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"ifrs-full:OtherCashReceiptsFromSalesOfEquityOrDebtInstrumentsOfOtherEntitiesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-762": { "value": "2000000.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentsOnBusinessCombinationsNetOfCash", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-763": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentsOnBusinessCombinationsNetOfCash", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-764": { "value": "21000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsReceivedFromAssociatesClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, 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"unit": "iso4217:NOK" } }, "f-769": { "value": "14000000.0", "decimals": -6, "dimensions": { "concept": "salmar:LoanToThirdParties", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-770": { "value": "8000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-771": { "value": "25000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-772": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-773": { "value": "-412000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-774": { "value": "-2167000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-775": { "value": "1775000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-776": { "value": "3724000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-777": { "value": "7788000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-778": { "value": "497000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-779": { "value": "16448000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-780": { "value": "525000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-781": { "value": "714000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-782": { "value": "409000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-783": { "value": "321000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-784": { "value": "120000000.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-785": { "value": "102000000.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentOfInterestOnLeaseLiabilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-786": { "value": "1043000000.0", "decimals": -6, "dimensions": { "concept": "salmar:InterestPaid", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-787": { "value": "1145000000.0", "decimals": -6, "dimensions": { "concept": "salmar:InterestPaid", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-788": { "value": "4682000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-789": { "value": "2748000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-790": { "value": "39000000.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentsOfTransactionCostNonControllingInterest", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-791": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "salmar:PaymentsOfTransactionCostNonControllingInterest", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-792": { "value": "944000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-793": { "value": "755000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-794": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-795": { "value": "29000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivitiesDiscontinuedOperations", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-796": { "value": "-3485000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-797": { "value": "-12989000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-798": { "value": "-271000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-799": { "value": "-2239000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-800": { "value": "4000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-801": { "value": "-7000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-802": { "value": "785000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-803": { "value": "2713000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-804": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-805": { "value": "319000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsClassifiedAsPartOfDisposalGroupHeldForSale", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-806": { "value": "518000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-807": { "value": "785000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-808": { "value": "6840000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:UndrawnBorrowingFacilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-809": { "value": "9754000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:UndrawnBorrowingFacilities", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-810": { "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
2024 and for the year as a whole comprise 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 a joint venture.
The annual financial statements were formally approved by
the Board of Directors on 9\u00a0April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-811": { "value": "SalMar ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-812": { "value": "public limited liability", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-813": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-814": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-815": { "value": "Industriveien 51, 7266 Kverva", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-816": { "value": "The Group operates in Norway, Iceland and Asia, and has operations in Scotland through a joint venture.", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-817": { "value": "
The annual financial statements were formally approved by
the Board of Directors on 9\u00a0April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-819": { "value": "
NOTE 1.2
Basis of preparation
SalMar's consolidated financial statements comprise the
statement 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 prepared in accordance with IFRS\u00ae
Accounting Standards and interpretations 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 2024, as
well as disclosure requirements pursuant to the Norwegian
Accounting Act as at 31 December 2024.
Effective from 2024, the presentation of the Consolidated
Statement of Profit or Loss has been revised compared to the
presentation included in the 2023 annual report by excluding
the subtotal of operational EBIT. This change aims to provide
better information regarding performance and comparability
among peers. Two new financial statement lines have been
added to the Consolidated Statement of Profit or Loss:
litigation and legal claims, and restructuring costs. These new
line items do not affect the reported operating profit but
represent a reclassification of expenses included in the
operating profit. Comparative figures have been adjusted
accordingly. Please refer to the table beside for the effects.
Group management evaluates segment performance based on
operational EBIT. In this measure, the new financial statement
lines are excluded, along with write-downs of tangible and
intangible non-current assets, as these items are assessed to
be non-recurring in subsequent periods. .
Refer to note 4.13 for a reconciliation between operating
profit in the Consolidated Statement of Profit or Loss and
operational EBIT in the segment reporting.
NOKm
2023
2023 revised
Change
Salary and
personnel
expenses
-2,454
-2,415
39
Other operating
expenses
-4,067
-4,068
-1
Litigation and
legal claims
\u2014
-9
-9
Restructuring
cost
\u2014
-29
-29
\"\"
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 historical 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
amendments, which are effective for annual periods beginning
on or after 1 January 2024. The Group has not early adopted
any other standard, interpretation or amendment that has
been issued but is not yet effective.
Supplier Finance Arrangement - Amendments to IAS 7 and IFRS 7.
The amendments require specific disclosures about supplier
finance arrangements (SFA) for a better understanding of the
arrangements effect on the entity\u2019s liabilities.\u00a0 The
amendments have had an impact on the Group\u2019s disclosures
related to the SFA.
Classification of Liabilities as Current or Non-current liabilities
with covenants - Amendments to IAS 1
The amendments clarify that liabilities are classified as either
current or non-current, depending on the rights that exist at
the end of the reporting period.
Classification is unaffected by the entity\u2019s expectations or
events after the reporting date. The amendments had no
impact on the Group\u2019s consolidated financial statements. The
amendments require disclosures if an entity classifies a
liability as non-current and that liability is subject to
covenants with which the entity must comply within 12
months of the reporting date.
New standards and interpretations not yet adopted
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit
or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses
within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new
It also requires disclosure of newly defined management-
defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and
disaggregation of financial information based on the identified
\u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS
7 Statement of Cash Flows, which include changing the
starting point for determining cash flows from operations
under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In
addition, there are consequential amendments to several
other standards.
IFRS 18 is effective for reporting periods beginning on or after
1 January 2027.\u00a0 IFRS 18 will apply retrospectively.
The Group is working to identify all impacts the amendments
will have on the primary financial statements and notes to the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-818": { "value": "
NOTE 1.2
Basis of preparation
The consolidated financial
statements have been prepared in accordance with IFRS\u00ae
Accounting Standards and interpretations 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 2024, as
well as disclosure requirements pursuant to the Norwegian
Accounting Act as at 31 December 2024.
Effective from 2024, the presentation of the Consolidated
Statement of Profit or Loss has been revised compared to the
presentation included in the 2023 annual report by excluding
the subtotal of operational EBIT. This change aims to provide
better information regarding performance and comparability
among peers. Two new financial statement lines have been
added to the Consolidated Statement of Profit or Loss:
litigation and legal claims, and restructuring costs. These new
line items do not affect the reported operating profit but
represent a reclassification of expenses included in the
operating profit. Comparative figures have been adjusted
accordingly. Please refer to the table beside for the effects.
Group management evaluates segment performance based on
operational EBIT. In this measure, the new financial statement
lines are excluded, along with write-downs of tangible and
intangible non-current assets, as these items are assessed to
be non-recurring in subsequent periods. .
Refer to note 4.13 for a reconciliation between operating
profit in the Consolidated Statement of Profit or Loss and
operational EBIT in the segment reporting.
NOKm
2023
2023 revised
Change
Salary and
personnel
expenses
-2,454
-2,415
39
Other operating
expenses
-4,067
-4,068
-1
Litigation and
legal claims
\u2014
-9
-9
Restructuring
cost
\u2014
-29
-29
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-821": { "value": "
New and amended standards adopted by the group
The Group applied for the first-time certain standards and
amendments, which are effective for annual periods beginning
on or after 1 January 2024. The Group has not early adopted
any other standard, interpretation or amendment that has
been issued but is not yet effective.
Supplier Finance Arrangement - Amendments to IAS 7 and IFRS 7.
The amendments require specific disclosures about supplier
finance arrangements (SFA) for a better understanding of the
arrangements effect on the entity\u2019s liabilities.\u00a0 The
amendments have had an impact on the Group\u2019s disclosures
related to the SFA.
Classification of Liabilities as Current or Non-current liabilities
with covenants - Amendments to IAS 1
The amendments clarify that liabilities are classified as either
current or non-current, depending on the rights that exist at
the end of the reporting period.
Classification is unaffected by the entity\u2019s expectations or
events after the reporting date. The amendments had no
impact on the Group\u2019s consolidated financial statements. The
amendments require disclosures if an entity classifies a
liability as non-current and that liability is subject to
covenants with which the entity must comply within 12
months of the reporting date.
New standards and interpretations not yet adopted
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit
or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses
within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new
It also requires disclosure of newly defined management-
defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and
disaggregation of financial information based on the identified
\u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS
7 Statement of Cash Flows, which include changing the
starting point for determining cash flows from operations
under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In
addition, there are consequential amendments to several
other standards.
IFRS 18 is effective for reporting periods beginning on or after
1 January 2027.\u00a0 IFRS 18 will apply retrospectively.
The Group is working to identify all impacts the amendments
will have on the primary financial statements and notes to the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-820": { "value": "
New and amended standards adopted by the group
The Group applied for the first-time certain standards and
amendments, which are effective for annual periods beginning
on or after 1 January 2024. The Group has not early adopted
any other standard, interpretation or amendment that has
been issued but is not yet effective.
Supplier Finance Arrangement - Amendments to IAS 7 and IFRS 7.
The amendments require specific disclosures about supplier
finance arrangements (SFA) for a better understanding of the
arrangements effect on the entity\u2019s liabilities.\u00a0 The
amendments have had an impact on the Group\u2019s disclosures
related to the SFA.
Classification of Liabilities as Current or Non-current liabilities
with covenants - Amendments to IAS 1
The amendments clarify that liabilities are classified as either
current or non-current, depending on the rights that exist at
the end of the reporting period.
Classification is unaffected by the entity\u2019s expectations or
events after the reporting date. The amendments had no
impact on the Group\u2019s consolidated financial statements. The
amendments require disclosures if an entity classifies a
liability as non-current and that liability is subject to
covenants with which the entity must comply within 12
months of the reporting date.
New standards and interpretations not yet adopted
IFRS 18 Presentation and Disclosure in Financial Statements
In April 2024, the IASB issued IFRS 18, which replaces IAS 1
Presentation of Financial Statements. IFRS 18 introduces new
requirements for presentation within the statement of profit
or loss, including specified totals and subtotals. Furthermore,
entities are required to classify all income and expenses
within the statement of profit or loss into one of five
categories: operating, investing, financing, income taxes and
discontinued operations, whereof the first three are new
It also requires disclosure of newly defined management-
defined performance measures, subtotals of income and
expenses, and includes new requirements for aggregation and
disaggregation of financial information based on the identified
\u2018roles\u2019 of the primary financial statements (PFS) and the notes.
In addition, narrow-scope amendments have been made to IAS
7 Statement of Cash Flows, which include changing the
starting point for determining cash flows from operations
under the indirect method, from \u2018profit or loss\u2019 to \u2018operating
profit or loss\u2019 and removing the optionality around
classification of cash flows from dividends and interest. In
addition, there are consequential amendments to several
other standards.
IFRS 18 is effective for reporting periods beginning on or after
1 January 2027.\u00a0 IFRS 18 will apply retrospectively.
The Group is working to identify all impacts the amendments
will have on the primary financial statements and notes to the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-826": { "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 difference between
the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised 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 investment, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-825": { "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 deconsolidated 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
transactions 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-824": { "value": "
NOTE 1.3
Principles of consolidation
Inter-company transactions, balances and unrealised gains on
transactions 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-823": { "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 deconsolidated 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
transactions 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.
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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-822": { "value": "
NOTE 1.3
Principles of consolidation
SalMar's consolidated financial statements encompass SalMar
ASA and its subsidiaries as at 31 December 2024.
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 activities 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 deconsolidated 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
transactions 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 difference between
the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised 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 investment, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-827": { "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 activities 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 deconsolidated 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
transactions 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 difference between
the amount of the adjustment to non-controlling interests and
any consideration paid or received is recognised 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 investment, 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.
Climate-related matters
The Group considers climate-related matters in estimates and
assumptions, where appropriate. This assessment includes a
wide range of possible impacts on the Group due to both
physical and transition risks. The Group closely monitors
relevant changes and developments in the area, such as new
climate-related legislation. See Note 4.9 for further
information. The items and considerations that could be
affected by climate-related matters are:\u00a0
\u2022 Impairment of non-financial assets. The value-in-use may
be impacted in several different ways, including transition
risk, such as climate-related legislation and regulations, as
well as increased costs due to environmental challenges.
Even though the Group has concluded that no single
climate-related assumption is a key assumption for the
2024 test of goodwill and licenses, considerations related
to costs due to environmental matters are taken into
account. See note 3.2 for further information
\u2022 Fair value measurement for biological assets within the
Group takes into account the impact of both physical and
transition risks. The group believes it is not currently
exposed to transition risks. But physical risks such as
increased production costs and reduced volume due to
environmental challenges could affect the estimated fair
value of biological assets. See note 3.6 for further
information.
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 activities. 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.
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 was 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. See note 4.12 Events
occurring after the reporting period for information of SalMar\u2019s
acquisition of the non-controlling interests in SalMar Aker
Ocean AS.
Group management evaluates the segments\u2019 performance on
the basis of Operational EBIT. See Note 4.13 for an
reconciliation between Operating profit and Operational EBIT.
The column Other/Eliminations includes costs relating to
share-based employee cost, R&D costs relating to jointly
operated licences and overheads not allocated to segments.
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.
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 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
companies 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
market 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 employees in accordance with the
legal requirements in Norway. 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 CAPEX 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 comprise 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 accounting 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
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
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
acquisitions, 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 after 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. Straightline
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 present 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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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, and are remeasured to the
exchange rate at the balance sheet date. 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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.
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
Climate risk
In 2024, 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.
Key events in 2024:
SalMar faced significant challenges in 2024 where climate
change may have played a role. Two financially material
events, including string jellyfish attacks and high seasonal
variability in seawater temperatures. The former caused direct
harm to the company\u2019s biological assets, while the latter led to
elevated sea lice levels and reduced growth rates.
Climate risk remains an important matter to continue to assess
in the coming years. See Section \u201cESRS E1 Climate change\u201d in
the Sustainablity Statement for further details and additional
information regarding the Group\u2019s adaptation to and
understanding of climate changes and risks. For an estimate of
the financial impact, please also see the sustainability
statement, note that it is challenging to estimate the financial
impact since the cause of the events remain unclear.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-828": { "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 activities 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-829": { "value": "
NOTE 1.4
Climate-related matters
The Group considers climate-related matters in estimates and
assumptions, where appropriate. This assessment includes a
wide range of possible impacts on the Group due to both
physical and transition risks. The Group closely monitors
relevant changes and developments in the area, such as new
climate-related legislation. See Note 4.9 for further
information. The items and considerations that could be
affected by climate-related matters are:\u00a0
\u2022 Impairment of non-financial assets. The value-in-use may
be impacted in several different ways, including transition
risk, such as climate-related legislation and regulations, as
well as increased costs due to environmental challenges.
Even though the Group has concluded that no single
climate-related assumption is a key assumption for the
2024 test of goodwill and licenses, considerations related
to costs due to environmental matters are taken into
account. See note 3.2 for further information
\u2022 Fair value measurement for biological assets within the
Group takes into account the impact of both physical and
transition risks. The group believes it is not currently
exposed to transition risks. But physical risks such as
increased production costs and reduced volume due to
environmental challenges could affect the estimated fair
value of biological assets. See note 3.6 for further
information.
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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-831": { "value": "
NOTE 1.5
Functional currency and translation of
foreign currencies
Foreign currency transactions are translated into the
functional currency 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-830": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-833": { "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 activities. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-832": { "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 activities. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-836": { "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
significant for the Group:
Fair value of the biomass
Biological assets held at the Group's sea farms are measured in
accordance with IAS 41. The principles for calculating fair
value are described in Note 3.6 \"Biological assets and other
inventories\".
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\u00a0 forward prices from
European Salmon Future 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
production 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
comprise 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, alternative methods are used to
determine the fair value of assets for which there is no active
market. Consideration in excess of the value of 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:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-834": { "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
significant for the Group:
Fair value of the biomass
Biological assets held at the Group's sea farms are measured in
accordance with IAS 41. The principles for calculating fair
value are described in Note 3.6 \"Biological assets and other
inventories\".
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\u00a0 forward prices from
European Salmon Future 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
production 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
comprise 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, alternative methods are used to
determine the fair value of assets for which there is no active
market. Consideration in excess of the value of 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.
Key assumptions
The key assumptions used in the calculation of value in use
are harvested 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 after tax\u00a0 (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 WACC\u00a0 is
calculated at 7.8 % for the Group's Norwegian entities. For the
operations in Iceland, the WACC is calculated at 8.8 %.
Terminal growth rate
The growth rate is set at 2.5 % for Norway and Iceland.
EBIT/kg
EBIT margin per kg is highly volatile with respect to changes in
salmon prices and cost. The prices are based on estimates and
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 20 % in 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
analysis of its assets. Based on current knowledge this is
deemed to be less sensitive compared to the other factors
used in the impairment evaluation.
Based on the above assessments, there were no impairment
indicators identified related to the fish farming licences or
goodwill as of 31 December 2024. 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 sensitivity 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.
Cash generating units
WACC
EBIT/kg (NOK)
Fish Farming Northern Norway
7.3%
-12.0
Fish Farming Central Norway
6.6%
-11.1
Salmar Aker Ocean
5.4%
-8.9
Icelandic Salmon
3.0%
-4.7
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.
2024 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2024
Decrease
Effect on estimated
fair value at
31.12.2024
Change in forward price
+ NOK 5.00
per kg
913
NOK 5.00
per kg
-913
Change in monthly discount
factor
1%
-816
-1%
919
Change in harvesting date
1 month
earlier
1,742
1 month
later
-1,101
Change in number of fish
held at sea farms
1%
166
-1%
-166
2023 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2023
Decrease
Effect on estimated
fair value at
31.12.2023
Change in forward price
+ NOK 5.00
per kg
796
NOK 5.00
per kg
-796
Change in monthly discount
factor
1%
-749
-1%
831
Change in harvesting date
1 month
earlier
1,123
1 month
later
-818
Change in number of fish
held at sea farms
1%
145
-1%
-145
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-835": { "value": "NOTE 1.7Use of estimatesPreparation 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 significant for the Group: Fair value of the biomassBiological assets held at the Group's sea farms are measured in accordance with IAS 41. The principles for calculating fair value are described in Note 3.6 \"Biological assets and other inventories\". 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\u00a0 forward prices from European Salmon Future 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 production 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 comprise 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 acquisitionIn 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, alternative methods are used to determine the fair value of assets for which there is no active market. Consideration in excess of the value of 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:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-838": { "value": "Biological assets and other inventories
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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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:
NOKm
31.12.2024
31.12.2023
Raw materials
447
434
Finished goods
830
796
Total carrying amount of other inventory
1,276
1,230
Biological assets
13,970
13,265
Total carrying amount of inventory
15,247
14,494
Raw materials mainly comprise feed for smolt and fish at sea farms. In addition, raw materials are
used in connection with processing and packaging. Finished goods comprise whole fish (fresh and
frozen), as well as processed salmon products.
Carrying amount of biological assets:
NOKm
31.12.2024
31.12.2023
Biological assets held at sea farms at cost
8,826
7,896
Fair value adjustment of biological assets
4,564
4,761
Total carrying amount of biological assets held at sea farms
13,390
12,657
Roe, fry, smolt and cleaner fish at cost
580
608
Total carrying amount of biological assets
13,970
13,265
Stocks of biological assets relate to SalMar\u2019s fish farming operations both in freshwater and
seawater, and comprise roe, fry, smolt, cleaner fish and fish at sea farms.
Tonnes
Carrying amount
(NOKm)
Change in biological assets:
2024
2023
2024
2023
Biological assets at 1 January
161,842
161,542
13,265
11,755
Increase due to production
275,919
299,922
14,784
13,863
Decrease due to sale/ harvesting
-269,885
-296,094
-13,579
-13,007
Decrease due to incident-based mortality
-2,477
-3,528
-280
-251
Decrease due to sale of group companies
-58
-9
Fair value adjustment at 01.01
-4,761
-3,908
Fair value adjustment from business
combination due to fish not sold on
opening balance
\u2014
813
Fair value adjustment from business
combination due to fish not sold on
closing balance
\u2014
-90
Fair value adjustment from business
combination included in cost of goods
sold in the period
\u2014
-723
Fair value adjustment at 31.12
4,564
4,761
Currency translation differences
36
60
Biological assets at 31 December
165,399
161,842
13,970
13,265
The calculation is based on following estimated forward prices:
Expected harvesting
period
31.12.2024
Expected harvesting
period
31.12.2023
Q1-2025
112.63
Q1\u20132024
107.95
Q2-2025
115.38
Q2\u20132024
113.45
Q3-2025
77.22
Q3\u20132024
83.70
Q4-2025
82.34
Q4\u20132024
86.12
1st half 2026
111.29
1st half 2025
101.11
2nd half 2026
103.03
2nd half 2025
74.60
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.
2024 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2024
Decrease
Effect on estimated
fair value at
31.12.2024
Change in forward price
+ NOK 5.00
per kg
913
NOK 5.00
per kg
-913
Change in monthly discount
factor
1%
-816
-1%
919
Change in harvesting date
1 month
earlier
1,742
1 month
later
-1,101
Change in number of fish
held at sea farms
1%
166
-1%
-166
2023 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2023
Decrease
Effect on estimated
fair value at
31.12.2023
Change in forward price
+ NOK 5.00
per kg
796
NOK 5.00
per kg
-796
Change in monthly discount
factor
1%
-749
-1%
831
Change in harvesting date
1 month
earlier
1,123
1 month
later
-818
Change in number of fish
held at sea farms
1%
145
-1%
-145
", "dimensions": { "concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-837": { "value": "Biological assets and other inventories
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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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:
NOKm
31.12.2024
31.12.2023
Raw materials
447
434
Finished goods
830
796
Total carrying amount of other inventory
1,276
1,230
Biological assets
13,970
13,265
Total carrying amount of inventory
15,247
14,494
Raw materials mainly comprise feed for smolt and fish at sea farms. In addition, raw materials are
used in connection with processing and packaging. Finished goods comprise whole fish (fresh and
frozen), as well as processed salmon products.
Carrying amount of biological assets:
NOKm
31.12.2024
31.12.2023
Biological assets held at sea farms at cost
8,826
7,896
Fair value adjustment of biological assets
4,564
4,761
Total carrying amount of biological assets held at sea farms
13,390
12,657
Roe, fry, smolt and cleaner fish at cost
580
608
Total carrying amount of biological assets
13,970
13,265
Stocks of biological assets relate to SalMar\u2019s fish farming operations both in freshwater and
seawater, and comprise roe, fry, smolt, cleaner fish and fish at sea farms.
Tonnes
Carrying amount
(NOKm)
Change in biological assets:
2024
2023
2024
2023
Biological assets at 1 January
161,842
161,542
13,265
11,755
Increase due to production
275,919
299,922
14,784
13,863
Decrease due to sale/ harvesting
-269,885
-296,094
-13,579
-13,007
Decrease due to incident-based mortality
-2,477
-3,528
-280
-251
Decrease due to sale of group companies
-58
-9
Fair value adjustment at 01.01
-4,761
-3,908
Fair value adjustment from business
combination due to fish not sold on
opening balance
\u2014
813
Fair value adjustment from business
combination due to fish not sold on
closing balance
\u2014
-90
Fair value adjustment from business
combination included in cost of goods
sold in the period
\u2014
-723
Fair value adjustment at 31.12
4,564
4,761
Currency translation differences
36
60
Biological assets at 31 December
165,399
161,842
13,970
13,265
The calculation is based on following estimated forward prices:
Expected harvesting
period
31.12.2024
Expected harvesting
period
31.12.2023
Q1-2025
112.63
Q1\u20132024
107.95
Q2-2025
115.38
Q2\u20132024
113.45
Q3-2025
77.22
Q3\u20132024
83.70
Q4-2025
82.34
Q4\u20132024
86.12
1st half 2026
111.29
1st half 2025
101.11
2nd half 2026
103.03
2nd half 2025
74.60
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.
2024 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2024
Decrease
Effect on estimated
fair value at
31.12.2024
Change in forward price
+ NOK 5.00
per kg
913
NOK 5.00
per kg
-913
Change in monthly discount
factor
1%
-816
-1%
919
Change in harvesting date
1 month
earlier
1,742
1 month
later
-1,101
Change in number of fish
held at sea farms
1%
166
-1%
-166
2023 (NOKm)
Increase
Effect on estimated
fair value at
31.12.2023
Decrease
Effect on estimated
fair value at
31.12.2023
Change in forward price
+ NOK 5.00
per kg
796
NOK 5.00
per kg
-796
Change in monthly discount
factor
1%
-749
-1%
831
Change in harvesting date
1 month
earlier
1,123
1 month
later
-818
Change in number of fish
held at sea farms
1%
145
-1%
-145
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-839": { "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 was 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. See note 4.12 Events
occurring after the reporting period for information of SalMar\u2019s
acquisition of the non-controlling interests in SalMar Aker
Ocean AS.
Group management evaluates the segments\u2019 performance on
the basis of Operational EBIT. See Note 4.13 for an
reconciliation between Operating profit and Operational EBIT.
The column Other/Eliminations includes costs relating to
share-based employee cost, R&D costs relating to jointly
operated licences and overheads not allocated to segments.
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.
2024 (NOKm)
Fish Farming
Central
Norway
Fish Farming
Northern
Norway
Sales &
Industry
Icelandic
Salmon
SalMar Aker
Ocean
Other/
Eliminations
SalMar Group
External operating revenue - sale of goods and services
307
163
24,672
1,177
\u2014
\u2014
26,318
Internal operating revenue - sale of goods and services
10,941
6,294
962
1
571
-18,768
\u2014
TOTAL revenues from contracts with customers
11,247
6,456
25,633
1,178
571
-18,768
26,318
Other operating income
76
38
28
4
3
-40
109
Revenue and income
11,323
6,495
25,661
1,182
573
-18,808
26,426
Depreciation and amortisation
820
392
215
148
104
12
1,691
Other operating expenses
7,101
4,155
24,978
1,103
547
-18,577
19,306
Operational EBIT
3,402
1,947
468
-69
-77
-243
5,429
Write-downs of tangible and intangible non-current assets
-68
Litigation and legal claims
-35
Restructuring cost
160
Production tax
-241
Onerous contracts
271
Fair value adjustments
-134
Fair value adjustment included in cost of goods sold due to business combination
-90
Operating profit/loss
5,292
Income from investments in associates and joint venture
122
Net financial items
-1,214
Profit before tax
4,201
Tax
-1,096
Profit for the year from continuing operations
3,105
Investments in PP&E
794
575
212
104
103
1
1,790
Investments in right-to-use assets
69
44
32
109
3
-2
256
Investments in licences
1
767
\u2014
\u2014
\u2014
\u2014
768
2023 (NOKm)
Fish Farming
Central
Norway
Fish Farming
Northern
Norway
Sales &
Industry
Icelandic
Salmon
SalMar Aker
Ocean
Other/
Eliminations
SalMar Group
External operating revenue - sale of goods and services
170
51
26,017
1,861
\u2014
\u2014
28,099
Internal operating revenue - sale of goods and services
12,129
7,830
1,058
1
173
-21,190
\u2014
TOTAL revenues from contracts with customers
12,299
7,880
27,075
1,862
173
-21,190
28,099
Compensation
11
9
\u2014
\u2014
\u2014
\u2014
20
Other operating income
110
5
19
9
\u2014
-43
99
Revenue and income
12,419
7,894
27,094
1,871
173
-21,233
28,219
Depreciation and amortisation
657
363
202
103
78
17
1,419
Other operating expenses
7,166
4,130
26,636
1,538
155
-20,984
18,640
Operational EBIT
4,597
3,402
256
230
-60
-266
8,159
Write-downs of tangible and intangible non-current assets
-33
Litigation and legal claims
-9
Restructuring cost
-29
Production tax
-208
Onerous contracts
-237
Fair value adjustments
1,590
Fair value adjustment included in cost of goods sold due to business combination
-723
Operating profit/loss
8,509
Income from investments in associates and joint venture
-27
Net financial items
-1,203
Profit before tax
7,279
Tax
-4,534
Profit for the year from continuing operations
2,746
Profit after tax from discontinued operations
657
Profit for the year
3,402
Investments in PP&E
957
561
357
294
98
1
2,269
Investments in right-to-use assets
724
38
\u2014
9
\u2014
\u2014
771
Investments in licences
256
33
\u2014
\u2014
\u2014
\u2014
288
Effective from 2024, the presentation of the Consolidated Statement of Profit or Loss has been revised compared to the presentation included in the 2023 annual report by excluding the subtotal of
operational EBIT. This change has had a minor effect on the reported segment results. For further information, please refer to Note 1.2.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-840": { "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 was 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. See note 4.12 Events
occurring after the reporting period for information of SalMar\u2019s
acquisition of the non-controlling interests in SalMar Aker
Ocean AS.
Group management evaluates the segments\u2019 performance on
the basis of Operational EBIT. See Note 4.13 for an
reconciliation between Operating profit and Operational EBIT.
The column Other/Eliminations includes costs relating to
share-based employee cost, R&D costs relating to jointly
operated licences and overheads not allocated to segments.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-842": { "value": "
NOTE 2.2
Revenues from contracts with 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 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
(NOKm)
2024
2023
Sale of goods
25,926
27,828
Sale of services
392
271
Total revenues from
contracts with customers
26,318
28,099
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
2024
%
2023
%
Europe, ex. Norway
8,761
33.3%
9,716
34.6%
Norway
6,660
25.3%
6,444
22.9%
Asia
5,638
21.4%
6,434
22.9%
USA/Canada
5,023
19.1%
5,175
18.4%
Other
236
0.9%
330
1.2%
Total Revenues from contracts with customers
26,318
100.0%
28,099
100.0%
Specification of the Group\u2019s revenues by currency
2024
%
2023
%
USD
9,353
35.5%
9,942
35.4%
NOK
8,517
32.4%
8,406
29.9%
EUR
5,925
22.5%
7,442
26.5%
JPY
917
3.5%
1,224
4.4%
GBP
558
2.1%
290
1.0%
SEK
485
1.8%
335
1.2%
CAD
484
1.8%
361
1.3%
KRW
44
0.2%
61
0.2%
ISK
20
0,0 %
36
0,0 %
TWD
15
0.1%
\u2014
0,0 %
CHF
\u2014
\u2014%
2
\u2014%
Total Revenues from contracts with customers
26,318
99.9%
28,099
99.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-841": { "value": "
NOTE 2.2
Revenues from contracts with 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 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
(NOKm)
2024
2023
Sale of goods
25,926
27,828
Sale of services
392
271
Total revenues from
contracts with customers
26,318
28,099
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
2024
%
2023
%
Europe, ex. Norway
8,761
33.3%
9,716
34.6%
Norway
6,660
25.3%
6,444
22.9%
Asia
5,638
21.4%
6,434
22.9%
USA/Canada
5,023
19.1%
5,175
18.4%
Other
236
0.9%
330
1.2%
Total Revenues from contracts with customers
26,318
100.0%
28,099
100.0%
Specification of the Group\u2019s revenues by currency
2024
%
2023
%
USD
9,353
35.5%
9,942
35.4%
NOK
8,517
32.4%
8,406
29.9%
EUR
5,925
22.5%
7,442
26.5%
JPY
917
3.5%
1,224
4.4%
GBP
558
2.1%
290
1.0%
SEK
485
1.8%
335
1.2%
CAD
484
1.8%
361
1.3%
KRW
44
0.2%
61
0.2%
ISK
20
0,0 %
36
0,0 %
TWD
15
0.1%
\u2014
0,0 %
CHF
\u2014
\u2014%
2
\u2014%
Total Revenues from contracts with customers
26,318
99.9%
28,099
99.9%
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-843": { "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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-846": { "value": "
NOTE 2.3
Salary and personnel expenses
NOKm
2024
2023
Salaries and other short-term employee benefits
2,237
2,059
Social security expenses
181
157
Pension expenses
177
108
Employee share schemes charged to expenses
76
48
Other benefits
113
82
Total salary and personnel expenses
2,784
2,454
Classified as restructuring costs
\u2014
-39
Total salary and personnel expenses in statement of profit or
loss
2,784
2,415
Average number of full-time employee equivalent in the Group
2,941
2,674
For 2023 NOK 39 millions of salary and personnel expenses are classified\u00a0 restructuring cost. See
Note 1.2 and 2.8 for further information.
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.
