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"value": "Note 1 REPORTING ENTITY AKVA group ASA is a public limited liability company registered in Norway. The company is subject to the provisions of the Norwegian Act relating to Public Limited Liability Companies. The company's registered of\ufb01ce is at Svanav\u00e5gveien 30, N-4374 Egersund, Norway. The Group is primarily involved in delivery of technology and services to the \ufb01sh farming industry.
These consolidated Financial Statements have been approved for issuance by the board of directors on 14 March and are subject for approval by the Annual General Meeting on 2 May 2023.
BASIS OF ACCOUNTING The consolidated \ufb01nancial statements of the AKVA group have been prepared in accordance with the international accounting standards published by the International Accounting Standards Board and the International Finan- cial Reporting Standards (IFRS) as adopted by the Euro- pean Union (EU) as per 31 December 2023.
The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for derivatives and con- tingent considerations measured at fair value, and \ufb01nan- cial liabilities recognized due to anticipated acquisitions at the present value of the expected redemption amount.
All amounts have been rounded to the nearest thou- sand unless otherwise stated. As a result of rounding adjustments, the \ufb01gures in one or more rows or columns included in the \ufb01nancial statements and notes may not add up to the total of that row or column. consolidated \ufb01nancial statements of the AKVA group have been pre- pared in accordance with the international accounting standards published by the International Accounting Standards Board and the International Financial Report- ing Standards (IFRS) as adopted by the European Union (EU) as per 31 December 2022. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for derivatives and con- tingent considerations measured at fair value, and \ufb01nan- cial liabilities recognized due to anticipated acquisitions at the present value of the expected redemption amount. All amounts have been rounded to the nearest thou- sand unless otherwise stated. As a result of rounding adjustments, the \ufb01gures in one or more rows or columns included in the \ufb01nancial statements and notes may not add up to the total of that row or column.
ESEF/IXBRL REPORTING AKVA group is required to prepare and \ufb01le the annual report in the European Single Electronic Format (ESEF), and the annual report for 2023 is therefore prepared in the XHTML format that can be displayed in a stand- ard browser. The primary statements and notes in the consolidated \ufb01nancial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a \ufb01nancial statement line item is not de\ufb01ned in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. CLIMATE-RELATED RISKS When preparing the consolidated \ufb01nancial statements, management considers climate-related risks, where these potentially could impact reported amounts materi- ally. The areas in which AKVA group has assessed climate related risks at the end of 2023 are included within the individual notes outlined below: \u25a0 Note 7 \u2013 Intangible assets: whether/how climate risks affect future cash \ufb02ows when estimating value-in-use of intangible assets \u25a0 Note 8 \u2013 Tangible \ufb01xed assets: whether climate risks are an impairment indicator for the Group\u2019s tangible \ufb01xed assets A more general description of climate-related risks is pro- vided in the Board of Directors\u2019 report and in note 16.
FAIR VALUE MEASUREMENT \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac- tion between market participants at the measurement date. A number of the Group\u2019s accounting policies and dis- closures require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active mar- ket for that instrument. If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen val- uation technique incorporates all the factors that market participants would consider in pricing a transaction. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u25a0 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u25a0 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly \u25a0 Level 3: inputs for the asset or liability that are not based on observable market data
Note 1Further information about the assumptions made in measuring fair values is included in the following notes: \u25a0 Note 3 \u2013 Wages, remunerations, and pensions \u25a0 Note 9 \u2013 Subsidiaries and other long-term investments \u25a0 Note 16 \u2013 Financial instruments and risk management \u25a0 Note 19 \u2013 Business combinations
FUNCTIONAL AND PRESENTATION CURRENCY The Group presents its \ufb01nancial statements in NOK. This is also the parent company's functional currency. For con- solidation purposes, the statements of \ufb01nancial position of subsidiaries with a different functional currency are translated at the rate applicable at the end of the report- ing period, and the income statements have been trans- lated at monthly average rates. Translation differences are recognized in other comprehensive income. When foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary are recognized as agio gain or loss in the statement of pro\ufb01t or loss.
USE OF JUDGEMENTS AND ESTIMATES WHEN PREPARING THE ANNUAL FINANCIAL STATEMENTS In preparing these consolidated \ufb01nancial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income, and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the esti- mate is revised and in any future periods affected. Judgements Information about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognized in the \ufb01nancial statements is included in the following notes: \u25a0 Note 17 \u2013 revenue recognition: whether revenue is recognized over time or at a point in time \u25a0 Note 9 \u2013 equity-accounted investees: whether the Group has signi\ufb01cant in\ufb02uence over an investee based on relevant facts and circumstances Estimates and assumption uncertainties Information about estimates and assumption uncertain- ties on 31 December 2023 that have the most signi\ufb01cant effect on the amounts recognized in the \ufb01nancial state- ment, is given in the following notes: \u25a0 Note 5 \u2013 recognition of deferred tax assets: availabil- ity of future taxable pro\ufb01t against which deductible temporary differences and tax losses carried forward can be utilized \u25a0 Note 7 \u2013 impairment test of non-\ufb01nancial assets: key assumptions underlying recoverable amounts, includ- ing the recoverability of development costs \u25a0 Note 11 \u2013 measurement of expected credit losses allowance for trade receivables and contract assets: key assumptions in determining the average loss rate \u25a0 Note 18 \u2013 discount rates and evaluation of renewal options in lease contracts: basis for applied discount rates and if renewal options are expected to be exer- cised \u25a0 Note 19 \u2013 business combinations: fair value of the consideration transferred (including contingent con- sideration) and fair value of the assets acquired, and liabilities assumed, measured on a provisional basis
SIGNIFICANT ACCOUNTING POLICIES The Group has consistently applied the following account- ing policies to all periods presented in these consolidated \ufb01nancial statements, unless otherwise disclosed. Group has consistently applied the following accounting policies to all periods presented in these consolidated \ufb01nancial statements, unless otherwise disclosed. Subsidiaries The consolidated \ufb01nancial statements incorporate AKVA group ASA and companies that AKVA group ASA (directly or indirectly) controls (the Group). Control is achieved when the Group is exposed or has right to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which control ceases.
Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Note 1Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
Eliminations in consolidated accounts Inter-company transactions and balances, including inter- nal pro\ufb01ts and unrealized gains and losses are eliminated in full. Unrealized gains that have arisen due to transac- tions with associates are eliminated against the Group\u2019s share in the associate. Unrealized losses are correspond- ingly eliminated, but only to the extent that there are no indications of a decline in the value of the asset that has been sold internally.
BUSINESS COMBINATIONS The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a par- ticular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u201cconcentration test\u201d that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The acquirer\u2019s identi\ufb01able assets, liabilities and contin- gent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date. Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identi\ufb01able assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identi\ufb01able assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in the income statement immediately. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as \ufb01nancial income or expense. If the contin- gent consideration is classi\ufb01ed as equity, it should not be remeasured until it is \ufb01nally settled within equity. The Group has in some business combinations entered into put and call options for the remaining non-controlling interests (NCI). The group accounts for such agreements using \"the anticipated-acquisition method\". Under this method, the interest subject to the option is deemed to have been acquired at the date of acquisition. Accordingly, the \ufb01nancial liability arising from the option is included in the consideration transferred. Under the anticipated-ac- quisition method, the interests of the non-controlling shareholders that hold the options are derecognized when the \ufb01nancial liability is recognized. This is because the recognition of the \ufb01nancial liability implies that the interests subject to the options are deemed to have been acquired already. Therefore, the underlying interests are presented as already owned by the Group, both in the statement of \ufb01nancial position and in the statement of pro\ufb01t or loss and other comprehensive income. The \ufb01nancial liability is recognized at the present value of the expected redemption amount. Changes in the carrying amount of the liability will be recognized in pro\ufb01t and loss. If the option expires unexercised, then the liability is derecognized and NCI is recognized, consistent with a decrease in ownership interests in a subsidiary while retaining control.
Note 1Purchase Price Allocation arising from a business com- bination is \ufb01nalized within twelve months of completed acquisition. If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement.
SEGMENTS For management purposes, the Group is organized into three business areas according to their range of produ- cts/services. The Chief Operating Decision Maker is the Group's Chief Executive Of\ufb01cer who delegates responsibi- lity to the Chief Operating Of\ufb01cers (COO\u2019s) in the business area they are responsible. These business areas comprise the basis for primary segment reporting. Financial infor- mation relating to segments and geographical divisions is presented in note 2. In the segment reporting, the internal gain on sales between the various segments is eliminated.
FOREIGN CURRENCY Foreign currency transactions Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denomi- nated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognized in the income statement with the exception of exchange differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as part of the net investments. These exchange differences are recognized as a sepa- rate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those borrowings or monetary items as part of the net investments are also recognized in other comprehensive income. Non-monetary items that are measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign operations The assets and liabilities of foreign subsidiaries, includ- ing goodwill and fair value adjustments included in the consolidation are translated into NOK at the exchange rates at the balance sheet date. The income and expenses of foreign operations are translated into NOK using the monthly average exchange rate. Foreign currency differ- ences are recognized in other comprehensive income and accumulated in the translation reserve. The Group uses the mid-rate on the balance sheet date listed by Norges Bank, the Central Bank of Norway, when translating foreign currencies into NOK. Norges Bank does not quote the exchange rate between NOK and CLP. This exchange rate is calculated based on the quoted rates of NOK per USD and CLP per USD by Norges Bank and the Central Bank of Chile, respectively.
REVENUE RECOGNITION Revenues are recognized either at the point of transfer of control of goods and services or recognized over time on an activity basis. Contracts are reviewed to identify each performance obligation relating to a distinct good or ser- vice and the associated consideration. The Group allocates revenue to multiple element arrangements based on the identi\ufb01ed performance obligations within the contracts in line with the policies below. A performance obligation is identi\ufb01ed if the customer can bene\ufb01t from the good or service on its own or together with other readily available resources, and it can be separately identi\ufb01ed within the contract. This review is performed by reference to the speci\ufb01c contract terms. Construction contracts This revenue stream accounts for the majority of Group sales. Contracts related to construction of barges, cages and boats within the sea based segment, together with contracts for construction of equipment within the land based segment, operates almost exclusively on this basis. Where multiple performance obligations are identi\ufb01ed, revenue is recognized as each performance obligation is met. This requires an assessment of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation. AKVA group recognizes revenue over time if one of the following criteria is met: \u25a0 The customer simultaneously receives and consumes all of the bene\ufb01ts provided by entity as the entity performs; \u25a0 The entity\u2019s performance creates or enhances an asset the customer controls as the asset is created; or \u25a0 The entity\u2019s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. There are two methods used by AKVA group to measure progress of a project recognized over time, either the input or the output method. Input method The input method measures performance based on efforts or inputs towards satisfying the performance obli- gation relative to the total expected inputs. Such inputs are for example resources consumed, cost incurred, time elapsed, labor hour expended, and machine hours used. The input method is done by the basis of AKVA group\u2019s
Note 1 efforts/inputs to the satisfaction of a performance obliga- tion relative to the total expected inputs to the satisfaction of that performance obligation. The input method is used for all construction contracts that is not accounted for by the output method, refer the next section. Output method The output method measures performance based on the value created relative to the total value of the contract/ delivery. The control of the good is gradually transferred to the customer, and for construction contracts AKVA group uses milestones for guiding purposes. The output method is applied for three speci\ufb01c standard customer contracts within the sea based segment; barges, plastic cages and Polarcirkel boats. To measure the output, AKVA uses methods such as surveys of performance completed to date, appraisals of results achieved, and milestones reached. The usage of milestones reached are not used to determine if goods or services is transferred at a discrete point in time, but more as a guideline (\"rule of thumb\") for evaluation the stage of completion of a project. As long as the progress can be reliably measured, AKVA believes that the abovementioned output methods are considered to be the best way of re\ufb02ecting satisfaction of performance obligations. As a result of contracts that meet the requirements for revenue recognition over time, AKVA group will have associated contract assets and contract liabilities on the balance sheet. The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract liabilities pri- marily relate to the advance consideration received from customers for work performed after the reporting date. Service, spare parts and software Invoices for goods are raised and revenue is recognized when control of the goods is transferred to the customer. Dependent upon contractual terms this may be at the point of dispatch, acceptance by the customer or certi\ufb01ca- tion by the customer. The revenue recognized is the transaction price as it is the observable selling price. For service contracts the bene\ufb01t is considered to be con- sumed simultaneously by the customer as it is received from AKVA. Therefore, the service contracts are recog- nized over a straight line for the period the service is performed. Cash discounts, volume rebates and other customer incentive programs are allocated to performance obliga- tions and recorded as a reduction in revenue at the point of sale based on the estimated future outcome.
Variable considerations, such as penalties or prices that depend on uncertain future outcomes, are estimated upfront and considered in the calculation of transaction price by using either the expected value approach or the most likely amount. Before it may be concluded that any amount of variable consideration can be included in the transaction price, AKVA group considers whether the amount of variable consideration is constrained. This means that variable consideration estimated can only be included in the transaction price to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. EMPLOYEE BENEFITS De\ufb01ned contribution plan All Group companies have pension schemes based on contributions from the company to the employees. The companies\u2019 payments are recognized in the income statements for the year to which the contribution applies. The companies have no further commitments towards pensions when the agreed contributions are paid. Severance pay In some countries, the companies are obliged by law to provide severance pay for redundancies due to reductions in the workforce. The costs relating to severance pay are set aside once the management have decided on a plan that will lead to reductions in the workforce and the work of restructuring has started or the reduction in the work- force has been communicated to the employees.
Share options & LTI-shares (share-based payments) The company has a long term incentive (LTI) program and a option program. The programs are accounted for as equity-settled share-based payments. Awarded instruments are valued at fair value at grant date with no subsequent remeasurement of granted instruments other than a revision of number of vesting instruments only. The fair value of the share options and LTI shares is measured at the grant date and the cost is recognized in the income statement, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are ful\ufb01lled. The fair value is calculated using a Black & Scholes model. The fair value determined at the grant date of the equi- ty-settled share-based payments is expensed as salary cost on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of equity instru- ments that will eventually vest. At each reporting date, the group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to reserves.
Note 1FINANCE INCOME AND FINANCE COSTS The Group\u2019s \ufb01nance income and \ufb01nance costs include: \u25a0 Interest income \u25a0 Interest expense \u25a0 The foreign currency gain or loss on \ufb01nancial assets and \ufb01nancial liabilities \u25a0 Hedge ineffectiveness recognized in pro\ufb01t or loss Interest income or expense is recognized using the effec- tive interest method.
INCOME TAX Income tax comprises current and deferred tax. It is rec- ognized in pro\ufb01t or loss except to the extent that it relates to items recognized directly in equity or in other compre- hensive income. Current tax Current tax comprises the expected tax payable or receiv- able on the taxable income or loss for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income tax, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising on dividends. Deferred tax Deferred tax is recognized in respect of temporary differ- ences between the carrying amounts of assets and lia- bilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on all taxable temporary differ- ences, except for: \u25a0 Temporary differences relating to investments in subsidiaries, associates, or joint ventures when the Group decides when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future \u25a0 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized in the balance sheet when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes to utilize the tax asset. At each balance sheet date, the Group carries out a review of its unrecognized deferred tax assets and the value it has recognized. The companies recognize formerly unrecog- nized deferred tax assets to the extent that it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce its deferred tax assets to the extent that it can no longer utilize these. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and re\ufb02ects uncertainty related to income taxes, if any. Deferred tax assets (tax liabilities) are recognized at their nominal value and classi\ufb01ed as non-current asset (long- term liabilities) in the balance sheet.
INTANGIBLE ASSETS AND GOODWILL Intangible assets are recognized in the balance sheet if it is probable that there are future economic bene\ufb01ts that can be attributed to the asset which is owned by the com- pany, and the asset\u2019s cost price can be reliably estimated. Intangible assets are recognized at cost price. Research & development costs Expenses relating to research are recognized in the income statement when they are incurred. Expenses relating to development are recognized in the income statement when they are incurred unless the following criterions are met in full: \u25a0 The product or process is clearly de\ufb01ned, and the cost elements can be identi\ufb01ed and measured reliably \u25a0 The technical solution for the product has been demonstrated \u25a0 The product or process will be sold or used in the company\u2019s operations \u25a0 The asset will generate future economic bene\ufb01ts \u25a0 Suf\ufb01cient technical, \ufb01nancial, and other resources for completing the project are present. When all the above criterions are met, the associated development costs will be recognized in the balance sheet. Costs that have been charged as expenses in previ- ous accounting periods are not recognized in the balance sheet. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.
Other intangible assets Other intangible assets, including customer relationship, product rights, patents, and trademarks, that are acquired by the Group are measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
Note 1Amortization Intangible assets with a \ufb01nite useful life are amortized and any need for impairment losses to be recognized is considered. Amortization is calculated using the straight- line method over the asset\u2019s estimated useful life and is recognized in pro\ufb01t and loss. Intangible assets with inde\ufb01nite useful lives and goodwill are not amortized, but impairment losses are recognized if the recoverable amount is less than the carrying amount. The estimated useful lives for current and comparative periods are as follows: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
TANGIBLE FIXED ASSETS Tangible \ufb01xed assets are carried at cost less accumulated depreciation and any accumulated impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are derecognized, and any gain or loss on the sale or disposal is recognized in the income statement. The gross carrying amount of tangible \ufb01xed assets is the purchase price, including duties/taxes and direct acquisi- tion costs relating to making the asset ready for use. Subsequent costs, such as repair and maintenance costs, are normally recognized in pro\ufb01t or loss as incurred. When future economic bene\ufb01ts are increased because of repair/maintenance work can be proven, such costs will be recognized in the balance sheet as additions to tangible \ufb01xed assets. If replacing an asset, the replacement will be recognized in the balance sheet and the replaced asset will be de-recognized.
Depreciation Depreciation is calculated using the straight-line method over the asset\u2019s estimated useful lives and is generally recognized in pro\ufb01t and loss. Leased assets are depreci- ated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for current and comparative periods are as follows: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted appropriately.
LEASES The information on leases provided below relates to the Group as a lessee. The Group\u2019s transactions as a lessor is immaterial and follows the principles provided above in the section on \u201cRevenue recognition\u201d. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u25a0 Short-term leases (de\ufb01ned as 12 months or less) \u25a0 Low value assets For these leases, the Group recognizes the lease pay- ments as other operating expenses in the statement of pro\ufb01t or loss when they incur. Lease liabilities The lease liability is recognized at the commencement date of the lease. The Group initially measures the lease liability at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The incremental borrowing rate is determined for each entity in the Group based on three key inputs: \u25a0 Reference rate (government bond in same currency, economic environment, and term) \u25a0 Credit risk premium (expected margin the entity would have paid to obtain external \ufb01nancing to buy similar assets) \u25a0 Lease speci\ufb01c adjustments (to re\ufb02ect different risk pro\ufb01les for different types of leased assets) The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u25a0 Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable
Note 1\u25a0 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u25a0 Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. The lease liability is subsequently measured by increas- ing the carrying amount to re\ufb02ect interest on the lease liability, reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjust- ment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. Right-of-use assets The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise: \u25a0 The amount of the initial measurement of the lease liability recognized \u25a0 Any lease payments made at or before the com- mencement date, less any incentives received \u25a0 Any initial direct costs incurred by the Group. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group applies IAS 36 Impairment of Assets to deter- mine whether the right-of-use asset should be impaired and to account for any impairment loss identi\ufb01ed.
FINANCIAL INSTRUMENTS A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument of another entity. Financial assets and \ufb01nancial liabilities are recognized in the Group\u2019s statement of \ufb01nancial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and \ufb01nancial liabilities are initially measured at fair value, except for trade receivables that do not have a signi\ufb01cant \ufb01nancing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to or deducted from the fair value of the \ufb01nan- cial assets or \ufb01nancial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets or \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognized immediately in pro\ufb01t or loss. Financial assets The Group\u00b4s \ufb01nancial assets are derivatives, trade receiv- ables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for man- aging them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. The Group classi\ufb01es its \ufb01nancial assets within 2 catego- ries: \ufb01nancial assets at amortized cost and \ufb01nancial asset at fair value through pro\ufb01t and loss. Financial assets at amortized cost The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: \u25a0 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, \u25a0 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recog- nized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other shortterm deposit. Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. No signi\ufb01cant \ufb01nancing components are identi\ufb01ed. Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
Note 1in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Derecognition of \ufb01nancial assets A \ufb01nancial asset (or, where applicable, a part of a \ufb01nan- cial asset or part of a group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u25a0 The rights to receive cash \ufb02ows from the asset have expired, or \u25a0 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrange- ment; and either a. the Group has transferred substantially all the risks and rewards of the asset, or b. the Group has neither transferred nor retained sub- stantially all the risks and rewards of the asset but has transferred control of the asset.
Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
Hedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
Note 1The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
INVENTORIES Inventories, including work in progress, are measured at the lower of cost and net realizable value. The cost of inventories is based on the \ufb01rst-in, \ufb01rst-out (FIFO) princi- ple. Finished goods and work in progress include varia- ble costs and \ufb01xed costs that can be allocated to goods based on normal capacity. The net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and estimated costs necessary to make the sale. Obsolete inventories have been fully recognized as costs of goods sold.
CASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of \ufb01nancial position includes cash in hand and at bank. Cash equiv- alents are short-term liquid investments that can be converted into cash within three months and to a known amount, and which contain insigni\ufb01cant risk elements. The cash and cash equivalent amount in the cash \ufb02ow statement do not include overdraft facilities.
Note 1IMPAIRMENT OF ASSETS Non-\ufb01nancial assets At each reporting date, the Group reviews the carrying amounts of its non-\ufb01nancial assets (other than invento- ries, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill, intangible assets with inde\ufb01nite lives and intangible assets not yet available for use are tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets (cash-generating units, CGU\u2019s). Goodwill arising from a business combination is allocated to CGU\u2019s that are expected to bene\ufb01t from the synergies of the combination. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and its value in use. Value in use is based on the estimated future cash \ufb02ows, discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset or CGU. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recog- nized in the income statement. They are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Except for goodwill, impairment losses recognized in the income statements for previous periods are reversed when there is information that the need for the impair- ment loss no longer exists or is not as great as it was. The reversal is recognized in the same line item as the impair- ment. However, no reversal takes place if the reversal leads to the carrying amount exceeding what the carrying amount would have been if normal depreciation periods had been used.
Share capital Ordinary shares are classi\ufb01ed as equity. Costs directly attributable to the issue of new shares or options, net of tax, are shown in equity as a deduction, net of tax, from the proceeds.
Translation differences Translation differences arise in connection with currency differences when foreign entities are consolidated. Currency differences relating to monetary items (liabil- ities or receivables), which are part of a company\u2019s net investment in foreign entities are treated as translation differences. When a foreign operation is sold, the accumulated trans- lation differences linked to the entity are reversed and recognized in the income statement in the same period as the gain or loss on the sale is recognized.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
Dividends Dividends payable to the company\u2019s shareholders are rec- ognized as a liability in the Group\u2019s \ufb01nancial statements when the dividends are approved by the General Meeting.
PROVISIONS Provisions are recognized when, and only when, the company has a valid liability (legal or constructive) as a result of events that have taken place and it can be proven probable (more probable than not) that a \ufb01nancial settle- ment will take place as a result of this liability, and that the size of the amount can be measured reliably. Provi- sions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. Provided provisions to cover the liability will be equal to fair value if the effect of time is insigni\ufb01cant. When the effect of time is signi\ufb01cant, the provisions will be the present value of future payments to cover the liability. Any increase in the provisions due to time is presented as interest costs. Warranties A provision for warranties is recognized when the under- lying products or services are sold, based on historical warranty data. Obsolete inventory A provision for obsolete inventory is recognized when the net realizable value is deemed to be below the carrying value. Bad debt A provision for bad debt is recognized for expected credit losses.
CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
Note 1A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
GOVERNMENT GRANTS Government grants are recognized when there is reason- able assurance that they will be received, and the Group will comply with conditions associated with the grant. Grants related to assets are presented in the balance sheet by deducting the grant when arriving at the car- rying amount of the asset and recognized in the income statement over the useful life of the depreciable asset as a reduced depreciation expense. Grants that compensate the Group for expenses incurred are recognized in pro\ufb01t and loss on a systematic basis over the periods in which the expenses are recognized.
EVENTS AFTER THE BALANCE SHEET DATE Events after the balance sheet date that do not affect the company\u2019s position at the balance sheet date, but which will affect the company\u2019s position in the future are dis- closed if signi\ufb01cant. NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE EFFECTIVE FOR THE CURRENT YEAR Amendments to IAS 1 Presentation of Financial State- ments and IFRS Practice Statement 2 Making Materiality Judgements\u2014 Disclosure of Accounting Policies The group has adopted the amendments to IAS 1 for the \ufb01rst time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u2018signi\ufb01cant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s \ufb01nancial statements, it can reasonably be expected to in\ufb02uence decisions that the primary users of general purpose \ufb01nancial statements make on the basis of those \ufb01nancial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or condi- tions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material trans- actions, other events or conditions is itself material.
STANDARDS ISSUED BUT NOT YET EFFECTIVE Amendments to IAS 1 Classi\ufb01cation of Liabilities as Current or Non-current. Amendments to IAS 1 Non-current Liabilities with Covnants. Amendments to IAS 7 and IFRS 7 Supplier Finance Arrangements. Amendments to IFRS 16 Lease Liability in a Sale and Leaseback. The directors do not expect that the adoption of the Standards listed above will have a material impact on the \ufb01nancial statements of the group in future periods. DETERMINATION OF FAIR VALUE The fair value of forward exchange contracts is determined using the forward exchange rate at the balance sheet date. The fair value of currency swaps is determined by the present value of future cash \ufb02ows. The fair value of options is determined using option pricing models. For all the above-mentioned derivatives, the fair value is con\ufb01rmed by the \ufb01nancial institution with which the Group has entered the contracts. The following of the Group\u2019s \ufb01nancial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other current assets, overdraft facilities and long-term debts. The carrying amount of cash and cash equivalents and overdraft facilities is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and trade payables is approximately equal to fair value since they are entered into on \u201cnormal\u201d terms and conditions. The borrowings are at \ufb02oating interest rates which implies a book value in accordance to fair value. The fair value of \ufb01nancial assets and liabilities recognized at their carrying amount is calculated as the present value of estimated cash \ufb02ows discounted by the interest rate that applies to corresponding liabilities and assets at the balance sheet date.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f3743": {
"value": "REPORTING ENTITY AKVA group ASA is a public limited liability company registered in Norway. The company is subject to the provisions of the Norwegian Act relating to Public Limited Liability Companies. The company's registered of\ufb01ce is at Svanav\u00e5gveien 30, N-4374 Egersund, Norway. The Group is primarily involved in delivery of technology and services to the \ufb01sh farming industry.
All amounts have been rounded to the nearest thou- sand unless otherwise stated. As a result of rounding adjustments, the \ufb01gures in one or more rows or columns included in the \ufb01nancial statements and notes may not add up to the total of that row or column. consolidated \ufb01nancial statements of the AKVA group have been pre- pared in accordance with the international accounting standards published by the International Accounting Standards Board and the International Financial Report- ing Standards (IFRS) as adopted by the European Union (EU) as per 31 December 2022. The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for derivatives and con- tingent considerations measured at fair value, and \ufb01nan- cial liabilities recognized due to anticipated acquisitions at the present value of the expected redemption amount. All amounts have been rounded to the nearest thou- sand unless otherwise stated. As a result of rounding adjustments, the \ufb01gures in one or more rows or columns included in the \ufb01nancial statements and notes may not add up to the total of that row or column.
",
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"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3747": {
"value": "AKVA group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3748": {
"value": "AKVA group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3749": {
"value": "AKVA group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3750": {
"value": "public limited liability",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3752": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3756": {
"value": "Svanav\u00e5gveien 30, N-4374 Egersund",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3757": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3758": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3759": {
"value": "The Group is primarily involved in delivery of technology and services to the \ufb01sh farming industry.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3764": {
"value": "These consolidated Financial Statements have been approved for issuance by the board of directors on 14 March and are subject for approval by the Annual General Meeting on 2 May 2023.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3770": {
"value": "BASIS OF ACCOUNTING The consolidated \ufb01nancial statements of the AKVA group have been prepared in accordance with the international accounting standards published by the International Accounting Standards Board and the International Finan- cial Reporting Standards (IFRS) as adopted by the Euro- pean Union (EU) as per 31 December 2023.
",
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"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3781": {
"value": "The consolidated \ufb01nancial statements have been prepared on a historical cost basis, except for derivatives and con- tingent considerations measured at fair value, and \ufb01nan- cial liabilities recognized due to anticipated acquisitions at the present value of the expected redemption amount.
",
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"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f3819": {
"value": "ESEF/IXBRL REPORTING AKVA group is required to prepare and \ufb01le the annual report in the European Single Electronic Format (ESEF), and the annual report for 2023 is therefore prepared in the XHTML format that can be displayed in a stand- ard browser. The primary statements and notes in the consolidated \ufb01nancial statements are tagged using inline eXtensible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a \ufb01nancial statement line item is not de\ufb01ned in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. CLIMATE-RELATED RISKS When preparing the consolidated \ufb01nancial statements, management considers climate-related risks, where these potentially could impact reported amounts materi- ally. The areas in which AKVA group has assessed climate related risks at the end of 2023 are included within the individual notes outlined below: \u25a0 Note 7 \u2013 Intangible assets: whether/how climate risks affect future cash \ufb02ows when estimating value-in-use of intangible assets \u25a0 Note 8 \u2013 Tangible \ufb01xed assets: whether climate risks are an impairment indicator for the Group\u2019s tangible \ufb01xed assets A more general description of climate-related risks is pro- vided in the Board of Directors\u2019 report and in note 16.
",
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"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f3856": {
"value": "FAIR VALUE MEASUREMENT \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac- tion between market participants at the measurement date. A number of the Group\u2019s accounting policies and dis- closures require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active mar- ket for that instrument. If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen val- uation technique incorporates all the factors that market participants would consider in pricing a transaction. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u25a0 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u25a0 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly \u25a0 Level 3: inputs for the asset or liability that are not based on observable market data
Further information about the assumptions made in measuring fair values is included in the following notes: \u25a0 Note 3 \u2013 Wages, remunerations, and pensions \u25a0 Note 9 \u2013 Subsidiaries and other long-term investments \u25a0 Note 16 \u2013 Financial instruments and risk management \u25a0 Note 19 \u2013 Business combinations
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) 2023 2022 Accounting classi\ufb01cation Carrying amount Fair value Carrying amount Fair value FINANCIAL ASSETS Cash Amortized cost 219 394 219 394 277 988 277 988 Trade receivables Amortized cost 367 133 367 133 435 554 435 554 Other current assets Amortized cost 68 010 68 010 74 282 74 282 Other long-term receivables Amortized cost 8 113 8 113 22 830 22 830 Other long-term \ufb01nancial assets FVTPL 38 783 38 783 27 829 27 829 Forw ard currency contracts1 FVTPL 1 019 1 019 935 935 Total 702 452 702 452 839 419 839 419 Bank overdraft - - 43 125 43 125 Trade payables Amortized cost 328 421 328 421 310 629 310 629 Loans Amortized cost 899 817 899 817 776 618 776 618 Lease liabilities Amortized cost 496 026 496 026 482 434 482 434 Put/call option minority interest FVTPL - - 6 785 6 785 Forw ard currency contracts2 FVTPL 1 196 1 196 7 610 7 610 Total 1 725 460 1 725 460 1 627 201 1 627 201 1 The amount is included in other receivables in the Consolidated Statement of Financial Position 2 The amount is included in other current liabilities in the Consolidated Statement of Financial Position ACCOUNTING CLASSIFICATIONS AND FAIR VALUES The following table shows the accounting classi\ufb01cation, carrying amounts and fair values of \ufb01nancial assets and \ufb01nancial liabilities. It does not include fair value information for \ufb01nancial assets and \ufb01nancial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
DETERMINATION OF FAIR VALUE The fair value of forward exchange contracts is determined using the forward exchange rate at the balance sheet date. The fair value of currency swaps is determined by the present value of future cash \ufb02ows. The fair value of options is determined using option pricing models. For all the above-mentioned derivatives, the fair value is con\ufb01rmed by the \ufb01nancial institution with which the Group has entered the contracts. The following of the Group\u2019s \ufb01nancial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other current assets, overdraft facilities and long-term debts. The carrying amount of cash and cash equivalents and overdraft facilities is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and trade payables is approximately equal to fair value since they are entered into on \u201cnormal\u201d terms and conditions. The borrowings are at \ufb02oating interest rates which implies a book value in accordance to fair value. The fair value of \ufb01nancial assets and liabilities recognized at their carrying amount is calculated as the present value of estimated cash \ufb02ows discounted by the interest rate that applies to corresponding liabilities and assets at the balance sheet date.
FAIR VALUE HIERARCHY As of 31 December 2023, the Group held \ufb01nancial instruments measured at fair value as mentioned below: \u25a0 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities \u25a0 Level 2: Other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are observable, either directly or indirectly \u25a0 Level 3: Techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable market data
Financial instruments at fair value 31.12.23 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 1 019 - 1 019 - Financial assets - Investments 38 783 38 783 - - Financial liabilities - Forward currency contracts 1 196 - 1 196 - Financial liabilities - Put/call option - - - - Financial instruments at fair value 31.12.22 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 935 - 935 - Financial assets - Investments 27 829 27 829 - - Financial liabilities - Forward currency contracts 7 610 - 7 610 - Financial liabilities - Put/call option 6 785 - 6 785 - There have been no transfers between levels during the period.
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"f3858": {
"value": "FAIR VALUE MEASUREMENT \u201cFair value\u201d is the price that would be received to sell an asset or paid to transfer a liability in an orderly transac- tion between market participants at the measurement date. A number of the Group\u2019s accounting policies and dis- closures require the measurement of fair values, for both \ufb01nancial and non-\ufb01nancial assets and liabilities. When one is available, the Group measures the fair value of an instrument using the quoted price in an active mar- ket for that instrument. If there is no quoted price in an active market, then the Group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen val- uation technique incorporates all the factors that market participants would consider in pricing a transaction. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows: \u25a0 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u25a0 Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly \u25a0 Level 3: inputs for the asset or liability that are not based on observable market data
Further information about the assumptions made in measuring fair values is included in the following notes: \u25a0 Note 3 \u2013 Wages, remunerations, and pensions \u25a0 Note 9 \u2013 Subsidiaries and other long-term investments \u25a0 Note 16 \u2013 Financial instruments and risk management \u25a0 Note 19 \u2013 Business combinations
DETERMINATION OF FAIR VALUE The fair value of forward exchange contracts is determined using the forward exchange rate at the balance sheet date. The fair value of currency swaps is determined by the present value of future cash \ufb02ows. The fair value of options is determined using option pricing models. For all the above-mentioned derivatives, the fair value is con\ufb01rmed by the \ufb01nancial institution with which the Group has entered the contracts. The following of the Group\u2019s \ufb01nancial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other current assets, overdraft facilities and long-term debts. The carrying amount of cash and cash equivalents and overdraft facilities is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and trade payables is approximately equal to fair value since they are entered into on \u201cnormal\u201d terms and conditions. The borrowings are at \ufb02oating interest rates which implies a book value in accordance to fair value. The fair value of \ufb01nancial assets and liabilities recognized at their carrying amount is calculated as the present value of estimated cash \ufb02ows discounted by the interest rate that applies to corresponding liabilities and assets at the balance sheet date.
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"f3936": {
"value": "FUNCTIONAL AND PRESENTATION CURRENCY The Group presents its \ufb01nancial statements in NOK. This is also the parent company's functional currency. For con- solidation purposes, the statements of \ufb01nancial position of subsidiaries with a different functional currency are translated at the rate applicable at the end of the report- ing period, and the income statements have been trans- lated at monthly average rates. Translation differences are recognized in other comprehensive income. When foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary are recognized as agio gain or loss in the statement of pro\ufb01t or loss.
FUNCTIONAL AND PRESENTATION CURRENCY The Group presents its \ufb01nancial statements in NOK. This is also the parent company's functional currency. For con- solidation purposes, the statements of \ufb01nancial position of subsidiaries with a different functional currency are translated at the rate applicable at the end of the report- ing period, and the income statements have been trans- lated at monthly average rates. Translation differences are recognized in other comprehensive income. When foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary are recognized as agio gain or loss in the statement of pro\ufb01t or loss.
FOREIGN CURRENCY Foreign currency transactions Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denomi- nated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognized in the income statement with the exception of exchange differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as part of the net investments. These exchange differences are recognized as a sepa- rate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those borrowings or monetary items as part of the net investments are also recognized in other comprehensive income. Non-monetary items that are measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign operations The assets and liabilities of foreign subsidiaries, includ- ing goodwill and fair value adjustments included in the consolidation are translated into NOK at the exchange rates at the balance sheet date. The income and expenses of foreign operations are translated into NOK using the monthly average exchange rate. Foreign currency differ- ences are recognized in other comprehensive income and accumulated in the translation reserve. The Group uses the mid-rate on the balance sheet date listed by Norges Bank, the Central Bank of Norway, when translating foreign currencies into NOK. Norges Bank does not quote the exchange rate between NOK and CLP. This exchange rate is calculated based on the quoted rates of NOK per USD and CLP per USD by Norges Bank and the Central Bank of Chile, respectively.
Translation differences Translation differences arise in connection with currency differences when foreign entities are consolidated. Currency differences relating to monetary items (liabil- ities or receivables), which are part of a company\u2019s net investment in foreign entities are treated as translation differences. When a foreign operation is sold, the accumulated trans- lation differences linked to the entity are reversed and recognized in the income statement in the same period as the gain or loss on the sale is recognized.
a. Currency risk As part of the international activity the Group\u2019s assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates.
The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The following signi\ufb01cant exchange rates have been applied for the reporting period: Average rate Year-end spot rate NOK vs 2023 2022 2023 2022 EUR 1 11,42 10,10 11,24 10,51 GBP 1 13,14 11,85 12,93 11,85 USD 1 10,56 9,61 10,17 9,86 CAD1 7,83 7,38 7,68 7,28 AUD 1 7,02 6,66 6,91 6,70 A reasonably possible strengthening (weakening) of the euro, sterling, or US dollar against all other currencies at 31 December would have affected the measurement of \ufb01nancial instruments denominated in a foreign currency and affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. 31.12.2023 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % 383 6 739 5 226 11 218 -1 633 5 226 - 10 % -383 -6 739 -5 226 -11 218 1 633 -5 226 31.12.2022 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % -1 802 2 872 3 876 8 332 -5 068 3 876 - 10 % 1 802 -2 872 -3 876 -8 332 5 068 -3 876
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"f3939": {
"value": "FUNCTIONAL AND PRESENTATION CURRENCY The Group presents its \ufb01nancial statements in NOK. This is also the parent company's functional currency. For con- solidation purposes, the statements of \ufb01nancial position of subsidiaries with a different functional currency are translated at the rate applicable at the end of the report- ing period, and the income statements have been trans- lated at monthly average rates. Translation differences are recognized in other comprehensive income. When foreign subsidiaries are sold, the accumulated translation differences relating to the subsidiary are recognized as agio gain or loss in the statement of pro\ufb01t or loss.
