { "value": "
NOTE 2.2 Revenues from contracts with customers and material customers
Accounting policies
Income from the sale of goods comes mainly from the sale of fresh
whole Atlantic salmon and a wide selection of fresh and frozen salmon
products, either on spot sales or from contracts. Income from the
sale of services mainly relates to the sale of harvesting services.
Revenue is recognised when control of the goods is transferred to
the customer at an amount that reflects the consideration to which
the group expects to be entitled in exchange for these goods. This is
typically when the goods are picked up by the carrier or on delivery to
a terminal or the customer. This depends on the delivery conditions
and varies from customer to customer. The normal credit period is 30
days net. Income from harvesting services is recognised as income as
the services are provided.
For further details, see Note 2.1 for operating revenues relating to
the Group's business segments.
Specification of revenues (NOK 1,000)
2023
2022
Sale of goods
27,828,296
19,800,190
Sale of services
270,878
269,925
Total revenues from contracts
28,099,174
20,070,115
with customers
No individual customers have accounted for more than 10 per cent
of the Group's revenue in the past two years.
Specification of the Group\u2019s revenues by geographic market
2023
%
2022
%
Asia
6,433,961
22.9 %
4,729,240
23.6 %
USA/Canada
5,174,950
18.4 %
4,155,643
20.7 %
Europe, ex. Norway
9,716,399
34.6 %
8,369,116
41.7 %
Norway
6,444,116
22.9 %
2,269,477
11.3 %
Other
329,748
1.2 %
546,638
2.7 %
Total Revenues from contracts with customers
28,099,174
100.0 %
20,070,115
100.0 %
Specification of the Group\u2019s revenues by currency
2023
%
2022
%
NOK
8,406,400
29.9 %
4,318,522
21.5 %
JPY
1,223,998
4.4 %
1,046,147
5.2 %
GBP
289,588
1.0 %
253,989
1.3 %
USD
9,941,620
35.4 %
7,371,387
36.7 %
EUR
7,441,625
26.5 %
6,315,563
31.5 %
SEK
335,321
1.2 %
310,512
1.5 %
KRW
61,089
0.2 %
67,651
0.3 %
CAD
361,234
1.3 %
347,875
1.7 %
CHF
2,174
0.0 %
2,167
0.0 %
ISK
36,125
0.1 %
36,301
0.2 %
Total Revenues from contracts with customers
28,099,174
100.0 %
20,070,115
100.0 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-998": { "value": "NOTE 2.2 Revenues from contracts with customers and material customers Accounting policies Income from the sale of goods comes mainly from the sale of fresh whole Atlantic salmon and a wide selection of fresh and frozen salmon products, either on spot sales or from contracts. Income from the sale of services mainly relates to the sale of harvesting services. Revenue is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for these goods. This is typically when the goods are picked up by the carrier or on delivery to a terminal or the customer. This depends on the delivery conditions and varies from customer to customer. The normal credit period is 30 days net. Income from harvesting services is recognised as income as the services are provided. For further details, see Note 2.1 for operating revenues relating to the Group's business segments.
Specification of revenues (NOK 1,000)
2023
2022
Sale of goods
27,828,296
19,800,190
Sale of services
270,878
269,925
Total revenues from contracts
28,099,174
20,070,115
with customers
No individual customers have accounted for more than 10 per cent of the Group's revenue in the past two years.
Specification of the Group\u2019s revenues by geographic market
2023
%
2022
%
Asia
6,433,961
22.9 %
4,729,240
23.6 %
USA/Canada
5,174,950
18.4 %
4,155,643
20.7 %
Europe, ex. Norway
9,716,399
34.6 %
8,369,116
41.7 %
Norway
6,444,116
22.9 %
2,269,477
11.3 %
Other
329,748
1.2 %
546,638
2.7 %
Total Revenues from contracts with customers
28,099,174
100.0 %
20,070,115
100.0 %
Specification of the Group\u2019s revenues by currency
2023
%
2022
%
NOK
8,406,400
29.9 %
4,318,522
21.5 %
JPY
1,223,998
4.4 %
1,046,147
5.2 %
GBP
289,588
1.0 %
253,989
1.3 %
USD
9,941,620
35.4 %
7,371,387
36.7 %
EUR
7,441,625
26.5 %
6,315,563
31.5 %
SEK
335,321
1.2 %
310,512
1.5 %
KRW
61,089
0.2 %
67,651
0.3 %
CAD
361,234
1.3 %
347,875
1.7 %
CHF
2,174
0.0 %
2,167
0.0 %
ISK
36,125
0.1 %
36,301
0.2 %
Total Revenues from contracts with customers
28,099,174
100.0 %
20,070,115
100.0 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1021": { "value": "Accounting policies Income from the sale of goods comes mainly from the sale of fresh whole Atlantic salmon and a wide selection of fresh and frozen salmon products, either on spot sales or from contracts. Income from the sale of services mainly relates to the sale of harvesting services. Revenue is recognised when control of the goods is transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for these goods. This is typically when the goods are picked up by the carrier or on delivery to a terminal or the customer. This depends on the delivery conditions and varies from customer to customer. The normal credit period is 30 days net. Income from harvesting services is recognised as income as the services are provided. For further details, see Note 2.1 for operating revenues relating to the Group's business segments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-964": { "value": "
NOTE 2.3 Salary and personnel expenses:
Salary and personnel expenses:
NOK 1,000
2023
2022
Salaries and other short-term employee benefits
2,058,602
1,548,764
Social security expenses
157,358
117,907
Pension expenses
107,763
92,498
Employee share schemes charged to expenses
47,740
54,266
Other benefits
82,443
80,329
Total
2,453,907
1,893,764
Loans and guarantees granted to employees:
NOK 1,000
Loans
Guarantees
Employees
251
0
NOTE 2.4 Share-based incentive scheme Accounting policies The Group has a share-based incentive scheme, whereby the compa- nies receive services from the employees in return for Restricted Share Units (RSUs) in the Group. The fair value of the services received by the business units from the employees in return for the RSU entitlements awarded is recognised as an expense. The fair value of RSU entitlements is established when they are granted. The fair value of RSU entitlements that are not at mar- ket terms are valued at the share price in effect when the RSUs are granted. The probability of the performance criteria being met is considered when assessing how many RSU entitlements will be redeemed. The fair value of RSU entitlements that are not at market terms is calculated using a Monte-Carlo simulation. The value is established when they are granted and charged in profit and loss over the RSU's vesting period, with a corresponding increase in paid-in equity. Employers' national insurance contributions are recognised over the vesting period . Restricted Share Unit Plan (RSU): In accordance with the authorisation granted by the company's Annual General Meeting, SalMar ASA's Board of Directors has implemented a share-based incentive scheme (Restricted Share Unit Plan) for senior executives and key personnel employed by the company and its sub- sidiaries. As at 31 December 2023, the scheme encompassed up to 323,380 shares and has a term of three years. The company's board members do not receive RSUs, with the exception of those elected by the employees, who may take part in the programme in their capacity as employees. The company's obligations under the scheme will be covered by its existing holding of treasury shares. Participants of the plan are granted Restricted Share Units (RSUs) free of charge. These will be released and transferred as shares to participants after a vesting period subject to predefined performance criteria. The shares are then transferred to the employee free of charge. The plan comprises three vesting periods of, respectively, one, two and three calendar years. Each vesting period covers 1/3 of the total annual RSUs in the plan. One RSU affords a contingent entitlement to one share. The award of RSUs in each of the three vesting periods rests on the following performance criteria: \u2022 1/3 of the RSUs will vest irrespective of the performance criteria. \u2022 1/3 of the RSUs will vest provided that SalMar achieves a better EBIT/kg ratio than other aquaculture enterprises listed on the Oslo Stock Exchange during the vesting period. \u2022 1/3 of the RSUs will vest provided that SalMar\u2019s shares deliver a higher total shareholder return (TSR) than a defined group of comparable companies during the vesting period. The plan stipulates that RSUs will vest only if the participant is still an employee of the Group. The total gains from released RSUs dur- ing the course of one calendar year may not exceed 100 % of the participant\u2019s basic salary. The fair value of the RSU entitlements is calculated on the date they are granted. The total fair value of the entitlements as at 31 Decem- ber 2023 is calculated to be NOK 184.1million (2022: NOK 114.5 mil- lion). The cost is expensed over the vesting period, and a total of NOK 43.4 million was recognised in connection with the scheme in 2023 (2022: NOK 51.8 million). Provisions for employers' national insurance contributions in respect of the scheme have also been made. The expense is recognised to the extent that the performance criteria are met. The fair value of RSU entitlements that are not at market condition is set as the share price on the date the award was made. The probability of the performance criteria being met is taken into account when assessing how many RSU entitlements will be redeemed. When the 2023 award was formally made on 19 December 2023, the share price was NOK 571.44. (2022: NOK 379.60). The fair value of the RSU entitlements that are at market terms is calculated using a Monte-Carlo simulation. The most important input data when calculating the value of these RSU entitlements is the share price on the date the award was made, volatility, risk-free interest rate, expected yield and the vesting period. Based on the Monte-Carlo simulation, each RSU entitlement is worth NOK 556.89 for those awarded on 19 December 2023, NOK 289.99 for those awarded on 21 December 2022 and NOK 544.46 for those awarded on 20 December 2021. In 2023, 87,990 RSUs were exercised. The market price per share at the time the RSUs were exercised was NOK 569.05. Correspond- ingly, 118,075 RSUs were exercised in 2022. The market price per share on the date these RSUs were exercised was NOK 338.73. The value of the RSUs exercised is treated as a salary payment to the individual employee
Movements in the number of outstanding RSUs:
2023
2022
1 January
297,503
234,954
Granted during the year
162,394
184,859
Released during the year
-87,990
-118,075
Forfeited
-6,231
-11,623
Performance adjustment
-53,278
0
Dividend adjustment
10,982
7,388
31 December
323,380
297,503
Calculation of the year's award was based on the following parameters :
2023
2022
Grant date
19.12.2023
21.12.2022
Plan
2023
2022
Share price on date of issue
571.00
379.60
Weighted average fair values at the measurement date
556.89
288.99
Dividend yield ( %)
0 %
0 %
Expected volatility ( %)
38.73 %
44.76 %
Risk-free interest rate ( %)
3.76 %
3.07 %
Expected lifetime
1.92
1.92
Model used Monte Carlo & Monte Carlo &
Black-Scholes Black-Scholes
Vesting period for the outstanding RSUs at year end:
Date granted
Vesting period
2023
2022
17.12.2020
2020\u201323
42,117
20.12.2021
2021\u201323
35,495
20.12.2021
2021\u201324
35,992
35,537
21.12.2022
2022\u201323
61,397
21.12.2022
2022\u201324
62,455
61,435
21.12.2022
2022\u201325
62,539
61,522
19.12.2023
2023\u201324
54,071
19.12.2023
2023\u201325
54,125
19.12.2023
2023\u201326
54,198
Outstanding RSUs as at 31 December
323,380
297,503
Outstanding RSUs - group management:
Outstanding Performance Dividend Outstanding
per 01.01
Granted
Released
adjustment adjustment per 31.12
Frode Arntsen, CEO
8,454
4,024
-2,022
-1,662
337
9,131
Ulrik Steinvik, CFO
5,300
2,311
-1,530
-975
206
5,312
Roger Bekken,
COO Farming
6,427
2,865
-1,811
-1,194
254
6,541
Simon A. S\u00f8bstad, COO
4,074
1,941
-1,050
-782
155
4,338
Sales & Industry
Eva J. Haugen, Director
3,332
1,386
-1,009
-602
126
3,233
Quality Management/ HSE
Arthur Wisniewski,
Director Human Resource
3,857
1,664
-1,060
-722
149
3,888
Management
Runar Sivertsen, Chief
3,606
1,664
-903
-698
137
3,806
Strategy Officer
Share option agreements - Icelandic Salmon AS: On 19 February 2021, Icelandic Salmon AS granted 205,850 share options with an exercise price of NOK 115.00, respectively, to CEO and key employees. The company's intention is that the options will be equity-settled with shares in Icelandic Salmon AS. The option holders must stay in the employ- ment of the group over a three year vesting period from the grant date until 19 February 2024. As at 31 December 2023 the fair value of the agreements was determined to be NOK 5.2 million. In 2023 a total amount of NOK 1.4 million was expensed as other employee benefits, with a corresponding entry to other paid in equity. Share option agreements - SalMar Aker Ocean AS: On 21 December 2021, SalMar Aker Ocean AS entered into an option agreement with the company's CEO. The agreement have a six year vesting period from the grant date. The fair value of the agreements was determined to be NOK 7.3 million at grant date. In 2023 a total amount of NOK 1.2 million was expensed as other employee benefits, with a corresponding entry to other paid in equity. The company's intention is that the options will be equity-settled with shares in SalMar Aker Ocean AS, see further information below
In 2022 SalMar Aker Ocean AS entered into a share option agreement
with key employees and granted 574,396 share options with an exer-
cise price of NOK 49.50. The program is based on given criteria, and
gives the employees the right to buy a certain number of shares at
a given price, and where the price is set equal to the value the company
was valued at when Aker Capital AS invested in the company in 2021.
The company's intention is that the options will be equity-settled with
shares in SalMar Aker Ocean AS, assuming a listing of the SalMar Aker
Ocean group before 31 December 2024. If the condition is not met, the
share options could be cash settled. The option holders must stay in the
employment of the group over the vesting period from the grant date
1 January 2022, alternatively from the startdate, until 31 December
2024. At grant date the fair value of the agreements was determined
to be NOK 9.8 million. In 2023 a total amount of NOK 1.3 million was
expensed as other employee benefits, with a corresponding entry to
other paid in equity.
NOTE 2.5 Pensions plans
Accounting policies
The Group has a defined-contribution pension scheme for its employ-
ees. The company pays contributions to a privately held insurance plan
and under this scheme, it has no further payment obligation once the
contributions have been paid. The contributions are recognised as
employee benefit expense when they are due. Social security costs
are charged based on the contribution paid .
SalMar has a defined contribution plan that is in accordance with the
legal requirements in Norway.
After the business combination with Norway Royal Salmon ASA (NRS)
in 2022, SalMar also has a defined benefit scheme which entitles
the 11 members of the scheme to defined future benefits. These
are mainly dependent on the number of years of entitlement, level
of salary upon reaching retirement age and the size of the pension
benefits paid by the National Insurance Scheme. The liability is funded
through an insurance company.
Specification of the pension cost for the Group:
NOK 1,000
2023
2022
Defined-contribution scheme
107,158
67,920
Defined-benefits plan (Early
30,008
23,682
Retirement Pension)
Defined-benefits plan
-8,617
883
Employers' national insurance contributions
9,148
6,188
Total pension cost
137,697
98,673
NOK 1,000
2023
2022
Prepaid pension contributions
2,985
2,802
Pension liabilities foreign operations
8,020
7,717
Pension liabilities defined benefits plan
0
10,161
Total pension liabilities in balance sheet
8,020
17,878
Liabilities associated with the Early Retirement Pension are not
included in the Group\u2019s pension calculations. For accounting purposes,
the scheme is deemed to be a multi-employer occupational pension
plan. The Group is unable to identify its share of the scheme's underly-
ing financial position and results with sufficient reliability, and there-
fore recognises it as a defined-contribution scheme. This means that
liabilities in respect of the Early Retirement Pension are not provided
for. Contribution paid into the scheme are charged to expenses as
they accrue.
Specification of the pension cost for the Group under the defined benefit scheme:
Members in the defined benefit scheme was in 2023 reduced due to the sale of the sales business
in former NRS. The employees related to this sales business left SalMar as a result of the sale, and no
compensation was paid to these employees. As a consequence of reduced members, there was recog-
nised a gain of NOK 9.5 million related to the settlement in 2023.
01.11.2022\u2013
NOK 1,000
2023
31.12.2022
Current service cost
722
715
Interest cost
56
59
Payroll tax
112
109
Administration cost
17
0
Net pension costs service \u2013 defined benefit scheme
907
883
Settlement/ curtailment
-9,524
0
Net pension costs service \u2013 defined benefit
-8,617
883
scheme net of settlement/ curtailment
Assumptions defined benefit scheme:
31.12.23
31.12.22
Discount rate
3.7 %
3.0 %
Future salary increases
3.8 %
3.5 %
Inflation rate
2.0 %
3.0 %
Future pension increase
2.4 %
1.5 %
Demographic factors:
Disability table
IR02
IR02
Mortality table
K2013
BE
K2013
BE
Number of employees in the scheme
Active
2
22
Pensioners
9
8
Total
11
30
Paid into the scheme during the period
1,105
0
Calculation of amount recognised in the balance sheet:
Present value of funded obligations
12,045
65,783
Fair value of plan assets
-12,489
-55,622
Net pension liabilities in balance sheet
-444
10,161
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-999": { "value": "NOTE 2.3 Salary and personnel expenses: Salary and personnel expenses:
NOK 1,000
2023
2022
Salaries and other short-term employee benefits
2,058,602
1,548,764
Social security expenses
157,358
117,907
Pension expenses
107,763
92,498
Employee share schemes charged to expenses
47,740
54,266
Other benefits
82,443
80,329
Total
2,453,907
1,893,764
Remuneration paid to Executive Management and Board of Directors:
Reference is made to the Board's guidelines for remuneration and other benefits for SalMar ASA's senior
executives adopted by the ordinary general meeting on 8 June 2021.
2
Fixed remuneration
Variable remuneration
Total fixed Total variable Total
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
remuneration
Severance pay
Bonus
Shares
remuneration remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
0
850
1,145
1,995
6,554
Linda Litlekals\u00f8y Aase, former CEO
0
0
0
0
2,043
0
0
2,043
2,043
Ulrik Steinvik, CFO
2,559
83
10
2,652
0
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
0
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
0
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
0
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
0
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
0
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
2,043
4,850
5,317
12,210
30,565
Fixed remuneration
Variable remuneratio n
Total fixed Total variable Total
Executive Management 2022 (NOK 1,000)
Base salary
Pension
Benefits
remuneration
Severance pay
Bonus
Shares
remuneration remuneration
Frode Arntsen, CEO, former COO Industry & Sales
2,710
84
9
2,804
0
750
765
1,515
4,319
Linda Litlekals\u00f8y Aase, CEO
2,576
55
117
2,749
6,643
1,800
0
8,443
11,191
Gustav Witz\u00f8e, CEO
1,090
34
3
1,127
0
0
0
0
1,127
Ulrik Steinvik, CFO, former Director Business Improvement
2,081
80
9
2,170
0
670
673
1,343
3,514
Gunnar Nielsen, CFO
1,583
18
6
1,607
0
0
0
0
1,607
Trine S\u00e6ther Romuld, CFO & COO
1,051
31
2
1,084
0
2,943
0
2,943
4,028
Roger Bekken, COO Farming
2,454
91
9
2,555
0
700
782
1,482
4,037
Simon Andre S\u00f8bstad, COO Sales & Industry
7
1,413
45
11
1,468
0
380
428
808
2,277
Eva Haugen, Director Quality Management/HSE
1,384
79
9
1,473
0
360
460
820
2,292
Arthur Wisniewski, Director Human Resource Management
1,660
75
9
1,745
0
600
451
1,051
2,796
Runar Sivertsen, Chief Strategy Officer
1,432
75
9
1,516
0
535
358
893
2,409
Total earned 2022
19,434
668
196
20,298
6,643
8,738
3,917
19,298
39,596
1
From 24 October 2022
2
From 9 May 2022 to 23 October 2022. Ms Aase had a severance agreement of one year fixed and variable remuneration. 2/3 of the severance pay was settled as per 31.12.2022.
3
Until 9 May 2022
4
From 27 October 2022
5
From 1 April 2022 to 26 October 2022
6
Until 31 March 2022
7
From 28 October 2022
1
2
3
4
5
6
7
7
7
7
Board of Directors 2023 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
545
0
0
103
648
Leif Inge Nordhammer, Board member
305
0
0
0
305
Margrethe Hauge, Vice-Chair of the Board
305
130
0
0
435
Arnhild Holstad, Board member
305
0
0
0
305
Morten Loktu, Board member
305
138
0
0
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
0
0
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
0
0
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
44
0
44
Endre Kolbj\u00f8rnsen
0
0
28
0
28
Karianne O. Tung
0
0
28
0
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
0
0
0
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
0
0
0
73
Total remuneration 2023
2,070
268
100
1,509
3,946
8
Full period effect on audit-and risk committee
8
Board of Directors 2022 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board (from 8 June 2022)
260
0
0
0
260
Leif Inge Nordhammer, Board member (Chair of the Board until 8 June 2022)
395
0
0
0
395
Margrethe Hauge, Vice-Chair of the Board
283
123
0
0
405
Arnhild Holstad, Board member (from 8 June 2022)
145
0
0
0
145
Morten Loktu, Board member (from 8 June 2022)
145
43
0
0
188
Employee representatives
Simon Andre S\u00f8bstad, Board Member
141
0
0
2,277
2,418
Tone Ingebrigtsen, Board Member
141
0
0
1,311
1,453
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
41
0
41
Endre Kolbj\u00f8rnsen
0
0
26
0
26
Karianne O. Tung
0
0
26
0
26
Former members of the Board of Directors and the Nomination Committee
Magnus Dybvad, Board Member (until 8 June 2022)
138
40
0
0
178
Linda Litlekals\u00f8y Aase, Board Member (former representative until 9 May 2022)
138
0
0
0
138
Total remuneration 2022
1,785
205
92
3,588
5,670
NOTE 2.5 Pensions plans Specification of the pension cost for the Group:
NOK 1,000
2023
2022
Defined-contribution scheme
107,158
67,920
Defined-benefits plan (Early
30,008
23,682
Retirement Pension)
Defined-benefits plan
-8,617
883
Employers' national insurance contributions
9,148
6,188
Total pension cost
137,697
98,673
NOK 1,000
2023
2022
Prepaid pension contributions
2,985
2,802
Pension liabilities foreign operations
8,020
7,717
Pension liabilities defined benefits plan
0
10,161
Total pension liabilities in balance sheet
8,020
17,878
Liabilities associated with the Early Retirement Pension are not included in the Group\u2019s pension calculations. For accounting purposes, the scheme is deemed to be a multi-employer occupational pension plan. The Group is unable to identify its share of the scheme's underly- ing financial position and results with sufficient reliability, and there- fore recognises it as a defined-contribution scheme. This means that liabilities in respect of the Early Retirement Pension are not provided for. Contribution paid into the scheme are charged to expenses as they accrue. Specification of the pension cost for the Group under the defined benefit scheme: Members in the defined benefit scheme was in 2023 reduced due to the sale of the sales business in former NRS. The employees related to this sales business left SalMar as a result of the sale, and no compensation was paid to these employees. As a consequence of reduced members, there was recog- nised a gain of NOK 9.5 million related to the settlement in 2023.
01.11.2022\u2013
NOK 1,000
2023
31.12.2022
Current service cost
722
715
Interest cost
56
59
Payroll tax
112
109
Administration cost
17
0
Net pension costs service \u2013 defined benefit scheme
907
883
Settlement/ curtailment
-9,524
0
Net pension costs service \u2013 defined benefit
-8,617
883
scheme net of settlement/ curtailment
Assumptions defined benefit scheme:
31.12.23
31.12.22
Discount rate
3.7 %
3.0 %
Future salary increases
3.8 %
3.5 %
Inflation rate
2.0 %
3.0 %
Future pension increase
2.4 %
1.5 %
Demographic factors:
Disability table
IR02
IR02
Mortality table
K2013
BE
K2013
BE
Number of employees in the scheme
Active
2
22
Pensioners
9
8
Total
11
30
Paid into the scheme during the period
1,105
0
Calculation of amount recognised in the balance sheet:
Present value of funded obligations
12,045
65,783
Fair value of plan assets
-12,489
-55,622
Net pension liabilities in balance sheet
-444
10,161
NOTE 2.6 Other operating expenses
Specification of other operating expenses (NOK 1,000)
2023
2022
Maintenance
555,820
304,810
Energy
480,797
329,902
Third-party services
161,548
142,978
Freight
1,838,027
1,668,036
Insurance
87,749
61,376
Travel cost
35,655
21,866
Other operating expenses
907,499
917,266
Total other operating expenses
4,067,095
3,446,233
Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 01 January 2021. The production tax on the Norwegian activity increased from NOK 0.56 per kg to NOK 0.90 per kg with effect form 1 July 2023. For 2022 the production tax was NOK 0.405 pr kg. With effect from 2020 production tax was implemented on Iceland. The production tax will increase gradually over a seven-year period from 2020. According to a temporary provision of the law, the amount of the fee was 4/7th of the calculated fee in 2023 and will be 5/7th in 2024. From 2026 the fee charged will be full fee in accordance with the law. Of the total cost of NOK 208.4 million in 2023, NOK 183.5 million is related to the activity in Norway and NOK 24.9 million is related to the activity in Iceland. The corresponding numbers in 2022 were a total production tax of NOK 85.2 million, whereof NOK 71.8 million was related to activity in Norway and NOK 13.5 million to activity in Iceland. To highlight the performance of underlying operations before deduction of the production tax, SalMar has chosen to report it on a separate line in the income statement below Operational EBIT. To ensure consistent treatment of the equivalent tax in Iceland, the resource tax in Iceland has been classified similarly in the financial statement .
NOTE 2.8 Audit fees
Breakdown of total auditor\u2019s fee:
2023 (NOK 1,000)
EY
Others
Audit services
6,480
1,140
Other certification services
1,939
177
Tax advisory services
1,307
22
Other non-audit services
711
0
Total 2023
10,436
1,339
2022 (NOK 1,000)
EY
Others
Audit services
5,979
981
Other certification services
1,524
50
Tax advisory services
359
0
Other non-audit services
2,186
123
Total 2022
10,048
1,154
1
1
NOTE 2.11 Income tax, resource rent tax and production tax Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Resource rent tax On 31 May 2023, the Norwegian Parliament approved an additional resource rent tax on aquaculture in Norway with a tax rate of 25 % The resource rent tax is structured as a cash-flow-tax, and is related to the aquaculture business in the sea phase. The resource rent tax is in addition to the regular corporate tax on 22 %, gives a total tax rate on aquaculture in sea phase of 47 %. The new tax applied retroactively from 1 January 2023. An implementation effect related to deferred resource rent tax on biomass and the deductible consideration on historical acquisition of production capacity has been recognised in the comprehensive income. Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 1 January 2021 is directly deductible in the payable resource rent tax with effect from 1 January 2023. The total resource rent tax related to the profit in the period is therefore the total of production tax related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production tax is not classified as a tax expense in the statement of comprehensive income, but are included on a separate line in the Operational EBIT. See Note 2.6 for further information. The total effect of the resource rent tax including production tax is shown below .
Nominal tax rate in the consolidated statement of profit or loss:
Norway
Iceland
Income tax rate
22 %
20 %
Resource rent tax rate
25 %
With effect from 2024 the income tax on Iceland increases to 21 %. Deferred tax liability related to temporary differences on Iceland at 31 December 2023 are calculated with a tax rate of 21 %.
Tax expense in the consolidated statement
of profit or loss (NOK 1,000)
2023
2022
Income tax payable
1,292,859
2,589,042
Income tax payable abroad
49,383
31,266
Income tax - change in deferred tax
279,386
-1,670,885
Resource rent tax payable
464,329
0
Resource rent tax- change in deferred tax
371,633
0
Resource rent tax -implementation effect (deferred tax)
2,079,987
0
Adjustment for tax of prior periods
-3,843
4,573
Tax expense in the consolidated statement of profit or loss
4,533,736
953,996
Tax payable in the balance sheet
2023
2022
Income tax payable - Norway *
1,311,451
2,589,049
Income tax payable - abroad
38,643
23,520
Resource rent tax payable
464,329
0
Tax payable in the balance sheet
1,814,423
2,612,569
* At 31 December 2022 the income tax payable in Norway was calculated to NOK 2,589 million. The high calculated tax payable was due to the fact that no deduction was made for production costs related to stock of live fish at 31 December 2022 related to legal entities subject to resource rent tax. The background was unclear legislation related to the resource rent tax implemented with effect from 1 January 2023. At 31 December 2022 there was high degree of uncertainty whether production costs on fish in the sea would be deductible in the resource rent tax in 2023. At the end of April 2023 the authorities stated that no deduction will be granted in the resource rent tax for 2023 related to his- torical cost on existing biomass at 31 December 2022. SalMar strongly disagrees with this conclusion. However, the production cost was deducted in the income tax calculated in the final tax report for 2022 finalized in June 2023. As a consequence of this, the tax payable was reduced with NOK 1,999 million with a corresponding increase in deferred tax liability.
Deferred income tax liability - comprise
2023
2022
Non-current assets
1,972,491
1,709,435
Inventory
2,696,076
390,133
Receivables
-5,576
-1,624
Derivatives
133,246
69,435
Provision onerous contracts
-75,211
-22,742
Other
-69,794
-43,919
Tax losses carried forward
-378,057
-172,914
Deferred income tax liability
4,273,176
1,927,804
Deferred resource tax liability - comprise:
2023
2022
Inventory
2,768,345
0
Other
-245,171
0
Tax losses carried forward
-71,554
0
Deferred resource tax liability
2,451,621
0
Total deferred tax liability
6,724,797
1,927,804
Tax losses carried forward are mainly related to the companies in the subgroup SalMar Aker Ocean and other Norwegian group companies not included in tax groups. The loss carry forward are expected to be deducted from taxable income in the future. In assessing the recoverability of tax assets the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.
NOK 1,000
Change in net deferred tax liability
2023
2022
Deferred tax liability at 1 January
1,927,804
2,258,689
Deferred tax liability associated with acquisitions
0
2,222,092
Deferred tax liability associated discontinued operations
0
-939,965
Change in deferred tax liability
279,386
-1,670,885
Deferred tax liability associated with equity transactions
-3,247
2,771
Deferred tax liability on items recognised in OCI
59,020
49,085
Deferred tax related to disposal of group companies
-2,007
0
Other changes in deferred tax liability
-5,095
0
Reclassification between tax payable and deferred tax liability *
1,998,631
0
Deferred resource tax - implementation effect
2,079,987
0
Change in deferred resource tax liability
371,633
0
Translation differences
18,685
6,017
Deferred tax liability at 31 December
6,724,797
1,927,804
* Regarding reclassification between tax payable and deferred tax liability in 2023, see information above.
Tax reconciliation
2023
2022
Profit before tax
7,279,321
4,562,032
Tax calculated at nominal Norwegian tax rate (22 %)
1,601,451
1,003,647
Foreign tax rate differences
-4,139
-10,888
Income from investments in associates and joint venture
6,005
-14,615
Net of other permanent differences
2,096
-28,720
Change in unrecognised deferred tax assets
16,216
0
Resource rent tax expense (25 %)
835,962
0
Resource rent tax - implementation effect (25 %)
2,079,987
0
Adjustment of income tax from previous years
-3,843
4,573
Calculated tax expense
4,533,736
953,996
Effective tax rate
62.3 %
20.9 %
Effective tax rate exclusive implementation effekt
33.7 %
Total resource rent tax including production tax in
the consolidated statement of profit or loss
2023
2022
Production tax recognised in the period
208,374
85,232
Production tax related to activity on Iceland
24,924
13,453
Production tax related to activity in Norway
183,450
71,779
Resource rent tax payable
464,329
0
Resource rent tax \u2013 change in deferred tax
371,633
0
Resource rent tax \u2013 implementation effect (deferred tax)
2,079,987
0
Total resource rent tax and production tax
3,099,400
71,779
related to the activity in Norway
NOTE 3.3 Property, plant and equipment
Accounting policies
Property, plant and equipment (PPE) is measured at acquisition cost,
less a deduction for accumulated depreciation and write-downs.
Borrowing cost that are directly attributable to the construction
of a qualifying asset form part of the cost of the asset. Straight-
line depreciation is applied over the useful life of property, plant
and equipment, based on the asset\u2019s historical cost and estimated
residual value at disposal. If a substantial part of an asset has an
individual and different useful life, this part is depreciated separately.
The asset\u2019s residual value and useful life are evaluated annually. The
gain or loss arising from the disposal or retirement of an asset is
determined as the difference between the sales proceeds and the
carrying amount of the asset.
PPE under construction is not depreciated. Depreciation is charged to
expenses when the asset is ready for use .
Impairment tests for PPE are performed when there are indications
of impairment. If the recoverable amount is estimated to be less than
the carrying amount of the net asset, impairment to the recoverable
amount is recognised. The recoverable amount is the higher of net
sales value and value in use. Value in use is the present value of future
cash flows which the asset will generate .
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2023
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Additions
211,890
887,838
389,660
63,551
715,871
2,268,811
Reclassification asset under construction
832,935
706,906
25,421
20,652
-1,585,914
0
Reclassification between categories
0
496,720
-457,932
-38,787
0
0
Reclassification RoU
32,066
5,319
232
0
0
37,618
Disposal group company
-38,034
-2,044
0
-1,329
0
-41,408
Disposals
-2,312
-48,720
-19,931
-10,961
0
-81,923
Currency translation differences
26,823
15,382
17,521
175
6,234
66,135
Acquisition cost at 31 December 2023
5,833,092
7,985,767
2,287,700
351,890
1,078,078
17,536,527
Accumulated depreciation & write-
downs at 1 January 2023
402,407
2,683,855
880,049
189,447
317
4,156,075
Disposal group company
-28,052
-805
0
-104
0
-28,961
Depreciation
236,987
594,994
171,528
36,292
0
1,039,802
Write-downs
27
30,000
0
1,079
0
31,106
Disposal depreciation and write-downs
-850
-44,568
-15,448
-6,833
0
-67,699
Reclassification RoU
2,210
-4,630
15,057
0
0
12,636
Reclassification between categories
0
193,769
-179,784
-13,668
-317
0
Currency translation differences
2,451
5,606
14,011
131
0
22,198
Accumulated depreciation & write-
downs at 31 December 2023
615,180
3,458,219
885,414
206,345
0
5,165,157
Carrying amount at 31 December 2023
5,217,912
4,527,548
1,402,286
145,545
1,078,078
12,371,370
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
-86
0
-3,406
0
-3,492
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2022
2,503,586
4,312,018
1,806,879
276,327
1,838,751
10,737,560
Additions through business combinations
1,482,389
421,005
546,186
23,801
106,099
2,579,479
Additions
139,765
624,599
100,593
9,453
1,390,598
2,265,008
Reclassification assets under construction
819,515
403,014
153,692
38,271
-1,414,492
0
Disposals
-139,611
-151,858
-30
-49,844
1,425
-339,919
Reclassification
-36,195
306,921
-299,077
16,529
11,822
0
Currency translation differences
276
8,668
24,488
4,052
7,684
45,167
Acquisition cost at 31 December 2022
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Accumulated depreciation & write-
downs at 1 January 2022
308,805
2,349,679
734,312
211,251
267
3,604,314
Depreciation
137,728
435,929
135,358
25,021
50
734,085
Write-downs
0
34,144
0
2,499
0
36,642
Disposal depreciation and write-downs
-45,802
-139,981
-30
-49,425
0
-235,238
Currency translation differences
1,677
4,083
10,409
102
0
16,272
Accumulated depreciation & write-
downs at 31 December 2022
402,407
2,683,855
880,049
189,447
317
4,156,074
Carrying amount at 31 December 2022
4,367,316
3,240,512
1,452,681
129,142
1,941,570
11,131,221
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
426
0
0
0
426
As of 31 December 2023, the company had capitalised a total of NOK 1,078 million in connection with assets under construction. The amount was divided into NOK 387.1 million on real estate, NOK 461.9 million on plant and equipment, NOK 218.8 million on ves- sels, and NOK10.3 million on other operating assets. As of 31 Decem- ber 2022, the company had capitalised a total of NOK 1,942 million in work on investment projects that had not been completed and put into operation and for which depreciation had not commenced. Of this was NOK NOK 835.3 million related to real estate, NOK 998.8 million to plant and equipment, NOK 63.4 million to vessels and NOK 44.2 million to other operating assets. Write-downs in 2023 derive primarily from a NOK 30 million impairment in the value of Salmosea plant and equipment. For 2022 there was a NOK 36.6 million impairment in the value of the net relating to the Ocean Farm 1 installation ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1022": { "value": "NOTE 2.3 Salary and personnel expenses: Salary and personnel expenses:
NOK 1,000
2023
2022
Salaries and other short-term employee benefits
2,058,602
1,548,764
Social security expenses
157,358
117,907
Pension expenses
107,763
92,498
Employee share schemes charged to expenses
47,740
54,266
Other benefits
82,443
80,329
Total
2,453,907
1,893,764
Remuneration paid to Executive Management and Board of Directors: Reference is made to the Board's guidelines for remuneration and other benefits for SalMar ASA's senior executives adopted by the ordinary general meeting on 8 June 2021. 2
Fixed remuneration
Variable remuneration
Total fixed Total variable Total
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
remuneration
Severance pay
Bonus
Shares
remuneration remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
0
850
1,145
1,995
6,554
Linda Litlekals\u00f8y Aase, former CEO
0
0
0
0
2,043
0
0
2,043
2,043
Ulrik Steinvik, CFO
2,559
83
10
2,652
0
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
0
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
0
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
0
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
0
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
0
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
2,043
4,850
5,317
12,210
30,565
Fixed remuneration
Variable remuneratio n
Total fixed Total variable Total
Executive Management 2022 (NOK 1,000)
Base salary
Pension
Benefits
remuneration
Severance pay
Bonus
Shares
remuneration remuneration
Frode Arntsen, CEO, former COO Industry & Sales
2,710
84
9
2,804
0
750
765
1,515
4,319
Linda Litlekals\u00f8y Aase, CEO
2,576
55
117
2,749
6,643
1,800
0
8,443
11,191
Gustav Witz\u00f8e, CEO
1,090
34
3
1,127
0
0
0
0
1,127
Ulrik Steinvik, CFO, former Director Business Improvement
2,081
80
9
2,170
0
670
673
1,343
3,514
Gunnar Nielsen, CFO
1,583
18
6
1,607
0
0
0
0
1,607
Trine S\u00e6ther Romuld, CFO & COO
1,051
31
2
1,084
0
2,943
0
2,943
4,028
Roger Bekken, COO Farming
2,454
91
9
2,555
0
700
782
1,482
4,037
Simon Andre S\u00f8bstad, COO Sales & Industry
7
1,413
45
11
1,468
0
380
428
808
2,277
Eva Haugen, Director Quality Management/HSE
1,384
79
9
1,473
0
360
460
820
2,292
Arthur Wisniewski, Director Human Resource Management
1,660
75
9
1,745
0
600
451
1,051
2,796
Runar Sivertsen, Chief Strategy Officer
1,432
75
9
1,516
0
535
358
893
2,409
Total earned 2022
19,434
668
196
20,298
6,643
8,738
3,917
19,298
39,596
1
From 24 October 2022
2
From 9 May 2022 to 23 October 2022. Ms Aase had a severance agreement of one year fixed and variable remuneration. 2/3 of the severance pay was settled as per 31.12.2022.
3
Until 9 May 2022
4
From 27 October 2022
5
From 1 April 2022 to 26 October 2022
6
Until 31 March 2022
7
From 28 October 2022
1 2 3 4 5 6 7 7 7 7
Board of Directors 2023 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
545
0
0
103
648
Leif Inge Nordhammer, Board member
305
0
0
0
305
Margrethe Hauge, Vice-Chair of the Board
305
130
0
0
435
Arnhild Holstad, Board member
305
0
0
0
305
Morten Loktu, Board member
305
138
0
0
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
0
0
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
0
0
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
44
0
44
Endre Kolbj\u00f8rnsen
0
0
28
0
28
Karianne O. Tung
0
0
28
0
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
0
0
0
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
0
0
0
73
Total remuneration 2023
2,070
268
100
1,509
3,946
8
Full period effect on audit-and risk committee
8
Board of Directors 2022 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board (from 8 June 2022)
260
0
0
0
260
Leif Inge Nordhammer, Board member (Chair of the Board until 8 June 2022)
395
0
0
0
395
Margrethe Hauge, Vice-Chair of the Board
283
123
0
0
405
Arnhild Holstad, Board member (from 8 June 2022)
145
0
0
0
145
Morten Loktu, Board member (from 8 June 2022)
145
43
0
0
188
Employee representatives
Simon Andre S\u00f8bstad, Board Member
141
0
0
2,277
2,418
Tone Ingebrigtsen, Board Member
141
0
0
1,311
1,453
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
41
0
41
Endre Kolbj\u00f8rnsen
0
0
26
0
26
Karianne O. Tung
0
0
26
0
26
Former members of the Board of Directors and the Nomination Committee
Magnus Dybvad, Board Member (until 8 June 2022)
138
40
0
0
178
Linda Litlekals\u00f8y Aase, Board Member (former representative until 9 May 2022)
138
0
0
0
138
Total remuneration 2022
1,785
205
92
3,588
5,670
NOTE 2.5 Pensions plans Accounting policies The Group has a defined-contribution pension scheme for its employ- ees. The company pays contributions to a privately held insurance plan and under this scheme, it has no further payment obligation once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Social security costs are charged based on the contribution paid . SalMar has a defined contribution plan that is in accordance with the legal requirements in Norway. After the business combination with Norway Royal Salmon ASA (NRS) in 2022, SalMar also has a defined benefit scheme which entitles the 11 members of the scheme to defined future benefits. These are mainly dependent on the number of years of entitlement, level of salary upon reaching retirement age and the size of the pension benefits paid by the National Insurance Scheme. The liability is funded through an insurance company. Specification of the pension cost for the Group:
NOK 1,000
2023
2022
Defined-contribution scheme
107,158
67,920
Defined-benefits plan (Early
30,008
23,682
Retirement Pension)
Defined-benefits plan
-8,617
883
Employers' national insurance contributions
9,148
6,188
Total pension cost
137,697
98,673
NOK 1,000
2023
2022
Prepaid pension contributions
2,985
2,802
Pension liabilities foreign operations
8,020
7,717
Pension liabilities defined benefits plan
0
10,161
Total pension liabilities in balance sheet
8,020
17,878
Liabilities associated with the Early Retirement Pension are not included in the Group\u2019s pension calculations. For accounting purposes, the scheme is deemed to be a multi-employer occupational pension plan. The Group is unable to identify its share of the scheme's underly- ing financial position and results with sufficient reliability, and there- fore recognises it as a defined-contribution scheme. This means that liabilities in respect of the Early Retirement Pension are not provided for. Contribution paid into the scheme are charged to expenses as they accrue. Specification of the pension cost for the Group under the defined benefit scheme: Members in the defined benefit scheme was in 2023 reduced due to the sale of the sales business in former NRS. The employees related to this sales business left SalMar as a result of the sale, and no compensation was paid to these employees. As a consequence of reduced members, there was recog- nised a gain of NOK 9.5 million related to the settlement in 2023.
01.11.2022\u2013
NOK 1,000
2023
31.12.2022
Current service cost
722
715
Interest cost
56
59
Payroll tax
112
109
Administration cost
17
0
Net pension costs service \u2013 defined benefit scheme
907
883
Settlement/ curtailment
-9,524
0
Net pension costs service \u2013 defined benefit
-8,617
883
scheme net of settlement/ curtailment
Assumptions defined benefit scheme:
31.12.23
31.12.22
Discount rate
3.7 %
3.0 %
Future salary increases
3.8 %
3.5 %
Inflation rate
2.0 %
3.0 %
Future pension increase
2.4 %
1.5 %
Demographic factors:
Disability table
IR02
IR02
Mortality table
K2013
BE
K2013
BE
Number of employees in the scheme
Active
2
22
Pensioners
9
8
Total
11
30
Paid into the scheme during the period
1,105
0
Calculation of amount recognised in the balance sheet:
Present value of funded obligations
12,045
65,783
Fair value of plan assets
-12,489
-55,622
Net pension liabilities in balance sheet
-444
10,161
NOTE 2.6 Other operating expenses
Specification of other operating expenses (NOK 1,000)
2023
2022
Maintenance
555,820
304,810
Energy
480,797
329,902
Third-party services
161,548
142,978
Freight
1,838,027
1,668,036
Insurance
87,749
61,376
Travel cost
35,655
21,866
Other operating expenses
907,499
917,266
Total other operating expenses
4,067,095
3,446,233
Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 01 January 2021. The production tax on the Norwegian activity increased from NOK 0.56 per kg to NOK 0.90 per kg with effect form 1 July 2023. For 2022 the production tax was NOK 0.405 pr kg. With effect from 2020 production tax was implemented on Iceland. The production tax will increase gradually over a seven-year period from 2020. According to a temporary provision of the law, the amount of the fee was 4/7th of the calculated fee in 2023 and will be 5/7th in 2024. From 2026 the fee charged will be full fee in accordance with the law. Of the total cost of NOK 208.4 million in 2023, NOK 183.5 million is related to the activity in Norway and NOK 24.9 million is related to the activity in Iceland. The corresponding numbers in 2022 were a total production tax of NOK 85.2 million, whereof NOK 71.8 million was related to activity in Norway and NOK 13.5 million to activity in Iceland. To highlight the performance of underlying operations before deduction of the production tax, SalMar has chosen to report it on a separate line in the income statement below Operational EBIT. To ensure consistent treatment of the equivalent tax in Iceland, the resource tax in Iceland has been classified similarly in the financial statement NOTE 2.8 Audit fees Breakdown of total auditor\u2019s fee:
2023 (NOK 1,000)
EY
Others
Audit services
6,480
1,140
Other certification services
1,939
177
Tax advisory services
1,307
22
Other non-audit services
711
0
Total 2023
10,436
1,339
2022 (NOK 1,000)
EY
Others
Audit services
5,979
981
Other certification services
1,524
50
Tax advisory services
359
0
Other non-audit services
2,186
123
Total 2022
10,048
1,154
1 1 1 Some of the fees disclosed are inclusive of VAT NOTE 2.11 Income tax, resource rent tax and production tax Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Resource rent tax On 31 May 2023, the Norwegian Parliament approved an additional resource rent tax on aquaculture in Norway with a tax rate of 25 % The resource rent tax is structured as a cash-flow-tax, and is related to the aquaculture business in the sea phase. The resource rent tax is in addition to the regular corporate tax on 22 %, gives a total tax rate on aquaculture in sea phase of 47 %. The new tax applied retroactively from 1 January 2023. An implementation effect related to deferred resource rent tax on biomass and the deductible consideration on historical acquisition of production capacity has been recognised in the comprehensive income. Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 1 January 2021 is directly deductible in the payable resource rent tax with effect from 1 January 2023. The total resource rent tax related to the profit in the period is therefore the total of production tax related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production tax is not classified as a tax expense in the statement of comprehensive income, but are included on a separate line in the Operational EBIT. See Note 2.6 for further information. The total effect of the resource rent tax including production tax is shown below
Nominal tax rate in the consolidated statement of profit or loss:
Norway
Iceland
Income tax rate
22 %
20 %
Resource rent tax rate
25 %
With effect from 2024 the income tax on Iceland increases to 21 %. Deferred tax liability related to temporary differences on Iceland at 31 December 2023 are calculated with a tax rate of 21 %.