Fixed remuneration
Variable remuneration
Executive Management 2024 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,779
180
10
4,969
800
2,529
3,329
8,298
Ulrik Steinvik, CFO
2,739
144
10
2,894
750
1,533
2,283
5,177
Roger Bekken, COO Farming
3,394
178
10
3,582
750
1,875
2,625
6,207
Simon Andre S\u00f8bstad, COO Sales & Industry
2,710
121
10
2,842
925
1,213
2,138
4,980
Eva Haugen, Director Quality Management/HSE
1,642
149
10
1,801
425
947
1,372
3,174
Arthur Wisniewski, Director Human Resource Management
1,971
124
10
2,104
575
1,141
1,716
3,820
Runar Sivertsen, Chief Strategy Officer
2,179
120
10
2,310
575
1,092
1,667
3,977
Total earned 2024
19,416
1,016
70
20,502
4,800
10,330
15,130
35,632
Fixed remuneration
Variable remuneration
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
850
1,145
1,995
6,554
Ulrik Steinvik, CFO
2,559
83
10
2,652
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
4,850
5,317
12,210
30,565
Board of Directors 2024 (NOK 1,000)
Annual base fee
Audit and Risk
Nomination
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
585
\u2014
\u2014
\u2014
585
Leif Inge Nordhammer, Board member
328
\u2014
\u2014
\u2014
328
Margrethe Hauge, Vice-Chair of the Board
328
140
\u2014
\u2014
468
Arnhild Holstad, Board member
328
\u2014
\u2014
\u2014
328
Morten Loktu, Board member1
328
53
\u2014
\u2014
381
Employee representatives
Ingvild Kindlihagen, Board Member
164
\u2014
\u2014
1,181
1,345
Hans St\u00f8lan, Board Member
164
\u2014
\u2014
546
710
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
46
\u2014
46
Endre Kolbj\u00f8rnsen
\u2014
\u2014
31
\u2014
31
Ingjer Ofstad
\u2014
\u2014
16
\u2014
16
Total remuneration 2024
2,225
193
93
1,726
4,237
1 Excess compensation paid for audit-and risk committee 2023 was adjusted accordingly in 2024
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
\u2014
\u2014
103
648
Leif Inge Nordhammer, Board member
305
\u2014
\u2014
\u2014
305
Margrethe Hauge, Vice-Chair of the Board
305
130
\u2014
\u2014
435
Arnhild Holstad, Board member
305
\u2014
\u2014
\u2014
305
Morten Loktu, Board member
305
138
\u2014
\u2014
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
\u2014
\u2014
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
\u2014
\u2014
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
44
\u2014
44
Endre Kolbj\u00f8rnsen
\u2014
\u2014
28
\u2014
28
Karianne O. Tung
\u2014
\u2014
28
\u2014
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Total remuneration 2023
2,070
268
100
1,509
3,946
NOTE 2.5
Pensions plans
Accounting policies
The Group has a defined-contribution pension scheme for its employees in accordance with the
legal requirements in Norway. 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 ASA also have a defined benefit scheme from the merger of Norway Royal Salmon. In
2023 members in the scheme was reduced during the year and there was recognised a gain of
NOK 9 million related to the settlement reducing the total pension cost recognised in expenses.
For 2024 no material cost is recognised related to the benefit scheme.
Specification of the pension cost for the Group:
NOKm
2024
2023
Defined-contribution scheme
141
107
Defined-benefits plan (Early Retirement Pension)
36
30
Defined-benefits plan
\u2014
-9
Employers' national insurance contributions
12
9
Total pension cost
188
138
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 underlying financial
position and results with sufficient reliability, and therefore 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 in the Groups balance:
NOKm
2024
2023
Prepaid pension contributions
4
3
Pension liabilities foreign operations
8
8
Total pension liabilities in balance sheet
8
8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-845": { "value": "
NOTE 2.3
Salary and personnel expenses
NOKm
2024
2023
Salaries and other short-term employee benefits
2,237
2,059
Social security expenses
181
157
Pension expenses
177
108
Employee share schemes charged to expenses
76
48
Other benefits
113
82
Total salary and personnel expenses
2,784
2,454
Classified as restructuring costs
\u2014
-39
Total salary and personnel expenses in statement of profit or
loss
2,784
2,415
Average number of full-time employee equivalent in the Group
2,941
2,674
For 2023 NOK 39 millions of salary and personnel expenses are classified\u00a0 restructuring cost. See
Note 1.2 and 2.8 for further information.
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.
Fixed remuneration
Variable remuneration
Executive Management 2024 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,779
180
10
4,969
800
2,529
3,329
8,298
Ulrik Steinvik, CFO
2,739
144
10
2,894
750
1,533
2,283
5,177
Roger Bekken, COO Farming
3,394
178
10
3,582
750
1,875
2,625
6,207
Simon Andre S\u00f8bstad, COO Sales & Industry
2,710
121
10
2,842
925
1,213
2,138
4,980
Eva Haugen, Director Quality Management/HSE
1,642
149
10
1,801
425
947
1,372
3,174
Arthur Wisniewski, Director Human Resource Management
1,971
124
10
2,104
575
1,141
1,716
3,820
Runar Sivertsen, Chief Strategy Officer
2,179
120
10
2,310
575
1,092
1,667
3,977
Total earned 2024
19,416
1,016
70
20,502
4,800
10,330
15,130
35,632
Fixed remuneration
Variable remuneration
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
850
1,145
1,995
6,554
Ulrik Steinvik, CFO
2,559
83
10
2,652
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
4,850
5,317
12,210
30,565
Board of Directors 2024 (NOK 1,000)
Annual base fee
Audit and Risk
Nomination
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
585
\u2014
\u2014
\u2014
585
Leif Inge Nordhammer, Board member
328
\u2014
\u2014
\u2014
328
Margrethe Hauge, Vice-Chair of the Board
328
140
\u2014
\u2014
468
Arnhild Holstad, Board member
328
\u2014
\u2014
\u2014
328
Morten Loktu, Board member1
328
53
\u2014
\u2014
381
Employee representatives
Ingvild Kindlihagen, Board Member
164
\u2014
\u2014
1,181
1,345
Hans St\u00f8lan, Board Member
164
\u2014
\u2014
546
710
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
46
\u2014
46
Endre Kolbj\u00f8rnsen
\u2014
\u2014
31
\u2014
31
Ingjer Ofstad
\u2014
\u2014
16
\u2014
16
Total remuneration 2024
2,225
193
93
1,726
4,237
1 Excess compensation paid for audit-and risk committee 2023 was adjusted accordingly in 2024
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
\u2014
\u2014
103
648
Leif Inge Nordhammer, Board member
305
\u2014
\u2014
\u2014
305
Margrethe Hauge, Vice-Chair of the Board
305
130
\u2014
\u2014
435
Arnhild Holstad, Board member
305
\u2014
\u2014
\u2014
305
Morten Loktu, Board member
305
138
\u2014
\u2014
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
\u2014
\u2014
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
\u2014
\u2014
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
44
\u2014
44
Endre Kolbj\u00f8rnsen
\u2014
\u2014
28
\u2014
28
Karianne O. Tung
\u2014
\u2014
28
\u2014
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Total remuneration 2023
2,070
268
100
1,509
3,946
NOTE 2.5
Pensions plans
Specification of the pension cost for the Group:
NOKm
2024
2023
Defined-contribution scheme
141
107
Defined-benefits plan (Early Retirement Pension)
36
30
Defined-benefits plan
\u2014
-9
Employers' national insurance contributions
12
9
Total pension cost
188
138
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 underlying financial
position and results with sufficient reliability, and therefore 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 in the Groups balance:
NOKm
2024
2023
Prepaid pension contributions
4
3
Pension liabilities foreign operations
8
8
Total pension liabilities in balance sheet
8
8
NOTE 2.6
Other operating expenses and litigation and legal claims
Specification of other operating expenses (NOKm)
2024
2023
Maintenance
646
556
Energy
536
481
Third-party services
218
162
Freight
1,430
1,838
Insurance
138
88
Travel cost
42
36
Other operating expenses
874
909
Total other operating expenses
3,884
4,068
Litigation and legal claims
For 2023 and 2024, these costs are legal expenses related to allegations of price collusion and
are presented separately in the Consolidated Statement of Profit or Loss. For further information,
see Note 4.10. In 2024, the total costs amounted to NOK 35 million, while the corresponding cost
in 2023 was NOK 9 million.
NOTE 2.8
Restructuring costs
Restructuring costs are expenses and gains that will not recur in subsequent periods. These
include costs and revenues related to the discontinuation and sale of a business. Additionally,
there will be costs related to business combinations or the reorganization of existing business
operations. Costs included in restructuring expenses may be severance pay and other costs
associated with sale or discontinuation of business, business combinations or restructuring.
Breakdown of restructuring costs: (NOKm)
2024
2023
Provision of severance pay
\u2014
-39
Other restructuring cost
-37
-5
Gain from disposal\u00a0 of a subsidiary
198
15
Total
160
-29
Gain from disposals of subsidiaries are related to disposal of Osan Settefisk AS in 2024 and
Salmonor Settefisk AS in 2023. See Note 4.4 for further information.
NOTE 2.11
Income tax, resource rent tax and production tax
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
Production tax Norway
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 on the Norwegian activity increased from
NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg
with effect form 1 July 2023. For 2024 the production tax was
NOK 0.935 per kg.
Production tax Iceland
With effect from 2020 production tax was implemented in
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.
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 Operating profit. 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%
21%
Resource rent tax rate
25%
With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related
to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.
Tax expense in the consolidated statement of profit or loss
(NOKm)
2024
2023
Income tax payable
94
1,293
Income tax payable abroad
20
49
Income tax - change in deferred tax
820
279
Income tax - adjustment of prior periods
30
-4
Resource rent tax payable
38
464
Resource rent tax- change in deferred tax
426
372
Resource rent tax -implementation effect (deferred tax)
\u2014
2,080
Resource rent tax - adjustment of prior periods
-332
\u2014
Tax expense in the consolidated statement of profit or loss
1,096
4,534
Tax reconciliation
2024
2023
Profit before tax
4,201
7,279
Tax calculated at nominal Norwegian tax rate (22\u00a0%)
924
1,601
Foreign tax rate differences
5
-4
Income from investments in associates and joint venture
-27
6
Income from disposal subsidiaries
-44
-3
Production tax
44
\u2014
Net of other permanent differences
31
5
Resource rent tax expense (25\u00a0%)
464
836
Resource rent tax - implementation effect (25\u00a0%)
\u2014
2,080
Adjustment of income and resource rent tax from previous years
-302
12
Calculated tax expense
1,096
4,534
Effective tax rate
26.1%
62.3%
Effective tax rate exclusive implementation effect
26.1%
33.7%
Tax payable
Tax payable in the balance sheet (NOKm)
2024
2023
Income tax payable - Norway
94
1,311
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
\u2014
Income tax payable - abroad
10
39
Resource rent tax payable
38
464
Tax payable in the balance sheet
2,140
1,814
Change in tax payable (NOKm)
2024
2023
Tax payable at 1 January
1,814
2,613
Income tax payable
94
1,293
Income tax payable abroad
20
49
Resource rent tax payable
38
464
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
-1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
-1,181
\u2014
Other changes in tax payable
14
\u2014
Income tax - adjustment of prior periods
28
\u2014
Resource rent tax payable\u00a0 - adjustment of prior periods
-332
\u2014
Tax paid in the period
-355
-608
Translation differences
1
2
Tax payable at 31 December
2,140
1,814
Income tax payable
As of December 31, 2022, the income tax payable related to activities in Norway was calculated
to be NOK 2,589 million. The high payable tax was a consequence of the production costs related
to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal
entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty
regarding whether production costs for fish in the sea at the time of the implementation of the
resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax
report for 2022, the production cost was deducted, and as a consequence, the payable tax was
reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,
SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical
costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This
resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the
accounts, the effect was a reclassification between deferred tax and tax payable. As of December
31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in
full in January 2025.
Resource rent tax
In 2023, there was recognised an implementation effect related to the resource rent tax with a
total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the
lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the
final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to
raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian
Tax Administration's assessments of the deduction, and the group has chosen not to reverse the
implementation effect at the group level.
Due to the uncertainty in calculation of the resource rent tax during the implementation year, the
final calculation for 2023 was completed after the SalMar group accounts were approved.
Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for
2023 was recognized in the profit or loss for 2024.
Deferred tax liability - tax losses carried forward
Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and
Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax
group as a consequence of the deduction of production costs in the tax report for 2022. These
losses carried forward are expected to be utilized from taxable income in the near future. In
assessing the recoverability of tax assets, the Group relies on the same forecast assumptions
used elsewhere in the financial statements and other management reports\u00a0
Deferred tax liability
Deferred income tax liability - comprise
2024
2023
Non-current assets
2,081
1,972
Current assets
2,791
2,691
Other
-164
-12
Tax losses carried forward
-580
-378
Deferred income tax liability
4,128
4,273
Deferred resource tax liability - comprise:
2024
2023
Current assets
4,351
2,768
Other
-150
-245
Tax losses carried forward
-1,322
-72
Deferred resource tax liability
2,879
2,452
Total deferred tax liability
7,007
6,725
Change in net deferred tax liability\u00a0 (NOKm)
2024
2023
Deferred tax liability at 1 January
6,725
1,928
Change in deferred tax liability
820
279
Deferred tax liability on items recognised in OCI
-141
59
Other changes in deferred tax liability
-17
-10
Reclassification between tax payable and deferred tax liability
related to biological assets
-1,998
1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
1,181
\u2014
Deferred resource tax - implementation effect
0
2,080
Change in deferred resource tax liability
426
372
Translation differences
11
19
Deferred tax liability at 31 December
7,007
6,725
Total resource rent tax including production tax in the
consolidated statement of profit or loss
2024
2023
Production tax recognised in the period
241
208
Production tax related to activity in Iceland
35
25
Production tax related to activity in Norway
206
183
Resource rent tax payable
38
464
Resource rent tax \u2013 change in deferred tax
426
372
Resource rent tax - adjustment of prior periods
-332
\u2014
Resource rent tax \u2013 implementation effect (deferred tax)
\u2014
2,080
Total resource rent tax and production tax related to the
activity in Norway
338
3,099
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. Straightline
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.
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2024
5,833
7,986
2,288
352
1,078
17,537
Additions
78
970
211
4
527
1,790
Disposals
-82
-143
-5
-7
\u2014
-237
Disposal group company
-508
-16
\u2014
-8
\u2014
-532
Reclassification asset under construction
57
133
\u2014
12
-201
\u2014
Reclassification to right-of-use assets
\u2014
173
-145
\u2014
\u2014
28
Reclassification intangible assets
\u2014
-6
\u2014
\u2014
\u2014
-6
Reclassification between categories
358
1,224
752
64
-752
1,646
Currency translation differences
19
15
33
\u2014
4
71
Acquisition cost at 31 December 2024
5,755
10,335
3,134
417
655
20,295
Accumulated depreciation & write-downs
at 1 January 2024
615
3,458
885
206
\u2014
5,165
Depreciation
280
688
205
42
\u2014
1,216
Write-downs
1
56
\u2014
\u2014
\u2014
57
Disposal group company
-99
-9
\u2014
-2
\u2014
-110
Disposal depreciation and write-downs
-57
-104
-5
-7
\u2014
-174
Reclassification to right-of-use assets
\u2014
58
-42
\u2014
16
Reclassification between categories
205
942
425
74
\u2014
1,646
Currency translation differences
3
5
12
\u2014
\u2014
21
Accumulated depreciation & write-downs
at 31 December 2024
948
5,095
1,481
313
\u2014
7,838
Carrying amount at 31 December 2024
4,807
5,240
1,652
104
655
12,458
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
2
3
\u2014
\u2014
5
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2023
4,770
5,924
2,333
319
1,942
15,287
Additions
212
888
390
64
716
2,269
Disposals
-2
-49
-20
-11
\u2014
-82
Disposal group company
-38
-2
\u2014
-1
\u2014
-41
Reclassification assets under
construction
833
707
25
21
-1,586
\u2014
Reclassification to right-of-use assets
32
5
\u2014
\u2014
\u2014
38
Reclassification between categories
\u2014
497
-458
-39
\u2014
\u2014
Currency translation differences
27
15
18
\u2014
6
66
Acquisition cost at 31 December 2023
5,833
7,986
2,288
352
1,078
17,537
Accumulated depreciation & write-downs
at 1 January 2023
402
2,684
880
189
\u2014
4,156
Depreciation
237
595
172
36
\u2014
1,040
Write-downs
\u2014
30
\u2014
1
\u2014
31
Disposal group company
-28
-1
\u2014
\u2014
\u2014
-29
Disposal depreciation and write-downs
-1
-45
-15
-7
\u2014
-68
Reclassification to right-of-use assets
2
-5
15
\u2014
\u2014
13
Reclassification between categories
\u2014
194
-180
-14
\u2014
\u2014
Currency translation differences
2
6
14
\u2014
\u2014
22
Accumulated depreciation & write-downs
at 31 December 2023
615
3,458
885
206
\u2014
5,165
Carrying amount at 31 December 2023
5,218
4,528
1,402
146
1,078
12,371
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
\u2014
\u2014
-3
\u2014
-3
As of 31 December 2024, the company had capitalised a
total of NOK 655 million in connection with assets under
construction. The amount was divided into NOK 51
million on real estate, NOK 483 million on plant and
equipment, NOK 110 million on vessels, and NOK 11
million on other operating assets. As of 31 December
2023, the company had capitalised a total of NOK 1,078
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 387
million related to real estate, NOK 462 million to plant
and equipment, NOK 219 million to vessels and NOK 10
million to other operating assets.
In 2024, the write-downs primarily was related to the
impairment in the value of the offshore unit owned by
Arctic Offshore Farming, amounting to NOK 46 million. In
2023, there was a NOK 30 million impairment in the
value of the Salmosea plant and equipment.
NOTE 4.11
Audit fees
Breakdown of total auditor\u2019s fee:
2024 (NOKm)
EY
Others\u00b9
Audit services
5
3
Other certification services
2
\u2014
Tax advisory services
2
\u2014
Other non-audit services
1
1
Total 2024
9
4
2023 (NOKm)
EY
Others\u00b9
Audit services
6
1
Other certification services
2
\u2014
Tax advisory services
1
\u2014
Other non-audit services
1
\u2014
Total 2023
10
1
\u00b9 Some of the fees disclosed are inclusive VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-844": { "value": "
NOTE 2.3
Salary and personnel expenses
NOKm
2024
2023
Salaries and other short-term employee benefits
2,237
2,059
Social security expenses
181
157
Pension expenses
177
108
Employee share schemes charged to expenses
76
48
Other benefits
113
82
Total salary and personnel expenses
2,784
2,454
Classified as restructuring costs
\u2014
-39
Total salary and personnel expenses in statement of profit or
loss
2,784
2,415
Average number of full-time employee equivalent in the Group
2,941
2,674
For 2023 NOK 39 millions of salary and personnel expenses are classified\u00a0 restructuring cost. See
Note 1.2 and 2.8 for further information.
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.
Fixed remuneration
Variable remuneration
Executive Management 2024 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,779
180
10
4,969
800
2,529
3,329
8,298
Ulrik Steinvik, CFO
2,739
144
10
2,894
750
1,533
2,283
5,177
Roger Bekken, COO Farming
3,394
178
10
3,582
750
1,875
2,625
6,207
Simon Andre S\u00f8bstad, COO Sales & Industry
2,710
121
10
2,842
925
1,213
2,138
4,980
Eva Haugen, Director Quality Management/HSE
1,642
149
10
1,801
425
947
1,372
3,174
Arthur Wisniewski, Director Human Resource Management
1,971
124
10
2,104
575
1,141
1,716
3,820
Runar Sivertsen, Chief Strategy Officer
2,179
120
10
2,310
575
1,092
1,667
3,977
Total earned 2024
19,416
1,016
70
20,502
4,800
10,330
15,130
35,632
Fixed remuneration
Variable remuneration
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
850
1,145
1,995
6,554
Ulrik Steinvik, CFO
2,559
83
10
2,652
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
4,850
5,317
12,210
30,565
Board of Directors 2024 (NOK 1,000)
Annual base fee
Audit and Risk
Nomination
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
585
\u2014
\u2014
\u2014
585
Leif Inge Nordhammer, Board member
328
\u2014
\u2014
\u2014
328
Margrethe Hauge, Vice-Chair of the Board
328
140
\u2014
\u2014
468
Arnhild Holstad, Board member
328
\u2014
\u2014
\u2014
328
Morten Loktu, Board member1
328
53
\u2014
\u2014
381
Employee representatives
Ingvild Kindlihagen, Board Member
164
\u2014
\u2014
1,181
1,345
Hans St\u00f8lan, Board Member
164
\u2014
\u2014
546
710
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
46
\u2014
46
Endre Kolbj\u00f8rnsen
\u2014
\u2014
31
\u2014
31
Ingjer Ofstad
\u2014
\u2014
16
\u2014
16
Total remuneration 2024
2,225
193
93
1,726
4,237
1 Excess compensation paid for audit-and risk committee 2023 was adjusted accordingly in 2024
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
\u2014
\u2014
103
648
Leif Inge Nordhammer, Board member
305
\u2014
\u2014
\u2014
305
Margrethe Hauge, Vice-Chair of the Board
305
130
\u2014
\u2014
435
Arnhild Holstad, Board member
305
\u2014
\u2014
\u2014
305
Morten Loktu, Board member
305
138
\u2014
\u2014
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
\u2014
\u2014
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
\u2014
\u2014
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
44
\u2014
44
Endre Kolbj\u00f8rnsen
\u2014
\u2014
28
\u2014
28
Karianne O. Tung
\u2014
\u2014
28
\u2014
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Total remuneration 2023
2,070
268
100
1,509
3,946
NOTE 2.5
Pensions plans
Accounting policies
The Group has a defined-contribution pension scheme for its employees in accordance with the
legal requirements in Norway. 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 ASA also have a defined benefit scheme from the merger of Norway Royal Salmon. In
2023 members in the scheme was reduced during the year and there was recognised a gain of
NOK 9 million related to the settlement reducing the total pension cost recognised in expenses.
For 2024 no material cost is recognised related to the benefit scheme.
Specification of the pension cost for the Group:
NOKm
2024
2023
Defined-contribution scheme
141
107
Defined-benefits plan (Early Retirement Pension)
36
30
Defined-benefits plan
\u2014
-9
Employers' national insurance contributions
12
9
Total pension cost
188
138
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 underlying financial
position and results with sufficient reliability, and therefore 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 in the Groups balance:
NOKm
2024
2023
Prepaid pension contributions
4
3
Pension liabilities foreign operations
8
8
Total pension liabilities in balance sheet
8
8
NOTE 2.6
Other operating expenses and litigation and legal claims
Specification of other operating expenses (NOKm)
2024
2023
Maintenance
646
556
Energy
536
481
Third-party services
218
162
Freight
1,430
1,838
Insurance
138
88
Travel cost
42
36
Other operating expenses
874
909
Total other operating expenses
3,884
4,068
Litigation and legal claims
For 2023 and 2024, these costs are legal expenses related to allegations of price collusion and
are presented separately in the Consolidated Statement of Profit or Loss. For further information,
see Note 4.10. In 2024, the total costs amounted to NOK 35 million, while the corresponding cost
in 2023 was NOK 9 million.
NOTE 2.8
Restructuring costs
Restructuring costs are expenses and gains that will not recur in subsequent periods. These
include costs and revenues related to the discontinuation and sale of a business. Additionally,
there will be costs related to business combinations or the reorganization of existing business
operations. Costs included in restructuring expenses may be severance pay and other costs
associated with sale or discontinuation of business, business combinations or restructuring.
Breakdown of restructuring costs: (NOKm)
2024
2023
Provision of severance pay
\u2014
-39
Other restructuring cost
-37
-5
Gain from disposal\u00a0 of a subsidiary
198
15
Total
160
-29
Gain from disposals of subsidiaries are related to disposal of Osan Settefisk AS in 2024 and
Salmonor Settefisk AS in 2023. See Note 4.4 for further information.
NOTE 2.11
Income tax, resource rent tax and production tax
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
Production tax Norway
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 on the Norwegian activity increased from
NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg
with effect form 1 July 2023. For 2024 the production tax was
NOK 0.935 per kg.
Production tax Iceland
With effect from 2020 production tax was implemented in
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.
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 Operating profit. 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%
21%
Resource rent tax rate
25%
With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related
to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.
Tax expense in the consolidated statement of profit or loss
(NOKm)
2024
2023
Income tax payable
94
1,293
Income tax payable abroad
20
49
Income tax - change in deferred tax
820
279
Income tax - adjustment of prior periods
30
-4
Resource rent tax payable
38
464
Resource rent tax- change in deferred tax
426
372
Resource rent tax -implementation effect (deferred tax)
\u2014
2,080
Resource rent tax - adjustment of prior periods
-332
\u2014
Tax expense in the consolidated statement of profit or loss
1,096
4,534
Tax reconciliation
2024
2023
Profit before tax
4,201
7,279
Tax calculated at nominal Norwegian tax rate (22\u00a0%)
924
1,601
Foreign tax rate differences
5
-4
Income from investments in associates and joint venture
-27
6
Income from disposal subsidiaries
-44
-3
Production tax
44
\u2014
Net of other permanent differences
31
5
Resource rent tax expense (25\u00a0%)
464
836
Resource rent tax - implementation effect (25\u00a0%)
\u2014
2,080
Adjustment of income and resource rent tax from previous years
-302
12
Calculated tax expense
1,096
4,534
Effective tax rate
26.1%
62.3%
Effective tax rate exclusive implementation effect
26.1%
33.7%
Tax payable
Tax payable in the balance sheet (NOKm)
2024
2023
Income tax payable - Norway
94
1,311
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
\u2014
Income tax payable - abroad
10
39
Resource rent tax payable
38
464
Tax payable in the balance sheet
2,140
1,814
Change in tax payable (NOKm)
2024
2023
Tax payable at 1 January
1,814
2,613
Income tax payable
94
1,293
Income tax payable abroad
20
49
Resource rent tax payable
38
464
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
-1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
-1,181
\u2014
Other changes in tax payable
14
\u2014
Income tax - adjustment of prior periods
28
\u2014
Resource rent tax payable\u00a0 - adjustment of prior periods
-332
\u2014
Tax paid in the period
-355
-608
Translation differences
1
2
Tax payable at 31 December
2,140
1,814
Income tax payable
As of December 31, 2022, the income tax payable related to activities in Norway was calculated
to be NOK 2,589 million. The high payable tax was a consequence of the production costs related
to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal
entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty
regarding whether production costs for fish in the sea at the time of the implementation of the
resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax
report for 2022, the production cost was deducted, and as a consequence, the payable tax was
reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,
SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical
costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This
resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the
accounts, the effect was a reclassification between deferred tax and tax payable. As of December
31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in
full in January 2025.
Resource rent tax
In 2023, there was recognised an implementation effect related to the resource rent tax with a
total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the
lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the
final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to
raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian
Tax Administration's assessments of the deduction, and the group has chosen not to reverse the
implementation effect at the group level.
Due to the uncertainty in calculation of the resource rent tax during the implementation year, the
final calculation for 2023 was completed after the SalMar group accounts were approved.
Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for
2023 was recognized in the profit or loss for 2024.
Deferred tax liability - tax losses carried forward
Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and
Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax
group as a consequence of the deduction of production costs in the tax report for 2022. These
losses carried forward are expected to be utilized from taxable income in the near future. In
assessing the recoverability of tax assets, the Group relies on the same forecast assumptions
used elsewhere in the financial statements and other management reports\u00a0
Deferred tax liability
Deferred income tax liability - comprise
2024
2023
Non-current assets
2,081
1,972
Current assets
2,791
2,691
Other
-164
-12
Tax losses carried forward
-580
-378
Deferred income tax liability
4,128
4,273
Deferred resource tax liability - comprise:
2024
2023
Current assets
4,351
2,768
Other
-150
-245
Tax losses carried forward
-1,322
-72
Deferred resource tax liability
2,879
2,452
Total deferred tax liability
7,007
6,725
Change in net deferred tax liability\u00a0 (NOKm)
2024
2023
Deferred tax liability at 1 January
6,725
1,928
Change in deferred tax liability
820
279
Deferred tax liability on items recognised in OCI
-141
59
Other changes in deferred tax liability
-17
-10
Reclassification between tax payable and deferred tax liability
related to biological assets
-1,998
1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
1,181
\u2014
Deferred resource tax - implementation effect
0
2,080
Change in deferred resource tax liability
426
372
Translation differences
11
19
Deferred tax liability at 31 December
7,007
6,725
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. Straightline
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.
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2024
5,833
7,986
2,288
352
1,078
17,537
Additions
78
970
211
4
527
1,790
Disposals
-82
-143
-5
-7
\u2014
-237
Disposal group company
-508
-16
\u2014
-8
\u2014
-532
Reclassification asset under construction
57
133
\u2014
12
-201
\u2014
Reclassification to right-of-use assets
\u2014
173
-145
\u2014
\u2014
28
Reclassification intangible assets
\u2014
-6
\u2014
\u2014
\u2014
-6
Reclassification between categories
358
1,224
752
64
-752
1,646
Currency translation differences
19
15
33
\u2014
4
71
Acquisition cost at 31 December 2024
5,755
10,335
3,134
417
655
20,295
Accumulated depreciation & write-downs
at 1 January 2024
615
3,458
885
206
\u2014
5,165
Depreciation
280
688
205
42
\u2014
1,216
Write-downs
1
56
\u2014
\u2014
\u2014
57
Disposal group company
-99
-9
\u2014
-2
\u2014
-110
Disposal depreciation and write-downs
-57
-104
-5
-7
\u2014
-174
Reclassification to right-of-use assets
\u2014
58
-42
\u2014
16
Reclassification between categories
205
942
425
74
\u2014
1,646
Currency translation differences
3
5
12
\u2014
\u2014
21
Accumulated depreciation & write-downs
at 31 December 2024
948
5,095
1,481
313
\u2014
7,838
Carrying amount at 31 December 2024
4,807
5,240
1,652
104
655
12,458
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
2
3
\u2014
\u2014
5
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2023
4,770
5,924
2,333
319
1,942
15,287
Additions
212
888
390
64
716
2,269
Disposals
-2
-49
-20
-11
\u2014
-82
Disposal group company
-38
-2
\u2014
-1
\u2014
-41
Reclassification assets under
construction
833
707
25
21
-1,586
\u2014
Reclassification to right-of-use assets
32
5
\u2014
\u2014
\u2014
38
Reclassification between categories
\u2014
497
-458
-39
\u2014
\u2014
Currency translation differences
27
15
18
\u2014
6
66
Acquisition cost at 31 December 2023
5,833
7,986
2,288
352
1,078
17,537
Accumulated depreciation & write-downs
at 1 January 2023
402
2,684
880
189
\u2014
4,156
Depreciation
237
595
172
36
\u2014
1,040
Write-downs
\u2014
30
\u2014
1
\u2014
31
Disposal group company
-28
-1
\u2014
\u2014
\u2014
-29
Disposal depreciation and write-downs
-1
-45
-15
-7
\u2014
-68
Reclassification to right-of-use assets
2
-5
15
\u2014
\u2014
13
Reclassification between categories
\u2014
194
-180
-14
\u2014
\u2014
Currency translation differences
2
6
14
\u2014
\u2014
22
Accumulated depreciation & write-downs
at 31 December 2023
615
3,458
885
206
\u2014
5,165
Carrying amount at 31 December 2023
5,218
4,528
1,402
146
1,078
12,371
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
\u2014
\u2014
-3
\u2014
-3
As of 31 December 2024, the company had capitalised a
total of NOK 655 million in connection with assets under
construction. The amount was divided into NOK 51
million on real estate, NOK 483 million on plant and
equipment, NOK 110 million on vessels, and NOK 11
million on other operating assets. As of 31 December
2023, the company had capitalised a total of NOK 1,078
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 387
million related to real estate, NOK 462 million to plant
and equipment, NOK 219 million to vessels and NOK 10
million to other operating assets.
In 2024, the write-downs primarily was related to the
impairment in the value of the offshore unit owned by
Arctic Offshore Farming, amounting to NOK 46 million. In
2023, there was a NOK 30 million impairment in the
value of the Salmosea plant and equipment.
The disposal of fixed assets by group company in 2024 is
related to the sale of Osan Settefisk AS. See Note 4.4 for
further information.
NOTE 4.11
Audit fees
Breakdown of total auditor\u2019s fee:
2024 (NOKm)
EY
Others\u00b9
Audit services
5
3
Other certification services
2
\u2014
Tax advisory services
2
\u2014
Other non-audit services
1
1
Total 2024
9
4
2023 (NOKm)
EY
Others\u00b9
Audit services
6
1
Other certification services
2
\u2014
Tax advisory services
1
\u2014
Other non-audit services
1
\u2014
Total 2023
10
1
\u00b9 Some of the fees disclosed are inclusive VAT.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-847": { "value": "
Average number of full-time employee equivalent in the Group
2,941
2,674
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-848": { "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.