FOREIGN CURRENCY Foreign currency transactions Transactions in foreign currencies are initially recognized in the functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denomi- nated in foreign currencies are translated to the functional currency using the exchange rate at the reporting date. All exchange differences are recognized in the income statement with the exception of exchange differences on foreign currency borrowings that provide a hedge against a net investment in a foreign entity, or monetary items that are regarded as part of the net investments. These exchange differences are recognized as a sepa- rate component of other comprehensive income until the disposal of the net investment or settlement of the monetary item, at which time they are recognized in the income statement. Tax charges and credits attributable to exchange differences on those borrowings or monetary items as part of the net investments are also recognized in other comprehensive income. Non-monetary items that are measured at historical cost in foreign currency are translated using the exchange rates at the dates of the initial transactions. Foreign operations The assets and liabilities of foreign subsidiaries, includ- ing goodwill and fair value adjustments included in the consolidation are translated into NOK at the exchange rates at the balance sheet date. The income and expenses of foreign operations are translated into NOK using the monthly average exchange rate. Foreign currency differ- ences are recognized in other comprehensive income and accumulated in the translation reserve. The Group uses the mid-rate on the balance sheet date listed by Norges Bank, the Central Bank of Norway, when translating foreign currencies into NOK. Norges Bank does not quote the exchange rate between NOK and CLP. This exchange rate is calculated based on the quoted rates of NOK per USD and CLP per USD by Norges Bank and the Central Bank of Chile, respectively.
Translation differences Translation differences arise in connection with currency differences when foreign entities are consolidated. Currency differences relating to monetary items (liabil- ities or receivables), which are part of a company\u2019s net investment in foreign entities are treated as translation differences. When a foreign operation is sold, the accumulated trans- lation differences linked to the entity are reversed and recognized in the income statement in the same period as the gain or loss on the sale is recognized.
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"f3958": {
"value": "USE OF JUDGEMENTS AND ESTIMATES WHEN PREPARING THE ANNUAL FINANCIAL STATEMENTS In preparing these consolidated \ufb01nancial statements, management has made judgements and estimates that affect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income, and expense. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the esti- mate is revised and in any future periods affected. Judgements Information about judgements made in applying accounting policies that have the most signi\ufb01cant effects on the amounts recognized in the \ufb01nancial statements is included in the following notes: \u25a0 Note 17 \u2013 revenue recognition: whether revenue is recognized over time or at a point in time \u25a0 Note 9 \u2013 equity-accounted investees: whether the Group has signi\ufb01cant in\ufb02uence over an investee based on relevant facts and circumstances Estimates and assumption uncertainties Information about estimates and assumption uncertain- ties on 31 December 2023 that have the most signi\ufb01cant effect on the amounts recognized in the \ufb01nancial state- ment, is given in the following notes: \u25a0 Note 5 \u2013 recognition of deferred tax assets: availabil- ity of future taxable pro\ufb01t against which deductible temporary differences and tax losses carried forward can be utilized \u25a0 Note 7 \u2013 impairment test of non-\ufb01nancial assets: key assumptions underlying recoverable amounts, includ- ing the recoverability of development costs \u25a0 Note 11 \u2013 measurement of expected credit losses allowance for trade receivables and contract assets: key assumptions in determining the average loss rate \u25a0 Note 18 \u2013 discount rates and evaluation of renewal options in lease contracts: basis for applied discount rates and if renewal options are expected to be exer- cised \u25a0 Note 19 \u2013 business combinations: fair value of the consideration transferred (including contingent con- sideration) and fair value of the assets acquired, and liabilities assumed, measured on a provisional basis
KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
Impact of climate change related risk Climate change leading to more extreme weather and higher water temperatures can potentially make it harder to farm in the sea and disrupt natural ecosystems. Some parts of the world already see increasing water surface temperatures negatively impacting the farming of \ufb01sh. In other countries, extreme weather conditions such as storms are increasing, requiring adaptation of the \ufb01sh farms at sea to make them more weather resistant. These changes may lead to increased costs for us as a supplier and an overall decrease in the \ufb01sh farming industry, both with potential impacts to the Group`s income and result. In the view of the Group, climate change also creates an opportu- nity for a market of new technology and solutions mitigating the risks such as deep farming solutions. A global focus on reducing greenhouse gas emissions (GHG) may also lead to an increased demand for farmed \ufb01sh, and possibly expanding the market for the Group. The Group's review of climate risks and opportunities are further detailed in our ESG report and taxonomy report. AKVA group has assessed that the potential negative effect from this currently is uncertain and that it does not constitute an impair- ment indicator.
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"f4027": {
"value": "Subsidiaries The consolidated \ufb01nancial statements incorporate AKVA group ASA and companies that AKVA group ASA (directly or indirectly) controls (the Group). Control is achieved when the Group is exposed or has right to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which control ceases.
Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
Note 9 \u2013 Subsidiaries and other long-term investments (in NOK 1 000 unless stated otherwise) Subsidiaries (consolidated in group accounts Consolidated from Location Ownership interest 2022 Ownership interest 2021 AKVA group Australasia Pty Ltd 2013 Australia 100 % 100 % AKVA group North America Inc 1995 Canada 100 % 100 % Newfoundland Aqua Service Ltd 2020 Canada 98,5 % 70 % AKVA group Chile S.A 1998 Chile 100 % 100 % AKVA Land Based Americas S.A 2021 Chile 100 % 100 % AKVA group Land Based China1 2021 China 100 % 100 % AKVA group Denmark A/S 2007 Denmark 100 % 100 % AKVA group Land Based A/S 2015 Denmark 100 % 100 % AKVA group Hellas SM PEC 2017 Greece 100 % 100 % UAB Egersund Net2 2018 Lithuania 100 % 100 % AKVA group Software AS 1997 Norway 100 % 100 % AKVA group Services AS 2001 Norway 100 % 100 % Helgeland Plast AS 2006 Norway 100 % 100 % Polarcirkel AS 2010 Norway 100 % 100 % AKVA group Land Based S\u00f8mna AS 2013 Norway 100 % 100 % Sperre AS 2016 Norway 100 % 100 % Submerged AS 2023 Norway 51 % 0 % Egersund Net AS 2018 Norway 100 % 100 % Egersund Trading AS2 2018 Norway 100 % 100 % AKVA group Scotland Ltd 1997 Scotland 100 % 100 % Grading Systems Ltd2 2018 Shetland 100 % 100 % AKVA group Espana S.L 2017 Spain 100 % 100 % AKVA Group Turkey Ltd 2005 Turkey 100 % 100 % 1 Subsidiary of AKVA group Land Based Denmark 2 Subsidiary of Egersund Net AS Associates (equity-accounted investees) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value NOFI Oppdrettservice AS 2018 Norway 50 % 50 % 62 926 Observe Technologies Ltd 2021 Norway 34 % 34 % 42 077 Abyss Group AS 2021 Norway 22 % 26 % 123 562 Emel Balik1 2018 Turkey 50 % 50 % 37 317 Total 265 882 1 In 2023 the group received a dividend of MNOK 8 from Emel Balik. AKVA group ASA exercised their option to buy out the remaining shares in Newfoundland Aqua Services Ltd in 2023, refer further information in note 19. AKVA group ASA acquired 51% in Submerged AS in Q3 2023, refer further information in note 19. Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Subsidiaries The consolidated \ufb01nancial statements incorporate AKVA group ASA and companies that AKVA group ASA (directly or indirectly) controls (the Group). Control is achieved when the Group is exposed or has right to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which control ceases.
Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
Note 9 \u2013 Subsidiaries and other long-term investments (in NOK 1 000 unless stated otherwise) Subsidiaries (consolidated in group accounts Consolidated from Location Ownership interest 2022 Ownership interest 2021 AKVA group Australasia Pty Ltd 2013 Australia 100 % 100 % AKVA group North America Inc 1995 Canada 100 % 100 % Newfoundland Aqua Service Ltd 2020 Canada 98,5 % 70 % AKVA group Chile S.A 1998 Chile 100 % 100 % AKVA Land Based Americas S.A 2021 Chile 100 % 100 % AKVA group Land Based China1 2021 China 100 % 100 % AKVA group Denmark A/S 2007 Denmark 100 % 100 % AKVA group Land Based A/S 2015 Denmark 100 % 100 % AKVA group Hellas SM PEC 2017 Greece 100 % 100 % UAB Egersund Net2 2018 Lithuania 100 % 100 % AKVA group Software AS 1997 Norway 100 % 100 % AKVA group Services AS 2001 Norway 100 % 100 % Helgeland Plast AS 2006 Norway 100 % 100 % Polarcirkel AS 2010 Norway 100 % 100 % AKVA group Land Based S\u00f8mna AS 2013 Norway 100 % 100 % Sperre AS 2016 Norway 100 % 100 % Submerged AS 2023 Norway 51 % 0 % Egersund Net AS 2018 Norway 100 % 100 % Egersund Trading AS2 2018 Norway 100 % 100 % AKVA group Scotland Ltd 1997 Scotland 100 % 100 % Grading Systems Ltd2 2018 Shetland 100 % 100 % AKVA group Espana S.L 2017 Spain 100 % 100 % AKVA Group Turkey Ltd 2005 Turkey 100 % 100 % 1 Subsidiary of AKVA group Land Based Denmark 2 Subsidiary of Egersund Net AS Associates (equity-accounted investees) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value NOFI Oppdrettservice AS 2018 Norway 50 % 50 % 62 926 Observe Technologies Ltd 2021 Norway 34 % 34 % 42 077 Abyss Group AS 2021 Norway 22 % 26 % 123 562 Emel Balik1 2018 Turkey 50 % 50 % 37 317 Total 265 882 1 In 2023 the group received a dividend of MNOK 8 from Emel Balik. AKVA group ASA exercised their option to buy out the remaining shares in Newfoundland Aqua Services Ltd in 2023, refer further information in note 19. AKVA group ASA acquired 51% in Submerged AS in Q3 2023, refer further information in note 19. Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Subsidiaries The consolidated \ufb01nancial statements incorporate AKVA group ASA and companies that AKVA group ASA (directly or indirectly) controls (the Group). Control is achieved when the Group is exposed or has right to variable returns from its involvement with a company in which it has invested and has the ability to use its power to affect its returns from this company. The \ufb01nancial statements of subsidiaries are included in the consolidated \ufb01nancial statements from the date on which control commences until the date on which control ceases.
Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Loss of control When the Group loses control over a subsidiary, it derecognizes the assets and liabilities of the subsidiary and any related NCI and other components of equity. Any resulting gain or loss is recognized in pro\ufb01t or loss. Any interest retained in the former subsidiary is measured at fair value when control is lost.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4047": {
"value": "Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Non-controlling Interests (NCI) NCI in subsidiaries are measured initially at their propor- tionate share of the acquiree\u2019s identi\ufb01able net assets at the date of acquisition and presented within equity sep- arately from the equity attributable to the owners of the parent, adjusted for put and call options re\ufb02ected accord- ing to \"the anticipated-acquisition method\", refer separate section under \u201cBusiness Combinations\u201d below. Changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4105": {
"value": "Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
Associates (equity-accounted investees) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value NOFI Oppdrettservice AS 2018 Norway 50 % 50 % 62 926 Observe Technologies Ltd 2021 Norway 34 % 34 % 42 077 Abyss Group AS 2021 Norway 22 % 26 % 123 562 Emel Balik1 2018 Turkey 50 % 50 % 37 317 Total 265 882 1 In 2023 the group received a dividend of MNOK 8 from Emel Balik. AKVA group ASA exercised their option to buy out the remaining shares in Newfoundland Aqua Services Ltd in 2023, refer further information in note 19. AKVA group ASA acquired 51% in Submerged AS in Q3 2023, refer further information in note 19. Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
Associates (equity-accounted investees) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value NOFI Oppdrettservice AS 2018 Norway 50 % 50 % 62 926 Observe Technologies Ltd 2021 Norway 34 % 34 % 42 077 Abyss Group AS 2021 Norway 22 % 26 % 123 562 Emel Balik1 2018 Turkey 50 % 50 % 37 317 Total 265 882 1 In 2023 the group received a dividend of MNOK 8 from Emel Balik. AKVA group ASA exercised their option to buy out the remaining shares in Newfoundland Aqua Services Ltd in 2023, refer further information in note 19. AKVA group ASA acquired 51% in Submerged AS in Q3 2023, refer further information in note 19. Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Interests in equity-accounted investees The Group\u2019s interests in equity-accounted investees com- prise interests in associates.Investments in associates are those entities that the Group exercises a signi\ufb01cant in\ufb02u- ence, but not control or joint control, over the \ufb01nancial and operating policies (normally investments of between 20% and 50% of the companies\u2019 equity). These investments are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. After initial recognition, the consolidated \ufb01nancial statements include the Group\u2019s share of the pro\ufb01t or loss and OCI of equity-accounted investees, until the date on which signif- icant in\ufb02uence or joint control ceases. In cases where the Group loses control of a subsidiary, but retains an ownership interest re\ufb02ecting an equity-ac- counted investment, the Group will: i. Derecognize the assets and liabilities of the former subsidiary from the consolidated statement of \ufb01nan- cial position in full and measures any investment retained in the former subsidiary at its fair value. ii. Recognize a remeasurement gain or loss that forms part of the total gain or loss on the disposal of the subsidiary in pro\ufb01t or loss. iii. Recognize the gain or loss associated with the loss of control attributable to the former controlling interest. When the Group\u2019s share of the loss exceeds the investment in associates, the investment, and any long-term interests that in substance is a part of the net investment is carried at zero value. If the Group\u2019s share of the loss exceeds the investment, this will be recognized to the extent that the Group has obligations to cover this loss. If the accumu- lated pro\ufb01t of the associate in the ownership period at a later date exceeds zero again, the accounting continues in accordance with the principles described above.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4155": {
"value": "Eliminations in consolidated accounts Inter-company transactions and balances, including inter- nal pro\ufb01ts and unrealized gains and losses are eliminated in full. Unrealized gains that have arisen due to transac- tions with associates are eliminated against the Group\u2019s share in the associate. Unrealized losses are correspond- ingly eliminated, but only to the extent that there are no indications of a decline in the value of the asset that has been sold internally.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4170": {
"value": "BUSINESS COMBINATIONS The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a par- ticular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u201cconcentration test\u201d that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The acquirer\u2019s identi\ufb01able assets, liabilities and contin- gent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date. Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identi\ufb01able assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identi\ufb01able assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in the income statement immediately. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as \ufb01nancial income or expense. If the contin- gent consideration is classi\ufb01ed as equity, it should not be remeasured until it is \ufb01nally settled within equity. The Group has in some business combinations entered into put and call options for the remaining non-controlling interests (NCI). The group accounts for such agreements using \"the anticipated-acquisition method\". Under this method, the interest subject to the option is deemed to have been acquired at the date of acquisition. Accordingly, the \ufb01nancial liability arising from the option is included in the consideration transferred. Under the anticipated-ac- quisition method, the interests of the non-controlling shareholders that hold the options are derecognized when the \ufb01nancial liability is recognized. This is because the recognition of the \ufb01nancial liability implies that the interests subject to the options are deemed to have been acquired already. Therefore, the underlying interests are presented as already owned by the Group, both in the statement of \ufb01nancial position and in the statement of pro\ufb01t or loss and other comprehensive income. The \ufb01nancial liability is recognized at the present value of the expected redemption amount. Changes in the carrying amount of the liability will be recognized in pro\ufb01t and loss. If the option expires unexercised, then the liability is derecognized and NCI is recognized, consistent with a decrease in ownership interests in a subsidiary while retaining control.
Purchase Price Allocation arising from a business com- bination is \ufb01nalized within twelve months of completed acquisition. If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement.
Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
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"value": "BUSINESS COMBINATIONS The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a par- ticular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u201cconcentration test\u201d that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The acquirer\u2019s identi\ufb01able assets, liabilities and contin- gent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date. Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identi\ufb01able assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identi\ufb01able assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in the income statement immediately. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as \ufb01nancial income or expense. If the contin- gent consideration is classi\ufb01ed as equity, it should not be remeasured until it is \ufb01nally settled within equity. The Group has in some business combinations entered into put and call options for the remaining non-controlling interests (NCI). The group accounts for such agreements using \"the anticipated-acquisition method\". Under this method, the interest subject to the option is deemed to have been acquired at the date of acquisition. Accordingly, the \ufb01nancial liability arising from the option is included in the consideration transferred. Under the anticipated-ac- quisition method, the interests of the non-controlling shareholders that hold the options are derecognized when the \ufb01nancial liability is recognized. This is because the recognition of the \ufb01nancial liability implies that the interests subject to the options are deemed to have been acquired already. Therefore, the underlying interests are presented as already owned by the Group, both in the statement of \ufb01nancial position and in the statement of pro\ufb01t or loss and other comprehensive income. The \ufb01nancial liability is recognized at the present value of the expected redemption amount. Changes in the carrying amount of the liability will be recognized in pro\ufb01t and loss. If the option expires unexercised, then the liability is derecognized and NCI is recognized, consistent with a decrease in ownership interests in a subsidiary while retaining control.
Purchase Price Allocation arising from a business com- bination is \ufb01nalized within twelve months of completed acquisition. If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement.
Note 19 \u2013 Business combinations (in NOK 1 000) ACQUISITION OF SUBMERGED AS On 31.08.2023, the Group acquired 51 per cent of the issued share capital of Submerged AS, obtaining control of Submerged AS. Submerged AS is a technology company and quali\ufb01es as a business as de\ufb01ned in IFRS 3 Business Combinations. Submerged AS was acquired to strengthen AKVA groups digital product offering. The amounts recognized in respect of the identi\ufb01able assets acquired and liabilities assumed are as set out in the table below. MNOK 25 of the total consideration payable in cash was transferred on October 1st. The goodwill of MNOK 22 arising from the acquisition con- sists of key employees considered to have unique compe- tence and signi\ufb01cant synergy effects for AKVA group. None of the goodwill is expected to be deductible for income tax purposes. Acquisition-related costs amount to MNOK 0.9. Submerged AS contributed MNOK 6.6 revenue and MNOK -1.5 to the Group\u2019s pro\ufb01t for the period between the date of acquisition and the reporting date. If the acquisition of Submerged AS had been completed on the \ufb01rst day of the \ufb01nancial year, Group revenues for the year would have been MNOK 12.9 and Group pro\ufb01t would have been MNOK -4.0. The non-controlling interest (49 per cent ownership interest in Submerged AS) recognized at the acquisition date was measured by reference to the fair value of the non-controlling interest and amounted to NOK 18 mil- lion. This fair value was estimated by applying an income approach. The following were the key model inputs used in determining the fair value: \u25a0 Asumed discount rate of 15 per cent Values at the acquisition date in (NOK 1000) Book value Adjusted value Fair value ASSETS IP - Technology RFR - 13 158 13 158 Deferred tax of adjusted value 701 - 701 Research and development 6 009 - 6 009 Patents 220 - 220 Machinery and equipment 775 - 775 RoU Asset 944 - 944 Other non current \ufb01nancial assets 164 - 164 Inventory 3 306 - 3 306 Accounts receivables 845 - 845 Accrued income 148 - 148 Other receivables -10 - -10 Cash 4 671 - 4 671 17 773 13 158 30 931 LIABILITIES Deferred tax - -2 895 -2 895 Long term interest bearing loans -6 233 - -6 233 Other short term interest bearing loans -200 - -200 Lease liability -944 - -944 Trade payables -558 - -558 Tax payable 810 - 810 Public duties payable -900 - -900 Prepayments from customers -420 - -420 Other current liabilities -892 - -892 -9 337 -2 895 -12 232 Total identi\ufb01able net assets 8 436 10 263 18 699 Goodwill arising on acquisition 22 023 Non-controlling interests in 49 % of Submerged AS 18 379 Total consideration 59 101 Purchase price, payable in cash (51%) -30 141 - -30 141 Total consideration transferred -30 141 - -30 141 Cash acquired with subsidiary 4 671 - 4 671 Purchase price, payable in cash -30 141 - -30 141 Net cash out\ufb02ow -25 470 - -25 470 Exercising of option Newfoundland Aqua Service On the 10th of October 2023 AKVA Group ASA exercised their option to buy 28,5% of the shares in Newfoundland Aqua Services Ltd. Akva Group ASA acquired the remaining (28,5%) shares from the Minority Shareholders for a total of MNOK 11,6, increasing the ownership and voting rights in Newfoundland Aqua Services Ltd from 70% in 2022 to 98,5% in 2023.
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"f4172": {
"value": "BUSINESS COMBINATIONS The Group accounts for business combinations using the acquisition method when the acquired set of activities and assets meets the de\ufb01nition of a business and control is transferred to the Group. In determining whether a par- ticular set of activities and assets is a business, the Group assesses whether the set of assets and activities acquired includes, at a minimum, an input and substantive process and whether the acquired set has the ability to produce outputs. The Group has an option to apply a \u201cconcentration test\u201d that permits a simpli\ufb01ed assessment of whether an acquired set of activities and assets is not a business. The optional concentration test is met if substantially all of the fair value of the gross assets acquired is concentrated in a single identi\ufb01able asset or group of similar identi\ufb01able assets. The acquirer\u2019s identi\ufb01able assets, liabilities and contin- gent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date. Goodwill arising on acquisition is recognized as an asset measured at the excess of the sum of the consideration transferred, the fair value of any previously held equity interests and the amount of any non-controlling interests in the acquire over the net amounts of the identi\ufb01able assets acquired and the liabilities assumed. If, after reassessment, the Group\u2019s interest in the net fair value of the acquirer\u2019s identi\ufb01able assets, liabilities and contingent liabilities exceeds the total consideration of the business combination, the excess is recognized in the income statement immediately. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as \ufb01nancial income or expense. If the contin- gent consideration is classi\ufb01ed as equity, it should not be remeasured until it is \ufb01nally settled within equity. The Group has in some business combinations entered into put and call options for the remaining non-controlling interests (NCI). The group accounts for such agreements using \"the anticipated-acquisition method\". Under this method, the interest subject to the option is deemed to have been acquired at the date of acquisition. Accordingly, the \ufb01nancial liability arising from the option is included in the consideration transferred. Under the anticipated-ac- quisition method, the interests of the non-controlling shareholders that hold the options are derecognized when the \ufb01nancial liability is recognized. This is because the recognition of the \ufb01nancial liability implies that the interests subject to the options are deemed to have been acquired already. Therefore, the underlying interests are presented as already owned by the Group, both in the statement of \ufb01nancial position and in the statement of pro\ufb01t or loss and other comprehensive income. The \ufb01nancial liability is recognized at the present value of the expected redemption amount. Changes in the carrying amount of the liability will be recognized in pro\ufb01t and loss. If the option expires unexercised, then the liability is derecognized and NCI is recognized, consistent with a decrease in ownership interests in a subsidiary while retaining control.
Purchase Price Allocation arising from a business com- bination is \ufb01nalized within twelve months of completed acquisition. If the business combination is achieved in stages, the fair value of the Group\u2019s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date through the income statement.
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"f4281": {
"value": "SEGMENTS For management purposes, the Group is organized into three business areas according to their range of produ- cts/services. The Chief Operating Decision Maker is the Group's Chief Executive Of\ufb01cer who delegates responsibi- lity to the Chief Operating Of\ufb01cers (COO\u2019s) in the business area they are responsible. These business areas comprise the basis for primary segment reporting. Financial infor- mation relating to segments and geographical divisions is presented in note 2. In the segment reporting, the internal gain on sales between the various segments is eliminated.
Note 2 \u2013 Segment information (in NOK 1 000) BUSINESS SEGMENTS For more detailed description and information about prod- ucts and services included in the business areas, please go to www.akvagroup.com SEA BASED TECHNOLOGY (SBT) Main products in the SBT segment are feed barges, \ufb01sh farming cages, feed systems, nets, sensors, cameras, light systems, net cleaning systems and remotely oper- ating vehicles (ROV\u2019s). The PolarcirkelTM polyethylene (PE) cages are produced at our facility in Mo i Rana, Norway, and is one of the world\u2019s leading \ufb01sh cage brands. The PolarcirkelTM brand also includes Polar- cirkelTM PE-boats designed for extreme conditions for the \ufb01sh-farming industry, diving and the oil and gas service industry. Steel cages sold under the WavemasterTM brand are market leaders in Chile and Canada. Wavemas- terTM\u2019s produc- tion facility for steel cages is in Puerto Montt, Chile. The feed barges have a strong international position in the salmon market and are supplied with AKVASmartTM centralized feed systems as well as other technologies from AKVA group. The manufacturing of feed barges designed by AKVA group, are done in amongst oth- ers the Baltic\u2019s, Poland, and Vietnam by external partners. Sperre AS, a subsidiary located at Notodden, Norway, holds extensive experience in developing and producing a range of advanced ROV solutions, with applications for both aquaculture as well as oil service and marine indus- tries. Egersund Net, a company acquired in 2018, offer nets, special nets and moorings and has an extensive ser- vice network for net services. Out of \ufb01laments Egersund Net produce its own netting in Norway, which is used in the manufacturing of a variety of standard and special \ufb01sh net designs, all optimized, focusing on quality, ESG and user-friendliness. LAND BASED TECHNOLOGY (LBT) Recirculation technology forms the main part of our Land Based Aquaculture Technology, which is developing into a major trend in global aquaculture. This technology allows the re-use (recirculation) of close to 100% of the water by cleaning the water and restoring important water quality parameters, using advanced water treatment technology. Main components used include mechanical \ufb01lters, UV treatment, bio \ufb01lters, degasser units, oxygenation, cool- ing/heating systems and lifting pumps. Subsidiaries in the Group for Land Based Technology are AKVA group Denmark A/S (Denmark), AKVA group Land Based S\u00f8mna AS (Norway), AKVA group Land Based Americas S.A (Chile) and AKVA group Land Based A/S (Denmark). DIGITAL (DI) Main products in Digital are FishtalkTM, AKVAconnect, Observe and Submerged. The FishtalkTM software include brands such as: Pro- duction control, planning, traceability, and ERP software for both the aquaculture and the \ufb01shing industry. Main markets include Norway, Iceland, Canada, Chile, and UK. AKVA group is the market leader in software both to the aquaculture and \ufb01shing industries in these markets. The main of\ufb01ces for the software activities are in Norway (Klepp and Trondheim). Intra segment transactions are immaterial; hence no reconciling items are presented in the tables below.
Segment information (in NOK 1 000) 2023 2022 SEA BASED TECHNOLOGY Operating revenue 2 667 367 2 685 867 Operating expenses 2 396 489 2 423 474 Operating pro\ufb01t before depreciation and amortization (EBITDA) 270 878 262 393 Depreciation, amortization and impairment 147 528 141 265 Operating pro\ufb01t (EBIT) 123 350 121 128 Segment assets 3 456 539 3 209 119 Segment liabilities 2 185 723 2 054 856 Investments in tangible and intangible assets 220 211 142 151 LAND BASED TECHNOLOGY Operating revenue 632 444 594 170 Operating expenses 665 004 721 434 Operating pro\ufb01t before depreciation and amortization (EBITDA) -32 560 -127 264 Depreciation, amortization and impairment 9 208 52 186 Operating pro\ufb01t (EBIT) -41 768 -179 450 Segment assets 152 320 289 564 Segment liabilities 336 875 357 470 Investments in tangible and intangible assets 638 4 473 DIGITAL Operating revenue 132 450 96 283 Operating expenses 107 362 73 143 Operating pro\ufb01t before depreciation and amortization (EBITDA) 25 088 23 140 Depreciation, amortization and impairment 39 069 21 311 Operating pro\ufb01t (EBIT) -13 981 1 829 Segment assets 75 073 81 764 Segment liabilities 8 658 23 784 Investments in tangible and intangible assets 42 860 30 604 Note 2
Total (in NOK 1 000) 2023 2022 Operating revenue 3 432 262 3 376 320 Operating expenses 3 168 855 3 218 050 Operating pro\ufb01t before depreciation and amortization (EBITDA) 263 407 158 270 Depreciation, amortization and impairment 195 805 214 762 Operating pro\ufb01t (EBIT) 67 603 -56 493 Assets 3 683 933 3 580 446 Liabilities 2 531 256 2 436 110 Investments in tangible and intangible assets 263 709 177 229
GEOGRAPHICAL INFORMATION The \ufb01gures listed below are based on where the legal entities are located. Operating revenue 2023 2022 Norway 1 904 069 1 980 990 Chile 370 027 472 240 Canada 282 387 208 532 UK 164 841 154 424 Denmark 28 784 286 765 Other 682 154 273 369 Total 3 432 262 3 376 320 Non-current assets excluding deferred tax assets and long-term \ufb01nancial assets 2023 2022 Norway 1 682 015 1 468 098 Chile 54 553 66 216 Canada 33 488 28 844 UK 23 787 22 268 Denmark 5 809 8 225 Other 29 447 30 658 Total 1 829 099 1 624 308
Total assets (in NOK 1 000) 2023 2022 Norway 2 490 802 2 537 086 Chile 339 147 341 100 Denmark 196 608 192 479 Canada 192 152 161 522 UK 137 492 140 718 Other 327 732 207 541 Total 3 683 933 3 580 446 Total liabilities 2023 2022 Norway 1 666 420 1 801 333 Denmark 260 319 237 726 Chile 160 602 139 802 Canada 141 622 90 894 UK 85 897 54 419 Other 216 396 111 936 Total 2 531 256 2 436 110 Investments in the period 2023 2022 Norway 234 961 150 531 Chile 4 428 10 090 UK 10 626 8 337 Denmark 388 2 095 Canada 9 643 1 486 Other 3 663 4 690 Total 263 709 177 229
Revenues by customer The revenue from the 5 largest customers within all segments and geographic areas are as follows: Revenues by customer 2023 2022 Customer A 442 644 317 865 Customer B 250 837 235 207 Customer C 183 481 145 415 Customer D 174 539 93 749 Customer E 130 624 89 236 Revenue from customer A is mainly concentrated around the sea based technology segment.
Note 2 SEGMENTS For management purposes, the Group is organized into three business areas according to their range of produ- cts/services. The Chief Operating Decision Maker is the Group's Chief Executive Of\ufb01cer who delegates responsibi- lity to the Chief Operating Of\ufb01cers (COO\u2019s) in the business area they are responsible. These business areas comprise the basis for primary segment reporting. Financial infor- mation relating to segments and geographical divisions is presented in note 2. In the segment reporting, the internal gain on sales between the various segments is eliminated.
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"f4348": {
"value": "REVENUE RECOGNITION Revenues are recognized either at the point of transfer of control of goods and services or recognized over time on an activity basis. Contracts are reviewed to identify each performance obligation relating to a distinct good or ser- vice and the associated consideration. The Group allocates revenue to multiple element arrangements based on the identi\ufb01ed performance obligations within the contracts in line with the policies below. A performance obligation is identi\ufb01ed if the customer can bene\ufb01t from the good or service on its own or together with other readily available resources, and it can be separately identi\ufb01ed within the contract. This review is performed by reference to the speci\ufb01c contract terms. Construction contracts This revenue stream accounts for the majority of Group sales. Contracts related to construction of barges, cages and boats within the sea based segment, together with contracts for construction of equipment within the land based segment, operates almost exclusively on this basis. Where multiple performance obligations are identi\ufb01ed, revenue is recognized as each performance obligation is met. This requires an assessment of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation. AKVA group recognizes revenue over time if one of the following criteria is met: \u25a0 The customer simultaneously receives and consumes all of the bene\ufb01ts provided by entity as the entity performs; \u25a0 The entity\u2019s performance creates or enhances an asset the customer controls as the asset is created; or \u25a0 The entity\u2019s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. There are two methods used by AKVA group to measure progress of a project recognized over time, either the input or the output method. Input method The input method measures performance based on efforts or inputs towards satisfying the performance obli- gation relative to the total expected inputs. Such inputs are for example resources consumed, cost incurred, time elapsed, labor hour expended, and machine hours used. The input method is done by the basis of AKVA group\u2019s
efforts/inputs to the satisfaction of a performance obliga- tion relative to the total expected inputs to the satisfaction of that performance obligation. The input method is used for all construction contracts that is not accounted for by the output method, refer the next section. Output method The output method measures performance based on the value created relative to the total value of the contract/ delivery. The control of the good is gradually transferred to the customer, and for construction contracts AKVA group uses milestones for guiding purposes. The output method is applied for three speci\ufb01c standard customer contracts within the sea based segment; barges, plastic cages and Polarcirkel boats. To measure the output, AKVA uses methods such as surveys of performance completed to date, appraisals of results achieved, and milestones reached. The usage of milestones reached are not used to determine if goods or services is transferred at a discrete point in time, but more as a guideline (\"rule of thumb\") for evaluation the stage of completion of a project. As long as the progress can be reliably measured, AKVA believes that the abovementioned output methods are considered to be the best way of re\ufb02ecting satisfaction of performance obligations. As a result of contracts that meet the requirements for revenue recognition over time, AKVA group will have associated contract assets and contract liabilities on the balance sheet. The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract liabilities pri- marily relate to the advance consideration received from customers for work performed after the reporting date. Service, spare parts and software Invoices for goods are raised and revenue is recognized when control of the goods is transferred to the customer. Dependent upon contractual terms this may be at the point of dispatch, acceptance by the customer or certi\ufb01ca- tion by the customer. The revenue recognized is the transaction price as it is the observable selling price. For service contracts the bene\ufb01t is considered to be con- sumed simultaneously by the customer as it is received from AKVA. Therefore, the service contracts are recog- nized over a straight line for the period the service is performed. Cash discounts, volume rebates and other customer incentive programs are allocated to performance obliga- tions and recorded as a reduction in revenue at the point of sale based on the estimated future outcome.
Variable considerations, such as penalties or prices that depend on uncertain future outcomes, are estimated upfront and considered in the calculation of transaction price by using either the expected value approach or the most likely amount. Before it may be concluded that any amount of variable consideration can be included in the transaction price, AKVA group considers whether the amount of variable consideration is constrained. This means that variable consideration estimated can only be included in the transaction price to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Note 17 \u2013 Revenue and contract balances (in NOK 1 000) In the following table, revenue from contracts with customers is disaggregated by primary geographical market, major revenue lines, timing of revenue recognition and relevant positions on 31 December. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments (see note 2). The contract assets primarily relate to the Group\u2019s rights to consideration for work com- pleted but not billed at the reporting date. The contract assets are transferred to receiv- ables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer according to payment terms in the contracts. The contract liabilities primarily relate to the advance consideration received from cus- tomers. The duration of projects in the group is generally shorter than 12 months. Hence, contract balances at the beginning of the year are recognized in the income statement during the following \ufb01nancial year. No signi\ufb01cant revenues in the reporting period relates to performance obligations satis\ufb01ed in previous periods.
For the year ended 31 December Sea Based Land Based Digital Total reportable segments Primary geographical markets 2023 2022 2023 2022 2023 2022 2023 2022 Europe 2 023 621 1 998 567 418 904 377 599 81 940 62 387 2 524 465 2 438 554 Other 643 746 687 301 213 541 216 570 50 510 33 896 907 798 937 766 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 MAJOR REVENUE LINES Construction contracts 1 552 157 1 568 682 590 348 533 941 - - 2 142 505 2 102 624 Service & spare parts 1 085 026 1 032 040 35 462 54 772 517 - 1 121 005 1 086 813 Software 21 852 34 608 - - 129 634 96 284 151 486 130 892 Other 8 332 50 535 6 634 5 457 2 300 - 17 266 55 991 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 TIMING OF REVENUE RECOGNITION Products and services transferred over time according to output method 993 885 1 183 910 - - 7 578 2 745 1 001 463 1 186 656 Products and services transferred over time according to input method 612 412 473 527 593 414 539 813 - 192 1 205 826 1 013 532 Products and services transferred at point in time 1 052 242 984 252 32 397 48 899 122 830 93 347 1 207 469 1 126 497 Other revenue 8 828 44 178 6 634 5 458 2 042 - 17 504 49 636 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 POSITIONS AT 31 DECEMBER Total sales included from ongoing contracts 481 962 487 806 120 015 223 488 3 937 3 151 605 914 714 445 Contract assets 116 581 161 118 63 490 43 027 6 370 4 535 186 441 208 680 Contract liabilities 126 519 227 939 201 534 240 532 2 033 257 330 086 468 729 Reference is made to note 2 for further details of revenue per segment.
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"f4349": {
"value": "REVENUE RECOGNITION Revenues are recognized either at the point of transfer of control of goods and services or recognized over time on an activity basis. Contracts are reviewed to identify each performance obligation relating to a distinct good or ser- vice and the associated consideration. The Group allocates revenue to multiple element arrangements based on the identi\ufb01ed performance obligations within the contracts in line with the policies below. A performance obligation is identi\ufb01ed if the customer can bene\ufb01t from the good or service on its own or together with other readily available resources, and it can be separately identi\ufb01ed within the contract. This review is performed by reference to the speci\ufb01c contract terms. Construction contracts This revenue stream accounts for the majority of Group sales. Contracts related to construction of barges, cages and boats within the sea based segment, together with contracts for construction of equipment within the land based segment, operates almost exclusively on this basis. Where multiple performance obligations are identi\ufb01ed, revenue is recognized as each performance obligation is met. This requires an assessment of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation. AKVA group recognizes revenue over time if one of the following criteria is met: \u25a0 The customer simultaneously receives and consumes all of the bene\ufb01ts provided by entity as the entity performs; \u25a0 The entity\u2019s performance creates or enhances an asset the customer controls as the asset is created; or \u25a0 The entity\u2019s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. There are two methods used by AKVA group to measure progress of a project recognized over time, either the input or the output method. Input method The input method measures performance based on efforts or inputs towards satisfying the performance obli- gation relative to the total expected inputs. Such inputs are for example resources consumed, cost incurred, time elapsed, labor hour expended, and machine hours used. The input method is done by the basis of AKVA group\u2019s
efforts/inputs to the satisfaction of a performance obliga- tion relative to the total expected inputs to the satisfaction of that performance obligation. The input method is used for all construction contracts that is not accounted for by the output method, refer the next section. Output method The output method measures performance based on the value created relative to the total value of the contract/ delivery. The control of the good is gradually transferred to the customer, and for construction contracts AKVA group uses milestones for guiding purposes. The output method is applied for three speci\ufb01c standard customer contracts within the sea based segment; barges, plastic cages and Polarcirkel boats. To measure the output, AKVA uses methods such as surveys of performance completed to date, appraisals of results achieved, and milestones reached. The usage of milestones reached are not used to determine if goods or services is transferred at a discrete point in time, but more as a guideline (\"rule of thumb\") for evaluation the stage of completion of a project. As long as the progress can be reliably measured, AKVA believes that the abovementioned output methods are considered to be the best way of re\ufb02ecting satisfaction of performance obligations. As a result of contracts that meet the requirements for revenue recognition over time, AKVA group will have associated contract assets and contract liabilities on the balance sheet. The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract liabilities pri- marily relate to the advance consideration received from customers for work performed after the reporting date. Service, spare parts and software Invoices for goods are raised and revenue is recognized when control of the goods is transferred to the customer. Dependent upon contractual terms this may be at the point of dispatch, acceptance by the customer or certi\ufb01ca- tion by the customer. The revenue recognized is the transaction price as it is the observable selling price. For service contracts the bene\ufb01t is considered to be con- sumed simultaneously by the customer as it is received from AKVA. Therefore, the service contracts are recog- nized over a straight line for the period the service is performed. Cash discounts, volume rebates and other customer incentive programs are allocated to performance obliga- tions and recorded as a reduction in revenue at the point of sale based on the estimated future outcome.