Tax expense in the consolidated statement
of profit or loss (NOK 1,000)
2023
2022
Income tax payable
1,292,859
2,589,042
Income tax payable abroad
49,383
31,266
Income tax - change in deferred tax
279,386
-1,670,885
Resource rent tax payable
464,329
0
Resource rent tax- change in deferred tax
371,633
0
Resource rent tax -implementation effect (deferred tax)
2,079,987
0
Adjustment for tax of prior periods
-3,843
4,573
Tax expense in the consolidated statement of profit or loss
4,533,736
953,996
Tax payable in the balance sheet
2023
2022
Income tax payable - Norway *
1,311,451
2,589,049
Income tax payable - abroad
38,643
23,520
Resource rent tax payable
464,329
0
Tax payable in the balance sheet
1,814,423
2,612,569
* At 31 December 2022 the income tax payable in Norway was calculated to NOK 2,589 million. The high calculated tax payable was due to the fact that no deduction was made for production costs related to stock of live fish at 31 December 2022 related to legal entities subject to resource rent tax. The background was unclear legislation related to the resource rent tax implemented with effect from 1 January 2023. At 31 December 2022 there was high degree of uncertainty whether production costs on fish in the sea would be deductible in the resource rent tax in 2023. At the end of April 2023 the authorities stated that no deduction will be granted in the resource rent tax for 2023 related to his- torical cost on existing biomass at 31 December 2022. SalMar strongly disagrees with this conclusion. However, the production cost was deducted in the income tax calculated in the final tax report for 2022 finalized in June 2023. As a consequence of this, the tax payable was reduced with NOK 1,999 million with a corresponding increase in deferred tax liability.
Deferred income tax liability - comprise
2023
2022
Non-current assets
1,972,491
1,709,435
Inventory
2,696,076
390,133
Receivables
-5,576
-1,624
Derivatives
133,246
69,435
Provision onerous contracts
-75,211
-22,742
Other
-69,794
-43,919
Tax losses carried forward
-378,057
-172,914
Deferred income tax liability
4,273,176
1,927,804
Deferred resource tax liability - comprise:
2023
2022
Inventory
2,768,345
0
Other
-245,171
0
Tax losses carried forward
-71,554
0
Deferred resource tax liability
2,451,621
0
Total deferred tax liability
6,724,797
1,927,804
Tax losses carried forward are mainly related to the companies in the subgroup SalMar Aker Ocean and other Norwegian group companies not included in tax groups. The loss carry forward are expected to be deducted from taxable income in the future. In assessing the recoverability of tax assets the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.
NOK 1,000
Change in net deferred tax liability
2023
2022
Deferred tax liability at 1 January
1,927,804
2,258,689
Deferred tax liability associated with acquisitions
0
2,222,092
Deferred tax liability associated discontinued operations
0
-939,965
Change in deferred tax liability
279,386
-1,670,885
Deferred tax liability associated with equity transactions
-3,247
2,771
Deferred tax liability on items recognised in OCI
59,020
49,085
Deferred tax related to disposal of group companies
-2,007
0
Other changes in deferred tax liability
-5,095
0
Reclassification between tax payable and deferred tax liability *
1,998,631
0
Deferred resource tax - implementation effect
2,079,987
0
Change in deferred resource tax liability
371,633
0
Translation differences
18,685
6,017
Deferred tax liability at 31 December
6,724,797
1,927,804
* Regarding reclassification between tax payable and deferred tax liability in 2023, see information above.
Tax reconciliation
2023
2022
Profit before tax
7,279,321
4,562,032
Tax calculated at nominal Norwegian tax rate (22 %)
1,601,451
1,003,647
Foreign tax rate differences
-4,139
-10,888
Income from investments in associates and joint venture
6,005
-14,615
Net of other permanent differences
2,096
-28,720
Change in unrecognised deferred tax assets
16,216
0
Resource rent tax expense (25 %)
835,962
0
Resource rent tax - implementation effect (25 %)
2,079,987
0
Adjustment of income tax from previous years
-3,843
4,573
Calculated tax expense
4,533,736
953,996
Effective tax rate
62.3 %
20.9 %
Effective tax rate exclusive implementation effekt
33.7 %
Total resource rent tax including production tax in
the consolidated statement of profit or loss
2023
2022
Production tax recognised in the period
208,374
85,232
Production tax related to activity on Iceland
24,924
13,453
Production tax related to activity in Norway
183,450
71,779
Resource rent tax payable
464,329
0
Resource rent tax \u2013 change in deferred tax
371,633
0
Resource rent tax \u2013 implementation effect (deferred tax)
2,079,987
0
Total resource rent tax and production tax
3,099,400
71,779
related to the activity in Norway
NOTE 3.3 Property, plant and equipment Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate .
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2023
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Additions
211,890
887,838
389,660
63,551
715,871
2,268,811
Reclassification asset under construction
832,935
706,906
25,421
20,652
-1,585,914
0
Reclassification between categories
0
496,720
-457,932
-38,787
0
0
Reclassification RoU
32,066
5,319
232
0
0
37,618
Disposal group company
-38,034
-2,044
0
-1,329
0
-41,408
Disposals
-2,312
-48,720
-19,931
-10,961
0
-81,923
Currency translation differences
26,823
15,382
17,521
175
6,234
66,135
Acquisition cost at 31 December 2023
5,833,092
7,985,767
2,287,700
351,890
1,078,078
17,536,527
Accumulated depreciation & write-
downs at 1 January 2023
402,407
2,683,855
880,049
189,447
317
4,156,075
Disposal group company
-28,052
-805
0
-104
0
-28,961
Depreciation
236,987
594,994
171,528
36,292
0
1,039,802
Write-downs
27
30,000
0
1,079
0
31,106
Disposal depreciation and write-downs
-850
-44,568
-15,448
-6,833
0
-67,699
Reclassification RoU
2,210
-4,630
15,057
0
0
12,636
Reclassification between categories
0
193,769
-179,784
-13,668
-317
0
Currency translation differences
2,451
5,606
14,011
131
0
22,198
Accumulated depreciation & write-
downs at 31 December 2023
615,180
3,458,219
885,414
206,345
0
5,165,157
Carrying amount at 31 December 2023
5,217,912
4,527,548
1,402,286
145,545
1,078,078
12,371,370
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
-86
0
-3,406
0
-3,492
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2022
2,503,586
4,312,018
1,806,879
276,327
1,838,751
10,737,560
Additions through business combinations
1,482,389
421,005
546,186
23,801
106,099
2,579,479
Additions
139,765
624,599
100,593
9,453
1,390,598
2,265,008
Reclassification assets under construction
819,515
403,014
153,692
38,271
-1,414,492
0
Disposals
-139,611
-151,858
-30
-49,844
1,425
-339,919
Reclassification
-36,195
306,921
-299,077
16,529
11,822
0
Currency translation differences
276
8,668
24,488
4,052
7,684
45,167
Acquisition cost at 31 December 2022
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Accumulated depreciation & write-
downs at 1 January 2022
308,805
2,349,679
734,312
211,251
267
3,604,314
Depreciation
137,728
435,929
135,358
25,021
50
734,085
Write-downs
0
34,144
0
2,499
0
36,642
Disposal depreciation and write-downs
-45,802
-139,981
-30
-49,425
0
-235,238
Currency translation differences
1,677
4,083
10,409
102
0
16,272
Accumulated depreciation & write-
downs at 31 December 2022
402,407
2,683,855
880,049
189,447
317
4,156,074
Carrying amount at 31 December 2022
4,367,316
3,240,512
1,452,681
129,142
1,941,570
11,131,221
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
426
0
0
0
426
As of 31 December 2023, the company had capitalised a total of NOK 1,078 million in connection with assets under construction. The amount was divided into NOK 387.1 million on real estate, NOK 461.9 million on plant and equipment, NOK 218.8 million on ves- sels, and NOK10.3 million on other operating assets. As of 31 Decem- ber 2022, the company had capitalised a total of NOK 1,942 million in work on investment projects that had not been completed and put into operation and for which depreciation had not commenced. Of this was NOK NOK 835.3 million related to real estate, NOK 998.8 million to plant and equipment, NOK 63.4 million to vessels and NOK 44.2 million to other operating assets. Write-downs in 2023 derive primarily from a NOK 30 million impairment in the value of Salmosea plant and equipment. For 2022 there was a NOK 36.6 million impairment in the value of the net relating to the Ocean Farm 1 installation ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-963": { "value": "
Average number of full-time employee equivalent in the Group 2,674 2,266
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-965": { "value": "Remuneration paid to Executive Management and Board of Directors: Reference is made to the Board's guidelines for remuneration and other benefits for SalMar ASA's senior executives adopted by the ordinary general meeting on 8 June 2021. 2 Fixed remuneration Variable remuneration Total fixed Total variable Total Executive Management 2023 (NOK 1,000) Base salary Pension Benefits remuneration Severance pay Bonus Sharesremuneration remuneration Frode Arntsen, CEO 4,461 87 10 4,559 0 850 1,145 1,995 6,554 Linda Litlekals\u00f8y Aase, former CEO 0 0 0 0 2,043 0 0 2,043 2,043 Ulrik Steinvik, CFO 2,559 83 10 2,652 0 800 867 1,667 4,319 Roger Bekken, COO Farming 3,160 95 10 3,265 0 800 1,026 1,826 5,091 Simon Andre S\u00f8bstad, COO Sales & Industry 2,179 175 10 2,364 0 650 595 1,245 3,609 Eva Haugen, Director Quality Management/HSE 1,550 83 10 1,643 0 450 572 1,022 2,664 Arthur Wisniewski, Director Human Resource Management 1,861 77 10 1,948 0 650 600 1,250 3,199 Runar Sivertsen, Chief Strategy Officer 1,838 77 10 1,925 0 650 512 1,162 3,086 Total earned 2023 17,607 676 73 18,356 2,043 4,850 5,317 12,210 30,565 Fixed remuneration Variable remuneratio Total fixed Total variable Total Executive Management 2022 (NOK 1,000) Base salary Pension Benefits remuneration Severance pay Bonus Sharesremuneration remuneration Frode Arntsen, CEO, former COO Industry & Sales 2,710 84 9 2,804 0 750 765 1,515 4,319 Linda Litlekals\u00f8y Aase, CEO 2,576 55 117 2,749 6,643 1,800 0 8,443 11,191 Gustav Witz\u00f8e, CEO 1,090 34 3 1,127 0 0 0 0 1,127 Ulrik Steinvik, CFO, former Director Business Improvement 2,081 80 9 2,170 0 670 673 1,343 3,514 Gunnar Nielsen, CFO 1,583 18 6 1,607 0 0 0 0 1,607 Trine S\u00e6ther Romuld, CFO & COO 1,051 31 2 1,084 0 2,943 0 2,943 4,028 Roger Bekken, COO Farming 2,454 91 9 2,555 0 700 782 1,482 4,037 Simon Andre S\u00f8bstad, COO Sales & Industry7 1,413 45 11 1,468 0 380 428 808 2,277 Eva Haugen, Director Quality Management/HSE 1,384 79 9 1,473 0 360 460 820 2,292 Arthur Wisniewski, Director Human Resource Management 1,660 75 9 1,745 0 600 451 1,051 2,796 Runar Sivertsen, Chief Strategy Officer 1,432 75 9 1,516 0 535 358 893 2,409 Total earned 2022 19,434 668 196 20,298 6,643 8,738 3,917 19,298 39,596 1 From 24 October 2022 2 From 9 May 2022 to 23 October 2022. Ms Aase had a severance agreement of one year fixed and variable remuneration. 2/3 of the severance pay was settled as per 31.12.2022. 3 Until 9 May 2022 4 From 27 October 2022 5 From 1 April 2022 to 26 October 2022 6 Until 31 March 2022 7 From 28 October 2022 1 2 3 4 5 6 7 7 7 7
Board of Directors 2023 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
545
0
0
103
648
Leif Inge Nordhammer, Board member
305
0
0
0
305
Margrethe Hauge, Vice-Chair of the Board
305
130
0
0
435
Arnhild Holstad, Board member
305
0
0
0
305
Morten Loktu, Board member
305
138
0
0
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
0
0
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
0
0
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
44
0
44
Endre Kolbj\u00f8rnsen
0
0
28
0
28
Karianne O. Tung
0
0
28
0
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
0
0
0
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
0
0
0
73
Total remuneration 2023
2,070
268
100
1,509
3,946
8
Full period effect on audit-and risk committee
8
Board of Directors 2022 (NOK 1,000)
Annual base fee
Audit and Risk Committee
Nomination Committee
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board (from 8 June 2022)
260
0
0
0
260
Leif Inge Nordhammer, Board member (Chair of the Board until 8 June 2022)
395
0
0
0
395
Margrethe Hauge, Vice-Chair of the Board
283
123
0
0
405
Arnhild Holstad, Board member (from 8 June 2022)
145
0
0
0
145
Morten Loktu, Board member (from 8 June 2022)
145
43
0
0
188
Employee representatives
Simon Andre S\u00f8bstad, Board Member
141
0
0
2,277
2,418
Tone Ingebrigtsen, Board Member
141
0
0
1,311
1,453
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
0
0
41
0
41
Endre Kolbj\u00f8rnsen
0
0
26
0
26
Karianne O. Tung
0
0
26
0
26
Former members of the Board of Directors and the Nomination Committee
Magnus Dybvad, Board Member (until 8 June 2022)
138
40
0
0
178
Linda Litlekals\u00f8y Aase, Board Member (former representative until 9 May 2022)
138
0
0
0
138
Total remuneration 2022
1,785
205
92
3,588
5,670
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1023": { "value": "NOTE 2.4 Share-based incentive scheme Accounting policies The Group has a share-based incentive scheme, whereby the compa- nies receive services from the employees in return for Restricted Share Units (RSUs) in the Group. The fair value of the services received by the business units from the employees in return for the RSU entitlements awarded is recognised as an expense. The fair value of RSU entitlements is established when they are granted. The fair value of RSU entitlements that are not at mar- ket terms are valued at the share price in effect when the RSUs are granted. The probability of the performance criteria being met is considered when assessing how many RSU entitlements will be redeemed. The fair value of RSU entitlements that are not at market terms is calculated using a Monte-Carlo simulation. The value is established when they are granted and charged in profit and loss over the RSU's vesting period, with a corresponding increase in paid-in equity. Employers' national insurance contributions are recognised over the vesting period . Restricted Share Unit Plan (RSU): In accordance with the authorisation granted by the company's Annual General Meeting, SalMar ASA's Board of Directors has implemented a share-based incentive scheme (Restricted Share Unit Plan) for senior executives and key personnel employed by the company and its sub- sidiaries. As at 31 December 2023, the scheme encompassed up to 323,380 shares and has a term of three years. The company's board members do not receive RSUs, with the exception of those elected by the employees, who may take part in the programme in their capacity as employees. The company's obligations under the scheme will be covered by its existing holding of treasury shares. Participants of the plan are granted Restricted Share Units (RSUs) free of charge. These will be released and transferred as shares to participants after a vesting period subject to predefined performance criteria. The shares are then transferred to the employee free of charge. The plan comprises three vesting periods of, respectively, one, two and three calendar years. Each vesting period covers 1/3 of the total annual RSUs in the plan. One RSU affords a contingent entitlement to one share. The award of RSUs in each of the three vesting periods rests on the following performance criteria: \u2022 1/3 of the RSUs will vest irrespective of the performance criteria. \u2022 1/3 of the RSUs will vest provided that SalMar achieves a better EBIT/kg ratio than other aquaculture enterprises listed on the Oslo Stock Exchange during the vesting period. \u2022 1/3 of the RSUs will vest provided that SalMar\u2019s shares deliver a higher total shareholder return (TSR) than a defined group of comparable companies during the vesting period. The plan stipulates that RSUs will vest only if the participant is still an employee of the Group. The total gains from released RSUs dur- ing the course of one calendar year may not exceed 100 % of the participant\u2019s basic salary. The fair value of the RSU entitlements is calculated on the date they are granted. The total fair value of the entitlements as at 31 Decem- ber 2023 is calculated to be NOK 184.1million (2022: NOK 114.5 mil- lion). The cost is expensed over the vesting period, and a total of NOK 43.4 million was recognised in connection with the scheme in 2023 (2022: NOK 51.8 million). Provisions for employers' national insurance contributions in respect of the scheme have also been made. The expense is recognised to the extent that the performance criteria are met. The fair value of RSU entitlements that are not at market condition is set as the share price on the date the award was made. The probability of the performance criteria being met is taken into account when assessing how many RSU entitlements will be redeemed. When the 2023 award was formally made on 19 December 2023, the share price was NOK 571.44. (2022: NOK 379.60). The fair value of the RSU entitlements that are at market terms is calculated using a Monte-Carlo simulation. The most important input data when calculating the value of these RSU entitlements is the share price on the date the award was made, volatility, risk-free interest rate, expected yield and the vesting period. Based on the Monte-Carlo simulation, each RSU entitlement is worth NOK 556.89 for those awarded on 19 December 2023, NOK 289.99 for those awarded on 21 December 2022 and NOK 544.46 for those awarded on 20 December 2021. In 2023, 87,990 RSUs were exercised. The market price per share at the time the RSUs were exercised was NOK 569.05. Correspond- ingly, 118,075 RSUs were exercised in 2022. The market price per share on the date these RSUs were exercised was NOK 338.73. The value of the RSUs exercised is treated as a salary payment to the individual employee
Movements in the number of outstanding RSUs:
2023
2022
1 January
297,503
234,954
Granted during the year
162,394
184,859
Released during the year
-87,990
-118,075
Forfeited
-6,231
-11,623
Performance adjustment
-53,278
0
Dividend adjustment
10,982
7,388
31 December
323,380
297,503
Calculation of the year's award was based on the following parameters :
2023
2022
Grant date
19.12.2023
21.12.2022
Plan
2023
2022
Share price on date of issue
571.00
379.60
Weighted average fair values at the measurement date
556.89
288.99
Dividend yield ( %)
0 %
0 %
Expected volatility ( %)
38.73 %
44.76 %
Risk-free interest rate ( %)
3.76 %
3.07 %
Expected lifetime
1.92
1.92
Model used Monte Carlo & Monte Carlo &
Black-Scholes Black-Scholes
Vesting period for the outstanding RSUs at year end:
Date granted
Vesting period
2023
2022
17.12.2020
2020\u201323
42,117
20.12.2021
2021\u201323
35,495
20.12.2021
2021\u201324
35,992
35,537
21.12.2022
2022\u201323
61,397
21.12.2022
2022\u201324
62,455
61,435
21.12.2022
2022\u201325
62,539
61,522
19.12.2023
2023\u201324
54,071
19.12.2023
2023\u201325
54,125
19.12.2023
2023\u201326
54,198
Outstanding RSUs as at 31 December
323,380
297,503
Outstanding RSUs - group management:
Outstanding Performance Dividend Outstanding
per 01.01
Granted
Released
adjustment adjustment per 31.12
Frode Arntsen, CEO
8,454
4,024
-2,022
-1,662
337
9,131
Ulrik Steinvik, CFO
5,300
2,311
-1,530
-975
206
5,312
Roger Bekken,
COO Farming
6,427
2,865
-1,811
-1,194
254
6,541
Simon A. S\u00f8bstad, COO
4,074
1,941
-1,050
-782
155
4,338
Sales & Industry
Eva J. Haugen, Director
3,332
1,386
-1,009
-602
126
3,233
Quality Management/ HSE
Arthur Wisniewski,
Director Human Resource
3,857
1,664
-1,060
-722
149
3,888
Management
Runar Sivertsen, Chief
3,606
1,664
-903
-698
137
3,806
Strategy Officer
Share option agreements - Icelandic Salmon AS:
On 19 February 2021, Icelandic Salmon AS granted 205,850 share options with an exercise price of
NOK 115.00, respectively, to CEO and key employees. The company's intention is that the options will
be equity-settled with shares in Icelandic Salmon AS. The option holders must stay in the employ-
ment of the group over a three year vesting period from the grant date until 19 February 2024. As at
31 December 2023 the fair value of the agreements was determined to be NOK 5.2 million. In 2023
a total amount of NOK 1.4 million was expensed as other employee benefits, with a corresponding entry
to other paid in equity.
Share option agreements - SalMar Aker Ocean AS:
On 21 December 2021, SalMar Aker Ocean AS entered into an option agreement with the company's CEO.
The agreement have a six year vesting period from the grant date. The fair value of the agreements was
determined to be NOK 7.3 million at grant date. In 2023 a total amount of NOK 1.2 million was expensed
as other employee benefits, with a corresponding entry to other paid in equity. The company's intention is
that the options will be equity-settled with shares in SalMar Aker Ocean AS, see further information below.
In 2022 SalMar Aker Ocean AS entered into a share option agreement with key employees and granted 574,396 share options with an exer- cise price of NOK 49.50. The program is based on given criteria, and gives the employees the right to buy a certain number of shares at a given price, and where the price is set equal to the value the company was valued at when Aker Capital AS invested in the company in 2021. The company's intention is that the options will be equity-settled with shares in SalMar Aker Ocean AS, assuming a listing of the SalMar Aker Ocean group before 31 December 2024. If the condition is not met, the share options could be cash settled. The option holders must stay in the employment of the group over the vesting period from the grant date 1 January 2022, alternatively from the startdate, until 31 December 2024. At grant date the fair value of the agreements was determined to be NOK 9.8 million. In 2023 a total amount of NOK 1.3 million was expensed as other employee benefits, with a corresponding entry to other paid in equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1000": { "value": "Accounting policies The Group has a share-based incentive scheme, whereby the compa- nies receive services from the employees in return for Restricted Share Units (RSUs) in the Group. The fair value of the services received by the business units from the employees in return for the RSU entitlements awarded is recognised as an expense. The fair value of RSU entitlements is established when they are granted. The fair value of RSU entitlements that are not at mar- ket terms are valued at the share price in effect when the RSUs are granted. The probability of the performance criteria being met is considered when assessing how many RSU entitlements will be redeemed. The fair value of RSU entitlements that are not at market terms is calculated using a Monte-Carlo simulation. The value is established when they are granted and charged in profit and loss over the RSU's vesting period, with a corresponding increase in paid-in equity. Employers' national insurance contributions are recognised over the vesting period ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1001": { "value": "Accounting policies The Group has a defined-contribution pension scheme for its employ- ees. The company pays contributions to a privately held insurance plan and under this scheme, it has no further payment obligation once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Social security costs are charged based on the contribution paid . SalMar has a defined contribution plan that is in accordance with the legal requirements in Norway. After the business combination with Norway Royal Salmon ASA (NRS) in 2022, SalMar also has a defined benefit scheme which entitles the 11 members of the scheme to defined future benefits. These are mainly dependent on the number of years of entitlement, level of salary upon reaching retirement age and the size of the pension benefits paid by the National Insurance Scheme. The liability is funded through an insurance company. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-966": { "value": "NOTE 2.6 Other operating expenses
Specification of other operating expenses (NOK 1,000)
2023
2022
Maintenance
555,820
304,810
Energy
480,797
329,902
Third-party services
161,548
142,978
Freight
1,838,027
1,668,036
Insurance
87,749
61,376
Travel cost
35,655
21,866
Other operating expenses
907,499
917,266
Total other operating expenses
4,067,095
3,446,233
Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 01 January 2021. The production tax on the Norwegian activity increased from NOK 0.56 per kg to NOK 0.90 per kg with effect form 1 July 2023. For 2022 the production tax was NOK 0.405 pr kg. With effect from 2020 production tax was implemented on Iceland. The production tax will increase gradually over a seven-year period from 2020. According to a temporary provision of the law, the amount of the fee was 4/7th of the calculated fee in 2023 and will be 5/7th in 2024. From 2026 the fee charged will be full fee in accordance with the law. Of the total cost of NOK 208.4 million in 2023, NOK 183.5 million is related to the activity in Norway and NOK 24.9 million is related to the activity in Iceland. The corresponding numbers in 2022 were a total production tax of NOK 85.2 million, whereof NOK 71.8 million was related to activity in Norway and NOK 13.5 million to activity in Iceland. To highlight the performance of underlying operations before deduction of the production tax, SalMar has chosen to report it on a separate line in the income statement below Operational EBIT. To ensure consistent treatment of the equivalent tax in Iceland, the resource tax in Iceland has been classified similarly in the financial statement ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1035": { "value": "NOTE 2.6 Other operating expenses
Specification of other operating expenses (NOK 1,000)
2023
2022
Maintenance
555,820
304,810
Energy
480,797
329,902
Third-party services
161,548
142,978
Freight
1,838,027
1,668,036
Insurance
87,749
61,376
Travel cost
35,655
21,866
Other operating expenses
907,499
917,266
Total other operating expenses
4,067,095
3,446,233
Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 01 January 2021. The production tax on the Norwegian activity increased from NOK 0.56 per kg to NOK 0.90 per kg with effect form 1 July 2023. For 2022 the production tax was NOK 0.405 pr kg. With effect from 2020 production tax was implemented on Iceland. The production tax will increase gradually over a seven-year period from 2020. According to a temporary provision of the law, the amount of the fee was 4/7th of the calculated fee in 2023 and will be 5/7th in 2024. From 2026 the fee charged will be full fee in accordance with the law. Of the total cost of NOK 208.4 million in 2023, NOK 183.5 million is related to the activity in Norway and NOK 24.9 million is related to the activity in Iceland. The corresponding numbers in 2022 were a total production tax of NOK 85.2 million, whereof NOK 71.8 million was related to activity in Norway and NOK 13.5 million to activity in Iceland. To highlight the performance of underlying operations before deduction of the production tax, SalMar has chosen to report it on a separate line in the income statement below Operational EBIT. To ensure consistent treatment of the equivalent tax in Iceland, the resource tax in Iceland has been classified similarly in the financial statement ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-968": { "value": "NOTE 2.7 Government grants Accounting policies Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of capitalised operating assets reduce the carrying amount of the assets. The grant is then recognised in profit or loss over the useful life of the depreciable asset by way of reduced depreciation charge . In 2023, Group companies recognised NOK 3.4 million in tax incentives under the SkatteFUNN scheme and derecognised NOK 13.0 million in SkatteFUNN-related amounts in respect of capitalised operating assets. (2022: NOK 6.3 million recognised in income, and derecognised NOK 11.9 million in Skatte- FUNN-related amounts in respect of capitalised operating assets). In addition to this, the group occasionally receives various grants, which are not of significant value", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1002": { "value": "Accounting policies Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to match them with the costs that they are intended to compensate. Government grants relating to the purchase of capitalised operating assets reduce the carrying amount of the assets. The grant is then recognised in profit or loss over the useful life of the depreciable asset by way of reduced depreciation charge . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-967": { "value": "NOTE 2.8 Audit fees Breakdown of total auditor\u2019s fee:
2023 (NOK 1,000)
EY
Others
Audit services
6,480
1,140
Other certification services
1,939
177
Tax advisory services
1,307
22
Other non-audit services
711
0
Total 2023
10,436
1,339
2022 (NOK 1,000)
EY
Others
Audit services
5,979
981
Other certification services
1,524
50
Tax advisory services
359
0
Other non-audit services
2,186
123
Total 2022
10,048
1,154
1 1 1 Some of the fees disclosed are inclusive of VAT ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-969": { "value": "NOTE 2.9 Fair value adjustments Fair value adjustments are part of the Group's operating profit. Changes in fair value are presented on a separate line to provide a better understanding of the Group's profit and loss with respect to goods sold.
NOK 1,000
2023
2022
Change in unrealised value of Fish Pool contracts
18,737
69,737
Change in the fair value of the biological assets
1,571,116
446,150
Fair value adjustment
1,589,853
515,887
Fair value adjustment included in cost of
goods sold due to business combination
-722,809
-283,398
Total fair value adjustments
867,044
232,489
See Note 3.6 for details regarding change in fair value of biological assets and change in fair value adjustment due to business combination. See Note 3.9 for details regarding change in fair value of Fish Pool contracts Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1064": { "value": "
NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest
rate swap contracts. Corresponding income in 2022 was NOK 20.5 million.
Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency
contracts which do qualify for hedge accounting. For more details see note 3.9.
Remeasurement of previously held equity interest
With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in
Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 %
ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which
owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair
value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial
items in the profit or loss in 2022. See Note 4.5 for more information .
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-970": { "value": "NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest rate swap contracts. Corresponding income in 2022 was NOK 20.5 million. Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency contracts which do qualify for hedge accounting. For more details see note 3.9. Remeasurement of previously held equity interest With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 % ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial items in the profit or loss in 2022. See Note 4.5 for more information ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1003": { "value": "NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest rate swap contracts. Corresponding income in 2022 was NOK 20.5 million. Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency contracts which do qualify for hedge accounting. For more details see note 3.9. Remeasurement of previously held equity interest With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 % ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial items in the profit or loss in 2022. See Note 4.5 for more information .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1024": { "value": "NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest rate swap contracts. Corresponding income in 2022 was NOK 20.5 million. Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency contracts which do qualify for hedge accounting. For more details see note 3.9. Remeasurement of previously held equity interest With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 % ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial items in the profit or loss in 2022. See Note 4.5 for more information ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1036": { "value": "NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest rate swap contracts. Corresponding income in 2022 was NOK 20.5 million. Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency contracts which do qualify for hedge accounting. For more details see note 3.9. Remeasurement of previously held equity interest With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 % ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial items in the profit or loss in 2022. See Note 4.5 for more information ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1054": { "value": "NOTE 2.10 Net financial items
Financial items (NOK 1,000)
2023
2022
Interest income
51,087
28,408
Change in fair value of derivatives
0
18,661
Dividends and gain on investment in other companies
26,640
0
Remeasurement of previously held equity interest
0
90,776
Other financial income
3,097
4,251
Total financial income
29,737
113,688
Interest expenses
1,223,249
364,247
Other exchange differences
10,231
18,637
Change in fair value of derivatives
6,990
0
Other financial expenses
42,963
1,771
Total financial expenses
60,183
20,408
Net financial items
-1,202,608
-242,558
Included in interest expense is an amount of total NOK 60.5 million that relates to income from interest rate swap contracts. Corresponding income in 2022 was NOK 20.5 million. Changes in fair value of derivatives through profit or loss relates to inefficiency in forward currency contracts which do qualify for hedge accounting. For more details see note 3.9. Remeasurement of previously held equity interest With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in Iceland. Prior to the transaction SalMar Group owned 50 % of the shares in Isthor through SalMar's 51.02 % ownership in Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the shares in Isthor. The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was obtained, and a gain of NOK 90.8 million was recognised as other financial items in the profit or loss in 2022. See Note 4.5 for more information ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-971": { "value": "NOTE 2.11 Income tax, resource rent tax and production tax Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Resource rent tax On 31 May 2023, the Norwegian Parliament approved an additional resource rent tax on aquaculture in Norway with a tax rate of 25 % The resource rent tax is structured as a cash-flow-tax, and is related to the aquaculture business in the sea phase. The resource rent tax is in addition to the regular corporate tax on 22 %, gives a total tax rate on aquaculture in sea phase of 47 %. The new tax applied retroactively from 1 January 2023. An implementation effect related to deferred resource rent tax on biomass and the deductible consideration on historical acquisition of production capacity has been recognised in the comprehensive income. Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 1 January 2021 is directly deductible in the payable resource rent tax with effect from 1 January 2023. The total resource rent tax related to the profit in the period is therefore the total of production tax related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production tax is not classified as a tax expense in the statement of comprehensive income, but are included on a separate line in the Operational EBIT. See Note 2.6 for further information. The total effect of the resource rent tax including production tax is shown below
Nominal tax rate in the consolidated statement of profit or loss:
Norway
Iceland
Income tax rate
22 %
20 %
Resource rent tax rate
25 %
With effect from 2024 the income tax on Iceland increases to 21 %. Deferred tax liability related to
temporary differences on Iceland at 31 December 2023 are calculated with a tax rate of 21 %.
Tax expense in the consolidated statement
of profit or loss (NOK 1,000)
2023
2022
Income tax payable
1,292,859
2,589,042
Income tax payable abroad
49,383
31,266
Income tax - change in deferred tax
279,386
-1,670,885
Resource rent tax payable
464,329
0
Resource rent tax- change in deferred tax
371,633
0
Resource rent tax -implementation effect (deferred tax)
2,079,987
0
Adjustment for tax of prior periods
-3,843
4,573
Tax expense in the consolidated statement of profit or loss
4,533,736
953,996
Tax payable in the balance sheet
2023
2022
Income tax payable - Norway *
1,311,451
2,589,049
Income tax payable - abroad
38,643
23,520
Resource rent tax payable
464,329
0
Tax payable in the balance sheet
1,814,423
2,612,569
* At 31 December 2022 the income tax payable in Norway was calculated to NOK 2,589 million. The
high calculated tax payable was due to the fact that no deduction was made for production costs
related to stock of live fish at 31 December 2022 related to legal entities subject to resource rent tax.
The background was unclear legislation related to the resource rent tax implemented with effect from
1 January 2023. At 31 December 2022 there was high degree of uncertainty whether production costs
on fish in the sea would be deductible in the resource rent tax in 2023. At the end of April 2023 the
authorities stated that no deduction will be granted in the resource rent tax for 2023 related to his-
torical cost on existing biomass at 31 December 2022. SalMar strongly disagrees with this conclusion.
However, the production cost was deducted in the income tax calculated in the final tax report for 2022
finalized in June 2023. As a consequence of this, the tax payable was reduced with NOK 1,999 million
with a corresponding increase in deferred tax liability.
Deferred income tax liability - comprise
2023
2022
Non-current assets
1,972,491
1,709,435
Inventory
2,696,076
390,133
Receivables
-5,576
-1,624
Derivatives
133,246
69,435
Provision onerous contracts
-75,211
-22,742
Other
-69,794
-43,919
Tax losses carried forward
-378,057
-172,914
Deferred income tax liability
4,273,176
1,927,804
Deferred resource tax liability - comprise:
2023
2022
Inventory
2,768,345
0
Other
-245,171
0
Tax losses carried forward
-71,554
0
Deferred resource tax liability
2,451,621
0
Total deferred tax liability
6,724,797
1,927,804
Tax losses carried forward are mainly related to the companies in the subgroup SalMar Aker Ocean and
other Norwegian group companies not included in tax groups. The loss carry forward are expected to
be deducted from taxable income in the future. In assessing the recoverability of tax assets the Group
relies on the same forecast assumptions used elsewhere in the financial statements and in other
management reports.
NOK 1,000
Change in net deferred tax liability
2023
2022
Deferred tax liability at 1 January
1,927,804
2,258,689
Deferred tax liability associated with acquisitions
0
2,222,092
Deferred tax liability associated discontinued operations
0
-939,965
Change in deferred tax liability
279,386
-1,670,885
Deferred tax liability associated with equity transactions
-3,247
2,771
Deferred tax liability on items recognised in OCI
59,020
49,085
Deferred tax related to disposal of group companies
-2,007
0
Other changes in deferred tax liability
-5,095
0
Reclassification between tax payable and deferred tax liability *
1,998,631
0
Deferred resource tax - implementation effect
2,079,987
0
Change in deferred resource tax liability
371,633
0
Translation differences
18,685
6,017
Deferred tax liability at 31 December
6,724,797
1,927,804
* Regarding reclassification between tax payable and deferred tax liability in 2023, see information above.
Tax reconciliation
2023
2022
Profit before tax
7,279,321
4,562,032
Tax calculated at nominal Norwegian tax rate (22 %)
1,601,451
1,003,647
Foreign tax rate differences
-4,139
-10,888
Income from investments in associates and joint venture
6,005
-14,615
Net of other permanent differences
2,096
-28,720
Change in unrecognised deferred tax assets
16,216
0
Resource rent tax expense (25 %)
835,962
0
Resource rent tax - implementation effect (25 %)
2,079,987
0
Adjustment of income tax from previous years
-3,843
4,573
Calculated tax expense
4,533,736
953,996
Effective tax rate
62.3 %
20.9 %
Effective tax rate exclusive implementation effekt
33.7 %
Total resource rent tax including production tax in
the consolidated statement of profit or loss
2023
2022
Production tax recognised in the period
208,374
85,232
Production tax related to activity on Iceland
24,924
13,453
Production tax related to activity in Norway
183,450
71,779
Resource rent tax payable
464,329
0
Resource rent tax \u2013 change in deferred tax
371,633
0
Resource rent tax \u2013 implementation effect (deferred tax)
2,079,987
0
Total resource rent tax and production tax
3,099,400
71,779
related to the activity in Norway
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1037": { "value": "NOTE 2.11 Income tax, resource rent tax and production tax Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Resource rent tax On 31 May 2023, the Norwegian Parliament approved an additional resource rent tax on aquaculture in Norway with a tax rate of 25 % The resource rent tax is structured as a cash-flow-tax, and is related to the aquaculture business in the sea phase. The resource rent tax is in addition to the regular corporate tax on 22 %, gives a total tax rate on aquaculture in sea phase of 47 %. The new tax applied retroactively from 1 January 2023. An implementation effect related to deferred resource rent tax on biomass and the deductible consideration on historical acquisition of production capacity has been recognised in the comprehensive income. Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 1 January 2021 is directly deductible in the payable resource rent tax with effect from 1 January 2023. The total resource rent tax related to the profit in the period is therefore the total of production tax related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production tax is not classified as a tax expense in the statement of comprehensive income, but are included on a separate line in the Operational EBIT. See Note 2.6 for further information. The total effect of the resource rent tax including production tax is shown below
Nominal tax rate in the consolidated statement of profit or loss:
Norway
Iceland
Income tax rate
22 %
20 %
Resource rent tax rate
25 %
With effect from 2024 the income tax on Iceland increases to 21 %. Deferred tax liability related to temporary differences on Iceland at 31 December 2023 are calculated with a tax rate of 21 %.
Tax expense in the consolidated statement
of profit or loss (NOK 1,000)
2023
2022
Income tax payable
1,292,859
2,589,042
Income tax payable abroad
49,383
31,266
Income tax - change in deferred tax
279,386
-1,670,885
Resource rent tax payable
464,329
0
Resource rent tax- change in deferred tax
371,633
0
Resource rent tax -implementation effect (deferred tax)
2,079,987
0
Adjustment for tax of prior periods
-3,843
4,573
Tax expense in the consolidated statement of profit or loss
4,533,736
953,996
Tax payable in the balance sheet
2023
2022
Income tax payable - Norway *
1,311,451
2,589,049
Income tax payable - abroad
38,643
23,520
Resource rent tax payable
464,329
0
Tax payable in the balance sheet
1,814,423
2,612,569
* At 31 December 2022 the income tax payable in Norway was calculated to NOK 2,589 million. The high calculated tax payable was due to the fact that no deduction was made for production costs related to stock of live fish at 31 December 2022 related to legal entities subject to resource rent tax. The background was unclear legislation related to the resource rent tax implemented with effect from 1 January 2023. At 31 December 2022 there was high degree of uncertainty whether production costs on fish in the sea would be deductible in the resource rent tax in 2023. At the end of April 2023 the authorities stated that no deduction will be granted in the resource rent tax for 2023 related to his- torical cost on existing biomass at 31 December 2022. SalMar strongly disagrees with this conclusion. However, the production cost was deducted in the income tax calculated in the final tax report for 2022 finalized in June 2023. As a consequence of this, the tax payable was reduced with NOK 1,999 million with a corresponding increase in deferred tax liability.
Deferred income tax liability - comprise
2023
2022
Non-current assets
1,972,491
1,709,435
Inventory
2,696,076
390,133
Receivables
-5,576
-1,624
Derivatives
133,246
69,435
Provision onerous contracts
-75,211
-22,742
Other
-69,794
-43,919
Tax losses carried forward
-378,057
-172,914
Deferred income tax liability
4,273,176
1,927,804
Deferred resource tax liability - comprise:
2023
2022
Inventory
2,768,345
0
Other
-245,171
0
Tax losses carried forward
-71,554
0
Deferred resource tax liability
2,451,621
0
Total deferred tax liability
6,724,797
1,927,804
Tax losses carried forward are mainly related to the companies in the subgroup SalMar Aker Ocean and other Norwegian group companies not included in tax groups. The loss carry forward are expected to be deducted from taxable income in the future. In assessing the recoverability of tax assets the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.
NOK 1,000
Change in net deferred tax liability
2023
2022
Deferred tax liability at 1 January
1,927,804
2,258,689
Deferred tax liability associated with acquisitions
0
2,222,092
Deferred tax liability associated discontinued operations
0
-939,965
Change in deferred tax liability
279,386
-1,670,885
Deferred tax liability associated with equity transactions
-3,247
2,771
Deferred tax liability on items recognised in OCI
59,020
49,085
Deferred tax related to disposal of group companies
-2,007
0
Other changes in deferred tax liability
-5,095
0
Reclassification between tax payable and deferred tax liability *
1,998,631
0
Deferred resource tax - implementation effect
2,079,987
0
Change in deferred resource tax liability
371,633
0
Translation differences
18,685
6,017
Deferred tax liability at 31 December
6,724,797
1,927,804
* Regarding reclassification between tax payable and deferred tax liability in 2023, see information above.
Tax reconciliation
2023
2022
Profit before tax
7,279,321
4,562,032
Tax calculated at nominal Norwegian tax rate (22 %)
1,601,451
1,003,647
Foreign tax rate differences
-4,139
-10,888
Income from investments in associates and joint venture
6,005
-14,615
Net of other permanent differences
2,096
-28,720
Change in unrecognised deferred tax assets
16,216
0
Resource rent tax expense (25 %)
835,962
0
Resource rent tax - implementation effect (25 %)
2,079,987
0
Adjustment of income tax from previous years
-3,843
4,573
Calculated tax expense
4,533,736
953,996
Effective tax rate
62.3 %
20.9 %
Effective tax rate exclusive implementation effekt
33.7 %
Total resource rent tax including production tax in
the consolidated statement of profit or loss
2023
2022
Production tax recognised in the period
208,374
85,232
Production tax related to activity on Iceland
24,924
13,453
Production tax related to activity in Norway
183,450
71,779
Resource rent tax payable
464,329
0
Resource rent tax \u2013 change in deferred tax
371,633
0
Resource rent tax \u2013 implementation effect (deferred tax)
2,079,987
0
Total resource rent tax and production tax
3,099,400
71,779
related to the activity in Norway
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1055": { "value": "NOTE 2.11 Income tax, resource rent tax and production tax Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. Resource rent tax On 31 May 2023, the Norwegian Parliament approved an additional resource rent tax on aquaculture in Norway with a tax rate of 25 % The resource rent tax is structured as a cash-flow-tax, and is related to the aquaculture business in the sea phase. The resource rent tax is in addition to the regular corporate tax on 22 %, gives a total tax rate on aquaculture in sea phase of 47 %. The new tax applied retroactively from 1 January 2023. An implementation effect related to deferred resource rent tax on biomass and the deductible consideration on historical acquisition of production capacity has been recognised in the comprehensive income. Production tax The production tax implemented on the Norwegian aquaculture activity with effect from 1 January 2021 is directly deductible in the payable resource rent tax with effect from 1 January 2023. The total resource rent tax related to the profit in the period is therefore the total of production tax related to the Norwegian aquaculture activity and resource rent tax calculated in the period. The production tax is not classified as a tax expense in the statement of comprehensive income, but are included on a separate line in the Operational EBIT. See Note 2.6 for further information. The total effect of the resource rent tax including production tax is shown below
Nominal tax rate in the consolidated statement of profit or loss:
Norway
Iceland
Income tax rate
22 %
20 %
Resource rent tax rate
25 %
With effect from 2024 the income tax on Iceland increases to 21 %. Deferred tax liability related to temporary differences on Iceland at 31 December 2023 are calculated with a tax rate of 21 %.
Tax expense in the consolidated statement
of profit or loss (NOK 1,000)
2023
2022
Income tax payable
1,292,859
2,589,042
Income tax payable abroad
49,383
31,266
Income tax - change in deferred tax
279,386
-1,670,885
Resource rent tax payable
464,329
0
Resource rent tax- change in deferred tax
371,633
0
Resource rent tax -implementation effect (deferred tax)
2,079,987
0
Adjustment for tax of prior periods
-3,843
4,573
Tax expense in the consolidated statement of profit or loss
4,533,736
953,996
Tax payable in the balance sheet
2023
2022
Income tax payable - Norway *
1,311,451
2,589,049
Income tax payable - abroad
38,643
23,520
Resource rent tax payable
464,329
0
Tax payable in the balance sheet
1,814,423
2,612,569
* At 31 December 2022 the income tax payable in Norway was calculated to NOK 2,589 million. The high calculated tax payable was due to the fact that no deduction was made for production costs related to stock of live fish at 31 December 2022 related to legal entities subject to resource rent tax. The background was unclear legislation related to the resource rent tax implemented with effect from 1 January 2023. At 31 December 2022 there was high degree of uncertainty whether production costs on fish in the sea would be deductible in the resource rent tax in 2023. At the end of April 2023 the authorities stated that no deduction will be granted in the resource rent tax for 2023 related to his- torical cost on existing biomass at 31 December 2022. SalMar strongly disagrees with this conclusion. However, the production cost was deducted in the income tax calculated in the final tax report for 2022 finalized in June 2023. As a consequence of this, the tax payable was reduced with NOK 1,999 million with a corresponding increase in deferred tax liability.