Fixed remuneration
Variable remuneration
Executive Management 2024 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,779
180
10
4,969
800
2,529
3,329
8,298
Ulrik Steinvik, CFO
2,739
144
10
2,894
750
1,533
2,283
5,177
Roger Bekken, COO Farming
3,394
178
10
3,582
750
1,875
2,625
6,207
Simon Andre S\u00f8bstad, COO Sales & Industry
2,710
121
10
2,842
925
1,213
2,138
4,980
Eva Haugen, Director Quality Management/HSE
1,642
149
10
1,801
425
947
1,372
3,174
Arthur Wisniewski, Director Human Resource Management
1,971
124
10
2,104
575
1,141
1,716
3,820
Runar Sivertsen, Chief Strategy Officer
2,179
120
10
2,310
575
1,092
1,667
3,977
Total earned 2024
19,416
1,016
70
20,502
4,800
10,330
15,130
35,632
Fixed remuneration
Variable remuneration
Executive Management 2023 (NOK 1,000)
Base salary
Pension
Benefits
Total fixed
remuneration
Bonus
Shares
Total variable
remuneration
Total
remuneration
Frode Arntsen, CEO
4,461
87
10
4,559
850
1,145
1,995
6,554
Ulrik Steinvik, CFO
2,559
83
10
2,652
800
867
1,667
4,319
Roger Bekken, COO Farming
3,160
95
10
3,265
800
1,026
1,826
5,091
Simon Andre S\u00f8bstad, COO Sales & Industry
2,179
175
10
2,364
650
595
1,245
3,609
Eva Haugen, Director Quality Management/HSE
1,550
83
10
1,643
450
572
1,022
2,664
Arthur Wisniewski, Director Human Resource Management
1,861
77
10
1,948
650
600
1,250
3,199
Runar Sivertsen, Chief Strategy Officer
1,838
77
10
1,925
650
512
1,162
3,086
Total earned 2023
17,607
676
73
18,356
4,850
5,317
12,210
30,565
Board of Directors 2024 (NOK 1,000)
Annual base fee
Audit and Risk
Nomination
Salary and benefits
Total remuneration
Gustav Witz\u00f8e, Chair of the Board
585
\u2014
\u2014
\u2014
585
Leif Inge Nordhammer, Board member
328
\u2014
\u2014
\u2014
328
Margrethe Hauge, Vice-Chair of the Board
328
140
\u2014
\u2014
468
Arnhild Holstad, Board member
328
\u2014
\u2014
\u2014
328
Morten Loktu, Board member1
328
53
\u2014
\u2014
381
Employee representatives
Ingvild Kindlihagen, Board Member
164
\u2014
\u2014
1,181
1,345
Hans St\u00f8lan, Board Member
164
\u2014
\u2014
546
710
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
46
\u2014
46
Endre Kolbj\u00f8rnsen
\u2014
\u2014
31
\u2014
31
Ingjer Ofstad
\u2014
\u2014
16
\u2014
16
Total remuneration 2024
2,225
193
93
1,726
4,237
1 Excess compensation paid for audit-and risk committee 2023 was adjusted accordingly in 2024
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
\u2014
\u2014
103
648
Leif Inge Nordhammer, Board member
305
\u2014
\u2014
\u2014
305
Margrethe Hauge, Vice-Chair of the Board
305
130
\u2014
\u2014
435
Arnhild Holstad, Board member
305
\u2014
\u2014
\u2014
305
Morten Loktu, Board member
305
138
\u2014
\u2014
443
Employee representatives
Ingvild Kindlihagen, Board Member (from 8 June 2023)
80
\u2014
\u2014
902
982
Hans St\u00f8lan, Board Member (from 8 June 2023)
80
\u2014
\u2014
504
584
Nomination Committee
Bj\u00f8rn M. Wiggen, Chair of the Nomination Committee
\u2014
\u2014
44
\u2014
44
Endre Kolbj\u00f8rnsen
\u2014
\u2014
28
\u2014
28
Karianne O. Tung
\u2014
\u2014
28
\u2014
28
Former members of the Board of Directors and the Nomination Committee
Simon Andre S\u00f8bstad, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Tone Ingebrigtsen, Employee representatives (until 7 June 2023)
73
\u2014
\u2014
\u2014
73
Total remuneration 2023
2,070
268
100
1,509
3,946
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-849": { "value": "
NOTE 2.4
Share-based incentive scheme
Accounting policies
The Group has a share-based incentive scheme, whereby the
companies 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
market 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 subsidiaries. As at
31 December 2024, the scheme encompassed up to 339,129
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 during 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 December 2024 is calculated to be NOK 183 million
(2023: NOK 184 million). The cost is expensed over the
vesting period, and a total of NOK 73 million was recognised in
connection with the scheme in 2024 (2023: NOK 43 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 2024 award was
formally made on 19 December 2024, the share price was NOK
576.24. (2023: NOK 571.44).
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 425.06 for those awarded on 19
December 2024, NOK 556.89 for those awarded on 19
December 2023 and NOK 288.89 for those awarded on 21
December 2022.
In 2024, 155,752 RSUs were exercised. The market price per
share at the time the RSUs were exercised was NOK 566.34.
Correspondingly, 87,990 RSUs were exercised in 2023. The
market price per share on the date these RSUs were exercised
was NOK 569.05. The value of the RSUs exercised is treated
as a salary payment to the individual employee.
Movements in the number of outstanding RSUs:
2024
2023
1 January
323,380
297,503
Granted during the year
168,534
162,394
Released during the year
-155,752
-87,990
Forfeited
-14,038
-6,231
Performance adjustment
\u2014
-53,278
Dividend adjustment
17,005
10,982
31 December
339,129
323,380
Calculation of the year's award was based on the following parameters :
2024
2023
Grant date
19.12.2024
19.12.2023
Plan
2024
2023
Share price on date of issue
542.50
571.00
Weighted average fair values at the measurement date
425.06
556.89
Dividend yield (\u00a0%)
0,00 %
0,00 %
Expected volatility (\u00a0%)
31.45%
38.73%
Risk-free interest rate (\u00a0%)
3.91%
3.76%
Expected lifetime
2
2
Model used
Monte Carlo &
Black-Scholes
Monte Carlo &
Black-Scholes
Vesting period for the outstanding RSUs at year end:
Date granted
Vesting period
2024
2023
20.12.2021
2021\u201324
\u2014
35,992
20.12.2021
2021\u201325
176
\u2014
21.12.2022
2022\u201324
\u2014
62,455
21.12.2022
2022\u201325
62,380
62,539
21.12.2022
2022\u201326
293
\u2014
19.12.2023
2023\u201324
\u2014
54,071
19.12.2023
2023\u201325
53,741
54,125
19.12.2023
2023\u201326
53,807
54,198
19.12.2023
2023\u201327
198
\u2014
19.12.2024
2024\u201325
56,122
\u2014
19.12.2024
2024\u201326
56,191
\u2014
19.12.2024
2024-27
56,221
\u2014
Outstanding RSUs as at 31 December
339,129
323,380
Number of outstanding RSUs - group management:
Outstanding
per 01.01
Granted
Released
Dividend
adjustment
Outstanding
per 31.12
Frode Arntsen, CEO
9,131
4,190
-4,475
531
9,377
Ulrik Steinvik, CFO
5,312
2,406
-2,713
306
5,311
Roger Bekken, COO Farming
6,541
2,984
-3,317
375
6,583
Simon A. S\u00f8bstad, COO Sales &
Industry
4,338
2,308
-2,147
243
4,742
Eva J. Haugen, Director Quality
Management/ HSE
3,233
1,443
-1,676
186
3,186
Arthur Wisniewski, Director Human
Resource Management
3,888
1,732
-2,019
219
3,820
Runar Sivertsen, Chief Strategy
Officer
3,806
2,094
-1,932
214
4,182
Share option agreements - Icelandic Salmon AS:
On 19 February 2021, the Company granted 205,850 share options with an exercise price of NOK
115.00, respectively, to the CEO and certain key employees. The option holders must stay in the
employment of the company over a vesting period of three years from the grant date until 19
February 2024. The exercise period was extended and the option holders have up to 19th of
August 2025 to exercise their option rights.
The Company has a choice of settling the options in cash or equity instruments.As at 31
December 2024 the fair value of the agreements was determined to be NOK 5 million.
Share option agreements - SalMar Aker Ocean AS:
On December 21, 2021, SalMar Aker Ocean AS entered into an option agreement with the
company's CEO. The agreement has a six-year vesting period from the grant date. The fair value
of the agreements was determined to be NOK 7 million at the grant date in 2023. In 2024, a total
of NOK 1 million was expensed as other employee benefits, with a corresponding entry to other
paid-in equity. The company's intention for the options was equity settlement. However,
following the reporting period, a decision was made to proceed with a cash settlement. As this
event occurred after the balance sheet date, no provision for the cash settlement has been made
as of December 31, 2024. For further information, see Note 4.12.
SalMar Aker Ocean AS entered into a share option agreement with key employees, granting
574,396 share options at an exercise price of NOK 49.50. The program is based on specific
criteria and allows employees to purchase a certain number of shares at a predetermined price.
The company's intention was for the options to be equity-settled with shares in SalMar Aker
Ocean AS, assuming the SalMar Aker Ocean group would be listed before December 31, 2024. If
this condition is not met, the options according to the agreement shall be settled in cash. At the
grant date, the fair value of the agreements was assessed at NOK 10 million. In 2024, NOK 2
million was recorded as other employee benefits, with a corresponding entry to other paid-in
equity. Since the listing criteria for SalMar Aker Ocean AS were not met by December 31, 2024,
the agreement will be settled in cash. Consequently, a provision of NOK 6 million was made as of
December 31, 2024, thereby reducing other paid-in equity accordingly.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-850": { "value": "
Accounting policies
The Group has a share-based incentive scheme, whereby the
companies 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
market 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-851": { "value": "
Accounting policies
The Group has a defined-contribution pension scheme for its employees in accordance with the
legal requirements in Norway. 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 ASA also have a defined benefit scheme from the merger of Norway Royal Salmon. In
2023 members in the scheme was reduced during the year and there was recognised a gain of
NOK 9 million related to the settlement reducing the total pension cost recognised in expenses.
For 2024 no material cost is recognised related to the benefit scheme.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-853": { "value": "
NOTE 2.6
Other operating expenses and litigation and legal claims
Specification of other operating expenses (NOKm)
2024
2023
Maintenance
646
556
Energy
536
481
Third-party services
218
162
Freight
1,430
1,838
Insurance
138
88
Travel cost
42
36
Other operating expenses
874
909
Total other operating expenses
3,884
4,068
Litigation and legal claims
For 2023 and 2024, these costs are legal expenses related to allegations of price collusion and
are presented separately in the Consolidated Statement of Profit or Loss. For further information,
see Note 4.10. In 2024, the total costs amounted to NOK 35 million, while the corresponding cost
in 2023 was NOK 9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-852": { "value": "
NOTE 2.6
Other operating expenses and litigation and legal claims
Specification of other operating expenses (NOKm)
2024
2023
Maintenance
646
556
Energy
536
481
Third-party services
218
162
Freight
1,430
1,838
Insurance
138
88
Travel cost
42
36
Other operating expenses
874
909
Total other operating expenses
3,884
4,068
Litigation and legal claims
For 2023 and 2024, these costs are legal expenses related to allegations of price collusion and
are presented separately in the Consolidated Statement of Profit or Loss. For further information,
see Note 4.10. In 2024, the total costs amounted to NOK 35 million, while the corresponding cost
in 2023 was NOK 9 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-854": { "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 CAPEX 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 2024, Group companies recognised an insignificant amount in tax incentives under the
SkatteFUNN scheme and derecognised NOK 4 million in SkatteFUNN-related amounts in respect
of capitalised operating assets. (2023: NOK 3 million recognised in profit and loss, and
derecognised NOK 13 million in SkatteFUNN-related amounts in respect of capitalised operating
assets).
The group has received NOK 7 million (2023: NOK 13 million) in investment grants related to
electrification and hybridization of boats and sea farms. The grants are recognised as a reduction
of the carrying amount of the 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-855": { "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 CAPEX 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-856": { "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.
NOKm
2024
2023
Change in unrealised value of Salmon futures contracts
-25
19
Change in the fair value of the biological assets
-109
1,571
Fair value adjustment
-134
1,590
Fair value adjustment included in cost of goods sold due to
business combination
-90
-723
Total fair value adjustments
-224
867
See Note 3.9 for details regarding change in fair value of Salmon futures contracts.
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 Salmon futures 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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-861": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-860": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-859": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-858": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-857": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-862": { "value": "
NOTE 2.10
Net financial items
Financial items (NOKm)
2024
2023
Interest income
38
51
Interest expenses to financial institutions\u00b9
-1,023
-1,113
Interest expenses relating to lease liabilities
-120
-102
Interest expenses to other\u00b2
-115
-8
Total interest expenses
-1,258
-1,223
Net interest expenses
-1,220
-1,172
Dividends and gain on investment in other companies
8
27
Other financial income
35
3
Total financial income
43
30
Write-downs financial assets
-4
\u2014
Other exchange differences
-11
-10
Change in fair value of derivatives\u00b3
\u2014
-7
Other financial expenses
-22
-43
Total financial expenses
-37
-60
Net financial expenses
6
-30
Net financial items
-1,214
-1,203
\u00b9Included in interest expense to financial institution is an amount of total NOK 93 million that
relates to income from interest rate swap contracts. Corresponding income in 2023 was NOK 61
million.
\u00b2Interest expenses to other is mainly represented of interests on taxes.
\u00b3Changes 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-865": { "value": "
NOTE 2.11
Income tax, resource rent tax and production tax
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
Production tax Norway
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 on the Norwegian activity increased from
NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg
with effect form 1 July 2023. For 2024 the production tax was
NOK 0.935 per kg.
Production tax Iceland
With effect from 2020 production tax was implemented in
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.
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 Operating profit. 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%
21%
Resource rent tax rate
25%
With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related
to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.
Tax expense in the consolidated statement of profit or loss
(NOKm)
2024
2023
Income tax payable
94
1,293
Income tax payable abroad
20
49
Income tax - change in deferred tax
820
279
Income tax - adjustment of prior periods
30
-4
Resource rent tax payable
38
464
Resource rent tax- change in deferred tax
426
372
Resource rent tax -implementation effect (deferred tax)
\u2014
2,080
Resource rent tax - adjustment of prior periods
-332
\u2014
Tax expense in the consolidated statement of profit or loss
1,096
4,534
Tax reconciliation
2024
2023
Profit before tax
4,201
7,279
Tax calculated at nominal Norwegian tax rate (22\u00a0%)
924
1,601
Foreign tax rate differences
5
-4
Income from investments in associates and joint venture
-27
6
Income from disposal subsidiaries
-44
-3
Production tax
44
\u2014
Net of other permanent differences
31
5
Resource rent tax expense (25\u00a0%)
464
836
Resource rent tax - implementation effect (25\u00a0%)
\u2014
2,080
Adjustment of income and resource rent tax from previous years
-302
12
Calculated tax expense
1,096
4,534
Effective tax rate
26.1%
62.3%
Effective tax rate exclusive implementation effect
26.1%
33.7%
Tax payable
Tax payable in the balance sheet (NOKm)
2024
2023
Income tax payable - Norway
94
1,311
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
\u2014
Income tax payable - abroad
10
39
Resource rent tax payable
38
464
Tax payable in the balance sheet
2,140
1,814
Change in tax payable (NOKm)
2024
2023
Tax payable at 1 January
1,814
2,613
Income tax payable
94
1,293
Income tax payable abroad
20
49
Resource rent tax payable
38
464
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
-1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
-1,181
\u2014
Other changes in tax payable
14
\u2014
Income tax - adjustment of prior periods
28
\u2014
Resource rent tax payable\u00a0 - adjustment of prior periods
-332
\u2014
Tax paid in the period
-355
-608
Translation differences
1
2
Tax payable at 31 December
2,140
1,814
Income tax payable
As of December 31, 2022, the income tax payable related to activities in Norway was calculated
to be NOK 2,589 million. The high payable tax was a consequence of the production costs related
to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal
entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty
regarding whether production costs for fish in the sea at the time of the implementation of the
resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax
report for 2022, the production cost was deducted, and as a consequence, the payable tax was
reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,
SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical
costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This
resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the
accounts, the effect was a reclassification between deferred tax and tax payable. As of December
31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in
full in January 2025.
Resource rent tax
In 2023, there was recognised an implementation effect related to the resource rent tax with a
total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the
lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the
final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to
raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian
Tax Administration's assessments of the deduction, and the group has chosen not to reverse the
implementation effect at the group level.
Due to the uncertainty in calculation of the resource rent tax during the implementation year, the
final calculation for 2023 was completed after the SalMar group accounts were approved.
Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for
2023 was recognized in the profit or loss for 2024.
Deferred tax liability - tax losses carried forward
Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and
Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax
group as a consequence of the deduction of production costs in the tax report for 2022. These
losses carried forward are expected to be utilized from taxable income in the near future. In
assessing the recoverability of tax assets, the Group relies on the same forecast assumptions
used elsewhere in the financial statements and other management reports\u00a0
Deferred tax liability
Deferred income tax liability - comprise
2024
2023
Non-current assets
2,081
1,972
Current assets
2,791
2,691
Other
-164
-12
Tax losses carried forward
-580
-378
Deferred income tax liability
4,128
4,273
Deferred resource tax liability - comprise:
2024
2023
Current assets
4,351
2,768
Other
-150
-245
Tax losses carried forward
-1,322
-72
Deferred resource tax liability
2,879
2,452
Total deferred tax liability
7,007
6,725
Change in net deferred tax liability\u00a0 (NOKm)
2024
2023
Deferred tax liability at 1 January
6,725
1,928
Change in deferred tax liability
820
279
Deferred tax liability on items recognised in OCI
-141
59
Other changes in deferred tax liability
-17
-10
Reclassification between tax payable and deferred tax liability
related to biological assets
-1,998
1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
1,181
\u2014
Deferred resource tax - implementation effect
0
2,080
Change in deferred resource tax liability
426
372
Translation differences
11
19
Deferred tax liability at 31 December
7,007
6,725
Total resource rent tax including production tax in the
consolidated statement of profit or loss
2024
2023
Production tax recognised in the period
241
208
Production tax related to activity in Iceland
35
25
Production tax related to activity in Norway
206
183
Resource rent tax payable
38
464
Resource rent tax \u2013 change in deferred tax
426
372
Resource rent tax - adjustment of prior periods
-332
\u2014
Resource rent tax \u2013 implementation effect (deferred tax)
\u2014
2,080
Total resource rent tax and production tax related to the
activity in Norway
338
3,099
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-864": { "value": "
NOTE 2.11
Income tax, resource rent tax and production tax
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
Production tax Norway
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 on the Norwegian activity increased from
NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg
with effect form 1 July 2023. For 2024 the production tax was
NOK 0.935 per kg.
Production tax Iceland
With effect from 2020 production tax was implemented in
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.
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 Operating profit. 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%
21%
Resource rent tax rate
25%
With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related
to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.
Tax expense in the consolidated statement of profit or loss
(NOKm)
2024
2023
Income tax payable
94
1,293
Income tax payable abroad
20
49
Income tax - change in deferred tax
820
279
Income tax - adjustment of prior periods
30
-4
Resource rent tax payable
38
464
Resource rent tax- change in deferred tax
426
372
Resource rent tax -implementation effect (deferred tax)
\u2014
2,080
Resource rent tax - adjustment of prior periods
-332
\u2014
Tax expense in the consolidated statement of profit or loss
1,096
4,534
Tax reconciliation
2024
2023
Profit before tax
4,201
7,279
Tax calculated at nominal Norwegian tax rate (22\u00a0%)
924
1,601
Foreign tax rate differences
5
-4
Income from investments in associates and joint venture
-27
6
Income from disposal subsidiaries
-44
-3
Production tax
44
\u2014
Net of other permanent differences
31
5
Resource rent tax expense (25\u00a0%)
464
836
Resource rent tax - implementation effect (25\u00a0%)
\u2014
2,080
Adjustment of income and resource rent tax from previous years
-302
12
Calculated tax expense
1,096
4,534
Effective tax rate
26.1%
62.3%
Effective tax rate exclusive implementation effect
26.1%
33.7%
Tax payable
Tax payable in the balance sheet (NOKm)
2024
2023
Income tax payable - Norway
94
1,311
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
\u2014
Income tax payable - abroad
10
39
Resource rent tax payable
38
464
Tax payable in the balance sheet
2,140
1,814
Change in tax payable (NOKm)
2024
2023
Tax payable at 1 January
1,814
2,613
Income tax payable
94
1,293
Income tax payable abroad
20
49
Resource rent tax payable
38
464
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
-1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
-1,181
\u2014
Other changes in tax payable
14
\u2014
Income tax - adjustment of prior periods
28
\u2014
Resource rent tax payable\u00a0 - adjustment of prior periods
-332
\u2014
Tax paid in the period
-355
-608
Translation differences
1
2
Tax payable at 31 December
2,140
1,814
Income tax payable
As of December 31, 2022, the income tax payable related to activities in Norway was calculated
to be NOK 2,589 million. The high payable tax was a consequence of the production costs related
to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal
entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty
regarding whether production costs for fish in the sea at the time of the implementation of the
resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax
report for 2022, the production cost was deducted, and as a consequence, the payable tax was
reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,
SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical
costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This
resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the
accounts, the effect was a reclassification between deferred tax and tax payable. As of December
31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in
full in January 2025.
Resource rent tax
In 2023, there was recognised an implementation effect related to the resource rent tax with a
total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the
lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the
final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to
raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian
Tax Administration's assessments of the deduction, and the group has chosen not to reverse the
implementation effect at the group level.
Due to the uncertainty in calculation of the resource rent tax during the implementation year, the
final calculation for 2023 was completed after the SalMar group accounts were approved.
Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for
2023 was recognized in the profit or loss for 2024.
Deferred tax liability - tax losses carried forward
Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and
Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax
group as a consequence of the deduction of production costs in the tax report for 2022. These
losses carried forward are expected to be utilized from taxable income in the near future. In
assessing the recoverability of tax assets, the Group relies on the same forecast assumptions
used elsewhere in the financial statements and other management reports\u00a0
Deferred tax liability
Deferred income tax liability - comprise
2024
2023
Non-current assets
2,081
1,972
Current assets
2,791
2,691
Other
-164
-12
Tax losses carried forward
-580
-378
Deferred income tax liability
4,128
4,273
Deferred resource tax liability - comprise:
2024
2023
Current assets
4,351
2,768
Other
-150
-245
Tax losses carried forward
-1,322
-72
Deferred resource tax liability
2,879
2,452
Total deferred tax liability
7,007
6,725
Change in net deferred tax liability\u00a0 (NOKm)
2024
2023
Deferred tax liability at 1 January
6,725
1,928
Change in deferred tax liability
820
279
Deferred tax liability on items recognised in OCI
-141
59
Other changes in deferred tax liability
-17
-10
Reclassification between tax payable and deferred tax liability
related to biological assets
-1,998
1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
1,181
\u2014
Deferred resource tax - implementation effect
0
2,080
Change in deferred resource tax liability
426
372
Translation differences
11
19
Deferred tax liability at 31 December
7,007
6,725
Total resource rent tax including production tax in the
consolidated statement of profit or loss
2024
2023
Production tax recognised in the period
241
208
Production tax related to activity in Iceland
35
25
Production tax related to activity in Norway
206
183
Resource rent tax payable
38
464
Resource rent tax \u2013 change in deferred tax
426
372
Resource rent tax - adjustment of prior periods
-332
\u2014
Resource rent tax \u2013 implementation effect (deferred tax)
\u2014
2,080
Total resource rent tax and production tax related to the
activity in Norway
338
3,099
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-863": { "value": "
NOTE 2.11
Income tax, resource rent tax and production tax
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
Production tax Norway
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 on the Norwegian activity increased from
NOK 0.56 per kg in the 1sth half of 2023 to NOK 0.90 per kg
with effect form 1 July 2023. For 2024 the production tax was
NOK 0.935 per kg.
Production tax Iceland
With effect from 2020 production tax was implemented in
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.
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 Operating profit. 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%
21%
Resource rent tax rate
25%
With effect from 2025 the income tax in Iceland decreases to 20 %. Deferred tax liability related
to temporary differences in Iceland at 31 December 2024 are calculated with a tax rate of 20 %.
Tax expense in the consolidated statement of profit or loss
(NOKm)
2024
2023
Income tax payable
94
1,293
Income tax payable abroad
20
49
Income tax - change in deferred tax
820
279
Income tax - adjustment of prior periods
30
-4
Resource rent tax payable
38
464
Resource rent tax- change in deferred tax
426
372
Resource rent tax -implementation effect (deferred tax)
\u2014
2,080
Resource rent tax - adjustment of prior periods
-332
\u2014
Tax expense in the consolidated statement of profit or loss
1,096
4,534
Tax reconciliation
2024
2023
Profit before tax
4,201
7,279
Tax calculated at nominal Norwegian tax rate (22\u00a0%)
924
1,601
Foreign tax rate differences
5
-4
Income from investments in associates and joint venture
-27
6
Income from disposal subsidiaries
-44
-3
Production tax
44
\u2014
Net of other permanent differences
31
5
Resource rent tax expense (25\u00a0%)
464
836
Resource rent tax - implementation effect (25\u00a0%)
\u2014
2,080
Adjustment of income and resource rent tax from previous years
-302
12
Calculated tax expense
1,096
4,534
Effective tax rate
26.1%
62.3%
Effective tax rate exclusive implementation effect
26.1%
33.7%
Tax payable
Tax payable in the balance sheet (NOKm)
2024
2023
Income tax payable - Norway
94
1,311
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
\u2014
Income tax payable - abroad
10
39
Resource rent tax payable
38
464
Tax payable in the balance sheet
2,140
1,814
Change in tax payable (NOKm)
2024
2023
Tax payable at 1 January
1,814
2,613
Income tax payable
94
1,293
Income tax payable abroad
20
49
Resource rent tax payable
38
464
Reclassification between tax payable and deferred tax liability
related to biological assets
1,998
-1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
-1,181
\u2014
Other changes in tax payable
14
\u2014
Income tax - adjustment of prior periods
28
\u2014
Resource rent tax payable\u00a0 - adjustment of prior periods
-332
\u2014
Tax paid in the period
-355
-608
Translation differences
1
2
Tax payable at 31 December
2,140
1,814
Income tax payable
As of December 31, 2022, the income tax payable related to activities in Norway was calculated
to be NOK 2,589 million. The high payable tax was a consequence of the production costs related
to the stock of live fish as of December 31, 2022, not being deducted in the income tax for legal
entities subject to resource rent tax. As of December 31, 2022, there was significant uncertainty
regarding whether production costs for fish in the sea at the time of the implementation of the
resource rent tax would be deductible for the resource rent tax in 2023. However, in the final tax
report for 2022, the production cost was deducted, and as a consequence, the payable tax was
reduced by NOK 1,998 million, with a corresponding increase in deferred tax liability. In 2024,
SalMar chose to adjust the tax report for the year 2022. In the updated tax report, the historical
costs on existing biomass as of December 31, 2022, were not deducted for tax purposes. This
resulted in an increased payable tax for the income year 2022 by NOK 1,998 million. In the
accounts, the effect was a reclassification between deferred tax and tax payable. As of December
31, 2024, the effect is included in income tax payable. The tax of NOK 1,998 million was paid in
full in January 2025.
Resource rent tax
In 2023, there was recognised an implementation effect related to the resource rent tax with a
total of NOK 2.080 million. This effect was associated with deferred resource rent tax due to the
lack of deduction for the capitalized production cost of the biomass as of January 1, 2023. In the
final tax report for 2023, the Group chose to deduct the accumulated production cost incurred to
raise the fish until December 31, 2022. However, there is uncertainty related to the Norwegian
Tax Administration's assessments of the deduction, and the group has chosen not to reverse the
implementation effect at the group level.
Due to the uncertainty in calculation of the resource rent tax during the implementation year, the
final calculation for 2023 was completed after the SalMar group accounts were approved.
Consequently an adjustment of NOK 332 million related to the estimated resource rent tax for
2023 was recognized in the profit or loss for 2024.
Deferred tax liability - tax losses carried forward
Tax losses carried forward are related to companies in the subgroups SalMar Aker Ocean and
Icelandic Salmon. Additionally, there are losses carried forward related to the Norwegian tax
group as a consequence of the deduction of production costs in the tax report for 2022. These
losses carried forward are expected to be utilized from taxable income in the near future. In
assessing the recoverability of tax assets, the Group relies on the same forecast assumptions
used elsewhere in the financial statements and other management reports\u00a0
Deferred tax liability
Deferred income tax liability - comprise
2024
2023
Non-current assets
2,081
1,972
Current assets
2,791
2,691
Other
-164
-12
Tax losses carried forward
-580
-378
Deferred income tax liability
4,128
4,273
Deferred resource tax liability - comprise:
2024
2023
Current assets
4,351
2,768
Other
-150
-245
Tax losses carried forward
-1,322
-72
Deferred resource tax liability
2,879
2,452
Total deferred tax liability
7,007
6,725
Change in net deferred tax liability\u00a0 (NOKm)
2024
2023
Deferred tax liability at 1 January
6,725
1,928
Change in deferred tax liability
820
279
Deferred tax liability on items recognised in OCI
-141
59
Other changes in deferred tax liability
-17
-10
Reclassification between tax payable and deferred tax liability
related to biological assets
-1,998
1,998
Reclassification between tax payable and deferred tax liability
related to changes in group contribution
1,181
\u2014
Deferred resource tax - implementation effect
0
2,080
Change in deferred resource tax liability
426
372
Translation differences
11
19
Deferred tax liability at 31 December
7,007
6,725
Total resource rent tax including production tax in the
consolidated statement of profit or loss
2024
2023
Production tax recognised in the period
241
208
Production tax related to activity in Iceland
35
25
Production tax related to activity in Norway
206
183
Resource rent tax payable
38
464
Resource rent tax \u2013 change in deferred tax
426
372
Resource rent tax - adjustment of prior periods
-332
\u2014
Resource rent tax \u2013 implementation effect (deferred tax)
\u2014
2,080
Total resource rent tax and production tax related to the
activity in Norway
338
3,099
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-866": { "value": "
Accounting policies and general information
Income tax
Income taxes comprise 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 accounting 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 in 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-867": { "value": "
Deferred tax is calculated on the basis of temporary
differences between accounting and taxation values at the
close of the accounting 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-872": { "value": "
NOTE 3.1
Intangible assets
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2024
15,288
3,035
571
18,894
Additions
768
\u2014
24
792
Reclassifications to property, plant
and equipment
\u2014
\u2014
6
6
Currency translation differences
68
8
\u2014
76
Acquisition cost at 31 December
2024
16,123
3,043
601
19,768
Accumulated depreciation & write-
downs at 1 January 2024
71
24
115
209
Depreciation
43
\u2014
12
55
Write-downs
\u2014
\u2014
11
11
Accumulated depreciation & write-
downs at 31 December 2024
114
24
138
275
Carrying amount at 31 December
2024
16,010
3,019
464
19,493
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years\u00a0 \u00a0
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 464 million are made up of capitalised
development costs. NOK 9 million of this comprise 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 407 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 2024 was NOK 21 million.
Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related
to time-limited demonstration licences. These licences is amortised over the remaining life.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2023
14,904
3,024
520
18,447
Additions through business
combinations
288
\u2014
51
339
Disposal
-3
\u2014
\u2014
-3
Currency translation differences
98
11
\u2014
110
Acquisition cost at 31 December
2023
15,288
3,035
571
18,894
Accumulated depreciation & write-
downs at 1 January 2023
28
24
104
156
Depreciation
43
\u2014
10
53
Accumulated depreciation & write-
downs at 31 December 2023
71
24
115
209
Carrying amount at 31 December
2023
15,217
3,011
457
18,685
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2024 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
72,337
6,166
6,148
Fish Farming Central Norway
85,487
7,363
7,262
SalMar Aker Ocean
12,416
1,035
1,035
Norway
170,240
14,564
14,445
Icelandic Salmon
23,700
1,279
1,565
Group
193,940
15,843
16,010
Specification of fish farming licences 2023 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,399
5,388
Fish Farming Central Norway
85,482
7,362
7,297
SalMar Aker Ocean
12,355
1,035
1,035
Norway
167,112
13,796
13,720
Icelandic Salmon
23,700
1,279
1,497
Group
190,812
15,075
15,217
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,\u00a0
there are 4 time-limited demonstration licences in Central
Norway, 2 time-limited demonstration licences in Northern
Norway and 4 time-limited broodstock licenses in Central
Norway, each with a MAB of 780 tonnes. In addition Fish
Farming Central Norway holds MAB 1,100 tonnes in
development licenses. SalMar also operates several R&D
licences in collaboration with other companies.
Included in the MAB tonnes related to SalMar Aker Ocean there
are 8 development licences with a total of MAB 6,112 tonnes
owned by the Salmar Aker Oceans subsidiary, Arctic Offshore
Farming, which operates a submersible offshore unit designed
for harsh weather conditions.
Furthermore, 8 licences were granted to the subsidiary
Mariculture AS in 2019 to develop the Smart Fish Farm, a
specially designed deepwater installation for the farming of
fish in the open ocean. No consideration was paid for the
licenses granted to Mariculture AS and the 6,240 MAB tonnes
are not included in the table above.
2024 Change in fish farming licences (MAB tonnes)
In 2024\u00a0 Fish Farming Northern Norway has purchased 3,062
MAB tonnes and Fish Farming Central Norway 5 MAB tonnes
through auctions and increased permit capacity for a total
consideration of NOK 768 million. In 2024 Arctic Offshore
Farming was granted additional 61 tonnes through increased
permit capacity related to the development licenses, No
consideration was paid for the increase as this will be paid
upon conversion of the licenses.
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 256 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 33 million.
Specification of goodwill 2024 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
182
Total goodwill
3,017
3,019
Specification of goodwill 2023 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
174
Total goodwill
3,017
3,011
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 182 million allocated to segment Icelandic Salmon is arising from the
acquisition of Eldisst\u00f8din Isthor ehf.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-871": { "value": "
NOTE 3.1
Intangible assets
Accounting policies
Intangible assets acquired separately are measured on initial
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
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.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2024
15,288
3,035
571
18,894
Additions
768
\u2014
24
792
Reclassifications to property, plant
and equipment
\u2014
\u2014
6
6
Currency translation differences
68
8
\u2014
76
Acquisition cost at 31 December
2024
16,123
3,043
601
19,768
Accumulated depreciation & write-
downs at 1 January 2024
71
24
115
209
Depreciation
43
\u2014
12
55
Write-downs
\u2014
\u2014
11
11
Accumulated depreciation & write-
downs at 31 December 2024
114
24
138
275
Carrying amount at 31 December
2024
16,010
3,019
464
19,493
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years\u00a0 \u00a0
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 464 million are made up of capitalised
development costs. NOK 9 million of this comprise 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 407 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 2024 was NOK 21 million.
Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related
to time-limited demonstration licences. These licences is amortised over the remaining life.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2023
14,904
3,024
520
18,447
Additions through business
combinations
288
\u2014
51
339
Disposal
-3
\u2014
\u2014
-3
Currency translation differences
98
11
\u2014
110
Acquisition cost at 31 December
2023
15,288
3,035
571
18,894
Accumulated depreciation & write-
downs at 1 January 2023
28
24
104
156
Depreciation
43
\u2014
10
53
Accumulated depreciation & write-
downs at 31 December 2023
71
24
115
209
Carrying amount at 31 December
2023
15,217
3,011
457
18,685
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2024 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
72,337
6,166
6,148
Fish Farming Central Norway
85,487
7,363
7,262
SalMar Aker Ocean
12,416
1,035
1,035
Norway
170,240
14,564
14,445
Icelandic Salmon
23,700
1,279
1,565
Group
193,940
15,843
16,010
Specification of fish farming licences 2023 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,399
5,388
Fish Farming Central Norway
85,482
7,362
7,297
SalMar Aker Ocean
12,355
1,035
1,035
Norway
167,112
13,796
13,720
Icelandic Salmon
23,700
1,279
1,497
Group
190,812
15,075
15,217
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,\u00a0
there are 4 time-limited demonstration licences in Central
Norway, 2 time-limited demonstration licences in Northern
Norway and 4 time-limited broodstock licenses in Central
Norway, each with a MAB of 780 tonnes. In addition Fish
Farming Central Norway holds MAB 1,100 tonnes in
development licenses. SalMar also operates several R&D
licences in collaboration with other companies.
Included in the MAB tonnes related to SalMar Aker Ocean there
are 8 development licences with a total of MAB 6,112 tonnes
owned by the Salmar Aker Oceans subsidiary, Arctic Offshore
Farming, which operates a submersible offshore unit designed
for harsh weather conditions.
Furthermore, 8 licences were granted to the subsidiary
Mariculture AS in 2019 to develop the Smart Fish Farm, a
specially designed deepwater installation for the farming of
fish in the open ocean. No consideration was paid for the
licenses granted to Mariculture AS and the 6,240 MAB tonnes
are not included in the table above.
2024 Change in fish farming licences (MAB tonnes)
In 2024\u00a0 Fish Farming Northern Norway has purchased 3,062
MAB tonnes and Fish Farming Central Norway 5 MAB tonnes
through auctions and increased permit capacity for a total
consideration of NOK 768 million. In 2024 Arctic Offshore
Farming was granted additional 61 tonnes through increased
permit capacity related to the development licenses, No
consideration was paid for the increase as this will be paid
upon conversion of the licenses.
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 256 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 33 million.
Specification of goodwill 2024 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
182
Total goodwill
3,017
3,019
Specification of goodwill 2023 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
174
Total goodwill
3,017
3,011
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 182 million allocated to segment Icelandic Salmon is arising from the
acquisition of Eldisst\u00f8din Isthor ehf.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-870": { "value": "
NOTE 3.1
Intangible assets
Accounting policies
Intangible assets acquired separately are measured on initial
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
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.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2024
15,288
3,035
571
18,894
Additions
768
\u2014
24
792
Reclassifications to property, plant
and equipment
\u2014
\u2014
6
6
Currency translation differences
68
8
\u2014
76
Acquisition cost at 31 December
2024
16,123
3,043
601
19,768
Accumulated depreciation & write-
downs at 1 January 2024
71
24
115
209
Depreciation
43
\u2014
12
55
Write-downs
\u2014
\u2014
11
11
Accumulated depreciation & write-
downs at 31 December 2024
114
24
138
275
Carrying amount at 31 December
2024
16,010
3,019
464
19,493
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years\u00a0 \u00a0
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 464 million are made up of capitalised
development costs. NOK 9 million of this comprise 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 407 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 2024 was NOK 21 million.
Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related
to time-limited demonstration licences. These licences is amortised over the remaining life.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2023
14,904
3,024
520
18,447
Additions through business
combinations
288
\u2014
51
339
Disposal
-3
\u2014
\u2014
-3
Currency translation differences
98
11
\u2014
110
Acquisition cost at 31 December
2023
15,288
3,035
571
18,894
Accumulated depreciation & write-
downs at 1 January 2023
28
24
104
156
Depreciation
43
\u2014
10
53
Accumulated depreciation & write-
downs at 31 December 2023
71
24
115
209
Carrying amount at 31 December
2023
15,217
3,011
457
18,685
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2024 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
72,337
6,166
6,148
Fish Farming Central Norway
85,487
7,363
7,262
SalMar Aker Ocean
12,416
1,035
1,035
Norway
170,240
14,564
14,445
Icelandic Salmon
23,700
1,279
1,565
Group
193,940
15,843
16,010
Specification of fish farming licences 2023 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,399
5,388
Fish Farming Central Norway
85,482
7,362
7,297
SalMar Aker Ocean
12,355
1,035
1,035
Norway
167,112
13,796
13,720
Icelandic Salmon
23,700
1,279
1,497
Group
190,812
15,075
15,217
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,\u00a0
there are 4 time-limited demonstration licences in Central
Norway, 2 time-limited demonstration licences in Northern
Norway and 4 time-limited broodstock licenses in Central
Norway, each with a MAB of 780 tonnes. In addition Fish
Farming Central Norway holds MAB 1,100 tonnes in
development licenses. SalMar also operates several R&D
licences in collaboration with other companies.
Included in the MAB tonnes related to SalMar Aker Ocean there
are 8 development licences with a total of MAB 6,112 tonnes
owned by the Salmar Aker Oceans subsidiary, Arctic Offshore
Farming, which operates a submersible offshore unit designed
for harsh weather conditions.
Furthermore, 8 licences were granted to the subsidiary
Mariculture AS in 2019 to develop the Smart Fish Farm, a
specially designed deepwater installation for the farming of
fish in the open ocean. No consideration was paid for the
licenses granted to Mariculture AS and the 6,240 MAB tonnes
are not included in the table above.
2024 Change in fish farming licences (MAB tonnes)
In 2024\u00a0 Fish Farming Northern Norway has purchased 3,062
MAB tonnes and Fish Farming Central Norway 5 MAB tonnes
through auctions and increased permit capacity for a total
consideration of NOK 768 million. In 2024 Arctic Offshore
Farming was granted additional 61 tonnes through increased
permit capacity related to the development licenses, No
consideration was paid for the increase as this will be paid
upon conversion of the licenses.
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 256 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 33 million.
Specification of goodwill 2024 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
182
Total goodwill
3,017
3,019
Specification of goodwill 2023 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
174
Total goodwill
3,017
3,011
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 182 million allocated to segment Icelandic Salmon is arising from the
acquisition of Eldisst\u00f8din Isthor ehf.
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
acquisitions, 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 after 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.
For impact from climate-related matters that may affect the value of the groups assets or future
cash flow, see Note 4.9.
Carrying amount of licences and goodwill allocated to cash generating units as at
31 December 2024:
NOKm
Goodwill
Licences
Total 31.12.2024
Fish Farming Northern Norway
1,577
6,148
7,726
Fish Farming Central Norway
1,260
7,262
8,521
SalMar Aker Ocean
\u2014
1,035
1,035
Icelandic Salmon
182
1,565
1,747
3,019
16,010
19,029
Carrying amount of licences and goodwill allocated to cash generating units as at
31 December 2023:
NOKm
Goodwill
Licences
Total 31.12.2023
Fish Farming Northern Norway
1,577
5,388
6,965
Fish Farming Central Norway
1,260
7,297
8,557
SalMar Aker Ocean
\u2014
1,035
1,035
Icelandic Salmon
174
1,497
1,671
3,011
15,217
18,228
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 harvested 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 after tax\u00a0 (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 WACC\u00a0 is
calculated at 7.8 % for the Group's Norwegian entities. For the
operations in Iceland, the WACC is calculated at 8.8 %.
Terminal growth rate
The growth rate is set at 2.5 % for Norway and Iceland.
EBIT/kg
EBIT margin per kg is highly volatile with respect to changes in
salmon prices and cost. The prices are based on estimates and
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 20 % in 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
analysis of its assets. Based on current knowledge this is
deemed to be less sensitive compared to the other factors
used in the impairment evaluation.
Based on the above assessments, there were no impairment
indicators identified related to the fish farming licences or
goodwill as of 31 December 2024. 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 sensitivity 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.
Cash generating units
WACC
EBIT/kg (NOK)
Fish Farming Northern Norway
7.3%
-12.0
Fish Farming Central Norway
6.6%
-11.1
Salmar Aker Ocean
5.4%
-8.9
Icelandic Salmon
3.0%
-4.7
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. Straightline
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.
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2024
5,833
7,986
2,288
352
1,078
17,537
Additions
78
970
211
4
527
1,790
Disposals
-82
-143
-5
-7
\u2014
-237
Disposal group company
-508
-16
\u2014
-8
\u2014
-532
Reclassification asset under construction
57
133
\u2014
12
-201
\u2014
Reclassification to right-of-use assets
\u2014
173
-145
\u2014
\u2014
28
Reclassification intangible assets
\u2014
-6
\u2014
\u2014
\u2014
-6
Reclassification between categories
358
1,224
752
64
-752
1,646
Currency translation differences
19
15
33
\u2014
4
71
Acquisition cost at 31 December 2024
5,755
10,335
3,134
417
655
20,295
Accumulated depreciation & write-downs
at 1 January 2024
615
3,458
885
206
\u2014
5,165
Depreciation
280
688
205
42
\u2014
1,216
Write-downs
1
56
\u2014
\u2014
\u2014
57
Disposal group company
-99
-9
\u2014
-2
\u2014
-110
Disposal depreciation and write-downs
-57
-104
-5
-7
\u2014
-174
Reclassification to right-of-use assets
\u2014
58
-42
\u2014
16
Reclassification between categories
205
942
425
74
\u2014
1,646
Currency translation differences
3
5
12
\u2014
\u2014
21
Accumulated depreciation & write-downs
at 31 December 2024
948
5,095
1,481
313
\u2014
7,838
Carrying amount at 31 December 2024
4,807
5,240
1,652
104
655
12,458
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
2
3
\u2014
\u2014
5
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2023
4,770
5,924
2,333
319
1,942
15,287
Additions
212
888
390
64
716
2,269
Disposals
-2
-49
-20
-11
\u2014
-82
Disposal group company
-38
-2
\u2014
-1
\u2014
-41
Reclassification assets under
construction
833
707
25
21
-1,586
\u2014
Reclassification to right-of-use assets
32
5
\u2014
\u2014
\u2014
38
Reclassification between categories
\u2014
497
-458
-39
\u2014
\u2014
Currency translation differences
27
15
18
\u2014
6
66
Acquisition cost at 31 December 2023
5,833
7,986
2,288
352
1,078
17,537
Accumulated depreciation & write-downs
at 1 January 2023
402
2,684
880
189
\u2014
4,156
Depreciation
237
595
172
36
\u2014
1,040
Write-downs
\u2014
30
\u2014
1
\u2014
31
Disposal group company
-28
-1
\u2014
\u2014
\u2014
-29
Disposal depreciation and write-downs
-1
-45
-15
-7
\u2014
-68
Reclassification to right-of-use assets
2
-5
15
\u2014
\u2014
13
Reclassification between categories
\u2014
194
-180
-14
\u2014
\u2014
Currency translation differences
2
6
14
\u2014
\u2014
22
Accumulated depreciation & write-downs
at 31 December 2023
615
3,458
885
206
\u2014
5,165
Carrying amount at 31 December 2023
5,218
4,528
1,402
146
1,078
12,371
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
\u2014
\u2014
-3
\u2014
-3
As of 31 December 2024, the company had capitalised a
total of NOK 655 million in connection with assets under
construction. The amount was divided into NOK 51
million on real estate, NOK 483 million on plant and
equipment, NOK 110 million on vessels, and NOK 11
million on other operating assets. As of 31 December
2023, the company had capitalised a total of NOK 1,078
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 387
million related to real estate, NOK 462 million to plant
and equipment, NOK 219 million to vessels and NOK 10
million to other operating assets.
In 2024, the write-downs primarily was related to the
impairment in the value of the offshore unit owned by
Arctic Offshore Farming, amounting to NOK 46 million. In
2023, there was a NOK 30 million impairment in the
value of the Salmosea plant and equipment.
The disposal of fixed assets by group company in 2024 is
related to the sale of Osan Settefisk AS. See Note 4.4 for
further information.
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 present 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 production 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
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2024
430
544
2,235
3,209
Adjustments of existing agreements
2
\u2014
13
14
Additions
24
42
175
241
Disposal acquisition cost
-2
-4
-15
-20
Reclassification
62
-62
\u2014
\u2014
Reclassification of acquisition cost to property, plant and equipment
-10
\u2014
-19
-28
Currency translation differences
1
2
3
5
Acquisition cost at 31 December 2024
508
522
2,393
3,422
Accumulated depreciation & write-downs at 1 January 2024
186
322
904
1,412
Depreciation
33
56
331
420
Disposal accumulated depreciation
-2
-4
-15
-21
Reclassification
19
-7
-12
\u2014
Reclassification of depreciation to property, plant and equipment
-4
-12
\u2014
-16
Currency translation differences
1
\u2014
2
3
Accumulated depreciation & write-downs at 31 December 2024
233
355
1,211
1,798
Carrying amount at 31 December 2024
275
167
1,182
1,623
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2023
451
537
1,506
2,494
Adjustments of existing agreements
\u2014
\u2014
25
25
Additions
12
13
722
747
Disposal acquisition cost
-1
-3
-20
-25
Reclassification of acquisition cost to property, plant and equipment
-32
-5
\u2014
-38
Currency translation differences
\u2014
4
3
6
Acquisition cost at 31 December 2023
430
544
2,235
3,209
Accumulated depreciation & write-downs at 1 January 2023
158
257
692
1,107
Depreciation
30
58
239
326
Write-down
\u2014
2
\u2014
2
Disposal accumulated depreciation
\u2014
-1
-12
-13
Reclassification of depreciation to property, plant and equipment
-2
5
-15
-13
Currency translation differences
\u2014
1
1
2
Accumulated depreciation & write-downs at 31 December 2023
186
322
904
1,412
Carrying amount at 31 December 2023
244
223
1,331
1,798
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOKm)
2024
2023
Costs relating to short-term leases (less than 12 months duration)
317
263
Costs relating to the lease of low-value assets
26
52
Total leasing costs included in other operating expenses
343
315
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
NOKm
2024
2023
Lease liability 1 January
1,845
1,425
Adjustment of lease liabilities
14
25
New contracts
241
747
Interest on lease liability (profit and loss)
120
102
Instalments on lease liabilities paid (cash flow)
-409
-321
Interest on lease liabilities paid (cash flow)
-120
-102
Disposal and reclassification of lease liabilities
2
-32
Currency translation differences
\u2014
2
Total lease liabilities at 31 December
1,694
1,845
Short-term lease liabilities
420
344
Long-term lease liabilities
1,274
1,502
Total lease liabilities at 31 December
1,694
1,845
Cash flow relating to lease liabilities
NOKm
2024
2023
Instalments on lease liabilities paid (cash flow)
409
321
Interest on lease liabilities paid (cash flow)
120
102
Lease liabilities recognised in profit or loss
343
315
Total cash flow relating to lease liabilities
873
738
See Note 4.1 for further details of the lease liabilities' maturity profile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-869": { "value": "
NOTE 3.1
Intangible assets
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2024
15,288
3,035
571
18,894
Additions
768
\u2014
24
792
Reclassifications to property, plant
and equipment
\u2014
\u2014
6
6
Currency translation differences
68
8
\u2014
76
Acquisition cost at 31 December
2024
16,123
3,043
601
19,768
Accumulated depreciation & write-
downs at 1 January 2024
71
24
115
209
Depreciation
43
\u2014
12
55
Write-downs
\u2014
\u2014
11
11
Accumulated depreciation & write-
downs at 31 December 2024
114
24
138
275
Carrying amount at 31 December
2024
16,010
3,019
464
19,493
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years\u00a0 \u00a0
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 464 million are made up of capitalised
development costs. NOK 9 million of this comprise 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 407 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 2024 was NOK 21 million.
Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related
to time-limited demonstration licences. These licences is amortised over the remaining life.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2023
14,904
3,024
520
18,447
Additions through business
combinations
288
\u2014
51
339
Disposal
-3
\u2014
\u2014
-3
Currency translation differences
98
11
\u2014
110
Acquisition cost at 31 December
2023
15,288
3,035
571
18,894
Accumulated depreciation & write-
downs at 1 January 2023
28
24
104
156
Depreciation
43
\u2014
10
53
Accumulated depreciation & write-
downs at 31 December 2023
71
24
115
209
Carrying amount at 31 December
2023
15,217
3,011
457
18,685
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 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. Straightline
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.
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2024
5,833
7,986
2,288
352
1,078
17,537
Additions
78
970
211
4
527
1,790
Disposals
-82
-143
-5
-7
\u2014
-237
Disposal group company
-508
-16
\u2014
-8
\u2014
-532
Reclassification asset under construction
57
133
\u2014
12
-201
\u2014
Reclassification to right-of-use assets
\u2014
173
-145
\u2014
\u2014
28
Reclassification intangible assets
\u2014
-6
\u2014
\u2014
\u2014
-6
Reclassification between categories
358
1,224
752
64
-752
1,646
Currency translation differences
19
15
33
\u2014
4
71
Acquisition cost at 31 December 2024
5,755
10,335
3,134
417
655
20,295
Accumulated depreciation & write-downs
at 1 January 2024
615
3,458
885
206
\u2014
5,165
Depreciation
280
688
205
42
\u2014
1,216
Write-downs
1
56
\u2014
\u2014
\u2014
57
Disposal group company
-99
-9
\u2014
-2
\u2014
-110
Disposal depreciation and write-downs
-57
-104
-5
-7
\u2014
-174
Reclassification to right-of-use assets
\u2014
58
-42
\u2014
16
Reclassification between categories
205
942
425
74
\u2014
1,646
Currency translation differences
3
5
12
\u2014
\u2014
21
Accumulated depreciation & write-downs
at 31 December 2024
948
5,095
1,481
313
\u2014
7,838
Carrying amount at 31 December 2024
4,807
5,240
1,652
104
655
12,458
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
2
3
\u2014
\u2014
5
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2023
4,770
5,924
2,333
319
1,942
15,287
Additions
212
888
390
64
716
2,269
Disposals
-2
-49
-20
-11
\u2014
-82
Disposal group company
-38
-2
\u2014
-1
\u2014
-41
Reclassification assets under
construction
833
707
25
21
-1,586
\u2014
Reclassification to right-of-use assets
32
5
\u2014
\u2014
\u2014
38
Reclassification between categories
\u2014
497
-458
-39
\u2014
\u2014
Currency translation differences
27
15
18
\u2014
6
66
Acquisition cost at 31 December 2023
5,833
7,986
2,288
352
1,078
17,537
Accumulated depreciation & write-downs
at 1 January 2023
402
2,684
880
189
\u2014
4,156
Depreciation
237
595
172
36
\u2014
1,040
Write-downs
\u2014
30
\u2014
1
\u2014
31
Disposal group company
-28
-1
\u2014
\u2014
\u2014
-29
Disposal depreciation and write-downs
-1
-45
-15
-7
\u2014
-68
Reclassification to right-of-use assets
2
-5
15
\u2014
\u2014
13
Reclassification between categories
\u2014
194
-180
-14
\u2014
\u2014
Currency translation differences
2
6
14
\u2014
\u2014
22
Accumulated depreciation & write-downs
at 31 December 2023
615
3,458
885
206
\u2014
5,165
Carrying amount at 31 December 2023
5,218
4,528
1,402
146
1,078
12,371
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
\u2014
\u2014
-3
\u2014
-3
As of 31 December 2024, the company had capitalised a
total of NOK 655 million in connection with assets under
construction. The amount was divided into NOK 51
million on real estate, NOK 483 million on plant and
equipment, NOK 110 million on vessels, and NOK 11
million on other operating assets. As of 31 December
2023, the company had capitalised a total of NOK 1,078
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 387
million related to real estate, NOK 462 million to plant
and equipment, NOK 219 million to vessels and NOK 10
million to other operating assets.
In 2024, the write-downs primarily was related to the
impairment in the value of the offshore unit owned by
Arctic Offshore Farming, amounting to NOK 46 million. In
2023, there was a NOK 30 million impairment in the
value of the Salmosea plant and equipment.
The disposal of fixed assets by group company in 2024 is
related to the sale of Osan Settefisk AS. See Note 4.4 for
further information.
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 present 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 production 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
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2024
430
544
2,235
3,209
Adjustments of existing agreements
2
\u2014
13
14
Additions
24
42
175
241
Disposal acquisition cost
-2
-4
-15
-20
Reclassification
62
-62
\u2014
\u2014
Reclassification of acquisition cost to property, plant and equipment
-10
\u2014
-19
-28
Currency translation differences
1
2
3
5
Acquisition cost at 31 December 2024
508
522
2,393
3,422
Accumulated depreciation & write-downs at 1 January 2024
186
322
904
1,412
Depreciation
33
56
331
420
Disposal accumulated depreciation
-2
-4
-15
-21
Reclassification
19
-7
-12
\u2014
Reclassification of depreciation to property, plant and equipment
-4
-12
\u2014
-16
Currency translation differences
1
\u2014
2
3
Accumulated depreciation & write-downs at 31 December 2024
233
355
1,211
1,798
Carrying amount at 31 December 2024
275
167
1,182
1,623
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2023
451
537
1,506
2,494
Adjustments of existing agreements
\u2014
\u2014
25
25
Additions
12
13
722
747
Disposal acquisition cost
-1
-3
-20
-25
Reclassification of acquisition cost to property, plant and equipment
-32
-5
\u2014
-38
Currency translation differences
\u2014
4
3
6
Acquisition cost at 31 December 2023
430
544
2,235
3,209
Accumulated depreciation & write-downs at 1 January 2023
158
257
692
1,107
Depreciation
30
58
239
326
Write-down
\u2014
2
\u2014
2
Disposal accumulated depreciation
\u2014
-1
-12
-13
Reclassification of depreciation to property, plant and equipment
-2
5
-15
-13
Currency translation differences
\u2014
1
1
2
Accumulated depreciation & write-downs at 31 December 2023
186
322
904
1,412
Carrying amount at 31 December 2023
244
223
1,331
1,798
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOKm)
2024
2023
Costs relating to short-term leases (less than 12 months duration)
317
263
Costs relating to the lease of low-value assets
26
52
Total leasing costs included in other operating expenses
343
315
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
NOKm
2024
2023
Lease liability 1 January
1,845
1,425
Adjustment of lease liabilities
14
25
New contracts
241
747
Interest on lease liability (profit and loss)
120
102
Instalments on lease liabilities paid (cash flow)
-409
-321
Interest on lease liabilities paid (cash flow)
-120
-102
Disposal and reclassification of lease liabilities
2
-32
Currency translation differences
\u2014
2
Total lease liabilities at 31 December
1,694
1,845
Short-term lease liabilities
420
344
Long-term lease liabilities
1,274
1,502
Total lease liabilities at 31 December
1,694
1,845
Cash flow relating to lease liabilities
NOKm
2024
2023
Instalments on lease liabilities paid (cash flow)
409
321
Interest on lease liabilities paid (cash flow)
120
102
Lease liabilities recognised in profit or loss
343
315
Total cash flow relating to lease liabilities
873
738
See Note 4.1 for further details of the lease liabilities' maturity profile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-868": { "value": "
NOTE 3.1
Intangible assets
Accounting policies
Intangible assets acquired separately are measured on initial
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
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.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2024
15,288
3,035
571
18,894
Additions
768
\u2014
24
792
Reclassifications to property, plant
and equipment
\u2014
\u2014
6
6
Currency translation differences
68
8
\u2014
76
Acquisition cost at 31 December
2024
16,123
3,043
601
19,768
Accumulated depreciation & write-
downs at 1 January 2024
71
24
115
209
Depreciation
43
\u2014
12
55
Write-downs
\u2014
\u2014
11
11
Accumulated depreciation & write-
downs at 31 December 2024
114
24
138
275
Carrying amount at 31 December
2024
16,010
3,019
464
19,493
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years\u00a0 \u00a0
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
The majority of other intangible assets totalling NOK 464 million are made up of capitalised
development costs. NOK 9 million of this comprise 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 407 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 2024 was NOK 21 million.
Of the total carrying amount related to licences of NOK 16,010 million, NOK 172 million is related
to time-limited demonstration licences. These licences is amortised over the remaining life.
NOKm
Licenses
Goodwill
Other
intangible
assets
TOTAL
Acquisition cost at 1 January 2023
14,904
3,024
520
18,447
Additions through business
combinations
288
\u2014
51
339
Disposal
-3
\u2014
\u2014
-3
Currency translation differences
98
11
\u2014
110
Acquisition cost at 31 December
2023
15,288
3,035
571
18,894
Accumulated depreciation & write-
downs at 1 January 2023
28
24
104
156
Depreciation
43
\u2014
10
53
Accumulated depreciation & write-
downs at 31 December 2023
71
24
115
209
Carrying amount at 31 December
2023
15,217
3,011
457
18,685
Estimated lifetime
Indefinite/\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
3\u20137.5 years
Indefinite
5\u201350 years
Depreciation method
Linear
Linear
Specification of fish farming licences 2024 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
72,337
6,166
6,148
Fish Farming Central Norway
85,487
7,363
7,262
SalMar Aker Ocean
12,416
1,035
1,035
Norway
170,240
14,564
14,445
Icelandic Salmon
23,700
1,279
1,565
Group
193,940
15,843
16,010
Specification of fish farming licences 2023 (NOKm)
MAB tonnes
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
69,275
5,399
5,388
Fish Farming Central Norway
85,482
7,362
7,297
SalMar Aker Ocean
12,355
1,035
1,035
Norway
167,112
13,796
13,720
Icelandic Salmon
23,700
1,279
1,497
Group
190,812
15,075
15,217
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,\u00a0
there are 4 time-limited demonstration licences in Central
Norway, 2 time-limited demonstration licences in Northern
Norway and 4 time-limited broodstock licenses in Central
Norway, each with a MAB of 780 tonnes. In addition Fish
Farming Central Norway holds MAB 1,100 tonnes in
development licenses. SalMar also operates several R&D
licences in collaboration with other companies.
Included in the MAB tonnes related to SalMar Aker Ocean there
are 8 development licences with a total of MAB 6,112 tonnes
owned by the Salmar Aker Oceans subsidiary, Arctic Offshore
Farming, which operates a submersible offshore unit designed
for harsh weather conditions.
Furthermore, 8 licences were granted to the subsidiary
Mariculture AS in 2019 to develop the Smart Fish Farm, a
specially designed deepwater installation for the farming of
fish in the open ocean. No consideration was paid for the
licenses granted to Mariculture AS and the 6,240 MAB tonnes
are not included in the table above.
2024 Change in fish farming licences (MAB tonnes)
In 2024\u00a0 Fish Farming Northern Norway has purchased 3,062
MAB tonnes and Fish Farming Central Norway 5 MAB tonnes
through auctions and increased permit capacity for a total
consideration of NOK 768 million. In 2024 Arctic Offshore
Farming was granted additional 61 tonnes through increased
permit capacity related to the development licenses, No
consideration was paid for the increase as this will be paid
upon conversion of the licenses.
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 256 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 33 million.
Specification of goodwill 2024 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2024
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
182
Total goodwill
3,017
3,019
Specification of goodwill 2023 (NOKm)
Acquisition year
Acquisition cost
Carrying amount 31.12.2023
Fish Farming Northern Norway
2022
1,482
1,482
Fish Farming Central Norway
2022
603
603
Goodwill arising from the acquisition and
merger of NTS and NRS
2022
2,085
2,085
Fish Farming Northern Norway
2006
95
95
Fish Farming Central Norway
1999\u20132021
681
657
Icelandic Salmon
2022
156
174
Total goodwill
3,017
3,011
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 182 million allocated to segment Icelandic Salmon is arising from the
acquisition of Eldisst\u00f8din Isthor ehf.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-877": { "value": "
Accounting policies
Intangible assets acquired separately are measured on initial
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-873": { "value": "
Accounting policies
Intangible assets acquired separately are measured on initial
recognition 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. Development 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 therefore 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. As licenses have a contractual 16
year lifetime, with the possibility of renewal, the Group has
elected to presume that these licenses have indefinite useful
lifetime. They are therefore not amortized, but tested yearly
for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-876": { "value": "
Accounting policies
Expenses related to research are expensed as they are
incurred. Development 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. Straightline
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-875": { "value": "
Accounting policies
Expenses related to research are expensed as they are
incurred. Development 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-874": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-878": { "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
acquisitions, 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 after 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.
For impact from climate-related matters that may affect the value of the groups assets or future
cash flow, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-879": { "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
acquisitions, 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 after 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.
For impact from climate-related matters that may affect the value of the groups assets or future
cash flow, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-881": { "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. Straightline
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.
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2024
5,833
7,986
2,288
352
1,078
17,537
Additions
78
970
211
4
527
1,790
Disposals
-82
-143
-5
-7
\u2014
-237
Disposal group company
-508
-16
\u2014
-8
\u2014
-532
Reclassification asset under construction
57
133
\u2014
12
-201
\u2014
Reclassification to right-of-use assets
\u2014
173
-145
\u2014
\u2014
28
Reclassification intangible assets
\u2014
-6
\u2014
\u2014
\u2014
-6
Reclassification between categories
358
1,224
752
64
-752
1,646
Currency translation differences
19
15
33
\u2014
4
71
Acquisition cost at 31 December 2024
5,755
10,335
3,134
417
655
20,295
Accumulated depreciation & write-downs
at 1 January 2024
615
3,458
885
206
\u2014
5,165
Depreciation
280
688
205
42
\u2014
1,216
Write-downs
1
56
\u2014
\u2014
\u2014
57
Disposal group company
-99
-9
\u2014
-2
\u2014
-110
Disposal depreciation and write-downs
-57
-104
-5
-7
\u2014
-174
Reclassification to right-of-use assets
\u2014
58
-42
\u2014
16
Reclassification between categories
205
942
425
74
\u2014
1,646
Currency translation differences
3
5
12
\u2014
\u2014
21
Accumulated depreciation & write-downs
at 31 December 2024
948
5,095
1,481
313
\u2014
7,838
Carrying amount at 31 December 2024
4,807
5,240
1,652
104
655
12,458
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
2
3
\u2014
\u2014
5
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Other
operating
assets
Assets under
construction
Total
Acquisition cost at 1 January 2023
4,770
5,924
2,333
319
1,942
15,287
Additions
212
888
390
64
716
2,269
Disposals
-2
-49
-20
-11
\u2014
-82
Disposal group company
-38
-2
\u2014
-1
\u2014
-41
Reclassification assets under
construction
833
707
25
21
-1,586
\u2014
Reclassification to right-of-use assets
32
5
\u2014
\u2014
\u2014
38
Reclassification between categories
\u2014
497
-458
-39
\u2014
\u2014
Currency translation differences
27
15
18
\u2014
6
66
Acquisition cost at 31 December 2023
5,833
7,986
2,288
352
1,078
17,537
Accumulated depreciation & write-downs
at 1 January 2023
402
2,684
880
189
\u2014
4,156
Depreciation
237
595
172
36
\u2014
1,040
Write-downs
\u2014
30
\u2014
1
\u2014
31
Disposal group company
-28
-1
\u2014
\u2014
\u2014
-29
Disposal depreciation and write-downs
-1
-45
-15
-7
\u2014
-68
Reclassification to right-of-use assets
2
-5
15
\u2014
\u2014
13
Reclassification between categories
\u2014
194
-180
-14
\u2014
\u2014
Currency translation differences
2
6
14
\u2014
\u2014
22
Accumulated depreciation & write-downs
at 31 December 2023
615
3,458
885
206
\u2014
5,165
Carrying amount at 31 December 2023
5,218
4,528
1,402
146
1,078
12,371
Estimated lifetime
5\u201333 years
5\u201325 years
3\u201315 years
3\u201320 years
N/A
Depreciation method
Linear
Linear
Linear
Linear
N/A
Sum
Gains/losses on the sale of PP&E
\u2014
\u2014
\u2014
-3
\u2014
-3
As of 31 December 2024, the company had capitalised a
total of NOK 655 million in connection with assets under
construction. The amount was divided into NOK 51
million on real estate, NOK 483 million on plant and
equipment, NOK 110 million on vessels, and NOK 11
million on other operating assets. As of 31 December
2023, the company had capitalised a total of NOK 1,078
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 387
million related to real estate, NOK 462 million to plant
and equipment, NOK 219 million to vessels and NOK 10
million to other operating assets.
In 2024, the write-downs primarily was related to the
impairment in the value of the offshore unit owned by
Arctic Offshore Farming, amounting to NOK 46 million. In
2023, there was a NOK 30 million impairment in the
value of the Salmosea plant and equipment.