Variable considerations, such as penalties or prices that depend on uncertain future outcomes, are estimated upfront and considered in the calculation of transaction price by using either the expected value approach or the most likely amount. Before it may be concluded that any amount of variable consideration can be included in the transaction price, AKVA group considers whether the amount of variable consideration is constrained. This means that variable consideration estimated can only be included in the transaction price to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. REVENUE RECOGNITION Revenues are recognized either at the point of transfer of control of goods and services or recognized over time on an activity basis. Contracts are reviewed to identify each performance obligation relating to a distinct good or ser- vice and the associated consideration. The Group allocates revenue to multiple element arrangements based on the identi\ufb01ed performance obligations within the contracts in line with the policies below. A performance obligation is identi\ufb01ed if the customer can bene\ufb01t from the good or service on its own or together with other readily available resources, and it can be separately identi\ufb01ed within the contract. This review is performed by reference to the speci\ufb01c contract terms. Construction contracts This revenue stream accounts for the majority of Group sales. Contracts related to construction of barges, cages and boats within the sea based segment, together with contracts for construction of equipment within the land based segment, operates almost exclusively on this basis. Where multiple performance obligations are identi\ufb01ed, revenue is recognized as each performance obligation is met. This requires an assessment of total revenue to identify the allocation across the performance obligations, based on the standalone selling price for each obligation. AKVA group recognizes revenue over time if one of the following criteria is met: \u25a0 The customer simultaneously receives and consumes all of the bene\ufb01ts provided by entity as the entity performs; \u25a0 The entity\u2019s performance creates or enhances an asset the customer controls as the asset is created; or \u25a0 The entity\u2019s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date. There are two methods used by AKVA group to measure progress of a project recognized over time, either the input or the output method. Input method The input method measures performance based on efforts or inputs towards satisfying the performance obli- gation relative to the total expected inputs. Such inputs are for example resources consumed, cost incurred, time elapsed, labor hour expended, and machine hours used. The input method is done by the basis of AKVA group\u2019s
efforts/inputs to the satisfaction of a performance obliga- tion relative to the total expected inputs to the satisfaction of that performance obligation. The input method is used for all construction contracts that is not accounted for by the output method, refer the next section. Output method The output method measures performance based on the value created relative to the total value of the contract/ delivery. The control of the good is gradually transferred to the customer, and for construction contracts AKVA group uses milestones for guiding purposes. The output method is applied for three speci\ufb01c standard customer contracts within the sea based segment; barges, plastic cages and Polarcirkel boats. To measure the output, AKVA uses methods such as surveys of performance completed to date, appraisals of results achieved, and milestones reached. The usage of milestones reached are not used to determine if goods or services is transferred at a discrete point in time, but more as a guideline (\"rule of thumb\") for evaluation the stage of completion of a project. As long as the progress can be reliably measured, AKVA believes that the abovementioned output methods are considered to be the best way of re\ufb02ecting satisfaction of performance obligations. As a result of contracts that meet the requirements for revenue recognition over time, AKVA group will have associated contract assets and contract liabilities on the balance sheet. The contract assets primarily relate to the Group\u2019s rights to consideration for work completed but not billed at the reporting date. The contract liabilities pri- marily relate to the advance consideration received from customers for work performed after the reporting date. Service, spare parts and software Invoices for goods are raised and revenue is recognized when control of the goods is transferred to the customer. Dependent upon contractual terms this may be at the point of dispatch, acceptance by the customer or certi\ufb01ca- tion by the customer. The revenue recognized is the transaction price as it is the observable selling price. For service contracts the bene\ufb01t is considered to be con- sumed simultaneously by the customer as it is received from AKVA. Therefore, the service contracts are recog- nized over a straight line for the period the service is performed. Cash discounts, volume rebates and other customer incentive programs are allocated to performance obliga- tions and recorded as a reduction in revenue at the point of sale based on the estimated future outcome.
Variable considerations, such as penalties or prices that depend on uncertain future outcomes, are estimated upfront and considered in the calculation of transaction price by using either the expected value approach or the most likely amount. Before it may be concluded that any amount of variable consideration can be included in the transaction price, AKVA group considers whether the amount of variable consideration is constrained. This means that variable consideration estimated can only be included in the transaction price to the extent that it is highly probable that a signi\ufb01cant reversal in the amount of revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Note 17 \u2013 Revenue and contract balances (in NOK 1 000) In the following table, revenue from contracts with customers is disaggregated by primary geographical market, major revenue lines, timing of revenue recognition and relevant positions on 31 December. The table also includes a reconciliation of the disaggregated revenue with the Group\u2019s reportable segments (see note 2). The contract assets primarily relate to the Group\u2019s rights to consideration for work com- pleted but not billed at the reporting date. The contract assets are transferred to receiv- ables when the rights become unconditional. This usually occurs when the Group issues an invoice to the customer according to payment terms in the contracts. The contract liabilities primarily relate to the advance consideration received from cus- tomers. The duration of projects in the group is generally shorter than 12 months. Hence, contract balances at the beginning of the year are recognized in the income statement during the following \ufb01nancial year. No signi\ufb01cant revenues in the reporting period relates to performance obligations satis\ufb01ed in previous periods.
For the year ended 31 December Sea Based Land Based Digital Total reportable segments Primary geographical markets 2023 2022 2023 2022 2023 2022 2023 2022 Europe 2 023 621 1 998 567 418 904 377 599 81 940 62 387 2 524 465 2 438 554 Other 643 746 687 301 213 541 216 570 50 510 33 896 907 798 937 766 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 MAJOR REVENUE LINES Construction contracts 1 552 157 1 568 682 590 348 533 941 - - 2 142 505 2 102 624 Service & spare parts 1 085 026 1 032 040 35 462 54 772 517 - 1 121 005 1 086 813 Software 21 852 34 608 - - 129 634 96 284 151 486 130 892 Other 8 332 50 535 6 634 5 457 2 300 - 17 266 55 991 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 TIMING OF REVENUE RECOGNITION Products and services transferred over time according to output method 993 885 1 183 910 - - 7 578 2 745 1 001 463 1 186 656 Products and services transferred over time according to input method 612 412 473 527 593 414 539 813 - 192 1 205 826 1 013 532 Products and services transferred at point in time 1 052 242 984 252 32 397 48 899 122 830 93 347 1 207 469 1 126 497 Other revenue 8 828 44 178 6 634 5 458 2 042 - 17 504 49 636 External revenue as reported in note 2 2 667 367 2 685 867 632 444 594 170 132 450 96 283 3 432 262 3 376 320 POSITIONS AT 31 DECEMBER Total sales included from ongoing contracts 481 962 487 806 120 015 223 488 3 937 3 151 605 914 714 445 Contract assets 116 581 161 118 63 490 43 027 6 370 4 535 186 441 208 680 Contract liabilities 126 519 227 939 201 534 240 532 2 033 257 330 086 468 729 Reference is made to note 2 for further details of revenue per segment.
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"f4489": {
"value": "Cash discounts, volume rebates and other customer incentive programs are allocated to performance obliga- tions and recorded as a reduction in revenue at the point of sale based on the estimated future outcome.
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"f4511": {
"value": "EMPLOYEE BENEFITS De\ufb01ned contribution plan All Group companies have pension schemes based on contributions from the company to the employees. The companies\u2019 payments are recognized in the income statements for the year to which the contribution applies. The companies have no further commitments towards pensions when the agreed contributions are paid. Severance pay In some countries, the companies are obliged by law to provide severance pay for redundancies due to reductions in the workforce. The costs relating to severance pay are set aside once the management have decided on a plan that will lead to reductions in the workforce and the work of restructuring has started or the reduction in the work- force has been communicated to the employees.
Share options & LTI-shares (share-based payments) The company has a long term incentive (LTI) program and a option program. The programs are accounted for as equity-settled share-based payments. Awarded instruments are valued at fair value at grant date with no subsequent remeasurement of granted instruments other than a revision of number of vesting instruments only. The fair value of the share options and LTI shares is measured at the grant date and the cost is recognized in the income statement, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are ful\ufb01lled. The fair value is calculated using a Black & Scholes model. The fair value determined at the grant date of the equi- ty-settled share-based payments is expensed as salary cost on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of equity instru- ments that will eventually vest. At each reporting date, the group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to reserves.
Payroll expenses 2023 2022 Salaries 813 502 757 770 Payroll tax 70 870 50 732 Pension costs 41 369 36 796 Other bene\ufb01ts 28 113 35 645 Total 953 853 880 944 The number of employees in full time equivalent in the company at year end is1: 1 425 1 466
Remuneration The following tables speci\ufb01es renumeration to Executive Personnel and the Board of Directors for the presented periods: Remuneration to Executive Personnel 2023 (in NOK 1 000) Salary 1 Pension Other Accrued not paid Bonus Knut Nesse (CEO) 5 848 86 127 - Ronny Meink\u00f8hn (CFO) 3 610 86 124 - Kristian Botnen (COO Sea Based Nordic) 2 156 86 124 - Johan Fredrik Gjesdal (COO Land Based) 2 565 86 141 - Asle Kjetil Bratteli (CDO) 2 759 86 124 - Stig Domaas F\u00f8rre (COO Sea Based International)2 1 000 86 75 - Glenn Mo (COO Egersund Net) 3 450 71 1 - Maren Hognestad Sunde (HR Director) 2 058 86 5 - St\u00e5le \u00d8kland (Director Comm. & Sust.) 2 174 86 5 - 1 Salary includes the value of LTI shares achieved for the year, and any other payments such as allowances and benefits-in-kind with a meaningful monetary value received in the year, if applicable. 2 Stig F\u00f8rre assumed his position as COO Sea Based International in July 2023. Remuneration to Executive Personnel 2022 (in NOK 1 000) Salary Pension Other Accrued not paid Bonus Knut Nesse (CEO) 2 890 81 132 - Ronny Meink\u00f8hn (CFO) 2 050 81 129 - Erlend S\u00f8dal (COO Sea Based)4 1 946 81 121 - Johan Fredrik Gjesdal (COO Land Based) 1 707 81 139 - Asle Kjetil Bratteli (CDO) 2 024 81 129 - Andrew Campbell (COO International)3 2 076 81 130 - Kristian Botnen (COO Nordic)1 792 81 54 - Glenn Mo (COO Egersund Net)2 929 57 61 - Maren Hognestad Sunde (HR Director)2 679 70 6 - St\u00e5le \u00d8kland (Director Comm. & Sust.)2 721 78 5 - 1 Kristian Botnen assumed his position as COO Nordic in August 2022 2 Glenn Mo, Maren Hognestad Sunde and St\u00e5le \u00d8kland became a part of the Executive Personnel after organizational changes made in June 2022 3 Andrew Campbell stepped down as COO International in November 2022. 4 Erlend S\u00f8dal are not a part of the Executive Personnel after organizational changes made in June 2022, he also stepped down as COO Sea Based in June 2022.
Note 3 \u2013 Wages, remunerations, and pensions (in NOK 1 000) Fees to the Board of Directors (in NOK 1 000) Position 2023 2022 Hans Kristian Mong Chairperson of the Board 345 329 Kristin Reitan Huseb\u00f8 Deputy Chairperson of the Board 229 219 Frode Teigen Deputy Chairperson of the Board 210 199 Heidi Nag Flikka Member of the Board 210 199 Tore Rasmussen Member of the Board 210 199 Yoav Doppelt Member of the Board 210 199 Irene Heng Lauvsnes Member of the Board 210 199 John Morten Kristiansen1 Member of the Board 53 13 Odd Jan H\u00e5land1 Employee elected Member of the Board 53 13 Siv Ir\u00e9n Nesse3 Employee elected Member of the Board 53 13 Ragnhild Ree2 Employee elected Member of the Board - 40 Magnus R\u00f8kke2 Employee elected Member of the Board - 40 Helen Helland2 Employee elected Member of the Board - 40 Mona Sk\u00e5t\u00f8y Skadberg4 Employee elected Member of the Board - - 1 John Morten Kristiansen and Odd Jan H\u00e5land assumed their positions as members of the Board in November 2022 2 Ragnhild Ree, Magnus R\u00f8kke and Helen Helland stepped down as members of the Board in November 2022 3 Siv Ir\u00e8n Nesse stepped down as member of the Board in December 2023 7 Mona Sk\u00e5t\u00f8y Skadberg assumed her positions as members of the Board 22. December 2023
Incentive schemes The incentive scheme for Executive Personnel consists of two components: I. an annual bonus limited to between 30% and 50% of annual salary dependent upon 60% weight on \ufb01nanci- al targets based on EBIT and 40% weight on strategic KPI\u2019s, payable in cash, and II. a deferred bonus dependent upon strategic KPI\u2019s and \ufb01nancial performance targets (as set out in item i) above), payable in shares. The deferred bonus scheme has a duration varying between 2023 and 2027. In 2022 the CEO was granted a stock option instrument. The option agreement gives him the right to acquire 80 000 shares for NOK 70.00 per share. The option can be exercised in the period from April 1, 2025 to August 31 2025, conditional on the CEO being a member of the board of or employed in AKVA group or in one of its subsidiaries. The options can also be exercised prior to the said period if a takeover offer is made and completed, resulting in a change of control in the Company. The Company can set- tle the options by issuing new shares, deliver own shares (treasury shares) or paying cash compensation equal to the difference between the strike price and the market price for the Company's shares at the time of exercise. The CEO has an annual \ufb01xed salary of MNOK 3.0 and a monthly car allowance of KNOK 10. The bonus agreement of the CEO is as described above, limited to 50% of annual salary for the annual plan and deferred part payable in shares for the period 2022-2025 with a maximum annual share allocation of 44,520 shares. The CEO is entitled to 12-month severance payment if his employment agreement is terminated. New shares were granted in 2023, in accordance with the LTI scheme agreement, too a new member of the execu- tive personnel. These shares was already included in the outstanding amount at 31.12.2022. No new option instru- ments were granted in 2023.
Outstanding instruments at year-end Performance Share Unit instruments Option instruments Outstanding 31.12.2022 499 380 80 000 Adjusted -10 000 0 Vested 2023 -126 780 0 Outstanding 31.12.2023 362 600 80 000 Weighted average remaining contractual life 1,50 1,67 Weighted average strike price 0,00 70,00 Pensions The pension schemes in all legal entities are de\ufb01ned con- tribution plans where agreed contributions are expensed as paid. The companies have no further commitments towards pensions when the agreed contributions are paid. All pension costs are included in payroll expenses in the pro\ufb01t and loss statement. As of 31 December 2023, the Group has no pension liability. According to Norwegian legislation the entities need to have a pension scheme for the employees. The existing pension schemes meet the requirements in the legislation. Loan and pledge The Group has not given any loans or pledges to members of the board or Executive Personnel as of 31 December 2023. Establishment of salaries and other remuneration to Executive Personnel The remuneration of the Executive Personnel is based on the principle that the base salary shall promote value creation in the company and contribute to coincident interests between owners and the Executive Personnel. As the leading aquaculture technology supplier, AKVA group is dependent to offer salaries and remunerations that secure that the most competent management is recruited. It is the policy of the Board of Directors that to recruit the most competent management, the com- pany has to offer salaries and remunerations which are satisfactory to the management and can compete in an international market. The Board of Directors has established a remuneration committee which shall act as a preliminary organ in rela- tion to the board\u2019s role in the establishment of remuner- ation to the chief executive of\ufb01cer and other members in the Executive Personnel. It is the company's policy that the remuneration of the Executive Personnel principally is based on a \ufb01xed monthly salary which re\ufb02ects the tasks and responsibility of the employment. The remuneration is established on an individual basis. The \ufb01xed monthly salary is determined amongst other of the following factors: \u25a0 Experience and competence of the executive manager \u25a0 Responsibility \u25a0 Competition from the market The agreed pension plan is the same for the Executive Personnel as for the rest of the Norwegian employees. Salary payments after termination of employment is nor- mally related to con\ufb01dentiality and restrictive competitor agreements in which these payments shall only compen- sate for the constraints to the resigned employees\u2019 per- mission to enter into a new employment agreement. AKVA group ASA does not use agreements of salary payments after termination of employment without a distinct reason.
EMPLOYEE BENEFITS De\ufb01ned contribution plan All Group companies have pension schemes based on contributions from the company to the employees. The companies\u2019 payments are recognized in the income statements for the year to which the contribution applies. The companies have no further commitments towards pensions when the agreed contributions are paid. Severance pay In some countries, the companies are obliged by law to provide severance pay for redundancies due to reductions in the workforce. The costs relating to severance pay are set aside once the management have decided on a plan that will lead to reductions in the workforce and the work of restructuring has started or the reduction in the work- force has been communicated to the employees.
Share options & LTI-shares (share-based payments) The company has a long term incentive (LTI) program and a option program. The programs are accounted for as equity-settled share-based payments. Awarded instruments are valued at fair value at grant date with no subsequent remeasurement of granted instruments other than a revision of number of vesting instruments only. The fair value of the share options and LTI shares is measured at the grant date and the cost is recognized in the income statement, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are ful\ufb01lled. The fair value is calculated using a Black & Scholes model. The fair value determined at the grant date of the equi- ty-settled share-based payments is expensed as salary cost on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of equity instru- ments that will eventually vest. At each reporting date, the group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to reserves.
",
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"f4522": {
"value": "Severance pay In some countries, the companies are obliged by law to provide severance pay for redundancies due to reductions in the workforce. The costs relating to severance pay are set aside once the management have decided on a plan that will lead to reductions in the workforce and the work of restructuring has started or the reduction in the work- force has been communicated to the employees.
",
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"f4533": {
"value": "Share options & LTI-shares (share-based payments) The company has a long term incentive (LTI) program and a option program. The programs are accounted for as equity-settled share-based payments. Awarded instruments are valued at fair value at grant date with no subsequent remeasurement of granted instruments other than a revision of number of vesting instruments only. The fair value of the share options and LTI shares is measured at the grant date and the cost is recognized in the income statement, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are ful\ufb01lled. The fair value is calculated using a Black & Scholes model. The fair value determined at the grant date of the equi- ty-settled share-based payments is expensed as salary cost on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of equity instru- ments that will eventually vest. At each reporting date, the group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to reserves.
Incentive schemes The incentive scheme for Executive Personnel consists of two components: I. an annual bonus limited to between 30% and 50% of annual salary dependent upon 60% weight on \ufb01nanci- al targets based on EBIT and 40% weight on strategic KPI\u2019s, payable in cash, and II. a deferred bonus dependent upon strategic KPI\u2019s and \ufb01nancial performance targets (as set out in item i) above), payable in shares. The deferred bonus scheme has a duration varying between 2023 and 2027. In 2022 the CEO was granted a stock option instrument. The option agreement gives him the right to acquire 80 000 shares for NOK 70.00 per share. The option can be exercised in the period from April 1, 2025 to August 31 2025, conditional on the CEO being a member of the board of or employed in AKVA group or in one of its subsidiaries. The options can also be exercised prior to the said period if a takeover offer is made and completed, resulting in a change of control in the Company. The Company can set- tle the options by issuing new shares, deliver own shares (treasury shares) or paying cash compensation equal to the difference between the strike price and the market price for the Company's shares at the time of exercise. The CEO has an annual \ufb01xed salary of MNOK 3.0 and a monthly car allowance of KNOK 10. The bonus agreement of the CEO is as described above, limited to 50% of annual salary for the annual plan and deferred part payable in shares for the period 2022-2025 with a maximum annual share allocation of 44,520 shares. The CEO is entitled to 12-month severance payment if his employment agreement is terminated. New shares were granted in 2023, in accordance with the LTI scheme agreement, too a new member of the execu- tive personnel. These shares was already included in the outstanding amount at 31.12.2022. No new option instru- ments were granted in 2023.
Outstanding instruments at year-end Performance Share Unit instruments Option instruments Outstanding 31.12.2022 499 380 80 000 Adjusted -10 000 0 Vested 2023 -126 780 0 Outstanding 31.12.2023 362 600 80 000 Weighted average remaining contractual life 1,50 1,67 Weighted average strike price 0,00 70,00 Pensions The pension schemes in all legal entities are de\ufb01ned con- tribution plans where agreed contributions are expensed as paid. The companies have no further commitments towards pensions when the agreed contributions are paid. All pension costs are included in payroll expenses in the pro\ufb01t and loss statement. As of 31 December 2023, the Group has no pension liability. According to Norwegian legislation the entities need to have a pension scheme for the employees. The existing pension schemes meet the requirements in the legislation. Loan and pledge The Group has not given any loans or pledges to members of the board or Executive Personnel as of 31 December 2023. Establishment of salaries and other remuneration to Executive Personnel The remuneration of the Executive Personnel is based on the principle that the base salary shall promote value creation in the company and contribute to coincident interests between owners and the Executive Personnel. As the leading aquaculture technology supplier, AKVA group is dependent to offer salaries and remunerations that secure that the most competent management is recruited. It is the policy of the Board of Directors that to recruit the most competent management, the com- pany has to offer salaries and remunerations which are satisfactory to the management and can compete in an international market. The Board of Directors has established a remuneration committee which shall act as a preliminary organ in rela- tion to the board\u2019s role in the establishment of remuner- ation to the chief executive of\ufb01cer and other members in the Executive Personnel. It is the company's policy that the remuneration of the Executive Personnel principally is based on a \ufb01xed monthly salary which re\ufb02ects the tasks and responsibility of the employment. The remuneration is established on an individual basis. The \ufb01xed monthly salary is determined amongst other of the following factors: \u25a0 Experience and competence of the executive manager \u25a0 Responsibility \u25a0 Competition from the market The agreed pension plan is the same for the Executive Personnel as for the rest of the Norwegian employees. Salary payments after termination of employment is nor- mally related to con\ufb01dentiality and restrictive competitor agreements in which these payments shall only compen- sate for the constraints to the resigned employees\u2019 per- mission to enter into a new employment agreement. AKVA group ASA does not use agreements of salary payments after termination of employment without a distinct reason.
",
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},
"f4534": {
"value": "Share options & LTI-shares (share-based payments) The company has a long term incentive (LTI) program and a option program. The programs are accounted for as equity-settled share-based payments. Awarded instruments are valued at fair value at grant date with no subsequent remeasurement of granted instruments other than a revision of number of vesting instruments only. The fair value of the share options and LTI shares is measured at the grant date and the cost is recognized in the income statement, together with a corresponding increase in other paid-in capital, over the period in which the performance and/or service conditions are ful\ufb01lled. The fair value is calculated using a Black & Scholes model. The fair value determined at the grant date of the equi- ty-settled share-based payments is expensed as salary cost on a straight-line basis over the vesting period, based on the group\u2019s estimate of the number of equity instru- ments that will eventually vest. At each reporting date, the group revises its estimate of the number of equity instruments expected to vest as a result of the effect of non-market-based vesting conditions. The impact of the revision of the original estimates, if any, is recognized in pro\ufb01t or loss such that the cumulative expense re\ufb02ects the revised estimate, with a corresponding adjustment to reserves.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4592": {
"value": "FINANCE INCOME AND FINANCE COSTS The Group\u2019s \ufb01nance income and \ufb01nance costs include: \u25a0 Interest income \u25a0 Interest expense \u25a0 The foreign currency gain or loss on \ufb01nancial assets and \ufb01nancial liabilities \u25a0 Hedge ineffectiveness recognized in pro\ufb01t or loss Interest income or expense is recognized using the effec- tive interest method.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
FINANCE INCOME AND FINANCE COSTS The Group\u2019s \ufb01nance income and \ufb01nance costs include: \u25a0 Interest income \u25a0 Interest expense \u25a0 The foreign currency gain or loss on \ufb01nancial assets and \ufb01nancial liabilities \u25a0 Hedge ineffectiveness recognized in pro\ufb01t or loss Interest income or expense is recognized using the effec- tive interest method.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4595": {
"value": "FINANCE INCOME AND FINANCE COSTS The Group\u2019s \ufb01nance income and \ufb01nance costs include: \u25a0 Interest income \u25a0 Interest expense \u25a0 The foreign currency gain or loss on \ufb01nancial assets and \ufb01nancial liabilities \u25a0 Hedge ineffectiveness recognized in pro\ufb01t or loss Interest income or expense is recognized using the effec- tive interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4596": {
"value": "FINANCE INCOME AND FINANCE COSTS The Group\u2019s \ufb01nance income and \ufb01nance costs include: \u25a0 Interest income \u25a0 Interest expense \u25a0 The foreign currency gain or loss on \ufb01nancial assets and \ufb01nancial liabilities \u25a0 Hedge ineffectiveness recognized in pro\ufb01t or loss Interest income or expense is recognized using the effec- tive interest method.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4613": {
"value": "INCOME TAX Income tax comprises current and deferred tax. It is rec- ognized in pro\ufb01t or loss except to the extent that it relates to items recognized directly in equity or in other compre- hensive income. Current tax Current tax comprises the expected tax payable or receiv- able on the taxable income or loss for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income tax, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising on dividends. Deferred tax Deferred tax is recognized in respect of temporary differ- ences between the carrying amounts of assets and lia- bilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on all taxable temporary differ- ences, except for: \u25a0 Temporary differences relating to investments in subsidiaries, associates, or joint ventures when the Group decides when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future \u25a0 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized in the balance sheet when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes to utilize the tax asset. At each balance sheet date, the Group carries out a review of its unrecognized deferred tax assets and the value it has recognized. The companies recognize formerly unrecog- nized deferred tax assets to the extent that it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce its deferred tax assets to the extent that it can no longer utilize these. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and re\ufb02ects uncertainty related to income taxes, if any. Deferred tax assets (tax liabilities) are recognized at their nominal value and classi\ufb01ed as non-current asset (long- term liabilities) in the balance sheet.
Note 5 \u2013 Taxes Tax expense reported in pro\ufb01t or loss (in NOK 1 000) 2023 2022 Current taxes payable 2 876 11 250 Adjustment related to previous periods 1 151 4 579 Change in deferred taxes -14 809 -36 618 Total tax expense reported in pro\ufb01t or loss -10 782 -20 789 Tax expense reported in other comprehensive income 2023 2022 Tax expense reported in other comprehensive income 2023 2022 Cash \ufb02ow hedges -1 690 2 012 Total tax expense reported in other comprehensive income -1 690 2 012 Calculation of the basis for taxation 2023 2022 Profit before tax -29 309 -151 864 Permanent differences -22 776 -51 742 Change in temporary differences -58 945 224 396 Tax base -111 031 20 790 Speci\ufb01cation of temporary differences 2023 2022 Current assets 60 641 50 479 Fixed assets 142 763 118 431 Provisions -58 772 -113 176 Losses carried forward -235 870 -261 541 Capped interest (subject to interest limitation rules) -79 599 0 Other -11 646 -35 622 Total -182 484 -241 429 Speci\ufb01cation of deferred tax 2023 2022 Calculated deferred tax assets 72 464 72 918 Deferred tax asset not recognised in balance sheet 0 -28 016 Calculated deferred tax liability -30 995 -18 242 Deferred tax asset 72 464 44 903 Deferred tax liability 30 995 18 242 Effective tax rate 2023 2022 Expected income taxes, statutory tax rate of 22% -8 881 -34 428 Permanent differences (22%) -13 521 -10 465 Deviation between Norwegian and foreign tax rate 2 122 -573 Excess(-)/insuf\ufb01cient(+) provisions in former years 9 564 -3 406 Change in non-recognized deferred tax asset 0 28 084 Income tax expense reported in pro\ufb01t or loss -10 782 -20 789 Income tax expense reported in other comprehensive income -1 690 2 012 Total income tax expense reported -12 472 -18 776 The nominal tax rate in Norway was 22% in 2023. Business opera- tions outside Norway is subject to local tax rates in their country of operation, and nominal tax rates range from 15% to 30%. In some periods, tax losses carried forward that are not recognised in the balance sheet have caused variations in the effective tax rate. In periods when such assets have not been recognised, the effective tax rate has been higher than the long-term expectation, whereas it has been lower in periods when tax losses not recog- nised as assets have been utilised. The Group has a tax loss carry forward of MNOK 235.8. The total tax loss carried forward is included in the balance sheet as deferred tax asset. The deferred tax asset recognized in the balance sheet is made probable due to future earnings in the subsidiaries and tax plan- ning. About 84% of the tax loss carried forward is related to AKVA group ASA, whilst about 10% is related to AKVA group Land Based Americas S.A. An assessment of the future pro\ufb01t for the entities with tax loss car- ried forward is done, and for the tax loss carried forward included in the balance sheet as deferred tax asset it is expected that pro\ufb01t before tax in the next couple of years will offset the recognized deferred tax asset. The current market conditions look promising for the salmon industry worldwide. Norway has introduced new rules on global minimum tax (EU Pilar 2) with effect from 1 Jan 2024. The threshold for application of these new rules is an income of 750 MEUR. AKVA group ASA does not expect that the company will meet this threshold in 2024.
INCOME TAX Income tax comprises current and deferred tax. It is rec- ognized in pro\ufb01t or loss except to the extent that it relates to items recognized directly in equity or in other compre- hensive income. Current tax Current tax comprises the expected tax payable or receiv- able on the taxable income or loss for the year and any adjustments to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that re\ufb02ects uncertainty related to income tax, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising on dividends. Deferred tax Deferred tax is recognized in respect of temporary differ- ences between the carrying amounts of assets and lia- bilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on all taxable temporary differ- ences, except for: \u25a0 Temporary differences relating to investments in subsidiaries, associates, or joint ventures when the Group decides when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future \u25a0 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized in the balance sheet when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes to utilize the tax asset. At each balance sheet date, the Group carries out a review of its unrecognized deferred tax assets and the value it has recognized. The companies recognize formerly unrecog- nized deferred tax assets to the extent that it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce its deferred tax assets to the extent that it can no longer utilize these. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and re\ufb02ects uncertainty related to income taxes, if any. Deferred tax assets (tax liabilities) are recognized at their nominal value and classi\ufb01ed as non-current asset (long- term liabilities) in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4635": {
"value": "Deferred tax Deferred tax is recognized in respect of temporary differ- ences between the carrying amounts of assets and lia- bilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on all taxable temporary differ- ences, except for: \u25a0 Temporary differences relating to investments in subsidiaries, associates, or joint ventures when the Group decides when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future \u25a0 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized in the balance sheet when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes to utilize the tax asset. At each balance sheet date, the Group carries out a review of its unrecognized deferred tax assets and the value it has recognized. The companies recognize formerly unrecog- nized deferred tax assets to the extent that it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce its deferred tax assets to the extent that it can no longer utilize these. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and re\ufb02ects uncertainty related to income taxes, if any. Deferred tax assets (tax liabilities) are recognized at their nominal value and classi\ufb01ed as non-current asset (long- term liabilities) in the balance sheet.
Note 5 \u2013 Taxes Tax expense reported in pro\ufb01t or loss (in NOK 1 000) 2023 2022 Current taxes payable 2 876 11 250 Adjustment related to previous periods 1 151 4 579 Change in deferred taxes -14 809 -36 618 Total tax expense reported in pro\ufb01t or loss -10 782 -20 789 Tax expense reported in other comprehensive income 2023 2022 Tax expense reported in other comprehensive income 2023 2022 Cash \ufb02ow hedges -1 690 2 012 Total tax expense reported in other comprehensive income -1 690 2 012 Calculation of the basis for taxation 2023 2022 Profit before tax -29 309 -151 864 Permanent differences -22 776 -51 742 Change in temporary differences -58 945 224 396 Tax base -111 031 20 790 Speci\ufb01cation of temporary differences 2023 2022 Current assets 60 641 50 479 Fixed assets 142 763 118 431 Provisions -58 772 -113 176 Losses carried forward -235 870 -261 541 Capped interest (subject to interest limitation rules) -79 599 0 Other -11 646 -35 622 Total -182 484 -241 429 Speci\ufb01cation of deferred tax 2023 2022 Calculated deferred tax assets 72 464 72 918 Deferred tax asset not recognised in balance sheet 0 -28 016 Calculated deferred tax liability -30 995 -18 242 Deferred tax asset 72 464 44 903 Deferred tax liability 30 995 18 242 Effective tax rate 2023 2022 Expected income taxes, statutory tax rate of 22% -8 881 -34 428 Permanent differences (22%) -13 521 -10 465 Deviation between Norwegian and foreign tax rate 2 122 -573 Excess(-)/insuf\ufb01cient(+) provisions in former years 9 564 -3 406 Change in non-recognized deferred tax asset 0 28 084 Income tax expense reported in pro\ufb01t or loss -10 782 -20 789 Income tax expense reported in other comprehensive income -1 690 2 012 Total income tax expense reported -12 472 -18 776 The nominal tax rate in Norway was 22% in 2023. Business opera- tions outside Norway is subject to local tax rates in their country of operation, and nominal tax rates range from 15% to 30%. In some periods, tax losses carried forward that are not recognised in the balance sheet have caused variations in the effective tax rate. In periods when such assets have not been recognised, the effective tax rate has been higher than the long-term expectation, whereas it has been lower in periods when tax losses not recog- nised as assets have been utilised. The Group has a tax loss carry forward of MNOK 235.8. The total tax loss carried forward is included in the balance sheet as deferred tax asset. The deferred tax asset recognized in the balance sheet is made probable due to future earnings in the subsidiaries and tax plan- ning. About 84% of the tax loss carried forward is related to AKVA group ASA, whilst about 10% is related to AKVA group Land Based Americas S.A. An assessment of the future pro\ufb01t for the entities with tax loss car- ried forward is done, and for the tax loss carried forward included in the balance sheet as deferred tax asset it is expected that pro\ufb01t before tax in the next couple of years will offset the recognized deferred tax asset. The current market conditions look promising for the salmon industry worldwide. Norway has introduced new rules on global minimum tax (EU Pilar 2) with effect from 1 Jan 2024. The threshold for application of these new rules is an income of 750 MEUR. AKVA group ASA does not expect that the company will meet this threshold in 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4636": {
"value": "Deferred tax Deferred tax is recognized in respect of temporary differ- ences between the carrying amounts of assets and lia- bilities for \ufb01nancial reporting purposes and the amounts used for taxation purposes. Deferred tax is calculated on all taxable temporary differ- ences, except for: \u25a0 Temporary differences relating to investments in subsidiaries, associates, or joint ventures when the Group decides when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future \u25a0 Taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized in the balance sheet when it is probable that the company will have a suf\ufb01cient pro\ufb01t for tax purposes to utilize the tax asset. At each balance sheet date, the Group carries out a review of its unrecognized deferred tax assets and the value it has recognized. The companies recognize formerly unrecog- nized deferred tax assets to the extent that it has become probable that the company can utilize the deferred tax asset. Similarly, the company will reduce its deferred tax assets to the extent that it can no longer utilize these. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and re\ufb02ects uncertainty related to income taxes, if any. Deferred tax assets (tax liabilities) are recognized at their nominal value and classi\ufb01ed as non-current asset (long- term liabilities) in the balance sheet.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4677": {
"value": "INTANGIBLE ASSETS AND GOODWILL Intangible assets are recognized in the balance sheet if it is probable that there are future economic bene\ufb01ts that can be attributed to the asset which is owned by the com- pany, and the asset\u2019s cost price can be reliably estimated. Intangible assets are recognized at cost price. Research & development costs Expenses relating to research are recognized in the income statement when they are incurred. Expenses relating to development are recognized in the income statement when they are incurred unless the following criterions are met in full: \u25a0 The product or process is clearly de\ufb01ned, and the cost elements can be identi\ufb01ed and measured reliably \u25a0 The technical solution for the product has been demonstrated \u25a0 The product or process will be sold or used in the company\u2019s operations \u25a0 The asset will generate future economic bene\ufb01ts \u25a0 Suf\ufb01cient technical, \ufb01nancial, and other resources for completing the project are present. When all the above criterions are met, the associated development costs will be recognized in the balance sheet. Costs that have been charged as expenses in previ- ous accounting periods are not recognized in the balance sheet. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.
Other intangible assets Other intangible assets, including customer relationship, product rights, patents, and trademarks, that are acquired by the Group are measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
Amortization Intangible assets with a \ufb01nite useful life are amortized and any need for impairment losses to be recognized is considered. Amortization is calculated using the straight- line method over the asset\u2019s estimated useful life and is recognized in pro\ufb01t and loss. Intangible assets with inde\ufb01nite useful lives and goodwill are not amortized, but impairment losses are recognized if the recoverable amount is less than the carrying amount. The estimated useful lives for current and comparative periods are as follows: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
Note 7 \u2013 Intangible assets (in NOK 1 000) 2023 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 748 105 407 799 316 055 1 471 959 Additions related to acquisitions 0 27 577 442 28 019 Additions 0 74 502 90 352 164 854 Translation differences 35 651 1 234 571 37 455 Disposals 0 -2 351 -8 558 -10 910 Acquisition cost 31.12. 783 756 508 760 398 862 1 691 377 Accumulated amortization at 01.01. 445 244 239 224 195 468 879 Amortization 0 49 180 2 810 51 913 Translation differences 11 1 234 335 1 656 Accumulated amortization disposals 0 -2 351 -3 -2 355 Accumulated amortization 31.12. 456 292 301 227 337 520 094 Accumulated impairment 01.01. 0 3 205 10 813 14 018 Impairment 0 0 0 0 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 783 300 213 254 160 712 1 157 266 2022 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 740 369 328 956 285 825 1 355 150 Additions 0 80 087 29 992 110 079 Translation differences 7 735 876 239 8 851 Disposals 0 -2 121 0 -2 121 Acquisition cost 31.12. 748 105 407 799 316 055 1 471 959 Accumulated amortization at 01.01. 437 212 739 207 817 420 994 Amortization 0 32 746 16 292 49 038 Translation differences 8 875 91 973 Accumulated amortization disposals 0 -2 121 -5 -2 126 Accumulated amortization 31.12. 445 244 239 224 195 468 879 Accumulated impairment 01.01. 0 0 0 0 Impairment1 0 3 205 10 813 14 018 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 747 660 160 355 81 047 989 063 1 Related to restructuring of the Land Based Business area in Q 3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of R&D and other intangible asset of MNOK 14 Goodwill balances are not amortized. For remaining intangible assets, straight-line amortization over the asset\u2019s useful economic life is applied. The useful economic life for the intangible assets is estimated as: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years During the year, the Group expensed MNOK 93.5 (MNOK 90.2 in 2022) on research and development on new products and technol- ogy as well as upgrades on existing products. The amount does not include capitalized development costs according to IAS 38 (see table above in this note). Goodwill: Goodwill relates to the acquisitions of Wavemaster, Polarcirkel, Maritech, UNI Aqua, Idema, Plastsveis AS, YesMaritime AS, Aquatec Solutions A/S, Sperre AS, Egersund Net AS, Newfound- land Aqua Service Ltd and Submerged AS. See impairment test of goodwill below. Development Costs: The Group has capitalized all direct costs that are expected to create economic bene\ufb01ts and meet the requirements for capitali- zation in IAS 38. The capitalized costs relate to software solutions and modules for integrating equipment on \ufb01sh farming sites, ERP solutions and upgrades for the \ufb01sh farming industry and upgrades for traditional ERP solutions. It also relates to improved product solutions to help the \ufb01sh farming industry in becoming more ef\ufb01cient.
Other intangible assets: The acquisition cost is mostly related to the acquisitions of Superior Systems AS (2001), Vicass (2002), Cameratech (2004), Ocean Ser- vice Log (2004), Polarcirkel/Wavemaster (2006), Maritech/UNI Aqua (2007), Idema Aqua (2008), Plastsveis AS (2013), Note 7 \u2013 Intangible assets (in NOK 1 000) YesMaritime AS (2014), Aquatec Solutions A/S (2015), Sperre AS (2016), Egersund Net AS (2018) and Submerged AS (2023). Impairment test of goodwill and intangible assets with inde\ufb01nite useful life: Intangible assets with inde\ufb01nite useful life and goodwill are not amortized. These assets are tested annually for impair- ment. The brand of Sperre, AD Offshore and Egersund Net are assessed to have an inde\ufb01nite lifespan effect due to their strong standing and position already achieved within the markets they operate. The fair value of these three intangible assets are the only ones de\ufb01ned with inde\ufb01nite useful life. Goodwill and intan- gible assets acquired through business combinations have been allocated to the following cash-generating units: Book value of goodwill 2023 2022 Sea Based Technology 642 857 635 099 Digital Solutions 31 623 9 600 Land Based Technology 108 820 102 961 Total goodwill 783 300 747 660 Book value of intangible assets with inde\ufb01nite 2023 2022 S&AS Sea Based Technology Norway 9 057 9 057 Sea Based Technology 27 057 27 057 Total intangible assets 36 114 36 114 Discounted cash \ufb02ow models are used to determine the recov- erable amount for the cash-generating units. The Group has projected cash \ufb02ows based on \ufb01nancial budgets and forecasts approved by the Board of Directors. Beyond the explicit budget and forecast period of \ufb01ve years, the cash \ufb02ows are extrapolated using a constant nominal growth rate. KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
INTANGIBLE ASSETS AND GOODWILL Intangible assets are recognized in the balance sheet if it is probable that there are future economic bene\ufb01ts that can be attributed to the asset which is owned by the com- pany, and the asset\u2019s cost price can be reliably estimated. Intangible assets are recognized at cost price. Research & development costs Expenses relating to research are recognized in the income statement when they are incurred. Expenses relating to development are recognized in the income statement when they are incurred unless the following criterions are met in full: \u25a0 The product or process is clearly de\ufb01ned, and the cost elements can be identi\ufb01ed and measured reliably \u25a0 The technical solution for the product has been demonstrated \u25a0 The product or process will be sold or used in the company\u2019s operations \u25a0 The asset will generate future economic bene\ufb01ts \u25a0 Suf\ufb01cient technical, \ufb01nancial, and other resources for completing the project are present. When all the above criterions are met, the associated development costs will be recognized in the balance sheet. Costs that have been charged as expenses in previ- ous accounting periods are not recognized in the balance sheet. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.