Deferred income tax liability - comprise
2023
2022
Non-current assets
1,972,491
1,709,435
Inventory
2,696,076
390,133
Receivables
-5,576
-1,624
Derivatives
133,246
69,435
Provision onerous contracts
-75,211
-22,742
Other
-69,794
-43,919
Tax losses carried forward
-378,057
-172,914
Deferred income tax liability
4,273,176
1,927,804
Deferred resource tax liability - comprise:
2023
2022
Inventory
2,768,345
0
Other
-245,171
0
Tax losses carried forward
-71,554
0
Deferred resource tax liability
2,451,621
0
Total deferred tax liability
6,724,797
1,927,804
Tax losses carried forward are mainly related to the companies in the subgroup SalMar Aker Ocean and other Norwegian group companies not included in tax groups. The loss carry forward are expected to be deducted from taxable income in the future. In assessing the recoverability of tax assets the Group relies on the same forecast assumptions used elsewhere in the financial statements and in other management reports.
NOK 1,000
Change in net deferred tax liability
2023
2022
Deferred tax liability at 1 January
1,927,804
2,258,689
Deferred tax liability associated with acquisitions
0
2,222,092
Deferred tax liability associated discontinued operations
0
-939,965
Change in deferred tax liability
279,386
-1,670,885
Deferred tax liability associated with equity transactions
-3,247
2,771
Deferred tax liability on items recognised in OCI
59,020
49,085
Deferred tax related to disposal of group companies
-2,007
0
Other changes in deferred tax liability
-5,095
0
Reclassification between tax payable and deferred tax liability *
1,998,631
0
Deferred resource tax - implementation effect
2,079,987
0
Change in deferred resource tax liability
371,633
0
Translation differences
18,685
6,017
Deferred tax liability at 31 December
6,724,797
1,927,804
* Regarding reclassification between tax payable and deferred tax liability in 2023, see information above.
Tax reconciliation
2023
2022
Profit before tax
7,279,321
4,562,032
Tax calculated at nominal Norwegian tax rate (22 %)
1,601,451
1,003,647
Foreign tax rate differences
-4,139
-10,888
Income from investments in associates and joint venture
6,005
-14,615
Net of other permanent differences
2,096
-28,720
Change in unrecognised deferred tax assets
16,216
0
Resource rent tax expense (25 %)
835,962
0
Resource rent tax - implementation effect (25 %)
2,079,987
0
Adjustment of income tax from previous years
-3,843
4,573
Calculated tax expense
4,533,736
953,996
Effective tax rate
62.3 %
20.9 %
Effective tax rate exclusive implementation effekt
33.7 %
Total resource rent tax including production tax in
the consolidated statement of profit or loss
2023
2022
Production tax recognised in the period
208,374
85,232
Production tax related to activity on Iceland
24,924
13,453
Production tax related to activity in Norway
183,450
71,779
Resource rent tax payable
464,329
0
Resource rent tax \u2013 change in deferred tax
371,633
0
Resource rent tax \u2013 implementation effect (deferred tax)
2,079,987
0
Total resource rent tax and production tax
3,099,400
71,779
related to the activity in Norway
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1065": { "value": "Accounting policies and general information Income tax Income taxes is comprised of taxes on the taxable profit for the year, changes in deferred taxes and any adjustments in prior years' taxes. Income tax relating to items recognised in the equity are recognised directly in equity. Tax payable is calculated using the nominal tax rate for the relevant tax jurisdiction at the end of the reporting period. Deferred tax is calculated on the basis of temporary differences between accounting and taxation values at the close of the account- ing year. Deferred tax assets arise from temporary differences that give rise to future tax deductions. Deferred tax assets are recognised to the extent that it is probable that a taxable profit will arise, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses, can be utilised. Tax increasing and tax decreasing temporary differences are offset against each other to the extent that the taxes can be net settled within one tax regime. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1072": { "value": "Accounting policies
Deferred tax is calculated on the basis of temporary differences
between accounting and taxation values at the close of the account-
ing year. Deferred tax assets arise from temporary differences that
give rise to future tax deductions. Deferred tax assets are recognised
to the extent that it is probable that a taxable profit will arise, against
which the deductible temporary differences, and the carry forward of
unused tax credits and unused tax losses, can be utilised.
Tax increasing and tax decreasing temporary differences are offset
against each other to the extent that the taxes can be net settled
within one tax regime.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-972": { "value": "
NOTE 3.1 Intangible assets
Accounting policies
Intangible assets acquired separately are measured on initial recog-
nition at cost. The cost of intangible assets acquired in a business
combination is their fair value at the date of acquisition.
Intangible assets with a limited economic life are amortised over the
economic useful life. Impairments of intangible assets are recognised
in the extend of which the carrying amount of the asset exceeds its
recoverable amount.
Expenses related to research are expensed as they are incurred. Devel-
opment costs are capitalised when specific criteria relating to future
benefits are met. Capitalised development costs are recognised at
acquisition cost, less accumulated amortisation and write-downs. With
respect to major development projects, a specific assessment is made
to determine when the project has changed from being a development
project to a construction project. Capitalised development costs are
amortised in a straight line over the asset's estimated useful life.
Depreciation commences when the asset is put into operation .
Fish-farming licences
Licences acquired by the Group are capitalised at cost. Fish-farming
licences are deemed to have an indefinite useful life and are not
amortised, but are tested annually for impairment or more frequently if
there is indication of impairment, see Note 3.2 for further information.
Norway
Licences that the Group owns are capitalised at cost. Licences granted
in Norway are deemed to have an indefinite usable life and are there-
fore not amortised, but tested annually for impairment. The exception
is time-limited licences, which are depreciated over their remaining life.
Any value identified in connection with the acquisition of licences is
capitalised as an intangible asset.
Iceland
The sea farming licences in Iceland are issued, in accordance with the
current regulations, with a nominal lifespan of 16 years. The licences
will be renewed if the applicant meets the requirements set pursuant
to statute and regulation at the time the licence comes up for renewal.
A small fee must be paid for the licence renewal. This means that sea
farming licences are operated in a 16-year rolling lifespan system,
where the licences are renewed every 16th year. The Groups judgment
is that the fish-farming licences on Iceland, which are capitalized, will
not be amortised, but tested annually for impairment.
Goodwill
When the company assumes control over a separate business entity
for a consideration that exceeds the fair value of the individual assets
and liabilities assumed, the difference is entered as goodwill in the
statement of financial position. Goodwill deriving from purchases
of subsidiaries is presented under intangible assets. Goodwill is not
depreciated but is tested for impairment annually and when there are
indications that its value is lower than the carrying amount. When
assessing the need to write-down goodwill, this is assigned to relevant
cash flow generating units or groups, which are expected to benefit
from the acquisition. See Note 3.2 for further information.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2023
14,903,657
3,023,585
519,960
18,447,202
Additions
288,223
0
50,941
339,163
Disposal
-2,500
0
0
-2,500
Currency translation differences
98,270
11,391
398
110,058
Acquisition cost at 31 December 2023
15,287,649
3,034,975
571,298
18,893,923
Accumulated depreciation & write-
downs at 1 January 2023
28,137
23,725
104,286
156,149
Depreciation
42,824
0
10,353
53,177
Accumulated depreciation & write-
downs at 31 December 2023
70,962
23,725
114,639
209,326
Carrying amount at 31 December 2023
15,216,687
3,011,250
456,660
18,684,597
Estimated lifetime
Indefinite/3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 456.7 million are made up of capitalised devel-
opment costs. NOK 10.5 million of this is comprised of capitalised development costs relating to the
development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further total of
NOK 397.9 million relates to the development of the Group's Smart Fish Farm concept and Ocean Farm
2. This projects is still in the development phase and amortisation has not yet commenced. In addition,
other intangible assets includes excess value relating to the purchase of breeding nuclei. Breeding nuclei
are depreciated over 50 years, and their residual value as of 31 December 2023 was NOK 22.0 million.
Of the total carrying amount related to licences of NOK 15,217 million, NOK 212 million is related to
time-limited demonstration licences. The licences is amortised over the remaining life which various
from 3 years to 7.5 years.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2022
7,508,421
775,788
380,778
8,664,987
Additions through business combinations
7,265,892
2,241,170
1,791
9,508,853
Additions
52,812
0
137,072
189,884
Currency translation differences
76,532
6,627
319
83,477
Acquisition cost at 31 December 2022
14,903,657
3,023,585
519,960
18,447,202
Accumulated depreciation & write-
downs at 1 January 2022
21,000
23,725
89,791
134,517
Depreciation
7,137
0
14,495
21,633
Accumulated depreciation & write-
downs at 31 December 2022
28,137
23,725
104,286
156,149
Carrying amount at 31 December 2022
14,875,519
2,999,859
415,674
18,291,052
Estimated lifetime
Indefinite/3\u2013.5 years
Indefinite
5
\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2023 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,398,841
5,387,540
Fish Farming Central Norway
85,482
7,362,214
7,297,360
SalMar Aker Ocean
12,355
1,035,173
1,035,173
Norway
167,112
13,796,228
13,720,074
Icelandic Salmon
23,700
1,278,560
1,496,614
Group
190,812
15,074,788
15,216,687
Specification of fish farming licences 2022 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
75,116
6,305,262
6,300,262
Fish Farming Central Norway
84,749
7,109,063
7,080,732
SalMar Aker Ocean
6,304
96,181
96,181
Norway
166,169
13,510,506
13,477,175
Icelandic Salmon
23,700
1,278,560
1,398,344
Group
189,869
14,789,065
14,875,519
Additional information Icelandic Salmon holds licence of MAB 23,700 tonnes in the Icelandic Westfjords. Of the total MAB, 10,000 tonnes must be renewed by the end of 2026, 12,200 tonnes by the end of 2029 and 1,500 tonnes by the end of 2038. Included in the specification of fish farming licences above there are 4 time-limited demonstration licences in Central Norway, and 2 time-limited demonstration licence in Northern Norway. In addi- tion SalMar operates several R&D licences in collaboration with other companies. SalMar Group also holds 8 development licences with a total of MAB 6,240 tonnes. The licences is owned through the sub-group SalMar Aker Ocean. The licences was granted in 2019 by the Norwegian Directorate of Fisheries to develop the Smart Fish Farm, a specially designed deepwater installation for the farming of fish in the open ocean. No consideration has been paid for the 8 development licences. 2023 Change in fish farming licences (MAB tonnes) In 2023, SalMar increased its production capacity through the acquisition of \u00d8ylaks MTB AS. The fair value of the licences was NOK 255.7 million. This led to a net increase in MAB of 733 tonnes in Central Norway. In addition SalMar acquired MAB of 210 tonnes in Northern Norway through the governments auction of residual capacity with a total amount of NOK 32.8 million. In 2023 Arctic Offshore Farming AS was sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. Through the transaction development licences with a total of MAB 6,051 tonnes and a total carrying amount of MNOK 939.0 was moved from Fish Farming Northern Norway to SalMar Aker Ocean. See Note 4.6 for further information about the transaction. The disposal in the period is related to the sale of the subsidiary Salmonor Settefisk AS, and had no impact on the MAB. 2022 Change in fish farming licences (MAB tonnes) In 2022, SalMar increased its production capacity through the acqui- sitions of NTS and the merger with NRS. The fair value of licences related to the transactions was NOK 7,262 million. This led to a net increase in MAB of 19,635 tonnes in Central Norway and a net increase in MAB of 30,814 tonnes in Northern Norway. In addition the acquisi - tion included 8 aquaculture development licences in Northern Norway with MAB of 6,051 tonnes. The total MAB includes one time-lim- ited demonstration licence in Central Norway and one time-limited demonstration licence in Northern Norway. See Note 4.5 for further information. In addition SalMar acquired MAB 1,100 tonnes in development licences in 2022. Total consideration for the licences was NOK 50 million
Specification of goodwill 2023 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
173,973
Total goodwill
3,016,957
3,011,250
Specification of goodwill 2022 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
162,583
Total goodwill
3,016,957
2,999,859
The goodwill of NOK 2,085 million arising from the acquisition and merger of NTS and NRS in 2022, comprises both the value of expected synergies arising from the acquisition which is not separately recognised and technical goodwill. Due to fish farming licences having an indefinite useful life, SalMar has assessed that the present value of the deferred tax related to the excess value identified for licences being close to 0. Deferred tax related to excess value identified for licences amounts to a total of NOK 789 million, which is recognised as technical goodwill. The deferred tax is computed with the statutory tax in Norway of 22 %. The goodwill of NOK 156 million allocated to segment Icelandic Salmon is arising from the acquisition of Eldisst\u00f8din Isthor Ehf in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1004": { "value": "NOTE 3.1 Intangible assets
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2023
14,903,657
3,023,585
519,960
18,447,202
Additions
288,223
0
50,941
339,163
Disposal
-2,500
0
0
-2,500
Currency translation differences
98,270
11,391
398
110,058
Acquisition cost at 31 December 2023
15,287,649
3,034,975
571,298
18,893,923
Accumulated depreciation & write-
downs at 1 January 2023
28,137
23,725
104,286
156,149
Depreciation
42,824
0
10,353
53,177
Accumulated depreciation & write-
downs at 31 December 2023
70,962
23,725
114,639
209,326
Carrying amount at 31 December 2023
15,216,687
3,011,250
456,660
18,684,597
Estimated lifetime
Indefinite/3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 456.7 million are made up of capitalised devel- opment costs. NOK 10.5 million of this is comprised of capitalised development costs relating to the development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further total of NOK 397.9 million relates to the development of the Group's Smart Fish Farm concept and Ocean Farm 2. This projects is still in the development phase and amortisation has not yet commenced. In addition, other intangible assets includes excess value relating to the purchase of breeding nuclei. Breeding nuclei are depreciated over 50 years, and their residual value as of 31 December 2023 was NOK 22.0 million. Of the total carrying amount related to licences of NOK 15,217 million, NOK 212 million is related to time-limited demonstration licences. The licences is amortised over the remaining life which various from 3 years to 7.5 years.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2022
7,508,421
775,788
380,778
8,664,987
Additions through business combinations
7,265,892
2,241,170
1,791
9,508,853
Additions
52,812
0
137,072
189,884
Currency translation differences
76,532
6,627
319
83,477
Acquisition cost at 31 December 2022
14,903,657
3,023,585
519,960
18,447,202
Accumulated depreciation & write-
downs at 1 January 2022
21,000
23,725
89,791
134,517
Depreciation
7,137
0
14,495
21,633
Accumulated depreciation & write-
downs at 31 December 2022
28,137
23,725
104,286
156,149
Carrying amount at 31 December 2022
14,875,519
2,999,859
415,674
18,291,052
Estimated lifetime
Indefinite/3\u2013.5 years
Indefinite
5
\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2023 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,398,841
5,387,540
Fish Farming Central Norway
85,482
7,362,214
7,297,360
SalMar Aker Ocean
12,355
1,035,173
1,035,173
Norway
167,112
13,796,228
13,720,074
Icelandic Salmon
23,700
1,278,560
1,496,614
Group
190,812
15,074,788
15,216,687
Specification of fish farming licences 2022 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
75,116
6,305,262
6,300,262
Fish Farming Central Norway
84,749
7,109,063
7,080,732
SalMar Aker Ocean
6,304
96,181
96,181
Norway
166,169
13,510,506
13,477,175
Icelandic Salmon
23,700
1,278,560
1,398,344
Group
189,869
14,789,065
14,875,519
Additional information
Icelandic Salmon holds licence of MAB 23,700 tonnes in the Icelandic
Westfjords. Of the total MAB, 10,000 tonnes must be renewed by the
end of 2026, 12,200 tonnes by the end of 2029 and 1,500 tonnes
by the end of 2038.
Included in the specification of fish farming licences above there
are 4 time-limited demonstration licences in Central Norway, and
2 time-limited demonstration licence in Northern Norway. In addi-
tion SalMar operates several R&D licences in collaboration with
other companies.
SalMar Group also holds 8 development licences with a total of MAB
6,240 tonnes. The licences is owned through the sub-group SalMar
Aker Ocean. The licences was granted in 2019 by the Norwegian
Directorate of Fisheries to develop the Smart Fish Farm, a specially
designed deepwater installation for the farming of fish in the open
ocean. No consideration has been paid for the 8 development licences.
2023 Change in fish farming licences (MAB tonnes)
In 2023, SalMar increased its production capacity through the
acquisition of \u00d8ylaks MTB AS. The fair value of the licences was
NOK 255.7 million. This led to a net increase in MAB of 733 tonnes
in Central Norway.
In addition SalMar acquired MAB of 210 tonnes in Northern Norway
through the governments auction of residual capacity with a total
amount of NOK 32.8 million.
In 2023 Arctic Offshore Farming AS was sold from SalMar ASA to the
85 per cent owned subsidiary SalMar Aker Ocean AS. Through the
transaction development licences with a total of MAB 6,051 tonnes
and a total carrying amount of MNOK 939.0 was moved from Fish
Farming Northern Norway to SalMar Aker Ocean. See Note 4.6 for
further information about the transaction.
The disposal in the period is related to the sale of the subsidiary
Salmonor Settefisk AS, and had no impact on the MAB.
2022 Change in fish farming licences (MAB tonnes)
In 2022, SalMar increased its production capacity through the acqui-
sitions of NTS and the merger with NRS. The fair value of licences
related to the transactions was NOK 7,262 million. This led to a net
increase in MAB of 19,635 tonnes in Central Norway and a net increase
in MAB of 30,814 tonnes in Northern Norway. In addition the acquisi
-
tion included 8 aquaculture development licences in Northern Norway
with MAB of 6,051 tonnes. The total MAB includes one time-lim-
ited demonstration licence in Central Norway and one time-limited
demonstration licence in Northern Norway. See Note 4.5 for further
information.
In addition SalMar acquired MAB 1,100 tonnes in development licences
in 2022. Total consideration for the licences was NOK 50 million.
Specification of goodwill 2023 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
173,973
Total goodwill
3,016,957
3,011,250
Specification of goodwill 2022 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
162,583
Total goodwill
3,016,957
2,999,859
The goodwill of NOK 2,085 million arising from the acquisition and merger of NTS and NRS in 2022, comprises both the value of expected synergies arising from the acquisition which is not separately recognised and technical goodwill. Due to fish farming licences having an indefinite useful life, SalMar has assessed that the present value of the deferred tax related to the excess value identified for licences being close to 0. Deferred tax related to excess value identified for licences amounts to a total of NOK 789 million, which is recognised as technical goodwill. The deferred tax is computed with the statutory tax in Norway of 22 %. The goodwill of NOK 156 million allocated to segment Icelandic Salmon is arising from the acquisition of Eldisst\u00f8din Isthor Ehf in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1025": { "value": "NOTE 3.1 Intangible assets Accounting policies Intangible assets acquired separately are measured on initial recog- nition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with a limited economic life are amortised over the economic useful life. Impairments of intangible assets are recognised in the extend of which the carrying amount of the asset exceeds its recoverable amount. Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation . Fish-farming licences Licences acquired by the Group are capitalised at cost. Fish-farming licences are deemed to have an indefinite useful life and are not amortised, but are tested annually for impairment or more frequently if there is indication of impairment, see Note 3.2 for further information. Norway Licences that the Group owns are capitalised at cost. Licences granted in Norway are deemed to have an indefinite usable life and are there- fore not amortised, but tested annually for impairment. The exception is time-limited licences, which are depreciated over their remaining life. Any value identified in connection with the acquisition of licences is capitalised as an intangible asset. Iceland The sea farming licences in Iceland are issued, in accordance with the current regulations, with a nominal lifespan of 16 years. The licences will be renewed if the applicant meets the requirements set pursuant to statute and regulation at the time the licence comes up for renewal. A small fee must be paid for the licence renewal. This means that sea farming licences are operated in a 16-year rolling lifespan system, where the licences are renewed every 16th year. The Groups judgment is that the fish-farming licences on Iceland, which are capitalized, will not be amortised, but tested annually for impairment. Goodwill When the company assumes control over a separate business entity for a consideration that exceeds the fair value of the individual assets and liabilities assumed, the difference is entered as goodwill in the statement of financial position. Goodwill deriving from purchases of subsidiaries is presented under intangible assets. Goodwill is not depreciated but is tested for impairment annually and when there are indications that its value is lower than the carrying amount. When assessing the need to write-down goodwill, this is assigned to relevant cash flow generating units or groups, which are expected to benefit from the acquisition. See Note 3.2 for further information.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2023
14,903,657
3,023,585
519,960
18,447,202
Additions
288,223
0
50,941
339,163
Disposal
-2,500
0
0
-2,500
Currency translation differences
98,270
11,391
398
110,058
Acquisition cost at 31 December 2023
15,287,649
3,034,975
571,298
18,893,923
Accumulated depreciation & write-
downs at 1 January 2023
28,137
23,725
104,286
156,149
Depreciation
42,824
0
10,353
53,177
Accumulated depreciation & write-
downs at 31 December 2023
70,962
23,725
114,639
209,326
Carrying amount at 31 December 2023
15,216,687
3,011,250
456,660
18,684,597
Estimated lifetime
Indefinite/3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 456.7 million are made up of capitalised devel- opment costs. NOK 10.5 million of this is comprised of capitalised development costs relating to the development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further total of NOK 397.9 million relates to the development of the Group's Smart Fish Farm concept and Ocean Farm 2. This projects is still in the development phase and amortisation has not yet commenced. In addition, other intangible assets includes excess value relating to the purchase of breeding nuclei. Breeding nuclei are depreciated over 50 years, and their residual value as of 31 December 2023 was NOK 22.0 million. Of the total carrying amount related to licences of NOK 15,217 million, NOK 212 million is related to time-limited demonstration licences. The licences is amortised over the remaining life which various from 3 years to 7.5 years.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2022
7,508,421
775,788
380,778
8,664,987
Additions through business combinations
7,265,892
2,241,170
1,791
9,508,853
Additions
52,812
0
137,072
189,884
Currency translation differences
76,532
6,627
319
83,477
Acquisition cost at 31 December 2022
14,903,657
3,023,585
519,960
18,447,202
Accumulated depreciation & write-
downs at 1 January 2022
21,000
23,725
89,791
134,517
Depreciation
7,137
0
14,495
21,633
Accumulated depreciation & write-
downs at 31 December 2022
28,137
23,725
104,286
156,149
Carrying amount at 31 December 2022
14,875,519
2,999,859
415,674
18,291,052
Estimated lifetime
Indefinite/3\u2013.5 years
Indefinite
5
\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2023 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,398,841
5,387,540
Fish Farming Central Norway
85,482
7,362,214
7,297,360
SalMar Aker Ocean
12,355
1,035,173
1,035,173
Norway
167,112
13,796,228
13,720,074
Icelandic Salmon
23,700
1,278,560
1,496,614
Group
190,812
15,074,788
15,216,687
Specification of fish farming licences 2022 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
75,116
6,305,262
6,300,262
Fish Farming Central Norway
84,749
7,109,063
7,080,732
SalMar Aker Ocean
6,304
96,181
96,181
Norway
166,169
13,510,506
13,477,175
Icelandic Salmon
23,700
1,278,560
1,398,344
Group
189,869
14,789,065
14,875,519
Additional information Icelandic Salmon holds licence of MAB 23,700 tonnes in the Icelandic Westfjords. Of the total MAB, 10,000 tonnes must be renewed by the end of 2026, 12,200 tonnes by the end of 2029 and 1,500 tonnes by the end of 2038. Included in the specification of fish farming licences above there are 4 time-limited demonstration licences in Central Norway, and 2 time-limited demonstration licence in Northern Norway. In addi- tion SalMar operates several R&D licences in collaboration with other companies. SalMar Group also holds 8 development licences with a total of MAB 6,240 tonnes. The licences is owned through the sub-group SalMar Aker Ocean. The licences was granted in 2019 by the Norwegian Directorate of Fisheries to develop the Smart Fish Farm, a specially designed deepwater installation for the farming of fish in the open ocean. No consideration has been paid for the 8 development licences. 2023 Change in fish farming licences (MAB tonnes) In 2023, SalMar increased its production capacity through the acquisition of \u00d8ylaks MTB AS. The fair value of the licences was NOK 255.7 million. This led to a net increase in MAB of 733 tonnes in Central Norway. In addition SalMar acquired MAB of 210 tonnes in Northern Norway through the governments auction of residual capacity with a total amount of NOK 32.8 million. In 2023 Arctic Offshore Farming AS was sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. Through the transaction development licences with a total of MAB 6,051 tonnes and a total carrying amount of MNOK 939.0 was moved from Fish Farming Northern Norway to SalMar Aker Ocean. See Note 4.6 for further information about the transaction. The disposal in the period is related to the sale of the subsidiary Salmonor Settefisk AS, and had no impact on the MAB. 2022 Change in fish farming licences (MAB tonnes) In 2022, SalMar increased its production capacity through the acqui- sitions of NTS and the merger with NRS. The fair value of licences related to the transactions was NOK 7,262 million. This led to a net increase in MAB of 19,635 tonnes in Central Norway and a net increase in MAB of 30,814 tonnes in Northern Norway. In addition the acquisi - tion included 8 aquaculture development licences in Northern Norway with MAB of 6,051 tonnes. The total MAB includes one time-lim- ited demonstration licence in Central Norway and one time-limited demonstration licence in Northern Norway. See Note 4.5 for further information. In addition SalMar acquired MAB 1,100 tonnes in development licences in 2022. Total consideration for the licences was NOK 50 million.
Specification of goodwill 2023 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
173,973
Total goodwill
3,016,957
3,011,250
Specification of goodwill 2022 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
162,583
Total goodwill
3,016,957
2,999,859
The goodwill of NOK 2,085 million arising from the acquisition and merger of NTS and NRS in 2022, comprises both the value of expected synergies arising from the acquisition which is not separately recognised and technical goodwill. Due to fish farming licences having an indefinite useful life, SalMar has assessed that the present value of the deferred tax related to the excess value identified for licences being close to 0. Deferred tax related to excess value identified for licences amounts to a total of NOK 789 million, which is recognised as technical goodwill. The deferred tax is computed with the statutory tax in Norway of 22 %. The goodwill of NOK 156 million allocated to segment Icelandic Salmon is arising from the acquisition of Eldisst\u00f8din Isthor Ehf in 2022 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1038": { "value": "NOTE 3.1 Intangible assets Accounting policies Intangible assets acquired separately are measured on initial recog- nition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with a limited economic life are amortised over the economic useful life. Impairments of intangible assets are recognised in the extend of which the carrying amount of the asset exceeds its recoverable amount. Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation . Fish-farming licences Licences acquired by the Group are capitalised at cost. Fish-farming licences are deemed to have an indefinite useful life and are not amortised, but are tested annually for impairment or more frequently if there is indication of impairment, see Note 3.2 for further information. Norway Licences that the Group owns are capitalised at cost. Licences granted in Norway are deemed to have an indefinite usable life and are there- fore not amortised, but tested annually for impairment. The exception is time-limited licences, which are depreciated over their remaining life. Any value identified in connection with the acquisition of licences is capitalised as an intangible asset. Iceland The sea farming licences in Iceland are issued, in accordance with the current regulations, with a nominal lifespan of 16 years. The licences will be renewed if the applicant meets the requirements set pursuant to statute and regulation at the time the licence comes up for renewal. A small fee must be paid for the licence renewal. This means that sea farming licences are operated in a 16-year rolling lifespan system, where the licences are renewed every 16th year. The Groups judgment is that the fish-farming licences on Iceland, which are capitalized, will not be amortised, but tested annually for impairment. Goodwill When the company assumes control over a separate business entity for a consideration that exceeds the fair value of the individual assets and liabilities assumed, the difference is entered as goodwill in the statement of financial position. Goodwill deriving from purchases of subsidiaries is presented under intangible assets. Goodwill is not depreciated but is tested for impairment annually and when there are indications that its value is lower than the carrying amount. When assessing the need to write-down goodwill, this is assigned to relevant cash flow generating units or groups, which are expected to benefit from the acquisition. See Note 3.2 for further information.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2023
14,903,657
3,023,585
519,960
18,447,202
Additions
288,223
0
50,941
339,163
Disposal
-2,500
0
0
-2,500
Currency translation differences
98,270
11,391
398
110,058
Acquisition cost at 31 December 2023
15,287,649
3,034,975
571,298
18,893,923
Accumulated depreciation & write-
downs at 1 January 2023
28,137
23,725
104,286
156,149
Depreciation
42,824
0
10,353
53,177
Accumulated depreciation & write-
downs at 31 December 2023
70,962
23,725
114,639
209,326
Carrying amount at 31 December 2023
15,216,687
3,011,250
456,660
18,684,597
Estimated lifetime
Indefinite/3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 456.7 million are made up of capitalised devel- opment costs. NOK 10.5 million of this is comprised of capitalised development costs relating to the development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further total of NOK 397.9 million relates to the development of the Group's Smart Fish Farm concept and Ocean Farm 2. This projects is still in the development phase and amortisation has not yet commenced. In addition, other intangible assets includes excess value relating to the purchase of breeding nuclei. Breeding nuclei are depreciated over 50 years, and their residual value as of 31 December 2023 was NOK 22.0 million. Of the total carrying amount related to licences of NOK 15,217 million, NOK 212 million is related to time-limited demonstration licences. The licences is amortised over the remaining life which various from 3 years to 7.5 years. Other intangible NOK 1,000 Licences Goodwill assets TOTAL Acquisition cost at 1 January 2022 7,508,421 775,788 380,778 8,664,987 Additions through business combinations 7,265,892 2,241,170 1,791 9,508,853 Additions 52,812 0 137,072 189,884 Currency translation differences 76,532 6,627 319 83,477 Acquisition cost at 31 December 2022 14,903,657 3,023,585 519,960 18,447,202 Accumulated depreciation & write- downs at 1 January 2022 21,000 23,725 89,791 134,517 Depreciation 7,137 0 14,495 21,633 Accumulated depreciation & write- downs at 31 December 2022 28,137 23,725 104,286 156,149 Carrying amount at 31 December 2022 14,875,519 2,999,859 415,674 18,291,052 Estimated lifetime Indefinite/3\u2013.5 years Indefinite 5 \u201350 years Depreciation method Linear Linea
Specification of fish farming licences 2023 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,398,841
5,387,540
Fish Farming Central Norway
85,482
7,362,214
7,297,360
SalMar Aker Ocean
12,355
1,035,173
1,035,173
Norway
167,112
13,796,228
13,720,074
Icelandic Salmon
23,700
1,278,560
1,496,614
Group
190,812
15,074,788
15,216,687
Specification of fish farming licences 2022 (NOK 1,000)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
75,116
6,305,262
6,300,262
Fish Farming Central Norway
84,749
7,109,063
7,080,732
SalMar Aker Ocean
6,304
96,181
96,181
Norway
166,169
13,510,506
13,477,175
Icelandic Salmon
23,700
1,278,560
1,398,344
Group
189,869
14,789,065
14,875,519
Additional information Icelandic Salmon holds licence of MAB 23,700 tonnes in the Icelandic Westfjords. Of the total MAB, 10,000 tonnes must be renewed by the end of 2026, 12,200 tonnes by the end of 2029 and 1,500 tonnes by the end of 2038. Included in the specification of fish farming licences above there are 4 time-limited demonstration licences in Central Norway, and 2 time-limited demonstration licence in Northern Norway. In addi- tion SalMar operates several R&D licences in collaboration with other companies. SalMar Group also holds 8 development licences with a total of MAB 6,240 tonnes. The licences is owned through the sub-group SalMar Aker Ocean. The licences was granted in 2019 by the Norwegian Directorate of Fisheries to develop the Smart Fish Farm, a specially designed deepwater installation for the farming of fish in the open ocean. No consideration has been paid for the 8 development licences. 2023 Change in fish farming licences (MAB tonnes) In 2023, SalMar increased its production capacity through the acquisition of \u00d8ylaks MTB AS. The fair value of the licences was NOK 255.7 million. This led to a net increase in MAB of 733 tonnes in Central Norway. In addition SalMar acquired MAB of 210 tonnes in Northern Norway through the governments auction of residual capacity with a total amount of NOK 32.8 million. In 2023 Arctic Offshore Farming AS was sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. Through the transaction development licences with a total of MAB 6,051 tonnes and a total carrying amount of MNOK 939.0 was moved from Fish Farming Northern Norway to SalMar Aker Ocean. See Note 4.6 for further information about the transaction. The disposal in the period is related to the sale of the subsidiary Salmonor Settefisk AS, and had no impact on the MAB. 2022 Change in fish farming licences (MAB tonnes) In 2022, SalMar increased its production capacity through the acqui- sitions of NTS and the merger with NRS. The fair value of licences related to the transactions was NOK 7,262 million. This led to a net increase in MAB of 19,635 tonnes in Central Norway and a net increase in MAB of 30,814 tonnes in Northern Norway. In addition the acquisi - tion included 8 aquaculture development licences in Northern Norway with MAB of 6,051 tonnes. The total MAB includes one time-lim- ited demonstration licence in Central Norway and one time-limited demonstration licence in Northern Norway. See Note 4.5 for further information. In addition SalMar acquired MAB 1,100 tonnes in development licences in 2022. Total consideration for the licences was NOK 50 million.
Specification of goodwill 2023 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
173,973
Total goodwill
3,016,957
3,011,250
Specification of goodwill 2022 (NOK 1,000)
Acquisition year
Acquisition cost
Carrying amount 31.12.2022
Fish Farming Northern Norway
2022
1,482,363
1,482,363
Fish Farming Central Norway
2022
602,850
602,850
Goodwill arising from the acquisition
2022
2,085,213
2,085,213
and merger of NTS and NRS
Fish Farming Northern Norway
2006
95,114
95,114
Fish Farming Central Norway
1999
\u20132021
680,674
656,949
Icelandic Salmon
2022
155,956
162,583
Total goodwill
3,016,957
2,999,859
The goodwill of NOK 2,085 million arising from the acquisition and merger of NTS and NRS in 2022, comprises both the value of expected synergies arising from the acquisition which is not separately recognised and technical goodwill. Due to fish farming licences having an indefinite useful life, SalMar has assessed that the present value of the deferred tax related to the excess value identified for licences being close to 0. Deferred tax related to excess value identified for licences amounts to a total of NOK 789 million, which is recognised as technical goodwill. The deferred tax is computed with the statutory tax in Norway of 22 %. The goodwill of NOK 156 million allocated to segment Icelandic Salmon is arising from the acquisition of Eldisst\u00f8din Isthor Ehf in 2022 NOTE 3.2 Impairment of non-financial assets Accounting policies Annually or upon indication, each cash generating unit, is tested for impairment. If the recoverable amount of a cash generating unit is estimated to be less than the carrying amount of the net assets of the cash generating unit, impairment to the recoverable amount is recognised. The Group has substantial assets with indefinite lives in the form of licences and goodwill. The licences are subject to impairment testing in combination with goodwill in the annual test. Assets that are subject to amortization are reviewed for impairment whenever there are indications that future earnings do not justify the carrying value. SalMar has identified the Group's business segments as cash generating units. In connection with acqui - sitions, goodwill and intangible assets are allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination. The cash generating units are the lowest level in which independent cash flows can be identified, and no higher than the Group's business segments based on the geographic distribution of its sea farming operations in Norway, the segments Fish Farming Central Norway and Fish Farming Northern Norway, Sales & Industry, Icelandic Salmon and SalMar Aker Ocean. Impairment testing is carried out by calculating the net present value of estimated future cash flows (value in use) for the cash-generating unit and comparing the net present value of the cash flow towards the carrying amount of net assets held by the cash-generating unit. The cash flow used in the calculations represents the management\u2019s best estimate at the time of reporting. If the carrying amount is higher than the calculated value in use, the assets are considered impaired. The estimated cash flow is based on the assumption of continued operation. Value in use is calculated by estimating future cash flows, based on approved budgets and forecasts. Cash flow growth after the last year in the calculation is assumed to equal the expected rate of inflation. Cash flows are discounted by a rate of interest before tax which takes account of relevant market risk. If the calculated value in use is less than the carrying amount of the cash flow-generating entity, goodwill is impaired first and then other assets as required . The groups analyses of climate risk have so far not identified climate-related matters with substantially affect on the value of the groups assets or future cash flow. For further information see Note 4.9 .
Carrying amount of licences and goodwill allocated to cash generating units as at
31 December 2023:
NOK 1,000
Goodwill
Licences
Total 31.12.2023
Fish Farming Northern Norway
1,577,477
5,387,540
6,965,017
Fish Farming Central Norway
1,259,799
7,297,360
8,557,159
SalMar Aker Ocean
0
1,035,173
1,035,173
Icelandic Salmon
173,974
1,496,614
1,670,588
3,011,250
15,216,687
18,227,938
Carrying amount of licences and goodwill allocated to cash generating units as at
31 December 2022:
NOK 1,000
Goodwill
Licences
Total 31.12.2022
Fish Farming Northern Norway
1,577,477
6,300,262
7,877,739
Fish Farming Central Norway
1,259,799
7,080,732
8,340,531
SalMar Aker Ocean
0
96,181
96,181
Icelandic Salmon
162,583
1,398,344
1,560,927
2,999,859
14,875,519
17,875,378
At the end of the reporting periods, the market value of the Group\u2019s equity was significantly higher than the carrying amount of equity, which is an indication that the market considers the value of the Group\u2019s assets to exceed the carrying amount
Key assumptions
The key assumptions used in the calculation of value in use are har-
vested volume, EBIT/ kg, capital expenditure, tax, discount rates and
the terminal growth rates.
Discount rate
The discount rates are based on the Weighted Average Cost of Capital
(WACC) methodology. In the model a ten-year risk-free rate has been
used. Calculation of the final discount rates also takes into account
market risk premium, debt risk premium, gearing and beta value. In the
calculations, the Group has applied estimated cash flows after tax and
the corresponding discount rates after tax. The discount rate after tax
and before tax is calculated at 7.7 % and 7.9 % respectively for the
Group's Norwegian entities. For the operations in Iceland, the discount
rate after tax and before tax is 8.1 % and 10.2 % respectively. In the
sensitivity analysis the discount rate after tax is tested as it will yield
the same result as before tax.
Terminal growth rate
The growth rate is set at 2.5 % for Norway and 2.0 % for Iceland.
EBIT/ kg
EBIT margin per kg is highly volatile with respect to changes in salmon
prices. Forward prices are based on the Fish Pool Index at the reporting
day and estimates. Estimates for production cost are based on historic
figures and expectations.
Harvested volume
Harvested volume is based on the current stocking plans for each
unit, and forecasted figures for growth, assumed harvest weight and
mortality, based on historical figures.
Tax
A 22 % corporate tax has been used for Norwegian entities and 21 %
on Iceland. For Norwegian entities estimate of resource rent tax has
been added in the calculation. In addition current resource tax and
licence tax has been added for Iceland.
Climate Risk
As mentioned in note 4.9 SalMar has conducted a climate risk anal-
ysis of its assets. Based on current knowledge this is deemed to
be less sensitive compared to the other factors used in the impair-
ment evaluation.
Based on the above assessments, there were no impairment indica-
tors identified related to the fish farming licences or goodwill as of
31 December 2023. All segments have a material positive difference
between the calculated recoverable value and book value.
Sensitivity
In connection with the impairment testing of intangible assets, a sen-
sitivity analysis has been carried out. Sensitivity analysis has been
performed for each of the defined cash generating units.
Value in use is sensitive to changes in the assumptions made, the
most important of which are the discount rate and EBIT/kg. The table
below shows the extent of which the input factors must be changed
for the value in use to be equal to the carrying amount of net assets
held by the cash-generating unit.
Discount rate
Cash generating units
after tax
EBIT/kg (NOK)
Fish Farming Northern Norway
+4.9 %
-14.3
Fish Farming Central Norway
+8.9 %
-17.8
Salmar Aker Ocean
+6.7 %
-15.3
Icelandic Salmon
+0.8 %
-2.1
NOTE 3.3 Property, plant and equipment Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate .
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2023
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Additions
211,890
887,838
389,660
63,551
715,871
2,268,811
Reclassification asset under construction
832,935
706,906
25,421
20,652
-1,585,914
0
Reclassification between categories
0
496,720
-457,932
-38,787
0
0
Reclassification RoU
32,066
5,319
232
0
0
37,618
Disposal group company
-38,034
-2,044
0
-1,329
0
-41,408
Disposals
-2,312
-48,720
-19,931
-10,961
0
-81,923
Currency translation differences
26,823
15,382
17,521
175
6,234
66,135
Acquisition cost at 31 December 2023
5,833,092
7,985,767
2,287,700
351,890
1,078,078
17,536,527
Accumulated depreciation & write-
downs at 1 January 2023
402,407
2,683,855
880,049
189,447
317
4,156,075
Disposal group company
-28,052
-805
0
-104
0
-28,961
Depreciation
236,987
594,994
171,528
36,292
0
1,039,802
Write-downs
27
30,000
0
1,079
0
31,106
Disposal depreciation and write-downs
-850
-44,568
-15,448
-6,833
0
-67,699
Reclassification RoU
2,210
-4,630
15,057
0
0
12,636
Reclassification between categories
0
193,769
-179,784
-13,668
-317
0
Currency translation differences
2,451
5,606
14,011
131
0
22,198
Accumulated depreciation & write-
downs at 31 December 2023
615,180
3,458,219
885,414
206,345
0
5,165,157
Carrying amount at 31 December 2023
5,217,912
4,527,548
1,402,286
145,545
1,078,078
12,371,370
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
-86
0
-3,406
0
-3,492
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2022
2,503,586
4,312,018
1,806,879
276,327
1,838,751
10,737,560
Additions through business combinations
1,482,389
421,005
546,186
23,801
106,099
2,579,479
Additions
139,765
624,599
100,593
9,453
1,390,598
2,265,008
Reclassification assets under construction
819,515
403,014
153,692
38,271
-1,414,492
0
Disposals
-139,611
-151,858
-30
-49,844
1,425
-339,919
Reclassification
-36,195
306,921
-299,077
16,529
11,822
0
Currency translation differences
276
8,668
24,488
4,052
7,684
45,167
Acquisition cost at 31 December 2022
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Accumulated depreciation & write-
downs at 1 January 2022
308,805
2,349,679
734,312
211,251
267
3,604,314
Depreciation
137,728
435,929
135,358
25,021
50
734,085
Write-downs
0
34,144
0
2,499
0
36,642
Disposal depreciation and write-downs
-45,802
-139,981
-30
-49,425
0
-235,238
Currency translation differences
1,677
4,083
10,409
102
0
16,272
Accumulated depreciation & write-
downs at 31 December 2022
402,407
2,683,855
880,049
189,447
317
4,156,074
Carrying amount at 31 December 2022
4,367,316
3,240,512
1,452,681
129,142
1,941,570
11,131,221
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
426
0
0
0
426
As of 31 December 2023, the company had capitalised a total of
NOK 1,078 million in connection with assets under construction.
The amount was divided into NOK 387.1 million on real estate,
NOK 461.9 million on plant and equipment, NOK 218.8 million on ves-
sels, and NOK10.3 million on other operating assets. As of 31 Decem-
ber 2022, the company had capitalised a total of NOK 1,942 million
in work on investment projects that had not been completed and put
into operation and for which depreciation had not commenced. Of this
was NOK NOK 835.3 million related to real estate, NOK 998.8 million to
plant and equipment, NOK 63.4 million to vessels and NOK 44.2 million
to other operating assets.
Write-downs in 2023 derive primarily from a NOK 30 million impairment
in the value of Salmosea plant and equipment. For 2022 there was
a NOK 36.6 million impairment in the value of the net relating to the
Ocean Farm 1 installation .
NOTE 3.4 Right-of-use assets and lease liabilities Accounting policies The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset is depreciated over the estimated useful life of the asset. Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. This applies to some of the groups lease arrangements of wellboats and service boats, where crew and other service elements are included in the contract. The cost related to service elements not defined as lease, are expensed in the period they occur. The lease liabilities at commencement date are measured at the pres- ent value of the lease payments. The lease payments are discounted using the Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in the calculation of the lease liability and asset. Right-of-use assets and lease liabilities includes offices and produc- tion facilities, including the InnovaMar facility in Fr\u00f8ya. There are also significant leasing agreements in place for wellboats, service boats, plant and equipment. Right-of-Use Assets Land & Machinery & Boats & NOK 1,000 buildings equipment barges Total Acquisition cost at 1 January 2023 451,380 536,518 1,506,046 2,493,943 Adjustments of existing agreements 0 0 24,544 24,544 Additions 11,966 12,577 722,082 746,626 Disposal acquisition cost -1,299 -3,108 -20,205 -24,611 Reclassification of acquisition cost to property, plant and equipment -32,066 -5,319 -232 -37,618 Currency translation differences 0 3,557 2,776 6,332 Acquisition cost at 31 December 2023 429,981 544,224 2,235,010 3,209,216 Accumulated depreciation & write-downs at 1 January 2023 158,250 257,019 692,070 1,107,339 Depreciation 29,593 57,989 238,598 326,180 Write-down 0 1,965 0 1,965 Disposal accumulated depreciation 0 -774 -12,470 -13,244 Reclassification of depreciation to property, plant and equipment -2,210 4,630 -15,057 -12,636 Currency translation differences 0 850 1,061 1,911 Accumulated depreciation & write-downs at 31 December 2023 185,633 321,680 904,202 1,411,515 Carrying amount at 31 December 2023 244,348 222,544 1,330,808 1,797,701 Estimated lifetime 2 - 30 years 1 - 5 years 1 - 9 years Depreciation method Linear Linear Linea
Land & Machinery &
NOK 1,000 buildings
equipment
Boats & barges
Total
Acquisition cost at 1 January 2022
380,201
390,392
977,027
1,747,619
Additions through business combinations
22,410
85,479
439,016
546,905
Adjustments of existing agreements
-1,573
0
54,644
53,071
Additions
50,343
62,228
29,725
142,296
Disposal acquisition cost
0
-1,582
-5,719
-7,300
Currency translation differences
0
0
11,352
11,352
Acquisition cost at 31 December 2022
451,380
536,518
1,506,046
2,493,943
Accumulated depreciation & write-downs at 1 January 2022
132,846
213,584
524,385
870,816
Depreciation
27,210
45,016
173,109
245,335
Disposal accumulated depreciation
0
-1,582
-427
-2,009
Currency translation differences
-1,806
0
-4,997
-6,803
Accumulated depreciation & write-downs at 31 December 2022
158,250
257,019
692,070
1,107,339
Carrying amount at 31 December 2022
293,130
279,499
813,975
1,386,604
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOK 1,000)
2023
2022
Costs relating to short-term leases (less than 12 months duration)
263,323
125,413
Costs relating to the lease of low-value assets
51,802
32,993
Total leasing costs included in other operating expenses
315,125
158,405
Leases of low value are recognised in other operating expenses. Costs relating to short-term leases mainly relates to ad hoc leasing of service boats Lease liabilities
NOK 1,000
2023
2022
Lease liability 1 January
1,425,297
967,166
Additions through business combinations
0
483,609
Adjustment of lease liabilities
24,544
54,429
New contracts
746,626
145,708
Interest on lease liability (profit and loss)
102,177
64,654
Instalments on lease liabilities paid (cash flow)
-321,096
-229,333
Interest on lease liabilities paid (cash flow)
-102,177
-64,654
Disposal and reclassification of lease liabilities
-32,372
0
Currency translation differences
2,496
3,718
Total lease liabilities at 31 December
1,845,494
1,425,297
Short-term lease liabilities
343,753
273,081
Long-term lease liabilities
1,501,741
1,152,216
Total lease liabilities at 31 December
1,845,494
1,425,297
Cash flow relating to lease liabilities
NOK 1,000
2023
2022
Instalments on lease liabilities paid (cash flow)
321,096
229,333
Interest on lease liabilities paid (cash flow)
102,177
64,654
Lease liabilities recognised in profit or loss
315,125
158,405
Total cash flow relating to lease liabilities
738,398
452,392
See Note 4.1 for further details of the lease liabilities' maturity profile ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1067": { "value": "NOTE 3.1 Intangible assets
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2023
14,903,657
3,023,585
519,960
18,447,202
Additions
288,223
0
50,941
339,163
Disposal
-2,500
0
0
-2,500
Currency translation differences
98,270
11,391
398
110,058
Acquisition cost at 31 December 2023
15,287,649
3,034,975
571,298
18,893,923
Accumulated depreciation & write-
downs at 1 January 2023
28,137
23,725
104,286
156,149
Depreciation
42,824
0
10,353
53,177
Accumulated depreciation & write-
downs at 31 December 2023
70,962
23,725
114,639
209,326
Carrying amount at 31 December 2023
15,216,687
3,011,250
456,660
18,684,597
Estimated lifetime
Indefinite/3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 456.7 million are made up of capitalised devel- opment costs. NOK 10.5 million of this is comprised of capitalised development costs relating to the development of the Ocean Farm 1 installation. These costs are amortised over 5 years. A further total of NOK 397.9 million relates to the development of the Group's Smart Fish Farm concept and Ocean Farm 2. This projects is still in the development phase and amortisation has not yet commenced. In addition, other intangible assets includes excess value relating to the purchase of breeding nuclei. Breeding nuclei are depreciated over 50 years, and their residual value as of 31 December 2023 was NOK 22.0 million. Of the total carrying amount related to licences of NOK 15,217 million, NOK 212 million is related to time-limited demonstration licences. The licences is amortised over the remaining life which various from 3 years to 7.5 years.