The disposal of fixed assets by group company in 2024 is
related to the sale of Osan Settefisk AS. See Note 4.4 for
further information.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-880": { "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. Straightline
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-884": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-883": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-882": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-885": { "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 present 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 production 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
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2024
430
544
2,235
3,209
Adjustments of existing agreements
2
\u2014
13
14
Additions
24
42
175
241
Disposal acquisition cost
-2
-4
-15
-20
Reclassification
62
-62
\u2014
\u2014
Reclassification of acquisition cost to property, plant and equipment
-10
\u2014
-19
-28
Currency translation differences
1
2
3
5
Acquisition cost at 31 December 2024
508
522
2,393
3,422
Accumulated depreciation & write-downs at 1 January 2024
186
322
904
1,412
Depreciation
33
56
331
420
Disposal accumulated depreciation
-2
-4
-15
-21
Reclassification
19
-7
-12
\u2014
Reclassification of depreciation to property, plant and equipment
-4
-12
\u2014
-16
Currency translation differences
1
\u2014
2
3
Accumulated depreciation & write-downs at 31 December 2024
233
355
1,211
1,798
Carrying amount at 31 December 2024
275
167
1,182
1,623
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
NOKm
Land &
buildings
Machinery &
equipment
Boats &
barges
Total
Acquisition cost at 1 January 2023
451
537
1,506
2,494
Adjustments of existing agreements
\u2014
\u2014
25
25
Additions
12
13
722
747
Disposal acquisition cost
-1
-3
-20
-25
Reclassification of acquisition cost to property, plant and equipment
-32
-5
\u2014
-38
Currency translation differences
\u2014
4
3
6
Acquisition cost at 31 December 2023
430
544
2,235
3,209
Accumulated depreciation & write-downs at 1 January 2023
158
257
692
1,107
Depreciation
30
58
239
326
Write-down
\u2014
2
\u2014
2
Disposal accumulated depreciation
\u2014
-1
-12
-13
Reclassification of depreciation to property, plant and equipment
-2
5
-15
-13
Currency translation differences
\u2014
1
1
2
Accumulated depreciation & write-downs at 31 December 2023
186
322
904
1,412
Carrying amount at 31 December 2023
244
223
1,331
1,798
Estimated lifetime
2 - 30 years
1 - 5 years
1 - 9 years
Depreciation method
Linear
Linear
Linear
Other leasing costs recognised in profit and loss (NOKm)
2024
2023
Costs relating to short-term leases (less than 12 months duration)
317
263
Costs relating to the lease of low-value assets
26
52
Total leasing costs included in other operating expenses
343
315
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
NOKm
2024
2023
Lease liability 1 January
1,845
1,425
Adjustment of lease liabilities
14
25
New contracts
241
747
Interest on lease liability (profit and loss)
120
102
Instalments on lease liabilities paid (cash flow)
-409
-321
Interest on lease liabilities paid (cash flow)
-120
-102
Disposal and reclassification of lease liabilities
2
-32
Currency translation differences
\u2014
2
Total lease liabilities at 31 December
1,694
1,845
Short-term lease liabilities
420
344
Long-term lease liabilities
1,274
1,502
Total lease liabilities at 31 December
1,694
1,845
Cash flow relating to lease liabilities
NOKm
2024
2023
Instalments on lease liabilities paid (cash flow)
409
321
Interest on lease liabilities paid (cash flow)
120
102
Lease liabilities recognised in profit or loss
343
315
Total cash flow relating to lease liabilities
873
738
See Note 4.1 for further details of the lease liabilities' maturity profile.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-886": { "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 present 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-890": { "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 2024:
Company
Head office
Sector
Ownership
01.01
Ownership
31.12
Norskott Havbruk AS
Bergen
Fish farming
50.0%
50.0%
SalMar Genetics AS
Rauma
Genetics
50.0%
50.0%
Kirkenes Processing AS
Kirkenes
Harvesting
50.0%
50.0%
Romsdal Processing AS
Molde
Harvesting & processing
44.5%
44.5%
Yu Fish Ltd
Singapore
Sales
45.3%
45.3%
Wilsg\u00e5rd AS
Torsken
Fish farming
37.5%
37.5%
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.5%
33.5%
Nordnorsk Smolt AS
Hasvik
Fish farming
50.0%
50.0%
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.3%
21.3%
Flatanger Settefisk AS
Flatanger
Smolt production
41.0%
41.0%
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.0%
25.0%
Skamik AS
Otters\u00f8y
Aquaculture services
24.9%
24.9%
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:
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2024
651
464
1,076
227
2,418
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
-26
24
90
34
122
Items recognised in other comprehensive income
\u2014
\u2014
99
4
103
Dividend received
\u2014
-5
\u2014
-16
-21
Other changes
-1
-2
\u2014
\u2014
-4
Carrying amount at 31 December 2024
625
480
1,265
249
2,618
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2023
572
433
1,153
213
2,372
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
80
40
-168
20
-27
Items recognised in other comprehensive income
\u2014
\u2014
91
2
93
Dividend received
\u2014
-10
\u2014
-8
-18
Other changes
-1
\u2014
\u2014
\u2014
-1
Carrying amount at 31 December 2023
651
464
1,076
227
2,418
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 AS
and Hellesund Fiskeoppdrett AS are considered to be material
associates and joint ventures. Further details relating to these
material assets are presented below.
Wilsg\u00e5rd AS
Located in Senja, Wilsg\u00e5rd AS is a fishfarming company which
holds licence of MAB 5.844 tonnes. SalMar ASA owns 37.5 % of
the shares in the company.
Hellesund Fiskeoppdrett AS
SalMar ASA holds a 33.5% ownership share in Hellesund
Fiskeoppdrett AS, a fish farming company located in Lillesand.
Hellesund Fiskeoppdrett AS owns 75% of the shares in Korshavn
Havbruk AS and 100% of the shares in S\u00f8rvest Laks AS. All
companies hold licenses of MAB 804 tonnes, totaling MAB 2,412
tonnes within the group
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
Seafood Group ASA. The board of directors has 4 members, with
each shareholder represented by 2 directors. The shareholders
alternate on the position as Chairman of the Board. 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 and joint ventures, based on 100 %
figures:
Wilsg\u00e5rd AS
Hellesund Fiskeoppdrett AS
NOKm
2024
2023
2024
2023
Operating revenues
732
733
168
265
Operating expenses
599
543
150
125
Fair value adjustments
-96
50
65
-7
Net profit/loss
-68
215
71
120
Non-current assets
358
351
70
71
Current assets
985
940
843
734
Non-current liabilities
275
193
40
5
Current liabilities
256
216
87
63
Equity
812
883
787
737
The Group's share of equity
305
331
262
247
Excess value
303
303
218
220
Carrying amount at 31 December
625
651
480
464
Norskott Havbruk AS
NOKm
2024
2023
Operating revenues
4,403
2,561
Operating expenses
3,848
2,865
Fair value adjustments
-25
16
Net profit/loss
179
-335
Non-current assets
3,819
3,592
Current assets
2,750
2,540
Non-current liabilities
2,445
2,396
Current liabilities
1,594
1,583
Equity
2,529
2,152
The Group's share of equity
1,265
1,076
Carrying amount at 31 December
1,265
1,076
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-889": { "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 2024:
Company
Head office
Sector
Ownership
01.01
Ownership
31.12
Norskott Havbruk AS
Bergen
Fish farming
50.0%
50.0%
SalMar Genetics AS
Rauma
Genetics
50.0%
50.0%
Kirkenes Processing AS
Kirkenes
Harvesting
50.0%
50.0%
Romsdal Processing AS
Molde
Harvesting & processing
44.5%
44.5%
Yu Fish Ltd
Singapore
Sales
45.3%
45.3%
Wilsg\u00e5rd AS
Torsken
Fish farming
37.5%
37.5%
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.5%
33.5%
Nordnorsk Smolt AS
Hasvik
Fish farming
50.0%
50.0%
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.3%
21.3%
Flatanger Settefisk AS
Flatanger
Smolt production
41.0%
41.0%
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.0%
25.0%
Skamik AS
Otters\u00f8y
Aquaculture services
24.9%
24.9%
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:
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2024
651
464
1,076
227
2,418
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
-26
24
90
34
122
Items recognised in other comprehensive income
\u2014
\u2014
99
4
103
Dividend received
\u2014
-5
\u2014
-16
-21
Other changes
-1
-2
\u2014
\u2014
-4
Carrying amount at 31 December 2024
625
480
1,265
249
2,618
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2023
572
433
1,153
213
2,372
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
80
40
-168
20
-27
Items recognised in other comprehensive income
\u2014
\u2014
91
2
93
Dividend received
\u2014
-10
\u2014
-8
-18
Other changes
-1
\u2014
\u2014
\u2014
-1
Carrying amount at 31 December 2023
651
464
1,076
227
2,418
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 AS
and Hellesund Fiskeoppdrett AS are considered to be material
associates and joint ventures. Further details relating to these
material assets are presented below.
Wilsg\u00e5rd AS
Located in Senja, Wilsg\u00e5rd AS is a fishfarming company which
holds licence of MAB 5.844 tonnes. SalMar ASA owns 37.5 % of
the shares in the company.
Hellesund Fiskeoppdrett AS
SalMar ASA holds a 33.5% ownership share in Hellesund
Fiskeoppdrett AS, a fish farming company located in Lillesand.
Hellesund Fiskeoppdrett AS owns 75% of the shares in Korshavn
Havbruk AS and 100% of the shares in S\u00f8rvest Laks AS. All
companies hold licenses of MAB 804 tonnes, totaling MAB 2,412
tonnes within the group
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
Seafood Group ASA. The board of directors has 4 members, with
each shareholder represented by 2 directors. The shareholders
alternate on the position as Chairman of the Board. 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 and joint ventures, based on 100 %
figures:
Wilsg\u00e5rd AS
Hellesund Fiskeoppdrett AS
NOKm
2024
2023
2024
2023
Operating revenues
732
733
168
265
Operating expenses
599
543
150
125
Fair value adjustments
-96
50
65
-7
Net profit/loss
-68
215
71
120
Non-current assets
358
351
70
71
Current assets
985
940
843
734
Non-current liabilities
275
193
40
5
Current liabilities
256
216
87
63
Equity
812
883
787
737
The Group's share of equity
305
331
262
247
Excess value
303
303
218
220
Carrying amount at 31 December
625
651
480
464
Norskott Havbruk AS
NOKm
2024
2023
Operating revenues
4,403
2,561
Operating expenses
3,848
2,865
Fair value adjustments
-25
16
Net profit/loss
179
-335
Non-current assets
3,819
3,592
Current assets
2,750
2,540
Non-current liabilities
2,445
2,396
Current liabilities
1,594
1,583
Equity
2,529
2,152
The Group's share of equity
1,265
1,076
Carrying amount at 31 December
1,265
1,076
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-888": { "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 2024:
Company
Head office
Sector
Ownership
01.01
Ownership
31.12
Norskott Havbruk AS
Bergen
Fish farming
50.0%
50.0%
SalMar Genetics AS
Rauma
Genetics
50.0%
50.0%
Kirkenes Processing AS
Kirkenes
Harvesting
50.0%
50.0%
Romsdal Processing AS
Molde
Harvesting & processing
44.5%
44.5%
Yu Fish Ltd
Singapore
Sales
45.3%
45.3%
Wilsg\u00e5rd AS
Torsken
Fish farming
37.5%
37.5%
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.5%
33.5%
Nordnorsk Smolt AS
Hasvik
Fish farming
50.0%
50.0%
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.3%
21.3%
Flatanger Settefisk AS
Flatanger
Smolt production
41.0%
41.0%
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.0%
25.0%
Skamik AS
Otters\u00f8y
Aquaculture services
24.9%
24.9%
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:
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2024
651
464
1,076
227
2,418
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
-26
24
90
34
122
Items recognised in other comprehensive income
\u2014
\u2014
99
4
103
Dividend received
\u2014
-5
\u2014
-16
-21
Other changes
-1
-2
\u2014
\u2014
-4
Carrying amount at 31 December 2024
625
480
1,265
249
2,618
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2023
572
433
1,153
213
2,372
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
80
40
-168
20
-27
Items recognised in other comprehensive income
\u2014
\u2014
91
2
93
Dividend received
\u2014
-10
\u2014
-8
-18
Other changes
-1
\u2014
\u2014
\u2014
-1
Carrying amount at 31 December 2023
651
464
1,076
227
2,418
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 AS
and Hellesund Fiskeoppdrett AS are considered to be material
associates and joint ventures. Further details relating to these
material assets are presented below.
Wilsg\u00e5rd AS
Located in Senja, Wilsg\u00e5rd AS is a fishfarming company which
holds licence of MAB 5.844 tonnes. SalMar ASA owns 37.5 % of
the shares in the company.
Hellesund Fiskeoppdrett AS
SalMar ASA holds a 33.5% ownership share in Hellesund
Fiskeoppdrett AS, a fish farming company located in Lillesand.
Hellesund Fiskeoppdrett AS owns 75% of the shares in Korshavn
Havbruk AS and 100% of the shares in S\u00f8rvest Laks AS. All
companies hold licenses of MAB 804 tonnes, totaling MAB 2,412
tonnes within the group
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
Seafood Group ASA. The board of directors has 4 members, with
each shareholder represented by 2 directors. The shareholders
alternate on the position as Chairman of the Board. 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 and joint ventures, based on 100 %
figures:
Wilsg\u00e5rd AS
Hellesund Fiskeoppdrett AS
NOKm
2024
2023
2024
2023
Operating revenues
732
733
168
265
Operating expenses
599
543
150
125
Fair value adjustments
-96
50
65
-7
Net profit/loss
-68
215
71
120
Non-current assets
358
351
70
71
Current assets
985
940
843
734
Non-current liabilities
275
193
40
5
Current liabilities
256
216
87
63
Equity
812
883
787
737
The Group's share of equity
305
331
262
247
Excess value
303
303
218
220
Carrying amount at 31 December
625
651
480
464
Norskott Havbruk AS
NOKm
2024
2023
Operating revenues
4,403
2,561
Operating expenses
3,848
2,865
Fair value adjustments
-25
16
Net profit/loss
179
-335
Non-current assets
3,819
3,592
Current assets
2,750
2,540
Non-current liabilities
2,445
2,396
Current liabilities
1,594
1,583
Equity
2,529
2,152
The Group's share of equity
1,265
1,076
Carrying amount at 31 December
1,265
1,076
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-887": { "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 2024:
Company
Head office
Sector
Ownership
01.01
Ownership
31.12
Norskott Havbruk AS
Bergen
Fish farming
50.0%
50.0%
SalMar Genetics AS
Rauma
Genetics
50.0%
50.0%
Kirkenes Processing AS
Kirkenes
Harvesting
50.0%
50.0%
Romsdal Processing AS
Molde
Harvesting & processing
44.5%
44.5%
Yu Fish Ltd
Singapore
Sales
45.3%
45.3%
Wilsg\u00e5rd AS
Torsken
Fish farming
37.5%
37.5%
Hellesund Fiskeoppdrett AS
H\u00f8v\u00e5g
Fish farming
33.5%
33.5%
Nordnorsk Smolt AS
Hasvik
Fish farming
50.0%
50.0%
Sikkerhetssenteret R\u00f8rvik AS
R\u00f8rvik
Education
21.3%
21.3%
Flatanger Settefisk AS
Flatanger
Smolt production
41.0%
41.0%
Oppdretternes Milj\u00f8service AS
R\u00f8rvik
Aquaculture services
25.0%
25.0%
Skamik AS
Otters\u00f8y
Aquaculture services
24.9%
24.9%
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:
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2024
651
464
1,076
227
2,418
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
-26
24
90
34
122
Items recognised in other comprehensive income
\u2014
\u2014
99
4
103
Dividend received
\u2014
-5
\u2014
-16
-21
Other changes
-1
-2
\u2014
\u2014
-4
Carrying amount at 31 December 2024
625
480
1,265
249
2,618
NOKm
Wilsg\u00e5rd AS
Hellesund
Fiskeoppdrett
AS
Norskott
Havbruk AS
Others
Total
Opening balance at 1 January 2023
572
433
1,153
213
2,372
- goodwill
\u2014
\u2014
\u2014
4
4
Income from associated companies and joint ventures
80
40
-168
20
-27
Items recognised in other comprehensive income
\u2014
\u2014
91
2
93
Dividend received
\u2014
-10
\u2014
-8
-18
Other changes
-1
\u2014
\u2014
\u2014
-1
Carrying amount at 31 December 2023
651
464
1,076
227
2,418
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 AS
and Hellesund Fiskeoppdrett AS are considered to be material
associates and joint ventures. Further details relating to these
material assets are presented below.
Wilsg\u00e5rd AS
Located in Senja, Wilsg\u00e5rd AS is a fishfarming company which
holds licence of MAB 5.844 tonnes. SalMar ASA owns 37.5 % of
the shares in the company.
Hellesund Fiskeoppdrett AS
SalMar ASA holds a 33.5% ownership share in Hellesund
Fiskeoppdrett AS, a fish farming company located in Lillesand.
Hellesund Fiskeoppdrett AS owns 75% of the shares in Korshavn
Havbruk AS and 100% of the shares in S\u00f8rvest Laks AS. All
companies hold licenses of MAB 804 tonnes, totaling MAB 2,412
tonnes within the group
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
Seafood Group ASA. The board of directors has 4 members, with
each shareholder represented by 2 directors. The shareholders
alternate on the position as Chairman of the Board. 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 and joint ventures, based on 100 %
figures:
Wilsg\u00e5rd AS
Hellesund Fiskeoppdrett AS
NOKm
2024
2023
2024
2023
Operating revenues
732
733
168
265
Operating expenses
599
543
150
125
Fair value adjustments
-96
50
65
-7
Net profit/loss
-68
215
71
120
Non-current assets
358
351
70
71
Current assets
985
940
843
734
Non-current liabilities
275
193
40
5
Current liabilities
256
216
87
63
Equity
812
883
787
737
The Group's share of equity
305
331
262
247
Excess value
303
303
218
220
Carrying amount at 31 December
625
651
480
464
Norskott Havbruk AS
NOKm
2024
2023
Operating revenues
4,403
2,561
Operating expenses
3,848
2,865
Fair value adjustments
-25
16
Net profit/loss
179
-335
Non-current assets
3,819
3,592
Current assets
2,750
2,540
Non-current liabilities
2,445
2,396
Current liabilities
1,594
1,583
Equity
2,529
2,152
The Group's share of equity
1,265
1,076
Carrying amount at 31 December
1,265
1,076
NOTE 4.4
Group companies
Company
Owner
Country
Registered office
Shareholding
31.12.2024
SalMar Oppdrett AS
SalMar Farming AS
Norway
Kverva
100.0%
SalMar Settefisk AS
SalMar ASA
Norway
Kverva
100.0%
SalMar Smolt AS
SalMar Settefisk AS
Norway
Kverva
100.0%
SalMar Farming AS
SalMar ASA
Norway
Kverva
100.0%
\u00d8ylaks MTB AS
SalMar Farming AS
Norway
Midsund
51.0%
Hitramat Farming AS
SalMar ASA
Norway
Kverva
100.0%
Nor Seafood AS
SalMar ASA
Norway
Botnhamn
82.5%
Nekton Havbruk AS
SalMar Farming AS
Norway
Kverva
51.0%
Refsnes Laks AS
SalMar Farming AS
Norway
Kverva
100.0%
SalMar AS
SalMar ASA
Norway
Kverva
100.0%
SalMar Aker Ocean AS **
SalMar ASA
Norway
Kverva
85.0%
Ocean Farming AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
Mariculture AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
Arctic Offshore Farming AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
MNH Rederi AS
SalMar Farming AS
Norway
R\u00f8rvik
100.0%
Salmon Living Lab AS
SalMar ASA
Norway
Fr\u00f8ya
100.0%
SalMar-Tunet AS
SalMar ASA
Norway
Kverva
100.0%
Vikenco AS
SalMar AS
Norway
Aukra
51.0%
Vikenco North America Inc. *
Vikenco AS
USA
Delaware
85.0%
Icelandic Salmon AS
SalMar ASA
Norway
Kverva
52.5%
Arnarlax ehf.
Icelandic Salmon AS
Iceland
Bildudalur
52.5%
Icelandic Salmon ehf.
Arnarlax ehf.
Iceland
Bildudalur
52.5%
Fjallalax ehf.
Arnarlax ehf.
Iceland
Bildudalur
52.5%
Eidisst\u00f8din Isthor ehf.
Arnarlax ehf.
Iceland
Porlaksh\u00f8fn
52.5%
Arnarlax Europe AsP *
Arnarlax ehf.
Denmark
Copenhagen
52.5%
SalMar Japan KK
SalMar AS
Japan
Japan
100.0%
SalMar Singapore PTE Ltd.
SalMar AS
Singapore
Singapore
100.0%
SalMar Vietnam Co., Ltd
SalMar AS
Vietnam
Ho Chi Minh City
100.0%
The consolidated financial statements for 2024 includes the\u00a0
subsidiaries listed.
* Both Vikenco North America Inc and Arnarlax Europe AsP were
established at the end of 2024. As of year-end 2024, there was
no activity in these companies, and therefore they are not
consolidated in the Consolidated Financial Statements as their
effects would be immaterial.
** In March 2025, SalMar acquired the remaining non-controlling
interest of 15 percent in SalMar Aker Ocean AS. For further
information, see Note 4.12.
Disposal of Group companies.
In December 2024, the sale of the Group company Osan
Settefisk AS was completed. SalMar's ownership before the
transactions was 66 per cent. The total cash consideration was
NOK 260 million, additionally, as part of the transaction Osan
Settefisk AS's 41 per cent ownership in Flatanger Settefisk AS
was transferred to SalMar. As a result of the transaction, a gain
of NOK 198 million was recognised and included in restructuring
costs in the profit or loss. A non-controlling interest in Osan
Settefisk AS, amounting to NOK 66 million was derecognised at
the time of the transaction, and the equity allocated to the
owner of SalMar ASA increased by NOK 33 million. The net effect
of NOK 32 million is recognised directly in equity.
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 54 million. As a result of the
transaction, there is recognised a gain of NOK 15 million included
in restructuring cost in the profit or loss.\u00a0
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.
NOTE 4.6
Non-controlling interests
Non-controlling interests relating to subsidiaries
31 December 2024
Non-controlling
interests
shareholding
Non-controlling
interests
accumulated share
of equity 1 Jan
Share of profit
allocated to non-
controlling
interests
OCI allocated to
non-controlling
interests
Equity
transactions
allocated to non-
controlling
interests
Other changes in
non-controlling
interests
Non-controlling
interests
accumulated share
of equity 31 Dec
\u00d8ylaks MTB AS
49.00%
137
7
\u2014
-7
-6
132
Refsnes Laks AS
0.00%
819
46
\u2014
-34
-831
\u2014
Nekton Havbruk AS
49.00%
102
5
\u2014
-20
\u2014
87
SalMar Aker Ocean AS
15.00%
430
-31
\u2014
\u2014
\u2014
398
Icelandic Salmon AS
47.52%
1,306
-17
58
\u2014
\u2014
1,348
Hitramat Farming AS
0.00%
50
10
\u2014
-11
-49
\u2014
Vikenco AS
49.00%
210
122
-76
\u2014
\u2014
256
Osan Settefisk AS
0.00%
61
5
\u2014
\u2014
-66
\u2014
Nor Seafood AS
17.51%
84
10
\u2014
\u2014
\u2014
94
SalmoSea AS
0.00%
-20
-20
\u2014
\u2014
40
\u2014
3,178
136
-17
-71
-912
2,313
Refsnes Laks AS
With effect from July 2024 SalMar has acquired a total 1,590 shares in Refsnes Laks AS,
representing 55 per cent of the shares in the company. The total consideration for the shares
was NOK 890 million. Through the transaction SalMar increased its shareholding in the company
from 45 per cent to 100 per cent. Through shareholders agreement, SalMar had established
control over the investment before the transaction. For accounting purposes, the transaction has
been recognised as a change in non-controlling interests, with effect recognised directly in
equity. Of the total amount of NOK 890 million, NOK 831 million have an effect on non-
controlling interest.
\u00d8ylaks MTB AS
With effect from August 2024 SalMar has acquired 2 per cent of the shares in \u00d8ylaks MTB AS.
Through the transaction SalMar increased its shareholding in the company from 49 per cent to 51
per cent. Through shareholders agreement, SalMar had established control over the investment
before the transaction. For accounting purposes, the transaction has been recognised as a change
in non-controlling interests, with effect recognised directly in equity. The consideration was
amounted to NOK 5 million, consisting of 8, 458 consideration shares.
Hitramat Farming AS
With effect from October 2025, SalMar acquired the remaining 49 per cent of the shares in
Hitramat Farming AS. Following the transaction, SalMar now owns 100 per cent of the shares in
the company. For accounting purposes, the transaction will be recognised as a change in non-
controlling interests, with effect recognised directly in equity. The consideration amounted to
NOK 110 million, of which NOK 49 million have an effect on non-controlling interest. Of the total
consideration, NOK 35 million was paid in 2024, the remaining amount is due for payment in
2025. See Note 3.13 for further information.
SalmoSea AS
With effect from October 2025, SalMar acquired the remaining 25,7 per cent of the shares in
SalmoSea AS. Following the transaction, SalMar now owns 100 per cent of the shares in the
company. For accounting purposes, the transaction will be recognised as a change in non-
controlling interests, with effect recognised directly in equity. The consideration amounted to
NOK 10 million. A non-controlling interest in SalmoSea AS, amounting to negative NOK 40 million,
was derecognised at the time of the transaction. Consequently, the equity allocated to the owner
of SalMar ASA increased by NOK 16 million. The net effect of NOK 24 million is recognised
directly in equity.
Osan Settefisk AS
In December 2024, the sale of the Group company Osan Settefisk AS was completed. SalMar
owned 66% of the shares in the company before the transaction. See Note 4.4 for further
information.
31 December 2023
Non-controlling
interests
shareholding
Non-controlling
interests
accumulated share
of equity 1 Jan
Non-controlling
interests from
business
combination
Share of profit
allocated to non-
controlling
interests
OCI allocated to
non-controlling
interests
Equity
transactions
allocated to non-
controlling
interests
Other changes in
non-controlling
interests
Non-controlling
interests
accumulated share
of equity 31 Dec
\u00d8ylaks MTB AS
51.00%
\u2014
130
7
\u2014
\u2014
\u2014
137
Refsnes Laks AS
55.00%
865
\u2014
4
\u2014
-50
\u2014
819
Nekton Havbruk AS
49.00%
102
\u2014
14
\u2014
-14
\u2014
102
SalMar Aker Ocean AS
15.00%
225
\u2014
\u2014
\u2014
-2
206
430
Icelandic Salmon AS
47.52%
1,210
\u2014
49
85
1
-39
1,306
Hitramat Farming AS
49.00%
54
\u2014
11
\u2014
-15
\u2014
50
Vikenco AS
49.00%
163
\u2014
48
37
-39
\u2014
210
NTS AS
0.00%
64
\u2014
\u2014
\u2014
\u2014
-64
\u2014
Fr\u00f8y AS
0.00%
1,974
\u2014
81
\u2014
-18
-2,037
\u2014
Osan Settefisk AS
34.00%
54
\u2014
7
\u2014
\u2014
\u2014
61
Nor Seafood AS
17.51%
88
\u2014
-4
\u2014
\u2014
\u2014
84
SalmoSea AS
25.69%
-1
\u2014
-19
\u2014
\u2014
\u2014
-20
4,799
130
199
122
-138
-1,934
3,178
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 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 28 December 2023 the non-controlling interest in the
Group increased with NOK 130 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 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 million effect
recognised directly to equity.\u00a0 Of the total amount of NOK 84.million, NOK 39 have an effect on
non-controlling interest.
NTS
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 million. For accounting purposes, the effect of the transaction is recognised directly to
equity. Of the total amount of NOK 674 million, NOK 684 million 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 million has reduced the equity attributable to shareholders
in SalMar accordingly.
Certain former minority shareholders that were subject to the compulsory acquisition have made
a formal complaint and initiated legal proceedings about the redemption sum.
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 million, was
derecognised at the time of the transaction. For accounting purposes, the effect on non-
controlling interest is recognised directly to the equity in the period. For further information, see
Note 4.7.
Subsidiaries with material non-controlling interests:
As of 31. December the Group considers non-controlling interests in Icelandic Salmon Group, and SalMar Aker Ocean Group to be material. SalMar acquired the remaining non-controlling interests in
Refsnes Laks AS during 2024, see further information above.\u00a0 Further details relating to\u00a0 this companies are disclosed below.
NOKm
SalMar Aker
Ocean Group
2024
Icelandic
Salmon
Group\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
Income statement
Operating revenues
573
1,182
Net profit/loss
-210
-36
OCI
\u2014
124
Total comprehensive income
-210
88
Total comprehensive income allocated to non-controlling
interests
-31
41
Dividend paid to non-controlling interests
\u2014
\u2014
Statement of financial position as at 31 December
Non-current assets
2,957
1,772
Current assets
579
1,374
Equity
1,741
1,808
Non-current liabilities
1,553
1,075
Current liabilities
242
264
Recognised excess value of licences and goodwill - net
after tax
295
1,021
Share of equity allocated to shareholders of SalMar ASA
1,638
1,482
Share of equity allocated to non-controlling interests
398
1,348
Cash flows
From operating activities
-83
-197
From investing activities
-120
-104
From financing activities
79
271
Net increase/decrease in cash and cash equivalents
-123
-30
NOKm
SalMar Aker
Ocean Group
2023
Refsnes
Laks AS
2023
Icelandic
Salmon
Group\u00a0 \u00a0 \u00a0 \u00a0
2023
Income statement
Operating revenues
173
637
1,871
Net profit/loss
-72
7
97
OCI
\u2014
\u2014
168
Total comprehensive income
-72
7
265
Total comprehensive income allocated to non-controlling
interests
\u2014
4
134
Dividend paid to non-controlling interests
\u2014
-50
\u2014
Statement of financial position as at 31 December
Non-current assets
2,946
180
1,632
Current assets
713
425
1,097
Equity
1,928
265
1,765
Non-current liabilities
1,481
145
705
Current liabilities
250
194
260
Recognised excess value of licences and goodwill - net
after tax
249
1,224
977
Share of equity allocated to shareholders of SalMar ASA
1,747
670
1,436
Share of equity allocated to non-controlling interests
430
819
1,306
Cash flows
From operating activities
-351
332
418
From investing activities
-145
-36
-293
From financing activities
195
-59
-22
Net increase/decrease in cash and cash equivalents
-301
236
103
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-893": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-892": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-891": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-895": { "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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-894": { "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 measured at the lowest of cost and net realisable
value.The cost of finished goods includes direct material costs,
direct personnel 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 harvest 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 forward prices from European
Salmon Futures at Euronext for the estimated 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. The price adjustments
are made at the site level.
The production time for biomass in the sea can vary and be up
to 18 months. The best estimate for future superior share is
based on historically achieved metrics and observable quality
indicators of the fish. Special events can lead to variations in
the superior quality in certain periods. In 2024, challenges
arose with string jellyfish and winter wounds, which resulted
in decreased superior share compared to earlier years. In such
cases, historical metrics will not be representative of future
production. Due to the mentioned challenges in 2024, the
group's superior share was 79% in 2024 compared to 87% in
2023. Downgraded fish are priced at a lower price point in the
fair value assessment compared to fish of superior quality, the
deduction will vary in accordance with the expectation of
market prices. A one percentage point change from superior
quality to downgraded quality will result in a value change of
62 million.
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.
Climate risk is factored into the assessment for calculating the
fair value of the biomass. Incidents and effects are
incorporated into estimates related to future cash flow
through the input of estimated harvesting volume, production
costs, and price achievement. For further information, see
Note 4.9.
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 theoretical 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 6.0 % per month has been used to calculate
the fair value of biological assets for the Group's Norwegian
operations. Correspondingly, a discount rate of 6.5 % per
month was used in 2023. For the Group's operations in Iceland,
a discount rate of 4.0 % per month was used in 2024 and 5.0%
in 2023. 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
reduction in the discount rate for the Norwegian operation in
2024 is attributed to increased expectations regarding costs
and, consequently, profitability.
Fair Value due to business combinations
Due to business combinations, assets and liabilities are recognized at fair value. Fair value
adjustments on biological assets at the time of acquisition are included in the cost of biological
assets. To provide users of the financial statement with a better understanding of the Group\u2019s
profit and loss related to goods sold during the period, the effect of fair value adjustments from
the acquisition related to sold fish has been deducted from the cost of goods sold in the
Operational EBIT when evaluating the segment\u2019s performance. Changes in fair value adjustments
due to business combinations are included in the Group's operating profit. See Notes 2.1 and 2.9
for further information
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-897": { "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, and are remeasured to the
exchange rate at the balance sheet date. 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.
NOKm
31.12.2024
31.12.2023
Trade receivables
1,552
1,469
Allowance for credit losses
-35
-12
Total trade receivables at 31 December
1,517
1,457
Long term loans
44
83
Derivatives
254
159
Other non-current receivables
298
242
Prepaid expenses
227
113
Derivatives
\u2014
469
Other short term receivables
363
479
Other current receivables not qualifying as financial assets
53
\u2014
Other current receivables
642
1,061
VAT included in other short term receivables
184
114
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.