Other intangible assets Other intangible assets, including customer relationship, product rights, patents, and trademarks, that are acquired by the Group are measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
Amortization Intangible assets with a \ufb01nite useful life are amortized and any need for impairment losses to be recognized is considered. Amortization is calculated using the straight- line method over the asset\u2019s estimated useful life and is recognized in pro\ufb01t and loss. Intangible assets with inde\ufb01nite useful lives and goodwill are not amortized, but impairment losses are recognized if the recoverable amount is less than the carrying amount. The estimated useful lives for current and comparative periods are as follows: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years Amortization methods, useful lives and residual values are reviewed at each reporting date and adjusted if appropriate.
",
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"f4687": {
"value": "Research & development costs Expenses relating to research are recognized in the income statement when they are incurred. Expenses relating to development are recognized in the income statement when they are incurred unless the following criterions are met in full: \u25a0 The product or process is clearly de\ufb01ned, and the cost elements can be identi\ufb01ed and measured reliably \u25a0 The technical solution for the product has been demonstrated \u25a0 The product or process will be sold or used in the company\u2019s operations \u25a0 The asset will generate future economic bene\ufb01ts \u25a0 Suf\ufb01cient technical, \ufb01nancial, and other resources for completing the project are present. When all the above criterions are met, the associated development costs will be recognized in the balance sheet. Costs that have been charged as expenses in previ- ous accounting periods are not recognized in the balance sheet. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.
Development Costs: The Group has capitalized all direct costs that are expected to create economic bene\ufb01ts and meet the requirements for capitali- zation in IAS 38. The capitalized costs relate to software solutions and modules for integrating equipment on \ufb01sh farming sites, ERP solutions and upgrades for the \ufb01sh farming industry and upgrades for traditional ERP solutions. It also relates to improved product solutions to help the \ufb01sh farming industry in becoming more ef\ufb01cient.
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"f4688": {
"value": "Research & development costs Expenses relating to research are recognized in the income statement when they are incurred. Expenses relating to development are recognized in the income statement when they are incurred unless the following criterions are met in full: \u25a0 The product or process is clearly de\ufb01ned, and the cost elements can be identi\ufb01ed and measured reliably \u25a0 The technical solution for the product has been demonstrated \u25a0 The product or process will be sold or used in the company\u2019s operations \u25a0 The asset will generate future economic bene\ufb01ts \u25a0 Suf\ufb01cient technical, \ufb01nancial, and other resources for completing the project are present. When all the above criterions are met, the associated development costs will be recognized in the balance sheet. Costs that have been charged as expenses in previ- ous accounting periods are not recognized in the balance sheet. Amortization of the asset begins when development is complete, and the asset is available for use. During the period of development, the asset is tested for impairment annually.
",
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"f4720": {
"value": "Other intangible assets Other intangible assets, including customer relationship, product rights, patents, and trademarks, that are acquired by the Group are measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
Note 7 \u2013 Intangible assets (in NOK 1 000) 2023 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 748 105 407 799 316 055 1 471 959 Additions related to acquisitions 0 27 577 442 28 019 Additions 0 74 502 90 352 164 854 Translation differences 35 651 1 234 571 37 455 Disposals 0 -2 351 -8 558 -10 910 Acquisition cost 31.12. 783 756 508 760 398 862 1 691 377 Accumulated amortization at 01.01. 445 244 239 224 195 468 879 Amortization 0 49 180 2 810 51 913 Translation differences 11 1 234 335 1 656 Accumulated amortization disposals 0 -2 351 -3 -2 355 Accumulated amortization 31.12. 456 292 301 227 337 520 094 Accumulated impairment 01.01. 0 3 205 10 813 14 018 Impairment 0 0 0 0 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 783 300 213 254 160 712 1 157 266 2022 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 740 369 328 956 285 825 1 355 150 Additions 0 80 087 29 992 110 079 Translation differences 7 735 876 239 8 851 Disposals 0 -2 121 0 -2 121 Acquisition cost 31.12. 748 105 407 799 316 055 1 471 959 Accumulated amortization at 01.01. 437 212 739 207 817 420 994 Amortization 0 32 746 16 292 49 038 Translation differences 8 875 91 973 Accumulated amortization disposals 0 -2 121 -5 -2 126 Accumulated amortization 31.12. 445 244 239 224 195 468 879 Accumulated impairment 01.01. 0 0 0 0 Impairment1 0 3 205 10 813 14 018 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 747 660 160 355 81 047 989 063 1 Related to restructuring of the Land Based Business area in Q 3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of R&D and other intangible asset of MNOK 14 Goodwill balances are not amortized. For remaining intangible assets, straight-line amortization over the asset\u2019s useful economic life is applied. The useful economic life for the intangible assets is estimated as: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years During the year, the Group expensed MNOK 93.5 (MNOK 90.2 in 2022) on research and development on new products and technol- ogy as well as upgrades on existing products. The amount does not include capitalized development costs according to IAS 38 (see table above in this note). Goodwill: Goodwill relates to the acquisitions of Wavemaster, Polarcirkel, Maritech, UNI Aqua, Idema, Plastsveis AS, YesMaritime AS, Aquatec Solutions A/S, Sperre AS, Egersund Net AS, Newfound- land Aqua Service Ltd and Submerged AS. See impairment test of goodwill below. Development Costs: The Group has capitalized all direct costs that are expected to create economic bene\ufb01ts and meet the requirements for capitali- zation in IAS 38. The capitalized costs relate to software solutions and modules for integrating equipment on \ufb01sh farming sites, ERP solutions and upgrades for the \ufb01sh farming industry and upgrades for traditional ERP solutions. It also relates to improved product solutions to help the \ufb01sh farming industry in becoming more ef\ufb01cient.
Other intangible assets: The acquisition cost is mostly related to the acquisitions of Superior Systems AS (2001), Vicass (2002), Cameratech (2004), Ocean Ser- vice Log (2004), Polarcirkel/Wavemaster (2006), Maritech/UNI Aqua (2007), Idema Aqua (2008), Plastsveis AS (2013), Note 7 \u2013 Intangible assets (in NOK 1 000) YesMaritime AS (2014), Aquatec Solutions A/S (2015), Sperre AS (2016), Egersund Net AS (2018) and Submerged AS (2023). Impairment test of goodwill and intangible assets with inde\ufb01nite useful life: Intangible assets with inde\ufb01nite useful life and goodwill are not amortized. These assets are tested annually for impair- ment. The brand of Sperre, AD Offshore and Egersund Net are assessed to have an inde\ufb01nite lifespan effect due to their strong standing and position already achieved within the markets they operate. The fair value of these three intangible assets are the only ones de\ufb01ned with inde\ufb01nite useful life. Goodwill and intan- gible assets acquired through business combinations have been allocated to the following cash-generating units: Book value of goodwill 2023 2022 Sea Based Technology 642 857 635 099 Digital Solutions 31 623 9 600 Land Based Technology 108 820 102 961 Total goodwill 783 300 747 660 Book value of intangible assets with inde\ufb01nite 2023 2022 S&AS Sea Based Technology Norway 9 057 9 057 Sea Based Technology 27 057 27 057 Total intangible assets 36 114 36 114 Discounted cash \ufb02ow models are used to determine the recov- erable amount for the cash-generating units. The Group has projected cash \ufb02ows based on \ufb01nancial budgets and forecasts approved by the Board of Directors. Beyond the explicit budget and forecast period of \ufb01ve years, the cash \ufb02ows are extrapolated using a constant nominal growth rate. KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
Other intangible assets Other intangible assets, including customer relationship, product rights, patents, and trademarks, that are acquired by the Group are measured at cost less accumulated amortization and any accumulated impairment losses. Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
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"f4728": {
"value": "Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
Note 7 \u2013 Intangible assets (in NOK 1 000) 2023 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 748 105 407 799 316 055 1 471 959 Additions related to acquisitions 0 27 577 442 28 019 Additions 0 74 502 90 352 164 854 Translation differences 35 651 1 234 571 37 455 Disposals 0 -2 351 -8 558 -10 910 Acquisition cost 31.12. 783 756 508 760 398 862 1 691 377 Accumulated amortization at 01.01. 445 244 239 224 195 468 879 Amortization 0 49 180 2 810 51 913 Translation differences 11 1 234 335 1 656 Accumulated amortization disposals 0 -2 351 -3 -2 355 Accumulated amortization 31.12. 456 292 301 227 337 520 094 Accumulated impairment 01.01. 0 3 205 10 813 14 018 Impairment 0 0 0 0 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 783 300 213 254 160 712 1 157 266 2022 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 740 369 328 956 285 825 1 355 150 Additions 0 80 087 29 992 110 079 Translation differences 7 735 876 239 8 851 Disposals 0 -2 121 0 -2 121 Acquisition cost 31.12. 748 105 407 799 316 055 1 471 959 Accumulated amortization at 01.01. 437 212 739 207 817 420 994 Amortization 0 32 746 16 292 49 038 Translation differences 8 875 91 973 Accumulated amortization disposals 0 -2 121 -5 -2 126 Accumulated amortization 31.12. 445 244 239 224 195 468 879 Accumulated impairment 01.01. 0 0 0 0 Impairment1 0 3 205 10 813 14 018 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 747 660 160 355 81 047 989 063 1 Related to restructuring of the Land Based Business area in Q 3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of R&D and other intangible asset of MNOK 14 Goodwill balances are not amortized. For remaining intangible assets, straight-line amortization over the asset\u2019s useful economic life is applied. The useful economic life for the intangible assets is estimated as: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years During the year, the Group expensed MNOK 93.5 (MNOK 90.2 in 2022) on research and development on new products and technol- ogy as well as upgrades on existing products. The amount does not include capitalized development costs according to IAS 38 (see table above in this note). Goodwill: Goodwill relates to the acquisitions of Wavemaster, Polarcirkel, Maritech, UNI Aqua, Idema, Plastsveis AS, YesMaritime AS, Aquatec Solutions A/S, Sperre AS, Egersund Net AS, Newfound- land Aqua Service Ltd and Submerged AS. See impairment test of goodwill below. Development Costs: The Group has capitalized all direct costs that are expected to create economic bene\ufb01ts and meet the requirements for capitali- zation in IAS 38. The capitalized costs relate to software solutions and modules for integrating equipment on \ufb01sh farming sites, ERP solutions and upgrades for the \ufb01sh farming industry and upgrades for traditional ERP solutions. It also relates to improved product solutions to help the \ufb01sh farming industry in becoming more ef\ufb01cient.
Other intangible assets: The acquisition cost is mostly related to the acquisitions of Superior Systems AS (2001), Vicass (2002), Cameratech (2004), Ocean Ser- vice Log (2004), Polarcirkel/Wavemaster (2006), Maritech/UNI Aqua (2007), Idema Aqua (2008), Plastsveis AS (2013), Note 7 \u2013 Intangible assets (in NOK 1 000) YesMaritime AS (2014), Aquatec Solutions A/S (2015), Sperre AS (2016), Egersund Net AS (2018) and Submerged AS (2023). Impairment test of goodwill and intangible assets with inde\ufb01nite useful life: Intangible assets with inde\ufb01nite useful life and goodwill are not amortized. These assets are tested annually for impair- ment. The brand of Sperre, AD Offshore and Egersund Net are assessed to have an inde\ufb01nite lifespan effect due to their strong standing and position already achieved within the markets they operate. The fair value of these three intangible assets are the only ones de\ufb01ned with inde\ufb01nite useful life. Goodwill and intan- gible assets acquired through business combinations have been allocated to the following cash-generating units: Book value of goodwill 2023 2022 Sea Based Technology 642 857 635 099 Digital Solutions 31 623 9 600 Land Based Technology 108 820 102 961 Total goodwill 783 300 747 660 Book value of intangible assets with inde\ufb01nite 2023 2022 S&AS Sea Based Technology Norway 9 057 9 057 Sea Based Technology 27 057 27 057 Total intangible assets 36 114 36 114 Discounted cash \ufb02ow models are used to determine the recov- erable amount for the cash-generating units. The Group has projected cash \ufb02ows based on \ufb01nancial budgets and forecasts approved by the Board of Directors. Beyond the explicit budget and forecast period of \ufb01ve years, the cash \ufb02ows are extrapolated using a constant nominal growth rate. KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
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"f4730": {
"value": "Goodwill Additional value on the purchase of a business that cannot be allocated to assets or liabilities on the acquisition date is classi\ufb01ed in the balance sheet as goodwill. In the case of investments in associates, goodwill is included in the cost price of the investment.
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"f4802": {
"value": "TANGIBLE FIXED ASSETS Tangible \ufb01xed assets are carried at cost less accumulated depreciation and any accumulated impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are derecognized, and any gain or loss on the sale or disposal is recognized in the income statement. The gross carrying amount of tangible \ufb01xed assets is the purchase price, including duties/taxes and direct acquisi- tion costs relating to making the asset ready for use. Subsequent costs, such as repair and maintenance costs, are normally recognized in pro\ufb01t or loss as incurred. When future economic bene\ufb01ts are increased because of repair/maintenance work can be proven, such costs will be recognized in the balance sheet as additions to tangible \ufb01xed assets. If replacing an asset, the replacement will be recognized in the balance sheet and the replaced asset will be de-recognized.
Depreciation Depreciation is calculated using the straight-line method over the asset\u2019s estimated useful lives and is generally recognized in pro\ufb01t and loss. Leased assets are depreci- ated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for current and comparative periods are as follows: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted appropriately.
Note 8 \u2013 Tangible \ufb01xed assets (in NOK 1 000) 2023 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 46 819 774 677 582 075 1 403 571 Additions related to acquisitions 0 944 775 1 719 Additions 10 317 123 359 58 801 192 477 Translation differences 928 3 735 9 036 13 699 Disposals -1 766 -19 026 -15 081 -35 873 Acquisition cost 31.12. 56 298 883 688 635 607 1 575 593 Accumulated depreciation 01.01. 11 650 300 556 430 190 742 397 Depreciation 1 674 95 240 46 961 143 892 Translation differences 106 1 028 7 058 8 174 Accumulated depreciation disposals 0 -11 491 -5 615 -17 106 Accumulated depreciation 31.12. 13 430 385 333 478 595 877 357 Accumulated impairment 01.01. 832 22 742 2 356 25 930 Impairment 0 0 0 0 Translation differences 0 472 0 472 Accumulated impairment 31.12. 832 23 214 2 356 26 402 Net book value 31.12. 42 037 475 141 154 654 671 833 2022 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 44 084 683 380 545 027 1 272 490 Additions 2 076 84 238 65 075 151 388 Translation differences 827 7 125 7 776 15 728 Disposals -167 -66 -35 802 -36 035 Acquisition cost 31.12. 46 819 774 677 582 075 1 403 571 Accumulated depreciation 01.01. 10 017 213 879 406 027 629 924 Depreciation 1 488 80 900 43 707 126 094 Translation differences 146 2 828 4 307 7 281 Accumulated depreciation disposals 0 2 949 -23 851 -20 902 Accumulated depreciation 31.12. 11 650 300 556 430 190 742 397 Accumulated impairment 01.01. 0 0 0 0 Impairment 832 22 462 2 356 25 650 Translation differences 0 280 0 280 Accumulated impairment 31.12. 832 22 742 2 356 25 930 Net book value 31.12. 34 337 451 379 149 529 635 245 Related to restructuring of the Land Based Business area in Q3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of right-ofuse asset and other \ufb01xed asset of MNOK 25.7. Land balances are not depreciated. Right-of-use assets are depre- ciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. For remaining tangible assets, straight-line depreciation over the asset\u2019s useful economic life is applied. The useful economic life is estimated as: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Impact of climate change related risk Climate change leading to more extreme weather and higher water temperatures can potentially make it harder to farm in the sea and disrupt natural ecosystems. Some parts of the world already see increasing water surface temperatures negatively impacting the farming of \ufb01sh. In other countries, extreme weather conditions such as storms are increasing, requiring adaptation of the \ufb01sh farms at sea to make them more weather resistant. These changes may lead to increased costs for us as a supplier and an overall decrease in the \ufb01sh farming industry, both with potential impacts to the Group`s income and result. In the view of the Group, climate change also creates an opportu- nity for a market of new technology and solutions mitigating the risks such as deep farming solutions. A global focus on reducing greenhouse gas emissions (GHG) may also lead to an increased demand for farmed \ufb01sh, and possibly expanding the market for the Group. The Group's review of climate risks and opportunities are further detailed in our ESG report and taxonomy report. AKVA group has assessed that the potential negative effect from this currently is uncertain and that it does not constitute an impair- ment indicator.
TANGIBLE FIXED ASSETS Tangible \ufb01xed assets are carried at cost less accumulated depreciation and any accumulated impairment losses. When assets are sold or disposed of, the gross carrying amount and accumulated depreciation are derecognized, and any gain or loss on the sale or disposal is recognized in the income statement. The gross carrying amount of tangible \ufb01xed assets is the purchase price, including duties/taxes and direct acquisi- tion costs relating to making the asset ready for use. Subsequent costs, such as repair and maintenance costs, are normally recognized in pro\ufb01t or loss as incurred. When future economic bene\ufb01ts are increased because of repair/maintenance work can be proven, such costs will be recognized in the balance sheet as additions to tangible \ufb01xed assets. If replacing an asset, the replacement will be recognized in the balance sheet and the replaced asset will be de-recognized.
Depreciation Depreciation is calculated using the straight-line method over the asset\u2019s estimated useful lives and is generally recognized in pro\ufb01t and loss. Leased assets are depreci- ated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for current and comparative periods are as follows: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted appropriately.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4816": {
"value": "Subsequent costs, such as repair and maintenance costs, are normally recognized in pro\ufb01t or loss as incurred. When future economic bene\ufb01ts are increased because of repair/maintenance work can be proven, such costs will be recognized in the balance sheet as additions to tangible \ufb01xed assets. If replacing an asset, the replacement will be recognized in the balance sheet and the replaced asset will be de-recognized.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f4826": {
"value": "Depreciation Depreciation is calculated using the straight-line method over the asset\u2019s estimated useful lives and is generally recognized in pro\ufb01t and loss. Leased assets are depreci- ated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for current and comparative periods are as follows: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted appropriately.
Note 7 \u2013 Intangible assets (in NOK 1 000) 2023 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 748 105 407 799 316 055 1 471 959 Additions related to acquisitions 0 27 577 442 28 019 Additions 0 74 502 90 352 164 854 Translation differences 35 651 1 234 571 37 455 Disposals 0 -2 351 -8 558 -10 910 Acquisition cost 31.12. 783 756 508 760 398 862 1 691 377 Accumulated amortization at 01.01. 445 244 239 224 195 468 879 Amortization 0 49 180 2 810 51 913 Translation differences 11 1 234 335 1 656 Accumulated amortization disposals 0 -2 351 -3 -2 355 Accumulated amortization 31.12. 456 292 301 227 337 520 094 Accumulated impairment 01.01. 0 3 205 10 813 14 018 Impairment 0 0 0 0 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 783 300 213 254 160 712 1 157 266 2022 Goodwill Development costs Other intangible assets Total Acquisition cost at 01.01. 740 369 328 956 285 825 1 355 150 Additions 0 80 087 29 992 110 079 Translation differences 7 735 876 239 8 851 Disposals 0 -2 121 0 -2 121 Acquisition cost 31.12. 748 105 407 799 316 055 1 471 959 Accumulated amortization at 01.01. 437 212 739 207 817 420 994 Amortization 0 32 746 16 292 49 038 Translation differences 8 875 91 973 Accumulated amortization disposals 0 -2 121 -5 -2 126 Accumulated amortization 31.12. 445 244 239 224 195 468 879 Accumulated impairment 01.01. 0 0 0 0 Impairment1 0 3 205 10 813 14 018 Accumulated impairment 31.12. 0 3 205 10 813 14 018 Net book value at 31.12. 747 660 160 355 81 047 989 063 1 Related to restructuring of the Land Based Business area in Q 3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of R&D and other intangible asset of MNOK 14 Goodwill balances are not amortized. For remaining intangible assets, straight-line amortization over the asset\u2019s useful economic life is applied. The useful economic life for the intangible assets is estimated as: \u25a0 Development costs: 3-5 years \u25a0 Patents (included in other intangible assets): 20 years \u25a0 Trademarks (included in other intangible assets): 5 years \u25a0 Product rights (included in other intangible assets): 5-10 years \u25a0 Internal systems (included in other intangible assets): 5-10 years During the year, the Group expensed MNOK 93.5 (MNOK 90.2 in 2022) on research and development on new products and technol- ogy as well as upgrades on existing products. The amount does not include capitalized development costs according to IAS 38 (see table above in this note). Goodwill: Goodwill relates to the acquisitions of Wavemaster, Polarcirkel, Maritech, UNI Aqua, Idema, Plastsveis AS, YesMaritime AS, Aquatec Solutions A/S, Sperre AS, Egersund Net AS, Newfound- land Aqua Service Ltd and Submerged AS. See impairment test of goodwill below. Development Costs: The Group has capitalized all direct costs that are expected to create economic bene\ufb01ts and meet the requirements for capitali- zation in IAS 38. The capitalized costs relate to software solutions and modules for integrating equipment on \ufb01sh farming sites, ERP solutions and upgrades for the \ufb01sh farming industry and upgrades for traditional ERP solutions. It also relates to improved product solutions to help the \ufb01sh farming industry in becoming more ef\ufb01cient.
Other intangible assets: The acquisition cost is mostly related to the acquisitions of Superior Systems AS (2001), Vicass (2002), Cameratech (2004), Ocean Ser- vice Log (2004), Polarcirkel/Wavemaster (2006), Maritech/UNI Aqua (2007), Idema Aqua (2008), Plastsveis AS (2013)YesMaritime AS (2014), Aquatec Solutions A/S (2015), Sperre AS (2016), Egersund Net AS (2018) and Submerged AS (2023). Impairment test of goodwill and intangible assets with inde\ufb01nite useful life: Intangible assets with inde\ufb01nite useful life and goodwill are not amortized. These assets are tested annually for impair- ment. The brand of Sperre, AD Offshore and Egersund Net are assessed to have an inde\ufb01nite lifespan effect due to their strong standing and position already achieved within the markets they operate. The fair value of these three intangible assets are the only ones de\ufb01ned with inde\ufb01nite useful life. Goodwill and intan- gible assets acquired through business combinations have been allocated to the following cash-generating units: Book value of goodwill 2023 2022 Sea Based Technology 642 857 635 099 Digital Solutions 31 623 9 600 Land Based Technology 108 820 102 961 Total goodwill 783 300 747 660 Book value of intangible assets with inde\ufb01nite 2023 2022 S&AS Sea Based Technology Norway 9 057 9 057 Sea Based Technology 27 057 27 057 Total intangible assets 36 114 36 114 Discounted cash \ufb02ow models are used to determine the recov- erable amount for the cash-generating units. The Group has projected cash \ufb02ows based on \ufb01nancial budgets and forecasts approved by the Board of Directors. Beyond the explicit budget and forecast period of \ufb01ve years, the cash \ufb02ows are extrapolated using a constant nominal growth rate. KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
Note 8 \u2013 Tangible \ufb01xed assets (in NOK 1 000) 2023 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 46 819 774 677 582 075 1 403 571 Additions related to acquisitions 0 944 775 1 719 Additions 10 317 123 359 58 801 192 477 Translation differences 928 3 735 9 036 13 699 Disposals -1 766 -19 026 -15 081 -35 873 Acquisition cost 31.12. 56 298 883 688 635 607 1 575 593 Accumulated depreciation 01.01. 11 650 300 556 430 190 742 397 Depreciation 1 674 95 240 46 961 143 892 Translation differences 106 1 028 7 058 8 174 Accumulated depreciation disposals 0 -11 491 -5 615 -17 106 Accumulated depreciation 31.12. 13 430 385 333 478 595 877 357 Accumulated impairment 01.01. 832 22 742 2 356 25 930 Impairment 0 0 0 0 Translation differences 0 472 0 472 Accumulated impairment 31.12. 832 23 214 2 356 26 402 Net book value 31.12. 42 037 475 141 154 654 671 833 2022 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 44 084 683 380 545 027 1 272 490 Additions 2 076 84 238 65 075 151 388 Translation differences 827 7 125 7 776 15 728 Disposals -167 -66 -35 802 -36 035 Acquisition cost 31.12. 46 819 774 677 582 075 1 403 571 Accumulated depreciation 01.01. 10 017 213 879 406 027 629 924 Depreciation 1 488 80 900 43 707 126 094 Translation differences 146 2 828 4 307 7 281 Accumulated depreciation disposals 0 2 949 -23 851 -20 902 Accumulated depreciation 31.12. 11 650 300 556 430 190 742 397 Accumulated impairment 01.01. 0 0 0 0 Impairment 832 22 462 2 356 25 650 Translation differences 0 280 0 280 Accumulated impairment 31.12. 832 22 742 2 356 25 930 Net book value 31.12. 34 337 451 379 149 529 635 245 Related to restructuring of the Land Based Business area in Q3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of right-ofuse asset and other \ufb01xed asset of MNOK 25.7. Land balances are not depreciated. Right-of-use assets are depre- ciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. For remaining tangible assets, straight-line depreciation over the asset\u2019s useful economic life is applied. The useful economic life is estimated as: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Impact of climate change related risk Climate change leading to more extreme weather and higher water temperatures can potentially make it harder to farm in the sea and disrupt natural ecosystems. Some parts of the world already see increasing water surface temperatures negatively impacting the farming of \ufb01sh. In other countries, extreme weather conditions such as storms are increasing, requiring adaptation of the \ufb01sh farms at sea to make them more weather resistant. These changes may lead to increased costs for us as a supplier and an overall decrease in the \ufb01sh farming industry, both with potential impacts to the Group`s income and result. In the view of the Group, climate change also creates an opportu- nity for a market of new technology and solutions mitigating the risks such as deep farming solutions. A global focus on reducing greenhouse gas emissions (GHG) may also lead to an increased demand for farmed \ufb01sh, and possibly expanding the market for the Group. The Group's review of climate risks and opportunities are further detailed in our ESG report and taxonomy report. AKVA group has assessed that the potential negative effect from this currently is uncertain and that it does not constitute an impair- ment indicator.
Depreciation Depreciation is calculated using the straight-line method over the asset\u2019s estimated useful lives and is generally recognized in pro\ufb01t and loss. Leased assets are depreci- ated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Land is not depreciated. The estimated useful lives for current and comparative periods are as follows: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Depreciation methods, useful lives and residual values are reviewed at each reporting date and adjusted appropriately.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f4848": {
"value": "LEASES The information on leases provided below relates to the Group as a lessee. The Group\u2019s transactions as a lessor is immaterial and follows the principles provided above in the section on \u201cRevenue recognition\u201d. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u25a0 Short-term leases (de\ufb01ned as 12 months or less) \u25a0 Low value assets For these leases, the Group recognizes the lease pay- ments as other operating expenses in the statement of pro\ufb01t or loss when they incur. Lease liabilities The lease liability is recognized at the commencement date of the lease. The Group initially measures the lease liability at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The incremental borrowing rate is determined for each entity in the Group based on three key inputs: \u25a0 Reference rate (government bond in same currency, economic environment, and term) \u25a0 Credit risk premium (expected margin the entity would have paid to obtain external \ufb01nancing to buy similar assets) \u25a0 Lease speci\ufb01c adjustments (to re\ufb02ect different risk pro\ufb01les for different types of leased assets) The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u25a0 Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u25a0 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u25a0 Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. The lease liability is subsequently measured by increas- ing the carrying amount to re\ufb02ect interest on the lease liability, reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjust- ment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. Right-of-use assets The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise: \u25a0 The amount of the initial measurement of the lease liability recognized \u25a0 Any lease payments made at or before the com- mencement date, less any incentives received \u25a0 Any initial direct costs incurred by the Group. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group applies IAS 36 Impairment of Assets to deter- mine whether the right-of-use asset should be impaired and to account for any impairment loss identi\ufb01ed.
Note 8 \u2013 Tangible \ufb01xed assets (in NOK 1 000) 2023 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 46 819 774 677 582 075 1 403 571 Additions related to acquisitions 0 944 775 1 719 Additions 10 317 123 359 58 801 192 477 Translation differences 928 3 735 9 036 13 699 Disposals -1 766 -19 026 -15 081 -35 873 Acquisition cost 31.12. 56 298 883 688 635 607 1 575 593 Accumulated depreciation 01.01. 11 650 300 556 430 190 742 397 Depreciation 1 674 95 240 46 961 143 892 Translation differences 106 1 028 7 058 8 174 Accumulated depreciation disposals 0 -11 491 -5 615 -17 106 Accumulated depreciation 31.12. 13 430 385 333 478 595 877 357 Accumulated impairment 01.01. 832 22 742 2 356 25 930 Impairment 0 0 0 0 Translation differences 0 472 0 472 Accumulated impairment 31.12. 832 23 214 2 356 26 402 Net book value 31.12. 42 037 475 141 154 654 671 833 2022 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 44 084 683 380 545 027 1 272 490 Additions 2 076 84 238 65 075 151 388 Translation differences 827 7 125 7 776 15 728 Disposals -167 -66 -35 802 -36 035 Acquisition cost 31.12. 46 819 774 677 582 075 1 403 571 Accumulated depreciation 01.01. 10 017 213 879 406 027 629 924 Depreciation 1 488 80 900 43 707 126 094 Translation differences 146 2 828 4 307 7 281 Accumulated depreciation disposals 0 2 949 -23 851 -20 902 Accumulated depreciation 31.12. 11 650 300 556 430 190 742 397 Accumulated impairment 01.01. 0 0 0 0 Impairment 832 22 462 2 356 25 650 Translation differences 0 280 0 280 Accumulated impairment 31.12. 832 22 742 2 356 25 930 Net book value 31.12. 34 337 451 379 149 529 635 245 Related to restructuring of the Land Based Business area in Q3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of right-ofuse asset and other \ufb01xed asset of MNOK 25.7. Land balances are not depreciated. Right-of-use assets are depre- ciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. For remaining tangible assets, straight-line depreciation over the asset\u2019s useful economic life is applied. The useful economic life is estimated as: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Impact of climate change related risk Climate change leading to more extreme weather and higher water temperatures can potentially make it harder to farm in the sea and disrupt natural ecosystems. Some parts of the world already see increasing water surface temperatures negatively impacting the farming of \ufb01sh. In other countries, extreme weather conditions such as storms are increasing, requiring adaptation of the \ufb01sh farms at sea to make them more weather resistant. These changes may lead to increased costs for us as a supplier and an overall decrease in the \ufb01sh farming industry, both with potential impacts to the Group`s income and result. In the view of the Group, climate change also creates an opportu- nity for a market of new technology and solutions mitigating the risks such as deep farming solutions. A global focus on reducing greenhouse gas emissions (GHG) may also lead to an increased demand for farmed \ufb01sh, and possibly expanding the market for the Group. The Group's review of climate risks and opportunities are further detailed in our ESG report and taxonomy report. AKVA group has assessed that the potential negative effect from this currently is uncertain and that it does not constitute an impair- ment indicator.
LEASE INCOME AKVA group has signed rental contracts with customers which is a service bundled with products. In 2023, 41 MNOK has been recognized as revenue related to lease income. The future minimum payments related to these rental contracts fall due as follows for the Groups customers: Lease receivables to be collected 2024 2025 2026 2027 2028 After 2028 Rental agreements 47 580 36 767 29 625 17 772 5 882 206
Note 18 \u2013 Leasing (in NOK 1 000) AKVA group leases of\ufb01ces and buildings, machinery and equipment and vehicles. The highest portion of the Groups lease portfolio is for leasing of buildings and of\ufb01ces. Lease terms are negotiated on individual basis. The leased assets by the Group are included as Right-of-use assets in note 8. LEASE Some property leases contain extension options exercisable by the Group up to one year before the end of the non-cancellable contract period. Where practicable, the Group seeks to include extension options in new leases to provide operational \ufb02exibility. The extension options held are exercisable only by the Group and not by the lessors. The Group assesses at the lease commencement date whether it is reasonably certain to exercise the extension options. The Group reassesses whether it is reasonably certain to exercise the options if there is a signi\ufb01cant event or signi\ufb01cant changes in circumstances within its control. The lease liabilities by class of underlying asset falls due as follows for the Group: Lease liabilities due 2024 2025 2026 2027 2028 After 2028 Of\ufb01ces and buildings 78 839 76 684 70 496 66 934 43 648 127 938 Vehicles 4 329 5 450 1 441 853 174 - Of\ufb01ce equipment and other 7 392 5 180 4 533 1 471 666 - Total 90 560 87 314 76 470 69 258 44 488 127 938 The lease cash out\ufb02ows divided on principal amounts and interests falls due as follows for the Group: Lease liabilities due 2024 2025 2026 2027 2028 After 2028 Principal 91 106 83 294 74 553 66 468 44 128 130 983 Interests 20 811 17 100 13 717 10 263 7 534 15 966 Total 111 916 100 394 88 270 76 731 51 662 146 948 Leasing expenses recognized in the pro\ufb01t and loss: Amounts recognized in pro\ufb01t or loss 2023 2022 Interest on lease liabilities 22 481 19 576 Expenses relating to short-term leases 8 104 6 233 Expenses relating to leases of low-value assets 158 313 Total 30 743 26 122
",
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},
"f4850": {
"value": "LEASES The information on leases provided below relates to the Group as a lessee. The Group\u2019s transactions as a lessor is immaterial and follows the principles provided above in the section on \u201cRevenue recognition\u201d. At the inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identi\ufb01ed asset for a period of time in exchange for consideration. RECOGNITION OF LEASES AND EXEMPTIONS At the lease commencement date, the Group recognizes a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u25a0 Short-term leases (de\ufb01ned as 12 months or less) \u25a0 Low value assets For these leases, the Group recognizes the lease pay- ments as other operating expenses in the statement of pro\ufb01t or loss when they incur. Lease liabilities The lease liability is recognized at the commencement date of the lease. The Group initially measures the lease liability at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. The incremental borrowing rate is determined for each entity in the Group based on three key inputs: \u25a0 Reference rate (government bond in same currency, economic environment, and term) \u25a0 Credit risk premium (expected margin the entity would have paid to obtain external \ufb01nancing to buy similar assets) \u25a0 Lease speci\ufb01c adjustments (to re\ufb02ect different risk pro\ufb01les for different types of leased assets) The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u25a0 Fixed lease payments (including in-substance \ufb01xed payments), less any lease incentives receivable
\u25a0 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u25a0 Payments of penalties for terminating the lease, if the lease term re\ufb02ects the Group exercising an option to terminate the lease. The lease liability is subsequently measured by increas- ing the carrying amount to re\ufb02ect interest on the lease liability, reducing the carrying amount to re\ufb02ect the lease payments made and remeasuring the carrying amount to re\ufb02ect any reassessment or lease modi\ufb01cations, or to re\ufb02ect adjustments in lease payments due to an adjust- ment in an index or rate. The Group does not include variable lease payments in the lease liability. Instead, the Group recognizes these variable lease expenses in pro\ufb01t or loss. Right-of-use assets The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise: \u25a0 The amount of the initial measurement of the lease liability recognized \u25a0 Any lease payments made at or before the com- mencement date, less any incentives received \u25a0 Any initial direct costs incurred by the Group. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. The Group applies IAS 36 Impairment of Assets to deter- mine whether the right-of-use asset should be impaired and to account for any impairment loss identi\ufb01ed.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f4976": {
"value": "FINANCIAL INSTRUMENTS A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument of another entity. Financial assets and \ufb01nancial liabilities are recognized in the Group\u2019s statement of \ufb01nancial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and \ufb01nancial liabilities are initially measured at fair value, except for trade receivables that do not have a signi\ufb01cant \ufb01nancing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to or deducted from the fair value of the \ufb01nan- cial assets or \ufb01nancial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets or \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognized immediately in pro\ufb01t or loss. Financial assets The Group\u00b4s \ufb01nancial assets are derivatives, trade receiv- ables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for man- aging them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. The Group classi\ufb01es its \ufb01nancial assets within 2 catego- ries: \ufb01nancial assets at amortized cost and \ufb01nancial asset at fair value through pro\ufb01t and loss. Financial assets at amortized cost The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: \u25a0 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, \u25a0 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recog- nized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other shortterm deposit. Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. No signi\ufb01cant \ufb01nancing components are identi\ufb01ed. Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Derecognition of \ufb01nancial assets A \ufb01nancial asset (or, where applicable, a part of a \ufb01nan- cial asset or part of a group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u25a0 The rights to receive cash \ufb02ows from the asset have expired, or \u25a0 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrange- ment; and either a. the Group has transferred substantially all the risks and rewards of the asset, or b. the Group has neither transferred nor retained sub- stantially all the risks and rewards of the asset but has transferred control of the asset.
Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
Hedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
Note 11 \u2013 Receivables (in NOK 1 000) ACCOUNTS RECEIVABLES The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: Bad debt provisions 2023 2022 Bad debt provision 01.01. 6 684 3 609 Provisions made during the year 186 3 956 Provisions used during the year -1 540 -881 Bad debt provision 31.12. 5 330 6 684 Recorded bad debt cost during the year -1 671 -253 Change in bad debt provision 3 024 -2 823 Total bad debt cost during the year 1 354 -3 075 Actual credit losses experienced over the last 3 years are ana- lyzed to assess the credit risk within receivables and expected credit loss (ECL). In the risk assessment, economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables are considered. In the assessment of ECL the Group analyses the aging of trade receivables and take into consid- eration segment speci\ufb01c risk factors identi\ufb01ed as part of the analysis of actual historical losses. Segment speci\ufb01c factors to be considered may be credit risk characteristics such as geo- graphic region, age of customer relationship and type of product purchased. Based on the credit risk assessment and expected credit loss, a provision for bad debt is recognized based on the calculation of lifetime expected losses. In addition, speci\ufb01c provisions are recorded if risks of credit losses on speci\ufb01c trade receivable balances are identi\ufb01ed. Reference is made to note 16 for more details of credit and currency risk related to accounts receivables. As of 31 December, the Group had the following ageing pro\ufb01le of accounts receivables: 2023 2022 Not due 222 684 260 883 Due <30 days 97 792 97 506 Due 31-60 days 23 416 57 297 Due 61-90 days 4 671 5 628 Due >91 days 23 899 20 924 Total 372 463 442 238 Bad debt provisions 5 330 6 684 OTHER RECEIVABLES No bad debt provision has been made for other receivables, including contract assets.