Other
intangible
NOK 1,000
Licences
Goodwill
assets
TOTAL
Acquisition cost at 1 January 2022
7,508,421
775,788
380,778
8,664,987
Additions through business combinations
7,265,892
2,241,170
1,791
9,508,853
Additions
52,812
0
137,072
189,884
Currency translation differences
76,532
6,627
319
83,477
Acquisition cost at 31 December 2022
14,903,657
3,023,585
519,960
18,447,202
Accumulated depreciation & write-
downs at 1 January 2022
21,000
23,725
89,791
134,517
Depreciation
7,137
0
14,495
21,633
Accumulated depreciation & write-
downs at 31 December 2022
28,137
23,725
104,286
156,149
Carrying amount at 31 December 2022
14,875,519
2,999,859
415,674
18,291,052
Estimated lifetime
Indefinite/3\u2013.5 years
Indefinite
5
\u201350 years
Depreciation method
Linear
Linear
NOTE 3.3 Property, plant and equipment Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate .
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2023
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Additions
211,890
887,838
389,660
63,551
715,871
2,268,811
Reclassification asset under construction
832,935
706,906
25,421
20,652
-1,585,914
0
Reclassification between categories
0
496,720
-457,932
-38,787
0
0
Reclassification RoU
32,066
5,319
232
0
0
37,618
Disposal group company
-38,034
-2,044
0
-1,329
0
-41,408
Disposals
-2,312
-48,720
-19,931
-10,961
0
-81,923
Currency translation differences
26,823
15,382
17,521
175
6,234
66,135
Acquisition cost at 31 December 2023
5,833,092
7,985,767
2,287,700
351,890
1,078,078
17,536,527
Accumulated depreciation & write-
downs at 1 January 2023
402,407
2,683,855
880,049
189,447
317
4,156,075
Disposal group company
-28,052
-805
0
-104
0
-28,961
Depreciation
236,987
594,994
171,528
36,292
0
1,039,802
Write-downs
27
30,000
0
1,079
0
31,106
Disposal depreciation and write-downs
-850
-44,568
-15,448
-6,833
0
-67,699
Reclassification RoU
2,210
-4,630
15,057
0
0
12,636
Reclassification between categories
0
193,769
-179,784
-13,668
-317
0
Currency translation differences
2,451
5,606
14,011
131
0
22,198
Accumulated depreciation & write-
downs at 31 December 2023
615,180
3,458,219
885,414
206,345
0
5,165,157
Carrying amount at 31 December 2023
5,217,912
4,527,548
1,402,286
145,545
1,078,078
12,371,370
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
-86
0
-3,406
0
-3,492
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2022
2,503,586
4,312,018
1,806,879
276,327
1,838,751
10,737,560
Additions through business combinations
1,482,389
421,005
546,186
23,801
106,099
2,579,479
Additions
139,765
624,599
100,593
9,453
1,390,598
2,265,008
Reclassification assets under construction
819,515
403,014
153,692
38,271
-1,414,492
0
Disposals
-139,611
-151,858
-30
-49,844
1,425
-339,919
Reclassification
-36,195
306,921
-299,077
16,529
11,822
0
Currency translation differences
276
8,668
24,488
4,052
7,684
45,167
Acquisition cost at 31 December 2022
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Accumulated depreciation & write-
downs at 1 January 2022
308,805
2,349,679
734,312
211,251
267
3,604,314
Depreciation
137,728
435,929
135,358
25,021
50
734,085
Write-downs
0
34,144
0
2,499
0
36,642
Disposal depreciation and write-downs
-45,802
-139,981
-30
-49,425
0
-235,238
Currency translation differences
1,677
4,083
10,409
102
0
16,272
Accumulated depreciation & write-
downs at 31 December 2022
402,407
2,683,855
880,049
189,447
317
4,156,074
Carrying amount at 31 December 2022
4,367,316
3,240,512
1,452,681
129,142
1,941,570
11,131,221
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
426
0
0
0
426
As of 31 December 2023, the company had capitalised a total of NOK 1,078 million in connection with assets under construction. The amount was divided into NOK 387.1 million on real estate, NOK 461.9 million on plant and equipment, NOK 218.8 million on ves- sels, and NOK10.3 million on other operating assets. As of 31 Decem- ber 2022, the company had capitalised a total of NOK 1,942 million in work on investment projects that had not been completed and put into operation and for which depreciation had not commenced. Of this was NOK NOK 835.3 million related to real estate, NOK 998.8 million to plant and equipment, NOK 63.4 million to vessels and NOK 44.2 million to other operating assets. Write-downs in 2023 derive primarily from a NOK 30 million impairment in the value of Salmosea plant and equipment. For 2022 there was a NOK 36.6 million impairment in the value of the net relating to the Ocean Farm 1 installation . NOTE 3.4 Right-of-use assets and lease liabilities Accounting policies The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset is depreciated over the estimated useful life of the asset. Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. This applies to some of the groups lease arrangements of wellboats and service boats, where crew and other service elements are included in the contract. The cost related to service elements not defined as lease, are expensed in the period they occur. The lease liabilities at commencement date are measured at the pres- ent value of the lease payments. The lease payments are discounted using the Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in the calculation of the lease liability and asset. Right-of-use assets and lease liabilities includes offices and produc- tion facilities, including the InnovaMar facility in Fr\u00f8ya. There are also significant leasing agreements in place for wellboats, service boats, plant and equipment. Right-of-Use Assets
Land & Machinery & Boats &
NOK 1,000 buildings equipment
barges
Total
Acquisition cost at 1 January 2023
451,380
536,518
1,506,046
2,493,943
Adjustments of existing agreements
0
0
24,544
24,544
Additions
11,966
12,577
722,082
746,626
Disposal acquisition cost
-1,299
-3,108
-20,205
-24,611
Reclassification of acquisition cost to property, plant and equipment
-32,066
-5,319
-232
-37,618
Currency translation differences
0
3,557
2,776
6,332
Acquisition cost at 31 December 2023
429,981
544,224
2,235,010
3,209,216
Accumulated depreciation & write-downs at 1 January 2023
158,250
257,019
692,070
1,107,339
Depreciation
29,593
57,989
238,598
326,180
Write-down
0
1,965
0
1,965
Disposal accumulated depreciation
0
-774
-12,470
-13,244
Reclassification of depreciation to property, plant and equipment
-2,210
4,630
-15,057
-12,636
Currency translation differences
0
850
1,061
1,911
Accumulated depreciation & write-downs at 31 December 2023
185,633
321,680
904,202
1,411,515
Carrying amount at 31 December 2023
244,348
222,544
1,330,808
1,797,701
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linea r
Land & Machinery &
NOK 1,000 buildings
equipment
Boats & barges
Total
Acquisition cost at 1 January 2022
380,201
390,392
977,027
1,747,619
Additions through business combinations
22,410
85,479
439,016
546,905
Adjustments of existing agreements
-1,573
0
54,644
53,071
Additions
50,343
62,228
29,725
142,296
Disposal acquisition cost
0
-1,582
-5,719
-7,300
Currency translation differences
0
0
11,352
11,352
Acquisition cost at 31 December 2022
451,380
536,518
1,506,046
2,493,943
Accumulated depreciation & write-downs at 1 January 2022
132,846
213,584
524,385
870,816
Depreciation
27,210
45,016
173,109
245,335
Disposal accumulated depreciation
0
-1,582
-427
-2,009
Currency translation differences
-1,806
0
-4,997
-6,803
Accumulated depreciation & write-downs at 31 December 2022
158,250
257,019
692,070
1,107,339
Carrying amount at 31 December 2022
293,130
279,499
813,975
1,386,604
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOK 1,000)
2023
2022
Costs relating to short-term leases (less than 12 months duration)
263,323
125,413
Costs relating to the lease of low-value assets
51,802
32,993
Total leasing costs included in other operating expenses
315,125
158,405
Leases of low value are recognised in other operating expenses. Costs relating to short-term leases mainly relates to ad hoc leasing of service boats Lease liabilities
NOK 1,000
2023
2022
Lease liability 1 January
1,425,297
967,166
Additions through business combinations
0
483,609
Adjustment of lease liabilities
24,544
54,429
New contracts
746,626
145,708
Interest on lease liability (profit and loss)
102,177
64,654
Instalments on lease liabilities paid (cash flow)
-321,096
-229,333
Interest on lease liabilities paid (cash flow)
-102,177
-64,654
Disposal and reclassification of lease liabilities
-32,372
0
Currency translation differences
2,496
3,718
Total lease liabilities at 31 December
1,845,494
1,425,297
Short-term lease liabilities
343,753
273,081
Long-term lease liabilities
1,501,741
1,152,216
Total lease liabilities at 31 December
1,845,494
1,425,297
Cash flow relating to lease liabilities
NOK 1,000
2023
2022
Instalments on lease liabilities paid (cash flow)
321,096
229,333
Interest on lease liabilities paid (cash flow)
102,177
64,654
Lease liabilities recognised in profit or loss
315,125
158,405
Total cash flow relating to lease liabilities
738,398
452,392
See Note 4.1 for further details of the lease liabilities' maturity profile ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1073": { "value": "Accounting policies Intangible assets acquired separately are measured on initial recog- nition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with a limited economic life are amortised over the economic useful life. Impairments of intangible assets are recognised in the extend of which the carrying amount of the asset exceeds its recoverable amount. Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation . Fish-farming licences Licences acquired by the Group are capitalised at cost. Fish-farming licences are deemed to have an indefinite useful life and are not amortised, but are tested annually for impairment or more frequently if there is indication of impairment, see Note 3.2 for further information. Norway Licences that the Group owns are capitalised at cost. Licences granted in Norway are deemed to have an indefinite usable life and are there- fore not amortised, but tested annually for impairment. The exception is time-limited licences, which are depreciated over their remaining life. Any value identified in connection with the acquisition of licences is capitalised as an intangible asset. Iceland The sea farming licences in Iceland are issued, in accordance with the current regulations, with a nominal lifespan of 16 years. The licences will be renewed if the applicant meets the requirements set pursuant to statute and regulation at the time the licence comes up for renewal. A small fee must be paid for the licence renewal. This means that sea farming licences are operated in a 16-year rolling lifespan system, where the licences are renewed every 16th year. The Groups judgment is that the fish-farming licences on Iceland, which are capitalized, will not be amortised, but tested annually for impairment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1056": { "value": "Accounting policies Intangible assets acquired separately are measured on initial recog- nition at cost. The cost of intangible assets acquired in a business combination is their fair value at the date of acquisition. Intangible assets with a limited economic life are amortised over the economic useful life. Impairments of intangible assets are recognised in the extend of which the carrying amount of the asset exceeds its recoverable amount. Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation . Fish-farming licences Licences acquired by the Group are capitalised at cost. Fish-farming licences are deemed to have an indefinite useful life and are not amortised, but are tested annually for impairment or more frequently if there is indication of impairment, see Note 3.2 for further information. Norway Licences that the Group owns are capitalised at cost. Licences granted in Norway are deemed to have an indefinite usable life and are there- fore not amortised, but tested annually for impairment. The exception is time-limited licences, which are depreciated over their remaining life. Any value identified in connection with the acquisition of licences is capitalised as an intangible asset. Iceland The sea farming licences in Iceland are issued, in accordance with the current regulations, with a nominal lifespan of 16 years. The licences will be renewed if the applicant meets the requirements set pursuant to statute and regulation at the time the licence comes up for renewal. A small fee must be paid for the licence renewal. This means that sea farming licences are operated in a 16-year rolling lifespan system, where the licences are renewed every 16th year. The Groups judgment is that the fish-farming licences on Iceland, which are capitalized, will not be amortised, but tested annually for impairment. Goodwill When the company assumes control over a separate business entity for a consideration that exceeds the fair value of the individual assets and liabilities assumed, the difference is entered as goodwill in the statement of financial position. Goodwill deriving from purchases of subsidiaries is presented under intangible assets. Goodwill is not depreciated but is tested for impairment annually and when there are indications that its value is lower than the carrying amount. When assessing the need to write-down goodwill, this is assigned to relevant cash flow generating units or groups, which are expected to benefit from the acquisition. See Note 3.2 for further information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1066": { "value": "Accounting policies Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1090": { "value": "Accounting policies Expenses related to research are expensed as they are incurred. Devel- opment costs are capitalised when specific criteria relating to future benefits are met. Capitalised development costs are recognised at acquisition cost, less accumulated amortisation and write-downs. With respect to major development projects, a specific assessment is made to determine when the project has changed from being a development project to a construction project. Capitalised development costs are amortised in a straight line over the asset's estimated useful life. Depreciation commences when the asset is put into operation Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1080": { "value": "Accounting policies Goodwill When the company assumes control over a separate business entity for a consideration that exceeds the fair value of the individual assets and liabilities assumed, the difference is entered as goodwill in the statement of financial position. Goodwill deriving from purchases of subsidiaries is presented under intangible assets. Goodwill is not depreciated but is tested for impairment annually and when there are indications that its value is lower than the carrying amount. When assessing the need to write-down goodwill, this is assigned to relevant cash flow generating units or groups, which are expected to benefit from the acquisition. See Note 3.2 for further information. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1057": { "value": "NOTE 3.2 Impairment of non-financial assets Accounting policies Annually or upon indication, each cash generating unit, is tested for impairment. If the recoverable amount of a cash generating unit is estimated to be less than the carrying amount of the net assets of the cash generating unit, impairment to the recoverable amount is recognised. The Group has substantial assets with indefinite lives in the form of licences and goodwill. The licences are subject to impairment testing in combination with goodwill in the annual test. Assets that are subject to amortization are reviewed for impairment whenever there are indications that future earnings do not justify the carrying value. SalMar has identified the Group's business segments as cash generating units. In connection with acqui - sitions, goodwill and intangible assets are allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination. The cash generating units are the lowest level in which independent cash flows can be identified, and no higher than the Group's business segments based on the geographic distribution of its sea farming operations in Norway, the segments Fish Farming Central Norway and Fish Farming Northern Norway, Sales & Industry, Icelandic Salmon and SalMar Aker Ocean. Impairment testing is carried out by calculating the net present value of estimated future cash flows (value in use) for the cash-generating unit and comparing the net present value of the cash flow towards the carrying amount of net assets held by the cash-generating unit. The cash flow used in the calculations represents the management\u2019s best estimate at the time of reporting. If the carrying amount is higher than the calculated value in use, the assets are considered impaired. The estimated cash flow is based on the assumption of continued operation. Value in use is calculated by estimating future cash flows, based on approved budgets and forecasts. Cash flow growth after the last year in the calculation is assumed to equal the expected rate of inflation. Cash flows are discounted by a rate of interest before tax which takes account of relevant market risk. If the calculated value in use is less than the carrying amount of the cash flow-generating entity, goodwill is impaired first and then other assets as required . The groups analyses of climate risk have so far not identified climate-related matters with substantially affect on the value of the groups assets or future cash flow. For further information see Note 4.9 . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1074": { "value": "Accounting policies Annually or upon indication, each cash generating unit, is tested for impairment. If the recoverable amount of a cash generating unit is estimated to be less than the carrying amount of the net assets of the cash generating unit, impairment to the recoverable amount is recognised. The Group has substantial assets with indefinite lives in the form of licences and goodwill. The licences are subject to impairment testing in combination with goodwill in the annual test. Assets that are subject to amortization are reviewed for impairment whenever there are indications that future earnings do not justify the carrying value. SalMar has identified the Group's business segments as cash generating units. In connection with acqui - sitions, goodwill and intangible assets are allocated to each of the Group\u2019s cash generating units that are expected to benefit from the combination. The cash generating units are the lowest level in which independent cash flows can be identified, and no higher than the Group's business segments based on the geographic distribution of its sea farming operations in Norway, the segments Fish Farming Central Norway and Fish Farming Northern Norway, Sales & Industry, Icelandic Salmon and SalMar Aker Ocean. Impairment testing is carried out by calculating the net present value of estimated future cash flows (value in use) for the cash-generating unit and comparing the net present value of the cash flow towards the carrying amount of net assets held by the cash-generating unit. The cash flow used in the calculations represents the management\u2019s best estimate at the time of reporting. If the carrying amount is higher than the calculated value in use, the assets are considered impaired. The estimated cash flow is based on the assumption of continued operation. Value in use is calculated by estimating future cash flows, based on approved budgets and forecasts. Cash flow growth after the last year in the calculation is assumed to equal the expected rate of inflation. Cash flows are discounted by a rate of interest before tax which takes account of relevant market risk. If the calculated value in use is less than the carrying amount of the cash flow-generating entity, goodwill is impaired first and then other assets as required . The groups analyses of climate risk have so far not identified climate-related matters with substantially affect on the value of the groups assets or future cash flow. For further information see Note 4.9 Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1084": { "value": "NOTE 3.3 Property, plant and equipment Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1081": { "value": "NOTE 3.3 Property, plant and equipment Accounting policies Property, plant and equipment (PPE) is measured at acquisition cost, less a deduction for accumulated depreciation and write-downs. Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. Straight- line depreciation is applied over the useful life of property, plant and equipment, based on the asset\u2019s historical cost and estimated residual value at disposal. If a substantial part of an asset has an individual and different useful life, this part is depreciated separately. The asset\u2019s residual value and useful life are evaluated annually. The gain or loss arising from the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset. PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . Impairment tests for PPE are performed when there are indications of impairment. If the recoverable amount is estimated to be less than the carrying amount of the net asset, impairment to the recoverable amount is recognised. The recoverable amount is the higher of net sales value and value in use. Value in use is the present value of future cash flows which the asset will generate .
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2023
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Additions
211,890
887,838
389,660
63,551
715,871
2,268,811
Reclassification asset under construction
832,935
706,906
25,421
20,652
-1,585,914
0
Reclassification between categories
0
496,720
-457,932
-38,787
0
0
Reclassification RoU
32,066
5,319
232
0
0
37,618
Disposal group company
-38,034
-2,044
0
-1,329
0
-41,408
Disposals
-2,312
-48,720
-19,931
-10,961
0
-81,923
Currency translation differences
26,823
15,382
17,521
175
6,234
66,135
Acquisition cost at 31 December 2023
5,833,092
7,985,767
2,287,700
351,890
1,078,078
17,536,527
Accumulated depreciation & write-
downs at 1 January 2023
402,407
2,683,855
880,049
189,447
317
4,156,075
Disposal group company
-28,052
-805
0
-104
0
-28,961
Depreciation
236,987
594,994
171,528
36,292
0
1,039,802
Write-downs
27
30,000
0
1,079
0
31,106
Disposal depreciation and write-downs
-850
-44,568
-15,448
-6,833
0
-67,699
Reclassification RoU
2,210
-4,630
15,057
0
0
12,636
Reclassification between categories
0
193,769
-179,784
-13,668
-317
0
Currency translation differences
2,451
5,606
14,011
131
0
22,198
Accumulated depreciation & write-
downs at 31 December 2023
615,180
3,458,219
885,414
206,345
0
5,165,157
Carrying amount at 31 December 2023
5,217,912
4,527,548
1,402,286
145,545
1,078,078
12,371,370
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
-86
0
-3,406
0
-3,492
Other
Land & Machinery & Boats & operating Assets under
NOK 1,000 buildings equipment barges assets
construction
Total
Acquisition cost at 1 January 2022
2,503,586
4,312,018
1,806,879
276,327
1,838,751
10,737,560
Additions through business combinations
1,482,389
421,005
546,186
23,801
106,099
2,579,479
Additions
139,765
624,599
100,593
9,453
1,390,598
2,265,008
Reclassification assets under construction
819,515
403,014
153,692
38,271
-1,414,492
0
Disposals
-139,611
-151,858
-30
-49,844
1,425
-339,919
Reclassification
-36,195
306,921
-299,077
16,529
11,822
0
Currency translation differences
276
8,668
24,488
4,052
7,684
45,167
Acquisition cost at 31 December 2022
4,769,724
5,924,366
2,332,729
318,589
1,941,887
15,287,295
Accumulated depreciation & write-
downs at 1 January 2022
308,805
2,349,679
734,312
211,251
267
3,604,314
Depreciation
137,728
435,929
135,358
25,021
50
734,085
Write-downs
0
34,144
0
2,499
0
36,642
Disposal depreciation and write-downs
-45,802
-139,981
-30
-49,425
0
-235,238
Currency translation differences
1,677
4,083
10,409
102
0
16,272
Accumulated depreciation & write-
downs at 31 December 2022
402,407
2,683,855
880,049
189,447
317
4,156,074
Carrying amount at 31 December 2022
4,367,316
3,240,512
1,452,681
129,142
1,941,570
11,131,221
Estimated lifetime
5
\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Gains/losses on the sale of PP&E
0
426
0
0
0
426
As of 31 December 2023, the company had capitalised a total of NOK 1,078 million in connection with assets under construction. The amount was divided into NOK 387.1 million on real estate, NOK 461.9 million on plant and equipment, NOK 218.8 million on ves- sels, and NOK10.3 million on other operating assets. As of 31 Decem- ber 2022, the company had capitalised a total of NOK 1,942 million in work on investment projects that had not been completed and put into operation and for which depreciation had not commenced. Of this was NOK NOK 835.3 million related to real estate, NOK 998.8 million to plant and equipment, NOK 63.4 million to vessels and NOK 44.2 million to other operating assets. Write-downs in 2023 derive primarily from a NOK 30 million impairment in the value of Salmosea plant and equipment. For 2022 there was a NOK 36.6 million impairment in the value of the net relating to the Ocean Farm 1 installation . ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1086": { "value": "Accounting policies PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1089": { "value": "Accounting policies PPE under construction is not depreciated. Depreciation is charged to expenses when the asset is ready for use . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1075": { "value": "Accounting policies Borrowing cost that are directly attributable to the construction of a qualifying asset form part of the cost of the asset. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-973": { "value": "NOTE 3.4 Right-of-use assets and lease liabilities Accounting policies The Group recognises right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated over the shorter of the lease term and the useful life of the asset. When a purchase option has been included in the cost at recognition, the right-of-use asset is depreciated over the estimated useful life of the asset. Short term leases (lease term less than 12 months) and leases of low-value assets are not recognised as right-of-use assets and lease liabilities, as the recognition exemptions for these leases is applied. Lease payments of such leases are recognised as expense over the lease term. Contracts may contain both lease and non-lease components. The group allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. This applies to some of the groups lease arrangements of wellboats and service boats, where crew and other service elements are included in the contract. The cost related to service elements not defined as lease, are expensed in the period they occur. The lease liabilities at commencement date are measured at the pres- ent value of the lease payments. The lease payments are discounted using the Group's incremental borrowing rate as the interest rate implicit in the lease is not readily determinable. For leasing contracts with optional renewal period, and where we are reasonably certain to exercise this option, the renewal periods are included in the calculation of the lease liability and asset. Right-of-use assets and lease liabilities includes offices and produc- tion facilities, including the InnovaMar facility in Fr\u00f8ya. There are also significant leasing agreements in place for wellboats, service boats, plant and equipment. Right-of-Use Assets Land & Machinery & Boats & NOK 1,000 buildings equipment barges Total Acquisition cost at 1 January 2023 451,380 536,518 1,506,046 2,493,943 Adjustments of existing agreements 0 0 24,544 24,544 Additions 11,966 12,577 722,082 746,626 Disposal acquisition cost -1,299 -3,108 -20,205 -24,611 Reclassification of acquisition cost to property, plant and equipment -32,066 -5,319 -232 -37,618 Currency translation differences 0 3,557 2,776 6,332 Acquisition cost at 31 December 2023 429,981 544,224 2,235,010 3,209,216 Accumulated depreciation & write-downs at 1 January 2023 158,250 257,019 692,070 1,107,339 Depreciation 29,593 57,989 238,598 326,180 Write-down 0 1,965 0 1,965 Disposal accumulated depreciation 0 -774 -12,470 -13,244 Reclassification of depreciation to property, plant and equipment -2,210 4,630 -15,057 -12,636 Currency translation differences 0 850 1,061 1,911 Accumulated depreciation & write-downs at 31 December 2023 185,633 321,680 904,202 1,411,515 Carrying amount at 31 December 2023 244,348 222,544 1,330,808 1,797,701 Estimated lifetime 2 - 30 years 1 - 5 years 1 - 9 years Depreciation method Linear Linear Linea
Land & Machinery &
NOK 1,000 buildings
equipment
Boats & barges
Total
Acquisition cost at 1 January 2022
380,201
390,392
977,027
1,747,619
Additions through business combinations
22,410
85,479
439,016
546,905
Adjustments of existing agreements
-1,573
0
54,644
53,071
Additions
50,343
62,228
29,725
142,296
Disposal acquisition cost
0
-1,582
-5,719
-7,300
Currency translation differences
0
0
11,352
11,352
Acquisition cost at 31 December 2022
451,380
536,518
1,506,046
2,493,943
Accumulated depreciation & write-downs at 1 January 2022
132,846
213,584
524,385
870,816
Depreciation
27,210
45,016
173,109
245,335
Disposal accumulated depreciation
0
-1,582
-427
-2,009
Currency translation differences
-1,806
0
-4,997
-6,803
Accumulated depreciation & write-downs at 31 December 2022
158,250
257,019
692,070
1,107,339
Carrying amount at 31 December 2022
293,130
279,499
813,975
1,386,604
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOK 1,000)
2023
2022
Costs relating to short-term leases (less than 12 months duration)
263,323
125,413
Costs relating to the lease of low-value assets
51,802
32,993
Total leasing costs included in other operating expenses
315,125
158,405
Leases of low value are recognised in other operating expenses. Costs relating to short-term leases mainly relates to ad hoc leasing of service boats . Lease liabilities
NOK 1,000
2023
2022
Lease liability 1 January
1,425,297
967,166
Additions through business combinations
0
483,609
Adjustment of lease liabilities
24,544
54,429
New contracts
746,626
145,708
Interest on lease liability (profit and loss)
102,177
64,654
Instalments on lease liabilities paid (cash flow)
-321,096
-229,333
Interest on lease liabilities paid (cash flow)
-102,177
-64,654
Disposal and reclassification of lease liabilities
-32,372
0
Currency translation differences
2,496
3,718
Total lease liabilities at 31 December
1,845,494
1,425,297
Short-term lease liabilities
343,753
273,081
Long-term lease liabilities
1,501,741
1,152,216
Total lease liabilities at 31 December
1,845,494
1,425,297
Cash flow relating to lease liabilities
NOK 1,000
2023
2022
Instalments on lease liabilities paid (cash flow)
321,096
229,333
Interest on lease liabilities paid (cash flow)
102,177
64,654
Lease liabilities recognised in profit or loss
315,125
158,405
Total cash flow relating to lease liabilities
738,398
452,392
See Note 4.1 for further details of the lease liabilities' maturity profile .", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1005": { "value": "
Accounting policies
The Group recognises right-of-use assets at the commencement
date of the lease. Right-of-use assets are measured at cost, less
any accumulated depreciation and impairment losses, and adjusted
for any remeasurement of lease liabilities. Right-of-use assets are
depreciated over the shorter of the lease term and the useful life of
the asset. When a purchase option has been included in the cost at
recognition, the right-of-use asset is depreciated over the estimated
useful life of the asset.
Short term leases (lease term less than 12 months) and leases of
low-value assets are not recognised as right-of-use assets and
lease liabilities, as the recognition exemptions for these leases is
applied. Lease payments of such leases are recognised as expense
over the lease term.
Contracts may contain both lease and non-lease components. The
group allocates the consideration in the contract to the lease and
non-lease components based on their relative stand-alone prices. This
applies to some of the groups lease arrangements of wellboats and
service boats, where crew and other service elements are included
in the contract. The cost related to service elements not defined as
lease, are expensed in the period they occur.
The lease liabilities at commencement date are measured at the pres-
ent value of the lease payments. The lease payments are discounted
using the Group's incremental borrowing rate as the interest rate
implicit in the lease is not readily determinable.
For leasing contracts with optional renewal period, and where we are
reasonably certain to exercise this option, the renewal periods are
included in the calculation of the lease liability and asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1006": { "value": "NOTE 3.5 Investments in associated companies and joint ventures Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 . Investments in joint ventures and associated companies at 31 December 2023:
Ownership Ownership
Company
Head office
Sector
01.01 31.12
Norskott Havbruk AS
Bergen
Fish farming
50.00 %
50.00 %
SalMar Genetics AS
Rauma
Genetics
50.00 %
50.00 %
Kirkenes Processing AS
Kirkenes
Harvesting
50.00 %
50.00 %
Romsdal Processing AS
Molde
Harvesting & processing
44.45 %
44.45 %
Yu Fish Ltd
Singapore
Sales
45.30 %
45.30 %
Wilsg\u00e5rd Fiskeoppdrett AS
Torsken
Fish farming
37.50 %
37.50 %
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.47 %
33.47 %
Nordnorsk Smolt AS
Hasvik
Fish farming
50.00 %
50.00 %
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.26 %
21.26 %
Flatanger Settefisk AS
Flatanger
Smolt production
41.00 %
41.00 %
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.00 %
25.00 %
Skamik AS
Otters\u00f8y
Aquaculture services
24.88 %
24.88 %
All associates and joint ventures are accounted for using the equity method. Since none of the Group's associates or joint ventures are listed on a stock exchange, no observable market values are available Companies recognised in accordance with the equity method
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2023
572,330
433,407
1,152,989
213,024
2,371,747
- goodwill
0
0
0
3,605
3,605
Income from associated companies and joint ventures
80,449
40,209
-167,703
19,750
-27,295
Items recognised in other comprehensive income
0
0
90,809
2,215
93,024
Dividend received
0
-10,060
0
-8,386
-18,446
Other changes
-1,445
0
0
116
-1,329
Carrying amount at 31 December 2023
651,335
463,555
1,076,095
226,718
2,417,700
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2022
0
0
1,094,686
79,745
1,174,428
- excess value not amortised
0
0
0
327
327
- goodwill
0
0
0
3,051
3,051
Addition recognised through business acquisition
559,000
420,000
0
145,161
1,124,161
- addition of excess value not amortised
302,898
220,471
0
0
0
Remeasurement of equity interest at fair value
0
0
0
90,776
90,776
Derecognition due to reclassification to subsidiary
0
0
0
-105,632
-105,632
Income from associated companies
13,330
7,551
41,492
4,058
66,432
Items recognised in other comprehensive income
0
0
16,811
4,632
21,444
Dividend received
0
0
0
-2,865
-2,865
Other changes
0
5,855
0
-2,853
3,002
Carrying amount at 31 December 2022
572,330
433,407
1,152,989
213,024
2,371,747
In 2022 the Group acquired 50 % of the shares in the smolt facil-
ity Isthor in Iceland and the company was consolidated in the
Group's financial statements. The recognition according to equity
method was from the same time ended, with a remeasurement of
already held equity interest at fair value at acquisition. See Note 4.5
for further information.
Furthermore, with effect from 01.11.2022, a number of associates
were added to the Group in the acquisition and merger of NTS and
NRS, of which Wilsg
pdrett AS are considered material associates. Excess value in the two material associates mainly relates to licences. See Note 4.5 for further information .
Material associates and joint ventures
Based on an overall assessment, in which size and complexity have
been taken into account, Norskott Havbruk AS, Wilsg\u00e5rd Fiskeop-
pdrett AS and Hellesund Fiskeoppdrett AS are considered to be mate-
rial associates and joint ventures. Further details relating to these
material assets are presented below.
Wilsg\u00e5rd Fiskeoppdrett AS
Located in Senja, Wilsg\u00e5rd Fiskeoppdrett AS is a fishfarming company
with 6 ordinary licences. SalMar ASA owns 37.5 % of the shares in
the company.
Hellesund Fiskeoppdrett AS
SalMar ASA has a ownership share of 33.5 % in Hellesund Fiskeop-
pdrett AS. The company has one licence in Lillesand kommune in
the southern part of Norway. In addition it owns 75 % of the shares
in Korshavn Havbruk AS, a fishfarming company with one licence
in Lyngdal, and 100 % of the shares of S\u00f8rvest Laks AS, with one
licence in Lillesand.
Norskott Havbruk AS
Located in Bergen, Norskott Havbruk AS is a holding company that
owns 100 % of Scottish Sea Farms Ltd, which has operations in
mainland Scotland and Shetland.
Norskott Havbruk is 50/50 owned by SalMar ASA and Ler\u00f8y Sea-
food AS. The board of directors has 4 members, with each shareholder
represented by 2 directors. The shareholders alternate in having the
board's chair. SalMar and Ler\u00f8y are consider to have joint control over
the investment and are classified a joint venture.
The following table shows a summary of financial information relating to material associates, based on 100 % figures:
Wilsg\u00e5rd Fiskeoppdrett AS
Hellesund Fiskeoppdrett AS
01.11.2022\u2013 01.11.2022\u2013
NOK 1,000
2023
31.12.2022
2023
31.12.2022
Operating revenues
733,342
159,674
264,976
64,493
Operating expenses
542,734
88,207
125,033
29,068
Fair value adjustments
50,181
-29,594
-6,513
-912
Net profit/loss
214,531
36,831
120,146
83,430
Non-current assets
351,332
391,583
70,941
77,872
Current assets
940,280
679,020
734,070
660,405
Non-current liabilities
192,795
224,556
5,117
50,770
Current liabilities
215,539
173,446
62,693
40,806
Equity
883,278
672,601
737,201
615,305
The Group's share of equity
331,229
252,225
246,741
205,942
Excess value
302,898
302,898
220,471
220,471
Carrying amount at 31 December
651,335
572,330
463,555
433,407
The following table shows a summary of financial information relating to material joint ventures, based on 100 % figures:
Norskott Havbruk AS
NOK 1,000
2023
2022
Operating revenues
2,561,466
3,187,853
Operating expenses
2,865,278
2,914,267
Fair value adjustments
16,337
-28,582
Net profit/loss
-335,406
82,984
Non-current assets
3,591,919
3,403,086
Current assets
2,539,809
1,904,111
Non-current liabilities
2,396,226
2,080,868
Current liabilities
1,583,312
920,249
Equity
2,152,190
2,306,080
The Group's share of equity
1,076,095
1,153,040
Carrying amount at 31 December
1,076,095
1,152,989
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-974": { "value": "NOTE 3.5 Investments in associated companies and joint ventures Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 . Investments in joint ventures and associated companies at 31 December 2023:
Ownership Ownership
Company
Head office
Sector
01.01 31.12
Norskott Havbruk AS
Bergen
Fish farming
50.00 %
50.00 %
SalMar Genetics AS
Rauma
Genetics
50.00 %
50.00 %
Kirkenes Processing AS
Kirkenes
Harvesting
50.00 %
50.00 %
Romsdal Processing AS
Molde
Harvesting & processing
44.45 %
44.45 %
Yu Fish Ltd
Singapore
Sales
45.30 %
45.30 %
Wilsg\u00e5rd Fiskeoppdrett AS
Torsken
Fish farming
37.50 %
37.50 %
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.47 %
33.47 %
Nordnorsk Smolt AS
Hasvik
Fish farming
50.00 %
50.00 %
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.26 %
21.26 %
Flatanger Settefisk AS
Flatanger
Smolt production
41.00 %
41.00 %
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.00 %
25.00 %
Skamik AS
Otters\u00f8y
Aquaculture services
24.88 %
24.88 %
All associates and joint ventures are accounted for using the equity method. Since none of the Group's associates or joint ventures are listed on a stock exchange, no observable market values are available Companies recognised in accordance with the equity method
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2023
572,330
433,407
1,152,989
213,024
2,371,747
- goodwill
0
0
0
3,605
3,605
Income from associated companies and joint ventures
80,449
40,209
-167,703
19,750
-27,295
Items recognised in other comprehensive income
0
0
90,809
2,215
93,024
Dividend received
0
-10,060
0
-8,386
-18,446
Other changes
-1,445
0
0
116
-1,329
Carrying amount at 31 December 2023
651,335
463,555
1,076,095
226,718
2,417,700
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2022
0
0
1,094,686
79,745
1,174,428
- excess value not amortised
0
0
0
327
327
- goodwill
0
0
0
3,051
3,051
Addition recognised through business acquisition
559,000
420,000
0
145,161
1,124,161
- addition of excess value not amortised
302,898
220,471
0
0
0
Remeasurement of equity interest at fair value
0
0
0
90,776
90,776
Derecognition due to reclassification to subsidiary
0
0
0
-105,632
-105,632
Income from associated companies
13,330
7,551
41,492
4,058
66,432
Items recognised in other comprehensive income
0
0
16,811
4,632
21,444
Dividend received
0
0
0
-2,865
-2,865
Other changes
0
5,855
0
-2,853
3,002
Carrying amount at 31 December 2022
572,330
433,407
1,152,989
213,024
2,371,747
In 2022 the Group acquired 50 % of the shares in the smolt facil-
ity Isthor in Iceland and the company was consolidated in the
Group's financial statements. The recognition according to equity
method was from the same time ended, with a remeasurement of
already held equity interest at fair value at acquisition. See Note 4.5
for further information.
Furthermore, with effect from 01.11.2022, a number of associates
were added to the Group in the acquisition and merger of NTS and
NRS, of which Wilsg
pdrett AS are considered material associates. Excess value in the two material associates mainly relates to licences. See Note 4.5 for further information Material associates and joint ventures Based on an overall assessment, in which size and complexity have been taken into account, Norskott Havbruk AS, Wilsg\u00e5rd Fiskeop- pdrett AS and Hellesund Fiskeoppdrett AS are considered to be mate- rial associates and joint ventures. Further details relating to these material assets are presented below. Wilsg\u00e5rd Fiskeoppdrett AS Located in Senja, Wilsg\u00e5rd Fiskeoppdrett AS is a fishfarming company with 6 ordinary licences. SalMar ASA owns 37.5 % of the shares in the company. Hellesund Fiskeoppdrett AS SalMar ASA has a ownership share of 33.5 % in Hellesund Fiskeop- pdrett AS. The company has one licence in Lillesand kommune in the southern part of Norway. In addition it owns 75 % of the shares in Korshavn Havbruk AS, a fishfarming company with one licence in Lyngdal, and 100 % of the shares of S\u00f8rvest Laks AS, with one licence in Lillesand. Norskott Havbruk AS Located in Bergen, Norskott Havbruk AS is a holding company that owns 100 % of Scottish Sea Farms Ltd, which has operations in mainland Scotland and Shetland. Norskott Havbruk is 50/50 owned by SalMar ASA and Ler\u00f8y Sea- food AS. The board of directors has 4 members, with each shareholder represented by 2 directors. The shareholders alternate in having the board's chair. SalMar and Ler\u00f8y are consider to have joint control over the investment and are classified a joint venture. The following table shows a summary of financial information relating to material associates, based on 100 % figures:
Wilsg\u00e5rd Fiskeoppdrett AS
Hellesund Fiskeoppdrett AS
01.11.2022\u2013 01.11.2022\u2013
NOK 1,000
2023
31.12.2022
2023
31.12.2022
Operating revenues
733,342
159,674
264,976
64,493
Operating expenses
542,734
88,207
125,033
29,068
Fair value adjustments
50,181
-29,594
-6,513
-912
Net profit/loss
214,531
36,831
120,146
83,430
Non-current assets
351,332
391,583
70,941
77,872
Current assets
940,280
679,020
734,070
660,405
Non-current liabilities
192,795
224,556
5,117
50,770
Current liabilities
215,539
173,446
62,693
40,806
Equity
883,278
672,601
737,201
615,305
The Group's share of equity
331,229
252,225
246,741
205,942
Excess value
302,898
302,898
220,471
220,471
Carrying amount at 31 December
651,335
572,330
463,555
433,407
The following table shows a summary of financial information relating to material joint ventures, based on 100 % figures:
Norskott Havbruk AS
NOK 1,000
2023
2022
Operating revenues
2,561,466
3,187,853
Operating expenses
2,865,278
2,914,267
Fair value adjustments
16,337
-28,582
Net profit/loss
-335,406
82,984
Non-current assets
3,591,919
3,403,086
Current assets
2,539,809
1,904,111
Non-current liabilities
2,396,226
2,080,868
Current liabilities
1,583,312
920,249
Equity
2,152,190
2,306,080
The Group's share of equity
1,076,095
1,153,040
Carrying amount at 31 December
1,076,095
1,152,989
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1026": { "value": "NOTE 3.5 Investments in associated companies and joint ventures Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 . Investments in joint ventures and associated companies at 31 December 2023:
Ownership Ownership
Company
Head office
Sector
01.01 31.12
Norskott Havbruk AS
Bergen
Fish farming
50.00 %
50.00 %
SalMar Genetics AS
Rauma
Genetics
50.00 %
50.00 %
Kirkenes Processing AS
Kirkenes
Harvesting
50.00 %
50.00 %
Romsdal Processing AS
Molde
Harvesting & processing
44.45 %
44.45 %
Yu Fish Ltd
Singapore
Sales
45.30 %
45.30 %
Wilsg\u00e5rd Fiskeoppdrett AS
Torsken
Fish farming
37.50 %
37.50 %
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.47 %
33.47 %
Nordnorsk Smolt AS
Hasvik
Fish farming
50.00 %
50.00 %
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.26 %
21.26 %
Flatanger Settefisk AS
Flatanger
Smolt production
41.00 %
41.00 %
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.00 %
25.00 %
Skamik AS
Otters\u00f8y
Aquaculture services
24.88 %
24.88 %
All associates and joint ventures are accounted for using the equity method. Since none of the Group's associates or joint ventures are listed on a stock exchange, no observable market values are available Companies recognised in accordance with the equity method
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2023
572,330
433,407
1,152,989
213,024
2,371,747
- goodwill
0
0
0
3,605
3,605
Income from associated companies and joint ventures
80,449
40,209
-167,703
19,750
-27,295
Items recognised in other comprehensive income
0
0
90,809
2,215
93,024
Dividend received
0
-10,060
0
-8,386
-18,446
Other changes
-1,445
0
0
116
-1,329
Carrying amount at 31 December 2023
651,335
463,555
1,076,095
226,718
2,417,700
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2022
0
0
1,094,686
79,745
1,174,428
- excess value not amortised
0
0
0
327
327
- goodwill
0
0
0
3,051
3,051
Addition recognised through business acquisition
559,000
420,000
0
145,161
1,124,161
- addition of excess value not amortised
302,898
220,471
0
0
0
Remeasurement of equity interest at fair value
0
0
0
90,776
90,776
Derecognition due to reclassification to subsidiary
0
0
0
-105,632
-105,632
Income from associated companies
13,330
7,551
41,492
4,058
66,432
Items recognised in other comprehensive income
0
0
16,811
4,632
21,444
Dividend received
0
0
0
-2,865
-2,865
Other changes
0
5,855
0
-2,853
3,002
Carrying amount at 31 December 2022
572,330
433,407
1,152,989
213,024
2,371,747
In 2022 the Group acquired 50 % of the shares in the smolt facil-
ity Isthor in Iceland and the company was consolidated in the
Group's financial statements. The recognition according to equity
method was from the same time ended, with a remeasurement of
already held equity interest at fair value at acquisition. See Note 4.5
for further information.