NOKm
31.12.2024
31.12.2023
Provisions for bad debt 1 Jan
12
15
Provisions for bad debts 31 Dec
35
12
Change in provisions for bad debts during the period
23
-3
Actual bad debts
1
10
Change in provisions for bad debts
23
-3
Bad debts charged to expenses during the period
24
6
Trade receivables had the following maturity profile
NOKm
Not due
< 30 d
30-45d
45-90d
>90d
Total
31.12.2024
1,271
184
18
3
76
1,552
31.12.2023
1,161
172
45
3
88
1,469
Receivable Purchase Agreement (RPA)
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 receivables 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 2024, a
total of NOK 1,838 million outstanding receivables has been transferred and derecognised (31
December 2023, a total of NOK 1,300 million). The change in trade receivables deriving from this
derecognition is included under operating activities in the statement of cash flow. For trade
receivables that do not meet the requirements for the RPA, the Group has credit risk. See note
4.1 for description of the procedures for credit assessment and credit insurance of outstanding
receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-896": { "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, and are remeasured to the
exchange rate at the balance sheet date. 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.
NOKm
31.12.2024
31.12.2023
Trade receivables
1,552
1,469
Allowance for credit losses
-35
-12
Total trade receivables at 31 December
1,517
1,457
Long term loans
44
83
Derivatives
254
159
Other non-current receivables
298
242
Prepaid expenses
227
113
Derivatives
\u2014
469
Other short term receivables
363
479
Other current receivables not qualifying as financial assets
53
\u2014
Other current receivables
642
1,061
VAT included in other short term receivables
184
114
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.
NOKm
31.12.2024
31.12.2023
Provisions for bad debt 1 Jan
12
15
Provisions for bad debts 31 Dec
35
12
Change in provisions for bad debts during the period
23
-3
Actual bad debts
1
10
Change in provisions for bad debts
23
-3
Bad debts charged to expenses during the period
24
6
Trade receivables had the following maturity profile
NOKm
Not due
< 30 d
30-45d
45-90d
>90d
Total
31.12.2024
1,271
184
18
3
76
1,552
31.12.2023
1,161
172
45
3
88
1,469
Receivable Purchase Agreement (RPA)
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 receivables 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 2024, a
total of NOK 1,838 million outstanding receivables has been transferred and derecognised (31
December 2023, a total of NOK 1,300 million). The change in trade receivables deriving from this
derecognition is included under operating activities in the statement of cash flow. For trade
receivables that do not meet the requirements for the RPA, the Group has credit risk. See note
4.1 for description of the procedures for credit assessment and credit insurance of outstanding
receivables.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-898": { "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, and are remeasured to the
exchange rate at the balance sheet date. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-904": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
Forward currency contracts
2025
2026
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.851
\u2014
\u2014
\u2014
Forward Sale EUR
16
11.850
\u2014
\u2014
1
Forward Sale GBP
4
13.867
\u2014
\u2014
-2
Forward Sale JPY
1,949
0.073
\u2014
\u2014
\u2014
Forward Sale SEK
9
1.026
\u2014
\u2014
\u2014
Forward Sale USD
63
11.013
\u2014
\u2014
-25
Total
-26
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
34
7.867
\u2014
\u2014
-2
Forward Sale EUR
65
11.891
1
11.915
1
Forward Sale GBP
48
14.021
6
13.996
-10
Forward Sale JPY
4,618
0.075
\u2014
\u2014
6
Forward Sale SEK
13
1.041
\u2014
\u2014
\u2014
Forward Sale USD
457
10.228
11
10.835
-211
FX Option EUR
76
19
1
Total
-216
Carrying amount at 31 December 2024
-242
2024
2025
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.097
\u2014
\u2014
-3
Forward Sale EUR
86
11.808
\u2014
\u2014
2
Forward Sale GBP
\u2014
13.339
\u2014
\u2014
\u2014
Forward Sale JPY
1,301
0.757
\u2014
\u2014
5
Forward Sale SEK
7
1.022
\u2014
\u2014
\u2014
Forward Sale USD
37
10.546
\u2014
\u2014
14
Total
19
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
-40
7.864
\u2014
\u2014
14
Forward Sale EUR
175
11.792
1
11.792
91
Forward Sale GBP
16
13.270
\u2014
\u2014
7
Forward Sale JPY
2,402
0.077
32
0.077
11
Forward Sale USD
443
10.660
8
10.797
249
FX Option EUR
104
11
54
Total
371
Carrying amount at 31 December 2023
444
Specification of cash
flow\u00a0 hedging through
OCI
As at 1 January
As at 31 Dec
Change in value
of drawdowns
on currency
account
Change in fair
value through
OCI
2024
434
-217
-10
-641
2023
70
434
8
355
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12
million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a
financial expense in profit and loss.
Interest and currency derivatives regarding debt 2024
Interest and\u00a0 currency
derivatives with changes
in value through OCI
(NOKm)
Nominal
value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow hedge
reserve
3,421
3,421
100%
300
Net investment reserve
-98
126
100%
-158
Cost of hedging reserve
5
Total
146
Changes through profit and loss:
Accrued value of net interest
11
Carrying amount at 31 December 2024
157
Specification of hedging effects in OCI in 2024
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
220
300
80
Changes in Net investment reserve
-103
-158
-56
Changes in Cost of hedging reserve
19
5
-15
Total
136
146
9
Specification of hedging effects over profit and loss in
2024
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
8
11
3
Amortization of swap cost reclassified from hedging
reserve to interest cost
-5
-7
-2
Total
1
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million
of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335
million with fixed interest rates. 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 193 million of the groups bank loan\u00a0
with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and
carrying value of the swap is NOK 170 million per 31.12.2024. 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 2023
Interest and\u00a0
currency
derivatives
with changes
in value
through OCI
(NOKm)
Nominal value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of
net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow
hedge reserve
3,443
3,443
100%
221
Net investment reserve
-98
127
100%
-103
Cost of hedging reserve
19
Total
137
Changes through profit and loss:
Accrued value of net interest
8
Carrying amount at 31 December 2023
146
Specification of hedging effects in OCI in 2023
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
218
220
2
Changes in Net investment reserve
-34
-103
-68
Changes in Cost of hedging reserve
58
19
-39
Total
242
136
-105
Specification of hedging effects over profit and loss in
2023
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
6
8
2
Amortization of swap cost reclassified from hedging
reserve to interest cost
-3
-5
-2
Total
\u2014
European salmon futures
2024
NOKm
Type
Volume
(1,000)
Average
volume-
weighted
price per kg
Market
value
Fish Pool contracts
Sale
2,260
91.3
-16
Fish Pool contracts
Buy
5,700
90.9
41
Carrying amount at 31 December 2023
25
By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In
2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon
futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in
the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK
19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-903": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
Forward currency contracts
2025
2026
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.851
\u2014
\u2014
\u2014
Forward Sale EUR
16
11.850
\u2014
\u2014
1
Forward Sale GBP
4
13.867
\u2014
\u2014
-2
Forward Sale JPY
1,949
0.073
\u2014
\u2014
\u2014
Forward Sale SEK
9
1.026
\u2014
\u2014
\u2014
Forward Sale USD
63
11.013
\u2014
\u2014
-25
Total
-26
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
34
7.867
\u2014
\u2014
-2
Forward Sale EUR
65
11.891
1
11.915
1
Forward Sale GBP
48
14.021
6
13.996
-10
Forward Sale JPY
4,618
0.075
\u2014
\u2014
6
Forward Sale SEK
13
1.041
\u2014
\u2014
\u2014
Forward Sale USD
457
10.228
11
10.835
-211
FX Option EUR
76
19
1
Total
-216
Carrying amount at 31 December 2024
-242
2024
2025
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.097
\u2014
\u2014
-3
Forward Sale EUR
86
11.808
\u2014
\u2014
2
Forward Sale GBP
\u2014
13.339
\u2014
\u2014
\u2014
Forward Sale JPY
1,301
0.757
\u2014
\u2014
5
Forward Sale SEK
7
1.022
\u2014
\u2014
\u2014
Forward Sale USD
37
10.546
\u2014
\u2014
14
Total
19
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
-40
7.864
\u2014
\u2014
14
Forward Sale EUR
175
11.792
1
11.792
91
Forward Sale GBP
16
13.270
\u2014
\u2014
7
Forward Sale JPY
2,402
0.077
32
0.077
11
Forward Sale USD
443
10.660
8
10.797
249
FX Option EUR
104
11
54
Total
371
Carrying amount at 31 December 2023
444
Specification of cash
flow\u00a0 hedging through
OCI
As at 1 January
As at 31 Dec
Change in value
of drawdowns
on currency
account
Change in fair
value through
OCI
2024
434
-217
-10
-641
2023
70
434
8
355
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12
million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a
financial expense in profit and loss.
Interest and currency derivatives regarding debt 2024
Interest and\u00a0 currency
derivatives with changes
in value through OCI
(NOKm)
Nominal
value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow hedge
reserve
3,421
3,421
100%
300
Net investment reserve
-98
126
100%
-158
Cost of hedging reserve
5
Total
146
Changes through profit and loss:
Accrued value of net interest
11
Carrying amount at 31 December 2024
157
Specification of hedging effects in OCI in 2024
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
220
300
80
Changes in Net investment reserve
-103
-158
-56
Changes in Cost of hedging reserve
19
5
-15
Total
136
146
9
Specification of hedging effects over profit and loss in
2024
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
8
11
3
Amortization of swap cost reclassified from hedging
reserve to interest cost
-5
-7
-2
Total
1
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million
of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335
million with fixed interest rates. 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 193 million of the groups bank loan\u00a0
with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and
carrying value of the swap is NOK 170 million per 31.12.2024. 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 2023
Interest and\u00a0
currency
derivatives
with changes
in value
through OCI
(NOKm)
Nominal value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of
net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow
hedge reserve
3,443
3,443
100%
221
Net investment reserve
-98
127
100%
-103
Cost of hedging reserve
19
Total
137
Changes through profit and loss:
Accrued value of net interest
8
Carrying amount at 31 December 2023
146
Specification of hedging effects in OCI in 2023
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
218
220
2
Changes in Net investment reserve
-34
-103
-68
Changes in Cost of hedging reserve
58
19
-39
Total
242
136
-105
Specification of hedging effects over profit and loss in
2023
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
6
8
2
Amortization of swap cost reclassified from hedging
reserve to interest cost
-3
-5
-2
Total
\u2014
European salmon futures
2024
NOKm
Type
Volume
(1,000)
Average
volume-
weighted
price per kg
Market
value
Fish Pool contracts
Sale
2,260
91.3
-16
Fish Pool contracts
Buy
5,700
90.9
41
Carrying amount at 31 December 2023
25
By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In
2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon
futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in
the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK
19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-902": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
NOTE 3.9
Hedging activities and derivatives
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.
Derivatives
2024
2023
Recognised at fair
value at 31 Dec\u00a0
(NOKm)
Other non-
current
receivables
Other non-
current
liabilities
Other
current
liabilities
Other non-
current
receivables
Other
current
receivables
Other non-
current
liabilities
Forward currency
contracts
\u2014
\u2014
242
\u2014
444
\u2014
Interest and currency
swaps
254
98
\u2014
159
\u2014
13
European salmon futures
\u2014
\u2014
\u2014
\u2014
25
\u2014
Total
254
98
242
159
469
13
Forward currency contracts
2025
2026
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.851
\u2014
\u2014
\u2014
Forward Sale EUR
16
11.850
\u2014
\u2014
1
Forward Sale GBP
4
13.867
\u2014
\u2014
-2
Forward Sale JPY
1,949
0.073
\u2014
\u2014
\u2014
Forward Sale SEK
9
1.026
\u2014
\u2014
\u2014
Forward Sale USD
63
11.013
\u2014
\u2014
-25
Total
-26
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
34
7.867
\u2014
\u2014
-2
Forward Sale EUR
65
11.891
1
11.915
1
Forward Sale GBP
48
14.021
6
13.996
-10
Forward Sale JPY
4,618
0.075
\u2014
\u2014
6
Forward Sale SEK
13
1.041
\u2014
\u2014
\u2014
Forward Sale USD
457
10.228
11
10.835
-211
FX Option EUR
76
19
1
Total
-216
Carrying amount at 31 December 2024
-242
2024
2025
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.097
\u2014
\u2014
-3
Forward Sale EUR
86
11.808
\u2014
\u2014
2
Forward Sale GBP
\u2014
13.339
\u2014
\u2014
\u2014
Forward Sale JPY
1,301
0.757
\u2014
\u2014
5
Forward Sale SEK
7
1.022
\u2014
\u2014
\u2014
Forward Sale USD
37
10.546
\u2014
\u2014
14
Total
19
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
-40
7.864
\u2014
\u2014
14
Forward Sale EUR
175
11.792
1
11.792
91
Forward Sale GBP
16
13.270
\u2014
\u2014
7
Forward Sale JPY
2,402
0.077
32
0.077
11
Forward Sale USD
443
10.660
8
10.797
249
FX Option EUR
104
11
54
Total
371
Carrying amount at 31 December 2023
444
Specification of cash
flow\u00a0 hedging through
OCI
As at 1 January
As at 31 Dec
Change in value
of drawdowns
on currency
account
Change in fair
value through
OCI
2024
434
-217
-10
-641
2023
70
434
8
355
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12
million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a
financial expense in profit and loss.
Interest and currency derivatives regarding debt 2024
Interest and\u00a0 currency
derivatives with changes
in value through OCI
(NOKm)
Nominal
value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow hedge
reserve
3,421
3,421
100%
300
Net investment reserve
-98
126
100%
-158
Cost of hedging reserve
5
Total
146
Changes through profit and loss:
Accrued value of net interest
11
Carrying amount at 31 December 2024
157
Specification of hedging effects in OCI in 2024
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
220
300
80
Changes in Net investment reserve
-103
-158
-56
Changes in Cost of hedging reserve
19
5
-15
Total
136
146
9
Specification of hedging effects over profit and loss in
2024
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
8
11
3
Amortization of swap cost reclassified from hedging
reserve to interest cost
-5
-7
-2
Total
1
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million
of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335
million with fixed interest rates. 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 193 million of the groups bank loan\u00a0
with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and
carrying value of the swap is NOK 170 million per 31.12.2024. 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 2023
Interest and\u00a0
currency
derivatives
with changes
in value
through OCI
(NOKm)
Nominal value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of
net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow
hedge reserve
3,443
3,443
100%
221
Net investment reserve
-98
127
100%
-103
Cost of hedging reserve
19
Total
137
Changes through profit and loss:
Accrued value of net interest
8
Carrying amount at 31 December 2023
146
Specification of hedging effects in OCI in 2023
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
218
220
2
Changes in Net investment reserve
-34
-103
-68
Changes in Cost of hedging reserve
58
19
-39
Total
242
136
-105
Specification of hedging effects over profit and loss in
2023
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
6
8
2
Amortization of swap cost reclassified from hedging
reserve to interest cost
-3
-5
-2
Total
\u2014
European salmon futures
2024
NOKm
Type
Volume
(1,000)
Average
volume-
weighted
price per kg
Market
value
Fish Pool contracts
Sale
2,260
91.3
-16
Fish Pool contracts
Buy
5,700
90.9
41
Carrying amount at 31 December 2023
25
By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In
2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon
futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in
the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK
19 million).
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 financing of investments in SalMar's operations.
In August 2023, SalMar entered into a new senior unsecured
sustainability linked credit facility agreement. The agreement\u00a0
consists of NOK 10,000 million as revolving credit facilities
and NOK 6,000 million as a term loan. 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 addition to the existing bank facilities mentioned above,
SalMar issued a commercial paper of NOK 1,000 million during
2024 and has NOK 1,600 million in overdraft facilities.
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.
See Note 4.12 Events Occuring After the Reporting Period for
details of issuance of New Green Bonds with settlement date
30 January 2025 and issuance of a commercial paper 13 March
2025.
The two subgroup's, Arnarlax Ehf and SalMar Aker Ocean, have
independent financing schemes. In addition, the subsidiary
Vikenco has an individual financial agreement.
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 market 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 million. NOK 750 million has a duration of 7 years
starting 22 April 2022, NOK 750 million has a duration of 7
years starting 22 January 2025, and NOK 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
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
2024, after the impact of hedge accounting, an increased
interest rate of 1.0 per cent would reduce the Group's profit by
net NOK 165 million (2023: reduced profit by NOK 131
million), all other variables remaining constant. The effect
related to the hedging instruments over OCI would rise by NOK
27 million given an increase in the interest rate of 1 % (2023:
1 % rise would lead to a positive effect of NOK 19 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 in 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
2024, a weakening of 10 per cent of the NOK would increase
the Group's profit before tax by NOK 986 million (2023: NOK
940 million). The whole effect would go through the profit and
loss in 2025 as all material financial instruments fall due
within the end of 2025, hence only immaterial impact for
2026.
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:
NOKm
31.12.2024
31.12.2023
EUR
-85
-62
JPY
-12
3
GBP
2
-3
CAD
-5
-5
USD
-107
-67
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
receivables 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 sufficient 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 2024
Maturity
Total
2025
2026
2027
2028
2029
After 2029
Long-term debt
15,566
70
6,225
3,549
5,431
14
276
Interest on long-term debt
2,379
980
581
465
216
72
65
Lease liablities
1,694
409
303
225
169
127
461
Interest on lease liabilities
395
120
94
64
49
38
30
Short-term credit facilities
1,752
1,752
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
31
31
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
4,078
4,078
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
25,896
7,441
7,203
4,303
5,865
252
832
Maturity structure for financial liabilities at 31 December 2023
Maturity
Total
2024
2025
2026
2027
2028
After 2028
Long-term debt
12,669
426
40
6,576
3,719
1,719
188
Interest on long-term debt
2,331
742
737
544
231
65
11
Lease liablities
1,845
344
276
222
179
145
681
Interest on lease liabilities
375
112
93
58
46
35
30
Short-term credit facilities
1,223
1,223
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
47
47
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
3,966
3,966
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
22,456
6,859
1,146
7,400
4,175
1,964
910
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. See section \u201cSupply Chain
Financing\u201d in note 3.11 Interest-bearing liabilities for further
information.
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.
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 2024.
The company monitors its capital management on the basis of
the covenants stipulated. These are based on equity ratio,
interest coverage ratio and the ratio of net interest-bearing
debt to EBITDA. See Note 3.11 for further details.
As at 31 December 2024, the Group had an equity ratio of
37.2 per cent (31 December 2023: 43.3 per cent). At the close
of 2024, the Group's net interest-bearing debt amounted to
NOK 16,799 million (2023: NOK 13,107 million) See Note 3.11
for further details of the Group's net interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-901": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-900": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
NOTE 3.9
Hedging activities and derivatives
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.
Derivatives
2024
2023
Recognised at fair
value at 31 Dec\u00a0
(NOKm)
Other non-
current
receivables
Other non-
current
liabilities
Other
current
liabilities
Other non-
current
receivables
Other
current
receivables
Other non-
current
liabilities
Forward currency
contracts
\u2014
\u2014
242
\u2014
444
\u2014
Interest and currency
swaps
254
98
\u2014
159
\u2014
13
European salmon futures
\u2014
\u2014
\u2014
\u2014
25
\u2014
Total
254
98
242
159
469
13
Forward currency contracts
2025
2026
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.851
\u2014
\u2014
\u2014
Forward Sale EUR
16
11.850
\u2014
\u2014
1
Forward Sale GBP
4
13.867
\u2014
\u2014
-2
Forward Sale JPY
1,949
0.073
\u2014
\u2014
\u2014
Forward Sale SEK
9
1.026
\u2014
\u2014
\u2014
Forward Sale USD
63
11.013
\u2014
\u2014
-25
Total
-26
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
34
7.867
\u2014
\u2014
-2
Forward Sale EUR
65
11.891
1
11.915
1
Forward Sale GBP
48
14.021
6
13.996
-10
Forward Sale JPY
4,618
0.075
\u2014
\u2014
6
Forward Sale SEK
13
1.041
\u2014
\u2014
\u2014
Forward Sale USD
457
10.228
11
10.835
-211
FX Option EUR
76
19
1
Total
-216
Carrying amount at 31 December 2024
-242
2024
2025
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.097
\u2014
\u2014
-3
Forward Sale EUR
86
11.808
\u2014
\u2014
2
Forward Sale GBP
\u2014
13.339
\u2014
\u2014
\u2014
Forward Sale JPY
1,301
0.757
\u2014
\u2014
5
Forward Sale SEK
7
1.022
\u2014
\u2014
\u2014
Forward Sale USD
37
10.546
\u2014
\u2014
14
Total
19
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
-40
7.864
\u2014
\u2014
14
Forward Sale EUR
175
11.792
1
11.792
91
Forward Sale GBP
16
13.270
\u2014
\u2014
7
Forward Sale JPY
2,402
0.077
32
0.077
11
Forward Sale USD
443
10.660
8
10.797
249
FX Option EUR
104
11
54
Total
371
Carrying amount at 31 December 2023
444
Specification of cash
flow\u00a0 hedging through
OCI
As at 1 January
As at 31 Dec
Change in value
of drawdowns
on currency
account
Change in fair
value through
OCI
2024
434
-217
-10
-641
2023
70
434
8
355
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12
million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a
financial expense in profit and loss.
Interest and currency derivatives regarding debt 2024
Interest and\u00a0 currency
derivatives with changes
in value through OCI
(NOKm)
Nominal
value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow hedge
reserve
3,421
3,421
100%
300
Net investment reserve
-98
126
100%
-158
Cost of hedging reserve
5
Total
146
Changes through profit and loss:
Accrued value of net interest
11
Carrying amount at 31 December 2024
157
Specification of hedging effects in OCI in 2024
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
220
300
80
Changes in Net investment reserve
-103
-158
-56
Changes in Cost of hedging reserve
19
5
-15
Total
136
146
9
Specification of hedging effects over profit and loss in
2024
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
8
11
3
Amortization of swap cost reclassified from hedging
reserve to interest cost
-5
-7
-2
Total
1
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million
of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335
million with fixed interest rates. 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 193 million of the groups bank loan\u00a0
with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and
carrying value of the swap is NOK 170 million per 31.12.2024. 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 2023
Interest and\u00a0
currency
derivatives
with changes
in value
through OCI
(NOKm)
Nominal value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of
net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow
hedge reserve
3,443
3,443
100%
221
Net investment reserve
-98
127
100%
-103
Cost of hedging reserve
19
Total
137
Changes through profit and loss:
Accrued value of net interest
8
Carrying amount at 31 December 2023
146
Specification of hedging effects in OCI in 2023
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
218
220
2
Changes in Net investment reserve
-34
-103
-68
Changes in Cost of hedging reserve
58
19
-39
Total
242
136
-105
Specification of hedging effects over profit and loss in
2023
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
6
8
2
Amortization of swap cost reclassified from hedging
reserve to interest cost
-3
-5
-2
Total
\u2014
European salmon futures
2024
NOKm
Type
Volume
(1,000)
Average
volume-
weighted
price per kg
Market
value
Fish Pool contracts
Sale
2,260
91.3
-16
Fish Pool contracts
Buy
5,700
90.9
41
Carrying amount at 31 December 2023
25
By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In
2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon
futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in
the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK
19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-899": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as assets.
Financial instruments by category
Financial instruments at 31 December 2024
Financial instruments at 31
December 2024 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Interest rate swaps
\u2014
\u2014
254
254
Equity instruments
Unlisted equity instruments
\u2014
15
\u2014
15
Debt instruments
Long term loans
44
\u2014
\u2014
44
Trade receivables
1,517
\u2014
\u2014
1,517
Other short term receivables
363
\u2014
\u2014
363
Cash and cash equivalents
518
\u2014
\u2014
518
Total financial assets
2,442
15
254
2,712
Liabilities
Interest-bearing debt
Debts to credit institutions
13,835
\u2014
\u2014
13,835
Green bond
3,483
\u2014
\u2014
3,483
Derivatives
Interest and currency rate swaps
98
98
Forward currency contracts
\u2014
\u2014
242
242
Other financial liabilities
Trade payables
4,078
\u2014
\u2014
4,078
Total financial liabilities
21,396
\u2014
339
21,735
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 amortization derived from the effective
interest method is expensed and classified as a financial cost in the statement of profit or loss.
See Note 3.11 for further details.
Financial instruments at 31 December 2023
Financial instruments at 31
December 2023 (NOKm):
At
amortised
cost
At fair value
through
profit & loss
At fair value
in OCI
Total
Assets
Derivatives
Forward currency contracts
\u2014
\u2014
444
444
Interest\u00a0 rate swaps
\u2014
\u2014
159
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
17
\u2014
17
Debt instruments
Long term loans
83
\u2014
\u2014
83
Trade receivables
1,457
\u2014
\u2014
1,457
Other short term receivables
479
\u2014
\u2014
479
Cash and cash equivalents
785
\u2014
\u2014
785
Total financial assets
2,804
42
603
3,449
Liabilities
Interest-bearing debt
Debts to credit institutions
10,417
\u2014
\u2014
10,417
Green bond
3,475
\u2014
\u2014
3,475
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
Other financial liabilities
Trade payables
3,966
\u2014
\u2014
3,966
Total financial liabilities
17,858
\u2014
13
17,871
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.\u00a0 See Note 3.9 for details of derivatives measured at fair value under Level 2.
31 December 2024 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Interest rate swaps
\u2014
254
\u2014
254
Equity instruments
Unlisted equity instruments
\u2014
\u2014
15
15
TOTAL assets
\u2014
254
15
270
Liabilities
Derivatives
Forward currency contracts
\u2014
242
\u2014
242
Interest and currency rate swaps
\u2014
\u2014
98
98
TOTAL liabilities
\u2014
242
98
339
31 December 2023 (NOKm)
Quoted
prices in
active
markets
(Level 1)
Significant
observable
inputs
(Level 2)
Significant
unobservable
inputs
(Level 3)
Total
Assets
Derivatives
Forward currency contracts
\u2014
444
\u2014
444
Interest rate swaps
\u2014
159
\u2014
159
Financial contracts Fish Pool
\u2014
25
\u2014
25
Equity instruments
Unlisted equity instruments
\u2014
\u2014
17
17
TOTAL assets
\u2014
628
17
645
Liabilities
Derivatives
Interest and currency rate swaps
\u2014
\u2014
13
13
TOTAL liabilities
\u2014
\u2014
13
13
Forward currency contracts
2025
2026
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.851
\u2014
\u2014
\u2014
Forward Sale EUR
16
11.850
\u2014
\u2014
1
Forward Sale GBP
4
13.867
\u2014
\u2014
-2
Forward Sale JPY
1,949
0.073
\u2014
\u2014
\u2014
Forward Sale SEK
9
1.026
\u2014
\u2014
\u2014
Forward Sale USD
63
11.013
\u2014
\u2014
-25
Total
-26
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
34
7.867
\u2014
\u2014
-2
Forward Sale EUR
65
11.891
1
11.915
1
Forward Sale GBP
48
14.021
6
13.996
-10
Forward Sale JPY
4,618
0.075
\u2014
\u2014
6
Forward Sale SEK
13
1.041
\u2014
\u2014
\u2014
Forward Sale USD
457
10.228
11
10.835
-211
FX Option EUR
76
19
1
Total
-216
Carrying amount at 31 December 2024
-242
2024
2025
Forward currency contracts with
changes in value through profit and
loss (NOKm)
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Currency
amount
(millions)
Average
volume-
weighted
hedging
rate
Carrying
amount
Forward Sale CAD
5
7.097
\u2014
\u2014
-3
Forward Sale EUR
86
11.808
\u2014
\u2014
2
Forward Sale GBP
\u2014
13.339
\u2014
\u2014
\u2014
Forward Sale JPY
1,301
0.757
\u2014
\u2014
5
Forward Sale SEK
7
1.022
\u2014
\u2014
\u2014
Forward Sale USD
37
10.546
\u2014
\u2014
14
Total
19
Forward currency contracts with
changes in value through OCI
(NOKm)
Forward Sale CAD
-40
7.864
\u2014
\u2014
14
Forward Sale EUR
175
11.792
1
11.792
91
Forward Sale GBP
16
13.270
\u2014
\u2014
7
Forward Sale JPY
2,402
0.077
32
0.077
11
Forward Sale USD
443
10.660
8
10.797
249
FX Option EUR
104
11
54
Total
371
Carrying amount at 31 December 2023
444
Specification of cash
flow\u00a0 hedging through
OCI
As at 1 January
As at 31 Dec
Change in value
of drawdowns
on currency
account
Change in fair
value through
OCI
2024
434
-217
-10
-641
2023
70
434
8
355
For forward currency contracts which qualify for hedge accounting, an inefficiency of NOK -12
million has been recognised in 2024 (NOK -10 million in 2023). The effect is classified as a
financial expense in profit and loss.
Interest and currency derivatives regarding debt 2024
Interest and\u00a0 currency
derivatives with changes
in value through OCI
(NOKm)
Nominal
value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow hedge
reserve
3,421
3,421
100%
300
Net investment reserve
-98
126
100%
-158
Cost of hedging reserve
5
Total
146
Changes through profit and loss:
Accrued value of net interest
11
Carrying amount at 31 December 2024
157
Specification of hedging effects in OCI in 2024
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
220
300
80
Changes in Net investment reserve
-103
-158
-56
Changes in Cost of hedging reserve
19
5
-15
Total
136
146
9
Specification of hedging effects over profit and loss in
2024
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
8
11
3
Amortization of swap cost reclassified from hedging
reserve to interest cost
-5
-7
-2
Total
1
In 2021, an interest rate currency swap agreement was entered into of which NOK 1,000 million
of the group's first bond loan (note 3.11) with floating interest rates was swapped to EUR 98,335
million with fixed interest rates. 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 193 million of the groups bank loan\u00a0
with floating interest rates was swapped to a fixed rate. The agreement is reduced quarterly and
carrying value of the swap is NOK 170 million per 31.12.2024. 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 2023
Interest and\u00a0
currency
derivatives
with changes
in value
through OCI
(NOKm)
Nominal value
hedge
instruments
(NOKm)
Book value
hedge
object
(NOKm)
Nominal
value hedge
instruments
(MEUR)
Carrying
value of
net
investment
(MEUR)
Hedging
efficiency
Carrying
amount
Cash flow
hedge reserve
3,443
3,443
100%
221
Net investment reserve
-98
127
100%
-103
Cost of hedging reserve
19
Total
137
Changes through profit and loss:
Accrued value of net interest
8
Carrying amount at 31 December 2023
146
Specification of hedging effects in OCI in 2023
As at 1
January
As at 31
Dec
Changes
over OCI
Changes in Cash flow hedge reserve
218
220
2
Changes in Net investment reserve
-34
-103
-68
Changes in Cost of hedging reserve
58
19
-39
Total
242
136
-105
Specification of hedging effects over profit and loss in
2023
As at 1
January
As at 31
Dec
Changes
over profit
and loss
Changes in net accrued interest
6
8
2
Amortization of swap cost reclassified from hedging
reserve to interest cost
-3
-5
-2
Total
\u2014
European salmon futures
2024
NOKm
Type
Volume
(1,000)
Average
volume-
weighted
price per kg
Market
value
Fish Pool contracts
Sale
2,260
91.3
-16
Fish Pool contracts
Buy
5,700
90.9
41
Carrying amount at 31 December 2023
25
By end of 2024 group companies had no European salmon futures (former Fish Pool contracts). In
2024, a net profit of NOK 13 million (net profit of NOK 50 million in 2023) was realised on salmon
futures. Gains and losses are recognised in the operating result. In 2024, unrealised changes in
the fair value of salmon futures amounted to a net loss of NOK 27 million (2023: net gain of NOK
19 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-906": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as 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 amortization derived from the effective
interest method is expensed and classified as a financial 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 contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-905": { "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 comprise 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
receivables, 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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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 forward 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
interest rate swaps to hedge risk related to interest-bearing
debt and the operations in 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
b. 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 instruments 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-907": { "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 activities. 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.
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) on Euronext
(former Fish Pool) to manage the salmon price risk. ESF are
also used to hedge margins in certain cases relating to salmon
purchase agreements. ESF is listed in Euro at Euronext. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-908": { "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
b. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-909": { "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 initially recognised at fair value adjusted for
directly attributable transaction costs. Derivatives are classified as financial liabilities when their
fair value, determined using the effective interest method, is negative, and are accounted for in
the same manner as derivatives that are classified as 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 amortization derived from the effective
interest method is expensed and classified as a financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-910": { "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 amortization derived from the effective
interest method is expensed and classified as a financial 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-913": { "value": "
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-912": { "value": "
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-911": { "value": "
Accounting policies
Forward currency contracts
The Group uses forward currency contracts and currency
option contracts 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 2025 and June 2026, 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 currencies,
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
revaluation 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 rate swaps
The group has entered into interest rate 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 business 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 incorporate 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.