Note 14 \u2013 Interest-bearing debt (in NOK 1 000) Interest-bearing debt: Currency Nominal interest rate 2023 2022 Non-current liabilities to \ufb01nancial institutions NOK Nibor + 2.35% 862 317 702 481 Non-current lease liabilities NOK, EUR, DKK, GBP, TRY, CLP, CAD, AUD IBR 405 466 403 340 Current liabilities to \ufb01nancial institutions NOK Nibor + 2.35% 37 500 80 625 Current lease liabilities NOK, EUR, DKK, GBP, TRY, CLP, CAD, AUD IBR 90 560 79 095 Total 1 395 843 1 265 540 Average interest rate 7,03 % 5,58 % REPAYMENT OF DEBT The Group\u2019s interest-bearing debt matures as follows: 2023 2022 2023 - 152 075 2024 128 060 129 653 2025 944 037 730 471 2026 79 740 64 695 2027 69 924 56 864 2028 45 154 41 774 After 2028 128 926 90 009 Total 1 395 843 1 265 540 THE TERMS AND CONDITIONS OF OUTSTANDING LOANS TOWARD DNB ARE AS FOLLOWS: Outstanding bank loans from Danske Bank Currency Nominal interest rate 1 Carrying amount 2023 Carrying amount 2022 Secured bank loan NOK Nibor + 2.35% 257 813 323 438 Secured bank loan NOK Nibor + 2.35% 98 438 107 813 Secured bank loan revolving credit facility NOK Nibor + 2.35% 537 500 304 167 Total 893 750 735 417 1 The nominal interest includes a waiver fee. The nominal interest rate excluding the waiver fee is Nibor+ 1,65- 2,05. Liabilities secured: 2023 2022 Liabilities secured w ith assets 899 817 783 106 Bank guarantee liabilitites 153 102 114 118 Parent company guarantee liabilities 53 410 41 410 Assets pledged as security for debt: 2023 2022 Accounts receivable 134 959 217 000 Inventory 431 997 395 871 Shares in subsidiaries1 1 280 131 1 270 580 Other assets 530 852 487 504 Total 2 377 939 2 370 956 1 In 2023 and 2022 the shares in AKVA group Land Based S\u00f8mna AS, AKVA group Services AS, AKVA Group Software AS, Sperre AS, Helgeland Plast AS, Egersund Trading AS, Egersund Net AS, AKVA group Land Based A/S, AKVA group Denmark A/S, AKVA group Chile S.A and AKVA group Scotland Ltd. are pledged.
Note 14 \u2013 Interest-bearing debt (in NOK 1 000) Outstanding instruments at year-end (in NOK 1 000) Note Bank overdraft Liabilities to \ufb01nancial institutions Other longterm liabilities Lease liabilitites Other long-term \ufb01nancial assets Share capital / premium Reserves (translation differences ) Cash \ufb02ow hedges reserves Retained earnings NCI Total Balance at 01.01.2023 43 125 739 981 36 637 482 434 -50 659 1 209 263 -8 443 -6 168 -50 316 336 2 396 190 CHANGES FROM FINANCING CASH FLOWS Repayment of borrowings -43 125 -35 996 -16 221 - - - - - - - -95 342 Proceeds from borrowings - 195 832 - - - - - - - - 195 832 Repayment of lease liabilities - - - -84 671 - - - - - - -84 671 Interest received(+)/paid(-) 15 -16 541 -46 875 - -22 481 - - - - - - -85 897 Total changes from \ufb01nancing cash \ufb02ows -59 666 112 961 -16 221 -107 152 - - - - - - -70 078 The effect of changes in foreign exchange rates - - - - - - -4 726 - - - -4 726 Changes in fair value - - - - - - - - - - - OTHER CHANGES Liability-related Adjustments related to prior periods - - - - - - - - -0 0 0 Non-controlling interests arising on a business combinations 19 - - - - - - - - 10 581 10 581 21 162 Translation differences - - - - 3 763 - - - - - 3 763 Interest income(-)/expense(+) 15 16 541 46 875 - 22 481 - - - - - - 85 897 Debt related to subscription fee ERP - - 39 361 - - - - - - - 39 361 New leases - - 98 262 - - - - - - 98 262 Total liability-related other changes 16 541 46 875 39 361 120 743 3 763 - - - 10 581 10 581 248 445 Total equity-related other changes - - - - - 13 431 - 5 991 -16 873 -692 1 856 Balance at 31.12.2023 0 899 817 59 777 496 026 -46 895 1 222 693 -13 169 -177 -56 608 10 225 2 571 690 Loan covenants to DNB In the loan documents from DNB the following \ufb01nancial loan covenants are set: \u25a0 The ratio net interest-bearing debt over twelve months rolling EBITDA < 4,50 \u25a0 Equity ratio for AKVA group > 25% Net interest-bearing debt over twelve months rolling EBITDA was 3.66 as of 31 December 2023. The equity ratio in AKVA group was 30% and equity was MNOK 1.142 as of 31 December 2023. In December 2023 the Company obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA) covenant. The waiver is effective from 23 November 2023 to and including 30 September 2024 (waiver period). The EBITDA used for calculat- ing the NIBD/EBITDA covenant is adjusted with MNOK 40. In the waiver period the leverage ratio shall not exceed 4,5 including the allowed adjustment to the EBITDA set out above. The lever- age ratio was 3,66 as of 31 December 2023 and AKVA group was in compliance with all bank covenants. The Group continues to closely monitor its \ufb01nancial performance to ensure compliance with \ufb01nancial covenants. In September 2022 the Company obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant). The waiver was effective from 30 September 2022 to and includ- ing 30 September 2023 (waiver period). The EBITDA used for calculating the NIBD/EBITDA covenant was adjusted for certain one-time cost provisions and restructuring provisions in Q2 and Q3 2022. The adjustment was a total of MNOK 138. In the waiver period the leverage ratio shall not exceed 4,5 including the allowed adjustment to the EBITDA calculation set out above. Reconciliation of movements in cash \ufb02ows arising from \ufb01nancing activities:
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) 2023 2022 Accounting classi\ufb01cation Carrying amount Fair value Carrying amount Fair value FINANCIAL ASSETS Cash Amortized cost 219 394 219 394 277 988 277 988 Trade receivables Amortized cost 367 133 367 133 435 554 435 554 Other current assets Amortized cost 68 010 68 010 74 282 74 282 Other long-term receivables Amortized cost 8 113 8 113 22 830 22 830 Other long-term \ufb01nancial assets FVTPL 38 783 38 783 27 829 27 829 Forw ard currency contracts1 FVTPL 1 019 1 019 935 935 Total 702 452 702 452 839 419 839 419 Bank overdraft - - 43 125 43 125 Trade payables Amortized cost 328 421 328 421 310 629 310 629 Loans Amortized cost 899 817 899 817 776 618 776 618 Lease liabilities Amortized cost 496 026 496 026 482 434 482 434 Put/call option minority interest FVTPL - - 6 785 6 785 Forw ard currency contracts2 FVTPL 1 196 1 196 7 610 7 610 Total 1 725 460 1 725 460 1 627 201 1 627 201 1 The amount is included in other receivables in the Consolidated Statement of Financial Position 2 The amount is included in other current liabilities in the Consolidated Statement of Financial Position ACCOUNTING CLASSIFICATIONS AND FAIR VALUES The following table shows the accounting classi\ufb01cation, carrying amounts and fair values of \ufb01nancial assets and \ufb01nancial liabilities. It does not include fair value information for \ufb01nancial assets and \ufb01nancial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
DETERMINATION OF FAIR VALUE The fair value of forward exchange contracts is determined using the forward exchange rate at the balance sheet date. The fair value of currency swaps is determined by the present value of future cash \ufb02ows. The fair value of options is determined using option pricing models. For all the above-mentioned derivatives, the fair value is con\ufb01rmed by the \ufb01nancial institution with which the Group has entered the contracts. The following of the Group\u2019s \ufb01nancial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other current assets, overdraft facilities and long-term debts. The carrying amount of cash and cash equivalents and overdraft facilities is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and trade payables is approximately equal to fair value since they are entered into on \u201cnormal\u201d terms and conditions. The borrowings are at \ufb02oating interest rates which implies a book value in accordance to fair value. The fair value of \ufb01nancial assets and liabilities recognized at their carrying amount is calculated as the present value of estimated cash \ufb02ows discounted by the interest rate that applies to corresponding liabilities and assets at the balance sheet date.
FAIR VALUE HIERARCHY As of 31 December 2023, the Group held \ufb01nancial instruments measured at fair value as mentioned below: \u25a0 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities \u25a0 Level 2: Other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are observable, either directly or indirectly \u25a0 Level 3: Techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable market data
Financial risk management The Company\u2019s board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The board of directors has established the risk management committee, which is responsible for developing and monitoring the Group\u2019s risk management policies. The committee reports regularly to the board of directors on its activities. The Group\u2019s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to re\ufb02ect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group audit committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group has exposure to the following risks arising from \ufb01nancial instruments: \u25a0 Credit risk \u25a0 Liquidity risk \u25a0 Market risk Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. Part of the sale is credit sales where the Group is exposed to credit risk towards the customer. For larger projects there are normally pre-payments from the customers and milestone payments along the progress of the project which reduces the credit risk towards the customers.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) Financial instruments at fair value 31.12.23 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 1 019 - 1 019 - Financial assets - Investments 38 783 38 783 - - Financial liabilities - Forward currency contracts 1 196 - 1 196 - Financial liabilities - Put/call option - - - - Financial instruments at fair value 31.12.22 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 935 - 935 - Financial assets - Investments 27 829 27 829 - - Financial liabilities - Forward currency contracts 7 610 - 7 610 - Financial liabilities - Put/call option 6 785 - 6 785 - There have been no transfers between levels during the period.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) To some extent the Group uses trade \ufb01nance instruments, such as letter of credit and guarantee letters, to reduce credit risk. The Group has generally had low losses on outstanding receivables despite having old receivables in the balance sheet occasionally. In general, old receivables relates to delays or stop in projects whereas the responsible entity for the delivery of the project has made an agreement with the customer to await payment of the invoice. For details of ageing of accounts receivables, see note 11. The carrying amounts of \ufb01nancial assets and contract assets represent the maximum credit exposure.
Liquidity risk Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have suf\ufb01cient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its risk to a shortage of liquid funds using cash \ufb02ow prognosis. The objective is to maintain a balance in the funding using bank overdrafts, bank loans with different pay back periods, debentures, and \ufb01nance lease. The Management follows the development of the working capital closely because the development in the working capital has the most important impact on the liquidity situation on short term. The table below summarizes the maturity pro\ufb01le of the Group's \ufb01nancial liabilities based on contractual undiscounted payments: 2023 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 9 375 28 125 874 220 6 185 917 905 Lease liabilities 20 761 72 615 274 312 127 927 495 615 Trade and other payables 375 626 - - - 375 626 Financial derivatives 56 004 26 335 7 365 - 89 704 Total 461 767 127 075 1 155 897 134 112 1 878 851 2022 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 35 645 75 707 700 290 8 101 819 743 Lease liabilities 15 286 67 899 267 822 131 428 482 435 Trade and other payables 384 315 24 - - 384 339 Financial derivatives 127 475 211 280 22 025 - 360 780 Total 562 721 354 911 990 137 139 529 2 047 297 As disclosed in Note 14, the Group has secured bank loans that contains a loan covenant. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored on a regular basis and reported to management to ensure compliance with the agreement. As disclosed in Note 14 the Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023 and September 2022.
Market risk Market risk is the risk that changes in market prices \u2013 e.g. foreign exchange rates, inter- est rates and equity prices \u2013 will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and con- trol market risk exposures within acceptable parameters, while optimizing the return. The Group uses derivatives to manage market risks related to foreign exchange rates. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Group seeks to apply hedge accounting to manage volatility in pro\ufb01t or loss. a. Currency risk As part of the international activity the Group\u2019s assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates.
The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The following signi\ufb01cant exchange rates have been applied for the reporting period: Average rate Year-end spot rate NOK vs 2023 2022 2023 2022 EUR 1 11,42 10,10 11,24 10,51 GBP 1 13,14 11,85 12,93 11,85 USD 1 10,56 9,61 10,17 9,86 CAD1 7,83 7,38 7,68 7,28 AUD 1 7,02 6,66 6,91 6,70 A reasonably possible strengthening (weakening) of the euro, sterling, or US dollar against all other currencies at 31 December would have affected the measurement of \ufb01nancial instruments denominated in a foreign currency and affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. 31.12.2023 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % 383 6 739 5 226 11 218 -1 633 5 226 - 10 % -383 -6 739 -5 226 -11 218 1 633 -5 226 31.12.2022 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % -1 802 2 872 3 876 8 332 -5 068 3 876 - 10 % 1 802 -2 872 -3 876 -8 332 5 068 -3 876
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. I. CASH FLOW HEDGES The Group uses currency forward contracts to reduce the exposure of changes in currency rates due to having rev- enues and costs denominated in different currencies. The expected cash \ufb02ows subject to hedging are expected to take place during the 2024 and hence be recognized in the income statement during the same period. At the end of the year the Group had the following positions in forward contracts to hedge expected future cash \ufb02ow: Cash \ufb02ow hedges Currency (in 1 000) Bought/sold Net currency amount Euro Bought 1 891 British Pound Sold - Amercian Dollar Bought 484 Canadian Dollar Sold -2 286 Danish Kroner Sold - Norwegian Kroner Bought 5 498 At the end of the year, it was recorded a gain of MNOK 5.991 directly against other comprehensive income related to hedging of expected future cash \ufb02ow. II. FAIR VALUE HEDGES To hedge the value of the items in the balance sheet denominated in a foreign currency the Group had the following positions in forward contracts at the end of the year: Fair value hedges Currency (in 1 000) Bought/sold Net currency amount British Pound Sold -1 875 Norwegian Kroner Bought 22 025 Pro\ufb01t and loss from the above currency contracts are recorded directly via the income statement under \ufb01nancial items. At the end of the year MNOK 1.789 was recorded as an unrealized loss. The forward contracts are valued at estimated fair value.
20223 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 2 300 093 11,47 46 782 - 647 950 - Purchases and payables 23 726 776 11,34 131 499 390 577 (184 668) - Cash \ufb02ow hedges USD Sales and receivables 2 041 205 10,99 145 181 - 132 296 - Purchases and payables 7 364 171 10,99 - 582 514 435 778 - GBP Cash \ufb02ow hedges Sales and receivables - - - - 1 955 - Fair value hedges Borrowings 22 024 627 11,75 - 2 295 924 - (1 789 270) CAD Cash \ufb02ow hedges Sales and receivables 17 537 694 7,67 150 461 222 510 3 096 755 - Purchases and payables - - - - 268 483 - DKK Cash \ufb02ow hedges Purchases and payables - - - - 1 047 278 - AUD Cash \ufb02ow hedges Sales and receivables 14 709 878 7,18 545 165 - 545 165 - Cash \ufb02ow hedges Total (NOK) Sales and receivables 36 588 869 N/A 887 590 222 510 4 424 123 - Purchases and payables 31 090 947 N/A 131 499 973 091 1 566 871 - Fair value hedges Borrowings 22 024 627 N/A - 2 295 924 - (1 789 270) 2022 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 33 658 614 10,41 - 601 168 (3 407 519) - Purchases and payables 132 390 980 10,47 519 983 594 393 1 552 279 - Cash \ufb02ow hedges USD Sales and receivables 1 844 211 9,93 12 885 - 1 755 482 - Purchases and payables 24 691 291 10,16 - 1 018 292 (2 746 500) - GBP Cash \ufb02ow hedges Sales and receivables 166 755 11,78 - 1 955 138 081 - Fair value hedges Borrowings 43 745 777 11,67 120 819 627 473 - 222 207 CAD Cash \ufb02ow hedges Sales and receivables 93 410 097 7,03 182 759 3 351 564 (3 009 067) - Purchases and payables 17 434 406 7,30 219 739 488 221 (370 352) - DKK Cash \ufb02ow hedges Sales and receivables Purchases and payables 13 438 177 1,31 - 1 047 278 (1 047 278) - Total (NOK) Cash \ufb02ow hedges Sales and receivables 129 079 677 N/A 195 644 3 954 687 (4 523 023) - Purchases and payables 187 954 854 N/A 739 722 3 148 184 (2 611 851) - Fair value hedges Borrowings 43 745 777 N/A 120 819 627 473 - 222 207 All hedge balances are presented as other receivables or other current liabilities in the balance sheet. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000)
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) B. INTEREST RATE RISK The Group's interest-bearing debt is based on a \ufb02oating interest rate which implies that interest payments over time will \ufb02uctuate according to the changes in the interest rate level. Most of the interest-bearing debt is in NOK. To reduce the interest rate risk, it is the strategy of the Group to have a balanced mix between equity and debt \ufb01nancing vs the market risk in its industry. With the interest-bearing debt at year end, interest cost would have been MNOK 12.6 higher with a 1% higher average interest rate during the year and MNOK 12.6 lower with a 1 % lower average interest rate during the year. C. MACROECONOMIC RISK In 2023 about 88% of the revenues of the Group came from customers producing salmon, a slightly increase from a share of 87% in 2022. To decrease the Group\u2019s dependency of the salmon industry the Group works to increase the share of revenues related to the aquaculture of other species than salmon. Due to the market variation in the different salmon markets the revenues can vary between years. Still, the aquaculture industry in general is expected to be a high growth industry in the foreseeable future. Based on the assumption that a change in sales will not affect the product gross margin and that other operating costs short term only will change 50% of the change in sales - a change in the revenues of the Group would have had the following impact on net income (22% tax rate used): Change in sales (in NOK 1 000) Change in net pro\ufb01t/ equity 10 % 66 277 5 % 33 139 2 % 13 255 - 2 % -13 255 - 5 % -33 139 - 10 % -66 277 TTo further evaluate the Group's sensitivity to changes in the different markets see more details in note 2 about market size. D. CLIMATE RISK Climate change has been identi\ufb01ed as a market risk which can potentially impact AKVA group\u2019s business in the short, medium, and long term. The physical related climate risks and opportunities relate to extreme weather events, sea levels and temperatures, the frequency of algae blooms, and the availability of the raw materials for our custom- er\u2019s operations, which in turn directly can impact AKVA group\u2019s operations as reduced order intake. In addition, AKVA group is experiencing an increased focus from our customers to be able to provide information about our climate accounts within our products and services. Within a relatively short time, we estimate that the latter will be emphasized by our customers when choosing their supplier, which means that working with our own climate emissions is also a risk and opportunity in this connection. The Executive Personnel in AKVA group regularly carries out analysis on key sustainability and climate risks, to identify if they could signi\ufb01cantly affect the group\u2019s ability to execute its business strategy and operations. The key actions to address these risks are: \u25a0 Internal policies and procedures, \u25a0 Development and analyzes of relevant KPI\u2019s, \u25a0 Development of a low carbon transition plan In 2023 we have carried out a double materiality assess- ment and de\ufb01ned our ambitions in line with this assess- ment, developed sustainability promises and measured our greenhouse gas emissions (Scope 1 and 2). In 2023 we have started to measure greenhouse gas emissions in scope 3. Refer to the ESG chapter of this report for further information on how AKVA group works with this.
CAPITAL STRUCTURE AND EQUITY The primary focus of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratio to support its business and maximize shareholders value. The Group manages its capital struc- ture and makes adjustment to it, considering changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. Dividends paid Per share 2016 0,75 2017 1,25 2018 1,50 2019 1,75 2020 1,00 2021 1,00 2022 1,00 2023 0,00
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group has been compliant with the dividend policy when paying out dividend, see note 21. The Group monitors capital using a gearing ratio, which is net interest-bearing debt divided by total equity plus net debt. The Group includes within net interest-bearing debt, interest bearing loans and borrowings less cash and cash equiv- alents. Capital includes equity attributable to equity holders of the parent less the net unrealized gains reserve. 2023 2022 Interest bearing debt 1 395 843 1 265 540 Less cash 219 394 277 988 Net interest bearing debt 1 176 449 987 551 Equity 1 142 451 1 144 000 Total equity and net interest bearing debt 2 318 899 2 131 552 Debt ratio 51 % 46 % The Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023, refer further information in note 14. The ratio of the equity share attributable to AKVA group ASA's shareholders was 30.5 % as of 31 December 2023.
FINANCIAL INSTRUMENTS A \ufb01nancial instrument is any contract that gives rise to a \ufb01nancial asset of one entity and a \ufb01nancial liability or equity instrument of another entity. Financial assets and \ufb01nancial liabilities are recognized in the Group\u2019s statement of \ufb01nancial position when the Group becomes a party to the contractual provisions of the instrument. Financial assets and \ufb01nancial liabilities are initially measured at fair value, except for trade receivables that do not have a signi\ufb01cant \ufb01nancing component which are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of \ufb01nancial assets and \ufb01nancial liabilities (other than \ufb01nancial assets and \ufb01nancial liabilities at fair value through pro\ufb01t or loss) are added to or deducted from the fair value of the \ufb01nan- cial assets or \ufb01nancial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of \ufb01nancial assets or \ufb01nancial liabilities at fair value through pro\ufb01t or loss are recognized immediately in pro\ufb01t or loss. Financial assets The Group\u00b4s \ufb01nancial assets are derivatives, trade receiv- ables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for man- aging them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. The Group classi\ufb01es its \ufb01nancial assets within 2 catego- ries: \ufb01nancial assets at amortized cost and \ufb01nancial asset at fair value through pro\ufb01t and loss. Financial assets at amortized cost The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: \u25a0 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, \u25a0 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recog- nized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other shortterm deposit. Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. No signi\ufb01cant \ufb01nancing components are identi\ufb01ed. Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Derecognition of \ufb01nancial assets A \ufb01nancial asset (or, where applicable, a part of a \ufb01nan- cial asset or part of a group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u25a0 The rights to receive cash \ufb02ows from the asset have expired, or \u25a0 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrange- ment; and either a. the Group has transferred substantially all the risks and rewards of the asset, or b. the Group has neither transferred nor retained sub- stantially all the risks and rewards of the asset but has transferred control of the asset.
Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
Hedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f5002": {
"value": "Financial assets The Group\u00b4s \ufb01nancial assets are derivatives, trade receiv- ables and cash and cash equivalents. The classi\ufb01cation of \ufb01nancial assets at initial recognition depends on the \ufb01nancial asset\u2019s contractual cash \ufb02ow characteristics and the Group\u2019s business model for man- aging them. The Group initially measures a \ufb01nancial asset at its fair value plus, in the case of a \ufb01nancial asset not at fair value through pro\ufb01t or loss, transaction costs. The Group classi\ufb01es its \ufb01nancial assets within 2 catego- ries: \ufb01nancial assets at amortized cost and \ufb01nancial asset at fair value through pro\ufb01t and loss. Financial assets at amortized cost The Group measures \ufb01nancial assets at amortized cost if both of the following conditions are met: \u25a0 The \ufb01nancial asset is held within a business model with the objective to hold \ufb01nancial assets in order to collect contractual cash \ufb02ows and, \u25a0 The contractual terms of the \ufb01nancial asset give rise on speci\ufb01ed dates to cash \ufb02ows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recog- nized in pro\ufb01t or loss when the asset is derecognized, modi\ufb01ed, or impaired. The Group\u2019s \ufb01nancial assets at amortized cost includes trade receivables and other shortterm deposit. Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. No signi\ufb01cant \ufb01nancing components are identi\ufb01ed. Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Derecognition of \ufb01nancial assets A \ufb01nancial asset (or, where applicable, a part of a \ufb01nan- cial asset or part of a group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u25a0 The rights to receive cash \ufb02ows from the asset have expired, or \u25a0 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrange- ment; and either a. the Group has transferred substantially all the risks and rewards of the asset, or b. the Group has neither transferred nor retained sub- stantially all the risks and rewards of the asset but has transferred control of the asset.
Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
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"f5044": {
"value": "Financial assets at fair value through pro\ufb01t and loss Financial assets at fair value through pro\ufb01t and loss include \ufb01nancial assets held for trading, \ufb01nancial assets designated through pro\ufb01t of loss, or \ufb01nancial assets man- datorily required to be measured at fair value. Financial assets are classi\ufb01ed held for trading if they are acquired for the purpose of selling or repurchasing in the near terms.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
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"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f5056": {
"value": "Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Hedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) 2023 2022 Accounting classi\ufb01cation Carrying amount Fair value Carrying amount Fair value FINANCIAL ASSETS Cash Amortized cost 219 394 219 394 277 988 277 988 Trade receivables Amortized cost 367 133 367 133 435 554 435 554 Other current assets Amortized cost 68 010 68 010 74 282 74 282 Other long-term receivables Amortized cost 8 113 8 113 22 830 22 830 Other long-term \ufb01nancial assets FVTPL 38 783 38 783 27 829 27 829 Forw ard currency contracts1 FVTPL 1 019 1 019 935 935 Total 702 452 702 452 839 419 839 419 Bank overdraft - - 43 125 43 125 Trade payables Amortized cost 328 421 328 421 310 629 310 629 Loans Amortized cost 899 817 899 817 776 618 776 618 Lease liabilities Amortized cost 496 026 496 026 482 434 482 434 Put/call option minority interest FVTPL - - 6 785 6 785 Forw ard currency contracts2 FVTPL 1 196 1 196 7 610 7 610 Total 1 725 460 1 725 460 1 627 201 1 627 201 1 The amount is included in other receivables in the Consolidated Statement of Financial Position 2 The amount is included in other current liabilities in the Consolidated Statement of Financial Position ACCOUNTING CLASSIFICATIONS AND FAIR VALUES The following table shows the accounting classi\ufb01cation, carrying amounts and fair values of \ufb01nancial assets and \ufb01nancial liabilities. It does not include fair value information for \ufb01nancial assets and \ufb01nancial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
DETERMINATION OF FAIR VALUE The fair value of forward exchange contracts is determined using the forward exchange rate at the balance sheet date. The fair value of currency swaps is determined by the present value of future cash \ufb02ows. The fair value of options is determined using option pricing models. For all the above-mentioned derivatives, the fair value is con\ufb01rmed by the \ufb01nancial institution with which the Group has entered the contracts. The following of the Group\u2019s \ufb01nancial instruments are not measured at fair value: cash and cash equivalents, trade receivables, other current assets, overdraft facilities and long-term debts. The carrying amount of cash and cash equivalents and overdraft facilities is approximately equal to fair value since these instruments have a short term to maturity. Similarly, the carrying amount of trade receivables and trade payables is approximately equal to fair value since they are entered into on \u201cnormal\u201d terms and conditions. The borrowings are at \ufb02oating interest rates which implies a book value in accordance to fair value. The fair value of \ufb01nancial assets and liabilities recognized at their carrying amount is calculated as the present value of estimated cash \ufb02ows discounted by the interest rate that applies to corresponding liabilities and assets at the balance sheet date.
FAIR VALUE HIERARCHY As of 31 December 2023, the Group held \ufb01nancial instruments measured at fair value as mentioned below: \u25a0 Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities \u25a0 Level 2: Other techniques for which all inputs which have a signi\ufb01cant effect on the recorded fair value are observable, either directly or indirectly \u25a0 Level 3: Techniques which use inputs which have a signi\ufb01cant effect on the recorded fair value that are not based on observable market data
Financial risk management The Company\u2019s board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The board of directors has established the risk management committee, which is responsible for developing and monitoring the Group\u2019s risk management policies. The committee reports regularly to the board of directors on its activities. The Group\u2019s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to re\ufb02ect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group audit committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group has exposure to the following risks arising from \ufb01nancial instruments: \u25a0 Credit risk \u25a0 Liquidity risk \u25a0 Market risk Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. Part of the sale is credit sales where the Group is exposed to credit risk towards the customer. For larger projects there are normally pre-payments from the customers and milestone payments along the progress of the project which reduces the credit risk towards the customers.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) Financial instruments at fair value 31.12.23 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 1 019 - 1 019 - Financial assets - Investments 38 783 38 783 - - Financial liabilities - Forward currency contracts 1 196 - 1 196 - Financial liabilities - Put/call option - - - - Financial instruments at fair value 31.12.22 Level 1 Level 2 Level 3 Financial assets - Forward currency contracts 935 - 935 - Financial assets - Investments 27 829 27 829 - - Financial liabilities - Forward currency contracts 7 610 - 7 610 - Financial liabilities - Put/call option 6 785 - 6 785 - There have been no transfers between levels during the period.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) To some extent the Group uses trade \ufb01nance instruments, such as letter of credit and guarantee letters, to reduce credit risk. The Group has generally had low losses on outstanding receivables despite having old receivables in the balance sheet occasionally. In general, old receivables relates to delays or stop in projects whereas the responsible entity for the delivery of the project has made an agreement with the customer to await payment of the invoice. For details of ageing of accounts receivables, see note 11. The carrying amounts of \ufb01nancial assets and contract assets represent the maximum credit exposure.
Liquidity risk Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have suf\ufb01cient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its risk to a shortage of liquid funds using cash \ufb02ow prognosis. The objective is to maintain a balance in the funding using bank overdrafts, bank loans with different pay back periods, debentures, and \ufb01nance lease. The Management follows the development of the working capital closely because the development in the working capital has the most important impact on the liquidity situation on short term. The table below summarizes the maturity pro\ufb01le of the Group's \ufb01nancial liabilities based on contractual undiscounted payments: 2023 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 9 375 28 125 874 220 6 185 917 905 Lease liabilities 20 761 72 615 274 312 127 927 495 615 Trade and other payables 375 626 - - - 375 626 Financial derivatives 56 004 26 335 7 365 - 89 704 Total 461 767 127 075 1 155 897 134 112 1 878 851 2022 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 35 645 75 707 700 290 8 101 819 743 Lease liabilities 15 286 67 899 267 822 131 428 482 435 Trade and other payables 384 315 24 - - 384 339 Financial derivatives 127 475 211 280 22 025 - 360 780 Total 562 721 354 911 990 137 139 529 2 047 297 As disclosed in Note 14, the Group has secured bank loans that contains a loan covenant. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored on a regular basis and reported to management to ensure compliance with the agreement. As disclosed in Note 14 the Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023 and September 2022.
Market risk Market risk is the risk that changes in market prices \u2013 e.g. foreign exchange rates, inter- est rates and equity prices \u2013 will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and con- trol market risk exposures within acceptable parameters, while optimizing the return. The Group uses derivatives to manage market risks related to foreign exchange rates. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Group seeks to apply hedge accounting to manage volatility in pro\ufb01t or loss. a. Currency risk As part of the international activity the Group\u2019s assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates.
The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The following signi\ufb01cant exchange rates have been applied for the reporting period: Average rate Year-end spot rate NOK vs 2023 2022 2023 2022 EUR 1 11,42 10,10 11,24 10,51 GBP 1 13,14 11,85 12,93 11,85 USD 1 10,56 9,61 10,17 9,86 CAD1 7,83 7,38 7,68 7,28 AUD 1 7,02 6,66 6,91 6,70 A reasonably possible strengthening (weakening) of the euro, sterling, or US dollar against all other currencies at 31 December would have affected the measurement of \ufb01nancial instruments denominated in a foreign currency and affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. 31.12.2023 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % 383 6 739 5 226 11 218 -1 633 5 226 - 10 % -383 -6 739 -5 226 -11 218 1 633 -5 226 31.12.2022 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % -1 802 2 872 3 876 8 332 -5 068 3 876 - 10 % 1 802 -2 872 -3 876 -8 332 5 068 -3 876
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. I. CASH FLOW HEDGES The Group uses currency forward contracts to reduce the exposure of changes in currency rates due to having rev- enues and costs denominated in different currencies. The expected cash \ufb02ows subject to hedging are expected to take place during the 2024 and hence be recognized in the income statement during the same period. At the end of the year the Group had the following positions in forward contracts to hedge expected future cash \ufb02ow: Cash \ufb02ow hedges Currency (in 1 000) Bought/sold Net currency amount Euro Bought 1 891 British Pound Sold - Amercian Dollar Bought 484 Canadian Dollar Sold -2 286 Danish Kroner Sold - Norwegian Kroner Bought 5 498 At the end of the year, it was recorded a gain of MNOK 5.991 directly against other comprehensive income related to hedging of expected future cash \ufb02ow. II. FAIR VALUE HEDGES To hedge the value of the items in the balance sheet denominated in a foreign currency the Group had the following positions in forward contracts at the end of the year: Fair value hedges Currency (in 1 000) Bought/sold Net currency amount British Pound Sold -1 875 Norwegian Kroner Bought 22 025 Pro\ufb01t and loss from the above currency contracts are recorded directly via the income statement under \ufb01nancial items. At the end of the year MNOK 1.789 was recorded as an unrealized loss. The forward contracts are valued at estimated fair value.
20223 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 2 300 093 11,47 46 782 - 647 950 - Purchases and payables 23 726 776 11,34 131 499 390 577 (184 668) - Cash \ufb02ow hedges USD Sales and receivables 2 041 205 10,99 145 181 - 132 296 - Purchases and payables 7 364 171 10,99 - 582 514 435 778 - GBP Cash \ufb02ow hedges Sales and receivables - - - - 1 955 - Fair value hedges Borrowings 22 024 627 11,75 - 2 295 924 - (1 789 270) CAD Cash \ufb02ow hedges Sales and receivables 17 537 694 7,67 150 461 222 510 3 096 755 - Purchases and payables - - - - 268 483 - DKK Cash \ufb02ow hedges Purchases and payables - - - - 1 047 278 - AUD Cash \ufb02ow hedges Sales and receivables 14 709 878 7,18 545 165 - 545 165 - Cash \ufb02ow hedges Total (NOK) Sales and receivables 36 588 869 N/A 887 590 222 510 4 424 123 - Purchases and payables 31 090 947 N/A 131 499 973 091 1 566 871 - Fair value hedges Borrowings 22 024 627 N/A - 2 295 924 - (1 789 270) 2022 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 33 658 614 10,41 - 601 168 (3 407 519) - Purchases and payables 132 390 980 10,47 519 983 594 393 1 552 279 - Cash \ufb02ow hedges USD Sales and receivables 1 844 211 9,93 12 885 - 1 755 482 - Purchases and payables 24 691 291 10,16 - 1 018 292 (2 746 500) - GBP Cash \ufb02ow hedges Sales and receivables 166 755 11,78 - 1 955 138 081 - Fair value hedges Borrowings 43 745 777 11,67 120 819 627 473 - 222 207 CAD Cash \ufb02ow hedges Sales and receivables 93 410 097 7,03 182 759 3 351 564 (3 009 067) - Purchases and payables 17 434 406 7,30 219 739 488 221 (370 352) - DKK Cash \ufb02ow hedges Sales and receivables Purchases and payables 13 438 177 1,31 - 1 047 278 (1 047 278) - Total (NOK) Cash \ufb02ow hedges Sales and receivables 129 079 677 N/A 195 644 3 954 687 (4 523 023) - Purchases and payables 187 954 854 N/A 739 722 3 148 184 (2 611 851) - Fair value hedges Borrowings 43 745 777 N/A 120 819 627 473 - 222 207 All hedge balances are presented as other receivables or other current liabilities in the balance sheet. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000)
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) B. INTEREST RATE RISK The Group's interest-bearing debt is based on a \ufb02oating interest rate which implies that interest payments over time will \ufb02uctuate according to the changes in the interest rate level. Most of the interest-bearing debt is in NOK. To reduce the interest rate risk, it is the strategy of the Group to have a balanced mix between equity and debt \ufb01nancing vs the market risk in its industry. With the interest-bearing debt at year end, interest cost would have been MNOK 12.6 higher with a 1% higher average interest rate during the year and MNOK 12.6 lower with a 1 % lower average interest rate during the year. C. MACROECONOMIC RISK In 2023 about 88% of the revenues of the Group came from customers producing salmon, a slightly increase from a share of 87% in 2022. To decrease the Group\u2019s dependency of the salmon industry the Group works to increase the share of revenues related to the aquaculture of other species than salmon. Due to the market variation in the different salmon markets the revenues can vary between years. Still, the aquaculture industry in general is expected to be a high growth industry in the foreseeable future. Based on the assumption that a change in sales will not affect the product gross margin and that other operating costs short term only will change 50% of the change in sales - a change in the revenues of the Group would have had the following impact on net income (22% tax rate used): Change in sales (in NOK 1 000) Change in net pro\ufb01t/ equity 10 % 66 277 5 % 33 139 2 % 13 255 - 2 % -13 255 - 5 % -33 139 - 10 % -66 277 TTo further evaluate the Group's sensitivity to changes in the different markets see more details in note 2 about market size. D. CLIMATE RISK Climate change has been identi\ufb01ed as a market risk which can potentially impact AKVA group\u2019s business in the short, medium, and long term. The physical related climate risks and opportunities relate to extreme weather events, sea levels and temperatures, the frequency of algae blooms, and the availability of the raw materials for our custom- er\u2019s operations, which in turn directly can impact AKVA group\u2019s operations as reduced order intake. In addition, AKVA group is experiencing an increased focus from our customers to be able to provide information about our climate accounts within our products and services. Within a relatively short time, we estimate that the latter will be emphasized by our customers when choosing their supplier, which means that working with our own climate emissions is also a risk and opportunity in this connection. The Executive Personnel in AKVA group regularly carries out analysis on key sustainability and climate risks, to identify if they could signi\ufb01cantly affect the group\u2019s ability to execute its business strategy and operations. The key actions to address these risks are: \u25a0 Internal policies and procedures, \u25a0 Development and analyzes of relevant KPI\u2019s, \u25a0 Development of a low carbon transition plan In 2023 we have carried out a double materiality assess- ment and de\ufb01ned our ambitions in line with this assess- ment, developed sustainability promises and measured our greenhouse gas emissions (Scope 1 and 2). In 2023 we have started to measure greenhouse gas emissions in scope 3. Refer to the ESG chapter of this report for further information on how AKVA group works with this.
CAPITAL STRUCTURE AND EQUITY The primary focus of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratio to support its business and maximize shareholders value. The Group manages its capital struc- ture and makes adjustment to it, considering changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. Dividends paid Per share 2016 0,75 2017 1,25 2018 1,50 2019 1,75 2020 1,00 2021 1,00 2022 1,00 2023 0,00
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group has been compliant with the dividend policy when paying out dividend, see note 21. The Group monitors capital using a gearing ratio, which is net interest-bearing debt divided by total equity plus net debt. The Group includes within net interest-bearing debt, interest bearing loans and borrowings less cash and cash equiv- alents. Capital includes equity attributable to equity holders of the parent less the net unrealized gains reserve. 2023 2022 Interest bearing debt 1 395 843 1 265 540 Less cash 219 394 277 988 Net interest bearing debt 1 176 449 987 551 Equity 1 142 451 1 144 000 Total equity and net interest bearing debt 2 318 899 2 131 552 Debt ratio 51 % 46 % The Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023, refer further information in note 14. The ratio of the equity share attributable to AKVA group ASA's shareholders was 30.5 % as of 31 December 2023.
Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Hedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5058": {
"value": "Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and lossHedge accounting As part of the international activity the Group's assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates. Such risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. From 2021, AKVA group use the requirements in IFRS 9 to perform and evaluate hedge accounting, as opposed to having previously complied with the requirements in IAS 39.
The Group applies IFRS 9 Financial Instruments to account for hedging. At the inception of the hedge rela- tionship, the Group documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is effective in offsetting changes in fair values or cash \ufb02ows of the hedged item attributable to the hedged risk, which is when the hedging relationships meet all of the following hedge effectiveness requirements: \u25a0 There is an economic relationship between the hedged item and the hedging instrument \u25a0 The effect of credit risk does not dominate the value changes that result from that economic relationship \u25a0 The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity of hedged item If a hedging relationship ceases to meet the hedge effec- tiveness requirement relating to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again. The Group designates the full change in the fair value of a forward contract (i.e. including the forward elements) as the hedging instrument for all its hedging relationships involving forward contracts. Fair value hedges Derivatives designated as hedging instruments are meas- ured at their fair value and changes in the fair value are recognized in the income statement as they arise. Corre- spondingly, a change in the fair value of the hedged object which is due to the risk that the object is hedged against is recognized in the income statement. The hedge accounting is discontinued if: I. the hedging instrument expires or is terminated, exercised, or sold, or II. the hedge does not meet the abovementioned hedge requirements, or III. the Group chooses to discontinue hedge accounting for other reasons If the hedge assessment is terminated, the changes which have been made in the carrying amount of the hedged object are amortized over the remaining economic life using the effective interest rate method if the hedging instrument is a \ufb01nancial instrument that has been recog- nized according to the effective interest rate method. Cash-\ufb02ow hedges The hedge is done on 1:1 relationship between the hedged item and the hedging instrument. Changes in the fair value of a hedging instrument that meet the criteria for cash \ufb02ow hedge accounting are recognized as gains or losses in other comprehensive income. The ineffective part of the hedging instrument is recog- nized directly in the income statement. In these hedge relationships, the main source for ineffectiveness is changes in timing of the hedged transaction. If the hedge of a cash \ufb02ow results in an asset or liability being recognized, all former gains and losses recognized directly in other comprehensive income are transferred from other comprehensive income and included in the initial measurement of the asset or liability. For other cash-\ufb02ow hedges, gains and losses recognized directly in other comprehensive income are reclassi\ufb01ed to the income statement in the same period as the cash \ufb02ow which comprises the hedged object is recognized in the income statement. If the hedge no longer meets the criteria for hedge accounting, the hedge accounting is discontinued. The cumulative gain or loss on the hedging instrument rec- ognized directly in other comprehensive income remains separately recognized in other comprehensive income until the forecast transaction occurs. If the hedged transaction is no longer expected to occur, any previously accumulated gain or loss on the hedging instrument that has been recognized directly in other comprehensive income will be recognized in pro\ufb01t or loss. See note 16 for further information.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5060": {
"value": "Derivatives, including separately embedded derivatives, are also classi\ufb01ed as held for trading unless they are designed as effective hedging instruments or is a \ufb01nancial guarantee contract. Derivatives at fair value are carried
in the statement of \ufb01nancial position at fair value with net
changes in fair value in pro\ufb01t and loss. Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5108": {
"value": "Derecognition of \ufb01nancial assets A \ufb01nancial asset (or, where applicable, a part of a \ufb01nan- cial asset or part of a group of similar \ufb01nancial assets) is primarily derecognized (i.e., removed from the Group\u2019s consolidated statement of \ufb01nancial position) when: \u25a0 The rights to receive cash \ufb02ows from the asset have expired, or \u25a0 The Group has transferred its rights to receive cash \ufb02ows from the asset or has assumed an obligation to pay the received cash \ufb02ows in full without material delay to a third party under a \u2018pass-through\u2019 arrange- ment; and either a. the Group has transferred substantially all the risks and rewards of the asset, or b. the Group has neither transferred nor retained sub- stantially all the risks and rewards of the asset but has transferred control of the asset.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5134": {
"value": "Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Note 11 \u2013 Receivables (in NOK 1 000) ACCOUNTS RECEIVABLES The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: Bad debt provisions 2023 2022 Bad debt provision 01.01. 6 684 3 609 Provisions made during the year 186 3 956 Provisions used during the year -1 540 -881 Bad debt provision 31.12. 5 330 6 684 Recorded bad debt cost during the year -1 671 -253 Change in bad debt provision 3 024 -2 823 Total bad debt cost during the year 1 354 -3 075 Actual credit losses experienced over the last 3 years are ana- lyzed to assess the credit risk within receivables and expected credit loss (ECL). In the risk assessment, economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables are considered. In the assessment of ECL the Group analyses the aging of trade receivables and take into consid- eration segment speci\ufb01c risk factors identi\ufb01ed as part of the analysis of actual historical losses. Segment speci\ufb01c factors to be considered may be credit risk characteristics such as geo- graphic region, age of customer relationship and type of product purchased. Based on the credit risk assessment and expected credit loss, a provision for bad debt is recognized based on the calculation of lifetime expected losses. In addition, speci\ufb01c provisions are recorded if risks of credit losses on speci\ufb01c trade receivable balances are identi\ufb01ed. Reference is made to note 16 for more details of credit and currency risk related to accounts receivables. As of 31 December, the Group had the following ageing pro\ufb01le of accounts receivables: 2023 2022 Not due 222 684 260 883 Due <30 days 97 792 97 506 Due 31-60 days 23 416 57 297 Due 61-90 days 4 671 5 628 Due >91 days 23 899 20 924 Total 372 463 442 238 Bad debt provisions 5 330 6 684 OTHER RECEIVABLES No bad debt provision has been made for other receivables, including contract assets.
Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. Part of the sale is credit sales where the Group is exposed to credit risk towards the customer. For larger projects there are normally pre-payments from the customers and milestone payments along the progress of the project which reduces the credit risk towards the customers.
To some extent the Group uses trade \ufb01nance instruments, such as letter of credit and guarantee letters, to reduce credit risk. The Group has generally had low losses on outstanding receivables despite having old receivables in the balance sheet occasionally. In general, old receivables relates to delays or stop in projects whereas the responsible entity for the delivery of the project has made an agreement with the customer to await payment of the invoice. For details of ageing of accounts receivables, see note 11. The carrying amounts of \ufb01nancial assets and contract assets represent the maximum credit exposure.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5135": {
"value": "Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
Note 11 \u2013 Receivables (in NOK 1 000) ACCOUNTS RECEIVABLES The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: Bad debt provisions 2023 2022 Bad debt provision 01.01. 6 684 3 609 Provisions made during the year 186 3 956 Provisions used during the year -1 540 -881 Bad debt provision 31.12. 5 330 6 684 Recorded bad debt cost during the year -1 671 -253 Change in bad debt provision 3 024 -2 823 Total bad debt cost during the year 1 354 -3 075 Actual credit losses experienced over the last 3 years are ana- lyzed to assess the credit risk within receivables and expected credit loss (ECL). In the risk assessment, economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables are considered. In the assessment of ECL the Group analyses the aging of trade receivables and take into consid- eration segment speci\ufb01c risk factors identi\ufb01ed as part of the analysis of actual historical losses. Segment speci\ufb01c factors to be considered may be credit risk characteristics such as geo- graphic region, age of customer relationship and type of product purchased. Based on the credit risk assessment and expected credit loss, a provision for bad debt is recognized based on the calculation of lifetime expected losses. In addition, speci\ufb01c provisions are recorded if risks of credit losses on speci\ufb01c trade receivable balances are identi\ufb01ed. Reference is made to note 16 for more details of credit and currency risk related to accounts receivables. As of 31 December, the Group had the following ageing pro\ufb01le of accounts receivables: 2023 2022 Not due 222 684 260 883 Due <30 days 97 792 97 506 Due 31-60 days 23 416 57 297 Due 61-90 days 4 671 5 628 Due >91 days 23 899 20 924 Total 372 463 442 238 Bad debt provisions 5 330 6 684 OTHER RECEIVABLES No bad debt provision has been made for other receivables, including contract assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5136": {
"value": "Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
IMPAIRMENT OF ASSETS Non-\ufb01nancial assets At each reporting date, the Group reviews the carrying amounts of its non-\ufb01nancial assets (other than invento- ries, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill, intangible assets with inde\ufb01nite lives and intangible assets not yet available for use are tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets (cash-generating units, CGU\u2019s). Goodwill arising from a business combination is allocated to CGU\u2019s that are expected to bene\ufb01t from the synergies of the combination. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and its value in use. Value in use is based on the estimated future cash \ufb02ows, discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset or CGU. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recog- nized in the income statement. They are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Except for goodwill, impairment losses recognized in the income statements for previous periods are reversed when there is information that the need for the impair- ment loss no longer exists or is not as great as it was. The reversal is recognized in the same line item as the impair- ment. However, no reversal takes place if the reversal leads to the carrying amount exceeding what the carrying amount would have been if normal depreciation periods had been used.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5137": {
"value": "Impairment of \ufb01nancial assets The Group recognizes a loss allowance for expected credit losses on investments in debt instruments that are meas- ured at amortized cost, lease receivables, trade receiv- ables and contract assets, as well as on \ufb01nancial guar- antee contracts. The amount of expected credit losses is updated at each reporting date to re\ufb02ect changes in credit risk since initial recognition of the respective \ufb01nancial instrument. The Group always recognizes lifetime expected credit losses (ECL) for contract assets and lease receivables. The expected credit losses on these \ufb01nancial assets are estimated using a provision matrix based on the Group\u2019s historical credit loss experience, adjusted for factors that are speci\ufb01c to the debtors, general economic conditions and an assessment of both the current as well as the fore- cast direction of conditions at the reporting date, including time value of money where appropriate. For all other \ufb01nancial instruments, the Group recognizes lifetime ECL when there has been a signi\ufb01cant increase in credit risk since initial recognition. Lifetime ECL repre- sents the expected credit losses that will result from all possible default events over the expected life of a \ufb01nancial instrument. The Group considers a \ufb01nancial asset in default when contractual payments are 90 days past due. However, in certain cases, the Group may also consider a \ufb01nancial asset to be in default when internal or external infor- mation indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A \ufb01nancial asset is written off when there is no reasonable expectation of recovering the contractual cash \ufb02ows. The amount of the impairment loss is recognized in the income statement. Any reversal of previous impairment losses is recognized when the expected loss change. However, an increase in the carrying amount is only recognized to the extent that it does not exceed what the amortized cost would have been if the impairment loss had not been recognized.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5185": {
"value": "Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
Note 14 \u2013 Interest-bearing debt (in NOK 1 000) Interest-bearing debt: Currency Nominal interest rate 2023 2022 Non-current liabilities to \ufb01nancial institutions NOK Nibor + 2.35% 862 317 702 481 Non-current lease liabilities NOK, EUR, DKK, GBP, TRY, CLP, CAD, AUD IBR 405 466 403 340 Current liabilities to \ufb01nancial institutions NOK Nibor + 2.35% 37 500 80 625 Current lease liabilities NOK, EUR, DKK, GBP, TRY, CLP, CAD, AUD IBR 90 560 79 095 Total 1 395 843 1 265 540 Average interest rate 7,03 % 5,58 % REPAYMENT OF DEBT The Group\u2019s interest-bearing debt matures as follows: 2023 2022 2023 - 152 075 2024 128 060 129 653 2025 944 037 730 471 2026 79 740 64 695 2027 69 924 56 864 2028 45 154 41 774 After 2028 128 926 90 009 Total 1 395 843 1 265 540 THE TERMS AND CONDITIONS OF OUTSTANDING LOANS TOWARD DNB ARE AS FOLLOWS: Outstanding bank loans from Danske Bank Currency Nominal interest rate 1 Carrying amount 2023 Carrying amount 2022 Secured bank loan NOK Nibor + 2.35% 257 813 323 438 Secured bank loan NOK Nibor + 2.35% 98 438 107 813 Secured bank loan revolving credit facility NOK Nibor + 2.35% 537 500 304 167 Total 893 750 735 417 1 The nominal interest includes a waiver fee. The nominal interest rate excluding the waiver fee is Nibor+ 1,65- 2,05. Liabilities secured: 2023 2022 Liabilities secured w ith assets 899 817 783 106 Bank guarantee liabilitites 153 102 114 118 Parent company guarantee liabilities 53 410 41 410 Assets pledged as security for debt: 2023 2022 Accounts receivable 134 959 217 000 Inventory 431 997 395 871 Shares in subsidiaries1 1 280 131 1 270 580 Other assets 530 852 487 504 Total 2 377 939 2 370 956 1 In 2023 and 2022 the shares in AKVA group Land Based S\u00f8mna AS, AKVA group Services AS, AKVA Group Software AS, Sperre AS, Helgeland Plast AS, Egersund Trading AS, Egersund Net AS, AKVA group Land Based A/S, AKVA group Denmark A/S, AKVA group Chile S.A and AKVA group Scotland Ltd. are pledged.
Note 14 \u2013 Interest-bearing debt (in NOK 1 000) Outstanding instruments at year-end (in NOK 1 000) Note Bank overdraft Liabilities to \ufb01nancial institutions Other longterm liabilities Lease liabilitites Other long-term \ufb01nancial assets Share capital / premium Reserves (translation differences ) Cash \ufb02ow hedges reserves Retained earnings NCI Total Balance at 01.01.2023 43 125 739 981 36 637 482 434 -50 659 1 209 263 -8 443 -6 168 -50 316 336 2 396 190 CHANGES FROM FINANCING CASH FLOWS Repayment of borrowings -43 125 -35 996 -16 221 - - - - - - - -95 342 Proceeds from borrowings - 195 832 - - - - - - - - 195 832 Repayment of lease liabilities - - - -84 671 - - - - - - -84 671 Interest received(+)/paid(-) 15 -16 541 -46 875 - -22 481 - - - - - - -85 897 Total changes from \ufb01nancing cash \ufb02ows -59 666 112 961 -16 221 -107 152 - - - - - - -70 078 The effect of changes in foreign exchange rates - - - - - - -4 726 - - - -4 726 Changes in fair value - - - - - - - - - - - OTHER CHANGES Liability-related Adjustments related to prior periods - - - - - - - - -0 0 0 Non-controlling interests arising on a business combinations 19 - - - - - - - - 10 581 10 581 21 162 Translation differences - - - - 3 763 - - - - - 3 763 Interest income(-)/expense(+) 15 16 541 46 875 - 22 481 - - - - - - 85 897 Debt related to subscription fee ERP - - 39 361 - - - - - - - 39 361 New leases - - 98 262 - - - - - - 98 262 Total liability-related other changes 16 541 46 875 39 361 120 743 3 763 - - - 10 581 10 581 248 445 Total equity-related other changes - - - - - 13 431 - 5 991 -16 873 -692 1 856 Balance at 31.12.2023 0 899 817 59 777 496 026 -46 895 1 222 693 -13 169 -177 -56 608 10 225 2 571 690 Loan covenants to DNB In the loan documents from DNB the following \ufb01nancial loan covenants are set: \u25a0 The ratio net interest-bearing debt over twelve months rolling EBITDA < 4,50 \u25a0 Equity ratio for AKVA group > 25% Net interest-bearing debt over twelve months rolling EBITDA was 3.66 as of 31 December 2023. The equity ratio in AKVA group was 30% and equity was MNOK 1.142 as of 31 December 2023. In December 2023 the Company obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA) covenant. The waiver is effective from 23 November 2023 to and including 30 September 2024 (waiver period). The EBITDA used for calculat- ing the NIBD/EBITDA covenant is adjusted with MNOK 40. In the waiver period the leverage ratio shall not exceed 4,5 including the allowed adjustment to the EBITDA set out above. The lever- age ratio was 3,66 as of 31 December 2023 and AKVA group was in compliance with all bank covenants. The Group continues to closely monitor its \ufb01nancial performance to ensure compliance with \ufb01nancial covenants. In September 2022 the Company obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant). The waiver was effective from 30 September 2022 to and includ- ing 30 September 2023 (waiver period). The EBITDA used for calculating the NIBD/EBITDA covenant was adjusted for certain one-time cost provisions and restructuring provisions in Q2 and Q3 2022. The adjustment was a total of MNOK 138. In the waiver period the leverage ratio shall not exceed 4,5 including the allowed adjustment to the EBITDA calculation set out above. Reconciliation of movements in cash \ufb02ows arising from \ufb01nancing activities:
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"f5187": {
"value": "Financial liabilities Financial liabilities are classi\ufb01ed, at initial recognition, as loans and borrowings, payables, or as \ufb01nancial liabili- ties at fair value through pro\ufb01t and loss (derivatives), as appropriate. All \ufb01nancial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. Derivatives are \ufb01nancial liabilities when the fair value is negative, accounted for similarly as derivatives as assets. Financial liabilities at amortized cost After initial recognition, interest-bearing loans and bor- rowings are subsequently measured at amortized cost using the EIR method. Gains and losses are recognized in pro\ufb01t or loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortization is included as \ufb01nance costs in the statement of pro\ufb01t or loss. Payables are measured at their nominal amount when the effect of discounting is not material.
Derecognition of \ufb01nancial liabilities A \ufb01nancial liability is derecognized when the obligation under the liability is discharged or cancelled or expires. When an existing \ufb01nancial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modi- \ufb01ed, such an exchange or modi\ufb01cation is treated as the derecognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the statement of pro\ufb01t or loss.
INVENTORIES Inventories, including work in progress, are measured at the lower of cost and net realizable value. The cost of inventories is based on the \ufb01rst-in, \ufb01rst-out (FIFO) princi- ple. Finished goods and work in progress include varia- ble costs and \ufb01xed costs that can be allocated to goods based on normal capacity. The net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and estimated costs necessary to make the sale. Obsolete inventories have been fully recognized as costs of goods sold.
Note 10 \u2013 Inventory (in NOK 1 000) Inventory 2023 2022 Raw materials (at cost) 253 700 226 014 Work in progress (at cost) 50 842 61 905 Finished goods (at net realisable value) 324 076 312 477 Total 628 614 600 394 Write-down of obsolete inventory 01.01. 18 551 14 069 Change in write-down of obsolete inventory during the year -1 185 4 483 Write-down of obsolete inventory 31.12. 17 366 18 551 The write down of obsolete inventory at year-end is related to \ufb01nished goods.
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"f5379": {
"value": "INVENTORIES Inventories, including work in progress, are measured at the lower of cost and net realizable value. The cost of inventories is based on the \ufb01rst-in, \ufb01rst-out (FIFO) princi- ple. Finished goods and work in progress include varia- ble costs and \ufb01xed costs that can be allocated to goods based on normal capacity. The net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and estimated costs necessary to make the sale. Obsolete inventories have been fully recognized as costs of goods sold.
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f5394": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of \ufb01nancial position includes cash in hand and at bank. Cash equiv- alents are short-term liquid investments that can be converted into cash within three months and to a known amount, and which contain insigni\ufb01cant risk elements. The cash and cash equivalent amount in the cash \ufb02ow statement do not include overdraft facilities.
Note 12 \u2013 Cash and cash equivalents (in NOK 1 000) 2023 2022 Cash 219 394 277 988 Restricted funds - - Total cash and cash equivalents 219 394 277 988 The group has entered into a tax deduction guarantee agree- ment and thus has no restricted funds. The group has an overdraft facility of MNOK 300 and a revolv- ing credit line of MNOK 500 in DNB. As of 31 December 2023, MNOK 0 of the overdraft facility was utilized, at year-end 2022 43 MNOK was utilized. As of December 31, 2023 500 MNOK of the revolving credit line was utilized. On 31 December 2022 304,2 MNOK of the revolving facility was utilized.
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"f5396": {
"value": "CASH AND CASH EQUIVALENTS Cash and cash equivalents in the statement of \ufb01nancial position includes cash in hand and at bank. Cash equiv- alents are short-term liquid investments that can be converted into cash within three months and to a known amount, and which contain insigni\ufb01cant risk elements. The cash and cash equivalent amount in the cash \ufb02ow statement do not include overdraft facilities.
",
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"f5436": {
"value": "IMPAIRMENT OF ASSETS Non-\ufb01nancial assets At each reporting date, the Group reviews the carrying amounts of its non-\ufb01nancial assets (other than invento- ries, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill, intangible assets with inde\ufb01nite lives and intangible assets not yet available for use are tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets (cash-generating units, CGU\u2019s). Goodwill arising from a business combination is allocated to CGU\u2019s that are expected to bene\ufb01t from the synergies of the combination. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and its value in use. Value in use is based on the estimated future cash \ufb02ows, discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset or CGU. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recog- nized in the income statement. They are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Except for goodwill, impairment losses recognized in the income statements for previous periods are reversed when there is information that the need for the impair- ment loss no longer exists or is not as great as it was. The reversal is recognized in the same line item as the impair- ment. However, no reversal takes place if the reversal leads to the carrying amount exceeding what the carrying amount would have been if normal depreciation periods had been used.
Impairment test of goodwill and intangible assets with inde\ufb01nite useful life: Intangible assets with inde\ufb01nite useful life and goodwill are not amortized. These assets are tested annually for impair- ment. The brand of Sperre, AD Offshore and Egersund Net are assessed to have an inde\ufb01nite lifespan effect due to their strong standing and position already achieved within the markets they operate. The fair value of these three intangible assets are the only ones de\ufb01ned with inde\ufb01nite useful life. Goodwill and intan- gible assets acquired through business combinations have been allocated to the following cash-generating units: Book value of goodwill 2023 2022 Sea Based Technology 642 857 635 099 Digital Solutions 31 623 9 600 Land Based Technology 108 820 102 961 Total goodwill 783 300 747 660 Book value of intangible assets with inde\ufb01nite 2023 2022 S&AS Sea Based Technology Norway 9 057 9 057 Sea Based Technology 27 057 27 057 Total intangible assets 36 114 36 114 Discounted cash \ufb02ow models are used to determine the recov- erable amount for the cash-generating units. The Group has projected cash \ufb02ows based on \ufb01nancial budgets and forecasts approved by the Board of Directors. Beyond the explicit budget and forecast period of \ufb01ve years, the cash \ufb02ows are extrapolated using a constant nominal growth rate. KEY ASSUMPTIONS USED FOR CALCULATIONS: Growth rates The expected growth rates from the cash-generating units con- verges from its current level experienced over the last few years to the long-term growth level expected for the aquaculture industry. Cash \ufb02ows beyond a \ufb01ve-year period are extrapolated using a 2.0% growth rate. Revenue Revenue is based on budget for the coming year and strategy \ufb01gures for the period 2025-2027, assessed through a thorough process for all cash-generating units. Thereafter the outlook and expectations within each cash-generating unit is considered and revenue is estimated with a reasonable, but conservative growth rate. Gross margin The gross margins, revenues subtracted for cost of goods sold, are only with immaterial changes based on achieved gross margins during the last three years and is aligned with achievements the last year. It is assumed the gross margin will be stable in the years to come. It is expected that any change in the raw material prices during a reasonable time period will be re\ufb02ected in product market prices and thus not have any mate- rial effect on achieved gross margins. Market share The calculations assume that market share will not change signi\ufb01cantly from the date of the calculation. Discount rates Discount rates are based on Weighted Average Cost of Capital (WACC) derived from the Capital Asset Pricing Model (CAPM) methodology. The cost of a company's equity and debt, weighted to re\ufb02ect its capital structure of 70|30 respectively, derive its weighted average cost of capital. The discount rates take into account the debt premium, market risk premium and gearing, corporate tax rate and asset beta. In the recoverable amount assessment, the Group has applied estimated cash \ufb02ows after tax and a corresponding discount rate after tax of 9.56% for all cash-generating units. The pre-tax discount rate is 9.94%. A variation of +/- 1% does not materially affect the conclusion of the impairment tests. Sensitivity to changes in assumptions With regards to the assessment of value-in-use of the different cash-generating units, management believes that no reasona- bly possible change in any of the above key assumptions would cause the carrying value of the unit to exceed its recoverable amount. Impact of climate change related risk The value-in-use estimates used in the impairment analysis considers climate change risk through applying cash \ufb02ows based on expected developments in climatic conditions affecting the aquaculture industry. Climate risk is an area that Executive Personnel continuously focuses on, and the group experiences that climate factors are increasingly priced into the group's operations, whether it concerns the price of input factors, requirements for climate accounts from customers, pro\ufb01tability variation within the product portfolio and more. No direct climate risk premium has been made in the value-in- use estimates, as the group believes that this has already been priced into future cash \ufb02ows, and that macroeconomic factors have been taken into account in determining the discount rate for calculating value-in-use. Management recognizes that there is an increased pace of change in the industry and associated political landscape and will continue to work towards incorporating quanti\ufb01cation of the \ufb01nancial impact of climate change and related policies within AKVA group\u2019s annual \ufb01lings.
Note 8 \u2013 Tangible \ufb01xed assets (in NOK 1 000) 2023 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 46 819 774 677 582 075 1 403 571 Additions related to acquisitions 0 944 775 1 719 Additions 10 317 123 359 58 801 192 477 Translation differences 928 3 735 9 036 13 699 Disposals -1 766 -19 026 -15 081 -35 873 Acquisition cost 31.12. 56 298 883 688 635 607 1 575 593 Accumulated depreciation 01.01. 11 650 300 556 430 190 742 397 Depreciation 1 674 95 240 46 961 143 892 Translation differences 106 1 028 7 058 8 174 Accumulated depreciation disposals 0 -11 491 -5 615 -17 106 Accumulated depreciation 31.12. 13 430 385 333 478 595 877 357 Accumulated impairment 01.01. 832 22 742 2 356 25 930 Impairment 0 0 0 0 Translation differences 0 472 0 472 Accumulated impairment 31.12. 832 23 214 2 356 26 402 Net book value 31.12. 42 037 475 141 154 654 671 833 2022 Land and building Right-of-use assets Machinery & equipment Total Acquisition cost at 01.01. 44 084 683 380 545 027 1 272 490 Additions 2 076 84 238 65 075 151 388 Translation differences 827 7 125 7 776 15 728 Disposals -167 -66 -35 802 -36 035 Acquisition cost 31.12. 46 819 774 677 582 075 1 403 571 Accumulated depreciation 01.01. 10 017 213 879 406 027 629 924 Depreciation 1 488 80 900 43 707 126 094 Translation differences 146 2 828 4 307 7 281 Accumulated depreciation disposals 0 2 949 -23 851 -20 902 Accumulated depreciation 31.12. 11 650 300 556 430 190 742 397 Accumulated impairment 01.01. 0 0 0 0 Impairment 832 22 462 2 356 25 650 Translation differences 0 280 0 280 Accumulated impairment 31.12. 832 22 742 2 356 25 930 Net book value 31.12. 34 337 451 379 149 529 635 245 Related to restructuring of the Land Based Business area in Q3 2022 there has been performed impairment test at different CGU levels. The result is an impairment of right-ofuse asset and other \ufb01xed asset of MNOK 25.7. Land balances are not depreciated. Right-of-use assets are depre- ciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. For remaining tangible assets, straight-line depreciation over the asset\u2019s useful economic life is applied. The useful economic life is estimated as: \u25a0 Buildings: > 20 years \u25a0 Right-of-use assets: 3-15 years \u25a0 Machinery and equipment: 3-5 years Impact of climate change related risk Climate change leading to more extreme weather and higher water temperatures can potentially make it harder to farm in the sea and disrupt natural ecosystems. Some parts of the world already see increasing water surface temperatures negatively impacting the farming of \ufb01sh. In other countries, extreme weather conditions such as storms are increasing, requiring adaptation of the \ufb01sh farms at sea to make them more weather resistant. These changes may lead to increased costs for us as a supplier and an overall decrease in the \ufb01sh farming industry, both with potential impacts to the Group`s income and result. In the view of the Group, climate change also creates an opportu- nity for a market of new technology and solutions mitigating the risks such as deep farming solutions. A global focus on reducing greenhouse gas emissions (GHG) may also lead to an increased demand for farmed \ufb01sh, and possibly expanding the market for the Group. The Group's review of climate risks and opportunities are further detailed in our ESG report and taxonomy report. AKVA group has assessed that the potential negative effect from this currently is uncertain and that it does not constitute an impair- ment indicator.
IMPAIRMENT OF ASSETS Non-\ufb01nancial assets At each reporting date, the Group reviews the carrying amounts of its non-\ufb01nancial assets (other than invento- ries, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill, intangible assets with inde\ufb01nite lives and intangible assets not yet available for use are tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash in\ufb02ows from continuing use that are largely independent of the cash in\ufb02ows of other assets (cash-generating units, CGU\u2019s). Goodwill arising from a business combination is allocated to CGU\u2019s that are expected to bene\ufb01t from the synergies of the combination. The recoverable amount of an asset or CGU is the higher of the fair value less costs of disposal and its value in use. Value in use is based on the estimated future cash \ufb02ows, discounted to their present value using a discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset or CGU. If an asset\u2019s carrying amount is higher than the asset\u2019s recoverable amount, an impairment loss will be recog- nized in the income statement. They are allocated \ufb01rst to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets in the CGU on a pro rata basis. Except for goodwill, impairment losses recognized in the income statements for previous periods are reversed when there is information that the need for the impair- ment loss no longer exists or is not as great as it was. The reversal is recognized in the same line item as the impair- ment. However, no reversal takes place if the reversal leads to the carrying amount exceeding what the carrying amount would have been if normal depreciation periods had been used.
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"f5481": {
"value": "EQUITY Share capital Ordinary shares are classi\ufb01ed as equity. Costs directly attributable to the issue of new shares or options, net of tax, are shown in equity as a deduction, net of tax, from the proceeds.
Other equity Translation differences Translation differences arise in connection with currency differences when foreign entities are consolidated. Currency differences relating to monetary items (liabil- ities or receivables), which are part of a company\u2019s net investment in foreign entities are treated as translation differences. When a foreign operation is sold, the accumulated trans- lation differences linked to the entity are reversed and recognized in the income statement in the same period as the gain or loss on the sale is recognized.
Hedge reserve The hedge reserve includes the total net change in the fair value of the cash-\ufb02ow hedge until the hedged cash \ufb02ow arises or is no longer expected to arise.
Dividends Dividends payable to the company\u2019s shareholders are rec- ognized as a liability in the Group\u2019s \ufb01nancial statements when the dividends are approved by the General Meeting.
Note 13 \u2013 Shareholders AKVA group ASA The company's share capital is MNOK 36.7 divided into 36.7 mil- lion shares, each with a par value of NOK 1. The company has only one category of shares and all shares entitle shareholders to equal rights in the company. The Annual General Meeting (AGM) in May 2023 authorized the Board of Directors to acquire shares for up to an amount of NOK 916,693 which equals approximately 2.5 % of the company's share capital. Acquisition of shares pursuant to this authoriza- tion may only take place if the company's distributable reserves according to the most recent balance sheet exceed the remu- neration for the shares to be acquired. The authorization was valid until the AGM in May 2024, however, not later than until 30 June 2024. This authorization replaces the authorization to the board to purchase own shares, given by the General Meeting on 12 May 2022. In the same AGM in 2023 the Board of Directors were authorized to increase the company\u2019s share capital by up to NOK 3,666,773, through subscription of new shares. The authorization does not authorize the board to waive the pre-emptive right of sharehold- ers pursuant to section 10-4 of the Public Limited Liability Com- panies Act (the \"Act\"), nor carry out a capital increase through payments in non-monetary assets, nor incur special obligations on behalf of the company as set out in section 10-2 of the Act, nor decisions on mergers pursuant to section 13-5 of the Act and may not be used in connection with the company's option program. The authorization shall be in force until the earlier of the time of the Annual General Meeting in 2024 and 30 June 2024. This authorization replaces all previous authorizations to the board to increase the company's share capital. The 20 largest shareholders at 31.12.22 (in NOK 1 000) 2022 2021 EGERSUND GROUP AS 18 703 105 51,01 % Israel Corporation Ltd 6 600 192 18,00 % PARETO AKSJE NORGE VERDIPAPIRFOND 1 901 267 5,19 % VERDIPAPIRFONDET NORDEA AVKASTNING 1 095 436 2,99 % SIX SIS AG 964 745 2,63 % VERDIPAPIRFONDET ALFRED BERG GAMBA 791 167 2,16 % VERDIPAPIRFONDET NORDEA KAPITAL 621 997 1,70 % VERDIPAPIRFONDET NORDEA NORGE PLUS 602 614 1,64 % FORSVARETS PERSONELLSERVICE 543 332 1,48 % J.P. Morgan SE 316 155 0,86 % MP PENSJON PK 302 998 0,83 % J.P. Morgan SE 256 590 0,70 % VERDIPAPIRFONDET EQUINOR AKSJER NO 237 430 0,65 % AKVA GROUP ASA 230 663 0,63 % VERDIPAPIRFONDET ALFRED BERG NORGE 221 502 0,60 % NESSE & CO AS 130 000 0,35 % PACTUM AS 129 988 0,35 % VERDIPAPIRFONDET ALFRED BERG NORGE 128 000 0,35 % DAHLE 125 795 0,34 % JAKOB HATTELAND HOLDING AS 100 800 0,27 % Other shareholders 2 663 957 7,27 % Total 36 667 733 100,00 %
Shares owned by members of the Board of Directors Number of shares Frode Teigen with family and Hans Kristian Mong with family as owners of Egersund Group AS1 18 703 105 Kristin Reitan Huseb\u00f8 1 200 Thomas Hansen S\u00e6land 1 000 1 Frode Teigen with family, through Kontrazi AS, and Hans Kristian Mong with family, through H\u00e5dyr AS, owns 50% each in Egersund Group AS Shares owned by Executive Personnel Number of shares Knut Nesse (CEO) 172 031 Ronny Meink\u00f8hn (CFO) 11 709 Johan Fredrik Gjesdal (COO Land Based) 6 967 Kristian Botnen (COO Sea Based Nordic) 2 192 Stig Domaas F\u00f8rre (COO Sea Based Internatinal) 120 Glenn Mo (COO Egersund Net) 5 260 Asle Kjetil Bratteli (CDO) 5 260 Maren Hognestad Sunde (HR Director) 5 260 St\u00e5le \u00d8kland (Director Comm. & Sust.) 5 260
Share capital Ordinary shares are classi\ufb01ed as equity. Costs directly attributable to the issue of new shares or options, net of tax, are shown in equity as a deduction, net of tax, from the proceeds.
Note 13 \u2013 Shareholders AKVA group ASA The company's share capital is MNOK 36.7 divided into 36.7 mil- lion shares, each with a par value of NOK 1. The company has only one category of shares and all shares entitle shareholders to equal rights in the company. The Annual General Meeting (AGM) in May 2023 authorized the Board of Directors to acquire shares for up to an amount of NOK 916,693 which equals approximately 2.5 % of the company's share capital. Acquisition of shares pursuant to this authoriza- tion may only take place if the company's distributable reserves according to the most recent balance sheet exceed the remu- neration for the shares to be acquired. The authorization was valid until the AGM in May 2024, however, not later than until 30 June 2024. This authorization replaces the authorization to the board to purchase own shares, given by the General Meeting on 12 May 2022. In the same AGM in 2023 the Board of Directors were authorized to increase the company\u2019s share capital by up to NOK 3,666,773, through subscription of new shares. The authorization does not authorize the board to waive the pre-emptive right of sharehold- ers pursuant to section 10-4 of the Public Limited Liability Com- panies Act (the \"Act\"), nor carry out a capital increase through payments in non-monetary assets, nor incur special obligations on behalf of the company as set out in section 10-2 of the Act, nor decisions on mergers pursuant to section 13-5 of the Act and may not be used in connection with the company's option program. The authorization shall be in force until the earlier of the time of the Annual General Meeting in 2024 and 30 June 2024. This authorization replaces all previous authorizations to the board to increase the company's share capital. The 20 largest shareholders at 31.12.22 (in NOK 1 000) 2022 2021 EGERSUND GROUP AS 18 703 105 51,01 % Israel Corporation Ltd 6 600 192 18,00 % PARETO AKSJE NORGE VERDIPAPIRFOND 1 901 267 5,19 % VERDIPAPIRFONDET NORDEA AVKASTNING 1 095 436 2,99 % SIX SIS AG 964 745 2,63 % VERDIPAPIRFONDET ALFRED BERG GAMBA 791 167 2,16 % VERDIPAPIRFONDET NORDEA KAPITAL 621 997 1,70 % VERDIPAPIRFONDET NORDEA NORGE PLUS 602 614 1,64 % FORSVARETS PERSONELLSERVICE 543 332 1,48 % J.P. Morgan SE 316 155 0,86 % MP PENSJON PK 302 998 0,83 % J.P. Morgan SE 256 590 0,70 % VERDIPAPIRFONDET EQUINOR AKSJER NO 237 430 0,65 % AKVA GROUP ASA 230 663 0,63 % VERDIPAPIRFONDET ALFRED BERG NORGE 221 502 0,60 % NESSE & CO AS 130 000 0,35 % PACTUM AS 129 988 0,35 % VERDIPAPIRFONDET ALFRED BERG NORGE 128 000 0,35 % DAHLE 125 795 0,34 % JAKOB HATTELAND HOLDING AS 100 800 0,27 % Other shareholders 2 663 957 7,27 % Total 36 667 733 100,00 %
Shares owned by members of the Board of Directors Number of shares Frode Teigen with family and Hans Kristian Mong with family as owners of Egersund Group AS1 18 703 105 Kristin Reitan Huseb\u00f8 1 200 Thomas Hansen S\u00e6land 1 000 1 Frode Teigen with family, through Kontrazi AS, and Hans Kristian Mong with family, through H\u00e5dyr AS, owns 50% each in Egersund Group AS Shares owned by Executive Personnel Number of shares Knut Nesse (CEO) 172 031 Ronny Meink\u00f8hn (CFO) 11 709 Johan Fredrik Gjesdal (COO Land Based) 6 967 Kristian Botnen (COO Sea Based Nordic) 2 192 Stig Domaas F\u00f8rre (COO Sea Based Internatinal) 120 Glenn Mo (COO Egersund Net) 5 260 Asle Kjetil Bratteli (CDO) 5 260 Maren Hognestad Sunde (HR Director) 5 260 St\u00e5le \u00d8kland (Director Comm. & Sust.) 5 260
Share capital Ordinary shares are classi\ufb01ed as equity. Costs directly attributable to the issue of new shares or options, net of tax, are shown in equity as a deduction, net of tax, from the proceeds.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f5522": {
"value": "Dividends Dividends payable to the company\u2019s shareholders are rec- ognized as a liability in the Group\u2019s \ufb01nancial statements when the dividends are approved by the General Meeting.
Note 21 \u2013 Dividend The company is aiming to give the shareholders a competitive return on investment by a combination of cash dividend and share price increase. The company\u2019s dividend policy shall be stable and predictable. When deciding the dividend, the board will take into consideration expected cash \ufb02ow, capital expenditure plans, \ufb01nancing requirements/compliance, appropriate \ufb01nancial \ufb02exibility, and the level of net interest-bearing debt. The company need to comply with all legal requirements to pay dividend. No dividend was paid out in 2023. Dividend 2023 2022 Per share 0,00 1,00 Total distributed amount1 0,00 36 373 451 1 The total distributed amount in 2022 is reduced with MNOK 0.294 as the company owned 294,282 shares at the time of the dividend payment.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5524": {
"value": "Dividends Dividends payable to the company\u2019s shareholders are rec- ognized as a liability in the Group\u2019s \ufb01nancial statements when the dividends are approved by the General Meeting.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5531": {
"value": "PROVISIONS Provisions are recognized when, and only when, the company has a valid liability (legal or constructive) as a result of events that have taken place and it can be proven probable (more probable than not) that a \ufb01nancial settle- ment will take place as a result of this liability, and that the size of the amount can be measured reliably. Provi- sions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. Provided provisions to cover the liability will be equal to fair value if the effect of time is insigni\ufb01cant. When the effect of time is signi\ufb01cant, the provisions will be the present value of future payments to cover the liability. Any increase in the provisions due to time is presented as interest costs. Warranties A provision for warranties is recognized when the under- lying products or services are sold, based on historical warranty data. Obsolete inventory A provision for obsolete inventory is recognized when the net realizable value is deemed to be below the carrying value. Bad debt A provision for bad debt is recognized for expected credit losses.
CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
Note 23 \u2013 Provisions (in NOK 1 000) AKVA group has booked the following provisions as of 31 December 2023: Warranties Obsolete inventory Bad debt Restructuring Land Based Area Total Balance at 01.01.2023 47 507 18 551 6 684 34 315 107 056 Provisions made during the year 10 029 2 585 188 - 12 803 Provisions used/reversed during the year -15 082 -4 220 -1 838 -33 915 -55 054 Revaluation 1 300 449 296 2 045 Balance at 31.12.2023 43 754 17 366 5 330 400 66 850 Non-current - 600 - - 600 Current 43 754 16 767 5 331 400 66 252 As part of the restructuring of the Land Based Area in Q3 2022, a provision of 53.0 MNOK was booked. At 31. December 2022, the provision was 34.3 MNOK. 25.8 MNOK relates to rightsizing of the segment, and 8.8 MNOK relates to other provisions. At 31. December 2023 0.4 MNOK is left of the provision and relates to other provisions.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5532": {
"value": "PROVISIONS Provisions are recognized when, and only when, the company has a valid liability (legal or constructive) as a result of events that have taken place and it can be proven probable (more probable than not) that a \ufb01nancial settle- ment will take place as a result of this liability, and that the size of the amount can be measured reliably. Provi- sions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. Provided provisions to cover the liability will be equal to fair value if the effect of time is insigni\ufb01cant. When the effect of time is signi\ufb01cant, the provisions will be the present value of future payments to cover the liability. Any increase in the provisions due to time is presented as interest costs. Warranties A provision for warranties is recognized when the under- lying products or services are sold, based on historical warranty data. Obsolete inventory A provision for obsolete inventory is recognized when the net realizable value is deemed to be below the carrying value. Bad debt A provision for bad debt is recognized for expected credit losses.
CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
Note 23 \u2013 Provisions (in NOK 1 000) AKVA group has booked the following provisions as of 31 December 2023: Warranties Obsolete inventory Bad debt Restructuring Land Based Area Total Balance at 01.01.2023 47 507 18 551 6 684 34 315 107 056 Provisions made during the year 10 029 2 585 188 - 12 803 Provisions used/reversed during the year -15 082 -4 220 -1 838 -33 915 -55 054 Revaluation 1 300 449 296 2 045 Balance at 31.12.2023 43 754 17 366 5 330 400 66 850 Non-current - 600 - - 600 Current 43 754 16 767 5 331 400 66 252 As part of the restructuring of the Land Based Area in Q3 2022, a provision of 53.0 MNOK was booked. At 31. December 2022, the provision was 34.3 MNOK. 25.8 MNOK relates to rightsizing of the segment, and 8.8 MNOK relates to other provisions. At 31. December 2023 0.4 MNOK is left of the provision and relates to other provisions.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f5535": {
"value": "PROVISIONS Provisions are recognized when, and only when, the company has a valid liability (legal or constructive) as a result of events that have taken place and it can be proven probable (more probable than not) that a \ufb01nancial settle- ment will take place as a result of this liability, and that the size of the amount can be measured reliably. Provi- sions are reviewed on each balance sheet date and their level re\ufb02ects the best estimate of the liability. Provided provisions to cover the liability will be equal to fair value if the effect of time is insigni\ufb01cant. When the effect of time is signi\ufb01cant, the provisions will be the present value of future payments to cover the liability. Any increase in the provisions due to time is presented as interest costs. Warranties A provision for warranties is recognized when the under- lying products or services are sold, based on historical warranty data. Obsolete inventory A provision for obsolete inventory is recognized when the net realizable value is deemed to be below the carrying value. Bad debt A provision for bad debt is recognized for expected credit losses.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5568": {
"value": "CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5569": {
"value": "CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5571": {
"value": "CONTINGENT LIABILITIES AND ASSETS Except for in the event of a business combination, neither contingent liabilities nor contingent assets are recognized.
A contingent liability is a possible obligation that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity; or a present obligation that arises from past events but is not recognized because it is not probable that an out\ufb02ow of resources embodying economic bene\ufb01ts will be required to settle the obligation or the amount of the obligation cannot be measured with suf\ufb01cient reliability. Contingent liabilities are disclosed except for contingent liabilities where the probability of the liability having to be settled is remote. Contingent liabilities acquired upon the purchase of a business are recognized at fair value even if the liability is not probable. The assessment of probability and fair value is subject to constant review. Changes in the fair value are recognized in the income statement. Contingent assets are possible asset that arises from past events and whose existence will be con\ufb01rmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Information about such contingent assets is provided if in\ufb02ow of economic bene\ufb01ts is probable.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5633": {
"value": "GOVERNMENT GRANTS Government grants are recognized when there is reason- able assurance that they will be received, and the Group will comply with conditions associated with the grant. Grants related to assets are presented in the balance sheet by deducting the grant when arriving at the car- rying amount of the asset and recognized in the income statement over the useful life of the depreciable asset as a reduced depreciation expense. Grants that compensate the Group for expenses incurred are recognized in pro\ufb01t and loss on a systematic basis over the periods in which the expenses are recognized.
Note 4 \u2013 Government grants and subsidies (in NOK 1 000) Government grants received 2023 2022 \"Skattefunn\" 5 047 100 Other 2 568 6 603 Total 7 615 6 703 Grants and subsidies cover the operating expenses recognized for the speci\ufb01c projects that are basis for the application of such grants and subsidies.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5635": {
"value": "GOVERNMENT GRANTS Government grants are recognized when there is reason- able assurance that they will be received, and the Group will comply with conditions associated with the grant. Grants related to assets are presented in the balance sheet by deducting the grant when arriving at the car- rying amount of the asset and recognized in the income statement over the useful life of the depreciable asset as a reduced depreciation expense. Grants that compensate the Group for expenses incurred are recognized in pro\ufb01t and loss on a systematic basis over the periods in which the expenses are recognized.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5653": {
"value": "EVENTS AFTER THE BALANCE SHEET DATE Events after the balance sheet date that do not affect the company\u2019s position at the balance sheet date, but which will affect the company\u2019s position in the future are dis- closed if signi\ufb01cant. NEW AND AMENDED IFRS ACCOUNTING STANDARDS THAT ARE EFFECTIVE FOR THE CURRENT YEAR Amendments to IAS 1 Presentation of Financial State- ments and IFRS Practice Statement 2 Making Materiality Judgements\u2014 Disclosure of Accounting Policies The group has adopted the amendments to IAS 1 for the \ufb01rst time in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term \u2018signi\ufb01cant accounting policies\u2019 with \u2018material accounting policy information\u2019. Accounting policy information is material if, when considered together with other information included in an entity\u2019s \ufb01nancial statements, it can reasonably be expected to in\ufb02uence decisions that the primary users of general purpose \ufb01nancial statements make on the basis of those \ufb01nancial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or condi- tions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material trans- actions, other events or conditions is itself material.
Note 24 \u2013 Subsequent events DIVIDEND At the board meeting on 15 February 2024 the Board of Directors in AKVA group ASA resolved to not distribute any dividend the \ufb01rst half of 2024.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5733": {
"value": "BUSINESS SEGMENTS For more detailed description and information about prod- ucts and services included in the business areas, please go to www.akvagroup.com SEA BASED TECHNOLOGY (SBT) Main products in the SBT segment are feed barges, \ufb01sh farming cages, feed systems, nets, sensors, cameras, light systems, net cleaning systems and remotely oper- ating vehicles (ROV\u2019s). The PolarcirkelTM polyethylene (PE) cages are produced at our facility in Mo i Rana, Norway, and is one of the world\u2019s leading \ufb01sh cage brands. The PolarcirkelTM brand also includes Polar- cirkelTM PE-boats designed for extreme conditions for the \ufb01sh-farming industry, diving and the oil and gas service industry. Steel cages sold under the WavemasterTM brand are market leaders in Chile and Canada. Wavemas- terTM\u2019s produc- tion facility for steel cages is in Puerto Montt, Chile. The feed barges have a strong international position in the salmon market and are supplied with AKVASmartTM centralized feed systems as well as other technologies from AKVA group. The manufacturing of feed barges designed by AKVA group, are done in amongst oth- ers the Baltic\u2019s, Poland, and Vietnam by external partners. Sperre AS, a subsidiary located at Notodden, Norway, holds extensive experience in developing and producing a range of advanced ROV solutions, with applications for both aquaculture as well as oil service and marine indus- tries. Egersund Net, a company acquired in 2018, offer nets, special nets and moorings and has an extensive ser- vice network for net services. Out of \ufb01laments Egersund Net produce its own netting in Norway, which is used in the manufacturing of a variety of standard and special \ufb01sh net designs, all optimized, focusing on quality, ESG and user-friendliness. LAND BASED TECHNOLOGY (LBT) Recirculation technology forms the main part of our Land Based Aquaculture Technology, which is developing into a major trend in global aquaculture. This technology allows the re-use (recirculation) of close to 100% of the water by cleaning the water and restoring important water quality parameters, using advanced water treatment technology. Main components used include mechanical \ufb01lters, UV treatment, bio \ufb01lters, degasser units, oxygenation, cool- ing/heating systems and lifting pumps. Subsidiaries in the Group for Land Based Technology are AKVA group Denmark A/S (Denmark), AKVA group Land Based S\u00f8mna AS (Norway), AKVA group Land Based Americas S.A (Chile) and AKVA group Land Based A/S (Denmark). DIGITAL (DI) Main products in Digital are FishtalkTM, AKVAconnect, Observe and Submerged. The FishtalkTM software include brands such as: Pro- duction control, planning, traceability, and ERP software for both the aquaculture and the \ufb01shing industry. Main markets include Norway, Iceland, Canada, Chile, and UK. AKVA group is the market leader in software both to the aquaculture and \ufb01shing industries in these markets. The main of\ufb01ces for the software activities are in Norway (Klepp and Trondheim). Intra segment transactions are immaterial; hence no reconciling items are presented in the tables below.
Total (in NOK 1 000) 2023 2022 Operating revenue 3 432 262 3 376 320 Operating expenses 3 168 855 3 218 050 Operating pro\ufb01t before depreciation and amortization (EBITDA) 263 407 158 270 Depreciation, amortization and impairment 195 805 214 762 Operating pro\ufb01t (EBIT) 67 603 -56 493 Assets 3 683 933 3 580 446 Liabilities 2 531 256 2 436 110 Investments in tangible and intangible assets 263 709 177 229
Revenues by customer The revenue from the 5 largest customers within all segments and geographic areas are as follows: Revenues by customer 2023 2022 Customer A 442 644 317 865 Customer B 250 837 235 207 Customer C 183 481 145 415 Customer D 174 539 93 749 Customer E 130 624 89 236 Revenue from customer A is mainly concentrated around the sea based technology segment.
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"f5974": {
"value": "GEOGRAPHICAL INFORMATION The \ufb01gures listed below are based on where the legal entities are located. Operating revenue 2023 2022 Norway 1 904 069 1 980 990 Chile 370 027 472 240 Canada 282 387 208 532 UK 164 841 154 424 Denmark 28 784 286 765 Other 682 154 273 369 Total 3 432 262 3 376 320 Non-current assets excluding deferred tax assets and long-term \ufb01nancial assets 2023 2022 Norway 1 682 015 1 468 098 Chile 54 553 66 216 Canada 33 488 28 844 UK 23 787 22 268 Denmark 5 809 8 225 Other 29 447 30 658 Total 1 829 099 1 624 308
Total assets (in NOK 1 000) 2023 2022 Norway 2 490 802 2 537 086 Chile 339 147 341 100 Denmark 196 608 192 479 Canada 192 152 161 522 UK 137 492 140 718 Other 327 732 207 541 Total 3 683 933 3 580 446 Total liabilities 2023 2022 Norway 1 666 420 1 801 333 Denmark 260 319 237 726 Chile 160 602 139 802 Canada 141 622 90 894 UK 85 897 54 419 Other 216 396 111 936 Total 2 531 256 2 436 110 Investments in the period 2023 2022 Norway 234 961 150 531 Chile 4 428 10 090 UK 10 626 8 337 Denmark 388 2 095 Canada 9 643 1 486 Other 3 663 4 690 Total 263 709 177 229
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"f6130": {
"value": "Revenues by customer The revenue from the 5 largest customers within all segments and geographic areas are as follows: Revenues by customer 2023 2022 Customer A 442 644 317 865 Customer B 250 837 235 207 Customer C 183 481 145 415 Customer D 174 539 93 749 Customer E 130 624 89 236 Revenue from customer A is mainly concentrated around the sea based technology segment.
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"f6192": {
"value": "Payroll expenses 2023 2022 Salaries 813 502 757 770 Payroll tax 70 870 50 732 Pension costs 41 369 36 796 Other bene\ufb01ts 28 113 35 645 Total 953 853 880 944 The number of employees in full time equivalent in the company at year end is1: 1 425 1 466
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"f6216": {
"value": "Remuneration The following tables speci\ufb01es renumeration to Executive Personnel and the Board of Directors for the presented periods: Remuneration to Executive Personnel 2023 (in NOK 1 000) Salary 1 Pension Other Accrued not paid Bonus Knut Nesse (CEO) 5 848 86 127 - Ronny Meink\u00f8hn (CFO) 3 610 86 124 - Kristian Botnen (COO Sea Based Nordic) 2 156 86 124 - Johan Fredrik Gjesdal (COO Land Based) 2 565 86 141 - Asle Kjetil Bratteli (CDO) 2 759 86 124 - Stig Domaas F\u00f8rre (COO Sea Based International)2 1 000 86 75 - Glenn Mo (COO Egersund Net) 3 450 71 1 - Maren Hognestad Sunde (HR Director) 2 058 86 5 - St\u00e5le \u00d8kland (Director Comm. & Sust.) 2 174 86 5 - 1 Salary includes the value of LTI shares achieved for the year, and any other payments such as allowances and benefits-in-kind with a meaningful monetary value received in the year, if applicable. 2 Stig F\u00f8rre assumed his position as COO Sea Based International in July 2023. Remuneration to Executive Personnel 2022 (in NOK 1 000) Salary Pension Other Accrued not paid Bonus Knut Nesse (CEO) 2 890 81 132 - Ronny Meink\u00f8hn (CFO) 2 050 81 129 - Erlend S\u00f8dal (COO Sea Based)4 1 946 81 121 - Johan Fredrik Gjesdal (COO Land Based) 1 707 81 139 - Asle Kjetil Bratteli (CDO) 2 024 81 129 - Andrew Campbell (COO International)3 2 076 81 130 - Kristian Botnen (COO Nordic)1 792 81 54 - Glenn Mo (COO Egersund Net)2 929 57 61 - Maren Hognestad Sunde (HR Director)2 679 70 6 - St\u00e5le \u00d8kland (Director Comm. & Sust.)2 721 78 5 - 1 Kristian Botnen assumed his position as COO Nordic in August 2022 2 Glenn Mo, Maren Hognestad Sunde and St\u00e5le \u00d8kland became a part of the Executive Personnel after organizational changes made in June 2022 3 Andrew Campbell stepped down as COO International in November 2022. 4 Erlend S\u00f8dal are not a part of the Executive Personnel after organizational changes made in June 2022, he also stepped down as COO Sea Based in June 2022.
Fees to the Board of Directors (in NOK 1 000) Position 2023 2022 Hans Kristian Mong Chairperson of the Board 345 329 Kristin Reitan Huseb\u00f8 Deputy Chairperson of the Board 229 219 Frode Teigen Deputy Chairperson of the Board 210 199 Heidi Nag Flikka Member of the Board 210 199 Tore Rasmussen Member of the Board 210 199 Yoav Doppelt Member of the Board 210 199 Irene Heng Lauvsnes Member of the Board 210 199 John Morten Kristiansen1 Member of the Board 53 13 Odd Jan H\u00e5land1 Employee elected Member of the Board 53 13 Siv Ir\u00e9n Nesse3 Employee elected Member of the Board 53 13 Ragnhild Ree2 Employee elected Member of the Board - 40 Magnus R\u00f8kke2 Employee elected Member of the Board - 40 Helen Helland2 Employee elected Member of the Board - 40 Mona Sk\u00e5t\u00f8y Skadberg4 Employee elected Member of the Board - - 1 John Morten Kristiansen and Odd Jan H\u00e5land assumed their positions as members of the Board in November 2022 2 Ragnhild Ree, Magnus R\u00f8kke and Helen Helland stepped down as members of the Board in November 2022 3 Siv Ir\u00e8n Nesse stepped down as member of the Board in December 2023 7 Mona Sk\u00e5t\u00f8y Skadberg assumed her positions as members of the Board 22. December 2023
Note 3 \u2013 Wages, remunerations, and pensions Incentive schemes The incentive scheme for Executive Personnel consists of two components: I. an annual bonus limited to between 30% and 50% of annual salary dependent upon 60% weight on \ufb01nanci- al targets based on EBIT and 40% weight on strategic KPI\u2019s, payable in cash, and II. a deferred bonus dependent upon strategic KPI\u2019s and \ufb01nancial performance targets (as set out in item i) above), payable in shares. The deferred bonus scheme has a duration varying between 2023 and 2027. In 2022 the CEO was granted a stock option instrument. The option agreement gives him the right to acquire 80 000 shares for NOK 70.00 per share. The option can be exercised in the period from April 1, 2025 to August 31 2025, conditional on the CEO being a member of the board of or employed in AKVA group or in one of its subsidiaries. The options can also be exercised prior to the said period if a takeover offer is made and completed, resulting in a change of control in the Company. The Company can set- tle the options by issuing new shares, deliver own shares (treasury shares) or paying cash compensation equal to the difference between the strike price and the market price for the Company's shares at the time of exercise. The CEO has an annual \ufb01xed salary of MNOK 3.0 and a monthly car allowance of KNOK 10. The bonus agreement of the CEO is as described above, limited to 50% of annual salary for the annual plan and deferred part payable in shares for the period 2022-2025 with a maximum annual share allocation of 44,520 shares. The CEO is entitled to 12-month severance payment if his employment agreement is terminated. New shares were granted in 2023, in accordance with the LTI scheme agreement, too a new member of the execu- tive personnel. These shares was already included in the outstanding amount at 31.12.2022. No new option instru- ments were granted in 2023.
Note 3 \u2013 Wages, remunerations, and pensions Outstanding instruments at year-end Performance Share Unit instruments Option instruments Outstanding 31.12.2022 499 380 80 000 Adjusted -10 000 0 Vested 2023 -126 780 0 Outstanding 31.12.2023 362 600 80 000 Weighted average remaining contractual life 1,50 1,67 Weighted average strike price 0,00 70,00 Pensions The pension schemes in all legal entities are de\ufb01ned con- tribution plans where agreed contributions are expensed as paid. The companies have no further commitments towards pensions when the agreed contributions are paid. All pension costs are included in payroll expenses in the pro\ufb01t and loss statement. As of 31 December 2023, the Group has no pension liability. According to Norwegian legislation the entities need to have a pension scheme for the employees. The existing pension schemes meet the requirements in the legislation. Loan and pledge The Group has not given any loans or pledges to members of the board or Executive Personnel as of 31 December 2023. Establishment of salaries and other remuneration to Executive Personnel The remuneration of the Executive Personnel is based on the principle that the base salary shall promote value creation in the company and contribute to coincident interests between owners and the Executive Personnel. As the leading aquaculture technology supplier, AKVA group is dependent to offer salaries and remunerations that secure that the most competent management is recruited. It is the policy of the Board of Directors that to recruit the most competent management, the com- pany has to offer salaries and remunerations which are satisfactory to the management and can compete in an international market. The Board of Directors has established a remuneration committee which shall act as a preliminary organ in rela- tion to the board\u2019s role in the establishment of remuner- ation to the chief executive of\ufb01cer and other members in the Executive Personnel. It is the company's policy that the remuneration of the Executive Personnel principally is based on a \ufb01xed monthly salary which re\ufb02ects the tasks and responsibility of the employment. The remuneration is established on an individual basis. The \ufb01xed monthly salary is determined amongst other of the following factors: \u25a0 Experience and competence of the executive manager \u25a0 Responsibility \u25a0 Competition from the market The agreed pension plan is the same for the Executive Personnel as for the rest of the Norwegian employees. Salary payments after termination of employment is nor- mally related to con\ufb01dentiality and restrictive competitor agreements in which these payments shall only compen- sate for the constraints to the resigned employees\u2019 per- mission to enter into a new employment agreement. AKVA group ASA does not use agreements of salary payments after termination of employment without a distinct reason.
Shares owned by members of the Board of Directors Number of shares Frode Teigen with family and Hans Kristian Mong with family as owners of Egersund Group AS1 18 703 105 Kristin Reitan Huseb\u00f8 1 200 Thomas Hansen S\u00e6land 1 000 1 Frode Teigen with family, through Kontrazi AS, and Hans Kristian Mong with family, through H\u00e5dyr AS, owns 50% each in Egersund Group AS Shares owned by Executive Personnel Number of shares Knut Nesse (CEO) 172 031 Ronny Meink\u00f8hn (CFO) 11 709 Johan Fredrik Gjesdal (COO Land Based) 6 967 Kristian Botnen (COO Sea Based Nordic) 2 192 Stig Domaas F\u00f8rre (COO Sea Based Internatinal) 120 Glenn Mo (COO Egersund Net) 5 260 Asle Kjetil Bratteli (CDO) 5 260 Maren Hognestad Sunde (HR Director) 5 260 St\u00e5le \u00d8kland (Director Comm. & Sust.) 5 260
Note 20 \u2013 Related parties (2021 \ufb01gures in brackets) See consolidated accounts note 3 about remuneration to CEO and Executive Personnel and fees to the Board of Directors. Centre of Aquaculture Competence AS (\u201cCAC\u201d) is a related party due to AKVA group ASA\u2019s ownership of 33% of the shares in CAC. The Group has as part of their role in CAC recorded revenues from CAC of MNOK 1.7 (0.0) in 2023. There were no outstanding balances towards CAC on 31 December 2023. Observe Technologies Ltd (\u201cOBSERVE\u201d) is a related party due to AKVA group ASA\u2019s ownership of 33.7% of the shares in OBSERVE. The Group has as part of their role in OBSERVE recorded revenues and costs from OBSERVE of respectively MNOK 0.0 (0.0) and MNOK 2.7 (0.6) in 2023. The outstanding balance towards OBSERVE on 31 December 2023 was a payable of MNOK 0.5 (0.6). NOFI Oppdrettservice AS (\u201cNOFI\u201d) is a related party due to Egersund Net AS\u2019s ownership of 50% of the shares in NOFI. The Group has as part of their role in NOFI recorded revenues and costs from NOFI of respectively MNOK 5.2 (5.5) and MNOK 0.9 (0.2) in 2023. The outstanding balance towards NOFI on 31 December 2023 was a receivable of MNOK 15.6 (15.1) and a payable of MNOK 0.1 (0.0). Abyss Group AS (\u201cABYSS\u201d) is a related party due to AKVA group ASA\u2019s ownership of 25.5% of the shares in ABYSS. The Group has as part of their role in ABYSS recorded rev- enues from ABYSS of MNOK 0.0 (0.0) in 2023. There were no outstanding balances towards ABYSS on 31 December 2023. Emel Balik is a related party due to Egersund Net AS\u2019s ownership of 50% of the shares in the company. The Group has as part of their role in Emel Balik recorded revenues from the company of MNOK 0.9 (0.0) in 2023. The outstanding bal- ance towards Emel Balik on 31 December 2023 was a receivable of MNOK 0.0 (0.0). Egersund Group is a related party due to its controlling ownership share of the AKVA Group ASA. AKVA Group has, in line with the company\u2019s ordinary course of business with Egersund Group and its subsidiaries, had revenues and costs of respectively MNOK 27.3 (18.6) and MNOK 62.5 (60.6) in 2023. Outstanding balances at year-end are unsecured and interest free and settlement occurs in cash. As of 31 December, the company had MNOK 3.9 (0.5) in trade receivables and MNOK 6.1 (6.3) in trade payables towards Egersund Group and its subsidiaries. The sales and purchases to related parties are made on terms equivalent to those that prevail in arm's length transactions.
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"f6217": {
"value": "Remuneration The following tables speci\ufb01es renumeration to Executive Personnel and the Board of Directors for the presented periods: Remuneration to Executive Personnel 2023 (in NOK 1 000) Salary 1 Pension Other Accrued not paid Bonus Knut Nesse (CEO) 5 848 86 127 - Ronny Meink\u00f8hn (CFO) 3 610 86 124 - Kristian Botnen (COO Sea Based Nordic) 2 156 86 124 - Johan Fredrik Gjesdal (COO Land Based) 2 565 86 141 - Asle Kjetil Bratteli (CDO) 2 759 86 124 - Stig Domaas F\u00f8rre (COO Sea Based International)2 1 000 86 75 - Glenn Mo (COO Egersund Net) 3 450 71 1 - Maren Hognestad Sunde (HR Director) 2 058 86 5 - St\u00e5le \u00d8kland (Director Comm. & Sust.) 2 174 86 5 - 1 Salary includes the value of LTI shares achieved for the year, and any other payments such as allowances and benefits-in-kind with a meaningful monetary value received in the year, if applicable. 2 Stig F\u00f8rre assumed his position as COO Sea Based International in July 2023. Remuneration to Executive Personnel 2022 (in NOK 1 000) Salary Pension Other Accrued not paid Bonus Knut Nesse (CEO) 2 890 81 132 - Ronny Meink\u00f8hn (CFO) 2 050 81 129 - Erlend S\u00f8dal (COO Sea Based)4 1 946 81 121 - Johan Fredrik Gjesdal (COO Land Based) 1 707 81 139 - Asle Kjetil Bratteli (CDO) 2 024 81 129 - Andrew Campbell (COO International)3 2 076 81 130 - Kristian Botnen (COO Nordic)1 792 81 54 - Glenn Mo (COO Egersund Net)2 929 57 61 - Maren Hognestad Sunde (HR Director)2 679 70 6 - St\u00e5le \u00d8kland (Director Comm. & Sust.)2 721 78 5 - 1 Kristian Botnen assumed his position as COO Nordic in August 2022 2 Glenn Mo, Maren Hognestad Sunde and St\u00e5le \u00d8kland became a part of the Executive Personnel after organizational changes made in June 2022 3 Andrew Campbell stepped down as COO International in November 2022. 4 Erlend S\u00f8dal are not a part of the Executive Personnel after organizational changes made in June 2022, he also stepped down as COO Sea Based in June 2022.
Fees to the Board of Directors (in NOK 1 000) Position 2023 2022 Hans Kristian Mong Chairperson of the Board 345 329 Kristin Reitan Huseb\u00f8 Deputy Chairperson of the Board 229 219 Frode Teigen Deputy Chairperson of the Board 210 199 Heidi Nag Flikka Member of the Board 210 199 Tore Rasmussen Member of the Board 210 199 Yoav Doppelt Member of the Board 210 199 Irene Heng Lauvsnes Member of the Board 210 199 John Morten Kristiansen1 Member of the Board 53 13 Odd Jan H\u00e5land1 Employee elected Member of the Board 53 13 Siv Ir\u00e9n Nesse3 Employee elected Member of the Board 53 13 Ragnhild Ree2 Employee elected Member of the Board - 40 Magnus R\u00f8kke2 Employee elected Member of the Board - 40 Helen Helland2 Employee elected Member of the Board - 40 Mona Sk\u00e5t\u00f8y Skadberg4 Employee elected Member of the Board - - 1 John Morten Kristiansen and Odd Jan H\u00e5land assumed their positions as members of the Board in November 2022 2 Ragnhild Ree, Magnus R\u00f8kke and Helen Helland stepped down as members of the Board in November 2022 3 Siv Ir\u00e8n Nesse stepped down as member of the Board in December 2023 7 Mona Sk\u00e5t\u00f8y Skadberg assumed her positions as members of the Board 22. December 2023
Note 3 \u2013 Wages, remunerations, and pensions Incentive schemes The incentive scheme for Executive Personnel consists of two components: I. an annual bonus limited to between 30% and 50% of annual salary dependent upon 60% weight on \ufb01nanci- al targets based on EBIT and 40% weight on strategic KPI\u2019s, payable in cash, and II. a deferred bonus dependent upon strategic KPI\u2019s and \ufb01nancial performance targets (as set out in item i) above), payable in shares. The deferred bonus scheme has a duration varying between 2023 and 2027. In 2022 the CEO was granted a stock option instrument. The option agreement gives him the right to acquire 80 000 shares for NOK 70.00 per share. The option can be exercised in the period from April 1, 2025 to August 31 2025, conditional on the CEO being a member of the board of or employed in AKVA group or in one of its subsidiaries. The options can also be exercised prior to the said period if a takeover offer is made and completed, resulting in a change of control in the Company. The Company can set- tle the options by issuing new shares, deliver own shares (treasury shares) or paying cash compensation equal to the difference between the strike price and the market price for the Company's shares at the time of exercise. The CEO has an annual \ufb01xed salary of MNOK 3.0 and a monthly car allowance of KNOK 10. The bonus agreement of the CEO is as described above, limited to 50% of annual salary for the annual plan and deferred part payable in shares for the period 2022-2025 with a maximum annual share allocation of 44,520 shares. The CEO is entitled to 12-month severance payment if his employment agreement is terminated. New shares were granted in 2023, in accordance with the LTI scheme agreement, too a new member of the execu- tive personnel. These shares was already included in the outstanding amount at 31.12.2022. No new option instru- ments were granted in 2023.
Note 3 \u2013 Wages, remunerations, and pensions Outstanding instruments at year-end Performance Share Unit instruments Option instruments Outstanding 31.12.2022 499 380 80 000 Adjusted -10 000 0 Vested 2023 -126 780 0 Outstanding 31.12.2023 362 600 80 000 Weighted average remaining contractual life 1,50 1,67 Weighted average strike price 0,00 70,00 Pensions The pension schemes in all legal entities are de\ufb01ned con- tribution plans where agreed contributions are expensed as paid. The companies have no further commitments towards pensions when the agreed contributions are paid. All pension costs are included in payroll expenses in the pro\ufb01t and loss statement. As of 31 December 2023, the Group has no pension liability. According to Norwegian legislation the entities need to have a pension scheme for the employees. The existing pension schemes meet the requirements in the legislation. Loan and pledge The Group has not given any loans or pledges to members of the board or Executive Personnel as of 31 December 2023. Establishment of salaries and other remuneration to Executive Personnel The remuneration of the Executive Personnel is based on the principle that the base salary shall promote value creation in the company and contribute to coincident interests between owners and the Executive Personnel. As the leading aquaculture technology supplier, AKVA group is dependent to offer salaries and remunerations that secure that the most competent management is recruited. It is the policy of the Board of Directors that to recruit the most competent management, the com- pany has to offer salaries and remunerations which are satisfactory to the management and can compete in an international market. The Board of Directors has established a remuneration committee which shall act as a preliminary organ in rela- tion to the board\u2019s role in the establishment of remuner- ation to the chief executive of\ufb01cer and other members in the Executive Personnel. It is the company's policy that the remuneration of the Executive Personnel principally is based on a \ufb01xed monthly salary which re\ufb02ects the tasks and responsibility of the employment. The remuneration is established on an individual basis. The \ufb01xed monthly salary is determined amongst other of the following factors: \u25a0 Experience and competence of the executive manager \u25a0 Responsibility \u25a0 Competition from the market The agreed pension plan is the same for the Executive Personnel as for the rest of the Norwegian employees. Salary payments after termination of employment is nor- mally related to con\ufb01dentiality and restrictive competitor agreements in which these payments shall only compen- sate for the constraints to the resigned employees\u2019 per- mission to enter into a new employment agreement. AKVA group ASA does not use agreements of salary payments after termination of employment without a distinct reason.
Shares owned by members of the Board of Directors Number of shares Frode Teigen with family and Hans Kristian Mong with family as owners of Egersund Group AS1 18 703 105 Kristin Reitan Huseb\u00f8 1 200 Thomas Hansen S\u00e6land 1 000 1 Frode Teigen with family, through Kontrazi AS, and Hans Kristian Mong with family, through H\u00e5dyr AS, owns 50% each in Egersund Group AS Shares owned by Executive Personnel Number of shares Knut Nesse (CEO) 172 031 Ronny Meink\u00f8hn (CFO) 11 709 Johan Fredrik Gjesdal (COO Land Based) 6 967 Kristian Botnen (COO Sea Based Nordic) 2 192 Stig Domaas F\u00f8rre (COO Sea Based Internatinal) 120 Glenn Mo (COO Egersund Net) 5 260 Asle Kjetil Bratteli (CDO) 5 260 Maren Hognestad Sunde (HR Director) 5 260 St\u00e5le \u00d8kland (Director Comm. & Sust.) 5 260
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"f6624": {
"value": "Fees to auditor 2023 2022 Audit 5217 4 486 Tax services 1439 978 Other services 308 1206 Total 6 963 6 669 All fees to the auditor are excluded of VAT.
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"f6688": {
"value": "Note 5 \u2013 Taxes Tax expense reported in pro\ufb01t or loss (in NOK 1 000) 2023 2022 Current taxes payable 2 876 11 250 Adjustment related to previous periods 1 151 4 579 Change in deferred taxes -14 809 -36 618 Total tax expense reported in pro\ufb01t or loss -10 782 -20 789 Tax expense reported in other comprehensive income 2023 2022 Tax expense reported in other comprehensive income 2023 2022 Cash \ufb02ow hedges -1 690 2 012 Total tax expense reported in other comprehensive income -1 690 2 012 Calculation of the basis for taxation 2023 2022 Profit before tax -29 309 -151 864 Permanent differences -22 776 -51 742 Change in temporary differences -58 945 224 396 Tax base -111 031 20 790 Speci\ufb01cation of temporary differences 2023 2022 Current assets 60 641 50 479 Fixed assets 142 763 118 431 Provisions -58 772 -113 176 Losses carried forward -235 870 -261 541 Capped interest (subject to interest limitation rules) -79 599 0 Other -11 646 -35 622 Total -182 484 -241 429 Speci\ufb01cation of deferred tax 2023 2022 Calculated deferred tax assets 72 464 72 918 Deferred tax asset not recognised in balance sheet 0 -28 016 Calculated deferred tax liability -30 995 -18 242 Deferred tax asset 72 464 44 903 Deferred tax liability 30 995 18 242 Effective tax rate 2023 2022 Expected income taxes, statutory tax rate of 22% -8 881 -34 428 Permanent differences (22%) -13 521 -10 465 Deviation between Norwegian and foreign tax rate 2 122 -573 Excess(-)/insuf\ufb01cient(+) provisions in former years 9 564 -3 406 Change in non-recognized deferred tax asset 0 28 084 Income tax expense reported in pro\ufb01t or loss -10 782 -20 789 Income tax expense reported in other comprehensive income -1 690 2 012 Total income tax expense reported -12 472 -18 776 The nominal tax rate in Norway was 22% in 2023. Business opera- tions outside Norway is subject to local tax rates in their country of operation, and nominal tax rates range from 15% to 30%. In some periods, tax losses carried forward that are not recognised in the balance sheet have caused variations in the effective tax rate. In periods when such assets have not been recognised, the effective tax rate has been higher than the long-term expectation, whereas it has been lower in periods when tax losses not recog- nised as assets have been utilised. The Group has a tax loss carry forward of MNOK 235.8. The total tax loss carried forward is included in the balance sheet as deferred tax asset. The deferred tax asset recognized in the balance sheet is made probable due to future earnings in the subsidiaries and tax plan- ning. About 84% of the tax loss carried forward is related to AKVA group ASA, whilst about 10% is related to AKVA group Land Based Americas S.A. An assessment of the future pro\ufb01t for the entities with tax loss car- ried forward is done, and for the tax loss carried forward included in the balance sheet as deferred tax asset it is expected that pro\ufb01t before tax in the next couple of years will offset the recognized deferred tax asset. The current market conditions look promising for the salmon industry worldwide. Norway has introduced new rules on global minimum tax (EU Pilar 2) with effect from 1 Jan 2024. The threshold for application of these new rules is an income of 750 MEUR. AKVA group ASA does not expect that the company will meet this threshold in 2024.
Note 6 \u2013 Earnings per share (in NOK 1 000) 2023 2022 Ordinary pro\ufb01t / net income (in NOK 1 000) -17 835 -131 209 Number of ordinary shares outstanding as of 31.12. 36 667 733 36 667 733 Weighted average number of ordinary shares 36 415 864 36 369 400 Earnings per share (NOK) -0,49 -3,61 Diluted number of shares 36 415 864 36 369 400 Diluted earnings per share (NOK) -0,49 -3,61
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"f7575": {
"value": "Note 9 \u2013 Subsidiaries and other long-term investments (in NOK 1 000 unless stated otherwise) Subsidiaries (consolidated in group accounts Consolidated from Location Ownership interest 2022 Ownership interest 2021 AKVA group Australasia Pty Ltd 2013 Australia 100 % 100 % AKVA group North America Inc 1995 Canada 100 % 100 % Newfoundland Aqua Service Ltd 2020 Canada 98,5 % 70 % AKVA group Chile S.A 1998 Chile 100 % 100 % AKVA Land Based Americas S.A 2021 Chile 100 % 100 % AKVA group Land Based China1 2021 China 100 % 100 % AKVA group Denmark A/S 2007 Denmark 100 % 100 % AKVA group Land Based A/S 2015 Denmark 100 % 100 % AKVA group Hellas SM PEC 2017 Greece 100 % 100 % UAB Egersund Net2 2018 Lithuania 100 % 100 % AKVA group Software AS 1997 Norway 100 % 100 % AKVA group Services AS 2001 Norway 100 % 100 % Helgeland Plast AS 2006 Norway 100 % 100 % Polarcirkel AS 2010 Norway 100 % 100 % AKVA group Land Based S\u00f8mna AS 2013 Norway 100 % 100 % Sperre AS 2016 Norway 100 % 100 % Submerged AS 2023 Norway 51 % 0 % Egersund Net AS 2018 Norway 100 % 100 % Egersund Trading AS2 2018 Norway 100 % 100 % AKVA group Scotland Ltd 1997 Scotland 100 % 100 % Grading Systems Ltd2 2018 Shetland 100 % 100 % AKVA group Espana S.L 2017 Spain 100 % 100 % AKVA Group Turkey Ltd 2005 Turkey 100 % 100 % 1 Subsidiary of AKVA group Land Based Denmark 2 Subsidiary of Egersund Net AS Associates (equity-accounted investees) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value NOFI Oppdrettservice AS 2018 Norway 50 % 50 % 62 926 Observe Technologies Ltd 2021 Norway 34 % 34 % 42 077 Abyss Group AS 2021 Norway 22 % 26 % 123 562 Emel Balik1 2018 Turkey 50 % 50 % 37 317 Total 265 882 1 In 2023 the group received a dividend of MNOK 8 from Emel Balik. AKVA group ASA exercised their option to buy out the remaining shares in Newfoundland Aqua Services Ltd in 2023, refer further information in note 19. AKVA group ASA acquired 51% in Submerged AS in Q3 2023, refer further information in note 19. Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
Other long-term investments are accounted for, either: 1. using the equity method (investments where AKVA group owns between 20 and 50%) or 2. as \ufb01nancial assets (investments where AKVA group owns less than 20%).