Furthermore, with effect from 01.11.2022, a number of associates
were added to the Group in the acquisition and merger of NTS and
NRS, of which Wilsg
pdrett AS are considered material associates. Excess value in the two material associates mainly relates to licences. See Note 4.5 for further information Material associates and joint ventures Based on an overall assessment, in which size and complexity have been taken into account, Norskott Havbruk AS, Wilsg\u00e5rd Fiskeop- pdrett AS and Hellesund Fiskeoppdrett AS are considered to be mate- rial associates and joint ventures. Further details relating to these material assets are presented below. Wilsg\u00e5rd Fiskeoppdrett AS Located in Senja, Wilsg\u00e5rd Fiskeoppdrett AS is a fishfarming company with 6 ordinary licences. SalMar ASA owns 37.5 % of the shares in the company. Hellesund Fiskeoppdrett AS SalMar ASA has a ownership share of 33.5 % in Hellesund Fiskeop- pdrett AS. The company has one licence in Lillesand kommune in the southern part of Norway. In addition it owns 75 % of the shares in Korshavn Havbruk AS, a fishfarming company with one licence in Lyngdal, and 100 % of the shares of S\u00f8rvest Laks AS, with one licence in Lillesand. Norskott Havbruk AS Located in Bergen, Norskott Havbruk AS is a holding company that owns 100 % of Scottish Sea Farms Ltd, which has operations in mainland Scotland and Shetland. Norskott Havbruk is 50/50 owned by SalMar ASA and Ler\u00f8y Sea- food AS. The board of directors has 4 members, with each shareholder represented by 2 directors. The shareholders alternate in having the board's chair. SalMar and Ler\u00f8y are consider to have joint control over the investment and are classified a joint venture. The following table shows a summary of financial information relating to material associates, based on 100 % figures:
Wilsg\u00e5rd Fiskeoppdrett AS
Hellesund Fiskeoppdrett AS
01.11.2022\u2013 01.11.2022\u2013
NOK 1,000
2023
31.12.2022
2023
31.12.2022
Operating revenues
733,342
159,674
264,976
64,493
Operating expenses
542,734
88,207
125,033
29,068
Fair value adjustments
50,181
-29,594
-6,513
-912
Net profit/loss
214,531
36,831
120,146
83,430
Non-current assets
351,332
391,583
70,941
77,872
Current assets
940,280
679,020
734,070
660,405
Non-current liabilities
192,795
224,556
5,117
50,770
Current liabilities
215,539
173,446
62,693
40,806
Equity
883,278
672,601
737,201
615,305
The Group's share of equity
331,229
252,225
246,741
205,942
Excess value
302,898
302,898
220,471
220,471
Carrying amount at 31 December
651,335
572,330
463,555
433,407
The following table shows a summary of financial information relating to material joint ventures, based on 100 % figures:
Norskott Havbruk AS
NOK 1,000
2023
2022
Operating revenues
2,561,466
3,187,853
Operating expenses
2,865,278
2,914,267
Fair value adjustments
16,337
-28,582
Net profit/loss
-335,406
82,984
Non-current assets
3,591,919
3,403,086
Current assets
2,539,809
1,904,111
Non-current liabilities
2,396,226
2,080,868
Current liabilities
1,583,312
920,249
Equity
2,152,190
2,306,080
The Group's share of equity
1,076,095
1,153,040
Carrying amount at 31 December
1,076,095
1,152,989
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1076": { "value": "NOTE 3.5 Investments in associated companies and joint ventures Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 . Investments in joint ventures and associated companies at 31 December 2023:
Ownership Ownership
Company
Head office
Sector
01.01 31.12
Norskott Havbruk AS
Bergen
Fish farming
50.00 %
50.00 %
SalMar Genetics AS
Rauma
Genetics
50.00 %
50.00 %
Kirkenes Processing AS
Kirkenes
Harvesting
50.00 %
50.00 %
Romsdal Processing AS
Molde
Harvesting & processing
44.45 %
44.45 %
Yu Fish Ltd
Singapore
Sales
45.30 %
45.30 %
Wilsg\u00e5rd Fiskeoppdrett AS
Torsken
Fish farming
37.50 %
37.50 %
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.47 %
33.47 %
Nordnorsk Smolt AS
Hasvik
Fish farming
50.00 %
50.00 %
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.26 %
21.26 %
Flatanger Settefisk AS
Flatanger
Smolt production
41.00 %
41.00 %
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.00 %
25.00 %
Skamik AS
Otters\u00f8y
Aquaculture services
24.88 %
24.88 %
All associates and joint ventures are accounted for using the equity method. Since none of the Group's associates or joint ventures are listed on a stock exchange, no observable market values are available Companies recognised in accordance with the equity method
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2023
572,330
433,407
1,152,989
213,024
2,371,747
- goodwill
0
0
0
3,605
3,605
Income from associated companies and joint ventures
80,449
40,209
-167,703
19,750
-27,295
Items recognised in other comprehensive income
0
0
90,809
2,215
93,024
Dividend received
0
-10,060
0
-8,386
-18,446
Other changes
-1,445
0
0
116
-1,329
Carrying amount at 31 December 2023
651,335
463,555
1,076,095
226,718
2,417,700
Wilsg\u00e5rd Hellesund
Fiskeoppdrett Fiskeoppdrett Norskott
NOK 1,000 AS AS
Havbruk AS
Others
TOTAL
Opening balance at 1 January 2022
0
0
1,094,686
79,745
1,174,428
- excess value not amortised
0
0
0
327
327
- goodwill
0
0
0
3,051
3,051
Addition recognised through business acquisition
559,000
420,000
0
145,161
1,124,161
- addition of excess value not amortised
302,898
220,471
0
0
0
Remeasurement of equity interest at fair value
0
0
0
90,776
90,776
Derecognition due to reclassification to subsidiary
0
0
0
-105,632
-105,632
Income from associated companies
13,330
7,551
41,492
4,058
66,432
Items recognised in other comprehensive income
0
0
16,811
4,632
21,444
Dividend received
0
0
0
-2,865
-2,865
Other changes
0
5,855
0
-2,853
3,002
Carrying amount at 31 December 2022
572,330
433,407
1,152,989
213,024
2,371,747
In 2022 the Group acquired 50 % of the shares in the smolt facil-
ity Isthor in Iceland and the company was consolidated in the
Group's financial statements. The recognition according to equity
method was from the same time ended, with a remeasurement of
already held equity interest at fair value at acquisition. See Note 4.5
for further information.
Furthermore, with effect from 01.11.2022, a number of associates
were added to the Group in the acquisition and merger of NTS and
NRS, of which Wilsg
pdrett AS are considered material associates. Excess value in the two material associates mainly relates to licences. See Note 4.5 for further information Material associates and joint ventures Based on an overall assessment, in which size and complexity have been taken into account, Norskott Havbruk AS, Wilsg\u00e5rd Fiskeop- pdrett AS and Hellesund Fiskeoppdrett AS are considered to be mate- rial associates and joint ventures. Further details relating to these material assets are presented below. Wilsg\u00e5rd Fiskeoppdrett AS Located in Senja, Wilsg\u00e5rd Fiskeoppdrett AS is a fishfarming company with 6 ordinary licences. SalMar ASA owns 37.5 % of the shares in the company. Hellesund Fiskeoppdrett AS SalMar ASA has a ownership share of 33.5 % in Hellesund Fiskeop- pdrett AS. The company has one licence in Lillesand kommune in the southern part of Norway. In addition it owns 75 % of the shares in Korshavn Havbruk AS, a fishfarming company with one licence in Lyngdal, and 100 % of the shares of S\u00f8rvest Laks AS, with one licence in Lillesand. Norskott Havbruk AS Located in Bergen, Norskott Havbruk AS is a holding company that owns 100 % of Scottish Sea Farms Ltd, which has operations in mainland Scotland and Shetland. Norskott Havbruk is 50/50 owned by SalMar ASA and Ler\u00f8y Sea- food AS. The board of directors has 4 members, with each shareholder represented by 2 directors. The shareholders alternate in having the board's chair. SalMar and Ler\u00f8y are consider to have joint control over the investment and are classified a joint venture. The following table shows a summary of financial information relating to material associates, based on 100 % figures:
Wilsg\u00e5rd Fiskeoppdrett AS
Hellesund Fiskeoppdrett AS
01.11.2022\u2013 01.11.2022\u2013
NOK 1,000
2023
31.12.2022
2023
31.12.2022
Operating revenues
733,342
159,674
264,976
64,493
Operating expenses
542,734
88,207
125,033
29,068
Fair value adjustments
50,181
-29,594
-6,513
-912
Net profit/loss
214,531
36,831
120,146
83,430
Non-current assets
351,332
391,583
70,941
77,872
Current assets
940,280
679,020
734,070
660,405
Non-current liabilities
192,795
224,556
5,117
50,770
Current liabilities
215,539
173,446
62,693
40,806
Equity
883,278
672,601
737,201
615,305
The Group's share of equity
331,229
252,225
246,741
205,942
Excess value
302,898
302,898
220,471
220,471
Carrying amount at 31 December
651,335
572,330
463,555
433,407
The following table shows a summary of financial information relating to material joint ventures, based on 100 % figures:
Norskott Havbruk AS
NOK 1,000
2023
2022
Operating revenues
2,561,466
3,187,853
Operating expenses
2,865,278
2,914,267
Fair value adjustments
16,337
-28,582
Net profit/loss
-335,406
82,984
Non-current assets
3,591,919
3,403,086
Current assets
2,539,809
1,904,111
Non-current liabilities
2,396,226
2,080,868
Current liabilities
1,583,312
920,249
Equity
2,152,190
2,306,080
The Group's share of equity
1,076,095
1,153,040
Carrying amount at 31 December
1,076,095
1,152,989
NOTE 4.4 Group companies
The consolidated financial statements for 2023 includes the following subsidiaries:
Shareholding
Company
Owner
Country
Registered office
31.12.2023
SalMar Oppdrett AS
SalMar Farming AS
Norway
Kverva
100.00 %
SalMar Settefisk AS
SalMar ASA
Norway
Kverva
100.00 %
SalMar Smolt AS
SalMar Settefisk AS
Norway
Kverva
100.00 %
SalMar Farming AS
SalMar ASA
Norway
Kverva
100.00 %
\u00d8ylaks MTB AS*
SalMar Farming AS
Norway
Midsund
49.00 %
Hitramat Farming AS
SalMar ASA
Norway
Kverva
51.00 %
Nor Seafood AS
SalMar ASA
Norway
Botnhamn
82.49 %
Nekton Havbruk AS
SalMar Farming AS
Norway
Kverva
51.00 %
Refsnes Laks AS**
SalMar Farming AS
Norway
Kverva
45.00 %
SalMar Aker Ocean AS
SalMar ASA
Norway
Kverva
85.00 %
Ocean Farming AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Mariculture AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Arctic Offshore Farming AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Osan Settefisk AS
SalMar Farming AS
Norway
Kolvereid
66.00 %
MNH Rederi AS
SalMar Farming AS
Norway
R\u00f8rvik
100.00 %
SalmoSea AS
SalMar Farming AS
Norway
R\u00f8rvik
74.31 %
Icelandic Salmon AS
SalMar ASA
Norway
Kverva
52.48 %
Arnarlax Ehf
Icelandic Salmon AS
Iceland
Bildudalur
52.48 %
Icelandic Salmon Ehf
Arnarlax Ehf
Iceland
Talknafj\u00f8rdur
52.48 %
Fjallalax Ehf
Arnarlax Ehf
Iceland
Bildudalur
52.48 %
Vikenco AS
SalMar AS
Norway
Aukra
51.00 %
SalMar Japan KK
SalMar AS
Japan
Japan
100.00 %
SalMar Singapore PTE Ltd.
SalMar AS
Singapore
Singapore
100.00 %
SalMar Vietnam Co., Ltd
SalMar AS
Vietnam
Ho Chi Minh City
100.00 %
SalMar-Tunet AS
SalMar ASA
Norway
Kverva
100.00 %
* Through shareholders agreement, SalMar has established control and has the power to affect the return from the involvement in \u00d8ylaks MTB AS. For further information, see Note 4.5 ** Through shareholders agreement, SalMar has established con- trol and has the power to affect the return from the involvement in Refsnes Laks AS. Disposal of Group companies. On 5 September 2023 the sale of the Group company Salmonor Settefisk AS was completed. The total consideration net of cash in the company was NOK 53.8 million. As a result of the transaction, there is recognised a gain of NOK 15.4 million included in other oper- ating income. On 14 August 2023 the sale of SalMars entire ownership stake in Fr\u00f8y AS, representing approximately 72.11 per cent of the shares in the company, was completed. See Note 4.7 for further information", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1058": { "value": "Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1068": { "value": "Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1039": { "value": "Accounting policies Joint ventures are entities where the group has joint control and the parties in the joint arrangement have right to the net assets of the arrangement. Associates are all entities, except joint ventures, over which the group has significant influence but not control. This is generally the case where the group holds between 20 % and 50 % of the voting rights. Investments in associates and joint ventures are accounted for using the equity method of accounting, after initially being recognised at cost. Where the group\u2019s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity. The carrying amount of equity-accounted investments is tested for impairment in accordance with principles described in Note 3.2 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-975": { "value": "NOTE 3.6 Biological assets and other inventories Accounting policies Inventory and biological assets Live fish are recognised at fair value less sales costs. Other inventory is comprised of feed, packaging materials, roe, fry, smolt, cleaner fish and finished goods. Inventories of goods are meas- ured at the lowest of cost and net realisable value. The cost of finished goods includes direct material costs, direct per- sonnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost is based on the principle of first-in first-out. Biological assets Live fish are accounted for in accordance with IAS 41 Agriculture. The general rule is that such assets are measured at fair value less sales costs. Fair value is measured in accordance with IFRS 13 within level 3, based on factors not drawn from observable markets. Changes in value are recognised and classified under fair value adjustments in Consolidated statement of profit and loss. Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value of biological assets held at the Group's sea farms is calculated using a model based on future cash flow. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the reporting date. Present value is estimated for the biomass at each site. Incoming cash flows are calculated as the estimated biomass at har- vest multiplied by the price expected to be achieved at the same time. The estimated biomass (volume) at harvest is calculated on the basis of the number of individual fish held at sea farms on the reporting date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is calculated using the Fish Pool forward price for the esti- mated harvesting date that was in effect on the reporting date. Forward prices are adjusted for an exporter supplement, as well as harvesting, sales and well-boat costs. In addition, an adjustment is made to take account of expected differences in fish quality. The price is also reduced by production tax. Se further information in note 2.6. The price adjustments are made at the site level. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated on the basis of price expectations obtained from industry analysts. Estimated remaining production costs are estimated costs that a rational person would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for licence fees and site rent are included in the discount factor, and thereby reduces the fair value of the biomass. The fair value of the biomass is calculated using a monthly discounting of the cash flow based on the harvest plan. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow 2. Hypothetical licence fees and site rental cost 3. Time value of money The discount factor is set on the basis of an average for all the Group's sites, which, in the Group's assessment, provides a sensible growth curve for the fish - from smolt to harvestable size. The risk adjustment must take into account the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognised. The present value model includes a the- oretical compensation for licence fees and site rent as an addition to the discount factor in the model, instead of being a cost-increasing factor in the calculation. A discount rate of 6.5 % per month has been used to calculate the fair value of biological assets for the Group's Norwegian operations. Correspondingly, a discount rate of 6 % per month was used in 2022. For the Group's operations in Iceland, a discount rate of 5 % per month was used both in 2023 and 2022. The discount rate reflects the biomass's capital cost, risk and synthetic licence fees and site rental charges. Change in margins as a result of changes in prices or cost, will cause a change in the synthetic licence fee and the discount rate. The increase in the discount rate in 2023 for the Norwegian oper- ation is based on higher forward prices and thereby an expectation of higher margins . Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss . Carrying amount of inventory
NOK 1,000
31.12.2023
31.12.2022
Raw materials
433,528
426,741
Finished goods
796,125
503,136
Total carrying amount of other inventory
1,229,653
929,877
Biological assets
13,264,679
11,754,721
Total carrying amount of inventory
14,494,332
12,684,598
Carrying amount of biological assets
NOK 1,000
31.12.2023
31.12.2022
Biological assets held at sea farms at cost
7,887,537
7,295,443
Fair value adjustment of biological assets
4,760,821
3,908,118
Total carrying amount of biological assets held at sea farms
12,648,358
11,203,560
Roe, fry, smolt and cleaner fish at cost
616,320
551,160
Total carrying amount of biological assets
13,264,679
11,754,721
Raw materials mainly comprise feed for smolt and fish at sea farms. In addition, raw materials are used in connection with processing and packaging. Stocks of biological assets relate to SalMars fish farming operations both in freshwater and seawater, and comprise roe, fry, smolt, cleaner fish and fish at sea farms. Finished goods comprise whole fish (fresh and frozen), as well as processed salmon products.
Carrying amount
Tonnes (NOK 1,000)
Change in biological assets:
2023
2022
2023
2022
Biological assets at 1 January
161,542
124,884
11,754,721
7,280,917
Increase from business combination
0
42,423
0
3,254,063
Increase due to production
299,922
220,811
13,863,422
8,647,629
Decrease due to sale/ harvesting
-296,094
-225,586
-13,006,570
-7,575,881
Decrease due to incident-based mortality
-3,528
-991
-251,089
-62,061
Decrease due to sale of group companies
-8,612
0
Fair value adjustment at 01.01
-3,908,118
-2,645,574
Fair value adjustment from
business combination due to fish
813,222
0
not sold on opening balance
Fair value adjustment from
business combination due to fish
-90,413
-813,222
not sold on closing balance
Fair value adjustment from business
combination included in cost of
goods sold in the period
-722,809
-283,398
Fair value adjustment at 31.12
4,760,821
3,908,118
Currency translation differences
60,103
44,131
Biological assets at 31 December
161,841
161,542
13,264,679
11,754,721
The calculation is based on following estimated forward prices:
Expected Expected
harvesting period
31.12.2023
harvesting period
31.12.2022
Q1\u20132024
107.95
Q1\u20132023
91.75
Q2\u20132024
113.45
Q2\u20132023
95.55
Q3\u20132024
83.70
Q3\u20132023
76.48
Q4\u20132024
86.12
Q4\u20132023
78.22
1st half 2025
101.11
1st half 2024
85.91
2nd half 2025
74.60
2nd half 2024
75.00
Sensitivity:
The change in the estimated fair value of biological assets has been calculated by changing individual
parameters in the calculation. The effect on the carrying amount of biological assets is summarised below.
Effect on estimated Effect on estimated
fair value at fair value at
2023 (NOK 1,000)
Increase
31.12.2023
Decrease
31.12.2023
Change in forward price + NOK 5.00 796,399 NOK 5.00 -796,399
per kg per kg
Change in monthly
1 %
-748,613
-1 %
831,296
discount factor
Change in harvesting date 1 month 1,123,469 1 month -817,731
earlier later
Change in number of
fish held at sea farms
1 %
144,607
-1 %
-144,607
Effect on estimated Effect on estimated
fair value at fair value at
2022 (NOK 1,000)
Increase
31.12.2022
Decrease
31.12.2022
Change in forward price + NOK 5.00 901,185 NOK 5.00 -901,185
per kg per kg
Change in monthly
1 %
-695,372
-1 %
772,027
discount factor
Change in harvesting date 1 month 855,123 1 month -679,186
earlier later
Change in number of
fish held at sea farms
1 %
47,854
-1 %
-47,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1007": { "value": "NOTE 3.6 Biological assets and other inventories Accounting policies Inventory and biological assets Live fish are recognised at fair value less sales costs. Other inventory is comprised of feed, packaging materials, roe, fry, smolt, cleaner fish and finished goods. Inventories of goods are meas- ured at the lowest of cost and net realisable value. The cost of finished goods includes direct material costs, direct per- sonnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost is based on the principle of first-in first-out. Biological assets Live fish are accounted for in accordance with IAS 41 Agriculture. The general rule is that such assets are measured at fair value less sales costs. Fair value is measured in accordance with IFRS 13 within level 3, based on factors not drawn from observable markets. Changes in value are recognised and classified under fair value adjustments in Consolidated statement of profit and loss. Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value of biological assets held at the Group's sea farms is calculated using a model based on future cash flow. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the reporting date. Present value is estimated for the biomass at each site. Incoming cash flows are calculated as the estimated biomass at har- vest multiplied by the price expected to be achieved at the same time. The estimated biomass (volume) at harvest is calculated on the basis of the number of individual fish held at sea farms on the reporting date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is calculated using the Fish Pool forward price for the esti- mated harvesting date that was in effect on the reporting date. Forward prices are adjusted for an exporter supplement, as well as harvesting, sales and well-boat costs. In addition, an adjustment is made to take account of expected differences in fish quality. The price is also reduced by production tax. Se further information in note 2.6. The price adjustments are made at the site level. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated on the basis of price expectations obtained from industry analysts. Estimated remaining production costs are estimated costs that a rational person would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for licence fees and site rent are included in the discount factor, and thereby reduces the fair value of the biomass. The fair value of the biomass is calculated using a monthly discounting of the cash flow based on the harvest plan. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow 2. Hypothetical licence fees and site rental cost 3. Time value of money The discount factor is set on the basis of an average for all the Group's sites, which, in the Group's assessment, provides a sensible growth curve for the fish - from smolt to harvestable size. The risk adjustment must take into account the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognised. The present value model includes a the- oretical compensation for licence fees and site rent as an addition to the discount factor in the model, instead of being a cost-increasing factor in the calculation. A discount rate of 6.5 % per month has been used to calculate the fair value of biological assets for the Group's Norwegian operations. Correspondingly, a discount rate of 6 % per month was used in 2022. For the Group's operations in Iceland, a discount rate of 5 % per month was used both in 2023 and 2022. The discount rate reflects the biomass's capital cost, risk and synthetic licence fees and site rental charges. Change in margins as a result of changes in prices or cost, will cause a change in the synthetic licence fee and the discount rate. The increase in the discount rate in 2023 for the Norwegian oper- ation is based on higher forward prices and thereby an expectation of higher margins Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss . Carrying amount of inventory
NOK 1,000
31.12.2023
31.12.2022
Raw materials
433,528
426,741
Finished goods
796,125
503,136
Total carrying amount of other inventory
1,229,653
929,877
Biological assets
13,264,679
11,754,721
Total carrying amount of inventory
14,494,332
12,684,598
Carrying amount of biological assets
NOK 1,000
31.12.2023
31.12.2022
Biological assets held at sea farms at cost
7,887,537
7,295,443
Fair value adjustment of biological assets
4,760,821
3,908,118
Total carrying amount of biological assets held at sea farms
12,648,358
11,203,560
Roe, fry, smolt and cleaner fish at cost
616,320
551,160
Total carrying amount of biological assets
13,264,679
11,754,721
Raw materials mainly comprise feed for smolt and fish at sea farms. In addition, raw materials are used in connection with processing and packaging. Stocks of biological assets relate to SalMars fish farming operations both in freshwater and seawater, and comprise roe, fry, smolt, cleaner fish and fish at sea farms. Finished goods comprise whole fish (fresh and frozen), as well as processed salmon products.
Carrying amount
Tonnes (NOK 1,000)
Change in biological assets:
2023
2022
2023
2022
Biological assets at 1 January
161,542
124,884
11,754,721
7,280,917
Increase from business combination
0
42,423
0
3,254,063
Increase due to production
299,922
220,811
13,863,422
8,647,629
Decrease due to sale/ harvesting
-296,094
-225,586
-13,006,570
-7,575,881
Decrease due to incident-based mortality
-3,528
-991
-251,089
-62,061
Decrease due to sale of group companies
-8,612
0
Fair value adjustment at 01.01
-3,908,118
-2,645,574
Fair value adjustment from
business combination due to fish
813,222
0
not sold on opening balance
Fair value adjustment from
business combination due to fish
-90,413
-813,222
not sold on closing balance
Fair value adjustment from business
combination included in cost of
goods sold in the period
-722,809
-283,398
Fair value adjustment at 31.12
4,760,821
3,908,118
Currency translation differences
60,103
44,131
Biological assets at 31 December
161,841
161,542
13,264,679
11,754,721
The calculation is based on following estimated forward prices:
Expected Expected
harvesting period
31.12.2023
harvesting period
31.12.2022
Q1\u20132024
107.95
Q1\u20132023
91.75
Q2\u20132024
113.45
Q2\u20132023
95.55
Q3\u20132024
83.70
Q3\u20132023
76.48
Q4\u20132024
86.12
Q4\u20132023
78.22
1st half 2025
101.11
1st half 2024
85.91
2nd half 2025
74.60
2nd half 2024
75.00
Sensitivity: The change in the estimated fair value of biological assets has been calculated by changing individual parameters in the calculation. The effect on the carrying amount of biological assets is summarised below.
Effect on estimated Effect on estimated
fair value at fair value at
2023 (NOK 1,000)
Increase
31.12.2023
Decrease
31.12.2023
Change in forward price + NOK 5.00 796,399 NOK 5.00 -796,399
per kg per kg
Change in monthly
1 %
-748,613
-1 %
831,296
discount factor
Change in harvesting date 1 month 1,123,469 1 month -817,731
earlier later
Change in number of
fish held at sea farms
1 %
144,607
-1 %
-144,607
Effect on estimated Effect on estimated
fair value at fair value at
2022 (NOK 1,000)
Increase
31.12.2022
Decrease
31.12.2022
Change in forward price + NOK 5.00 901,185 NOK 5.00 -901,185
per kg per kg
Change in monthly
1 %
-695,372
-1 %
772,027
discount factor
Change in harvesting date 1 month 855,123 1 month -679,186
earlier later
Change in number of
fish held at sea farms
1 %
47,854
-1 %
-47,854
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1040": { "value": "
Accounting policies
Inventory and biological assets
Live fish are recognised at fair value less sales costs.
Other inventory is comprised of feed, packaging materials, roe, fry,
smolt, cleaner fish and finished goods. Inventories of goods are meas-
ured at the lowest of cost and net realisable value.
The cost of finished goods includes direct material costs, direct per-
sonnel expenses and indirect processing costs (full production cost).
Interest costs are not included in the inventory value.
The cost is based on the principle of first-in first-out.
Biological assets
Live fish are accounted for in accordance with IAS 41 Agriculture. The
general rule is that such assets are measured at fair value less sales
costs. Fair value is measured in accordance with IFRS 13 within level
3, based on factors not drawn from observable markets. Changes in
value are recognised and classified under fair value adjustments in
Consolidated statement of profit and loss.
Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost
is deemed to be the best estimate of fair value for these assets, due
to little biological conversion.
The fair value of biological assets held at the Group's sea farms is
calculated using a model based on future cash flow. The present
value is calculated on the basis of estimated revenues, less estimated
remaining production costs until the fish is harvestable at the individual
site. A fish is harvestable when it has reached the estimated weight
required for harvesting specified in the company's budgets and plans.
The estimated value is discounted to present value on the reporting
date. Present value is estimated for the biomass at each site.
Incoming cash flows are calculated as the estimated biomass at har-
vest multiplied by the price expected to be achieved at the same time.
The estimated biomass (volume) at harvest is calculated on the basis
of the number of individual fish held at sea farms on the reporting
date, adjusted for expected mortality until harvest and multiplied by
the estimated weight of the fish at harvest.
The price is calculated using the Fish Pool forward price for the esti-
mated harvesting date that was in effect on the reporting date.
Forward prices are adjusted for an exporter supplement, as well as
harvesting, sales and well-boat costs. In addition, an adjustment is
made to take account of expected differences in fish quality. The
price is also reduced by production tax. Se further information in
note 2.6. The price adjustments are made at the site level. In the
absence of price quotations on Fishpool, forward prices for 2025
have been calculated on the basis of price expectations obtained
from industry analysts.
Estimated remaining production costs are estimated costs that
a rational person would presume necessary for the farming of fish
up until they reach a harvestable weight. In the model, instead of being
a separate cost element in the calculation, compensation for licence
fees and site rent are included in the discount factor, and thereby
reduces the fair value of the biomass.
The fair value of the biomass is calculated using a monthly discounting
of the cash flow based on the harvest plan. The discount factor is
intended to reflect three main components:
1. Risk of incidents that affect cash flow
2. Hypothetical licence fees and site rental cost
3. Time value of money
The discount factor is set on the basis of an average for all the
Group's sites, which, in the Group's assessment, provides a sensible
growth curve for the fish - from smolt to harvestable size.
The risk adjustment must take into account the biological risks of
farming, including the average time in sea for the fish. The number
of months left until harvesting will affect the risk. Biological risk,
the risk of increased costs and price risk will be the most important
elements to be recognised. The present value model includes a the-
oretical compensation for licence fees and site rent as an addition to
the discount factor in the model, instead of being a cost-increasing
factor in the calculation.
A discount rate of 6.5 % per month has been used to calculate the
fair value of biological assets for the Group's Norwegian operations.
Correspondingly, a discount rate of 6 % per month was used in 2022.
For the Group's operations in Iceland, a discount rate of 5 % per month
was used both in 2023 and 2022. The discount rate reflects the
biomass's capital cost, risk and synthetic licence fees and site rental
charges. Change in margins as a result of changes in prices or cost,
will cause a change in the synthetic licence fee and the discount rate.
The increase in the discount rate in 2023 for the Norwegian oper-
ation is based on higher forward prices and thereby an expectation
of higher margins .
Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1027": { "value": "Accounting policies Inventory and biological assets Live fish are recognised at fair value less sales costs. Other inventory is comprised of feed, packaging materials, roe, fry, smolt, cleaner fish and finished goods. Inventories of goods are meas- ured at the lowest of cost and net realisable value. The cost of finished goods includes direct material costs, direct per- sonnel expenses and indirect processing costs (full production cost). Interest costs are not included in the inventory value. The cost is based on the principle of first-in first-out. Biological assets Live fish are accounted for in accordance with IAS 41 Agriculture. The general rule is that such assets are measured at fair value less sales costs. Fair value is measured in accordance with IFRS 13 within level 3, based on factors not drawn from observable markets. Changes in value are recognised and classified under fair value adjustments in Consolidated statement of profit and loss. Roe, fry, smolt and cleaner fish are valued at historic cost. Historic cost is deemed to be the best estimate of fair value for these assets, due to little biological conversion. The fair value of biological assets held at the Group's sea farms is calculated using a model based on future cash flow. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish is harvestable at the individual site. A fish is harvestable when it has reached the estimated weight required for harvesting specified in the company's budgets and plans. The estimated value is discounted to present value on the reporting date. Present value is estimated for the biomass at each site. Incoming cash flows are calculated as the estimated biomass at har- vest multiplied by the price expected to be achieved at the same time. The estimated biomass (volume) at harvest is calculated on the basis of the number of individual fish held at sea farms on the reporting date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is calculated using the Fish Pool forward price for the esti- mated harvesting date that was in effect on the reporting date. Forward prices are adjusted for an exporter supplement, as well as harvesting, sales and well-boat costs. In addition, an adjustment is made to take account of expected differences in fish quality. The price is also reduced by production tax. Se further information in note 2.6. The price adjustments are made at the site level. In the absence of price quotations on Fishpool, forward prices for 2025 have been calculated on the basis of price expectations obtained from industry analysts. Estimated remaining production costs are estimated costs that a rational person would presume necessary for the farming of fish up until they reach a harvestable weight. In the model, instead of being a separate cost element in the calculation, compensation for licence fees and site rent are included in the discount factor, and thereby reduces the fair value of the biomass. The fair value of the biomass is calculated using a monthly discounting of the cash flow based on the harvest plan. The discount factor is intended to reflect three main components: 1. Risk of incidents that affect cash flow 2. Hypothetical licence fees and site rental cost 3. Time value of money The discount factor is set on the basis of an average for all the Group's sites, which, in the Group's assessment, provides a sensible growth curve for the fish - from smolt to harvestable size. The risk adjustment must take into account the biological risks of farming, including the average time in sea for the fish. The number of months left until harvesting will affect the risk. Biological risk, the risk of increased costs and price risk will be the most important elements to be recognised. The present value model includes a the- oretical compensation for licence fees and site rent as an addition to the discount factor in the model, instead of being a cost-increasing factor in the calculation. A discount rate of 6.5 % per month has been used to calculate the fair value of biological assets for the Group's Norwegian operations. Correspondingly, a discount rate of 6 % per month was used in 2022. For the Group's operations in Iceland, a discount rate of 5 % per month was used both in 2023 and 2022. The discount rate reflects the biomass's capital cost, risk and synthetic licence fees and site rental charges. Change in margins as a result of changes in prices or cost, will cause a change in the synthetic licence fee and the discount rate. The increase in the discount rate in 2023 for the Norwegian oper- ation is based on higher forward prices and thereby an expectation of higher margins Fair Value due to business combinations Due to business combinations, assets and liabilities are taken over at fair value. Fair value adjustment on biological assets at the time of acquisition are included in the cost of biological assets. In order to give the users of the financial statement an better understanding of the Group\u2019s profit and loss related to goods sold in the period, the effect of fair value adjustment from the acquisition related to sold fish in the period have reduced the cost of goods sold. The effect is shown in a separate line in the statement of profit or loss, and the corresponding effect is presented on a separate line together with fair value adjustments. Change in fair value adjustment due to business combination is included in the group's operating profit. Incident-based mortality In the event of incidents exceeding 3 % mortality in a period based on a single incident, or if the mortality exceeds 5 % over several periods based on one and the same incident, an assessment is made as to whether there is a basis for write-down. The assessment relates to the number of fish and is carried out at site level. Incident-based mortality is recognised under cost of goods sold in the Consolidated Statement of Profit or Loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-976": { "value": "NOTE 3.7 Trade and other receivables Accounting principles The Group's receivables are recognised at amortised cost. Receivables in foreign currency are converted at the exchange rate at the time of the transaction. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The group uses a simplified method to calculate provisions for losses on trade receivables. The group uses credit insurance to secure its accounts receivable and makes provisions for expected losses on the excess that is not covered by the insurance. The group measures the provision for bad debts based on the expected credit loss over the remaining lifetime of the exposure, and not based on an expected loss of 12 months .
NOK 1,000
31.12.2023
31.12.2022
Trade receivables
1,468,617
1,429,071
Allowance for credit losses
-11,654
-14,936
Total trade receivables at 31 December
1,456,963
1,414,135
Other current receivables
1,061,256
662,978
Other non-current receivables
241,634
328,876
Total receivables at 31 December
2,759,853
2,405,989
Prepaid expenses included in other current receivables 113,233 89,681 VAT refunds included in other current receivables 13 225,680 Derivatives included in other current receivables 469,162 99,082 Derivatives included in other non-current receivables 158,522 247,802 Credit losses are classified as other operating expenses in profit and loss. Changes in allowance for credit losses and credit losses charged to expenses during the period are presented below. For further information related to credit risk and foreign exchange risk, see Note 4.1.
NOK 1,000
31.12.2023
31.12.2022
Provisions for bad debt 1 Jan
14,936
8,946
Provisions for bad debts 31 Dec
11,654
14,936
Change in provisions for bad debts during the period
-3,282
5,990
Actual bad debts
9,694
2,451
Change in provisions for bad debts
-3,282
5,990
Bad debts charged to expenses during the period
6,411
8,440
Trade receivables had the following maturity profile
NOK 1,000 Not due <30 d 30\u201345d 45\u201390d >90d Total 31.12.2023 1,161,096 172,013 44,684 2,762 88,062 1,468,617 31.12.2022 1,016,521 330,067 18,167 8,493 55,822 1,429,071 Receivable Purchase Agreement SalMar has entered into an agreement with a credit institution for the purchase of trade receivables that meet certain specified criteria. SalMar transfers trade receivables that meet these criteria as and when they arise and receives immediate settlement thereof. Normal maturity of trade receiva- bles is 30\u201345 days. The material part of the credit risk is transferred when the trade receivables is transferred to the credit institution. The receivables are derecognised in the balance on the date the transfer takes place. As at 31 December 2023, a total of NOK 1,299.9 million in outstanding receiva- bles has been transferred and derecognised (31 December 2022, a total of NOK 1,103.8 million). The change in trade receivables deriving from this derecognition is included under operating activities in the statement of cash flow", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1008": { "value": "NOTE 3.7 Trade and other receivables Accounting principles The Group's receivables are recognised at amortised cost. Receivables in foreign currency are converted at the exchange rate at the time of the transaction. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The group uses a simplified method to calculate provisions for losses on trade receivables. The group uses credit insurance to secure its accounts receivable and makes provisions for expected losses on the excess that is not covered by the insurance. The group measures the provision for bad debts based on the expected credit loss over the remaining lifetime of the exposure, and not based on an expected loss of 12 months .
NOK 1,000
31.12.2023
31.12.2022
Trade receivables
1,468,617
1,429,071
Allowance for credit losses
-11,654
-14,936
Total trade receivables at 31 December
1,456,963
1,414,135
Other current receivables
1,061,256
662,978
Other non-current receivables
241,634
328,876
Total receivables at 31 December
2,759,853
2,405,989
Prepaid expenses included in other current receivables 113,233 89,681 VAT refunds included in other current receivables 13 225,680 Derivatives included in other current receivables 469,162 99,082 Derivatives included in other non-current receivables 158,522 247,802 Credit losses are classified as other operating expenses in profit and loss. Changes in allowance for credit losses and credit losses charged to expenses during the period are presented below. For further information related to credit risk and foreign exchange risk, see Note 4.1.
NOK 1,000
31.12.2023
31.12.2022
Provisions for bad debt 1 Jan
14,936
8,946
Provisions for bad debts 31 Dec
11,654
14,936
Change in provisions for bad debts during the period
-3,282
5,990
Actual bad debts
9,694
2,451
Change in provisions for bad debts
-3,282
5,990
Bad debts charged to expenses during the period
6,411
8,440
Trade receivables had the following maturity profile
NOK 1,000 Not due <30 d 30\u201345d 45\u201390d >90d Total 31.12.2023 1,161,096 172,013 44,684 2,762 88,062 1,468,617 31.12.2022 1,016,521 330,067 18,167 8,493 55,822 1,429,071 Receivable Purchase Agreement SalMar has entered into an agreement with a credit institution for the purchase of trade receivables that meet certain specified criteria. SalMar transfers trade receivables that meet these criteria as and when they arise and receives immediate settlement thereof. Normal maturity of trade receiva- bles is 30\u201345 days. The material part of the credit risk is transferred when the trade receivables is transferred to the credit institution. The receivables are derecognised in the balance on the date the transfer takes place. As at 31 December 2023, a total of NOK 1,299.9 million in outstanding receiva- bles has been transferred and derecognised (31 December 2022, a total of NOK 1,103.8 million). The change in trade receivables deriving from this derecognition is included under operating activities in the statement of cash flow.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1028": { "value": "Accounting principles The Group's receivables are recognised at amortised cost. Receivables in foreign currency are converted at the exchange rate at the time of the transaction. Due to the short-term nature of the current receivables, their carrying amount is considered to be the same as their fair value. The group uses a simplified method to calculate provisions for losses on trade receivables. The group uses credit insurance to secure its accounts receivable and makes provisions for expected losses on the excess that is not covered by the insurance. The group measures the provision for bad debts based on the expected credit loss over the remaining lifetime of the exposure, and not based on an expected loss of 12 months ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1069": { "value": "
NOTE 3.8 Financial assets and financial liabilities
Accounting policies
A financial instrument is any contract that gives rise to a financial
asset of one entity and a financial liability or equity instrument of
another entity.
Financial assets
The Group's financial assets is comprised of derivatives, unlisted
equity investments, other receivables, and cash & cash equivalents.
The classification of financial assets at initial recognition depends on
the nature of the asset's contractually determined cash flows, and
which business model the Group applies to the management of its
financial assets. At initial recognition, financial assets are recognised
at fair value. Transaction costs may be added if financial assets are
measured at amortised cost.
The Group classifies its financial assets in three categories:
\u2022 Financial assets measured at amortised cost
\u2022 Financial assets measured at fair value with changes in
value through profit and loss
\u2022 Financial assets measured at fair value in other
comprehensive income (OCI)
Financial assets measured at amortised cost
The Group measures financial assets at amortised cost if the following
conditions are met: The financial asset is being kept in a business
model whose purpose is to receive contractually determined cash
flows, and the contractual terms and conditions for the financial
asset give rise to cash flows solely comprising payments of interest
and principal on certain dates.
The Group's financial assets at amortised cost comprise trade receiv-
ables, other receivables, cash & cash equivalents. Trade receivables
which do not have a substantial financing element are measured
at the transaction price in accordance with IFRS 15 Revenue from
Contracts with Customers.
Financial instruments measured at fair value with changes in value
through profit and loss
The Group makes use of forward currency contracts to hedge against
fluctuations in exchange rates that arise during its operational activ-
ities. The contracts are initially recognised at fair value. Changes in
fair value related to contracts that don't qualify for hedge accounting
are recognised in profit and loss.
The Group enters into contracts on Fish Pool to manage the salmon
price risk. Fish Pool contracts are also used to hedge margins in certain
cases relating to salmon purchase agreements. The derivatives are
recognised at fair value at the date of acquisition. Any subsequent
changes in value are classified on the line for fair value adjustments
in profit and loss.
This category also includes the Group's unlisted equity instrument
and other receivables. These instruments are recognised at fair value
on the date the contract is entered into and subsequently measured
at fair value.
Financial instruments measured at fair value in other
comprehensive income (OCI)
The Group uses derivatives to hedge against fluctuations in foreign
exchange rates that arise during its operational activities. When for-
ward currency contracts meet the requirements for hedge accounting,
changes in fair value are recognised in OCI.
The Group has entered into a cross-currency interest swap and inter-
est rate swaps to hedge risk related to interest-bearing debt and the
operations on Iceland. Changes in fair value in these derivatives are
recognised in OCI.
Derecognition of financial assets
A financial asset or, if relevant, a portion of a financial asset or portion
of a group of identical financial assets, is derecognised if:
\u2022 The contractual entitlement to receive cash flows from the
financial asset expires, or
\u2022 The Group has transferred the contractual entitlement
to receive cash flows from the financial asset or retains
the right to receive the cash flows from a financial
asset but at the same time pledges to transfer these to
a counterparty, and either:
a. The Group has transferred the bulk of the risk and
benefits associated with the asset, or
a. The Group has neither transferred nor retained the bulk
of the risk and benefits associated with the asset but
has transferred control over the asset .
Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss . Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
Forward currency contracts
2024
2025
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,500
7.10
0
0
-2,608
Forward Sale EUR
86,248
11.81
0
0
1,933
Forward Sale GBP
476
13.34
0
0
53
Forward Sale JPY
1,301,105
0.076
0
0
5,184
Forward Sale SEK
6,565
1.022
0
0
50
Forward Sale USD
37,368
10.55
0
0
13,999
Total
18,612
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
-39,500
7.86
0
0.00
14,467
Forward Sale EUR
174,857
11.79
1,108
12
90,849
Forward Sale GBP
16,242
13.27
0
0
6,515
Forward Sale JPY
2,402,385
0.077
31,734
0
10,683
Forward Sale USD
442,580
10.66
7,700
10.80
248,943
FX Option EUR
104,400
10,800
54,273
Total
371,457
Carrying amount at 31 December 2023
444,343
2023
2024
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,700
7.08
0
0
-991
Forward Sale EUR
4,883
10.41
0
0
-486
Forward Sale GBP
190
11.86
0
0
-5
Forward Sale JPY
341,193
0.075
0
0
290
Forward Sale SEK
2,385
0.95
0
0
1
Forward Sale USD
35,297
9.66
0
0
-2,570
Total
-3,762
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
37,500
7.14
800
7.61
-6,468
Forward Sale EUR
19,814
10.19
0
0.00
-6,469
Forward Sale GBP
912
12.02
0
0.00
150
Forward Sale JPY
4,338,968
0.075
0
0.000
-1,052
Forward Sale USD
347,317
10.21
5,870
10.06
83,677
Total
69,838
Carrying amount at 31 December 2022
66,076
Change in value
Specification of cash flow As at 31 of drawdowns on Change in fair
hedging through OCI
As at 1 January
Dec currency account value through OCI
2023
69,838
433,642
8,363
355,441
2022
53,801
69,838
688
15,349
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -10.3 million
has been recognised in 2023 (NOK -9.2 million in 2022). The effect is classified as a financial expense
in profit and loss .
Interest and currency derivatives regarding debt 2023
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,434,667
3,434,667
100 %
220,825
Net investment reserve
-98,335
126,260
100 %
-102,662
Cost of hedging reserve
19,322
Total
137,485
Changes through profit and loss
Accrued value of net interest
8,138
Carrying amount at 31 December 2023
145,623
Specification of hedging As at 1 As at Changes
effects in OCI in 2023 January 31 Dec over OCI
Changes in Cash flow hedge reserve
217,578
219,790
2,213
Changes in Net investment reserve
-34,221
-102,662
-68,441
Changes in Cost of hedging reserve
58,487
19,322
-39,165
Total
241,844
136,450
-105,393
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2023 January 31 Dec and loss
Changes in net accrued interest
5,958
8,138
2,180
Amortization of swap cost reclassified from
hedging reserve to interest cost
-3,124
-4,970
-1,845
Total
334
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million of the group's bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335 million with fixed interest rates (the agreement is divided between three banks). The agreement matures in January 2027. The change from floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow hedging of interest costs. Interest rate conditions and maturity structure on the bond loan and swap are identical and there is therefore an effective financial connection between the hedging instrument and the hedged item. The conversion of loan amounts from NOK to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in Iceland will be effective as long as the nominal value of the net investment is greater than the nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in the past year. In 2021 an interest rate swap was entered into in which NOK 192.7 million of the groups bank loan (note 3.11) with floating interest rates was swapped to a fixed rate. The agreement matures in January 2032. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan Interest and currency derivatives regarding debt 2022
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,442,667
3,442,667
100 %
217,578
Net investment reserve
-98,335
119,458
100 %
-34,221
Cost of hedging reserve
58,487
Total
241,844
Changes through profit and loss
Accrued value of net interest
5,958
Carrying amount at 31 December 2022
247,802
Specification of hedging As at 1 As at Changes
effects in OCI in 2022 January 31 Dec over OCI
Changes in Cash flow hedge reserve
0
217,578
217,578
Changes in Net investment reserve
0
-34,221
-34,221
Changes in Cost of hedging reserve
0
58,487
58,487
Total
0
241,844
241,844
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2022 January 31 Dec and loss
Changes in net accrued interest
691
5,958
5,267
Amortization of swap cost reclassified from
hedging reserve to interest cost
-1,279
-3,124
-1,845
Total
3,422
Financial contracts Fish Pool
2024
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
2,260
91.3
-15,811
Fish Pool contracts
Buy
5,700
90.9
40,630
Carrying amount at 31 December 2023
24,819
2023
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
1,430
65.3
6,082
Carrying amount at 31 December 2022
6,082
In 2023, a net profit of NOK 50.1 million (net loss of NOK 307.0 million in 2022) was realised on Fish Pool contracts . Gains and losses are recognised in the operating result. In 2023, unrealised changes in the fair value of Fish Pool contracts amounted to a net gain of NOK 18.7 million. Unrealised changes in the fair value of Fish Pool contracts amounted in 2022 to a net gain of NOK 91.3 million, of which NOK 69.7 was through fair value adjustment and NOK 21.5 was classified as other financial income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1059": { "value": "NOTE 3.8 Financial assets and financial liabilities Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss . Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details .