European Salmon Futures
To some extent the Group enters into futures contracts of
salmon on the European Salmon Futures (ESF) to hedge prices
relating to purchase and sales contracts for the physical
delivery of salmon. The contracts fall due for settlement
within one year. Realised 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 salmon future 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\u00a0 term.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-915": { "value": "
NOTE 3.10
Cash & cash equivalents
NOKm
31.12.2024
31.12.2023
Cash and cash equivalents, unrestricted funds
332
621
Cash and cash equivalents, restricted funds
187
164
Total cash and cash equivalents at 31 December
518
785
A total of NOK 187 million (2023: NOK 164 million) in restricted tax withholdings is included in
the item cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-914": { "value": "
NOTE 3.10
Cash & cash equivalents
NOKm
31.12.2024
31.12.2023
Cash and cash equivalents, unrestricted funds
332
621
Cash and cash equivalents, restricted funds
187
164
Total cash and cash equivalents at 31 December
518
785
A total of NOK 187 million (2023: NOK 164 million) in restricted tax withholdings is included in
the item cash and cash equivalents.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-916": { "value": "
NOTE 3.11
Interest-bearing liabilities
Non-current interest-bearing liabilities (NOKm)
31.12.2024
31.12.2023
Non-current interest bearing liabilities
12,124
9,259
Green bond
3,500
3,500
Amortised cost
-58
-90
Total
15,566
12,669
Next year's instalment on non-current interest bearing liabilities
-102
-458
Total
15,464
12,211
Lease liabilities
1,694
1,845
Next year's instalment on lease liabilities
-420
-344
Total
1,274
1,502
Total carrying amount at 31 December
16,738
13,713
Current interest-bearing liabilities (NOKm)
2024
2023
Bank overdraft
752
1,223
Commercial Paper
1,000
\u2014
Next year's instalment on non-current interest bearing liabilities
102
458
Current interest bearing liabilities ex. lease liabilities
1,854
1,681
Next year's instalment on lease liabilities
420
344
Total carrying amount at 31 December
2,273
2,024
Total non-current and current interest-bearing liabilities
19,011
15,737
Cash and cash equivalents
-518
-785
Lease liabilities
-1,694
-1,845
Net interest-bearing debt
16,799
13,107
Unused drawing rights\u00a0 (NOKm)
2024
2023
Unused credit facilities
5,633
8,740
Unused bank overdraft
1,207
1,014
Total unused drawing rights
6,840
9,754
The fair value of borrowings are not materially different from their carrying amounts since the
interest payable on the borrowings is either close to 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.
The Group has entered into cross-currency interest swap- and interest rate swaps contracts to
reduce the risk related to floating interest rate. These contracts are established with the purpose
to reduce the interest risk related to long-term loans. See note 3.9 \u201cHedging activities and
derivatives\u201d and note 4.1 \u201cFinancial risk management\u201d for further details regarding the swaps.
As at 31 December 2024 per currency
(NOKm):
NOK
EUR
JPY
USD
GBP
Other
Total
Non-current
interest bearing
liabilities
14,526
938
\u2014
\u2014
\u2014
\u2014
15,464
Lease liabilities
1,641
\u2014
\u2014
\u2014
\u2014
53
1,694
Current interest-
bearing liabilities
1,784
-28
82
136
-126
6
1,854
Total interest-
bearing debts
17,950
911
82
136
-126
59
19,011
Cash and cash
equivalents
367
22
36
56
2
36
518
Lease liabilities
1,641
\u2014
\u2014
\u2014
\u2014
53
1,694
Net interest-
bearing debts
15,943
888
46
80
-128
-30
16,799
As at 31 December 2023 per currency
(NOKm):
NOK
EUR
JPY
USD
GBP
Other
Total
Non-current
interest bearing
liabilities
11,596
615
\u2014
\u2014
\u2014
\u2014
12,211
Lease liabilities
1,804
\u2014
\u2014
\u2014
\u2014
41
1,845
Current interest-
bearing liabilities
1,467
76
76
39
18
5
1,681
Total interest-
bearing debts
14,867
691
76
39
18
46
15,737
Cash and cash
equivalents
607
47
37
60
13
21
785
Lease liabilities
1,804
\u2014
\u2014
\u2014
\u2014
41
1,845
Net interest-
bearing debts
12,456
644
39
-21
5
-16
13,107
Financing activities - changes in liability at 31 December 2024:
Non-cash generating effects
(NOKm):
31.12.2023
Cash flow from
financing activities
Changes through
disposals of
subsidiaries
Currency effects
Change in next
year's instalments
on long-term debts
Other effects
31.12.2024
Non-current debts
12,211
3,228
-383
33
356
20
15,464
Current debts to credit institutions
1,681
525
-6
\u2014
-356
10
1,854
Total debts to credit institutions
13,892
3,753
-389
33
\u2014
30
17,318
Non-current and current lease liabilities
1,845
-409
\u2014
\u2014
\u2014
257
1,694
Total interest-bearing debts
15,737
3,343
-389
33
\u2014
287
19,011
For details regarding disposal of subsidiaries see Note 4.4
Financing activities - changes in liability at 31 December 2023:
Non-cash generating effects
(NOKm):
31.12.2022
Cash flow from
financing activities
Changes through
disposals of
subsidiaries
Currency effects
Change in next
year's instalments
on long-term debts
Other effects
31.12.2023
Non-current debts
18,350
-8,660
\u2014
40
2,489
-8
12,211
Current debts to credit institutions
3,442
714
\u2014
3
-2,489
11
1,681
Total debts to credit institutions
21,792
-7,947
\u2014
43
\u2014
4
13,892
Non-current and current lease liabilities
1,425
-321
\u2014
3
\u2014
739
1,845
Total interest-bearing debts
23,217
-8,268
\u2014
45
\u2014
742
15,737
Interest-bearing debt in more detail
In August 2023, SalMar entered into a new senior unsecured
sustainability linked credit facility agreement, totalling NOK
16,000 million. The agreement comprises a 3+1+1 year term
loan with a total of NOK 6,000 million, a 5+1+1 year revolving
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 related to the NIBD/EBITDA-
gearing. 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
arrangements limited to NOK 1,600 million. As at 31 December
2024, the Group had drawn NOK 752 million on this
arrangement (2023: NOK 1,223 million). Deposits and
drawdowns in various currencies relating to the group account
scheme are recognised net in the Group\u2019s financial statements.
In addition to the existing bank facilities consisting of NOK
10,000 million as revolving credit facilities and NOK 6,000
million as a term loan, SalMar issued a commercial paper of
NOK 1,000 million on 13 September 2024 with a maturity
date of 13 March 2025 and a coupon of 5.13% p.a.
With effect from 22 April 2021, SalMar ASA issued an
unsecured green bond totalling NOK 3,500 million. No
instalments 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 2024 is NOK 3,483 million. The bond
loan is listed on the Oslo Stock Exchange under the ticker
SALM01 ESG.
See Note 4.12 Events Occuring After the Reporting Period for
details of issuance of New Green Bonds with settlement date
30 January 2025 and issuance of a commercial paper 13 March
2025.
Financial covenants
The financial covenants for the long-term financing of SalMar
ASA are a solvency requirement, which stipulates that the
Group\u2019s recognised equity ratio shall exceed 30 %, and a
profitability requirement which stipulates that the Groups
interest coverage rate (EBITDA/net financial expenses) shall
not fall below 3.0. The covenants are tested quarterly, see
below. The Group were in compliance with the covenants as of
31 December 2024 (see table below) and has no indication
that there will be difficulties complying with these covenants.
31.12.2024
31.12.2023
Equity ratio > 30 %
37.2%
43.3%
Interest cover rate (EBITDA /
Net financial exp.) > 3.0
8,8
10,8
The green bond has a financial covenant requiring an equity
ratio of 30 % in the agreement period
The financing schemes of Arnarlax Ehf, SalMar Aker Ocean and
Vikenco are independent from SalMar ASA.
Subsidiaries with individual financial agreements
During November 2023, Arnarlax ehf., the groups subsidiary in
Iceland completed a refinancing process totaling facilities of
95 MEUR. The sustainable linked facilities consisted of a term
loan of 30 MEUR, a revolving facility of 65 MEUR and an
additional overdraft facility of 5 MEUR.
In Februar 2025, the Group signed a loan agreement for an
extension that increased the revolving facility to 130 MEUR,
This extension set the total\u00a0 facility to 160 MEUR in addition
to the 5 MEUR overdraft facility. The facility agreement is
valid until November 2027 and includes a possibility of a one-
year extension.
Arnarlax ehf. has standard financial requirements as
covenants, consisting of an equity ratio above 35 per cent and
profit requirements including 12-month rolling interest
coverage ratio (ICR) and a gearing ratio on NIBD/12-month
rolling EBITDA, excluding limited extraordinary items.\u00a0 In
December 2024 Arnarlax\u2019s lenders agreed to waive the
financial covenants for the ICR through the second quarter
2025 and\u00a0 the NIBD/EBITDA through the fourth quarter 2025.
After the waived periods the ICR ratio shall not fall below
2.50:1 and the NIBD/12-month\u00a0 rolling EBITDA, excluding
limited extraordinary items, should not exceed 4.50:1. The
waivers indicate that there will be no difficulties in complying
with the covenants, which are reported on a quarterly basis.
In November 2023, the subgroup SalMar Aker Ocean entered
into a new credit facility agreement, consisting of a green
term loan of NOK 200 million and an annually renewable
overdraft facility of NOK 250 million. The green term loan is a
bullet loan with termination date 27 November 2026. Per
31.12.2024 the overdraft facility were drawn NOK 91 million
(2023: no drawdown). The covenants are based on standard
ratios, tested quarterly and has financial requirements of an
equity ratio above 40 per cent and a NIBD/EBITDA-leverage
that shall not exceed 4.00:1. The green term loan of NOK 200
million was fully settled as of 31st March 2025, see Note 4.12
Events Occuring After the Reporting Period for further
information.
Vikenco has an overdraft facility capped at NOK 50 million, of
which there was no drawdown either as at 31. December
2024 nor 31.12.2023. In addition, the company has an\u00a0
instalment loan with a carrying amount of NOK 350 million
that matures 30 September 2027. The covenants for Vikenco
are based on standard ratios and has financial requirements of
an equity ratio above 20 per cent and includes Net Working
Capital ratio above 10% of total balance sheet amount. The
ratios are reported on a quarterly basis.
Refsnes Laks AS, has a term loan with net carrying amount at
31 December 2024 of NOK 45 million (2023: NOK 48 million),
the loan matures in May 2025, hence classified as current
liability as at 31.12.2024.
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.
See Note 4.12 Events Occuring After the Reporting Period for
details of issuance of New Green Bonds with settlement date
30 January 2025 and issuance of a commercial paper 13 March
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 practically immediately.
Supply Chain Financing:
Carrying amount of liabilities (NOKm)
31.12.2024
31.12.2023
Presented within trade payables
2,208
2,562
- of which suppliers have received payment
2,184
2,532
Range of payment due dates\u00a0
2024
2023
Liabilities that are part of the SCF-arrangement
102 - 105 days after invoice date
110 - 115 days after invoice date
Average comparable trade payables, not included in the SCF-arrangement\u00a0
28 - 41 days after invoice date
27 - 40 days after invoice date
Payment terms under the SCF agreement are in line with industry practice, most common in the interval between 90 - 120 days. The transaction is still between the company and its suppliers, and are
therefore classified as trade payables, and changes in trade payables related to the SCF agreement is classified as cash flow from operating activities in the statement of cash flow.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-917": { "value": "
NOTE 3.12
Mortgage and guarantees
Liabilities secured by mortgage (NOKm)
31.12.2024
31.12.2023
Non-current interest bearing debt
1,479
1,112
Current interest bearing debt
94
570
Lease liabilities
1,694
1,845
Total debt secured by mortgages and pledges at 31 December
3,267
3,528
In 2023, SalMar entered into a new senior unsecured credit facility agreement totalling NOK
16,000 million. 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 (NOKm)
31.12.2024
31.12.2023
Licences
3,711
3,438
Property, plant and equipment and right-to-use assets
3,355
4,512
Biological assets and other inventory
1,675
1,577
Trade receivables
610
633
Total assets pledged as security at 31 December
9,351
10,160
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-924": { "value": "
NOTE 3.13
Current liabilities
Other current liabilities (NOKm)
31.12.2024
31.12.2023
Salaries and vacation pay due
240
214
Derivatives
242
\u2014
Accruals for clean-up cost
319
304
Accrued interest cost
86
54
Other accrued expenses
387
401
Accruals for production tax
61
83
Liability arising from business combination and acquisition of non-
controlling interests
72
55
Provisions for onerous contracts
72
342
Total carrying amount at 31 December
1,478
1,454
Accruals for clean-up cost
When fish-farming licenses are granted and production equipment is installed at the site, an
obligation arises to remove the operational equipment in the future. Additionally, obligations may
arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses
are expected to have an indefinite useful lifespan. Consequently, production at the sites will
continue in the foreseeable future.\u00a0
Provisions are made for costs related to clean-up associated with the termination of individual
production cycles at each site. However, the settlement dates for the removal of equipment
placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as
extremely long-term discount rates for which there is no observable benchmark, cannot be
determined reliably. Due to the long time horizon, the present value of an estimated obligation
becomes insignificant. Consequently, no provision has been made for liabilities related to removal
costs.
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.
Liability arising from business combination and acquisition of non-controlling interests
The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in
Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-923": { "value": "
NOTE 3.13
Current liabilities
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-922": { "value": "
NOTE 3.13
Current liabilities
Other current liabilities (NOKm)
31.12.2024
31.12.2023
Salaries and vacation pay due
240
214
Derivatives
242
\u2014
Accruals for clean-up cost
319
304
Accrued interest cost
86
54
Other accrued expenses
387
401
Accruals for production tax
61
83
Liability arising from business combination and acquisition of non-
controlling interests
72
55
Provisions for onerous contracts
72
342
Total carrying amount at 31 December
1,478
1,454
Accruals for clean-up cost
When fish-farming licenses are granted and production equipment is installed at the site, an
obligation arises to remove the operational equipment in the future. Additionally, obligations may
arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses
are expected to have an indefinite useful lifespan. Consequently, production at the sites will
continue in the foreseeable future.\u00a0
Provisions are made for costs related to clean-up associated with the termination of individual
production cycles at each site. However, the settlement dates for the removal of equipment
placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as
extremely long-term discount rates for which there is no observable benchmark, cannot be
determined reliably. Due to the long time horizon, the present value of an estimated obligation
becomes insignificant. Consequently, no provision has been made for liabilities related to removal
costs.
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.
Liability arising from business combination and acquisition of non-controlling interests
The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in
Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-921": { "value": "
NOTE 3.13
Current liabilities
Other current liabilities (NOKm)
31.12.2024
31.12.2023
Salaries and vacation pay due
240
214
Derivatives
242
\u2014
Accruals for clean-up cost
319
304
Accrued interest cost
86
54
Other accrued expenses
387
401
Accruals for production tax
61
83
Liability arising from business combination and acquisition of non-
controlling interests
72
55
Provisions for onerous contracts
72
342
Total carrying amount at 31 December
1,478
1,454
Accruals for clean-up cost
When fish-farming licenses are granted and production equipment is installed at the site, an
obligation arises to remove the operational equipment in the future. Additionally, obligations may
arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses
are expected to have an indefinite useful lifespan. Consequently, production at the sites will
continue in the foreseeable future.\u00a0
Provisions are made for costs related to clean-up associated with the termination of individual
production cycles at each site. However, the settlement dates for the removal of equipment
placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as
extremely long-term discount rates for which there is no observable benchmark, cannot be
determined reliably. Due to the long time horizon, the present value of an estimated obligation
becomes insignificant. Consequently, no provision has been made for liabilities related to removal
costs.
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.
Liability arising from business combination and acquisition of non-controlling interests
The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in
Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-920": { "value": "
NOTE 3.13
Current liabilities
Other current liabilities (NOKm)
31.12.2024
31.12.2023
Salaries and vacation pay due
240
214
Derivatives
242
\u2014
Accruals for clean-up cost
319
304
Accrued interest cost
86
54
Other accrued expenses
387
401
Accruals for production tax
61
83
Liability arising from business combination and acquisition of non-
controlling interests
72
55
Provisions for onerous contracts
72
342
Total carrying amount at 31 December
1,478
1,454
Accruals for clean-up cost
When fish-farming licenses are granted and production equipment is installed at the site, an
obligation arises to remove the operational equipment in the future. Additionally, obligations may
arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses
are expected to have an indefinite useful lifespan. Consequently, production at the sites will
continue in the foreseeable future.\u00a0
Provisions are made for costs related to clean-up associated with the termination of individual
production cycles at each site. However, the settlement dates for the removal of equipment
placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as
extremely long-term discount rates for which there is no observable benchmark, cannot be
determined reliably. Due to the long time horizon, the present value of an estimated obligation
becomes insignificant. Consequently, no provision has been made for liabilities related to removal
costs.
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.
Liability arising from business combination and acquisition of non-controlling interests
The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in
Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-919": { "value": "
NOTE 3.13
Current liabilities
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-918": { "value": "
NOTE 3.13
Current liabilities
Other current liabilities (NOKm)
31.12.2024
31.12.2023
Salaries and vacation pay due
240
214
Derivatives
242
\u2014
Accruals for clean-up cost
319
304
Accrued interest cost
86
54
Other accrued expenses
387
401
Accruals for production tax
61
83
Liability arising from business combination and acquisition of non-
controlling interests
72
55
Provisions for onerous contracts
72
342
Total carrying amount at 31 December
1,478
1,454
Accruals for clean-up cost
When fish-farming licenses are granted and production equipment is installed at the site, an
obligation arises to remove the operational equipment in the future. Additionally, obligations may
arise due to changes in legislation. Except for some time-limited licenses, fish-farming licenses
are expected to have an indefinite useful lifespan. Consequently, production at the sites will
continue in the foreseeable future.\u00a0
Provisions are made for costs related to clean-up associated with the termination of individual
production cycles at each site. However, the settlement dates for the removal of equipment
placed on sites are indeterminate and cannot be measured reliably. Other estimates, such as
extremely long-term discount rates for which there is no observable benchmark, cannot be
determined reliably. Due to the long time horizon, the present value of an estimated obligation
becomes insignificant. Consequently, no provision has been made for liabilities related to removal
costs.
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.
Liability arising from business combination and acquisition of non-controlling interests
The liability as of 31.12.2024 is mainly related to the acquisition of non-controlling interest in
Hitramat Farming AS, with NOK 69 million due in 2025. See Note 4.6 for further information.
As of 31.12.2023, there was a contingent liability of NOK 55 million related to a previous
business combination in SalMar Farming AS, specifically related to the merged-in company SalMar
Namdal AS. As part of the purchase agreement with the previous owners, a contingent
consideration was agreed upon. The liability was fully settled as of 31.12.2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-925": { "value": "
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 recognized on a separate line in the statement of profit and loss and
are included in the operational profit. For 2024, a positive effect of NOK 271 million was
recognized. The corresponding effect in 2023 was negative, amounting to NOK 237 million.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-926": { "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 financing of investments in SalMar's operations.
In August 2023, SalMar entered into a new senior unsecured
sustainability linked credit facility agreement. The agreement\u00a0
consists of NOK 10,000 million as revolving credit facilities
and NOK 6,000 million as a term loan. 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 addition to the existing bank facilities mentioned above,
SalMar issued a commercial paper of NOK 1,000 million during
2024 and has NOK 1,600 million in overdraft facilities.
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.
See Note 4.12 Events Occuring After the Reporting Period for
details of issuance of New Green Bonds with settlement date
30 January 2025 and issuance of a commercial paper 13 March
2025.
The two subgroup's, Arnarlax Ehf and SalMar Aker Ocean, have
independent financing schemes. In addition, the subsidiary
Vikenco has an individual financial agreement.
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 market 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 million. NOK 750 million has a duration of 7 years
starting 22 April 2022, NOK 750 million has a duration of 7
years starting 22 January 2025, and NOK 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
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
2024, after the impact of hedge accounting, an increased
interest rate of 1.0 per cent would reduce the Group's profit by
net NOK 165 million (2023: reduced profit by NOK 131
million), all other variables remaining constant. The effect
related to the hedging instruments over OCI would rise by NOK
27 million given an increase in the interest rate of 1 % (2023:
1 % rise would lead to a positive effect of NOK 19 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 in 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
2024, a weakening of 10 per cent of the NOK would increase
the Group's profit before tax by NOK 986 million (2023: NOK
940 million). The whole effect would go through the profit and
loss in 2025 as all material financial instruments fall due
within the end of 2025, hence only immaterial impact for
2026.
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:
NOKm
31.12.2024
31.12.2023
EUR
-85
-62
JPY
-12
3
GBP
2
-3
CAD
-5
-5
USD
-107
-67
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
receivables 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 sufficient 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 2024
Maturity
Total
2025
2026
2027
2028
2029
After 2029
Long-term debt
15,566
70
6,225
3,549
5,431
14
276
Interest on long-term debt
2,379
980
581
465
216
72
65
Lease liablities
1,694
409
303
225
169
127
461
Interest on lease liabilities
395
120
94
64
49
38
30
Short-term credit facilities
1,752
1,752
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
31
31
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
4,078
4,078
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
25,896
7,441
7,203
4,303
5,865
252
832
Maturity structure for financial liabilities at 31 December 2023
Maturity
Total
2024
2025
2026
2027
2028
After 2028
Long-term debt
12,669
426
40
6,576
3,719
1,719
188
Interest on long-term debt
2,331
742
737
544
231
65
11
Lease liablities
1,845
344
276
222
179
145
681
Interest on lease liabilities
375
112
93
58
46
35
30
Short-term credit facilities
1,223
1,223
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
47
47
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
3,966
3,966
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
22,456
6,859
1,146
7,400
4,175
1,964
910
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. See section \u201cSupply Chain
Financing\u201d in note 3.11 Interest-bearing liabilities for further
information.
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.
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 2024.
The company monitors its capital management on the basis of
the covenants stipulated. These are based on equity ratio,
interest coverage ratio and the ratio of net interest-bearing
debt to EBITDA. See Note 3.11 for further details.
As at 31 December 2024, the Group had an equity ratio of
37.2 per cent (31 December 2023: 43.3 per cent). At the close
of 2024, the Group's net interest-bearing debt amounted to
NOK 16,799 million (2023: NOK 13,107 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-927": { "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 market 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 million. NOK 750 million has a duration of 7 years
starting 22 April 2022, NOK 750 million has a duration of 7
years starting 22 January 2025, and NOK 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
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
2024, after the impact of hedge accounting, an increased
interest rate of 1.0 per cent would reduce the Group's profit by
net NOK 165 million (2023: reduced profit by NOK 131
million), all other variables remaining constant. The effect
related to the hedging instruments over OCI would rise by NOK
27 million given an increase in the interest rate of 1 % (2023:
1 % rise would lead to a positive effect of NOK 19 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 in 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
2024, a weakening of 10 per cent of the NOK would increase
the Group's profit before tax by NOK 986 million (2023: NOK
940 million). The whole effect would go through the profit and
loss in 2025 as all material financial instruments fall due
within the end of 2025, hence only immaterial impact for
2026.
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:
NOKm
31.12.2024
31.12.2023
EUR
-85
-62
JPY
-12
3
GBP
2
-3
CAD
-5
-5
USD
-107
-67
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-928": { "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 in 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
2024, a weakening of 10 per cent of the NOK would increase
the Group's profit before tax by NOK 986 million (2023: NOK
940 million). The whole effect would go through the profit and
loss in 2025 as all material financial instruments fall due
within the end of 2025, hence only immaterial impact for
2026.
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:
NOKm
31.12.2024
31.12.2023
EUR
-85
-62
JPY
-12
3
GBP
2
-3
CAD
-5
-5
USD
-107
-67
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-929": { "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
receivables on the same date. See Note 3.7.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-930": { "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 sufficient 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 2024
Maturity
Total
2025
2026
2027
2028
2029
After 2029
Long-term debt
15,566
70
6,225
3,549
5,431
14
276
Interest on long-term debt
2,379
980
581
465
216
72
65
Lease liablities
1,694
409
303
225
169
127
461
Interest on lease liabilities
395
120
94
64
49
38
30
Short-term credit facilities
1,752
1,752
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
31
31
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
4,078
4,078
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
25,896
7,441
7,203
4,303
5,865
252
832
Maturity structure for financial liabilities at 31 December 2023
Maturity
Total
2024
2025
2026
2027
2028
After 2028
Long-term debt
12,669
426
40
6,576
3,719
1,719
188
Interest on long-term debt
2,331
742
737
544
231
65
11
Lease liablities
1,845
344
276
222
179
145
681
Interest on lease liabilities
375
112
93
58
46
35
30
Short-term credit facilities
1,223
1,223
\u2014
\u2014
\u2014
\u2014
\u2014
Interest on short-term debt
47
47
\u2014
\u2014
\u2014
\u2014
\u2014
Trade payables
3,966
3,966
\u2014
\u2014
\u2014
\u2014
\u2014
Total liabilities
22,456
6,859
1,146
7,400
4,175
1,964
910
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. See section \u201cSupply Chain
Financing\u201d in note 3.11 Interest-bearing liabilities for further
information.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-931": { "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.
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 2024.
The company monitors its capital management on the basis of
the covenants stipulated. These are based on equity ratio,
interest coverage ratio and the ratio of net interest-bearing
debt to EBITDA. See Note 3.11 for further details.
As at 31 December 2024, the Group had an equity ratio of
37.2 per cent (31 December 2023: 43.3 per cent). At the close
of 2024, the Group's net interest-bearing debt amounted to
NOK 16,799 million (2023: NOK 13,107 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-934": { "value": "
NOTE 4.2
Share capital and shareholders
At 31 December 2024, the parent company's share capital
comprised:
Number
of shares
Face value
Total share
capital
(NOK)
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.
As at 31 December 2024, SalMar ASA owned 114,554 treasury
shares, a reduction by 164,300 shares, from 278,854 treasury
shares as at 31 December 2023.
New shares are issued in 2025. See Note 4.12 for further
information.
Shareholders
Overview of the largest shareholders 31.12.2024
Number of shares
Shareholding
Voting Share
KVERVA INDUSTRIER AS
59,934,476
45.39%
45.43%
FOLKETRYGDFONDET
8,194,750
6.21%
6.21%
State Street Bank and Trust Comp
2,299,409
1.74%
1.74%
TERBOLI INVEST AS
1,425,394
1.08%
1.08%
JPMorgan Chase Bank, N.A., London
1,407,544
1.07%
1.07%
LIN AS
1,337,685
1.01%
1.01%
HASPRO AS
1,171,542
0.89%
0.89%
PARETO AKSJE NORGE VERDIPAPIRFOND
1,158,307
0.88%
0.88%
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,155,226
0.87%
0.88%
State Street Bank and Trust Comp
1,114,678
0.84%
0.84%
VERDIPAPIRFOND ODIN NORDEN
1,106,813
0.84%
0.84%
State Street Bank and Trust Comp
1,017,707
0.77%
0.77%
CACEIS Bank
982,808
0.74%
0.74%
JPMorgan Chase Bank, N.A., London
939,024
0.71%
0.71%
The Northern Trust Comp, London Br
815,152
0.62%
0.62%
ANDVARI AS
810,468
0.61%
0.61%
CLEARSTREAM BANKING S.A.
795,412
0.60%
0.60%
BOND\u00d8 INVEST AS
738,392
0.56%
0.56%
J.P. Morgan SE
715,521
0.54%
0.54%
JPMorgan Chase Bank, N.A., London
704,606
0.53%
0.53%
Total 20 largest shareholders
87,824,914
66.51%
66.57%
Total other shareholders
44,099,452
33.40%
33.43%
Treasury shares
114,554
0.09%
Total number of shares 31.12.2024
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
276
0.00%
Frode Arntsen
CEO
9,324
0.01%
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
16,259
0.01%
Simon A. S\u00f8bstad
COO Sales & Industry
1,737
0.00%
Runar Sivertsen ****
Chief Strategy Officer
5,959
0.00%
Eva Haugen
Director Quality Management/HSE
884
0.00%
Arthur Wisniewski
Director Human Resource Management
3,776
0.00%
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its
subsidiary Kvema AS, owns 92.50 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 45.43 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 100 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 45.43 per cent voting share.
*** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 21,498 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 45.43 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 2025 and no later
than 30 June 2025.
The Board of Directors has been granted the following
authorisations which may impact the share capital at 31
December 2024:
To increase the company\u2019s share capital limited to 5 per cent
of the share capital or NOK 1,650.486.50 through the issue of
up to 6,601,946 shares to finance investments and the
acquisition of businesses through cash issues and
contributions 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 1,650,486.50, though with account
taken of any capital increases undertaken pursuant 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
Liability Companies Act Section 9-4, for up to 13,203,892
shares with an aggregate par value of NOK 3,300,973. The
authorisation can be used to buy back own shares in order to
meet obligations under the Company's share-based incentive
schemes for senior executives and also as a way of returning
value to its shareholders, as well as to buy back own shares
for subsequent cancellation or sale. The amount payable per
share could be in the range between NOK 1 and NOK 1,000
per SalMar share.
Dividend
The Board is proposing payment of a dividend of NOK 22 per
share, totalling NOK 2,902\u00a0million, as at 31 December 2024.
No dividend is paid on the company's treasury shares.
Additionally, dividends will be paid on new shares issued in
2025. See Note 4.12 for further information.
For the 2023 financial year, a dividend of NOK 35 per share,
totalling NOK 4,612\u00a0million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-933": { "value": "
NOTE 4.2
Share capital and shareholders
At 31 December 2024, the parent company's share capital
comprised:
Number
of shares
Face value
Total share
capital
(NOK)
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.
As at 31 December 2024, SalMar ASA owned 114,554 treasury
shares, a reduction by 164,300 shares, from 278,854 treasury
shares as at 31 December 2023.
New shares are issued in 2025. See Note 4.12 for further
information.
Shareholders
Overview of the largest shareholders 31.12.2024
Number of shares
Shareholding
Voting Share
KVERVA INDUSTRIER AS
59,934,476
45.39%
45.43%
FOLKETRYGDFONDET
8,194,750
6.21%
6.21%
State Street Bank and Trust Comp
2,299,409
1.74%
1.74%
TERBOLI INVEST AS
1,425,394
1.08%
1.08%
JPMorgan Chase Bank, N.A., London
1,407,544
1.07%
1.07%
LIN AS
1,337,685
1.01%
1.01%
HASPRO AS
1,171,542
0.89%
0.89%
PARETO AKSJE NORGE VERDIPAPIRFOND
1,158,307
0.88%
0.88%
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,155,226
0.87%
0.88%
State Street Bank and Trust Comp
1,114,678
0.84%
0.84%
VERDIPAPIRFOND ODIN NORDEN
1,106,813
0.84%
0.84%
State Street Bank and Trust Comp
1,017,707
0.77%
0.77%
CACEIS Bank
982,808
0.74%
0.74%
JPMorgan Chase Bank, N.A., London
939,024
0.71%
0.71%
The Northern Trust Comp, London Br
815,152
0.62%
0.62%
ANDVARI AS
810,468
0.61%
0.61%
CLEARSTREAM BANKING S.A.
795,412
0.60%
0.60%
BOND\u00d8 INVEST AS
738,392
0.56%
0.56%
J.P. Morgan SE
715,521
0.54%
0.54%
JPMorgan Chase Bank, N.A., London
704,606
0.53%
0.53%
Total 20 largest shareholders
87,824,914
66.51%
66.57%
Total other shareholders
44,099,452
33.40%
33.43%
Treasury shares
114,554
0.09%
Total number of shares 31.12.2024
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
276
0.00%
Frode Arntsen
CEO
9,324
0.01%
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
16,259
0.01%
Simon A. S\u00f8bstad
COO Sales & Industry
1,737
0.00%
Runar Sivertsen ****
Chief Strategy Officer
5,959
0.00%
Eva Haugen
Director Quality Management/HSE
884
0.00%
Arthur Wisniewski
Director Human Resource Management
3,776
0.00%
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its
subsidiary Kvema AS, owns 92.50 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 45.43 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 100 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 45.43 per cent voting share.
*** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 21,498 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 45.43 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 2025 and no later
than 30 June 2025.
The Board of Directors has been granted the following
authorisations which may impact the share capital at 31
December 2024:
To increase the company\u2019s share capital limited to 5 per cent
of the share capital or NOK 1,650.486.50 through the issue of
up to 6,601,946 shares to finance investments and the
acquisition of businesses through cash issues and
contributions 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 1,650,486.50, though with account
taken of any capital increases undertaken pursuant 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
Liability Companies Act Section 9-4, for up to 13,203,892
shares with an aggregate par value of NOK 3,300,973. The
authorisation can be used to buy back own shares in order to
meet obligations under the Company's share-based incentive
schemes for senior executives and also as a way of returning
value to its shareholders, as well as to buy back own shares
for subsequent cancellation or sale. The amount payable per
share could be in the range between NOK 1 and NOK 1,000
per SalMar share.
Dividend
The Board is proposing payment of a dividend of NOK 22 per
share, totalling NOK 2,902\u00a0million, as at 31 December 2024.
No dividend is paid on the company's treasury shares.
Additionally, dividends will be paid on new shares issued in
2025. See Note 4.12 for further information.
For the 2023 financial year, a dividend of NOK 35 per share,
totalling NOK 4,612\u00a0million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-932": { "value": "
NOTE 4.2
Share capital and shareholders
At 31 December 2024, the parent company's share capital
comprised:
Number
of shares
Face value
Total share
capital
(NOK)
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.