Note 9 \u2013 Subsidiaries and other long-term investments Observe Ltd. Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 14 398 6 545 4 852 2 206 Pro\ufb01t or loss 6 059 2 343 2 042 504 Current assets 8 662 5 566 2 919 1 876 Non-current assets 14 129 4 840 4 762 1 631 Equity 16 217 8 433 5 465 2 842 Current liabilities 6 574 1 973 2 216 665 Non-current liabilities 0 0 0 0 Emel Balik Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 166 149 124 149 83 074 62 074 Pro\ufb01t or loss 12 875 11 413 6 437 5 706 Current assets 54 471 56 549 27 236 28 274 Non-current assets 2 611 2 851 1 305 1 425 Equity 29 747 38 440 14 873 19 220 Current liabilities 26 978 15 286 13 489 7 643 Non-current liabilities 357 5 673 178 2 837 NOFI Oppdrettservice AS Total (100 %) AKVA's share (50 %) 2023 2022 2023 2022 Revenue 88 487 87 903 44 244 43 951 Pro\ufb01t or loss 293 -154 146 -77 Current assets 25 566 19 744 12 783 9 872 Non-current assets 140 323 145 455 70 162 72 727 Equity 39 674 39 964 19 837 19 982 Current liabilities 17 444 37 115 8 722 18 557 Non-current liabilities 108 772 88 120 54 386 44 060 Abyss Group AS 1 Total (100 %) AKVA's share (21,5 %) 2 2023 2022 2023 2022 Revenue 450 000 370 667 96 885 92 667 Pro\ufb01t or loss -22 000 -24 000 -4 737 -5 038 Current assets 198 000 968 000 42 629 246 840 Non-current assets 941 000 262 000 202 597 66 810 Equity 229 000 276 000 49 304 70 380 Current liabilities 250 000 380 000 53 825 96 900 Non-current liabilities 660 000 574 000 142 098 146 370 1 The annual report of Abyss Group AS is not \ufb01nalized at the date of the publish of AKVA group\u2019s annual report. Hence, the \ufb01gures for 2023 are based on best estimate. 2 AKVA\u2019s share relates to the ownership period October 2021 \u2013 December 2022 The following table provides key \ufb01nancials for the material associates, NOFI Oppdrettservice, Emel Balik AS and Abyss Group AS: The following table list the remaining investments in the Group: Other investments (\ufb01nancial assets) Acquisition year Location Ownership interest 2023 Ownership interest 2022 Book value Nordic Aqua Partners Holding ApS1 2020 Denmark 9 % 9 % 38 783 Eco\ufb01sk AS 2020 Norway 3 % 3 % 5 500 Centre for Aquaculture Competence AS2 2002 Norway 33 % 33 % 150 Blue Planet AS 2004 Norway 15 % 15 % 300 Other investments <5 % <5 % 427 Total 45 159 1 The purpose of Nordic Aqua Partners Holding ApS is solely to own shares in Nordic Aqua Partners ApS, which is a listed entity on Euronext Growth. Hence, the booked value of the shares in Nordic Aqua Partners Holding ApS is continuously adjusted to re\ufb02ect the underlying share value of Nordic Aqua Partners ApS. 2 Despite the fact that the group owns more than 20% of Centre for Aquaculture Competence AS, this investment is not booked according to the equity method. This is based on the purchase agreement which speci\ufb01es that AKVA group ASA (owner of the shares) is not entitled to the results earned in the company.
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"f8091": {
"value": "Note 11 \u2013 Receivables (in NOK 1 000) ACCOUNTS RECEIVABLES The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: The recorded accounts receivables are shown net of estimated bad debt loss. The estimated bad debt loss is: Bad debt provisions 2023 2022 Bad debt provision 01.01. 6 684 3 609 Provisions made during the year 186 3 956 Provisions used during the year -1 540 -881 Bad debt provision 31.12. 5 330 6 684 Recorded bad debt cost during the year -1 671 -253 Change in bad debt provision 3 024 -2 823 Total bad debt cost during the year 1 354 -3 075 Actual credit losses experienced over the last 3 years are ana- lyzed to assess the credit risk within receivables and expected credit loss (ECL). In the risk assessment, economic conditions during the period over which the historical data has been collected, current conditions and the Group\u2019s view of economic conditions over the expected lives of the receivables are considered. In the assessment of ECL the Group analyses the aging of trade receivables and take into consid- eration segment speci\ufb01c risk factors identi\ufb01ed as part of the analysis of actual historical losses. Segment speci\ufb01c factors to be considered may be credit risk characteristics such as geo- graphic region, age of customer relationship and type of product purchased. Based on the credit risk assessment and expected credit loss, a provision for bad debt is recognized based on the calculation of lifetime expected losses. In addition, speci\ufb01c provisions are recorded if risks of credit losses on speci\ufb01c trade receivable balances are identi\ufb01ed. Reference is made to note 16 for more details of credit and currency risk related to accounts receivables. As of 31 December, the Group had the following ageing pro\ufb01le of accounts receivables: 2023 2022 Not due 222 684 260 883 Due <30 days 97 792 97 506 Due 31-60 days 23 416 57 297 Due 61-90 days 4 671 5 628 Due >91 days 23 899 20 924 Total 372 463 442 238 Bad debt provisions 5 330 6 684 OTHER RECEIVABLES No bad debt provision has been made for other receivables, including contract assets.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 12 \u2013 Cash and cash equivalents (in NOK 1 000) 2023 2022 Cash 219 394 277 988 Restricted funds - - Total cash and cash equivalents 219 394 277 988 The group has entered into a tax deduction guarantee agree- ment and thus has no restricted funds. The group has an overdraft facility of MNOK 300 and a revolv- ing credit line of MNOK 500 in DNB. As of 31 December 2023, MNOK 0 of the overdraft facility was utilized, at year-end 2022 43 MNOK was utilized. As of December 31, 2023 500 MNOK of the revolving credit line was utilized. On 31 December 2022 304,2 MNOK of the revolving facility was utilized.
Note 13 \u2013 Shareholders AKVA group ASA The company's share capital is MNOK 36.7 divided into 36.7 mil- lion shares, each with a par value of NOK 1. The company has only one category of shares and all shares entitle shareholders to equal rights in the company. The Annual General Meeting (AGM) in May 2023 authorized the Board of Directors to acquire shares for up to an amount of NOK 916,693 which equals approximately 2.5 % of the company's share capital. Acquisition of shares pursuant to this authoriza- tion may only take place if the company's distributable reserves according to the most recent balance sheet exceed the remu- neration for the shares to be acquired. The authorization was valid until the AGM in May 2024, however, not later than until 30 June 2024. This authorization replaces the authorization to the board to purchase own shares, given by the General Meeting on 12 May 2022. In the same AGM in 2023 the Board of Directors were authorized to increase the company\u2019s share capital by up to NOK 3,666,773, through subscription of new shares. The authorization does not authorize the board to waive the pre-emptive right of sharehold- ers pursuant to section 10-4 of the Public Limited Liability Com- panies Act (the \"Act\"), nor carry out a capital increase through payments in non-monetary assets, nor incur special obligations on behalf of the company as set out in section 10-2 of the Act, nor decisions on mergers pursuant to section 13-5 of the Act and may not be used in connection with the company's option program. The authorization shall be in force until the earlier of the time of the Annual General Meeting in 2024 and 30 June 2024. This authorization replaces all previous authorizations to the board to increase the company's share capital. The 20 largest shareholders at 31.12.22 (in NOK 1 000) 2022 2021 EGERSUND GROUP AS 18 703 105 51,01 % Israel Corporation Ltd 6 600 192 18,00 % PARETO AKSJE NORGE VERDIPAPIRFOND 1 901 267 5,19 % VERDIPAPIRFONDET NORDEA AVKASTNING 1 095 436 2,99 % SIX SIS AG 964 745 2,63 % VERDIPAPIRFONDET ALFRED BERG GAMBA 791 167 2,16 % VERDIPAPIRFONDET NORDEA KAPITAL 621 997 1,70 % VERDIPAPIRFONDET NORDEA NORGE PLUS 602 614 1,64 % FORSVARETS PERSONELLSERVICE 543 332 1,48 % J.P. Morgan SE 316 155 0,86 % MP PENSJON PK 302 998 0,83 % J.P. Morgan SE 256 590 0,70 % VERDIPAPIRFONDET EQUINOR AKSJER NO 237 430 0,65 % AKVA GROUP ASA 230 663 0,63 % VERDIPAPIRFONDET ALFRED BERG NORGE 221 502 0,60 % NESSE & CO AS 130 000 0,35 % PACTUM AS 129 988 0,35 % VERDIPAPIRFONDET ALFRED BERG NORGE 128 000 0,35 % DAHLE 125 795 0,34 % JAKOB HATTELAND HOLDING AS 100 800 0,27 % Other shareholders 2 663 957 7,27 % Total 36 667 733 100,00 %
CAPITAL STRUCTURE AND EQUITY The primary focus of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratio to support its business and maximize shareholders value. The Group manages its capital struc- ture and makes adjustment to it, considering changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. Dividends paid Per share 2016 0,75 2017 1,25 2018 1,50 2019 1,75 2020 1,00 2021 1,00 2022 1,00 2023 0,00
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group has been compliant with the dividend policy when paying out dividend, see note 21. The Group monitors capital using a gearing ratio, which is net interest-bearing debt divided by total equity plus net debt. The Group includes within net interest-bearing debt, interest bearing loans and borrowings less cash and cash equiv- alents. Capital includes equity attributable to equity holders of the parent less the net unrealized gains reserve. 2023 2022 Interest bearing debt 1 395 843 1 265 540 Less cash 219 394 277 988 Net interest bearing debt 1 176 449 987 551 Equity 1 142 451 1 144 000 Total equity and net interest bearing debt 2 318 899 2 131 552 Debt ratio 51 % 46 % The Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023, refer further information in note 14. The ratio of the equity share attributable to AKVA group ASA's shareholders was 30.5 % as of 31 December 2023.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
Note 15 \u2013 Speci\ufb01cation of items that are grouped in the \ufb01nancial statement (in NOK 1 000) Other income 2023 2022 Pro\ufb01t from sale of tangible \ufb01xed assets 1 340 767 Pro\ufb01t from sale of shares 0 36 672 Other 5 670 11 466 Total other income 7 010 48 906 Other operating expenses 2023 2022 Accomodation, materials, equipment and maintenance 109 097 107 104 Marketing, travelling and communication 49 160 39 020 Other operating expenses 60 493 84 268 Total other operating expenses 218 750 230 391 Financial Income 2023 2022 Other interest income 9 350 5 542 Change in fair value of \ufb01nancial assets 10 953 0 Other \ufb01nancial income 687 293 Total \ufb01nancial income 20 990 5 835 Financial Expenses 2023 2022 Interest expenses 72 506 36 572 Interest on lease liabilities 22 741 19 576 Agio loss 15 251 8 343 Change in fair value of \ufb01nancial assets 0 3 197 Other \ufb01nancial expenses 7 404 33 519 Total \ufb01nancial expenses 117 902 101 207 Other receivables 2023 2022 Hedging balance 1 019 935 Prepaid expenses 19 296 20 831 Other receivables 47 695 52 516 Total other receivables 68 010 74 282 Other non-current liabilities 2023 2022 Government loans 26 622 26 622 Option minority owners Newfoundland Aqua Service 0 6 785 Other non-current liabilities 33 155 3 230 Total other current liabilities 59 777 36 637 Other current liabilities 2023 2022 Hedging balance 1 196 7 610 Accrued costs 21 873 17 282 Warranty provision 43 754 47 507 Other current liabilities 182 967 171 408 Total other current liabilities 249 790 243 807 The provisions for warranties relate to projects and products in the sea based and land based segments. The provisions have been estimated based on historical warranty data associated with similar projects, products, and services, and are calculated solely on the basis of the expected compensation AKVA group gives. The timeframe for settlement of the warranty provisions varies based on type of product and project.
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"f9050": {
"value": "Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) 2023 2022 Accounting classi\ufb01cation Carrying amount Fair value Carrying amount Fair value FINANCIAL ASSETS Cash Amortized cost 219 394 219 394 277 988 277 988 Trade receivables Amortized cost 367 133 367 133 435 554 435 554 Other current assets Amortized cost 68 010 68 010 74 282 74 282 Other long-term receivables Amortized cost 8 113 8 113 22 830 22 830 Other long-term \ufb01nancial assets FVTPL 38 783 38 783 27 829 27 829 Forw ard currency contracts1 FVTPL 1 019 1 019 935 935 Total 702 452 702 452 839 419 839 419 Bank overdraft - - 43 125 43 125 Trade payables Amortized cost 328 421 328 421 310 629 310 629 Loans Amortized cost 899 817 899 817 776 618 776 618 Lease liabilities Amortized cost 496 026 496 026 482 434 482 434 Put/call option minority interest FVTPL - - 6 785 6 785 Forw ard currency contracts2 FVTPL 1 196 1 196 7 610 7 610 Total 1 725 460 1 725 460 1 627 201 1 627 201 1 The amount is included in other receivables in the Consolidated Statement of Financial Position 2 The amount is included in other current liabilities in the Consolidated Statement of Financial Position ACCOUNTING CLASSIFICATIONS AND FAIR VALUES The following table shows the accounting classi\ufb01cation, carrying amounts and fair values of \ufb01nancial assets and \ufb01nancial liabilities. It does not include fair value information for \ufb01nancial assets and \ufb01nancial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.
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"f9214": {
"value": "Financial risk management The Company\u2019s board of directors has overall responsibility for the establishment and oversight of the Group\u2019s risk management framework. The board of directors has established the risk management committee, which is responsible for developing and monitoring the Group\u2019s risk management policies. The committee reports regularly to the board of directors on its activities. The Group\u2019s risk management policies are established to identify and analyze the risks faced by the Group, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to re\ufb02ect changes in market conditions and the Group\u2019s activities. The Group, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations. The Group audit committee oversees how management monitors compliance with the Group\u2019s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Group. The Group has exposure to the following risks arising from \ufb01nancial instruments: \u25a0 Credit risk \u25a0 Liquidity risk \u25a0 Market risk Credit risk Credit risk is the risk of \ufb01nancial loss to the Group if a customer or counterparty to a \ufb01nancial instrument fails to meet its contractual obligations and arises principally from the Group\u2019s receivables from customers. Part of the sale is credit sales where the Group is exposed to credit risk towards the customer. For larger projects there are normally pre-payments from the customers and milestone payments along the progress of the project which reduces the credit risk towards the customers.
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) To some extent the Group uses trade \ufb01nance instruments, such as letter of credit and guarantee letters, to reduce credit risk. The Group has generally had low losses on outstanding receivables despite having old receivables in the balance sheet occasionally. In general, old receivables relates to delays or stop in projects whereas the responsible entity for the delivery of the project has made an agreement with the customer to await payment of the invoice. For details of ageing of accounts receivables, see note 11. The carrying amounts of \ufb01nancial assets and contract assets represent the maximum credit exposure.
Liquidity risk Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have suf\ufb01cient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its risk to a shortage of liquid funds using cash \ufb02ow prognosis. The objective is to maintain a balance in the funding using bank overdrafts, bank loans with different pay back periods, debentures, and \ufb01nance lease. The Management follows the development of the working capital closely because the development in the working capital has the most important impact on the liquidity situation on short term. The table below summarizes the maturity pro\ufb01le of the Group's \ufb01nancial liabilities based on contractual undiscounted payments: 2023 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 9 375 28 125 874 220 6 185 917 905 Lease liabilities 20 761 72 615 274 312 127 927 495 615 Trade and other payables 375 626 - - - 375 626 Financial derivatives 56 004 26 335 7 365 - 89 704 Total 461 767 127 075 1 155 897 134 112 1 878 851 2022 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 35 645 75 707 700 290 8 101 819 743 Lease liabilities 15 286 67 899 267 822 131 428 482 435 Trade and other payables 384 315 24 - - 384 339 Financial derivatives 127 475 211 280 22 025 - 360 780 Total 562 721 354 911 990 137 139 529 2 047 297 As disclosed in Note 14, the Group has secured bank loans that contains a loan covenant. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored on a regular basis and reported to management to ensure compliance with the agreement. As disclosed in Note 14 the Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023 and September 2022.
Market risk Market risk is the risk that changes in market prices \u2013 e.g. foreign exchange rates, inter- est rates and equity prices \u2013 will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and con- trol market risk exposures within acceptable parameters, while optimizing the return. The Group uses derivatives to manage market risks related to foreign exchange rates. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Group seeks to apply hedge accounting to manage volatility in pro\ufb01t or loss. a. Currency risk As part of the international activity the Group\u2019s assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates.
The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The following signi\ufb01cant exchange rates have been applied for the reporting period: Average rate Year-end spot rate NOK vs 2023 2022 2023 2022 EUR 1 11,42 10,10 11,24 10,51 GBP 1 13,14 11,85 12,93 11,85 USD 1 10,56 9,61 10,17 9,86 CAD1 7,83 7,38 7,68 7,28 AUD 1 7,02 6,66 6,91 6,70 A reasonably possible strengthening (weakening) of the euro, sterling, or US dollar against all other currencies at 31 December would have affected the measurement of \ufb01nancial instruments denominated in a foreign currency and affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. 31.12.2023 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % 383 6 739 5 226 11 218 -1 633 5 226 - 10 % -383 -6 739 -5 226 -11 218 1 633 -5 226 31.12.2022 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % -1 802 2 872 3 876 8 332 -5 068 3 876 - 10 % 1 802 -2 872 -3 876 -8 332 5 068 -3 876
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. I. CASH FLOW HEDGES The Group uses currency forward contracts to reduce the exposure of changes in currency rates due to having rev- enues and costs denominated in different currencies. The expected cash \ufb02ows subject to hedging are expected to take place during the 2024 and hence be recognized in the income statement during the same period. At the end of the year the Group had the following positions in forward contracts to hedge expected future cash \ufb02ow: Cash \ufb02ow hedges Currency (in 1 000) Bought/sold Net currency amount Euro Bought 1 891 British Pound Sold - Amercian Dollar Bought 484 Canadian Dollar Sold -2 286 Danish Kroner Sold - Norwegian Kroner Bought 5 498 At the end of the year, it was recorded a gain of MNOK 5.991 directly against other comprehensive income related to hedging of expected future cash \ufb02ow. II. FAIR VALUE HEDGES To hedge the value of the items in the balance sheet denominated in a foreign currency the Group had the following positions in forward contracts at the end of the year: Fair value hedges Currency (in 1 000) Bought/sold Net currency amount British Pound Sold -1 875 Norwegian Kroner Bought 22 025 Pro\ufb01t and loss from the above currency contracts are recorded directly via the income statement under \ufb01nancial items. At the end of the year MNOK 1.789 was recorded as an unrealized loss. The forward contracts are valued at estimated fair value.
20223 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 2 300 093 11,47 46 782 - 647 950 - Purchases and payables 23 726 776 11,34 131 499 390 577 (184 668) - Cash \ufb02ow hedges USD Sales and receivables 2 041 205 10,99 145 181 - 132 296 - Purchases and payables 7 364 171 10,99 - 582 514 435 778 - GBP Cash \ufb02ow hedges Sales and receivables - - - - 1 955 - Fair value hedges Borrowings 22 024 627 11,75 - 2 295 924 - (1 789 270) CAD Cash \ufb02ow hedges Sales and receivables 17 537 694 7,67 150 461 222 510 3 096 755 - Purchases and payables - - - - 268 483 - DKK Cash \ufb02ow hedges Purchases and payables - - - - 1 047 278 - AUD Cash \ufb02ow hedges Sales and receivables 14 709 878 7,18 545 165 - 545 165 - Cash \ufb02ow hedges Total (NOK) Sales and receivables 36 588 869 N/A 887 590 222 510 4 424 123 - Purchases and payables 31 090 947 N/A 131 499 973 091 1 566 871 - Fair value hedges Borrowings 22 024 627 N/A - 2 295 924 - (1 789 270) 2022 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 33 658 614 10,41 - 601 168 (3 407 519) - Purchases and payables 132 390 980 10,47 519 983 594 393 1 552 279 - Cash \ufb02ow hedges USD Sales and receivables 1 844 211 9,93 12 885 - 1 755 482 - Purchases and payables 24 691 291 10,16 - 1 018 292 (2 746 500) - GBP Cash \ufb02ow hedges Sales and receivables 166 755 11,78 - 1 955 138 081 - Fair value hedges Borrowings 43 745 777 11,67 120 819 627 473 - 222 207 CAD Cash \ufb02ow hedges Sales and receivables 93 410 097 7,03 182 759 3 351 564 (3 009 067) - Purchases and payables 17 434 406 7,30 219 739 488 221 (370 352) - DKK Cash \ufb02ow hedges Sales and receivables Purchases and payables 13 438 177 1,31 - 1 047 278 (1 047 278) - Total (NOK) Cash \ufb02ow hedges Sales and receivables 129 079 677 N/A 195 644 3 954 687 (4 523 023) - Purchases and payables 187 954 854 N/A 739 722 3 148 184 (2 611 851) - Fair value hedges Borrowings 43 745 777 N/A 120 819 627 473 - 222 207 All hedge balances are presented as other receivables or other current liabilities in the balance sheet. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000)
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) B. INTEREST RATE RISK The Group's interest-bearing debt is based on a \ufb02oating interest rate which implies that interest payments over time will \ufb02uctuate according to the changes in the interest rate level. Most of the interest-bearing debt is in NOK. To reduce the interest rate risk, it is the strategy of the Group to have a balanced mix between equity and debt \ufb01nancing vs the market risk in its industry. With the interest-bearing debt at year end, interest cost would have been MNOK 12.6 higher with a 1% higher average interest rate during the year and MNOK 12.6 lower with a 1 % lower average interest rate during the year. C. MACROECONOMIC RISK In 2023 about 88% of the revenues of the Group came from customers producing salmon, a slightly increase from a share of 87% in 2022. To decrease the Group\u2019s dependency of the salmon industry the Group works to increase the share of revenues related to the aquaculture of other species than salmon. Due to the market variation in the different salmon markets the revenues can vary between years. Still, the aquaculture industry in general is expected to be a high growth industry in the foreseeable future. Based on the assumption that a change in sales will not affect the product gross margin and that other operating costs short term only will change 50% of the change in sales - a change in the revenues of the Group would have had the following impact on net income (22% tax rate used): Change in sales (in NOK 1 000) Change in net pro\ufb01t/ equity 10 % 66 277 5 % 33 139 2 % 13 255 - 2 % -13 255 - 5 % -33 139 - 10 % -66 277 TTo further evaluate the Group's sensitivity to changes in the different markets see more details in note 2 about market size. D. CLIMATE RISK Climate change has been identi\ufb01ed as a market risk which can potentially impact AKVA group\u2019s business in the short, medium, and long term. The physical related climate risks and opportunities relate to extreme weather events, sea levels and temperatures, the frequency of algae blooms, and the availability of the raw materials for our custom- er\u2019s operations, which in turn directly can impact AKVA group\u2019s operations as reduced order intake. In addition, AKVA group is experiencing an increased focus from our customers to be able to provide information about our climate accounts within our products and services. Within a relatively short time, we estimate that the latter will be emphasized by our customers when choosing their supplier, which means that working with our own climate emissions is also a risk and opportunity in this connection. The Executive Personnel in AKVA group regularly carries out analysis on key sustainability and climate risks, to identify if they could signi\ufb01cantly affect the group\u2019s ability to execute its business strategy and operations. The key actions to address these risks are: \u25a0 Internal policies and procedures, \u25a0 Development and analyzes of relevant KPI\u2019s, \u25a0 Development of a low carbon transition plan In 2023 we have carried out a double materiality assess- ment and de\ufb01ned our ambitions in line with this assess- ment, developed sustainability promises and measured our greenhouse gas emissions (Scope 1 and 2). In 2023 we have started to measure greenhouse gas emissions in scope 3. Refer to the ESG chapter of this report for further information on how AKVA group works with this.
CAPITAL STRUCTURE AND EQUITY The primary focus of the Group's capital management is to ensure that it maintains a strong credit rating and healthy capital ratio to support its business and maximize shareholders value. The Group manages its capital struc- ture and makes adjustment to it, considering changes in economic conditions. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. Dividends paid Per share 2016 0,75 2017 1,25 2018 1,50 2019 1,75 2020 1,00 2021 1,00 2022 1,00 2023 0,00
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group has been compliant with the dividend policy when paying out dividend, see note 21. The Group monitors capital using a gearing ratio, which is net interest-bearing debt divided by total equity plus net debt. The Group includes within net interest-bearing debt, interest bearing loans and borrowings less cash and cash equiv- alents. Capital includes equity attributable to equity holders of the parent less the net unrealized gains reserve. 2023 2022 Interest bearing debt 1 395 843 1 265 540 Less cash 219 394 277 988 Net interest bearing debt 1 176 449 987 551 Equity 1 142 451 1 144 000 Total equity and net interest bearing debt 2 318 899 2 131 552 Debt ratio 51 % 46 % The Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023, refer further information in note 14. The ratio of the equity share attributable to AKVA group ASA's shareholders was 30.5 % as of 31 December 2023.
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"f9348": {
"value": "Liquidity risk Liquidity risk is the risk that the Group will encounter dif\ufb01culty in meeting the obligations associated with its \ufb01nancial liabilities that are settled by delivering cash or another \ufb01nancial asset. The Group\u2019s objective when managing liquidity is to ensure, as far as possible, that it will have suf\ufb01cient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Group\u2019s reputation. The Group monitors its risk to a shortage of liquid funds using cash \ufb02ow prognosis. The objective is to maintain a balance in the funding using bank overdrafts, bank loans with different pay back periods, debentures, and \ufb01nance lease. The Management follows the development of the working capital closely because the development in the working capital has the most important impact on the liquidity situation on short term. The table below summarizes the maturity pro\ufb01le of the Group's \ufb01nancial liabilities based on contractual undiscounted payments: 2023 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 9 375 28 125 874 220 6 185 917 905 Lease liabilities 20 761 72 615 274 312 127 927 495 615 Trade and other payables 375 626 - - - 375 626 Financial derivatives 56 004 26 335 7 365 - 89 704 Total 461 767 127 075 1 155 897 134 112 1 878 851 2022 Less than 3 months 3 to 12 months 1 - 5 years > 5 years Total Loans and borrowings 35 645 75 707 700 290 8 101 819 743 Lease liabilities 15 286 67 899 267 822 131 428 482 435 Trade and other payables 384 315 24 - - 384 339 Financial derivatives 127 475 211 280 22 025 - 360 780 Total 562 721 354 911 990 137 139 529 2 047 297 As disclosed in Note 14, the Group has secured bank loans that contains a loan covenant. A future breach of covenant may require the Group to repay the loan earlier than indicated in the above table. Under the agreement, the covenant is monitored on a regular basis and reported to management to ensure compliance with the agreement. As disclosed in Note 14 the Group obtained a waiver from DNB in respect of the leverage ratio (NIBD/EBITDA covenant) in December 2023 and September 2022.
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},
"f9446": {
"value": "Market risk Market risk is the risk that changes in market prices \u2013 e.g. foreign exchange rates, inter- est rates and equity prices \u2013 will affect the Group\u2019s income or the value of its holdings of \ufb01nancial instruments. The objective of market risk management is to manage and con- trol market risk exposures within acceptable parameters, while optimizing the return. The Group uses derivatives to manage market risks related to foreign exchange rates. All such transactions are carried out within the guidelines set by the risk management committee. Generally, the Group seeks to apply hedge accounting to manage volatility in pro\ufb01t or loss. a. Currency risk As part of the international activity the Group\u2019s assets and liabilities as well as expected cash in\ufb02ows and cash out\ufb02ows are exposed to changes in the currency rates.
The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The following signi\ufb01cant exchange rates have been applied for the reporting period: Average rate Year-end spot rate NOK vs 2023 2022 2023 2022 EUR 1 11,42 10,10 11,24 10,51 GBP 1 13,14 11,85 12,93 11,85 USD 1 10,56 9,61 10,17 9,86 CAD1 7,83 7,38 7,68 7,28 AUD 1 7,02 6,66 6,91 6,70 A reasonably possible strengthening (weakening) of the euro, sterling, or US dollar against all other currencies at 31 December would have affected the measurement of \ufb01nancial instruments denominated in a foreign currency and affected equity and pro\ufb01t or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. 31.12.2023 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % 383 6 739 5 226 11 218 -1 633 5 226 - 10 % -383 -6 739 -5 226 -11 218 1 633 -5 226 31.12.2022 KNOK effect on pro\ufb01t before tax by +10%/-10% change in KNOK effect on book equity by +10%/-10% change in EUR CAD CLP EUR CAD CLP 10 % -1 802 2 872 3 876 8 332 -5 068 3 876 - 10 % 1 802 -2 872 -3 876 -8 332 5 068 -3 876
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) The Group\u2019s currency risk is sought reduced by using currency forward contracts. The currency risk is managed by the parent company in cooperation with the subsidiaries. The Group uses forward exchange contracts to hedge its currency risk, most with a maturity of less than one year from the reporting date. These contracts are generally designated as cash \ufb02ow hedges. The Group designates the spot element of forward foreign exchange contracts to hedge its currency risk and applies a hedge ratio of 1:1. The Group\u2019s policy is for the critical terms of the forward exchange contracts to align with the hedged item. The Group determines the existence of an economic relationship between the hedging instrument and hedged item based on the currency, amount, and timing of their respective cash \ufb02ows. The Group assesses whether the derivative designated in each hedging relationship is expected to be and has been effective in offsetting changes in cash \ufb02ows of the hedged item. I. CASH FLOW HEDGES The Group uses currency forward contracts to reduce the exposure of changes in currency rates due to having rev- enues and costs denominated in different currencies. The expected cash \ufb02ows subject to hedging are expected to take place during the 2024 and hence be recognized in the income statement during the same period. At the end of the year the Group had the following positions in forward contracts to hedge expected future cash \ufb02ow: Cash \ufb02ow hedges Currency (in 1 000) Bought/sold Net currency amount Euro Bought 1 891 British Pound Sold - Amercian Dollar Bought 484 Canadian Dollar Sold -2 286 Danish Kroner Sold - Norwegian Kroner Bought 5 498 At the end of the year, it was recorded a gain of MNOK 5.991 directly against other comprehensive income related to hedging of expected future cash \ufb02ow. II. FAIR VALUE HEDGES To hedge the value of the items in the balance sheet denominated in a foreign currency the Group had the following positions in forward contracts at the end of the year: Fair value hedges Currency (in 1 000) Bought/sold Net currency amount British Pound Sold -1 875 Norwegian Kroner Bought 22 025 Pro\ufb01t and loss from the above currency contracts are recorded directly via the income statement under \ufb01nancial items. At the end of the year MNOK 1.789 was recorded as an unrealized loss. The forward contracts are valued at estimated fair value.
20223 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 2 300 093 11,47 46 782 - 647 950 - Purchases and payables 23 726 776 11,34 131 499 390 577 (184 668) - Cash \ufb02ow hedges USD Sales and receivables 2 041 205 10,99 145 181 - 132 296 - Purchases and payables 7 364 171 10,99 - 582 514 435 778 - GBP Cash \ufb02ow hedges Sales and receivables - - - - 1 955 - Fair value hedges Borrowings 22 024 627 11,75 - 2 295 924 - (1 789 270) CAD Cash \ufb02ow hedges Sales and receivables 17 537 694 7,67 150 461 222 510 3 096 755 - Purchases and payables - - - - 268 483 - DKK Cash \ufb02ow hedges Purchases and payables - - - - 1 047 278 - AUD Cash \ufb02ow hedges Sales and receivables 14 709 878 7,18 545 165 - 545 165 - Cash \ufb02ow hedges Total (NOK) Sales and receivables 36 588 869 N/A 887 590 222 510 4 424 123 - Purchases and payables 31 090 947 N/A 131 499 973 091 1 566 871 - Fair value hedges Borrowings 22 024 627 N/A - 2 295 924 - (1 789 270) 2022 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 33 658 614 10,41 - 601 168 (3 407 519) - Purchases and payables 132 390 980 10,47 519 983 594 393 1 552 279 - Cash \ufb02ow hedges USD Sales and receivables 1 844 211 9,93 12 885 - 1 755 482 - Purchases and payables 24 691 291 10,16 - 1 018 292 (2 746 500) - GBP Cash \ufb02ow hedges Sales and receivables 166 755 11,78 - 1 955 138 081 - Fair value hedges Borrowings 43 745 777 11,67 120 819 627 473 - 222 207 CAD Cash \ufb02ow hedges Sales and receivables 93 410 097 7,03 182 759 3 351 564 (3 009 067) - Purchases and payables 17 434 406 7,30 219 739 488 221 (370 352) - DKK Cash \ufb02ow hedges Sales and receivables Purchases and payables 13 438 177 1,31 - 1 047 278 (1 047 278) - Total (NOK) Cash \ufb02ow hedges Sales and receivables 129 079 677 N/A 195 644 3 954 687 (4 523 023) - Purchases and payables 187 954 854 N/A 739 722 3 148 184 (2 611 851) - Fair value hedges Borrowings 43 745 777 N/A 120 819 627 473 - 222 207 All hedge balances are presented as other receivables or other current liabilities in the balance sheet. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000)
Note 16 \u2013 Financial instruments and risk management (in NOK 1 000) B. INTEREST RATE RISK The Group's interest-bearing debt is based on a \ufb02oating interest rate which implies that interest payments over time will \ufb02uctuate according to the changes in the interest rate level. Most of the interest-bearing debt is in NOK. To reduce the interest rate risk, it is the strategy of the Group to have a balanced mix between equity and debt \ufb01nancing vs the market risk in its industry. With the interest-bearing debt at year end, interest cost would have been MNOK 12.6 higher with a 1% higher average interest rate during the year and MNOK 12.6 lower with a 1 % lower average interest rate during the year. C. MACROECONOMIC RISK In 2023 about 88% of the revenues of the Group came from customers producing salmon, a slightly increase from a share of 87% in 2022. To decrease the Group\u2019s dependency of the salmon industry the Group works to increase the share of revenues related to the aquaculture of other species than salmon. Due to the market variation in the different salmon markets the revenues can vary between years. Still, the aquaculture industry in general is expected to be a high growth industry in the foreseeable future. Based on the assumption that a change in sales will not affect the product gross margin and that other operating costs short term only will change 50% of the change in sales - a change in the revenues of the Group would have had the following impact on net income (22% tax rate used): Change in sales (in NOK 1 000) Change in net pro\ufb01t/ equity 10 % 66 277 5 % 33 139 2 % 13 255 - 2 % -13 255 - 5 % -33 139 - 10 % -66 277 TTo further evaluate the Group's sensitivity to changes in the different markets see more details in note 2 about market size. D. CLIMATE RISK Climate change has been identi\ufb01ed as a market risk which can potentially impact AKVA group\u2019s business in the short, medium, and long term. The physical related climate risks and opportunities relate to extreme weather events, sea levels and temperatures, the frequency of algae blooms, and the availability of the raw materials for our custom- er\u2019s operations, which in turn directly can impact AKVA group\u2019s operations as reduced order intake. In addition, AKVA group is experiencing an increased focus from our customers to be able to provide information about our climate accounts within our products and services. Within a relatively short time, we estimate that the latter will be emphasized by our customers when choosing their supplier, which means that working with our own climate emissions is also a risk and opportunity in this connection. The Executive Personnel in AKVA group regularly carries out analysis on key sustainability and climate risks, to identify if they could signi\ufb01cantly affect the group\u2019s ability to execute its business strategy and operations. The key actions to address these risks are: \u25a0 Internal policies and procedures, \u25a0 Development and analyzes of relevant KPI\u2019s, \u25a0 Development of a low carbon transition plan In 2023 we have carried out a double materiality assess- ment and de\ufb01ned our ambitions in line with this assess- ment, developed sustainability promises and measured our greenhouse gas emissions (Scope 1 and 2). In 2023 we have started to measure greenhouse gas emissions in scope 3. Refer to the ESG chapter of this report for further information on how AKVA group works with this.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9655": {
"value": "I. CASH FLOW HEDGES The Group uses currency forward contracts to reduce the exposure of changes in currency rates due to having rev- enues and costs denominated in different currencies. The expected cash \ufb02ows subject to hedging are expected to take place during the 2024 and hence be recognized in the income statement during the same period. At the end of the year the Group had the following positions in forward contracts to hedge expected future cash \ufb02ow: Cash \ufb02ow hedges Currency (in 1 000) Bought/sold Net currency amount Euro Bought 1 891 British Pound Sold - Amercian Dollar Bought 484 Canadian Dollar Sold -2 286 Danish Kroner Sold - Norwegian Kroner Bought 5 498 At the end of the year, it was recorded a gain of MNOK 5.991 directly against other comprehensive income related to hedging of expected future cash \ufb02ow. II. FAIR VALUE HEDGES To hedge the value of the items in the balance sheet denominated in a foreign currency the Group had the following positions in forward contracts at the end of the year: Fair value hedges Currency (in 1 000) Bought/sold Net currency amount British Pound Sold -1 875 Norwegian Kroner Bought 22 025 Pro\ufb01t and loss from the above currency contracts are recorded directly via the income statement under \ufb01nancial items. At the end of the year MNOK 1.789 was recorded as an unrealized loss. The forward contracts are valued at estimated fair value.
20223 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 2 300 093 11,47 46 782 - 647 950 - Purchases and payables 23 726 776 11,34 131 499 390 577 (184 668) - Cash \ufb02ow hedges USD Sales and receivables 2 041 205 10,99 145 181 - 132 296 - Purchases and payables 7 364 171 10,99 - 582 514 435 778 - GBP Cash \ufb02ow hedges Sales and receivables - - - - 1 955 - Fair value hedges Borrowings 22 024 627 11,75 - 2 295 924 - (1 789 270) CAD Cash \ufb02ow hedges Sales and receivables 17 537 694 7,67 150 461 222 510 3 096 755 - Purchases and payables - - - - 268 483 - DKK Cash \ufb02ow hedges Purchases and payables - - - - 1 047 278 - AUD Cash \ufb02ow hedges Sales and receivables 14 709 878 7,18 545 165 - 545 165 - Cash \ufb02ow hedges Total (NOK) Sales and receivables 36 588 869 N/A 887 590 222 510 4 424 123 - Purchases and payables 31 090 947 N/A 131 499 973 091 1 566 871 - Fair value hedges Borrowings 22 024 627 N/A - 2 295 924 - (1 789 270) 2022 Currency Hedging instruments Nominal amount (NOK) Average exchange rate Carrying amount 31.12 (NOK) Assets Liabilities Change in fair value recognized in OCI (NOK) Change in fair value recognized in pro\ufb01t or loss (NOK) Cash \ufb02ow hedges EUR Sales and receivables 33 658 614 10,41 - 601 168 (3 407 519) - Purchases and payables 132 390 980 10,47 519 983 594 393 1 552 279 - Cash \ufb02ow hedges USD Sales and receivables 1 844 211 9,93 12 885 - 1 755 482 - Purchases and payables 24 691 291 10,16 - 1 018 292 (2 746 500) - GBP Cash \ufb02ow hedges Sales and receivables 166 755 11,78 - 1 955 138 081 - Fair value hedges Borrowings 43 745 777 11,67 120 819 627 473 - 222 207 CAD Cash \ufb02ow hedges Sales and receivables 93 410 097 7,03 182 759 3 351 564 (3 009 067) - Purchases and payables 17 434 406 7,30 219 739 488 221 (370 352) - DKK Cash \ufb02ow hedges Sales and receivables Purchases and payables 13 438 177 1,31 - 1 047 278 (1 047 278) - Total (NOK) Cash \ufb02ow hedges Sales and receivables 129 079 677 N/A 195 644 3 954 687 (4 523 023) - Purchases and payables 187 954 854 N/A 739 722 3 148 184 (2 611 851) - Fair value hedges Borrowings 43 745 777 N/A 120 819 627 473 - 222 207 All hedge balances are presented as other receivables or other current liabilities in the balance sheet. Note 16 \u2013 Financial instruments and risk management (in NOK 1 000)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralHedgeAccountingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10889": {
"value": "0",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f10891": {
"value": "1",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f10894": {
"value": "0",
"decimals": 0,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f10898": {
"value": "Note 22 \u2013 Sale and buyback of own shares At the start of 2023 AKVA group ASA owned 294,282 own shares. The Board of Directors of AKVA group was granted an authorization by the annual general meeting held on 11 May 2023 for buy back of own shares, to a maximum of 916,693 shares. AKVA group did not exercise this right in 2023. As part of the long-term incentive plan, 63 619 shares were distributed to the Executive Personnel in 2023. At the end of 2022 AKVA group owned 230,663 own shares.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXH8YG14",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"footnote4x34x0": {
"value": "1Proceeds from sale of 40 MNOK relates to the sale of Atlantis Subsea Farming AS ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4x34x0",
"language": "en"
}
},
"footnote4x35x0": {
"value": "2Acquisiton of subsidiary net of cash required relates to the acquisition of Submerged AS (51%) and put/call option of Newfoundland Aqua Service Ltd. ",
"dimensions": {
"concept": "xbrl:note",
"noteId": "footnote4x35x0",
"language": "en"
}
}
}
}