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
NOTE 3.9 Hedging activities and derivatives Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term
Derivatives
2023
2022
Other non- Other Other non- Other non- Other Other
Recognised at fair value current current current current current current
at 31 Dec (1,000 NOK) receivables receivables liabilities receivables receivables liabilities
Forward currency contracts
444,343
0
66,076
0
Interest and currency swaps
158,522
0
12,898
247,802
0
0
Financial contracts Fish Pool
24,819
0
33,006
26,924
Total
158,522
469,162
12,898
247,802
99,082
26,924
Forward currency contracts
2024
2025
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,500
7.10
0
0
-2,608
Forward Sale EUR
86,248
11.81
0
0
1,933
Forward Sale GBP
476
13.34
0
0
53
Forward Sale JPY
1,301,105
0.076
0
0
5,184
Forward Sale SEK
6,565
1.022
0
0
50
Forward Sale USD
37,368
10.55
0
0
13,999
Total
18,612
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
-39,500
7.86
0
0.00
14,467
Forward Sale EUR
174,857
11.79
1,108
12
90,849
Forward Sale GBP
16,242
13.27
0
0
6,515
Forward Sale JPY
2,402,385
0.077
31,734
0
10,683
Forward Sale USD
442,580
10.66
7,700
10.80
248,943
FX Option EUR
104,400
10,800
54,273
Total
371,457
Carrying amount at 31 December 2023
444,343
2023
2024
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,700
7.08
0
0
-991
Forward Sale EUR
4,883
10.41
0
0
-486
Forward Sale GBP
190
11.86
0
0
-5
Forward Sale JPY
341,193
0.075
0
0
290
Forward Sale SEK
2,385
0.95
0
0
1
Forward Sale USD
35,297
9.66
0
0
-2,570
Total
-3,762
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
37,500
7.14
800
7.61
-6,468
Forward Sale EUR
19,814
10.19
0
0.00
-6,469
Forward Sale GBP
912
12.02
0
0.00
150
Forward Sale JPY
4,338,968
0.075
0
0.000
-1,052
Forward Sale USD
347,317
10.21
5,870
10.06
83,677
Total
69,838
Carrying amount at 31 December 2022
66,076
Change in value
Specification of cash flow As at 31 of drawdowns on Change in fair
hedging through OCI
As at 1 January
Dec currency account value through OCI
2023
69,838
433,642
8,363
355,441
2022
53,801
69,838
688
15,349
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -10.3 million has been recognised in 2023 (NOK -9.2 million in 2022). The effect is classified as a financial expense in profit and loss Interest and currency derivatives regarding debt 2023
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,434,667
3,434,667
100 %
220,825
Net investment reserve
-98,335
126,260
100 %
-102,662
Cost of hedging reserve
19,322
Total
137,485
Changes through profit and loss
Accrued value of net interest
8,138
Carrying amount at 31 December 2023
145,623
Specification of hedging As at 1 As at Changes
effects in OCI in 2023 January 31 Dec over OCI
Changes in Cash flow hedge reserve
217,578
219,790
2,213
Changes in Net investment reserve
-34,221
-102,662
-68,441
Changes in Cost of hedging reserve
58,487
19,322
-39,165
Total
241,844
136,450
-105,393
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2023 January 31 Dec and loss
Changes in net accrued interest
5,958
8,138
2,180
Amortization of swap cost reclassified from
hedging reserve to interest cost
-3,124
-4,970
-1,845
Total
334
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million of the group's bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335 million with fixed interest rates (the agreement is divided between three banks). The agreement matures in January 2027. The change from floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow hedging of interest costs. Interest rate conditions and maturity structure on the bond loan and swap are identical and there is therefore an effective financial connection between the hedging instrument and the hedged item. The conversion of loan amounts from NOK to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in Iceland will be effective as long as the nominal value of the net investment is greater than the nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in the past year. In 2021 an interest rate swap was entered into in which NOK 192.7 million of the groups bank loan (note 3.11) with floating interest rates was swapped to a fixed rate. The agreement matures in January 2032. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan Interest and currency derivatives regarding debt 2022
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,442,667
3,442,667
100 %
217,578
Net investment reserve
-98,335
119,458
100 %
-34,221
Cost of hedging reserve
58,487
Total
241,844
Changes through profit and loss
Accrued value of net interest
5,958
Carrying amount at 31 December 2022
247,802
Specification of hedging As at 1 As at Changes
effects in OCI in 2022 January 31 Dec over OCI
Changes in Cash flow hedge reserve
0
217,578
217,578
Changes in Net investment reserve
0
-34,221
-34,221
Changes in Cost of hedging reserve
0
58,487
58,487
Total
0
241,844
241,844
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2022 January 31 Dec and loss
Changes in net accrued interest
691
5,958
5,267
Amortization of swap cost reclassified from
hedging reserve to interest cost
-1,279
-3,124
-1,845
Total
3,422
Financial contracts Fish Pool
2024
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
2,260
91.3
-15,811
Fish Pool contracts
Buy
5,700
90.9
40,630
Carrying amount at 31 December 2023
24,819
2023
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
1,430
65.3
6,082
Carrying amount at 31 December 2022
6,082
In 2023, a net profit of NOK 50.1 million (net loss of NOK 307.0 million in 2022) was realised on Fish Pool contracts . Gains and losses are recognised in the operating result. In 2023, unrealised changes in the fair value of Fish Pool contracts amounted to a net gain of NOK 18.7 million. Unrealised changes in the fair value of Fish Pool contracts amounted in 2022 to a net gain of NOK 91.3 million, of which NOK 69.7 was through fair value adjustment and NOK 21.5 was classified as other financial income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1077": { "value": "NOTE 3.8 Financial assets and financial liabilities Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details .
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
Forward currency contracts
2024
2025
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,500
7.10
0
0
-2,608
Forward Sale EUR
86,248
11.81
0
0
1,933
Forward Sale GBP
476
13.34
0
0
53
Forward Sale JPY
1,301,105
0.076
0
0
5,184
Forward Sale SEK
6,565
1.022
0
0
50
Forward Sale USD
37,368
10.55
0
0
13,999
Total
18,612
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
-39,500
7.86
0
0.00
14,467
Forward Sale EUR
174,857
11.79
1,108
12
90,849
Forward Sale GBP
16,242
13.27
0
0
6,515
Forward Sale JPY
2,402,385
0.077
31,734
0
10,683
Forward Sale USD
442,580
10.66
7,700
10.80
248,943
FX Option EUR
104,400
10,800
54,273
Total
371,457
Carrying amount at 31 December 2023
444,343
2023
2024
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,700
7.08
0
0
-991
Forward Sale EUR
4,883
10.41
0
0
-486
Forward Sale GBP
190
11.86
0
0
-5
Forward Sale JPY
341,193
0.075
0
0
290
Forward Sale SEK
2,385
0.95
0
0
1
Forward Sale USD
35,297
9.66
0
0
-2,570
Total
-3,762
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
37,500
7.14
800
7.61
-6,468
Forward Sale EUR
19,814
10.19
0
0.00
-6,469
Forward Sale GBP
912
12.02
0
0.00
150
Forward Sale JPY
4,338,968
0.075
0
0.000
-1,052
Forward Sale USD
347,317
10.21
5,870
10.06
83,677
Total
69,838
Carrying amount at 31 December 2022
66,076
Change in value
Specification of cash flow As at 31 of drawdowns on Change in fair
hedging through OCI
As at 1 January
Dec currency account value through OCI
2023
69,838
433,642
8,363
355,441
2022
53,801
69,838
688
15,349
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -10.3 million has been recognised in 2023 (NOK -9.2 million in 2022). The effect is classified as a financial expense in profit and loss . Interest and currency derivatives regarding debt 2023
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,434,667
3,434,667
100 %
220,825
Net investment reserve
-98,335
126,260
100 %
-102,662
Cost of hedging reserve
19,322
Total
137,485
Changes through profit and loss
Accrued value of net interest
8,138
Carrying amount at 31 December 2023
145,623
Specification of hedging As at 1 As at Changes
effects in OCI in 2023 January 31 Dec over OCI
Changes in Cash flow hedge reserve
217,578
219,790
2,213
Changes in Net investment reserve
-34,221
-102,662
-68,441
Changes in Cost of hedging reserve
58,487
19,322
-39,165
Total
241,844
136,450
-105,393
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2023 January 31 Dec and loss
Changes in net accrued interest
5,958
8,138
2,180
Amortization of swap cost reclassified from
hedging reserve to interest cost
-3,124
-4,970
-1,845
Total
334
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million of the group's bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335 million with fixed interest rates (the agreement is divided between three banks). The agreement matures in January 2027. The change from floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow hedging of interest costs. Interest rate conditions and maturity structure on the bond loan and swap are identical and there is therefore an effective financial connection between the hedging instrument and the hedged item. The conversion of loan amounts from NOK to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in Iceland will be effective as long as the nominal value of the net investment is greater than the nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in the past year. In 2021 an interest rate swap was entered into in which NOK 192.7 million of the groups bank loan (note 3.11) with floating interest rates was swapped to a fixed rate. The agreement matures in January 2032. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan . Interest and currency derivatives regarding debt 2022
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,442,667
3,442,667
100 %
217,578
Net investment reserve
-98,335
119,458
100 %
-34,221
Cost of hedging reserve
58,487
Total
241,844
Changes through profit and loss
Accrued value of net interest
5,958
Carrying amount at 31 December 2022
247,802
Specification of hedging As at 1 As at Changes
effects in OCI in 2022 January 31 Dec over OCI
Changes in Cash flow hedge reserve
0
217,578
217,578
Changes in Net investment reserve
0
-34,221
-34,221
Changes in Cost of hedging reserve
0
58,487
58,487
Total
0
241,844
241,844
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2022 January 31 Dec and loss
Changes in net accrued interest
691
5,958
5,267
Amortization of swap cost reclassified from
hedging reserve to interest cost
-1,279
-3,124
-1,845
Total
3,422
Financial contracts Fish Pool
2024
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
2,260
91.3
-15,811
Fish Pool contracts
Buy
5,700
90.9
40,630
Carrying amount at 31 December 2023
24,819
2023
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
1,430
65.3
6,082
Carrying amount at 31 December 2022
6,082
In 2023, a net profit of NOK 50.1 million (net loss of NOK 307.0 million in 2022) was realised on Fish Pool contracts . Gains and losses are recognised in the operating result. In 2023, unrealised changes in the fair value of Fish Pool contracts amounted to a net gain of NOK 18.7 million. Unrealised changes in the fair value of Fish Pool contracts amounted in 2022 to a net gain of NOK 91.3 million, of which NOK 69.7 was through fair value adjustment and NOK 21.5 was classified as other financial income ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1082": { "value": "NOTE 3.8 Financial assets and financial liabilities Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset . Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss . Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details .
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value
All assets and liabilities for which fair value is measured or disclosed in the financial statements are
categorised within the fair value hierarchy, described as follows, based on the lowest level input that is
significant observable inputs an minimising the use of unobservable inputs.
\u2022 Level 1 - Price listed in an active market for identical assets or liabilities
\u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly
(deduced from prices) than listed price (used in level 1) for the asset or liability
\u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable
assumptions)
The following table presents the fair value measurement hierarchy of the Group's assets and liabilities.
See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
Forward currency contracts
2024
2025
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,500
7.10
0
0
-2,608
Forward Sale EUR
86,248
11.81
0
0
1,933
Forward Sale GBP
476
13.34
0
0
53
Forward Sale JPY
1,301,105
0.076
0
0
5,184
Forward Sale SEK
6,565
1.022
0
0
50
Forward Sale USD
37,368
10.55
0
0
13,999
Total
18,612
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
-39,500
7.86
0
0.00
14,467
Forward Sale EUR
174,857
11.79
1,108
12
90,849
Forward Sale GBP
16,242
13.27
0
0
6,515
Forward Sale JPY
2,402,385
0.077
31,734
0
10,683
Forward Sale USD
442,580
10.66
7,700
10.80
248,943
FX Option EUR
104,400
10,800
54,273
Total
371,457
Carrying amount at 31 December 2023
444,343
2023
2024
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,700
7.08
0
0
-991
Forward Sale EUR
4,883
10.41
0
0
-486
Forward Sale GBP
190
11.86
0
0
-5
Forward Sale JPY
341,193
0.075
0
0
290
Forward Sale SEK
2,385
0.95
0
0
1
Forward Sale USD
35,297
9.66
0
0
-2,570
Total
-3,762
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
37,500
7.14
800
7.61
-6,468
Forward Sale EUR
19,814
10.19
0
0.00
-6,469
Forward Sale GBP
912
12.02
0
0.00
150
Forward Sale JPY
4,338,968
0.075
0
0.000
-1,052
Forward Sale USD
347,317
10.21
5,870
10.06
83,677
Total
69,838
Carrying amount at 31 December 2022
66,076
Change in value
Specification of cash flow As at 31 of drawdowns on Change in fair
hedging through OCI
As at 1 January
Dec currency account value through OCI
2023
69,838
433,642
8,363
355,441
2022
53,801
69,838
688
15,349
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -10.3 million has been recognised in 2023 (NOK -9.2 million in 2022). The effect is classified as a financial expense in profit and loss Interest and currency derivatives regarding debt 2023
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,434,667
3,434,667
100 %
220,825
Net investment reserve
-98,335
126,260
100 %
-102,662
Cost of hedging reserve
19,322
Total
137,485
Changes through profit and loss
Accrued value of net interest
8,138
Carrying amount at 31 December 2023
145,623
Specification of hedging As at 1 As at Changes
effects in OCI in 2023 January 31 Dec over OCI
Changes in Cash flow hedge reserve
217,578
219,790
2,213
Changes in Net investment reserve
-34,221
-102,662
-68,441
Changes in Cost of hedging reserve
58,487
19,322
-39,165
Total
241,844
136,450
-105,393
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2023 January 31 Dec and loss
Changes in net accrued interest
5,958
8,138
2,180
Amortization of swap cost reclassified from
hedging reserve to interest cost
-3,124
-4,970
-1,845
Total
334
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million of the group's bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335 million with fixed interest rates (the agreement is divided between three banks). The agreement matures in January 2027. The change from floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow hedging of interest costs. Interest rate conditions and maturity structure on the bond loan and swap are identical and there is therefore an effective financial connection between the hedging instrument and the hedged item. The conversion of loan amounts from NOK to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in Iceland will be effective as long as the nominal value of the net investment is greater than the nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in the past year. In 2021 an interest rate swap was entered into in which NOK 192.7 million of the groups bank loan (note 3.11) with floating interest rates was swapped to a fixed rate. The agreement matures in January 2032. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan Interest and currency derivatives regarding debt 2022
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,442,667
3,442,667
100 %
217,578
Net investment reserve
-98,335
119,458
100 %
-34,221
Cost of hedging reserve
58,487
Total
241,844
Changes through profit and loss
Accrued value of net interest
5,958
Carrying amount at 31 December 2022
247,802
Specification of hedging As at 1 As at Changes
effects in OCI in 2022 January 31 Dec over OCI
Changes in Cash flow hedge reserve
0
217,578
217,578
Changes in Net investment reserve
0
-34,221
-34,221
Changes in Cost of hedging reserve
0
58,487
58,487
Total
0
241,844
241,844
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2022 January 31 Dec and loss
Changes in net accrued interest
691
5,958
5,267
Amortization of swap cost reclassified from
hedging reserve to interest cost
-1,279
-3,124
-1,845
Total
3,422
Financial contracts Fish Pool
2024
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
2,260
91.3
-15,811
Fish Pool contracts
Buy
5,700
90.9
40,630
Carrying amount at 31 December 2023
24,819
2023
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
1,430
65.3
6,082
Carrying amount at 31 December 2022
6,082
In 2023, a net profit of NOK 50.1 million (net loss of NOK 307.0 million in 2022) was realised on Fish Pool contracts . Gains and losses are recognised in the operating result. In 2023, unrealised changes in the fair value of Fish Pool contracts amounted to a net gain of NOK 18.7 million. Unrealised changes in the fair value of Fish Pool contracts amounted in 2022 to a net gain of NOK 91.3 million, of which NOK 69.7 was through fair value adjustment and NOK 21.5 was classified as other financial income .", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1085": { "value": "NOTE 3.8 Financial assets and financial liabilities Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset . Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss . Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
NOTE 3.9 Hedging activities and derivatives
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency option con-
tracts to reduce the foreign exchange risk relating to future sales
revenues deriving from customer contracts denominated in foreign
currencies for the physical delivery of salmon. The Group's contracts
fall due for payment between January 2024 and December 2025,
and hedge all trade receivables and cash flows from sales contracts
in foreign currencies during this period.
The contracts are recognised at fair value in the balance sheet. The
fair value are measured by using valuation techniques, which employ
the use of market observable inputs such as forward pricing and swap
models using present value calculations. The models incorporate
various inputs including the credit quality of counterparties, foreign
exchange spot and forward rates, yield curves of the respective cur-
rencies, currency basis spreads between the respective currencies.
Recognition of gains and losses relating to the forward currency
contracts depends on whether they qualify for hedge accounting.
For forward currency contracts and currency option contracts that
qualify for hedge accounting, the fair value of the effective portion
is recognised in other comprehensive income. When time differences
arise between receipts from sales contracts and the settlement of
forward hedges, the currency account replaces the forward hedges
as the hedging instrument. Drawdowns on the currency account,
when this is deemed to be the hedging instrument, are recognised
at the exchange rate in effect on the reporting date and the revalu-
ation effect is recognised in OCI. Gains and losses recognised in OCI
and accumulated equity are recycled to profit and loss in the same
period as the hedged expected future cash flows affect profit and
loss. Inefficiency in hedging factors arises when the hedged volume
deviates from the delivered volume. The inefficiency is recognised as
a financial item in profit and loss.
The Group complies with the criteria set out in IFRS 9 when assessing
whether the contract meets the requirements for hedge accounting.
This means that satisfactory documentation of the matter to be
hedged must exist when the hedge is entered into, and there must
be a high level of efficiency, in that the hedge reflects the expected
cash flow from the underlying sales contract. There must also be
a high degree of probability that the future cash flow will materialise
and the efficiency of the hedge must be measurable. The efficiency
of hedges is monitored continuously.
For contracts which do not qualify for hedge accounting, any change
in the fair value are recognised as a change in fair value through
profit and loss.
The hedging rate is the spot rate adjusted for a forward element.
The forward element is the difference between the spot rate and
the forward rate, and reflects the difference in the rate of interest
between NOK and the currency traded. When several forward hedges
are linked to a sales contract, the hedging rate is calculated as the
volume-weighted forward rate for the underlying hedges.
Interest and currency swaps
The group has entered into interest swaps and a cross-currency
interest rate swap with the purpose of hedging interest rate risk for
a share of the group's loans with floating interest rates and hedging
of currency risk related to the operations in Iceland. The hedging of
interest rate risk is a cash flow hedging, and the hedging of the busi-
ness in Iceland is a net investment hedging, both hedging conditions
are considered to satisfy the requirements for hedge accounting. The
fair value of the swaps are valued using valuation techniques, which
employ the use of market observable inputs such as forward pricing
and swap models using present value calculations. The models incor-
porate various inputs including the credit quality of counterparties,
foreign exchange spot and forward rates, yield curves of the respective
currencies, currency basis spreads between the respective currencies
and interest rate curves. Recognition of gains and losses relating to
the forward currency contracts depends on whether they qualify for
hedge accounting. The fair value changes of the swaps qualifying for
hedge accounting are recognised in other comprehensive income, and
the swap costs are amortised as interest costs over the term of the
agreement. The effectiveness of hedging is measured at the end of
each period, any ineffective portion will be recognised as a financial
item in the profit and loss.
Financial contracts with Fish Pool
The Group enters into financial contracts on Fish Pool to hedge prices
relating to purchase and sales contracts for the physical delivery of
salmon. The contracts fall due for settlement within one year. Real-
ised gains or losses on these contracts are recognised in operating
profit/loss. The contracts are measured at fair value. Unrealised gains
and losses are included in fair value adjustments in profit and loss.
The fair value of Fish Pool contracts is calculated on the basis of the
contract's agreed settlement price, the market value of the fish on
the reporting date, the contract's term and observable market prices
for contracts with an equivalent term .
Derivatives
2023
2022
Other non- Other Other non- Other non- Other Other
Recognised at fair value current current current current current current
at 31 Dec (1,000 NOK) receivables receivables liabilities receivables receivables liabilities
Forward currency contracts
444,343
0
66,076
0
Interest and currency swaps
158,522
0
12,898
247,802
0
0
Financial contracts Fish Pool
24,819
0
33,006
26,924
Total
158,522
469,162
12,898
247,802
99,082
26,924
Forward currency contracts
2024
2025
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,500
7.10
0
0
-2,608
Forward Sale EUR
86,248
11.81
0
0
1,933
Forward Sale GBP
476
13.34
0
0
53
Forward Sale JPY
1,301,105
0.076
0
0
5,184
Forward Sale SEK
6,565
1.022
0
0
50
Forward Sale USD
37,368
10.55
0
0
13,999
Total
18,612
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
-39,500
7.86
0
0.00
14,467
Forward Sale EUR
174,857
11.79
1,108
12
90,849
Forward Sale GBP
16,242
13.27
0
0
6,515
Forward Sale JPY
2,402,385
0.077
31,734
0
10,683
Forward Sale USD
442,580
10.66
7,700
10.80
248,943
FX Option EUR
104,400
10,800
54,273
Total
371,457
Carrying amount at 31 December 2023
444,343
2023
2024
Average Average
volume- volume-
Forward currency contracts Currency weighted Currency weighted
with changes in value through amount hedging amount hedging Carrying
profit and loss (NOK 1,000) (1,000) rate (1,000) rate amount
Forward Sale CAD
4,700
7.08
0
0
-991
Forward Sale EUR
4,883
10.41
0
0
-486
Forward Sale GBP
190
11.86
0
0
-5
Forward Sale JPY
341,193
0.075
0
0
290
Forward Sale SEK
2,385
0.95
0
0
1
Forward Sale USD
35,297
9.66
0
0
-2,570
Total
-3,762
Forward currency contracts with changes
in value through OCI (NOK 1,000)
Forward Sale CAD
37,500
7.14
800
7.61
-6,468
Forward Sale EUR
19,814
10.19
0
0.00
-6,469
Forward Sale GBP
912
12.02
0
0.00
150
Forward Sale JPY
4,338,968
0.075
0
0.000
-1,052
Forward Sale USD
347,317
10.21
5,870
10.06
83,677
Total
69,838
Carrying amount at 31 December 2022
66,076
Change in value
Specification of cash flow As at 31 of drawdowns on Change in fair
hedging through OCI
As at 1 January
Dec currency account value through OCI
2023
69,838
433,642
8,363
355,441
2022
53,801
69,838
688
15,349
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -10.3 million has been recognised in 2023 (NOK -9.2 million in 2022). The effect is classified as a financial expense in profit and loss Interest and currency derivatives regarding debt 2023
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,434,667
3,434,667
100 %
220,825
Net investment reserve
-98,335
126,260
100 %
-102,662
Cost of hedging reserve
19,322
Total
137,485
Changes through profit and loss
Accrued value of net interest
8,138
Carrying amount at 31 December 2023
145,623
Specification of hedging As at 1 As at Changes
effects in OCI in 2023 January 31 Dec over OCI
Changes in Cash flow hedge reserve
217,578
219,790
2,213
Changes in Net investment reserve
-34,221
-102,662
-68,441
Changes in Cost of hedging reserve
58,487
19,322
-39,165
Total
241,844
136,450
-105,393
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2023 January 31 Dec and loss
Changes in net accrued interest
5,958
8,138
2,180
Amortization of swap cost reclassified from
hedging reserve to interest cost
-3,124
-4,970
-1,845
Total
334
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million of the group's bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335 million with fixed interest rates (the agreement is divided between three banks). The agreement matures in January 2027. The change from floating interest rates to fixed interest rates in NOK in the agreement is defined as cash flow hedging of interest costs. Interest rate conditions and maturity structure on the bond loan and swap are identical and there is therefore an effective financial connection between the hedging instrument and the hedged item. The conversion of loan amounts from NOK to EUR debt through the swap contract is defined as Net Investment Hedging. This is a hedging of the currency value of investing in Icelandic Salmon. The hedging of the exposure in EUR in Iceland will be effective as long as the nominal value of the net investment is greater than the nominal value of the hedging instrument. There has been no inefficiency in hedging conditions in the past year. In 2021 an interest rate swap was entered into in which NOK 192.7 million of the groups bank loan (note 3.11) with floating interest rates was swapped to a fixed rate. The agreement matures in January 2032. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 million. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan Interest and currency derivatives regarding debt 2022
Interest and
currency derivatives Nominal Carrying
with changes in Nominal value Book value value hedge value of net
value through OCI hedge instruments hedge object instruments investment Hedging Carrying
(NOK 1,000)
(1000
NOK)
(1000
NOK)
(1000
EUR)
(1000
EUR)
efficiency amount
Cash flow hedge reserve 3,442,667
3,442,667
100 %
217,578
Net investment reserve
-98,335
119,458
100 %
-34,221
Cost of hedging reserve
58,487
Total
241,844
Changes through profit and loss
Accrued value of net interest
5,958
Carrying amount at 31 December 2022
247,802
Specification of hedging As at 1 As at Changes
effects in OCI in 2022 January 31 Dec over OCI
Changes in Cash flow hedge reserve
0
217,578
217,578
Changes in Net investment reserve
0
-34,221
-34,221
Changes in Cost of hedging reserve
0
58,487
58,487
Total
0
241,844
241,844
Changes
Specification of hedging over
effects over profit As at 1 As at profit
and loss in 2022 January 31 Dec and loss
Changes in net accrued interest
691
5,958
5,267
Amortization of swap cost reclassified from
hedging reserve to interest cost
-1,279
-3,124
-1,845
Total
3,422
Financial contracts Fish Pool
2024
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
2,260
91.3
-15,811
Fish Pool contracts
Buy
5,700
90.9
40,630
Carrying amount at 31 December 2023
24,819
2023
Average
volume-
Volume weighted Market
NOK 1,000
Type
(1,000) price per kg value
Fish Pool contracts
Sale
1,430
65.3
6,082
Carrying amount at 31 December 2022
6,082
In 2023, a net profit of NOK 50.1 million (net loss of NOK 307.0 million in 2022) was realised on Fish Pool contracts . Gains and losses are recognised in the operating result. In 2023, unrealised changes in the fair value of Fish Pool contracts amounted to a net gain of NOK 18.7 million. Unrealised changes in the fair value of Fish Pool contracts amounted in 2022 to a net gain of NOK 91.3 million, of which NOK 69.7 was through fair value adjustment and NOK 21.5 was classified as other financial income ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1009": { "value": "NOTE 3.8 Financial assets and financial liabilities Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset . Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details
Financial instruments at 31 December 2022
At fair value
At amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
-3,028
69,105
66,076
Interest and currency rate swaps
0
0
247,802
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Unlisted equity instruments
0
42,434
0
42,434
Debt instruments
Other non-current receivables
81,074
0
0
81,074
Trade receivables
1,414,135
0
0
1,414,135
Other current receivables
544,728
10,561
0
555,289
Cash and cash equivalents
2,712,707
0
0
2,712,707
Total financial assets
4,752,644
82,973
316,907
5,152,524
Liabilities
Interest-bearing debt
Debts to credit institutions
18,324,946
0
0
18,324,946
Green bond
3,467,147
0
0
3,467,147
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
Other financial liabilities
Trade payables
3,337,649
0
0
3,337,649
Total financial liabilities
25,129,742
26,924
0
25,156,666
Financial instruments by category
Financial instruments at 31 December 2023
At At fair value
amortised through At fair value
NOK 1,000 cost profit & loss
in OCI
TOTAL
Assets
Derivatives
Forward currency contracts
0
0
444,343
444,343
Interest and currency rate swaps
0
0
158,522
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Unlisted equity instruments
0
17,102
0
17,102
Debt instruments
Other non-current receivables
83,112
0
0
83,112
Trade receivables
1,456,963
0
0
1,456,963
Other current receivables
478,861
0
0
478,861
Cash and cash equivalents
785,271
0
0
785,271
Total financial assets
2,804,207
41,921
602,864
3,448,993
Liabilities
Interest-bearing debt
Debts to credit institutions
10,416,775
0
0
10,416,775
Green bond
3,475,193
0
0
3,475,193
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
Other financial liabilities
Trade payables
3,965,936
0
0
3,965,936
Total financial liabilities
17,857,904
0
12,898
17,870,802
Financial instruments \u2013 assessment of fair value All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorised within the fair value hierarchy, described as follows, based on the lowest level input that is significant observable inputs an minimising the use of unobservable inputs. \u2022 Level 1 - Price listed in an active market for identical assets or liabilities \u2022 Level 2 - Valuation based on other observable inputs either directly (price) or indirectly (deduced from prices) than listed price (used in level 1) for the asset or liability \u2022 Level 3 - Valuation based on inputs not derived from observable markets (non-observable assumptions) The following table presents the fair value measurement hierarchy of the Group's assets and liabilities. See Note 3.9 for details of derivatives measured at fair value under Level 2.
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2023 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
444,343
0
444,343
Interest and currency derivatives
0
158,522
0
158,522
Financial contracts Fish Pool
0
24,819
0
24,819
Equity instruments
Other shares and securities
0
0
17,102
17,102
TOTAL assets
0
627,684
17,102
644,786
Liabilities
Derivatives
Interest and currency rate swaps
0
0
12,898
12,898
TOTAL liabilities
0
0
12,898
12,898
Quoted
prices in Significant Significant
active observable unobservable
markets inputs inputs
31 December 2022 (NOK 1,000) (Level 1) (Level 2)
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
0
66,076
0
66,076
Interest and currency derivatives
0
247,802
0
247,802
Financial contracts Fish Pool
0
33,006
0
33,006
Equity instruments
Other shares and securities
0
0
42,434
42,434
Debt instruments
Other receivables
0
0
10,561
10,561
TOTAL assets
0
346,884
52,995
399,879
Liabilities
Derivatives
Financial contracts Fish Pool
0
26,924
0
26,924
TOTAL liabilities
0
26,924
0
26,924
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1029": { "value": "Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset
Provisions for losses on financial assets
The Group has made a provision for expected losses on all debt instru-
ments that are not classified at fair value through profit and loss.
The Group recognises expected credit losses based on a specific
assessment of each individual customer. The Group recognises its
loss provision based on expected credit losses over the remaining life
of the exposure, and not the 12-month expected loss .
Financial liabilities
Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated
as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair
value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction
costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and
are treated for accounting purposes in the same way as derivatives that are assets.
Loans and liabilities
After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are
recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing
loans and borrowings are subsequently measured at amortised cost using the effective interest method.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through
the effective interest method amortisation process. Amortised cost is calculated by recognising any
discount or premium on acquisition and fees or costs that are an integral part of the effective interest
method. The effective interest method amortisation is included as finance cost in the statement of
profit or loss. See Note 3.11 for further details .
Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-977": { "value": "Accounting policies A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets The Group's financial assets is comprised of derivatives, unlisted equity investments, other receivables, and cash & cash equivalents. The classification of financial assets at initial recognition depends on the nature of the asset's contractually determined cash flows, and which business model the Group applies to the management of its financial assets. At initial recognition, financial assets are recognised at fair value. Transaction costs may be added if financial assets are measured at amortised cost. The Group classifies its financial assets in three categories: \u2022 Financial assets measured at amortised cost \u2022 Financial assets measured at fair value with changes in value through profit and loss \u2022 Financial assets measured at fair value in other comprehensive income (OCI) Financial assets measured at amortised cost The Group measures financial assets at amortised cost if the following conditions are met: The financial asset is being kept in a business model whose purpose is to receive contractually determined cash flows, and the contractual terms and conditions for the financial asset give rise to cash flows solely comprising payments of interest and principal on certain dates. The Group's financial assets at amortised cost comprise trade receiv- ables, other receivables, cash & cash equivalents. Trade receivables which do not have a substantial financing element are measured at the transaction price in accordance with IFRS 15 Revenue from Contracts with Customers. Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. Financial instruments measured at fair value in other comprehensive income (OCI) The Group uses derivatives to hedge against fluctuations in foreign exchange rates that arise during its operational activities. When for- ward currency contracts meet the requirements for hedge accounting, changes in fair value are recognised in OCI. The Group has entered into a cross-currency interest swap and inter- est rate swaps to hedge risk related to interest-bearing debt and the operations on Iceland. Changes in fair value in these derivatives are recognised in OCI. Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset . Provisions for losses on financial assets The Group has made a provision for expected losses on all debt instru- ments that are not classified at fair value through profit and loss. The Group recognises expected credit losses based on a specific assessment of each individual customer. The Group recognises its loss provision based on expected credit losses over the remaining life of the exposure, and not the 12-month expected loss . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1041": { "value": "Financial instruments measured at fair value with changes in value through profit and loss The Group makes use of forward currency contracts to hedge against fluctuations in exchange rates that arise during its operational activ- ities. The contracts are initially recognised at fair value. Changes in fair value related to contracts that don't qualify for hedge accounting are recognised in profit and loss. The Group enters into contracts on Fish Pool to manage the salmon price risk. Fish Pool contracts are also used to hedge margins in certain cases relating to salmon purchase agreements. The derivatives are recognised at fair value at the date of acquisition. Any subsequent changes in value are classified on the line for fair value adjustments in profit and loss. This category also includes the Group's unlisted equity instrument and other receivables. These instruments are recognised at fair value on the date the contract is entered into and subsequently measured at fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1042": { "value": "Derecognition of financial assets A financial asset or, if relevant, a portion of a financial asset or portion of a group of identical financial assets, is derecognised if: \u2022 The contractual entitlement to receive cash flows from the financial asset expires, or \u2022 The Group has transferred the contractual entitlement to receive cash flows from the financial asset or retains the right to receive the cash flows from a financial asset but at the same time pledges to transfer these to a counterparty, and either: a. The Group has transferred the bulk of the risk and benefits associated with the asset, or a. The Group has neither transferred nor retained the bulk of the risk and benefits associated with the asset but has transferred control over the asset ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1043": { "value": "Financial liabilities Financial liabilities are, after initial recognition, classified as loans and liabilities, or derivatives designated as hedging instruments in an effective hedging arrangement. Derivatives are initially recognised at fair value. Loans and liabilities are recognised at fair value adjusted for directly attributable transaction costs. Derivatives are financial liabilities when the effective interest method fair value is negative, and are treated for accounting purposes in the same way as derivatives that are assets. Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1087": { "value": "Loans and liabilities After initial recognition, interest-bearing loans will be measured at amortised cost. Gains and losses are recognised in profit and loss when the liability is derecognised. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the effective interest method amortisation process. Amortised cost is calculated by recognising any discount or premium on acquisition and fees or costs that are an integral part of the effective interest method. The effective interest method amortisation is included as finance cost in the statement of profit or loss. See Note 3.11 for further details ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1078": { "value": "Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1083": { "value": "Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1088": { "value": "Accounting policies Forward currency contracts The Group uses forward currency contracts and currency option con- tracts to reduce the foreign exchange risk relating to future sales revenues deriving from customer contracts denominated in foreign currencies for the physical delivery of salmon. The Group's contracts fall due for payment between January 2024 and December 2025, and hedge all trade receivables and cash flows from sales contracts in foreign currencies during this period. The contracts are recognised at fair value in the balance sheet. The fair value are measured by using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incorporate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective cur- rencies, currency basis spreads between the respective currencies. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. For forward currency contracts and currency option contracts that qualify for hedge accounting, the fair value of the effective portion is recognised in other comprehensive income. When time differences arise between receipts from sales contracts and the settlement of forward hedges, the currency account replaces the forward hedges as the hedging instrument. Drawdowns on the currency account, when this is deemed to be the hedging instrument, are recognised at the exchange rate in effect on the reporting date and the revalu- ation effect is recognised in OCI. Gains and losses recognised in OCI and accumulated equity are recycled to profit and loss in the same period as the hedged expected future cash flows affect profit and loss. Inefficiency in hedging factors arises when the hedged volume deviates from the delivered volume. The inefficiency is recognised as a financial item in profit and loss. The Group complies with the criteria set out in IFRS 9 when assessing whether the contract meets the requirements for hedge accounting. This means that satisfactory documentation of the matter to be hedged must exist when the hedge is entered into, and there must be a high level of efficiency, in that the hedge reflects the expected cash flow from the underlying sales contract. There must also be a high degree of probability that the future cash flow will materialise and the efficiency of the hedge must be measurable. The efficiency of hedges is monitored continuously. For contracts which do not qualify for hedge accounting, any change in the fair value are recognised as a change in fair value through profit and loss. The hedging rate is the spot rate adjusted for a forward element. The forward element is the difference between the spot rate and the forward rate, and reflects the difference in the rate of interest between NOK and the currency traded. When several forward hedges are linked to a sales contract, the hedging rate is calculated as the volume-weighted forward rate for the underlying hedges. Interest and currency swaps The group has entered into interest swaps and a cross-currency interest rate swap with the purpose of hedging interest rate risk for a share of the group's loans with floating interest rates and hedging of currency risk related to the operations in Iceland. The hedging of interest rate risk is a cash flow hedging, and the hedging of the busi- ness in Iceland is a net investment hedging, both hedging conditions are considered to satisfy the requirements for hedge accounting. The fair value of the swaps are valued using valuation techniques, which employ the use of market observable inputs such as forward pricing and swap models using present value calculations. The models incor- porate various inputs including the credit quality of counterparties, foreign exchange spot and forward rates, yield curves of the respective currencies, currency basis spreads between the respective currencies and interest rate curves. Recognition of gains and losses relating to the forward currency contracts depends on whether they qualify for hedge accounting. The fair value changes of the swaps qualifying for hedge accounting are recognised in other comprehensive income, and the swap costs are amortised as interest costs over the term of the agreement. The effectiveness of hedging is measured at the end of each period, any ineffective portion will be recognised as a financial item in the profit and loss. Financial contracts with Fish Pool The Group enters into financial contracts on Fish Pool to hedge prices relating to purchase and sales contracts for the physical delivery of salmon. The contracts fall due for settlement within one year. Real- ised gains or losses on these contracts are recognised in operating profit/loss. The contracts are measured at fair value. Unrealised gains and losses are included in fair value adjustments in profit and loss. The fair value of Fish Pool contracts is calculated on the basis of the contract's agreed settlement price, the market value of the fish on the reporting date, the contract's term and observable market prices for contracts with an equivalent term ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-978": { "value": "
NOTE 3.10 Cash & cash equivalents
NOK 1,000
31.12.2023
31.12.2022
A total of NOK 164.2 million (2022: NOK 154.6 million) in restricted tax withholdings is included in the
Cash and cash equivalents, unrestricted funds
621,103
2,558,078
Cash and cash equivalents, restricted funds
164,169
154,629
Total cash and cash equivalents at 31 December
785,271
2,712,707
item cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1079": { "value": "NOTE 3.10 Cash & cash equivalents
NOK 1,000
31.12.2023
31.12.2022
A total of NOK 164.2 million (2022: NOK 154.6 million) in restricted tax withholdings is included in the
Cash and cash equivalents, unrestricted funds
621,103
2,558,078
Cash and cash equivalents, restricted funds
164,169
154,629
Total cash and cash equivalents at 31 December
785,271
2,712,707
item cash and cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-979": { "value": "
NOTE 3.11 Interest-bearing liabilities
Non-current interest-bearing liabilities (NOK 1,000)
31.12.2023
31.12.2022
Non-current interest bearing liabilities
9,258,965
17,830,132
Green bond
3,500,000
3,500,000
Amortised cost
-89,919
-32,853
Total
12,669,046
21,297,279
Next year's instalment on non-current interest bearing liabilities
-457,820
-2,947,307
Total
12,211,226
18,349,972
Lease liabilities
1,845,494
1,425,297
Next year's instalment on lease liabilities
-343,753
-273,081
Total
1,501,741
1,152,216
Total carrying amount at 31 December
13,712,967
19,502,188
Current interest bearing liabilities
2023
2022
Bank overdraft
1,222,922
494,814
Next year's instalment on non-current interest bearing liabilities
457,820
2,947,307
Current interest bearing liabilities ex. lease liabilities
1,680,742
3,442,121
Next year's instalment on lease liabilities
343,753
273,081
Total carrying amount at 31 December
2,024,495
3,715,203
Total interest-bearing liabilities
15,737,462
23,217,390
Cash and cash equivalents
785,271
2,712,707
Lease liabilities
1,845,494
1,425,297
Net interest-bearing debt
13,106,697
19,079,386
Total interest-bearing liabilities
2023
2022
Unused credit facilities
8,740,369
6,476,426
Unused bank overdraft
1,013,858
1,657,387
Total unused drawing rights
9,754,227
8,133,813
The fair value of borrowings are not materially different from their carrying amounts since the interest
payable on the borrowings is either close the current market rates or the borrowings are of short-term
nature. Next year's instalments on bank loans and lease agreements are classified as current liabilities
in the balance sheet. See Note 4.1 for details of the maturity profile of the Group's liabilities.
In 2021 and 2022 the Group entered into a cross-currency interest swap and interest rate swaps to
reduce the risk related to floating interest rate. These contracts are established with the purpose to
reduce the interest rate risk related to long-term loan. See note 3.9 \"Hedging activities and derivatives\"
and note 4.1 \"Financial risk management\" for further details regarding the swaps.
As at 31 December 2023 per currency
NOK 1,000
NOK
EUR
JPY
USD
GBP
Other
Total
Non-current
interest bearing
11,595,839
615,387
0
0
0
0
12,211,226
liabilities
Lease liabilities
1,804,234
0
0
0
0
41,261
1,845,494
Current interest-
bearing liabilities
1,467,156
75,670
75,554
38,978
18,176
5,207
1,680,742
Total interest-
bearing debts
14,867,229
691,057
75,554
38,978
18,176
46,468
15,737,462
Cash and cash
607,284
47,460
36,704
59,851
13,116
20,857
785,271
equivalents
Lease liabilities
1,804,234
0
0
0
0
41,261
1,845,494
Net interest-
bearing debts
12,455,711
643,597
38,851
-20,873
5,059
-15,650
13,106,697
As at 31 December 2022 per currency
NOK 1,000
NOK
EUR
JPY
USD
GBP
Other
Total
Non-current
interest bearing
17,804,959
545,013
0
0
0
0
18,349,972
liabilities
Lease liabilities
1,380,072
7,567
0
0
0
37,658
1,425,297
Current interest-
bearing liabilities
3,176,402
111,144
2,931
78,988
39,726
32,931
3,442,121
Total interest-
bearing debts
22,361,433
663,723
2,931
78,988
39,726
70,589
23,217,390
Cash and cash
2,764,389
-80,665
-53,538
59,548
5,813
17,161
2,712,707
equivalents
Lease liabilities
1,380,072
7,567
0
0
0
37,658
1,425,297
Net interest-
bearing debts
18,216,972
736,822
56,469
19,440
33,914
15,770
19,079,386
Financing activities - changes in liability at 31 December 2023: Non-cash generating effects
Change in next
Cash flow from year's instalments
31.12.22
financing activities
Currency effects
on long-term debts
Other effects
31.12.23
Non-current debts
18,349,972
-8,660,255
39,596
2,489,487
-7,575
12,211,226
Current debts to credit institutions
3,442,121
713,521
3,310
-2,489,487
11,276
1,680,742
Total debts to credit institutions
21,792,093
-7,946,734
42,907
0
3,701
13,891,967
Non-current and current lease liabilities
1,425,297
-321,096
2,501
0
738,792
1,845,494
Total interest-bearing debts
23,217,390
-8,267,829
45,408
0
742,493
15,737,462
Financing activities - changes in liability at 31 December 2022:
Non-cash generating effects
Change in next
Cash flow from Changes through year's instalments
31.12.21 financing activities
business combinations
Currency effects
on long-term debts
Other effects
31.12.22
Non-current debts
4,906,560
7,191,840
9,008,620
28,242
-2,785,290
0
18,349,972
Current debts to credit institutions
571,274
-127,923
211,704
1,742
2,785,290
0
3,442,121
Total debts to credit institutions
5,477,834
7,063,917
9,220,324
29,983
0
0
21,792,093
Non-current and current lease liabilities
967,166
-229,333
484,370
3,771
0
199,323
1,425,297
Total interest-bearing debts
6,445,000
6,834,585
9,704,694
33,754
0
199,323
23,217,390
For details regarding change in subsidiaries see Note 4.5.
Interest-bearing debt in more detail
In August 2023, SalMar entered into a new senior unsecured credit
facility agreement, totalling NOK 16,000 million, with the intention of
making it sustainability linked. The agreement comprises a 3+1+1 year
term loan with a total of NOK 6,000 million, a 5+1+1 year rolling credit
facility of NOK 10,000 million, and a NOK 3,000 million in accordion
option. The facilities have an interest rate based on 3-months NIBOR
plus a margin. The new senior unsecured credit facility is a syndicated
agreement that consists of 5 banks composed in two tiers, each tier
with various share of the total facility.
SalMar has annually renewable multicurrency cash pooling arrange-
ments limited to NOK 1,600 million. As at 31 December 2023, the
Group had drawn NOK 1,223 million on this arrangement (2022: no
drawdown). Deposits and drawdowns in various currencies relating to
the group account scheme are recognised net in the Group\u2019s financial
statements.
With effect from 22 April 2021, SalMar ASA issued an unsecured
green bond totalling NOK 3,500 million. No installments on the loan
are payable during the period of the agreement, which matures on 22
January 2027. The bond carries an interest rate at 3-months NIBOR +
1.35 % per annum, due quarterly. The loan is capitalised at amortised
cost using the effective interest rate method. The loan's net book
value as at 31 December 2023 is NOK 3,475 million. The bond loan
is listed on the Oslo Stock Exchange under the ticker SALM01 ESG.