As at 31 December 2024, SalMar ASA owned 114,554 treasury
shares, a reduction by 164,300 shares, from 278,854 treasury
shares as at 31 December 2023.
New shares are issued in 2025. See Note 4.12 for further
information.
Shareholders
Overview of the largest shareholders 31.12.2024
Number of shares
Shareholding
Voting Share
KVERVA INDUSTRIER AS
59,934,476
45.39%
45.43%
FOLKETRYGDFONDET
8,194,750
6.21%
6.21%
State Street Bank and Trust Comp
2,299,409
1.74%
1.74%
TERBOLI INVEST AS
1,425,394
1.08%
1.08%
JPMorgan Chase Bank, N.A., London
1,407,544
1.07%
1.07%
LIN AS
1,337,685
1.01%
1.01%
HASPRO AS
1,171,542
0.89%
0.89%
PARETO AKSJE NORGE VERDIPAPIRFOND
1,158,307
0.88%
0.88%
VERDIPAPIRFONDET ALFRED BERG GAMBA
1,155,226
0.87%
0.88%
State Street Bank and Trust Comp
1,114,678
0.84%
0.84%
VERDIPAPIRFOND ODIN NORDEN
1,106,813
0.84%
0.84%
State Street Bank and Trust Comp
1,017,707
0.77%
0.77%
CACEIS Bank
982,808
0.74%
0.74%
JPMorgan Chase Bank, N.A., London
939,024
0.71%
0.71%
The Northern Trust Comp, London Br
815,152
0.62%
0.62%
ANDVARI AS
810,468
0.61%
0.61%
CLEARSTREAM BANKING S.A.
795,412
0.60%
0.60%
BOND\u00d8 INVEST AS
738,392
0.56%
0.56%
J.P. Morgan SE
715,521
0.54%
0.54%
JPMorgan Chase Bank, N.A., London
704,606
0.53%
0.53%
Total 20 largest shareholders
87,824,914
66.51%
66.57%
Total other shareholders
44,099,452
33.40%
33.43%
Treasury shares
114,554
0.09%
Total number of shares 31.12.2024
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
276
0.00%
Frode Arntsen
CEO
9,324
0.01%
Ulrik Steinvik
CFO
***
Roger Bekken ****
COO Farming
16,259
0.01%
Simon A. S\u00f8bstad
COO Sales & Industry
1,737
0.00%
Runar Sivertsen ****
Chief Strategy Officer
5,959
0.00%
Eva Haugen
Director Quality Management/HSE
884
0.00%
Arthur Wisniewski
Director Human Resource Management
3,776
0.00%
* Owns shares indirectly through Kvarv AS, the parent company in the Kverva Group. Kvarv AS directly, and indirectly via its
subsidiary Kvema AS, owns 92.50 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 45.43 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 100 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 45.43 per cent voting share.
*** Owns directly and indirectly 0.09 per cent of the shares in SalMar ASA. Ulrik Steinvik owns 21,498 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 45.43 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 2025 and no later
than 30 June 2025.
The Board of Directors has been granted the following
authorisations which may impact the share capital at 31
December 2024:
To increase the company\u2019s share capital limited to 5 per cent
of the share capital or NOK 1,650.486.50 through the issue of
up to 6,601,946 shares to finance investments and the
acquisition of businesses through cash issues and
contributions 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 1,650,486.50, though with account
taken of any capital increases undertaken pursuant 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
Liability Companies Act Section 9-4, for up to 13,203,892
shares with an aggregate par value of NOK 3,300,973. The
authorisation can be used to buy back own shares in order to
meet obligations under the Company's share-based incentive
schemes for senior executives and also as a way of returning
value to its shareholders, as well as to buy back own shares
for subsequent cancellation or sale. The amount payable per
share could be in the range between NOK 1 and NOK 1,000
per SalMar share.
Dividend
The Board is proposing payment of a dividend of NOK 22 per
share, totalling NOK 2,902\u00a0million, as at 31 December 2024.
No dividend is paid on the company's treasury shares.
Additionally, dividends will be paid on new shares issued in
2025. See Note 4.12 for further information.
For the 2023 financial year, a dividend of NOK 35 per share,
totalling NOK 4,612\u00a0million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-935": { "value": "KVERVA INDUSTRIER AS", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-936": { "value": "Kvarv AS", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-937": { "value": "
Dividend
The Board is proposing payment of a dividend of NOK 22 per
share, totalling NOK 2,902\u00a0million, as at 31 December 2024.
No dividend is paid on the company's treasury shares.
Additionally, dividends will be paid on new shares issued in
2025. See Note 4.12 for further information.
For the 2023 financial year, a dividend of NOK 35 per share,
totalling NOK 4,612\u00a0million, was paid out by SalMar ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-938": { "value": "22.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-939": { "value": "2902000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-940": { "value": "35.0", "decimals": 0, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-941": { "value": "
NOTE 4.3
Earnings per share
Basic EPS is calculated by dividing the profit for the year
attributable to ordinary equity holders of the parent by the
weighted average number of ordinary shares outstanding
during the year.
Diluted EPS is calculated by dividing the profit attributable to
ordinary equity holders of the parent by the weighted average
number of ordinary shares outstanding during the year plus
the weighted average number of ordinary shares that would
be issued on conversion of all the dilutive potential ordinary
shares into ordinary shares.
(1,000 shares)
2024
2023
Profit for the year attributable
to owners of SalMar ASA
(NOKm)
2,969
3,203
Ordinary shares as at 01.01
132,039
145,139
Treasury shares as at 01.01
279
13,706
Effect of changes of treasury
shares during the year
-164
-13,427
Treasury shares as at 31.12
115
279
Effect of share capital
reduction
\u2014
-13,100
Ordinary shares outstanding
as at 31.12
131,924
131,760
Weighted average number of
ordinary shares for basic EPS
131,781
131,452
Effects of dilution from share
options
255
181
Weighted average number of
ordinary shares adjusted for
the effect of dilution
132,035
131,633
Earnings per share:
Basic\u00a0 - NOK
22.53
24.36
Diluted - NOK
22.49
24.33
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-942": { "value": "
NOTE 4.4
Group companies
Company
Owner
Country
Registered office
Shareholding
31.12.2024
SalMar Oppdrett AS
SalMar Farming AS
Norway
Kverva
100.0%
SalMar Settefisk AS
SalMar ASA
Norway
Kverva
100.0%
SalMar Smolt AS
SalMar Settefisk AS
Norway
Kverva
100.0%
SalMar Farming AS
SalMar ASA
Norway
Kverva
100.0%
\u00d8ylaks MTB AS
SalMar Farming AS
Norway
Midsund
51.0%
Hitramat Farming AS
SalMar ASA
Norway
Kverva
100.0%
Nor Seafood AS
SalMar ASA
Norway
Botnhamn
82.5%
Nekton Havbruk AS
SalMar Farming AS
Norway
Kverva
51.0%
Refsnes Laks AS
SalMar Farming AS
Norway
Kverva
100.0%
SalMar AS
SalMar ASA
Norway
Kverva
100.0%
SalMar Aker Ocean AS **
SalMar ASA
Norway
Kverva
85.0%
Ocean Farming AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
Mariculture AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
Arctic Offshore Farming AS **
SalMar Aker Ocean AS
Norway
Kverva
85.0%
MNH Rederi AS
SalMar Farming AS
Norway
R\u00f8rvik
100.0%
Salmon Living Lab AS
SalMar ASA
Norway
Fr\u00f8ya
100.0%
SalMar-Tunet AS
SalMar ASA
Norway
Kverva
100.0%
Vikenco AS
SalMar AS
Norway
Aukra
51.0%
Vikenco North America Inc. *
Vikenco AS
USA
Delaware
85.0%
Icelandic Salmon AS
SalMar ASA
Norway
Kverva
52.5%
Arnarlax ehf.
Icelandic Salmon AS
Iceland
Bildudalur
52.5%
Icelandic Salmon ehf.
Arnarlax ehf.
Iceland
Bildudalur
52.5%
Fjallalax ehf.
Arnarlax ehf.
Iceland
Bildudalur
52.5%
Eidisst\u00f8din Isthor ehf.
Arnarlax ehf.
Iceland
Porlaksh\u00f8fn
52.5%
Arnarlax Europe AsP *
Arnarlax ehf.
Denmark
Copenhagen
52.5%
SalMar Japan KK
SalMar AS
Japan
Japan
100.0%
SalMar Singapore PTE Ltd.
SalMar AS
Singapore
Singapore
100.0%
SalMar Vietnam Co., Ltd
SalMar AS
Vietnam
Ho Chi Minh City
100.0%
The consolidated financial statements for 2024 includes the\u00a0
subsidiaries listed.
* Both Vikenco North America Inc and Arnarlax Europe AsP were
established at the end of 2024. As of year-end 2024, there was
no activity in these companies, and therefore they are not
consolidated in the Consolidated Financial Statements as their
effects would be immaterial.
** In March 2025, SalMar acquired the remaining non-controlling
interest of 15 percent in SalMar Aker Ocean AS. For further
information, see Note 4.12.
Disposal of Group companies.
In December 2024, the sale of the Group company Osan
Settefisk AS was completed. SalMar's ownership before the
transactions was 66 per cent. The total cash consideration was
NOK 260 million, additionally, as part of the transaction Osan
Settefisk AS's 41 per cent ownership in Flatanger Settefisk AS
was transferred to SalMar. As a result of the transaction, a gain
of NOK 198 million was recognised and included in restructuring
costs in the profit or loss. A non-controlling interest in Osan
Settefisk AS, amounting to NOK 66 million was derecognised at
the time of the transaction, and the equity allocated to the
owner of SalMar ASA increased by NOK 33 million. The net effect
of NOK 32 million is recognised directly in equity.
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 54 million. As a result of the
transaction, there is recognised a gain of NOK 15 million included
in restructuring cost in the profit or loss.\u00a0
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-943": { "value": "
NOTE 4.5
Business combinations and other investments in group companies
2024 \u2013 Business combinations
There have not been any acquisition in the group in 2024.
2023 \u2013 Business combinations and other investments in
group companies
Business combinations
There have not been any acquisition in the group in 2023.
Acquisition of company not considered to constitute a business
With effect 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 operated 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 consideration for the 49 per
cent interest was NOK 125 million, consisting of 209,402
consideration shares valued at NOK 117 million and NOK 8
million to be paid in cash. The fair value of the salmon licence
allocated at the date for purchase was NOK 256 million, see
Note 3.1 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-944": { "value": "
NOTE 4.6
Non-controlling interests
Non-controlling interests relating to subsidiaries
31 December 2024
Non-controlling
interests
shareholding
Non-controlling
interests
accumulated share
of equity 1 Jan
Share of profit
allocated to non-
controlling
interests
OCI allocated to
non-controlling
interests
Equity
transactions
allocated to non-
controlling
interests
Other changes in
non-controlling
interests
Non-controlling
interests
accumulated share
of equity 31 Dec
\u00d8ylaks MTB AS
49.00%
137
7
\u2014
-7
-6
132
Refsnes Laks AS
0.00%
819
46
\u2014
-34
-831
\u2014
Nekton Havbruk AS
49.00%
102
5
\u2014
-20
\u2014
87
SalMar Aker Ocean AS
15.00%
430
-31
\u2014
\u2014
\u2014
398
Icelandic Salmon AS
47.52%
1,306
-17
58
\u2014
\u2014
1,348
Hitramat Farming AS
0.00%
50
10
\u2014
-11
-49
\u2014
Vikenco AS
49.00%
210
122
-76
\u2014
\u2014
256
Osan Settefisk AS
0.00%
61
5
\u2014
\u2014
-66
\u2014
Nor Seafood AS
17.51%
84
10
\u2014
\u2014
\u2014
94
SalmoSea AS
0.00%
-20
-20
\u2014
\u2014
40
\u2014
3,178
136
-17
-71
-912
2,313
Refsnes Laks AS
With effect from July 2024 SalMar has acquired a total 1,590 shares in Refsnes Laks AS,
representing 55 per cent of the shares in the company. The total consideration for the shares
was NOK 890 million. Through the transaction SalMar increased its shareholding in the company
from 45 per cent to 100 per cent. Through shareholders agreement, SalMar had established
control over the investment before the transaction. For accounting purposes, the transaction has
been recognised as a change in non-controlling interests, with effect recognised directly in
equity. Of the total amount of NOK 890 million, NOK 831 million have an effect on non-
controlling interest.
\u00d8ylaks MTB AS
With effect from August 2024 SalMar has acquired 2 per cent of the shares in \u00d8ylaks MTB AS.
Through the transaction SalMar increased its shareholding in the company from 49 per cent to 51
per cent. Through shareholders agreement, SalMar had established control over the investment
before the transaction. For accounting purposes, the transaction has been recognised as a change
in non-controlling interests, with effect recognised directly in equity. The consideration was
amounted to NOK 5 million, consisting of 8, 458 consideration shares.
Hitramat Farming AS
With effect from October 2025, SalMar acquired the remaining 49 per cent of the shares in
Hitramat Farming AS. Following the transaction, SalMar now owns 100 per cent of the shares in
the company. For accounting purposes, the transaction will be recognised as a change in non-
controlling interests, with effect recognised directly in equity. The consideration amounted to
NOK 110 million, of which NOK 49 million have an effect on non-controlling interest. Of the total
consideration, NOK 35 million was paid in 2024, the remaining amount is due for payment in
2025. See Note 3.13 for further information.
SalmoSea AS
With effect from October 2025, SalMar acquired the remaining 25,7 per cent of the shares in
SalmoSea AS. Following the transaction, SalMar now owns 100 per cent of the shares in the
company. For accounting purposes, the transaction will be recognised as a change in non-
controlling interests, with effect recognised directly in equity. The consideration amounted to
NOK 10 million. A non-controlling interest in SalmoSea AS, amounting to negative NOK 40 million,
was derecognised at the time of the transaction. Consequently, the equity allocated to the owner
of SalMar ASA increased by NOK 16 million. The net effect of NOK 24 million is recognised
directly in equity.
Osan Settefisk AS
In December 2024, the sale of the Group company Osan Settefisk AS was completed. SalMar
owned 66% of the shares in the company before the transaction. See Note 4.4 for further
information.
31 December 2023
Non-controlling
interests
shareholding
Non-controlling
interests
accumulated share
of equity 1 Jan
Non-controlling
interests from
business
combination
Share of profit
allocated to non-
controlling
interests
OCI allocated to
non-controlling
interests
Equity
transactions
allocated to non-
controlling
interests
Other changes in
non-controlling
interests
Non-controlling
interests
accumulated share
of equity 31 Dec
\u00d8ylaks MTB AS
51.00%
\u2014
130
7
\u2014
\u2014
\u2014
137
Refsnes Laks AS
55.00%
865
\u2014
4
\u2014
-50
\u2014
819
Nekton Havbruk AS
49.00%
102
\u2014
14
\u2014
-14
\u2014
102
SalMar Aker Ocean AS
15.00%
225
\u2014
\u2014
\u2014
-2
206
430
Icelandic Salmon AS
47.52%
1,210
\u2014
49
85
1
-39
1,306
Hitramat Farming AS
49.00%
54
\u2014
11
\u2014
-15
\u2014
50
Vikenco AS
49.00%
163
\u2014
48
37
-39
\u2014
210
NTS AS
0.00%
64
\u2014
\u2014
\u2014
\u2014
-64
\u2014
Fr\u00f8y AS
0.00%
1,974
\u2014
81
\u2014
-18
-2,037
\u2014
Osan Settefisk AS
34.00%
54
\u2014
7
\u2014
\u2014
\u2014
61
Nor Seafood AS
17.51%
88
\u2014
-4
\u2014
\u2014
\u2014
84
SalmoSea AS
25.69%
-1
\u2014
-19
\u2014
\u2014
\u2014
-20
4,799
130
199
122
-138
-1,934
3,178
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 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 28 December 2023 the non-controlling interest in the
Group increased with NOK 130 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 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 million effect
recognised directly to equity.\u00a0 Of the total amount of NOK 84.million, NOK 39 have an effect on
non-controlling interest.
NTS
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 million. For accounting purposes, the effect of the transaction is recognised directly to
equity. Of the total amount of NOK 674 million, NOK 684 million 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 million has reduced the equity attributable to shareholders
in SalMar accordingly.
Certain former minority shareholders that were subject to the compulsory acquisition have made
a formal complaint and initiated legal proceedings about the redemption sum.
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 million, was
derecognised at the time of the transaction. For accounting purposes, the effect on non-
controlling interest is recognised directly to the equity in the period. For further information, see
Note 4.7.
Subsidiaries with material non-controlling interests:
As of 31. December the Group considers non-controlling interests in Icelandic Salmon Group, and SalMar Aker Ocean Group to be material. SalMar acquired the remaining non-controlling interests in
Refsnes Laks AS during 2024, see further information above.\u00a0 Further details relating to\u00a0 this companies are disclosed below.
NOKm
SalMar Aker
Ocean Group
2024
Icelandic
Salmon
Group\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024
Income statement
Operating revenues
573
1,182
Net profit/loss
-210
-36
OCI
\u2014
124
Total comprehensive income
-210
88
Total comprehensive income allocated to non-controlling
interests
-31
41
Dividend paid to non-controlling interests
\u2014
\u2014
Statement of financial position as at 31 December
Non-current assets
2,957
1,772
Current assets
579
1,374
Equity
1,741
1,808
Non-current liabilities
1,553
1,075
Current liabilities
242
264
Recognised excess value of licences and goodwill - net
after tax
295
1,021
Share of equity allocated to shareholders of SalMar ASA
1,638
1,482
Share of equity allocated to non-controlling interests
398
1,348
Cash flows
From operating activities
-83
-197
From investing activities
-120
-104
From financing activities
79
271
Net increase/decrease in cash and cash equivalents
-123
-30
NOKm
SalMar Aker
Ocean Group
2023
Refsnes
Laks AS
2023
Icelandic
Salmon
Group\u00a0 \u00a0 \u00a0 \u00a0
2023
Income statement
Operating revenues
173
637
1,871
Net profit/loss
-72
7
97
OCI
\u2014
\u2014
168
Total comprehensive income
-72
7
265
Total comprehensive income allocated to non-controlling
interests
\u2014
4
134
Dividend paid to non-controlling interests
\u2014
-50
\u2014
Statement of financial position as at 31 December
Non-current assets
2,946
180
1,632
Current assets
713
425
1,097
Equity
1,928
265
1,765
Non-current liabilities
1,481
145
705
Current liabilities
250
194
260
Recognised excess value of licences and goodwill - net
after tax
249
1,224
977
Share of equity allocated to shareholders of SalMar ASA
1,747
670
1,436
Share of equity allocated to non-controlling interests
430
819
1,306
Cash flows
From operating activities
-351
332
418
From investing activities
-145
-36
-293
From financing activities
195
-59
-22
Net increase/decrease in cash and cash equivalents
-301
236
103
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-947": { "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
alternatives, 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.
NOKm
01.01.2023-
14.08.2023
Total operating revenues
1,228
Cost of goods sold
252
Salary and personnel expenses
402
Other operating expenses
234
EBITDA
339
Operating profit
339
Income from investments in associates and joint ventures
7
Net interest expenses
-86
Other financial items
59
Profit from discontinued operation before tax
319
Income tax expense from the ordinary activities for the period
28
Profit for the period from discontinued operations
291
Profit for the period from discontinued operations, gain from sale
365
Total profit from discontinued operations
657
No items are recognised to other comprehensive income in the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-946": { "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
alternatives, 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.
NOKm
01.01.2023-
14.08.2023
Total operating revenues
1,228
Cost of goods sold
252
Salary and personnel expenses
402
Other operating expenses
234
EBITDA
339
Operating profit
339
Income from investments in associates and joint ventures
7
Net interest expenses
-86
Other financial items
59
Profit from discontinued operation before tax
319
Income tax expense from the ordinary activities for the period
28
Profit for the period from discontinued operations
291
Profit for the period from discontinued operations, gain from sale
365
Total profit from discontinued operations
657
No items are recognised to other comprehensive income in the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-945": { "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
alternatives, 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.
NOKm
01.01.2023-
14.08.2023
Total operating revenues
1,228
Cost of goods sold
252
Salary and personnel expenses
402
Other operating expenses
234
EBITDA
339
Operating profit
339
Income from investments in associates and joint ventures
7
Net interest expenses
-86
Other financial items
59
Profit from discontinued operation before tax
319
Income tax expense from the ordinary activities for the period
28
Profit for the period from discontinued operations
291
Profit for the period from discontinued operations, gain from sale
365
Total profit from discontinued operations
657
No items are recognised to other comprehensive income in the period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-950": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-949": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-948": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-951": { "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 qualitative 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 2024 (NOKm)
Sales
Purchases
Receivables
Liabilities
Associates of the SalMar Group
184
105
4
8
Companies controlled by the parent
company Kverva AS
1,732
552
179
31
Associates of the parent company
Kverva AS
\u2014
44
\u2014
\u2014
Transactions with related parties in
2023 (NOKm)
Sales
Purchases
Receivables
Liabilities
Associates of the SalMar Group
304
86
10
\u2014
Companies controlled by the parent
company Kverva AS
2,287
569
180
20
Associates of the parent company
Kverva AS
84
27
20
1
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-952": { "value": "
NOTE 4.9
Climate risk
In 2024, 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.
Key events in 2024:
SalMar faced significant challenges in 2024 where climate
change may have played a role. Two financially material
events, including string jellyfish attacks and high seasonal
variability in seawater temperatures. The former caused direct
harm to the company\u2019s biological assets, while the latter led to
elevated sea lice levels and reduced growth rates.
Climate risk remains an important matter to continue to assess
in the coming years. See Section \u201cESRS E1 Climate change\u201d in
the Sustainablity Statement for further details and additional
information regarding the Group\u2019s adaptation to and
understanding of climate changes and risks. For an estimate of
the financial impact, please also see the sustainability
statement, note that it is challenging to estimate the financial
impact since the cause of the events remain unclear.2
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEnvironmentRelatedExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGDBK67", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-953": { "value": "
NOTE 4.10
Allegations of price collusion
On 6 February 2019, the European Commission launched an
investigation of the SalMar ASA and several other producers of
farmed Norwegian Atlantic salmon, concerning alleged anti-
competitive conduct. 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
2011-2019, related to spot sales into the EU of fresh, whole
salmon farmed in Norway. The Commission's Statement of
Objections does not anticipate the final outcome of the case.
SalMar strongly disagrees with the Commission's preliminary
assessment and accounted for SalMar's view in a thorough
reply of 11 June 2024 to the Commission. The Statement of
Objections does not include calculation of a potential fine.
SalMar's potential economic liability therefore remains
uncertain.
On 15 February 2024, a group of UK supermarkets issued
claims for damages before the Competition Appeals Tribunal
(CAT) in England,\u00a0 against SalMar ASA as one of several salmon
producers. On 21 February 2024. the claimants also issued
claims before the Scottish Court of Session in Scotland. The
complaints are identical and concern the same allegation of
anti-competitive conduct as the EU investigation. SalMar
rejects these allegations and strongly believes that the claims
lack merit. The parties agreed to terminate the lawsuit in
Scotland in August 2024, so that the claim for damages would
be handled collectively in England before the CAT. The lawsuit
was terminated by the court's decision on 21 August 2024. It
is not possible to quantify SalMar's share of any potential
compensation amount at this time.
On 4 November 2024, a group of consumers in the UK issued
claims for damages before the Competition Appeals Tribunal
(CAT) in England, against SalMar ASA as one of several salmon
producers, alleging anti-competitive conduct. The claim
concerns the same allegation of anti-competitive conduct as
the EU investigation and the claim filed by the supermarkets in
the UK. SalMar rejects these allegations and strongly believes
that the claims lack merit. It is not possible to quantify
SalMar's share of any potential compensation amount at this
time.
On 14 October 2024, SalMar ASA as one of several salmon
producers, received a notice of claim for damages from a
supermarket chain in Spain. A formal lawsuit has not yet been
filed.\u00a0 The notice concerns the same allegation of anti-
competitive conduct as the EU investigation and the claims
filed by the supermarkets and consumers in the UK.
SalMar rejects these allegations and strongly believes that the
claims lack merit. It is not possible to quantify SalMar's share
of any potential compensation amount at this time.
NOTE 4.12
Events occurring after the reporting period
Issuance of New Green Bonds
On the 25 January 2025, SalMar ASA rated BBB+/Stable by Nordic Credit Rating, issued NOK
4,350 million in green bonds split in the following two tranches:
- NOK 3,250 million in a 5-year senior unsecured green bond issue with a floating rate of 3
months Nibor + 1.15% per annum.
- NOK 1,100 million in a 7-year senior unsecured green bond issue with a floating rate of 3
months Nibor + 1.35% per annum.
An application will be made for the bonds to be listed on the Oslo Stock Exchange and the
settlement date was 30 January 2025 for both tranches.
Issuance of commercial papers
SalMar issued a new commercial paper of NOK 1,000 million on 13 March 2025 with a maturity
date of 15 September 2025 and a coupon of 5.04% p.a.
Appeal from minority shareholders in NTS ASA
A group of former minority shareholders in NTS ASA, who were subject to a compulsory share
redemption on January 3, 2023, have filed a petition with the Norwegian courts seeking higher
compensation per NTS ASA share than what was offered by SalMar ASA. In a decision rendered on
January 6, 2025, the Tr\u00f8ndelag District Court concluded that the minority shareholders were not
entitled to higher compensation than the NOK 75.48184 per NTS ASA share they had already
received from SalMar ASA, which was equal to the mandatory offer approved by the Oslo Stock
Exchange.
On February 5, 2025, SalMar ASA received notice of an appeal to the Frostating Court of Appeals.
SalMar ASA believes that the District Court\u2019s decision is well-reasoned and looks forward to
presenting its case before the Court of Appeals.
Wilsg\u00e5rd AS
In February, SalMar ASA and Wilsg\u00e5rd Sea Service AS, who together owns 75% of the shares in
Wilsg\u00e5rd AS, have agreed to work together to further develop their ownership interests in
Wilsg\u00e5rd.
Acquisition of controlling interest in AS Knutshaugfisk
With effect from 1 January 2025, SalMar ASA entered into an agreement to purchase a 45%
ownership stake in AS Knutshaugfisk. Through shareholder agreements, SalMar has established
control and has the power to affect the return from the involvement in AS Knutshaugfisk. Based
on this, the company will be consolidated into the SalMar Group from the time of acquisition The
settlement consists of 80% SalMar ASA shares and 20% cash, of which the cash consideration
amounts to NOK 100 million. A total of 716,651 new shares will be issued, which will be entitled
to dividends at the time of dividend payment. Based on the board's proposal of a dividend of NOK
22 per share, this implies a total dividend of NOK 16 million. No provision has been made for this
dividend in the financial statements as of 31 December 2024.
For accounting purposes, the transaction will be treated as a business combination, with the non-
controlling interest assessed at fair value. A preliminary purchase price allocation, where assets
and liabilities recognised as a result of the acquisition, is as follows:
Acquisition's effect on the balance sheet (NOKm)
Fair value recognized on acquisition
Licences
964
Other non-current assets
88
Current assets
314
Total identifiable assets at fair value
1,367
Deferred tax
272
Non-current liabilities
142
Other current liabilities
42
Total identifiable liabilities at fair value
456
Total identifiable net assets at fair value
911
Non-controlling interests measured at fair value
-612
Goodwill
202
Total consideration
501
Purchase consideration:
Shares issued
401
Cash consideration
100
Total consideration
501
Acquisition of non-controlling interests in SalMar Ocean AS
In March 2025, SalMar acquired 15% of the shares in SalMar Ocean AS. At the same time, the
company changed its name from SalMar Aker Ocean AS to SalMar Ocean AS.
The total consideration for the shares was NOK 650 million. Through this transaction, SalMar
increased its shareholding in the sub-group from 85% to 100%. The consideration of NOK 650
million consists of both shares in SalMar ASA and cash. A total of 1,000,000 new shares will be
issued, along with an additional cash consideration of NOK 76 million.
For accounting purposes, the transaction will be recognized as a change in non-controlling
interest, with the effect recognized directly in equity.
The shares issued in the transaction will be entitled to dividends at the time of dividend payment.
Based on the board's proposal of a dividend of NOK 22 per share, this implies a total dividend of
NOK 22 million. No provision has been made for this dividend in the financial statements as of 31
December 2024.
Tariffs to USA
Following the balance sheet date, new tariffs imposed by the USA on imports from Norway &
Iceland have been announced. The new tariffs, set at 15 per cent for Norway and 10 per cent for
Iceland, will take effect from April 2025. There is significant uncertainty regarding the impact of
these tariffs on SalMar, and the company is actively monitoring the situation and exploring
strategies to mitigate potential effects on its operations and financial performance. The tariffs
are considered to be a non-adjusting event for the 2024 financial statements.
Events occurring after the reporting period
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NOTE 4.11
Audit fees
Breakdown of total auditor\u2019s fee:
2024 (NOKm)
EY
Others\u00b9
Audit services
5
3
Other certification services
2
\u2014
Tax advisory services
2
\u2014
Other non-audit services
1
1
Total 2024
9
4
2023 (NOKm)
EY
Others\u00b9
Audit services
6
1
Other certification services
2
\u2014
Tax advisory services
1
\u2014
Other non-audit services
1
\u2014
Total 2023
10
1
\u00b9 Some of the fees disclosed are inclusive VAT.
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NOTE 4.13
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) Operational EBITDA is another alternative performance measure use to provide useful and relevant information to users of the financial statements. APMs have been established 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 is presented in the table below. The difference between Operational EBIT and
operating profit relates to provisions for production tax and onerous contracts, and items which
are defined as fair value adjustments. These items are market value and fair value assessments
linked to assumptions about the future. Furthermore cost related to litigation and legal claims,
write-downs and effects included in restructuring cost are not included in Operational EBIT. These
are non-reccuring items and do not accurately reflect the performance during the period.
Operational EBIT shows the underlying operation and the results of transactions undertaken
during the period.
NOKm
2024
2023
Operating profit
5,292
8,509
Write-downs of tangible and intangible non-current assets
68
33
Litigation and legal claims
35
9
Restructuring cost
-160
29
Production tax
241
208
Onerous contracts
-271
237
Fair value adjustment:
Change in fair value of the biological assets
109
-1,571
Change in FV adj. due to business combination - included in COGS
90
723
Change in unrealised Fish Pool contracts
25
-19
Operational EBIT
5,429
8,159
Operational EBITDA
Operational EBITDA is another alternative performance measure used by the Group. EBITDA is
operational EBIT plus depreciation and amortization.
NOKm
2024
2023
Operational EBIT
5,429
8,159
Depreciation and amortization of tangible and intangible non-
current assets
1,691
1,419
Operational EBITDA
7,120
9,578
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.
2024
Fish
Farming
Central
Norway
Fish
Farming
Northern
Norway
Icelandic
Salmon
SalMar Aker
Ocean
SalMar
Group
Volume harvested (tonnes)
132,739
80,510
11,676
6,861
231,787
Operational EBITDA (NOKm)
4,222
2,340
79
27
7,120
EBITDA/kg gw (NOK)
31.8
29.1
6.8
3.9
30.7
Operational EBIT (NOKm)
3,402
1,947
-69
-77
5,429
EBIT/kg gw (NOK)
25.6
24.2
-5.9
-11.2
23.4
2023
Fish
Farming
Central
Norway
Fish
Farming
Northern
Norway
Icelandic
Salmon
SalMar Aker
Ocean
SalMar
Group
Volume harvested (tonnes)
141,139
92,777
17,919
2,293
254,129
Operational EBITDA (NOKm)
5,254
3,765
333
18
9,578
EBITDA/kg gw (NOK)
37.2
40.6
18.6
7.6
37.7
Operational EBIT (NOKm)
4,597
3,402
230
-60
8,159
EBIT/kg gw (NOK)
32.6
36.7
12.8
-26.2
32.1
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 interest- bearing debt. To highlight total interest bearing debt
including leasing liabilities, this is presented as a separate measure.
NOKm
31.12.2024
31.12.2023
Long-term debt to credit institutions
15,464
12,211
Short-term debt to credit institutions
1,854
1,681
Cash & cash equivalents
-518
-785
Net interest-bearing debt (NIBD)
16,799
13,107
Lease liabilities
1,694
1,845
NIBD incl. lease liabilities
18,493
14,952
NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA
NIBD / EBITDA and NIBD incl. lease liabilities / EBITDA is an APM used by the Group to measure
leverage. The figure is arrived at by dividing NIBD or 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 implementation 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.
NOKm
2024
2023
Profit for the period attributable to shareholders in SalMar ASA
2,969
3,203
Onerous contracts *)
-271
237
Fair value adjustment *)
134
-1,590
Fair value adjustment included in cost of goods sold due to business
combination *)
90
723
Calculated tax effect of adjustments **)
13
-243
Resource rent tax - implementation effect (deferred tax) *)
\u2014
2,080
Fair value adjustment related to biological assets in associates and
joint ventures, net of tax
35
\u2014
Adjusted profit for the period attributable to shareholders in
SalMar ASA *)
2,971
4,410
Average no. of shares outstanding (diluted) in the period (1,000
shares)
132,035
131,633
Adjusted earnings per share (NOK)
22.50
33.50
*) 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, and the calculated change
in deferred resource rent tax on the biomass has been added.
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