During November 2023, Arnarlax Ehf, the groups subsidiary in Iceland
completed a refinancing process totalling facilities of 95 MEUR. The
facilities consist of a term loan of 30 MEUR, a revolving facility of
65 MEUR and an additional overdraft facility of 5 MEUR. The current
facility agreement is valid until November 2026 with a possibility of
two years extension. Per 31.12.2023 there were no drawdown on
the overdraft facility. The covenants require an equity ratio above
35 per cent and profit requirement that requires that the Compa-
ny\u2019s 12-month rolling interest coverage ratio must not be lower than
4.0:1. In addition, the Company\u2019s NIBD / 12-month rolling EBITDA
should not exceed 6.0:1 each relevant period expiring on or prior
to 31 December 2024 and not exceed 4.0:1 each relevant period
expiring thereafter.
In November 2023, the subgroup SalMar Aker Ocean entered
into a new credit facility agreement, comprising of a term loan of
NOK 200 million and an annually renewable overdraft facility of
NOK 250 million. The term loan is a bullet loan with termination date
27 November 2026. Per 31.12.2023 there were no drawdown on
the overdraft facility. The covenants are based on standard ratios
and has financial requirements of an equity ratio above 40 per cent.
Financial covenants
The most important financial covenants for the long-term financing
of SalMar ASA are, respectively, a solvency requirement, which stipu-
lates that the Group\u2019s recognised equity ratio shall exceed 30 %, and
a profitability requirement, which stipulates that the Group\u2019s interest
coverage rate (EBITDA/net financial expenses) shall not fall below 3.0.
The green bond has a financial covenant requiring an equity ratio of
30 % in the agreement period.
The financing schemes of Arnarlax Ehf and SalMar Aker Ocean are
independent from SalMar ASA. Both SalMar ASA, Arnarlax Ehf and
SalMar Aker Ocean were in compliance with all the above-mentioned
covenants as of 31 December 2023.
Subsidiaries with individual financial agreements
Vikenco has an overdraft facility capped at NOK 50 million, of which
there was no drawdown as at 31. December 2023. In addition, the
company has two instalment loans with a carrying amount of respec-
tively NOK 178 million and NOK 58 million.
Osan Settefisk AS has a term loan with net carrying amount at
31 December 2023 of NOK 414 million (2022: NOK 445 million) and
an overdraft facility agreement of NOK 15 million, of which there was
no drawdown as at 31. December 2023.
Refsnes Laks AS, has a term loan with net carrying amount at
31 December 2023 of NOK 48.3 million (2022: 0), the loan matures
in June 2025.
Supply Chain Financing
The Group has entered into a supply chain financing agreement (SCF),
meaning that some vendors will indirectly offer extended credit terms
to the company through a separate agreement with the Group's bank.
The vendors sell their trade receivables to the bank in order to receive
payment immediately. Payment terms under the SCF agreement are
in line with industry practice. The transaction is still between the
company and its suppliers, and are therefore classified as trade pay-
ables, and changes in trade payables related to the SCF agreement
is classified as cash flow from operating activities in the statement
of cash flow. As at 31 December 2023 the carrying amount of the
financed amount was NOK 2,562.2 million (31 December 2022:
NOK 1,672.7 million), and of this NOK 2,532.3 million was paid to
the vendors.
Receivable Purchase Agreement
SalMar has entered into an agreement with a financial institution for
transferred receivables that meet certain predefined criteria. See Note
3.7 for further details of this arrangement.
Lease liabilities
See Note 3.4 for further details of the Group\u2019s capitalised lease
liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-980": { "value": "
NOTE 3.12 Mortgage and guarantees
Liabilities secured by mortgage (NOK 1,000)
31.12.2023
31.12.2022
Non-current interest bearing debt *
1,112,205
14,882,825
Current interest bearing debt *
570,153
3,442,121
Lease liabilities
1,845,494
1,425,297
Total debt secured by mortgages and pledges at 31 December
3,527,852
19,750,243
'* During the third quarter in 2023, SalMar entered into a new senior unsecured credit facility agreement
totalling NOK 16 billion. The non-current and current interest bearing debt that is secured by mortgage
is represented by Group companies with independent financing schemes. See Note 3.11 for further
information.
Assets pledged as security for debt (NOK 1,000)
31.12.2023
31.12.2022
Licences
3,438,018
14,875,519
Property, plant and equipment and right-to-use assets
4,512,098
12,517,825
Biological assets and other inventory
1,576,980
11,754,721
Trade receivables
632,737
1,414,135
Total assets pledged as security at 31 December
10,159,834
40,562,200
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1045": { "value": "
NOTE 3.13 Current liabilities
There is a contingent liability related to a previous business combination in Salmar Farming AS, related to merged-in company SalMar Namdal AS.. As part of the purchase agreement with the previous owners of MNH Holding AS, a contingent consideration was agreed. The consideration is dependent on licence volumes for Fiskeldi Austfjarda and is measured at fair value over the result ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-981": { "value": "NOTE 3.13 Current liabilities Accounting policies Onerous contacts Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised as a liability is the difference between the market price at the balance sheet date plus costs to sell and the contract price. Changes in provisions are recognised in a separate line in the statement of profit and loss and are included in the operational profit .
Other current liabilities (NOK 1,000)
31.12.2023
31.12.2022
Salaries and vacation pay due
214,380
207,510
Derivatives
0
26,924
Accruals for clean-up cost
304,077
224,173
Accrued interest cost
53,595
117,462
Other accrued expenses
401,053
515,156
Accruals for production tax
83,465
18,805
Contingent liability from business combination
55,125
55,125
Provisions for onerous contracts
342,202
104,799
Total carrying amount at 31 December
1,453,897
1,269,954
Provisions related to onerous contracts is increased by NOK 237.3 million (2022: Provision decreased by NOK 126.3 million in 2022, recognised in operating profit) . There is a contingent liability related to a previous business combination in Salmar Farming AS, related to merged-in company SalMar Namdal AS.. As part of the purchase agreement with the previous owners of MNH Holding AS, a contingent consideration was agreed. The consideration is dependent on licence volumes for Fiskeldi Austfjarda and is measured at fair value over the result .", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1030": { "value": "NOTE 3.13 Current liabilities Accounting policies Onerous contacts Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised as a liability is the difference between the market price at the balance sheet date plus costs to sell and the contract price. Changes in provisions are recognised in a separate line in the statement of profit and loss and are included in the operational profit .
Other current liabilities (NOK 1,000)
31.12.2023
31.12.2022
Salaries and vacation pay due
214,380
207,510
Derivatives
0
26,924
Accruals for clean-up cost
304,077
224,173
Accrued interest cost
53,595
117,462
Other accrued expenses
401,053
515,156
Accruals for production tax
83,465
18,805
Contingent liability from business combination
55,125
55,125
Provisions for onerous contracts
342,202
104,799
Total carrying amount at 31 December
1,453,897
1,269,954
Provisions related to onerous contracts is increased by NOK 237.3 million (2022: Provision decreased by NOK 126.3 million in 2022, recognised in operating profit) ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1010": { "value": "NOTE 3.13 Current liabilities Accounting policies Onerous contacts Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised as a liability is the difference between the market price at the balance sheet date plus costs to sell and the contract price. Changes in provisions are recognised in a separate line in the statement of profit and loss and are included in the operational profit .
Other current liabilities (NOK 1,000)
31.12.2023
31.12.2022
Salaries and vacation pay due
214,380
207,510
Derivatives
0
26,924
Accruals for clean-up cost
304,077
224,173
Accrued interest cost
53,595
117,462
Other accrued expenses
401,053
515,156
Accruals for production tax
83,465
18,805
Contingent liability from business combination
55,125
55,125
Provisions for onerous contracts
342,202
104,799
Total carrying amount at 31 December
1,453,897
1,269,954
Provisions related to onerous contracts is increased by NOK 237.3 million (2022: Provision decreased by NOK 126.3 million in 2022, recognised in operating profit) . There is a contingent liability related to a previous business combination in Salmar Farming AS, related to merged-in company SalMar Namdal AS.. As part of the purchase agreement with the previous owners of MNH Holding AS, a contingent consideration was agreed. The consideration is dependent on licence volumes for Fiskeldi Austfjarda and is measured at fair value over the result ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1060": { "value": "NOTE 3.13 Current liabilities There is a contingent liability related to a previous business combination in Salmar Farming AS, related to merged-in company SalMar Namdal AS.. As part of the purchase agreement with the previous owners of MNH Holding AS, a contingent consideration was agreed. The consideration is dependent on licence volumes for Fiskeldi Austfjarda and is measured at fair value over the result ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1070": { "value": "NOTE 3.13 Current liabilities Accounting policies Onerous contacts Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised as a liability is the difference between the market price at the balance sheet date plus costs to sell and the contract price. Changes in provisions are recognised in a separate line in the statement of profit and loss and are included in the operational profit .
Other current liabilities (NOK 1,000)
31.12.2023
31.12.2022
Salaries and vacation pay due
214,380
207,510
Derivatives
0
26,924
Accruals for clean-up cost
304,077
224,173
Accrued interest cost
53,595
117,462
Other accrued expenses
401,053
515,156
Accruals for production tax
83,465
18,805
Contingent liability from business combination
55,125
55,125
Provisions for onerous contracts
342,202
104,799
Total carrying amount at 31 December
1,453,897
1,269,954
Provisions related to onerous contracts is increased by NOK 237.3 million (2022: Provision decreased by NOK 126.3 million in 2022, recognised in operating profit) . There is a contingent liability related to a previous business combination in Salmar Farming AS, related to merged-in company SalMar Namdal AS.. As part of the purchase agreement with the previous owners of MNH Holding AS, a contingent consideration was agreed. The consideration is dependent on licence volumes for Fiskeldi Austfjarda and is measured at fair value over the result ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1044": { "value": "
Accounting policies
Onerous contacts
Physical fixed-price sales contracts whose price is less than the price used as the basis for adjusting the
fair value of the biomass are recognised as liabilities in the financial statements. The amount recognised
as a liability is the difference between the market price at the balance sheet date plus costs to sell and
the contract price. Changes in provisions are recognised in a separate line in the statement of profit and
loss and are included in the operational profit .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-982": { "value": "NOTE 4.1 Financial risk management Financial risk Through its activities, the Group is exposed to various kinds of financial risk: market risk, credit risk and liquidity risk. The Group management oversees the management of these risks and draws up guidelines for dealing with them. The Group makes use of financial derivatives to hedge against certain risks. The Board of Directors has defined a financial risk appetite that sets overarching limits. The Group has drawing facilities on a syndicate of banks, which ensure sufficient flexibility both operationally and with respect to the financ- ing of investments in SalMar's operations. In August 2023, SalMar entered into a new senior unsecured credit facility agreement, with the intention of making it sustainability linked. The agreement includes NOK 3,000 million in accordion option and is a syndicated agreement that consists of 5 banks composed in two tiers, each tier with various share of the total facility. In 2021 the Group issued a green bond to secure further sustainable growth. In addition, the company has financial instruments, such as trade receivables, trade payables, etc., which are directly related to day-to-day business operations. The two subgroup's, Arnarlax Ehf and SalMar Aker Ocean, have inde- pendent financing schemes. In addition, Vikenco, Osan Settefisk AS and Refsnes Laks AS are subsidiaries with individual financial agreements. It is the Group\u2019s policy that no trading in derivatives for speculative purposes may be undertaken. Market risk Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in mar- ket interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The risk is partly reduced by the opposite effect on cash equivalents which earn floating interest. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 mil- lion. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan. In 2021 the Group has entered into a to cross-currency interest swap and a interest swap to manage the interest rate. For more details regarding the swaps see note 3.9. Interest rate sensitivity Given the financial instruments in effect on 31 December 2023, after the impact of hedge accounting, an increased interest rate of 1.0 per cent would reduce the Group's profit by net NOK 130.9 mil- lion (2022: reduced profit by NOK 242.2 million), all other variables remaining constant. The effect related to the hedging instruments over OCI would rise by NOK 19.3 million given an increase in the interest rate of 1 % (2022: 1 % rise would lead to a positive effect of NOK 19.4 million). See note 3.11 for more information regarding interest-bearing debt. Foreign exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in the operations on Iceland. The Group operates internationally, and is exposed to foreign exchange risk in several currencies. This risk is particularly relevant with respect to the USD, EUR, GBP, CAD and JPY. The foreign exchange risk associated with revenues and assets denominated in foreign currencies is partly hedged through the use of forward contracts and currency accounts. The use of forward currency contracts is described in Note 3.9. The foreign exchange risk associated with the operations at Iceland is hedged by the cross-currency interest swap described in section \"Interest rate risk\". The swap hedges the full carrying value of the net investment. Foreign currency sensitivity Given the financial instruments in effect on 31 December 2023, a weakening of 10 per cent of the NOK would increase the Group's profit before tax by NOK 940.0 million (2022: NOK 454.6 million). The whole effect would go through the profit and loss in 2024 as all material financial instruments fall due within the end of 2024 . The following table demonstrate the impact on the Group's profit before tax related to a reduction in the exchange rate of 10 per cent:
NOK 1,000
31.12.2023
31.12.2022
EUR
-62,165
-12,300
JPY
3,307
-3,380
GBP
-3,198
-159
CAD
-5,049
-3,353
USD
-66,644
-45,880
The Group\u2019s exposure to foreign currency changes for all other currencies is not material . Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily from trade receivables. The Group's policy is to credit insure material trade receivables, and losses due to bad debts have historically been low. The Group has guidelines to ensure that sales are made only to customers that have not previously had material payment problems, and where outstanding balances do not exceed fixed credit limits. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. Credit risk relating to the Group's cash holding is deemed low. Gross credit risk on the reporting date equals the Group's total receiv- ables on the same date. See Note 3.7 . Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they are due. Cash flow forecasts are prepared on a regular basis and the Finance Dept. monitors rolling forecasts for the Group\u2019s liquidity requirements to ensure that the Group has suffi- cient cash equivalents to meet operational liabilities, as well as at all times having adequate flexibility in the form of unused credit facilities (see Statement of Cash Flows), such that the Group does not infringe borrowing limits or specific borrowing conditions. The Group\u2019s objective is to have sufficient cash, cash equivalents or medium-term credit facilities to meet its borrowing requirements in the short term. See Note 3.11 for details of the Group\u2019s available credit facilities. The table below details the Group\u2019s non-derivative financial liabilities classified by maturity structure. The figures presented in the table are undiscounted contractual cash flows.
Maturity structure for financial liabilities at 31 December 2023
Maturity
Total
2024
2025
2026
2027
2028
After 2028
Long-term debt
12,669,046
426,203
40,322
6,576,430
3,719,090
1,719,333
187,667
Interest on long-term debt
2,330,999
742,145
737,028
544,090
231,388
64,898
11,449
Lease liabilities
1,845,494
343,752
275,618
221,630
178,757
144,631
681,106
Interest on lease liabilities
374,540
111,717
93,065
58,214
46,080
35,223
30,239
Short-term credit facilities
46,745
46,745
0
0
0
0
0
Interest on short-term debt
803
803
0
0
0
0
0
Trade payables
3,965,936
3,965,936
0
0
0
0
0
Total liabilities
21,233,563
5,637,302
1,146,033
7,400,365
4,175,316
1,964,086
910,461
Maturity structure for financial liabilities at 31 December 2022
Maturity
Total
2023
2024
2025
2026
2027
After 2027
Long-term debt
21,297,279
2,947,307
12,147,649
2,506,681
9,646
3,515,329
170,667
Interest on long-term debt
1,706,433
1,000,633
301,477
217,970
158,975
16,666
10,712
Lease liabilities
1,425,297
273,081
209,221
162,488
127,947
102,132
550,427
Interest on lease liabilities
323,310
65,583
57,880
56,244
51,393
47,624
44,587
Short-term credit facilities
494,814
494,814
0
0
0
0
0
Interest on short-term debt
70,908
70,908
0
0
0
0
0
Trade payables
3,337,649
3,337,649
0
0
0
0
0
Total liabilities
28,655,690
8,189,975
12,716,227
2,943,383
347,961
3,681,752
776,394
Fina Maturity The Group's trade payables are normally at net 30 payment terms, except for payables related to the purchase of feed, which has a longer credit time. For a description of the maturity structure for the Group's long-term debt, see Note 3.11. Capital structure and equity The objective of the Group\u2019s capital management is to safeguard the Group\u2019s continued operations in order to secure a return on investment for shareholders and other stakeholders, and maintain an optimal capital structure for reducing capital costs. By ensuring a good debt to-equity ratio the Group will support its business operations, and thereby maximise the value of the Group\u2019s shares. To further focus on the objective to maximise the value of the Group's shares, reference is made to the stock exchange announcement on 23 October 2023 regarding the general meeting of SalMar ASA (\"SalMar\") resolving to reduce SalMar's share capital by NOK 3,275,000 from 36,284,730 to NOK 33,009,730 by cancelling of 13,100,000 own treasury shares. See Note 4.2 and 4.3 for further details. The Group manages and makes changes to its capital structure in response to an ongoing assessment of the financial conditions under which the business operates, and its short and medium-term outlook, including any adjustment in dividend pay-outs, buyback of treasury shares, capital reduction or issue of new shares. No changes were made in the guidelines covering this area in 2023. The company monitors its capital management on the basis of the covenants stipulated. These are based on equity ratio, interest cov- erage ratio and the ratio of net interest-bearing debt to EBITDA. See Note 3.11 for further details. As at 31 December 2023, the Group had an equity ratio of 43.3 per cent (31 December 2022: 38.6 per cent). At the close of 2023, the Group's net interest-bearing debt stood at NOK 13,106.7 million (2022: NOK 19,079.4 million) See Note 3.11 for further details of the Group's net interest-bearing debt", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1011": { "value": "Market risk Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in mar- ket interest rates. The Group\u2019s exposure to the risk of changes in market interest rates relates primarily to the Group\u2019s long-term debt obligations with floating interest rates. The risk is partly reduced by the opposite effect on cash equivalents which earn floating interest. With effect from 4 February 2022, SalMar ASA entered into fixed rate interest swap contracts with a total principal of NOK 2,250 mil- lion. 750 million has a duration of 7 years starting 22 April 2022, 750 million has a duration of 7 years starting 22 January 2025, and 750 million has a duration of 10 years starting 22 January 2024. The interest swap contracts are established with the purpose to reduce the interest rate risk related to long-term loan. In 2021 the Group has entered into a to cross-currency interest swap and a interest swap to manage the interest rate. For more details regarding the swaps see note 3.9. Interest rate sensitivity Given the financial instruments in effect on 31 December 2023, after the impact of hedge accounting, an increased interest rate of 1.0 per cent would reduce the Group's profit by net NOK 130.9 mil- lion (2022: reduced profit by NOK 242.2 million), all other variables remaining constant. The effect related to the hedging instruments over OCI would rise by NOK 19.3 million given an increase in the interest rate of 1 % (2022: 1 % rise would lead to a positive effect of NOK 19.4 million). See note 3.11 for more information regarding interest-bearing debt. Foreign exchange risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates. The Group\u2019s exposure to the risk of changes in foreign exchange rates relates primarily to the Group\u2019s operating activities and the Group\u2019s net investments in the operations on Iceland. The Group operates internationally, and is exposed to foreign exchange risk in several currencies. This risk is particularly relevant with respect to the USD, EUR, GBP, CAD and JPY. The foreign exchange risk associated with revenues and assets denominated in foreign currencies is partly hedged through the use of forward contracts and currency accounts. The use of forward currency contracts is described in Note 3.9. The foreign exchange risk associated with the operations at Iceland is hedged by the cross-currency interest swap described in section \"Interest rate risk\". The swap hedges the full carrying value of the net investment. Foreign currency sensitivity Given the financial instruments in effect on 31 December 2023, a weakening of 10 per cent of the NOK would increase the Group's profit before tax by NOK 940.0 million (2022: NOK 454.6 million). The whole effect would go through the profit and loss in 2024 as all material financial instruments fall due within the end of 2024 The following table demonstrate the impact on the Group's profit before tax related to a reduction in the exchange rate of 10 per cent:
NOK 1,000
31.12.2023
31.12.2022
EUR
-62,165
-12,300
JPY
3,307
-3,380
GBP
-3,198
-159
CAD
-5,049
-3,353
USD
-66,644
-45,880
The Group\u2019s exposure to foreign currency changes for all other currencies is not material . ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1031": { "value": "
Foreign exchange risk
Foreign currency risk is the risk that the fair value or future cash
flows of an exposure will fluctuate because of changes in foreign
exchange rates. The Group\u2019s exposure to the risk of changes in foreign
exchange rates relates primarily to the Group\u2019s operating activities and
the Group\u2019s net investments in the operations on Iceland. The Group
operates internationally, and is exposed to foreign exchange risk in
several currencies. This risk is particularly relevant with respect to the
USD, EUR, GBP, CAD and JPY.
The foreign exchange risk associated with revenues and assets
denominated in foreign currencies is partly hedged through the use
of forward contracts and currency accounts. The use of forward
currency contracts is described in Note 3.9.
The foreign exchange risk associated with the operations at Iceland
is hedged by the cross-currency interest swap described in section
\"Interest rate risk\". The swap hedges the full carrying value of the
net investment.
Foreign currency sensitivity
Given the financial instruments in effect on 31 December 2023,
a weakening of 10 per cent of the NOK would increase the Group's profit
before tax by NOK 940.0 million (2022: NOK 454.6 million). The whole
effect would go through the profit and loss in 2024 as all material
financial instruments fall due within the end of 2024 .
The following table demonstrate the impact on the Group's profit before tax related to a reduction in the exchange rate of 10 per cent:
NOK 1,000
31.12.2023
31.12.2022
EUR
-62,165
-12,300
JPY
3,307
-3,380
GBP
-3,198
-159
CAD
-5,049
-3,353
USD
-66,644
-45,880
The Group\u2019s exposure to foreign currency changes for all other currencies is not material ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1012": { "value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a customer contract, leading to a financial loss. The Group is exposed to credit risk from its operating activities, primarily from trade receivables. The Group's policy is to credit insure material trade receivables, and losses due to bad debts have historically been low. The Group has guidelines to ensure that sales are made only to customers that have not previously had material payment problems, and where outstanding balances do not exceed fixed credit limits. An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. Credit risk relating to the Group's cash holding is deemed low. Gross credit risk on the reporting date equals the Group's total receiv- ables on the same date. See Note 3.7 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1013": { "value": "Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they are due. Cash flow forecasts are prepared on a regular basis and the Finance Dept. monitors rolling forecasts for the Group\u2019s liquidity requirements to ensure that the Group has suffi- cient cash equivalents to meet operational liabilities, as well as at all times having adequate flexibility in the form of unused credit facilities (see Statement of Cash Flows), such that the Group does not infringe borrowing limits or specific borrowing conditions. The Group\u2019s objective is to have sufficient cash, cash equivalents or medium-term credit facilities to meet its borrowing requirements in the short term. See Note 3.11 for details of the Group\u2019s available credit facilities. The table below details the Group\u2019s non-derivative financial liabilities classified by maturity structure. The figures presented in the table are undiscounted contractual cash flows.
Maturity structure for financial liabilities at 31 December 2023
Maturity
Total
2024
2025
2026
2027
2028
After 2028
Long-term debt
12,669,046
426,203
40,322
6,576,430
3,719,090
1,719,333
187,667
Interest on long-term debt
2,330,999
742,145
737,028
544,090
231,388
64,898
11,449
Lease liabilities
1,845,494
343,752
275,618
221,630
178,757
144,631
681,106
Interest on lease liabilities
374,540
111,717
93,065
58,214
46,080
35,223
30,239
Short-term credit facilities
46,745
46,745
0
0
0
0
0
Interest on short-term debt
803
803
0
0
0
0
0
Trade payables
3,965,936
3,965,936
0
0
0
0
0
Total liabilities
21,233,563
5,637,302
1,146,033
7,400,365
4,175,316
1,964,086
910,461
Maturity structure for financial liabilities at 31 December 2022
Maturity
Total
2023
2024
2025
2026
2027
After 2027
Long-term debt
21,297,279
2,947,307
12,147,649
2,506,681
9,646
3,515,329
170,667
Interest on long-term debt
1,706,433
1,000,633
301,477
217,970
158,975
16,666
10,712
Lease liabilities
1,425,297
273,081
209,221
162,488
127,947
102,132
550,427
Interest on lease liabilities
323,310
65,583
57,880
56,244
51,393
47,624
44,587
Short-term credit facilities
494,814
494,814
0
0
0
0
0
Interest on short-term debt
70,908
70,908
0
0
0
0
0
Trade payables
3,337,649
3,337,649
0
0
0
0
0
Total liabilities
28,655,690
8,189,975
12,716,227
2,943,383
347,961
3,681,752
776,394
Fina
Maturity
The Group's trade payables are normally at net 30 payment terms,
except for payables related to the purchase of feed, which has a longer
credit time.
For a description of the maturity structure for the Group's long-term
debt, see Note 3.11.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1014": { "value": "Capital structure and equity The objective of the Group\u2019s capital management is to safeguard the Group\u2019s continued operations in order to secure a return on investment for shareholders and other stakeholders, and maintain an optimal capital structure for reducing capital costs. By ensuring a good debt to-equity ratio the Group will support its business operations, and thereby maximise the value of the Group\u2019s shares. To further focus on the objective to maximise the value of the Group's shares, reference is made to the stock exchange announcement on 23 October 2023 regarding the general meeting of SalMar ASA (\"SalMar\") resolving to reduce SalMar's share capital by NOK 3,275,000 from 36,284,730 to NOK 33,009,730 by cancelling of 13,100,000 own treasury shares. See Note 4.2 and 4.3 for further details. The Group manages and makes changes to its capital structure in response to an ongoing assessment of the financial conditions under which the business operates, and its short and medium-term outlook, including any adjustment in dividend pay-outs, buyback of treasury shares, capital reduction or issue of new shares. No changes were made in the guidelines covering this area in 2023. The company monitors its capital management on the basis of the covenants stipulated. These are based on equity ratio, interest cov- erage ratio and the ratio of net interest-bearing debt to EBITDA. See Note 3.11 for further details. As at 31 December 2023, the Group had an equity ratio of 43.3 per cent (31 December 2022: 38.6 per cent). At the close of 2023, the Group's net interest-bearing debt stood at NOK 13,106.7 million (2022: NOK 19,079.4 million) See Note 3.11 for further details of the Group's net interest-bearing debt", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-983": { "value": "
NOTE 4.2 Share capital and shareholders
At 31 December 2023, the parent company's share capital comprised:
Number of
NOK 1,000
shares
Face value
Book value
Ordinary shares
132,038,920
0.25
33,009,730
There are no current limitations on voting rights or trade limitations
related to the SalMar share.
On 13 December 2023, SalMar ASA's share capital was decreased
by 13,100,000 shares (nominal value of NOK 0.25 per share), from
145,138,920 shares to 132,038,920 shares. The share capital was
thus decreased by a total of NOK 3.275 million, from NOK 36.285 mil-
lion to NOK 33.010 million.
As at 31 December 2023, SalMar ASA owned 278,854 treasury
shares, a reduction by 13,427,392 shares, from 13,706,246 treasury
shares as at 31 December 2022.
Shareholders
Overview of the largest shareholders 31.12.2023
Number of shares
Shareholding
Voting share
KVERVA INDUSTRIER AS
59,934,476
45.39 %
45.49 %
FOLKETRYGDFONDET
5,787,976
4.38 %
4.39 %
State Street Bank and Trust Comp
2,076,996
1.57 %
1.58 %
TERBOLI INVEST AS
1,425,394
1.08 %
1.08 %
LIN AS
1,337,685
1.01 %
1.02 %
JPMorgan Chase Bank, N.A., London
1,335,830
1.01 %
1.01 %
HASPRO AS
1,330,830
1.01 %
1.01 %
FR\u00d8Y KAPITAL AS
1,093,815
0.83 %
0.83 %
CACEIS Bank
1,087,941
0.82 %
0.83 %
State Street Bank and Trust Comp
1,087,715
0.82 %
0.83 %
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,055,226
0.80 %
0.80 %
NILS WILLIKSEN AS
1,018,473
0.77 %
0.77 %
CACEIS Bank
923,297
0.70 %
0.70 %
PARETO AKSJE NORGE VERDIPAPIRFOND
916,400
0.69 %
0.70 %
JPMorgan Chase Bank, N.A., London
910,109
0.69 %
0.69 %
CLEARSTREAM BANKING S.A.
861,574
0.65 %
0.65 %
JPMorgan Chase Bank, N.A., London
844,806
0.64 %
0.64 %
Bank Pictet & Cie (Europe) AG
815,145
0.62 %
0.62 %
ANDVARI AS
810,468
0.61 %
0.62 %
State Street Bank and Trust Comp
798,063
0.60 %
0.61 %
Total 20 largest shareholders
85,452,219
64.72 %
64.85 %
Total other shareholders
46,586,701
35.28 %
35.15 %
Total number of shares 31.12.2023
132,038,920
100.00 %
100.00 %
Shares owned by Board Members and Senior Executives:
Name
Number of shares
Shareholding
Gustav Witz\u00f8e
Chair of the Board *
Leif Inge Nordhammer
Board Member
**
Morten Loktu
Board Member
1,000
0.00 %
Arnhild Holstad ****
Board Member
3,346
0.00 %
Ingvild Kindlihagen
Board Member - Employees representative
46
0.00 %
Frode Arntsen
CEO
6,962
0.01 %
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
14,509
0.01 %
Simon A. S\u00f8bstad
COO Sales & Industry
604
0.00 %
Runar Sivertsen ****
Chief Strategy Officer
4,509
0.00 %
Eva Haugen
Director Quality Management/HSE
7,900
0.01 %
Arthur Wisniewski
Director Human Resource Management
2,772
0.00 %
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its subsidiary Kverva AS, owns 93.05 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and a voting share of 45.49 per cent. Gustav Witz\u00f8e has a voting share of 80 per cent and has a 1 per cent shareholding in Kvarv AS through his ownership of A-shares in the company. ** Owns, directly and indirectly, 1.47 per cent of the shares in SalMar ASA. Leif Inge Nordhammer owns 99.1 per cent of the shares in LIN AS. LIN AS directly owns 1.01 per cent of the shares in SalMar ASA. In addition, LIN AS owns 0.45 per cent of the shares in the company though a 1 per cent shareholding in Kverva AS, which, through Kverva Industrier AS, owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. *** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 20,121 shares directly and indirectly through personal related parties, he also owns 100 per cent of the shares in Nordpilan AS. Nordpilan AS owns 0.17 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. **** Shares held directly and indirectly through personal related parties
Board authorisations
Authorisations granted to the Board are normally time limited and
are valid only up until the next AGM in 2024 and no later than
30 June 2024.
The Board of Directors has been granted the following authorisations
which may impact the share capital at 31 December 2023:
To increase the company\u2019s share capital limited to NOK 1,814.236.50
through the issue of up to 7,256,946 shares to finance investments
and the acquisition of businesses through cash issues and contribu-
tions in kind.
To issue convertible loans for up to NOK 3,000,000,000 for the
purpose of enabling SalMar, at short notice, to use such financial
instruments as part of its overall financing requirement. In connection
with the conversion of loans raised pursuant to this authorisation,
SalMar\u2019s share capital may be increased by up to NOK 1,814,236.50,
though with account taken of any capital increases undertaken pur-
suant to the authorisation to increase SalMar\u2019s share capital, such that
the total capital increase for both authorisations combined may not
exceed 5 per cent of the share capital. It follows from the purpose
of the authorisations that the Board may need to waive existing
shareholders\u2019 preference rights.
An authorisation to acquire own shares, cf. the Public Limited Lia-
bility Companies Act Section 9 4, for up to 14,513,892 shares with
an aggregate par value of NOK 3,628,473. The rationale for the
Board\u2019s proposal was that such arrangement would amongst other
things give the Board an extended possibility to utilise mechanisms
for distribution of capital to SalMar\u2019s shareholders and to facilitate an
adequate capital structure of SalMar. In addition the Board can buy
back the Company's own shares in order to meet its obligation under
its share-based incentive schemes. The amount payable per share
could be in the range between NOK 1 and NOK 1,000 per SalMar
Share. Exercise of such authorisation was made subject to principles
of equal treatment of shareholders. To ensure that SalMar\u2019s majority
owner\u2019s, Kverva Industrier AS, proportionate shareholding remained
equal it was set in place an arrangement whereby any shares acquired
in the market would be cancelled through a subsequent share capital
decrease and that a corresponding part of Kverva Industrier AS\u2019 shares
would be redeemed.
Dividend
The Board is proposing payment of a dividend of NOK 35 per
share, totalling NOK 4,611.6 million, as at 31 December 2023. No
dividend is paid on the company's treasury shares.
For the 2022 financial year, a dividend of NOK 20 per share, total-
ling NOK 2,628.7 million, was paid out by SalMar ASA.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1015": { "value": "NOTE 4.2 Share capital and shareholders At 31 December 2023, the parent company's share capital comprised:
Number of
NOK 1,000
shares
Face value
Book value
Ordinary shares
132,038,920
0.25
33,009,730
There are no current limitations on voting rights or trade limitations related to the SalMar share. On 13 December 2023, SalMar ASA's share capital was decreased by 13,100,000 shares (nominal value of NOK 0.25 per share), from 145,138,920 shares to 132,038,920 shares. The share capital was thus decreased by a total of NOK 3.275 million, from NOK 36.285 mil- lion to NOK 33.010 million. As at 31 December 2023, SalMar ASA owned 278,854 treasury shares, a reduction by 13,427,392 shares, from 13,706,246 treasury shares as at 31 December 2022. Shareholders
Overview of the largest shareholders 31.12.2023
Number of shares
Shareholding
Voting share
KVERVA INDUSTRIER AS
59,934,476
45.39 %
45.49 %
FOLKETRYGDFONDET
5,787,976
4.38 %
4.39 %
State Street Bank and Trust Comp
2,076,996
1.57 %
1.58 %
TERBOLI INVEST AS
1,425,394
1.08 %
1.08 %
LIN AS
1,337,685
1.01 %
1.02 %
JPMorgan Chase Bank, N.A., London
1,335,830
1.01 %
1.01 %
HASPRO AS
1,330,830
1.01 %
1.01 %
FR\u00d8Y KAPITAL AS
1,093,815
0.83 %
0.83 %
CACEIS Bank
1,087,941
0.82 %
0.83 %
State Street Bank and Trust Comp
1,087,715
0.82 %
0.83 %
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,055,226
0.80 %
0.80 %
NILS WILLIKSEN AS
1,018,473
0.77 %
0.77 %
CACEIS Bank
923,297
0.70 %
0.70 %
PARETO AKSJE NORGE VERDIPAPIRFOND
916,400
0.69 %
0.70 %
JPMorgan Chase Bank, N.A., London
910,109
0.69 %
0.69 %
CLEARSTREAM BANKING S.A.
861,574
0.65 %
0.65 %
JPMorgan Chase Bank, N.A., London
844,806
0.64 %
0.64 %
Bank Pictet & Cie (Europe) AG
815,145
0.62 %
0.62 %
ANDVARI AS
810,468
0.61 %
0.62 %
State Street Bank and Trust Comp
798,063
0.60 %
0.61 %
Total 20 largest shareholders
85,452,219
64.72 %
64.85 %
Total other shareholders
46,586,701
35.28 %
35.15 %
Total number of shares 31.12.2023
132,038,920
100.00 %
100.00 %
Shares owned by Board Members and Senior Executives:
Name
Number of shares
Shareholding
Gustav Witz\u00f8e
Chair of the Board *
Leif Inge Nordhammer
Board Member
**
Morten Loktu
Board Member
1,000
0.00 %
Arnhild Holstad ****
Board Member
3,346
0.00 %
Ingvild Kindlihagen
Board Member - Employees representative
46
0.00 %
Frode Arntsen
CEO
6,962
0.01 %
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
14,509
0.01 %
Simon A. S\u00f8bstad
COO Sales & Industry
604
0.00 %
Runar Sivertsen ****
Chief Strategy Officer
4,509
0.00 %
Eva Haugen
Director Quality Management/HSE
7,900
0.01 %
Arthur Wisniewski
Director Human Resource Management
2,772
0.00 %
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its subsidiary Kverva AS, owns 93.05 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and a voting share of 45.49 per cent. Gustav Witz\u00f8e has a voting share of 80 per cent and has a 1 per cent shareholding in Kvarv AS through his ownership of A-shares in the company. ** Owns, directly and indirectly, 1.47 per cent of the shares in SalMar ASA. Leif Inge Nordhammer owns 99.1 per cent of the shares in LIN AS. LIN AS directly owns 1.01 per cent of the shares in SalMar ASA. In addition, LIN AS owns 0.45 per cent of the shares in the company though a 1 per cent shareholding in Kverva AS, which, through Kverva Industrier AS, owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. *** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 20,121 shares directly and indirectly through personal related parties, he also owns 100 per cent of the shares in Nordpilan AS. Nordpilan AS owns 0.17 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. **** Shares held directly and indirectly through personal related parties Board authorisations Authorisations granted to the Board are normally time limited and are valid only up until the next AGM in 2024 and no later than 30 June 2024. The Board of Directors has been granted the following authorisations which may impact the share capital at 31 December 2023: To increase the company\u2019s share capital limited to NOK 1,814.236.50 through the issue of up to 7,256,946 shares to finance investments and the acquisition of businesses through cash issues and contribu- tions in kind. To issue convertible loans for up to NOK 3,000,000,000 for the purpose of enabling SalMar, at short notice, to use such financial instruments as part of its overall financing requirement. In connection with the conversion of loans raised pursuant to this authorisation, SalMar\u2019s share capital may be increased by up to NOK 1,814,236.50, though with account taken of any capital increases undertaken pur- suant to the authorisation to increase SalMar\u2019s share capital, such that the total capital increase for both authorisations combined may not exceed 5 per cent of the share capital. It follows from the purpose of the authorisations that the Board may need to waive existing shareholders\u2019 preference rights. An authorisation to acquire own shares, cf. the Public Limited Lia- bility Companies Act Section 9 4, for up to 14,513,892 shares with an aggregate par value of NOK 3,628,473. The rationale for the Board\u2019s proposal was that such arrangement would amongst other things give the Board an extended possibility to utilise mechanisms for distribution of capital to SalMar\u2019s shareholders and to facilitate an adequate capital structure of SalMar. In addition the Board can buy back the Company's own shares in order to meet its obligation under its share-based incentive schemes. The amount payable per share could be in the range between NOK 1 and NOK 1,000 per SalMar Share. Exercise of such authorisation was made subject to principles of equal treatment of shareholders. To ensure that SalMar\u2019s majority owner\u2019s, Kverva Industrier AS, proportionate shareholding remained equal it was set in place an arrangement whereby any shares acquired in the market would be cancelled through a subsequent share capital decrease and that a corresponding part of Kverva Industrier AS\u2019 shares would be redeemed. Dividend The Board is proposing payment of a dividend of NOK 35 per share, totalling NOK 4,611.6 million, as at 31 December 2023. No dividend is paid on the company's treasury shares. For the 2022 financial year, a dividend of NOK 20 per share, total- ling NOK 2,628.7 million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1032": { "value": "NOTE 4.2 Share capital and shareholders At 31 December 2023, the parent company's share capital comprised:
Number of
NOK 1,000
shares
Face value
Book value
Ordinary shares
132,038,920
0.25
33,009,730
There are no current limitations on voting rights or trade limitations related to the SalMar share. On 13 December 2023, SalMar ASA's share capital was decreased by 13,100,000 shares (nominal value of NOK 0.25 per share), from 145,138,920 shares to 132,038,920 shares. The share capital was thus decreased by a total of NOK 3.275 million, from NOK 36.285 mil- lion to NOK 33.010 million. As at 31 December 2023, SalMar ASA owned 278,854 treasury shares, a reduction by 13,427,392 shares, from 13,706,246 treasury shares as at 31 December 2022. Shareholders
Overview of the largest shareholders 31.12.2023
Number of shares
Shareholding
Voting share
KVERVA INDUSTRIER AS
59,934,476
45.39 %
45.49 %
FOLKETRYGDFONDET
5,787,976
4.38 %
4.39 %
State Street Bank and Trust Comp
2,076,996
1.57 %
1.58 %
TERBOLI INVEST AS
1,425,394
1.08 %
1.08 %
LIN AS
1,337,685
1.01 %
1.02 %
JPMorgan Chase Bank, N.A., London
1,335,830
1.01 %
1.01 %
HASPRO AS
1,330,830
1.01 %
1.01 %
FR\u00d8Y KAPITAL AS
1,093,815
0.83 %
0.83 %
CACEIS Bank
1,087,941
0.82 %
0.83 %
State Street Bank and Trust Comp
1,087,715
0.82 %
0.83 %
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,055,226
0.80 %
0.80 %
NILS WILLIKSEN AS
1,018,473
0.77 %
0.77 %
CACEIS Bank
923,297
0.70 %
0.70 %
PARETO AKSJE NORGE VERDIPAPIRFOND
916,400
0.69 %
0.70 %
JPMorgan Chase Bank, N.A., London
910,109
0.69 %
0.69 %
CLEARSTREAM BANKING S.A.
861,574
0.65 %
0.65 %
JPMorgan Chase Bank, N.A., London
844,806
0.64 %
0.64 %
Bank Pictet & Cie (Europe) AG
815,145
0.62 %
0.62 %
ANDVARI AS
810,468
0.61 %
0.62 %
State Street Bank and Trust Comp
798,063
0.60 %
0.61 %
Total 20 largest shareholders
85,452,219
64.72 %
64.85 %
Total other shareholders
46,586,701
35.28 %
35.15 %
Total number of shares 31.12.2023
132,038,920
100.00 %
100.00 %
Shares owned by Board Members and Senior Executives:
Name
Number of shares
Shareholding
Gustav Witz\u00f8e
Chair of the Board *
Leif Inge Nordhammer
Board Member
**
Morten Loktu
Board Member
1,000
0.00 %
Arnhild Holstad ****
Board Member
3,346
0.00 %
Ingvild Kindlihagen
Board Member - Employees representative
46
0.00 %
Frode Arntsen
CEO
6,962
0.01 %
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
14,509
0.01 %
Simon A. S\u00f8bstad
COO Sales & Industry
604
0.00 %
Runar Sivertsen ****
Chief Strategy Officer
4,509
0.00 %
Eva Haugen
Director Quality Management/HSE
7,900
0.01 %
Arthur Wisniewski
Director Human Resource Management
2,772
0.00 %
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its subsidiary Kverva AS, owns 93.05 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and a voting share of 45.49 per cent. Gustav Witz\u00f8e has a voting share of 80 per cent and has a 1 per cent shareholding in Kvarv AS through his ownership of A-shares in the company. ** Owns, directly and indirectly, 1.47 per cent of the shares in SalMar ASA. Leif Inge Nordhammer owns 99.1 per cent of the shares in LIN AS. LIN AS directly owns 1.01 per cent of the shares in SalMar ASA. In addition, LIN AS owns 0.45 per cent of the shares in the company though a 1 per cent shareholding in Kverva AS, which, through Kverva Industrier AS, owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. *** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 20,121 shares directly and indirectly through personal related parties, he also owns 100 per cent of the shares in Nordpilan AS. Nordpilan AS owns 0.17 per cent of the shares in Kverva AS, which owns 100 per cent of the shares in Kverva Industrier AS. Kverva Industrier AS owns 45.39 per cent of the shares in SalMar ASA and has a corresponding 45.49 per cent voting share. **** Shares held directly and indirectly through personal related parties Board authorisations Authorisations granted to the Board are normally time limited and are valid only up until the next AGM in 2024 and no later than 30 June 2024. The Board of Directors has been granted the following authorisations which may impact the share capital at 31 December 2023: To increase the company\u2019s share capital limited to NOK 1,814.236.50 through the issue of up to 7,256,946 shares to finance investments and the acquisition of businesses through cash issues and contribu- tions in kind. To issue convertible loans for up to NOK 3,000,000,000 for the purpose of enabling SalMar, at short notice, to use such financial instruments as part of its overall financing requirement. In connection with the conversion of loans raised pursuant to this authorisation, SalMar\u2019s share capital may be increased by up to NOK 1,814,236.50, though with account taken of any capital increases undertaken pur- suant to the authorisation to increase SalMar\u2019s share capital, such that the total capital increase for both authorisations combined may not exceed 5 per cent of the share capital. It follows from the purpose of the authorisations that the Board may need to waive existing shareholders\u2019 preference rights. An authorisation to acquire own shares, cf. the Public Limited Lia- bility Companies Act Section 9 4, for up to 14,513,892 shares with an aggregate par value of NOK 3,628,473. The rationale for the Board\u2019s proposal was that such arrangement would amongst other things give the Board an extended possibility to utilise mechanisms for distribution of capital to SalMar\u2019s shareholders and to facilitate an adequate capital structure of SalMar. In addition the Board can buy back the Company's own shares in order to meet its obligation under its share-based incentive schemes. The amount payable per share could be in the range between NOK 1 and NOK 1,000 per SalMar Share. Exercise of such authorisation was made subject to principles of equal treatment of shareholders. To ensure that SalMar\u2019s majority owner\u2019s, Kverva Industrier AS, proportionate shareholding remained equal it was set in place an arrangement whereby any shares acquired in the market would be cancelled through a subsequent share capital decrease and that a corresponding part of Kverva Industrier AS\u2019 shares would be redeemed. Dividend The Board is proposing payment of a dividend of NOK 35 per share, totalling NOK 4,611.6 million, as at 31 December 2023. No dividend is paid on the company's treasury shares. For the 2022 financial year, a dividend of NOK 20 per share, total- ling NOK 2,628.7 million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1046": { "value": "KVERVA INDUSTRIER AS ", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1047": { "value": "Kvarv AS", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1049": { "value": "Dividend The Board is proposing payment of a dividend of NOK 35 per share, totalling NOK 4,611.6 million, as at 31 December 2023. No dividend is paid on the company's treasury shares. For the 2022 financial year, a dividend of NOK 20 per share, total- ling NOK 2,628.7 million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "35", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-1061": { "value": "4611600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "fact-3": { "value": "20", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "fact-1048": { "value": "
NOTE 4.3 Earnings per share
NOK 1,000
2023
2022
Profit for the year attributable
3,202,756
3,311,955
to owners of SalMar ASA
Ordinary shares as at 01.01
145,138,920
117,799,999
Treasury shares as at 01.01
13,706,246
102,361
Contributions of equity -
increase in number of shares
0
27,338,921
Effect of treasury shares
30,000
-30,000
borrowed from Kverva
Effect of treasury shares after
acquisition of NTS ASA
0
-13,691,960
Effect of cancellation
13,100,000
0
of treasury shares
Effect of treasury shares in
acquisition of company
209,402
0
Effect of treasury shares
87,990
118,075
awarded to employees
Ordinary shares outstanding
131,760,066
131,432,674
as at 31.12
Weighted average number of
ordinary shares for basic EPS
131,452,354
119,800,565
Effects of dilution from
share options
180,589
178,240
Weighted average number
of ordinary shares adjusted
131,632,942
119,978,805
for the effect of dilution
Earnings per share
Basic
24.36
27.64
Diluted
24.33
27.60
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1050": { "value": "NOTE 4.4 Group companies
The consolidated financial statements for 2023 includes the following subsidiaries:
Shareholding
Company
Owner
Country
Registered office
31.12.2023
SalMar Oppdrett AS
SalMar Farming AS
Norway
Kverva
100.00 %
SalMar Settefisk AS
SalMar ASA
Norway
Kverva
100.00 %
SalMar Smolt AS
SalMar Settefisk AS
Norway
Kverva
100.00 %
SalMar Farming AS
SalMar ASA
Norway
Kverva
100.00 %
\u00d8ylaks MTB AS*
SalMar Farming AS
Norway
Midsund
49.00 %
Hitramat Farming AS
SalMar ASA
Norway
Kverva
51.00 %
Nor Seafood AS
SalMar ASA
Norway
Botnhamn
82.49 %
Nekton Havbruk AS
SalMar Farming AS
Norway
Kverva
51.00 %
Refsnes Laks AS**
SalMar Farming AS
Norway
Kverva
45.00 %
SalMar Aker Ocean AS
SalMar ASA
Norway
Kverva
85.00 %
Ocean Farming AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Mariculture AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Arctic Offshore Farming AS
SalMar Aker Ocean AS
Norway
Kverva
85.00 %
Osan Settefisk AS
SalMar Farming AS
Norway
Kolvereid
66.00 %
MNH Rederi AS
SalMar Farming AS
Norway
R\u00f8rvik
100.00 %
SalmoSea AS
SalMar Farming AS
Norway
R\u00f8rvik
74.31 %
Icelandic Salmon AS
SalMar ASA
Norway
Kverva
52.48 %
Arnarlax Ehf
Icelandic Salmon AS
Iceland
Bildudalur
52.48 %
Icelandic Salmon Ehf
Arnarlax Ehf
Iceland
Talknafj\u00f8rdur
52.48 %
Fjallalax Ehf
Arnarlax Ehf
Iceland
Bildudalur
52.48 %
Vikenco AS
SalMar AS
Norway
Aukra
51.00 %
SalMar Japan KK
SalMar AS
Japan
Japan
100.00 %
SalMar Singapore PTE Ltd.
SalMar AS
Singapore
Singapore
100.00 %
SalMar Vietnam Co., Ltd
SalMar AS
Vietnam
Ho Chi Minh City
100.00 %
SalMar-Tunet AS
SalMar ASA
Norway
Kverva
100.00 %
* Through shareholders agreement, SalMar has established control and has the power to affect the return from the involvement in \u00d8ylaks MTB AS. For further information, see Note 4.5 ** Through shareholders agreement, SalMar has established con- trol and has the power to affect the return from the involvement in Refsnes Laks AS. Disposal of Group companies. On 5 September 2023 the sale of the Group company Salmonor Settefisk AS was completed. The total consideration net of cash in the company was NOK 53.8 million. As a result of the transaction, there is recognised a gain of NOK 15.4 million included in other oper- ating income. On 14 August 2023 the sale of SalMars entire ownership stake in Fr\u00f8y AS, representing approximately 72.11 per cent of the shares in the company, was completed. See Note 4.7 for further information", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-984": { "value": "NOTE 4.5 Business combinations and other investments in group companies 2023 \u2013 Business combinations and other investments in group companies Business combinations With the exception of a business combination in Fr\u00f8y AS, there have not been any acquisition in the group in 2023. Please see note 4.7, Discontinued operations for more information about the business combination in Fr\u00f8y. Acquisition of company not considered to constitute a business With effect from 28 December 2023, the Group acquired 49 per cent of the shares in \u00d8ylaks MTB AS. Through shareholder agreements, SalMar has established control and the company is consolidated into the SalMar Group from the time of acquisition. \u00d8ylaks MTB AS owns one licence for the production of Atlantic salmon. The licence is oper- ated by SalMar. Except from owning the licence, there are no other activity in the company. The activity carried out in the company is therefore not considered to constitute a business. The total consid- eration for the 49 per cent interest was NOK 125.3 million, consisting of 209,402 consideration shares valued at NOK 116.9 million and NOK 8.4 million to be paid in cash. The fair value of the salmon licence allocated at the date for purchase was NOK 255.7 million, see Note 3.1 for further information. 2022 \u2013 Business combinations Acquisition and merger of NTS ASA and Norway Royal Salmon ASA (NRS) On 17 March 2022, SalMar made a voluntary tender offer to acquire all outstanding shares in NTS. The acceptance period for the offer was from 18 March to 29 April 2022. The voluntary offer was conditional on amongst other things approval by the competition authorities in both Norway and the EU. At the end of the acceptance period, 52.69 per cent of NTSs shareholders, corresponding to 66,235,009 shares and votes in NTS, had accepted the offer. At 31 December 2022, SalMar owned 92.93 per cent of the shares in NTS. See note 4.6 for further information related to the transaction. The rationale behind the acquisition was to increase value creation in the regions where the companies operate and enable the realization of synergies between the companies. The companies have several overlapping industrial activities in all the areas in which they operate, and the transactions contribute to a more efficient utilization of their resources. This will enable improved utilization of Maximum Allowa- ble Biomass (MAB) and site portfolios, improved utilization of smolt, harvesting, and processing facilities. In parallel with the voluntary offer, a merger plan between SalMar and Norway Royal Salmon (NRS) with SalMar as the acquiring entity was entered into. The merger plan was approved by both companies\u2019 general meetings on 30 June 2022. The merger was, among other things, conditional on that all conditions for the completion of the offer for had been met or waived. The transactions were approved by the Norwegian Competition Authority on 15 July 2022. The European Commission granted its final approval on 31 October 2022. In connection with the clearance by the European Commission, SalMar undertook a commitment to divest the shares in Arctic Fish Holding AS, assumed by SalMar at the time of completion of the merger. SalMar undertook, with some exceptions, not to exercise any influence or control over Arctic Fish in the period from completion of the merger until a disposal was completed. The shares represented approximately 51.28 per cent of the shares and votes in Arctic Fish. The sales transac- tion of the shares was completed on 29 December 2022, with a total contribution net of transaction cost amounted to NOK 1,860 million. The merger with NRS was completed on 7 November 2022. The share- holders of NRS received a merger consideration consisting of a cash consideration of NOK 3,104 million, and a total share consideration of NOK 5,884 million. The share consideration consisting of 17,851,550 shares valued at a share price of NOK 329.60 which represents the share price at the time of completion of the merger. In accordance with the merger plan, NRS completed immediately prior to the merger the agreed acquisition of SalmoNor from NTS, with settlement in cash and NRS shares. Total cash consideration in the transaction was NOK 1,713 million. Of the total consideration under the merger NOK 2,380 million of the merger cash consideration was paid to NTS, in addition NTS received 13,691,960 of the total 17,851,550 consideration shares. Further, the cash consideration of NOK 1,713 million was paid from NRS to NTS in connection with the acquisition of 100 per cent of the shares in SalmoNor. The total cash consideration to NTS is as such NOK 4,093 million. In addition, NTS will own 13,697,303 SalMar shares. The SalMar shares owned by NTS were valuated to NOK 4,513 million at the time of the merger. The shares are treated as treasury shares in the SalMar group, where NOK 2,378 million reduces the equity attributable to shareholders in SalMar, and NOK 2,135 reduces the non-controlling interest at the date of acquisition
The voluntary offer was completed 10 November 2022. The total cash consideration payable in the
transaction was NOK 1,807 million, and total share consideration amounts to NOK 3,215 million. The share
consideration consisted of total of 9,487,371 new SalMar shares valuated at a share price of NOK 338.87
which represent volume-weighted average price the last 3 trading days before 31 October 2022.
From the time of completion of the offer, SalMar achieved control over NTS. Upon completion of the
offer, NRS was merged into SalMar and SalMar has assumed all assets, rights and obligations in NRS.
For accounting purposes, the transactions was treated as a business combination and the companies
was consolidated into the SalMar group with effect from 1 November 2022. Shares in SalMar owned
by NTS was, as mentioned above, treated as treasury shares in the SalMar Group. The Group elected to
measure the non-controlling interests in the acquiree at fair value. Total acquisition and merger costs
of NOK 82.2 million was in 2022 recognised as other operating expenses in the income statement.
The starting point for the transactions was the voluntary offer made for all outstanding shares in NTS
on 17 March 2022, as well as the subsequent decision to merge SalMar and NRS. The merger was con-
ditional on the offer being completed and this has been the starting point for valuation assessments
of assets and liabilities resolutions associated with the offer and the merger. For technical reasons,
the transactions were completed sequentially with some days in between. For accounting purposes,
the total consideration for the offer and the merger was the basis for the purchase price allocation.
The fair values of the identifiable assets and liabilities of NTS Group and NRS Group as at the date of
acquisition and merger was as follows:
Acquisition's effect on the
Fair value recognised
balance sheet (NOK 1,000) on acquisition
Assets
Licences
7,265,892
Property, plant & equipment
12,485,211
Right-of-use assets
1,058,557
Biological assets and other inventory
3,488,894
Investment in associates
1,145,505
Investment in SalMar shares (treasury shares)
4,512,870
Other financial investments
2,025,600
Trade receivables and other current receivables
824,274
Cash and cash equivalents
3,296,943
Total identifiable assets at fair value
36,103,746
Liabilities
Deferred tax liabilities
2,209,785
Interest-bearing liabilities
14,199,097
Trade payables
1,085,716
Other current liabilities
416,228
Total identifiable liabilities at fair value
17,910,826
Total identifiable net assets at fair value
18,192,920
Non-controlling interest measured at fair value
-6,268,346
Goodwill
2,085,214
Total consideration
14,009,788
Purchase consideration
Acquisition NTS
Merger NRS
Total
Shares issued
3,214,959
5,883,871
9,098,830
Cash consideration
1,807,393
3,103,565
4,910,958
Total consideration
5,022,352
8,987,436
14,009,788
The goodwill of NOK 2,085 million comprises both of the value of expected synergies arising from
the acquisition which is not separately recognised with NOK 1,296 million, and technical goodwill of
NOK 789 million recognised due to deferred tax on the excess value identified for licences computed
with statutory tax rate in Norway of 22 %. Goodwill is allocated to the segments Farming Central Norway
and Farming Northern Norway. Goodwill is not deductible for income tax purposes.
From the date of acquisition the companies in NTS and NRS contributed NOK 1,405.1 million of revenue
and a operational EBIT with NOK 208.9 million. The profit before tax from continuing operations of the
Group has been negatively affected with NOK 188.3 million from the acquired companies in the period.
If the combination had taken place at the beginning of the year, revenue from continuing operations
would have been NOK 26,702.8 million, operational EBIT NOK 5,067.7 million and profit before tax from
continuing operations for the Group would have been NOK 5,864.8 million.
Eldisst\u00f8din Isthor Ehf (Isthor)
With effect from 17 August 2022, the Group acquired 50 % of the shares in the smolt facility Isthor in
Iceland. The transaction was approved by the Icelandic Competition Authorities. Prior to the transaction
SalMar Group indirectly owned 25.51 % of the shares in Isthor through SalMars 51.02 % ownership in
Icelandic Salmon AS. Icelandic Salmon AS owns 100 % of the shares in Arnarlax Ehf, which owns the
shares in Isthor. After the transaction, Arnarlax Ehf owns 100 % of the shares in Isthor.
The Group's holdings prior to the acquisition date, was remeasured at fair value at the time control was
obtained. The fair value of the equity interest was NOK 107.2 million, and a gain of NOK 90.8 million
was in 2022 recognised as other financial items in the profit or loss.
After the transaction the Group owns 100 % of the shares in Isthor. The purpose of the transaction
was to increase the flexibility in size of smolt and increased number of smolt supporting the compa-
ny's growth plans. For accounting purposes, the transaction are treated as a business combination with
effect from the acquisition date. No material external transaction costs were incurred in the connection
with the acquisition.
As part of the acquisition agreement, the Group repaid to the former owners a liability amounting to
NOK 43.4 million.
The fair values of the identifiable assets and liabilities of Isthor as at the date of acquisition was as follows:
Acquisition's effect on the
balance sheet (NOK 1,000)
Fair value recognised on acquisition
Property, plant & equipment
196,657
Current assets
533
Deferred tax
-12,307
Non-current liabilities
-48,576
Other current liabilities
-14,105
Net identifiable assets and liabilities
122,201
Goodwill
155,952
Fair value of intercompany long-term liability
-63,806
Fair value of the investment at
the time of acquisition
-107,174
Cash consideration
107,173
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-985": { "value": "
NOTE 4.6 Non-controlling interests
Non-controlling interests relating to subsidiaries
Non-controlling
interests
Non-controlling
from business Non-controlling
Non-controlling
interests accumulated
combination and Share of profit Equity transactions interests accumulated
interests
share of equity other investments allocated to non- OCI allocated to non- allocated to non- Other changes in non- share of equity
31 December 2023
shareholding
1 Jan in group companies controlling interests controlling interests controlling interests controlling interests 31 Dec
\u00d8ylaks MTB AS
51.00 %
0
130,377
6,891
0
-5
0
137,263
Refsnes Laks AS
55.00 %
864,892
0
4,119
0
-50,050
0
818,961
Nekton Havbruk AS
49.00 %
101,973
0
14,166
0
-14,210
0
101,929
SalMar Aker Ocean AS
15.00 %
224,866
0
448
0
-2,029
206,246
429,531
Icelandic Salmon AS
47.52 %
1,210,182
0
49,172
84,595
656
-38,791
1,305,814
Hitramat Farming AS
49.00 %
54,214
0
11,185
0
-15,460
0
49,940
Vikenco AS
49.00 %
163,472
0
48,479
37,021
-39,216
0
209,756
NTS AS
0.00 %
64,139
0
0
0
0
-64,139
0
Fr\u00f8y AS
0.00 %
1,974,134
0
81,283
0
-17,925
-2,037,492
0
Osan Settefisk AS
34.00 %
53,607
0
7,107
0
8
0
60,723
Nor Seafood AS
17.51 %
88,288
0
-4,382
0
0
0
83,907
SalmoSea AS
25.69 %
-971
0
-19,046
0
0
0
-20,017
4,798,794
130,377
199,423
121,615
-138,232
-1,934,176
3,177,806
Arctic Offshore Farming AS
With effect from 29 November 2023, the 100 per cent owned company Arctic Offshore Farming AS was
sold from SalMar ASA to the 85 per cent owned subsidiary SalMar Aker Ocean AS. The transaction was
part of the group's internal reorganization to consolidate the group's offshore investment under SalMar
Aker Ocean. Apart from reallocation in equity where non-controlling ownership interests increases by
NOK 206.2 million, the transaction has no accounting consequences for SalMar Group. The increase is
recognised in the equity as a change in non-controlling interests, and where the equity attributable to
shareholders of the parent are reduced accordingly.
\u00d8ylaks MTB AS
Through the acquisition of \u00d8ylaks MTB AS the non-controlling interest in the Group increased with
NOK 130.4 million. The non-controlling interest are assessed at fair value and for accounting purposes
recognised directly to equity. See Note 4.5 for further information.
Icelandic Salmon AS
On 11 November 2023 SalMar ASA has acquired a total for 450,000 shares in Icelandic Salmon AS priced
at NOK 187 per share. Through the transaction SalMar increased its shareholding in the company from
51.02 per cent to 52.48 per cent. For accounting purposes, the transaction has been recognised as
a change in non-controlling interests, with the NOK 84.15 million effect recognised directly to equity.
Of the total amount of NOK 84.15, NOK 38.8 have an effect on non-controlling interest.
Following the completion of the mandatory offer for to acquire all
shares in NTS in December 2022, SalMar owned 92.93 per cent
of the shares in the company. On 3 January 2023 SalMar publicly
announced that they resolved to carry out a compulsory acquisition
of all remaining shares in the company not owned by SalMar and with
effect from 3 January 2023, SalMar became 100 per cent owner of
all shares in NTS. The total consideration for the remaining shares
was NOK 674.3 million. For accounting purposes, the effect of the
transaction is recognised directly to equity. Of the total amount of
NOK 674.3, NOK 683.5 have an effect on non-controlling interest.
As a consequence of the transaction the non-controlling interest
related to treasury shares owned by NTS amounting to NOK 319.2 mil-
lion has reduced the equity attributable to shareholders in SalMar
accordingly.
Certain former minority shareholders that were subject to the com-
Fr\u00f8y
On 14 August 2023 the sale of SalMar's entire ownership stake in
Fr\u00f8y AS, representing approximately 72.11 per cent of the shares in
the company, was completed. As a consequence of the transaction,
the non-controlling interest in Fr\u00f8y AS, amounting to NOK 1,737.2 mil-
pulsory acquisition have made a formal complaint and initiated legal
proceedings about the redemption sum.
lion, was derecognised at the time of the transaction. For accounting
purposes, the effect of the transaction is recognised directly to the
equity in the period. For further information, see note 4.7.
Non-controlling
Non-controlling
Non-controlling
interests accumulated
Non-controlling Share of profit Equity transactions interests accumulated
interests
share of equity interests from allocated to non- OCI allocated to non- allocated to non- Other changes in non- share of equity
31 December 2022
shareholding
1 Jan business combination controlling interests controlling interests controlling interests controlling interests 31 Dec
Refsnes Laks AS
55.00 %
823,237
0
63,655
0
-22,000
0
864,892
Nekton Havbruk AS
49.00 %
84,115
0
17,858
0
0
0
101,973
SalMar Aker Ocean AS
15.00 %
238,830
0
-17,390
0
3,426
0
224,866
Icelandic Salmon AS
48.98 %
960,678
0
188,180
61,143
181
0
1,210,182
Hitramat Farming AS
49.00 %
48,543
0
15,471
0
-9,800
0
54,214
Vikenco AS
49.00 %
97,425
0
71,223
14,424
-19,600
0
163,472
NTS ASA
7.07 %
0
2,534,089
3,231
0
-319,060
-2,154,122
64,139
Fr\u00f8y ASA
32.99 %
0
3,588,977
65,583
-1,613
0
-1,678,813
1,974,134
Osan Settefisk AS
34.00 %
0
54,756
-1,149
0
0
0
53,607
Nor Seafood AS
17.51 %
0
91,368
-3,080
0
0
0
88,288
SalmoSea AS
25.69 %
0
-843
-128
0
0
0
-971
2,252,827
6,268,346
403,453
73,953
-366,854
-3,832,936
4,798,794
Acquisition and merger of NTS and NRS Through the acquisition and merger of NTS and NRS non-controlling interest in the Group increased with NOK 6,268.3 million. The increase in non-controlling interest consists of interests in NTS ASA, Fr\u00f8y ASA, Osan Settefisk AS, Nor Seafood AS and SalmoSea AS. At the time of acquisition through the voluntary offer of NTS, SalMar acquired 52.69 per cent of the shares in the NTS. Through the merger between SalMar and NRS, became an owner of 13,697,303 SalMar share with at total value of MNOK 4,513 million at the time of the merger. The shares are treated as treasury shares in the SalMar group, where NOK 2,378 million reduces the equity attributable to share- holders in SalMar, and NOK 2,135 reduces the non-controlling interest at the date of acquisition. On 22 November 2022 SalMar announced that the settlement of the voluntary offer of NTS triggered an obligation to make a man- datory offer for all the remaining shares in NTS. With effect from 29 December 2022, the mandatory offer was completed. SalMar acquired additional 40.24 per cent of the shares in the company and owned 92.93 per cent of the shares in NTS after completion of the offer. The total consideration for the remaining shares was NOK 3,819 million. For accounting purposes, the effect of the transaction was recognised directly to equity in the period. The non-controlling interest related to treasury shares owned by NTS was reduced by NOK 1,816 million during the transaction and the equity attributable to shareholders in SalMar was reduced accordingly. On 31 December 2022 the non-con- trolling interest related to the treasury shares in NTS were reduced to NOK 319 million. At the time of acquisition NTS owned 72.11 per cent of the shares in Fr\u00f8y which resulted in an indirect non-controlling interest of 62.01 per cent in the company. The acquisition of further 40.24 per cent of the shares in NTS, reduced the indirect non-controlling interest in Fr\u00f8y to 32.99 per cent. Of the total consideration of NOK 3,836 million for 40.24 per cent of the NTS shares, MNOK 2,154 million reduced the non-controlling interest in NTS and MNOK 1,679 million reduced the non-controlling interest in Fr\u00f8y. Mariculture AS With effect from 19 April 2022, SalMar Group has acquired 49 % of the shares in Mariculture AS. Mariculture AS is a subsidiary of SalMar Aker Ocean AS, which is owned 85.0 per cent of SalMar Group. After the transaction SalMar Aker Ocean AS owns 100.0 per cent of the shares in Mariculture AS. For accounting purposes, the effect of the transaction is recognised directly to equity in the period
Subsidiaries with material non-controlling interests:
The Group considers non-controlling interests in Icelandic Salmon Group, Refsnes Laks AS and SalMar Aker Ocean Group to be material. Further details relating to this companies are disclosed below.
Fr\u00f8y AS, with a material non-controlling interest, was classified as held for sale on 31 December 2022, and was subsequently sold during 2023. For further information relating to Fr\u00f8y, see note 4.7 Discontinued Operations.
Icelandic
SalMar Aker Refsnes Salmon
Ocean Group Laks AS Group
NOK 1,000 2023 2023 2023
Income statement
Operating revenues
172,891
636,642
1,871,256
Net profit/loss
-72,079
7,490
97,280
OCI
0
0
167,996
Total comprehensive income
-72,079
7,490
265,276
Total comprehensive income allocated
448
4,119
133,767
to non-controlling interests
Dividend paid to non-controlling interests
0
-50,050
0
Statement of financial position as at 31 December
Non-current assets
2,946,372
179,573
1,632,360
Current assets
712,843
424,723
1,096,581
Equity
1,927,920
264,869
1,764,555
Non-current liabilities
1,481,323
144,953
704,608
Current liabilities
249,972
194,473
259,777
Recognised excess value of licences
938,993
1,224,151
977,132
and goodwill - net after tax
Share of equity allocated to shareholders of SalMar ASA
2,437,382
670,059
1,435,873
Share of equity allocated to non-controlling interests
429,531
818,961
1,305,814
Cash flows
From operating activities
-350,577
331,980
418,415
From investing activities
-145,409
-36,074
-293,295
From financing activities
195,431
-59,459
-22,101
Net increase/decrease in cash and cash equivalents
-300,555
236,447
103,019
Icelandic
SalMar Aker Refsnes Salmon
Ocean Group Laks AS Group
NOK 1,000 2022 2022 2022
Income statement
Operating revenues
32,460
481,065
1,595,176
Net profit/loss
-115,931
115,736
382,821
OCI
0
0
124,980
Total comprehensive income
-115,931
115,736
507,801
Total comprehensive income allocated
-17,390
63,655
249,323
to non-controlling interests
Dividend paid to non-controlling interests
0
-22,000
0
Statement of financial position as at 31 December
Non-current assets
2,111,421
165,549
1,349,386
Current assets
500,039
341,076
1,161,909
Equity
1,498,137
333,123
1,557,542
Non-current liabilities
997,611
87,277
643,486
Current liabilities
115,713
86,225
310,267
Recognised excess value of licences - net after tax
0
1,238,690
913,155
Share of equity allocated to shareholders of SalMar ASA
1,273,271
706,921
1,260,516
Share of equity allocated to non-controlling interests
224,866
864,892
1,210,182
Cash flows
From operating activities
-7,797
96,231
152,550
From investing activities
-398,640
-40,441
-285,624
From financing activities
203,557
-55,294
116,279
Net increase/decrease in cash and cash equivalents
-202,881
496
-16,795
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-986": { "value": "
NOTE 4.7 Discontinued operations
Accounting policies
The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts
will be recovered principally through a sale transaction rather than through continuing use. Non-current
assets and disposal groups classified as held for sale are measured at the lower of their carrying amount
and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal
of an asset (disposal group), excluding finance costs and income tax expense
Through the acquisition of NTS in 2022, Fr\u00f8y AS became a subsidiary of the SalMar group. SalMar owned
100 per cent of the shares in NTS, which owned 72.11 per cent of the shares in Fr\u00f8y AS. On 13 January
2023, SalMar announced that, based on incoming interest regarding Fr\u00f8y AS, the group decided to explore
strategic alternatives with the aim of maximizing value for its shareholders. On 14 August 2023, it was
announced that a transaction between NTS AS, Falcon Bidco AS, a company indirectly wholly owned
by infrastructure funds managed by Goldman Sachs Asset Management, and Fr\u00f8y AS was completed.
Falcon Bidco AS acquired NTS' entire ownership stake in Fr\u00f8y, and a cash consideration of NOK 76.50
per share was paid in the transaction, with proceeds from the sale amounting to NOK 4,764 million.
Following the decision made by the SalMar board in December 2022 to explore the strategic alterna-
tives, Fr\u00f8y AS was classified as a disposal group held for sale and as a discontinued operation from the
completion of the voluntary offer of all outstanding shares in NTS AS with effect from 1 November
2022, until the completion of the transaction 14 August 2023.
The cash consideration from the sale of Fr\u00f8y AS amounted to NOK 4,764 million. Cash in Fr\u00f8y at the
time of the transaction amounted to NOK 364 million. Total proceeds from the sale of Fr\u00f8y AS net of
cash amounted to NOK 4,400 million.
Closing of the transaction where Fr\u00f8y AS acquired 100 % of the shares of Marinus Aquaservice AS took
place beginning of April and Marinus is included in Fr\u00f8y AS's consolidated accounts from 01.04.2023.
01.01.2023\u2013 01.11.2022\u2013
14.08.2023 31.12.2022
Total operating revenues
1,227,552
379,102
Cost of goods sold
252,411
86,160
Salary and personnel expenses
402,026
111,174
Other operating expenses
234,441
71,121
EBITDA
338,674
110,647
Operating profit
338,674
110,647
Income from investments in associates and joint ventures
7,381
912
Net interest expenses
-85,784
-14,811
Other financial items
59,142
-5,649
Profit from discontinued operation before tax
319,414
91,098
Income tax expense from the ordinary activities for the period
27,973
-16,273
Profit for the period from discontinued operations
291,440
107,372
Profit for the period from discontinued
365,154
0
operations, gain from sale
Total profit from discontinued operations
656,594
107,372
Other comprehensive income:
Items that may be reclassified to profit
or loss in subsequent periods:
Change in fair value of financial instruments, net after tax
0
-4,889
Total comprehensive income from discontinued operations
656,594
102,483
Profit for the period from discontinued operations
575,311
65,583
attributable to equity holders of SalMar ASA
Earnings per share
Diluted profit for the period from discontinued operations
4.37
0.52
Profit for the period from discontinued operations
4.38
0.52
The major classes of assets and liabilities of Fr\u00f8y AS as held for sale as at year end 2022 were as follows:
ASSETS
31.12.2022
Non-current tangible assets
10,201,182
Right-of-use assets
489,144
Non-current financial assets
120,194
Total non-current assets
10,810,520
Inventory
14,966
Trade receivables
256,621
Other current receivables
70,997
Cash and cash equivalents
318,705
Total current assets
661,289
TOTAL ASSETS
11,471,809
LIABILITIES
Deferred tax liability
919,073
Non-current interest-bearing liabilities
3,608,202
Non-current lease liabilities
314,340
Total non-current liabilities
4,841,615
Current interest-bearing liabilities
515,059
Current lease liabilities
91,177
Other current liabilities
164,594
Total current liabilities
770,830
TOTAL LIABILITIES
5,612,445
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1016": { "value": "NOTE 4.7 Discontinued operations Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense Through the acquisition of NTS in 2022, Fr\u00f8y AS became a subsidiary of the SalMar group. SalMar owned 100 per cent of the shares in NTS, which owned 72.11 per cent of the shares in Fr\u00f8y AS. On 13 January 2023, SalMar announced that, based on incoming interest regarding Fr\u00f8y AS, the group decided to explore strategic alternatives with the aim of maximizing value for its shareholders. On 14 August 2023, it was announced that a transaction between NTS AS, Falcon Bidco AS, a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management, and Fr\u00f8y AS was completed. Falcon Bidco AS acquired NTS' entire ownership stake in Fr\u00f8y, and a cash consideration of NOK 76.50 per share was paid in the transaction, with proceeds from the sale amounting to NOK 4,764 million. Following the decision made by the SalMar board in December 2022 to explore the strategic alterna- tives, Fr\u00f8y AS was classified as a disposal group held for sale and as a discontinued operation from the completion of the voluntary offer of all outstanding shares in NTS AS with effect from 1 November 2022, until the completion of the transaction 14 August 2023. The cash consideration from the sale of Fr\u00f8y AS amounted to NOK 4,764 million. Cash in Fr\u00f8y at the time of the transaction amounted to NOK 364 million. Total proceeds from the sale of Fr\u00f8y AS net of cash amounted to NOK 4,400 million. Closing of the transaction where Fr\u00f8y AS acquired 100 % of the shares of Marinus Aquaservice AS took place beginning of April and Marinus is included in Fr\u00f8y AS's consolidated accounts from 01.04.2023.
01.01.2023\u2013 01.11.2022\u2013
14.08.2023 31.12.2022
Total operating revenues
1,227,552
379,102
Cost of goods sold
252,411
86,160
Salary and personnel expenses
402,026
111,174
Other operating expenses
234,441
71,121
EBITDA
338,674
110,647
Operating profit
338,674
110,647
Income from investments in associates and joint ventures
7,381
912
Net interest expenses
-85,784
-14,811
Other financial items
59,142
-5,649
Profit from discontinued operation before tax
319,414
91,098
Income tax expense from the ordinary activities for the period
27,973
-16,273
Profit for the period from discontinued operations
291,440
107,372
Profit for the period from discontinued
365,154
0
operations, gain from sale
Total profit from discontinued operations
656,594
107,372
Other comprehensive income:
Items that may be reclassified to profit
or loss in subsequent periods:
Change in fair value of financial instruments, net after tax
0
-4,889
Total comprehensive income from discontinued operations
656,594
102,483
Profit for the period from discontinued operations
575,311
65,583
attributable to equity holders of SalMar ASA
Earnings per share
Diluted profit for the period from discontinued operations
4.37
0.52
Profit for the period from discontinued operations
4.38
0.52
The major classes of assets and liabilities of Fr\u00f8y AS as held for sale as at year end 2022 were as follows:
ASSETS
31.12.2022
Non-current tangible assets
10,201,182
Right-of-use assets
489,144
Non-current financial assets
120,194
Total non-current assets
10,810,520
Inventory
14,966
Trade receivables
256,621
Other current receivables
70,997
Cash and cash equivalents
318,705
Total current assets
661,289
TOTAL ASSETS
11,471,809
LIABILITIES
Deferred tax liability
919,073
Non-current interest-bearing liabilities
3,608,202
Non-current lease liabilities
314,340
Total non-current liabilities
4,841,615
Current interest-bearing liabilities
515,059
Current lease liabilities
91,177
Other current liabilities
164,594
Total current liabilities
770,830
TOTAL LIABILITIES
5,612,445
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1033": { "value": "NOTE 4.7 Discontinued operations Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense Through the acquisition of NTS in 2022, Fr\u00f8y AS became a subsidiary of the SalMar group. SalMar owned 100 per cent of the shares in NTS, which owned 72.11 per cent of the shares in Fr\u00f8y AS. On 13 January 2023, SalMar announced that, based on incoming interest regarding Fr\u00f8y AS, the group decided to explore strategic alternatives with the aim of maximizing value for its shareholders. On 14 August 2023, it was announced that a transaction between NTS AS, Falcon Bidco AS, a company indirectly wholly owned by infrastructure funds managed by Goldman Sachs Asset Management, and Fr\u00f8y AS was completed. Falcon Bidco AS acquired NTS' entire ownership stake in Fr\u00f8y, and a cash consideration of NOK 76.50 per share was paid in the transaction, with proceeds from the sale amounting to NOK 4,764 million. Following the decision made by the SalMar board in December 2022 to explore the strategic alterna- tives, Fr\u00f8y AS was classified as a disposal group held for sale and as a discontinued operation from the completion of the voluntary offer of all outstanding shares in NTS AS with effect from 1 November 2022, until the completion of the transaction 14 August 2023. The cash consideration from the sale of Fr\u00f8y AS amounted to NOK 4,764 million. Cash in Fr\u00f8y at the time of the transaction amounted to NOK 364 million. Total proceeds from the sale of Fr\u00f8y AS net of cash amounted to NOK 4,400 million. Closing of the transaction where Fr\u00f8y AS acquired 100 % of the shares of Marinus Aquaservice AS took place beginning of April and Marinus is included in Fr\u00f8y AS's consolidated accounts from 01.04.2023.
01.01.2023\u2013 01.11.2022\u2013
14.08.2023 31.12.2022
Total operating revenues
1,227,552
379,102
Cost of goods sold
252,411
86,160
Salary and personnel expenses
402,026
111,174
Other operating expenses
234,441
71,121
EBITDA
338,674
110,647
Operating profit
338,674
110,647
Income from investments in associates and joint ventures
7,381
912
Net interest expenses
-85,784
-14,811
Other financial items
59,142
-5,649
Profit from discontinued operation before tax
319,414
91,098
Income tax expense from the ordinary activities for the period
27,973
-16,273
Profit for the period from discontinued operations
291,440
107,372
Profit for the period from discontinued
365,154
0
operations, gain from sale
Total profit from discontinued operations
656,594
107,372
Other comprehensive income:
Items that may be reclassified to profit
or loss in subsequent periods:
Change in fair value of financial instruments, net after tax
0
-4,889
Total comprehensive income from discontinued operations
656,594
102,483
Profit for the period from discontinued operations
575,311
65,583
attributable to equity holders of SalMar ASA
Earnings per share
Diluted profit for the period from discontinued operations
4.37
0.52
Profit for the period from discontinued operations
4.38
0.52
The major classes of assets and liabilities of Fr\u00f8y AS as held for sale as at year end 2022 were as follows:
ASSETS
31.12.2022
Non-current tangible assets
10,201,182
Right-of-use assets
489,144
Non-current financial assets
120,194
Total non-current assets
10,810,520
Inventory
14,966
Trade receivables
256,621
Other current receivables
70,997
Cash and cash equivalents
318,705
Total current assets
661,289
TOTAL ASSETS
11,471,809
LIABILITIES
Deferred tax liability
919,073
Non-current interest-bearing liabilities
3,608,202
Non-current lease liabilities
314,340
Total non-current liabilities
4,841,615
Current interest-bearing liabilities
515,059
Current lease liabilities
91,177
Other current liabilities
164,594
Total current liabilities
770,830
TOTAL LIABILITIES
5,612,445
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1062": { "value": "Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1071": { "value": "Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-1051": { "value": "Accounting policies The Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-987": { "value": "
NOTE 4.8 Related party transactions
The group's parent company is SalMar ASA. The ultimate parent company is Kvarv AS, which indirectly through the Kverva group based on a quali-
tative assessment, is considered to have power over the company. There are several factors that support the conclusion, including the dispersed
ownership of the remaining shares in SalMar ASA. See note 4.2 for further details.
Transactions with related parties in 2023 (NOK 1,000)
Sales
Purchases
Receivables
Liabilities
Associates of the SalMar Group
303,535
85,543
10,112
45
Companies controlled by the parent company Kverva AS
2,286,780
569,302
180,147
20,018
Associates of the parent company Kverva AS
84,226
26,954
20,118
1,225
Transactions with related parties in 2022 (NOK 1,000)
Sales
Purchases
Receivables
Liabilities
Associates of the SalMar Group
215,388
100,735
30,428
10,990
Companies controlled by the parent company Kverva AS
2,060,367
455,541
248,893
16,929
Associates of the parent company Kverva AS
56,183
22,296
3,135
9
Transactions between the Group and related parties are undertaken at market terms and conditions. In addition, dividends have been received
from associates (see Note 3.5), while benefits have been paid to members of the Board and senior executives (see Note 2.3).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-988": { "value": "NOTE 4.9 Climate risk In 2023, SalMar conducted its annual assessment of climate risk for all its operations across the value chain from roe to plate and accompanying suppliers to the value chain. The assessment is aligned with the Task Force on Climate-related Financial Disclosures (TCFD) framework and evaluates both risks and opportunities and associated physical and transitional implications to SalMar\u2019s financial position. Some key findings include: \u2022 SalMar\u2019s assets running on fossil fuels, e.g., work boats, company cars, etc. are sensitive to SalMar\u2019s climate ambitions and external pressure to quickly transition to zero-emission fuels. \u2022 Carbon taxation could have material financial implications on SalMar if introduced on imported and/or exported products. \u2022 Increased frequency of acute physical events like heatwaves and floods can affect the crops necessary to grow some of SalMar's feed ingredients. Reduced availability of feed ingredients contributes to increased costs on what is already SalMar's largest operational expenditure. \u2022 The low carbon footprint of salmon farming relative to other protein sources puts salmon in pole position to withstand CO2-efficiency regulations and presents an attractive option for climate-aware consumers. Central bodies like the Food and Agriculture Organization of the United Nations (FAO) states that the seafood industry will play an important role in achieving the UN's Sustainable Development Goals, given its high nutritional output and low footprint. In conclusion, there are currently no indicators of potential climate risks having a material impact of the carrying amount of SalMar's assets, or have material impact on SalMar's activities and the expected future cash flows. However, this remains an important matter to continue to assess in the coming years", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-989": { "value": "
NOTE 4.10 Allegations of price collusion and events occurring after the reporting period
On 6 February 2019, the European Commission launched an investiga-
tion of the SalMar ASA and several other producers of farmed Norwe-
gian Atlantic salmon, concerning alleged anti-competitive conduct. Per
31 December 2023 the investigation was ongoing and SalMar did not
have insight in the European Commission's view. On 25 January 2024
the European Commission issued a Statement of Objections in the
case. The Commission's preliminary assessment is that there may have
occurred a breach of EU competition law in the period 2011\u20132019,
related to spot sales into the EU of fresh, whole salmon farmed in
Norway. The Statement of Objections does not include calculation of
a potential fine. SalMar's potential economic liability therefore remains
uncertain. SalMar strongly disagrees with the Commission's preliminary
assessment and is accounting for SalMar's view in a thorough reply
to the Commission.
Following the European Commission's investigation, complaints were
filed against SalMar ASA, as one of several Norwegian salmon pro-
ducers, before a Federal Court in Toronto on 11 October 2019 and
3 January 2020. The cases were consolidated. Lawsuits were also
filed before local courts in Vancouver and in Quebec but put on hold
pending a decision in the Federal Court. The cases all concern the
same allegation of anti-competitive conduct. In 2023 SalMar entered
a collective settlement agreement, which was finally approved by the
Federal Court 9 February 2024. The settlement was entered purely
for commercial reasons and due to the costs associated with litigation.
The settlement effectively concludes the Canadian lawsuits.
In addition, in February 2024 a group of UK supermarkets issued claims
for damages against SalMar ASA as one of several salmon producers,
alleging anti-competitive conduct. SalMar rejects these allegations
and strongly believes that the claims lack merit. The case is in an early
phase and SalMar understands that the claims have been issued at
this stage to interrupt a limitation period. SalMar will take appropriate
measures in following up and defending the claims.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "NOTE 4.11 Alternative performance measures The SalMar Group prepares its financial statements in accordance with International Financial Reporting Standards (IFRS). In addition, management has established alternative performance measures (APMs) to provide useful and relevant information to users of the financial statements. APMs have been estab- lished to provide greater understanding of the company's underlying performance, and do not replace the consolidated financial statement prepared in accordance with IFRS. The performance parameters have been reviewed and approved by the Group's management and Board of Directors. APMs may be defined and used in other ways by other companies. The APMs are deduced from the performance measures defined in IFRS. The figures are defined below and calculated in a consistent manner. They are presented in addition to other performance measures, in keeping with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority (ESMA). Operational EBIT Operational EBIT is an APM used by the Group. The relationship between Operational EBIT and operating profit/loss is presented in the table below. The difference between Operational EBIT and operating profit/ loss relates to provisions for production tax and onerous contracts, and items which are classified in the financial statements on the line for fair value adjustments. These items are market value and fair value assessments linked to assumptions about the future. Operational EBIT shows the underlying operation and the results of transactions undertaken in the period.
NOK 1,000
2023
2022
Operating profit/loss
8,509,224
4,738,158
Production tax
208,374
85,232
Onerous contracts
237,346
-126,330
Fair value adjustment:
Change in fair value of the biological assets
-1,571,116
-446,150
Change in fair value adjustment due to business
722,809
283,398
combination - included in cost of goods sold
Change in unrealised Fish Pool contracts
-18,737
-69,737
Operational EBIT
8,087,900
4,464,571
Operational EBITDA Operational EBITDA is another alternative performance measure used by the Group. EBITDA is opera- tional EBIT plus depreciation, write-downs and amortization.
NOK 1,000
2023
2022
Operational EBIT
8,087,900
4,464,571
Depreciation and write-downs
1,452,230
1,037,695
Operational EBITDA
9,540,130
5,502,266
Operational EBIT/kg gw and Operational EBITDA/kg gw Operational EBITDA and operational EBIT per kg gutted weight is defined as a key performance parameter for SalMar. The performance parameter is used to assess the profitability of the goods sold and the Group's operations. The performance parameter is expressed per kg of harvested volume.
Fish Fish
Farming Farming
Central Northern Icelandic SalMar SalMar
2023 Norway Norway Salmon Aker Ocean Group
Volume harvested (tonnes)
141,139
92,777
17,919
2,267
254,102
Operational EBITDA (NOK 1,000)
5,269,225
3,764,615
333,360
17,522
9,540,130
EBITDA/kg gw (NOK)
37.3
40.6
18.6
7.7
37.5
Operational EBIT (NOK 1,000)
4,612,426
3,402,021
230,199
-52,572
8,087,900
EBIT/kg gw (NOK)
32.7
36.7
12.8
-23.2
31.8
Fish Fish
Farming Farming
Central Northern Icelandic SalMar SalMar
2022 Norway Norway Salmon Aker Ocean Group
Volume harvested (tonnes)
114,139
63,392
16,139
0
193,670
Operational EBITDA (NOK 1,000)
4,082,088
2,712,226
441,415
-48,708
5,502,266
EBITDA/kg gw (NOK)
35.8
42.8
27.4
0
28.4
Operational EBIT (NOK 1,000)
3,599,217
2,525,754
365,943
-154,769
4,464,571
EBIT/kg gw (NOK)
31.5
39.8
22.7
0
23.1
Net interest-bearing debt (NIBD) and net interest-bearing debt including leasing liabilities Net interest-bearing debt is an alternative performance measure used by the Group. The performance measure is used to express the Group's working capital and is an important performance measure for investors and other users, because it the shows net borrowed capital used to finance the Group. Net interest-bearing debt is defined as long-term and short-term debt to credit institutions, less cash & cash equivalents. Leasing liabilities under IFRS 16 are not included in the calculation of net inter- est-bearing debt. To highlight total interest bearing debt including leasing liabilities, this is presented as a separate measure.
NOK 1,000
31.12.2023
31.12.2022
Long-term debt to credit institutions
12,211,226
18,349,972
Short-term debt to credit institutions
1,680,742
3,442,121
Cash & cash equivalents
-785,271
-2,712,707
Net interest-bearing debt (NIBD)
13,106,697
19,079,386
Lease liabilities
1,845,494
1,425,297
NIBD incl. lease liabilities
14,952,191
20,504,683
Cash flow per share - diluted
NOK 1,000
2023
2022
Cash flow from operating activities
8,975,477
4,222,818
Average no. of shares outstanding (diluted)
131,633
119,979
in the period (1,000 shares)
Diluted cash flow per share (NOK)
68.19
35.20
NIBD incl. lease liabilities / EBITDA NIBD incl. lease liabilities / EBITDA is an APM used by the Group to measure leverage. The figure is arrived at by dividing NIBD incl. lease liabilities at the end of the period with EBITDA for the last 12 months. Adjusted earnings per share The Group uses adjusted earnings per share to reflect earnings excluding implementa-tion effect resource rent tax and net fair value adjustments. The key figure is arrived at by dividing the profit for the period adjusted for onerous contracts, fair value adjustments and changes in deferred taxes by the average number of shares outstanding (diluted) in the period.
NOK 1,000
2023
2022
Profit for the period attributable to shareholders in SalMar ASA
3,202,756
3,311,955
Onerous contracts *)
237,346
-126,330
Fair value adjustment *)
-1,589,853
-515,887
Fair value adjustment included in cost of goods
722,809
283,398
sold due to business combination *)
Calculated tax effect of adjustments **)
-243,361
78,940
Resource rent tax - implementation effect (deferred tax) *)
2,079,987
0
Adjusted profit for the period attributable
to shareholders in SalMar ASA *)
4,409,683
3,032,076
Average no. of shares outstanding (diluted)
131,633
119,979
in the period (1,000 shares)
Adjusted earnings per share
33.50
25.27
*) The adjustments made to the profit for the period attributable to shareholders in SalMar ASA in the table above, are inclusive of non-controlling interest. **) Calculated tax rate 22 % for Onerous contracts, Fair value adjustment and Fair value adjustment included in cost of goods sold due to business combination. For 2023 the calculated change in deferred resource rent tax on fair value adjustment has been added", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }