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"value": "Note 1 Accounting policies All \ufb01gures in NOK 1 000 Ler\u00f8y Seafood Group ASA is registered in Norway with identi\ufb01cation number 975 350 940. The business address is Thorm\u00f8hlens gate 51, 5006 Bergen, Norway. Ler\u00f8y Seafood Group ASA is listed on the Oslo Stock Exchange with ticker code LSG. Ler\u00f8y Seafood Group ASA is a subsidiary of Austevoll Seafood ASA (52.69%), which in turn is owned (55.55%) by Laco AS. Laco AS is the ultimate parent company.
This section presents consolidated accounting policies and notes for Ler\u00f8y Seafood Group ASA. Accounting policies and notes for Ler\u00f8y Seafood Group ASA (parent company) are presented separately after the notes to the consolidated \ufb01nancial statements. This separation is necessary in that the Group submits \ufb01nancial statements in accordance with IFRS\u00ae Accounting Standards (International Financial Reporting Standards), while the parent company\u2019s \ufb01nancial statements are drawn up in accordance with NGAAP (Norwegian Generally Accepted Accounting Principles).
The company\u2019s consolidated \ufb01nancial statements for the \ufb01nancial year 2023 include the company and its subsidiaries (collectively referred to as \u201dthe Group\u201d) and the Group\u2019s share in joint ventures and associates. The \ufb01nancial statements were submitted by the Board of Directors on 29 April 2024.
(A) Declaration con\ufb01rming that the \ufb01nancial statements have been drawn up in accordance with IFRS Accounting Standards The consolidated \ufb01nancial statements are submitted in accordance with international standards for \ufb01nancial reporting (IFRS Accounting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU.
(B) Basis for preparing the \ufb01nancial statements The \ufb01nancial statements are presented in NOK and \ufb01gures are rounded off to the nearest thousand. They are prepared on the basis of the historical cost principle, with the exception of the following assets and liabilities which are carried in the balance sheet at fair value: Biological assets and \ufb01nancial derivatives. Preparation of \ufb01nancial statements in accordance with IFRS Accounting Standards demands that the administration makes assessments, estimates and assumptions that in\ufb02uence the application of accounting policies and the book values of assets and liabilities, revenue and costs. Estimates and their associated assumptions are based on historical experience and other factors seen as reasonable under the circumstances. These calculations form the basis for measurement of carrying amounts for assets and liabilities that are not readily available from other sources. The actual result may deviate from these estimates. Estimates and underlying assumptions are under constant review. Changes in the accounting-related estimates are recognised in the periods in which they occur, provided they apply only to that period. If changes also apply to future periods, the effect is distributed over current and future periods. Assessments that are made by the administration when applying the IFRS Accounting Standards and that have a signi\ufb01cant effect on the \ufb01nancial statements and estimates with a considerable risk of signi\ufb01cant adjustments in the next \ufb01nancial year, are described in note about signi\ufb01cant accounting estimates and assessments. The accounting policies discussed below have been consistently applied for all periods presented in the consolidated \ufb01nancial statements.
The consolidated \ufb01nancial statements are drawn up in accordance with IFRS Accounting Standards, while the \ufb01nancial statements for the Norwegian subsidiaries are prepared according to Norwegian Generally Accepted Accounting Principles (NGAAP). Accounts for the foreign subsidiaries are prepared according to accepted accounting policies in the respective countries. The consolidated \ufb01nancial statements are prepared under the assumption that Ler\u00f8y Seafood Group will continue as a going concern.
(C) Principles of consolidation Subsidiaries Subsidiaries are all units where the Group has control of the unit\u2019s \ufb01nancial and operational strategy, normally through ownership of more than half of all equity with voting rights. Subsidiaries are consolidated from the moment control is obtained and are excluded from consolidation when such control ceases. Transactions, intercompany accounts and unrealised gains or losses between the Group companies are eliminated. For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
(D) Operating revenue Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods.
(E) Reporting by segment Segments are reported at a more aggregated level than for internal reporting to the corporate management due to similar economic characteristics, organisational structure and commercial risk. The Group\u2019s reportable segments comprise the following: (1) Wildcatch, (2) Farming and (3) Value-added Processing (VAP), sales and distribution. The last segment is also named VAPS&D or VAPSD for short. Please refer to the note on the consolidated companies and division into operating segments for a complete description of the companies in the different segments, both directly and via indirect ownership. Wildcatch is reported as one segment. The unit comprises the two sub-groups Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS. The Ler\u00f8y Hav\ufb01sk Group, owner of the licenses, is subject to a so-called \u201cindustrial obligation\u201d in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the license is linked to operation of the facilities in the respective locations. Ler\u00f8y Hav\ufb01sk has leased out the facilities in these locations to Ler\u00f8y Norway Seafoods AS. The lessor is responsible for sustaining
operations. However, if the lessor terminates operations, the license terms oblige Ler\u00f8y Hav\ufb01sk to sustain operations in the speci\ufb01ed locations. The two companies, including their subsidiaries, are so heavily integrated with each other, that they are regarded as one operating segment, which also is re\ufb02ected in the internal reporting. Farming is reported as one segment but speci\ufb01ed on three operating segments. These are: 1. the North Norway region, comprising the Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS 2. the Central Norway region, comprising Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS 3. the West Norway region (also known as Ler\u00f8y Sj\u00f8troll), comprising Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. These units all operate in the same branch, have the same customers, similar commercial risk and similar processes. Their only distinguishing factor is geography. It has therefore been deemed appropriate to merge these into one operating segment. Value-added Processing (VAP), sales and distribution is the third segment. This segment comprises several sub-groups and individual entities. These are merged into one reporting segment due to similarities such as same branch, commercial risk and uniform processes. The Norwegian units are: Ler\u00f8y Seafood AS, Ler\u00f8y Fossen AS, Ler\u00f8y Bulandet AS, Ler\u00f8y Sj\u00f8matgruppen AS, Ler\u00f8y Norge AS, Sirev\u00e5g AS, Ler\u00f8y Nord AS, Drag\u00f8y Grossist AS, Sj\u00f8mathuset AS, Ler\u00f8y Quality Group AS, Ler\u00f8y & Strudshavn AS and Wannebo International AS. The foreign units consist of the Dutch sub-group Ler\u00f8y Seafood Holding B.V., that also includes Ler\u00f8y Germany GmbH, the Swedish sub-group Ler\u00f8y Sverige AB, the Danish sub-group Ler\u00f8y Seafood Denmark A/S, the French sub-group SAS Ler\u00f8y Seafood France, the Spanish sub-group Ler\u00f8y Processing Spain S.L, in addition to Ler\u00f8y Seafood USA Inc, Ler\u00f8y Portugal Lda, Ler\u00f8y Finland OY, Ler\u00f8y Turkey, Leroy Seafood Italy Srl and Ler\u00f8y Seafood UK Ltd. The Norwegian entities Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not assigned to any of the segments.
(F) Currency The consolidated \ufb01nancial statements are presented in NOK, the functional currency for the parent company and the Norwegian subsidiaries. Cash items in foreign currency are valued at the respective rates of exchange at the end of the \ufb01nancial year. Gains and losses on foreign currency related to the purchase and sale of goods are presented as part of the accounting line for \u201dPurchases\u201d. See also item (V) on derivatives, including currency forward contracts utilised to control currency risk.
(G) Intangible assets Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (H) Fixed assets and right-of-use assets Fixed assets Fixed assets are measured at acquisition costs less accumulated depreciation and any accumulated impairment loss. The depreciation on \ufb01xed assets is allocated linearly over estimated useful life (depreciation period). Signi\ufb01cant parts of \ufb01xed assets that have different depreciation periods are decomposed and depreciated separately. The estimated average useful life of \ufb01xed assets, when decomposed, is estimated as: \u2022 Land: Lasting value \u2022 Buildings and real estate: 20\u201325 years \u2022 Machinery and production equipment: 5\u201315 years \u2022 Vessels: 25 years \u2022 Fixtures and other equipment etc.: 2.5\u20135 years
Right-of-use assets Leases are measured as the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate, and recognised from the date the leasing agreement starts. Options for extension periods are included in the leasing calculation when they are reasonably certain to be exercised. At time of initial recognition, the associated right-of use asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The right- of-use asset is depreciated linearly from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a signi\ufb01cant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases
represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than \ufb01fty thousand Norwegian krones. Rent paid on non- recognised leases are presented in the note on leases. The Group distinguishes between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the de\ufb01nition of NIBD. See note on APMs for further information.
(I) Biological assets, loss-making contracts and mortality expenses The Group\u2019s biological assets comprise live \ufb01sh, mainly salmon and trout, at all stages of the life cycle. The \ufb01sh are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the \ufb01sh are classi\ufb01ed in group (1) roe, fry and juvenile \ufb01sh. During this stage, the \ufb01sh are kept on shore. When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. The group for \ufb01sh in sea also comprises the subgroup for parent \ufb01sh, utilized to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other \ufb01sh in sea. The stock of \ufb01sh, in addition to salmon and trout, also comprises cleaner \ufb01sh. This species of \ufb01sh is utilized during production of salmon and trout as a means of eliminating salmon lice. Despite the signi\ufb01cant number of cleaner \ufb01sh produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated \ufb01nancial statements. To simplify accounting, this species is therefore grouped with roe, fry and juvenile \ufb01sh. Biological assets are regulated by IAS 41 Agriculture. The main rule is that biological assets shall be measured at fair value minus sales costs unless fair value cannot be reliably measured. Measurement of fair value is regulated by IFRS 13. \u2018Fair value\u2019 refers to the price that would have been achieved on sale of the asset in an orderly transaction between market participants at the measurement date under the prevailing market conditions. For roe, fry and juvenile \ufb01sh, in addition to cleaner \ufb01sh, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation (IAS 41.24). This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group still comprises a limited share of the Group\u2019s biological assets measured in terms of both volume and value. If\u00a0changes emerge in the future implying that the smolt produced are signi\ufb01cantly larger when released to sea, a new assessment will be required. For \ufb01sh in sea, the fair value is calculated by applying a cash \ufb02ow based present value model at level three in the fair value hierarchy in IFRS 13. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the \ufb01sh have optimal weight for harvest when they have a live weight corresponding to 4 kg gutted weight. For information on recalculation factor from gutted weight to live weight, see note on biological assets. As of 31.12 this corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight equal to this or more, are classi\ufb01ed as ready for slaughter (mature \ufb01sh), while \ufb01sh that have still not achieved this weight are classi\ufb01ed as not ready for harvest (immature \ufb01sh). For \ufb01sh ready for harvest, the highest and best use is de\ufb01ned as harvesting and selling the \ufb01sh as quickly as possible in the month following the balance sheet date. For \ufb01sh not yet ready for harvest, the highest and best use is in principle de\ufb01ned as growing the \ufb01sh to optimal weight for harvest, then harvesting and selling the \ufb01sh. The harvest date applied in the valuation may however be brought forward if required by situations at a speci\ufb01c locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash \ufb02ow-based present value model does not rely on historical and company-speci\ufb01c factors. On a hypothetical market with perfect competition, a hypothetical buyer of live \ufb01sh would be willing to pay as a maximum the present value of the estimated future pro\ufb01t from the sale of the \ufb01sh when it is ready for harvest. The estimated future pro\ufb01t, taking into account all price adjustments and payable fees for completion, constitutes the cash \ufb02ow. Incoming cash \ufb02ow is calculated as a function of estimated volume multiplied by estimated price. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to the optimal weight for harvest. The cash \ufb02ow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash \ufb02ow, (2) hypothetical license lease and (3) the time value of money. Please refer to the note on signi\ufb01cant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated weight per individual at the time of harvest. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out per locality. The live weight of \ufb01sh in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that the observable forward prices at Fish Pool are recognised as the best approach to a hypothetical price of salmon. The volume of trout sales in Norway is signi\ufb01cantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the \ufb01sh is expected to be harvested is applied in order to estimate cash \ufb02ow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvest cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Changes to estimated fair value for biological assets, according to IAS 41, are recorded through pro\ufb01t or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of \ufb01sh in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to \ufb01nancial purchase and sale contracts for \ufb01sh in Fish Pool, recognised as value-hedges.
Onerous contracts are contracts where the expenses of ful\ufb01lling the contracts are higher than the economic yield the company expects to gain by ful\ufb01lling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, this fair value will be included in the estimated expenses required to ful\ufb01l the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be de\ufb01ned as onerous contracts according to IAS 37, even if the contractual price is higher than the production costs for the products. The provision is classi\ufb01ed as other short-term debt. As the \ufb01nancial statements also present production costs for the stock of live \ufb01sh, the reporting of mortality is of signi\ufb01cance. Costs related to abnormal mortality are immediately recognised through pro\ufb01t or loss and presented on the line for changes in inventory, while normal waste is classi\ufb01ed as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming
number of \ufb01sh at the locality, this is classi\ufb01ed as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the \ufb01sh. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
(J) Inventory Inventories of purchased goods are valued at the lower of acquisition cost and estimated sales value less sales costs. In-house-produced \ufb01nished goods and semi-\ufb01nished goods are valued at full production cost. Write-downs are made for quanti\ufb01able obsolescence.
(K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
(M) Liquid assets Liquid assets consist of cash in hand and bank deposits and are valued at the exchange rates on the balance sheet date. In the Cash Flow Statement it is speci\ufb01ed how much that is restricted funds.
(N) Pensions The Group mainly has de\ufb01ned contribution plans, but also a few remaining de\ufb01ned bene\ufb01t plans that are now closed. In general, the pension plans are \ufb01nanced via payments to insurance companies or pension funds based on periodical actuarial calculations. A de\ufb01ned contribution plan is a pension plan where the Group pays a \ufb01xed amount to a separate legal entity. The Group has no statutory or other obligation to pay additional contributions. A de\ufb01ned bene\ufb01t pension plan is one that is not contributory. A typical de\ufb01ned bene\ufb01t pension plan de\ufb01nes a pension payment that the employee will receive upon retirement. The payment is typically dependent on factors such as age, number of years in the company and wage level. The capitalised commitment associated with de\ufb01ned bene\ufb01t plans is the present value of the de\ufb01ned bene\ufb01ts on the balance sheet date less fair value of the pension. Pension liability is calculated annually by an independent actuary according to the straight-line accrual method. The present value of de\ufb01ned bene\ufb01ts is found by discounting estimated future payments by the interest rate on a bond issued by a company with a high credit rating in the same currency as the bene\ufb01ts will be paid, and with a maturity approximately equal to the duration of the associated pension liability. In countries that do not have a liquid market for long-term bonds issued by companies with a high credit rating, the market interest rate for governmental bonds is applied.
(O) Tax The Norwegian Government enacted a 25% resource rent tax on the income from producing salmon and trout in sea on 31 May 2023. The law applied retroactively from 1 January 2023. The main principles that were established through the OT proposition, are regulated by the Norwegian Tax law chapter 19 - Special rules for taxation of aquaculture activities. The resource rent tax is in addition to the ordinary tax in Norway of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax. Tax cost in the income statement includes both the tax payable for the period and changes in deferred tax. Deferred tax is calculated at local tax rate for each country based on the temporary differences that exist between accounting and taxable values, as well as the tax loss carryforward, at the end of the \ufb01nancial year. Temporary tax-increasing and tax-decreasing differences which reverse or may reverse the \ufb01gures in the same period and within the same tax regime, are offset and booked at net value. Deferred tax is calculated at the nominal tax rate.
(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
(Q) Dividends Dividends are booked when adopted by the shareholders\u2019 meeting. See also note on dividend per share.
(R) Provisions and other commitments Provisions are carried on the balance sheet when the Group has an existing legal obligation or implied duty in consequence of an earlier event, and it is probable that a \ufb02ow of economic resources from the enterprise will be required in order to ful\ufb01l such obligation. If the effect is signi\ufb01cant, the provision is determined by discounting estimated future cash \ufb02ows by a discounting rate before tax, which re\ufb02ects market pricing of the time value of money and the risks speci\ufb01cally associated with the obligation.
(S) Share capital and share premium Ordinary shares are classi\ufb01ed as equity. Expenses directly associated with issuing new shares or options, less tax, are booked under equity as reductions in proceeds received. When buying back treasury shares, the purchase amount, inclusive of directly ascribable costs, is entered as a change in equity. Treasury shares are presented as a reduction in equity.
(T) Statement of cash \ufb02ows The consolidated statement of cash \ufb02ows shows the total consolidated cash \ufb02ows broken down by operating, investing and \ufb01nancing activities. Acquisitions of subsidiaries are considered an investing activity. Cash and cash equivalents in the company acquired is deducted. The statement shows how the various activities affect cash reserves. For cash \ufb02ows in foreign currency, the average rate of exchange is used in the statement. To the extent that changes in the balance sheet \ufb01gures between \ufb01nancial
years do not match the corresponding \ufb01gures in the statement of cash \ufb02ow, this is a result of translation differences linked to changes in rates of exchange.
(U) Financial risk management Through its activities, the Group is exposed to different types of \ufb01nancial risk: market risk (including currency risk, interest risk, price risk and liquidity risk) as well as credit risk. A further description follows below, describing the Group\u2019s \ufb01nancial risk, as well as how it is managed, including use of hedges. Currency risk The Group has international operations requiring several different currencies and is thus exposed to currency risk. Forward contracts are used to hedge against the currency risk on trade receivables and agreed upon sales contracts. The forwards contracts are designated as fair value hedges in the \ufb01nancial statements. The hedged items are primarily binding sales contracts in foreign currency, net foreign currency bank deposits, and net trade receivables in foreign currency. The hedged items are adjusted with the change in fair value of the hedged risk. The hedging instruments are the forward contracts, which are also measured at fair value on the balance sheet date. Gains and losses due to change in fair value are presented through pro\ufb01t or loss. An overview of the effect of forward contracts can be found in the note on \ufb01nancial instruments. Interest risk The Group\u2019s long-term debt is mainly based upon agreements for \ufb02oating rates of interest, representing exposure to increases in the market interest rate. However, the Group has made use of long-term interest rate swaps to reduce the \ufb02oating interest rate risk for a share of the Group\u2019s long-term debt. The Group receives a \ufb02oating interest rate and pays a \ufb01xed rate through the swap agreements. The interest rate swaps are reported as cash \ufb02ow hedges. Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. The Group does also use \ufb01xed interest loans (bond loan with \ufb01xed interests). An overview of the effects in terms of exposure of the Group`s borrowings to interest rate changes is provided in the note on loans, mortgages and guarantees. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. In order to reduce the price risk, a varying share of the revenue / purchase cost is hedged through purchase and sale forward contracts for salmon (Fish Pool contracts). The changes in fair value of the contracts are recognized in the income statement line item \u201dfair value adjustments related to biological assets\u201d. An overview of the effect of the Fish Pool contracts is provided in the note on \ufb01nancial instruments. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through entering into forward agreements to purchase bunker (bunker derivatives). Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. An overview of the effect of bunker derivatives is provided in the note on \ufb01nancial instruments.
Liquidity risk Cash \ufb02ow prognoses are established for the different operating segments in the Group and are aggregated by the Group\u2019s Financial Department. The Financial Department monitors prognoses of the Group\u2019s liquidity requirements in order to ensure that the Group has suf\ufb01cient cash equivalents to ful\ufb01l operating commitments while sustaining a suf\ufb01cient level of \ufb02exibility in the form of unutilised, binding loan facilities at all times so that the Group is not in breach of the limits or speci\ufb01ed terms and conditions for the Group\u2019s loans. Such prognoses take into account the Group\u2019s scheduled new loans, compliance with terms and conditions of loans, compliance with in-house objectives for balance sheet \ufb01gures and, if relevant, external regulatory or legal requirements. Any excess cash in the Group companies, in addition to what constitutes necessary working capital, is transferred annually to the parent company via Group contributions and dividends. The Group\u2019s Financial Department deposits excess cash mainly as bank deposits at special terms with appropriate maturities in order to provide suf\ufb01cient security and \ufb02exibility in relation to the company\u2019s growth strategy and dividend policy. For information on cash and cash equivalents together with undrawn credit facilities available to the Group as liquidity buffers to manage liquidity risk, please refer to the statement of cash \ufb02ow. The table in note on debt, mortgages and guarantee liability speci\ufb01es the Group\u2019s \ufb01nancial covenants that are not derivatives, and derivative covenants with net settlement, classi\ufb01ed in relation to the down-payment schedule. This classi\ufb01cation is made in accordance with the contractual maturity date. Derivative covenants are included in the analysis when the contractual maturity date is signi\ufb01cant for an understanding of the accrual of cash \ufb02ows. The \ufb01gures in the table are non-discounted contractual cash \ufb02ows.
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and \ufb01nancial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and \ufb01xed agreements. As virtually all the Group\u2019s sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer\u2019s \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group\u2019s compliance on these procedures is regularly monitored. Furthermore, almost all of the Group\u2019s trade receivables are covered by credit insurance securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements may only be \ufb01nancial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
(V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. (W) Capital management The Group\u2019s objectives for capital management are to enable the Group to continue as a going concern in order to guarantee returns for the owners and other stakeholders and to sustain an optimal capital structure to allow the Group to reduce capital expenses. Ongoing structural changes in the global industry in which the company operates, seen in conjunction with the cyclical nature of the industry, demand that the company at all times must maintain a satisfactory \ufb01nancial contingency. This in turn requires a close relationship with the company\u2019s shareholders and equity markets. The Group has always stressed the importance of maintaining the con\ufb01dence of its \ufb01nancial partners and thus also access to necessary loan capital on favorable terms. The Group\u2019s \ufb01nancial goals are re\ufb02ected in quanti\ufb01ed parameters for \ufb01nancial adequacy and returns. The requirement for \ufb01nancial adequacy stipulates that the Group\u2019s equity ratio, de\ufb01ned as equity/total assets, should be at least 30% over time. The Group\u2019s long-term goal for earnings is to generate an annual return on the Group\u2019s average capital employed of 18% before tax. The company\u2019s dividend policy implies that, over time, dividends should lie in the region of 30% to 40% of pro\ufb01t after tax. However, care must be taken at all times to ensure that the Group operates in line with satisfactory \ufb01nancial contingency for new and pro\ufb01table investments. In the long run, value generation will increasingly be in the form of higher share prices rather than in declared dividends. See note on dividend per share for more information.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
(Y) New and amended \ufb01nancial reporting standards New standards implemented in 2023 None of the changes in the IFRS Accounting Standards with effective date 1 January 2023 had a material effect on the \ufb01nancial statements. New standards which have not come into effect and where the Group has not opted for early application Certain new accounting standards and interpretations have been published that are not mandatory for 2023 reporting periods and have not been early adopted by the group. These standards and interpretations are not expected to have a material impact on the group in the future reporting periods and on foreseeable future transactions.
Value adjustment of biological assets Biological assets comprise the stock of roe, fry, juvenile \ufb01sh, cleaner \ufb01sh and \ufb01sh in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. Figures for the important premises are specifed in the note on biological assets. For \ufb01sh ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For \ufb01sh not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvest date for this \ufb01sh. (1) Price One important premise in the valuation of \ufb01sh both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest \ufb02uctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For \ufb01sh ready for harvest, the forward price for the following month is applied. For \ufb01sh not ready for harvest, the forward price for the month when the \ufb01sh is expected to achieve optimal weight for harvest, is applied. If it is probable on the balance sheet date that the \ufb01sh will be harvested before it reaches its optimal harvest weight, for example due to biological challenges, an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small \ufb01sh is lower than for normal-size \ufb01sh. The price is subsequently adjusted for exporter margins and clearing costs. This applies to \ufb01sh both ready for harvest and not ready for harvest. Further adjustments are necessary for harvest costs (well boat, slaughtering and packaging services), transport costs to Oslo and quality diffeences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC-certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Fish Pool. The adjustment for harvest costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments. (2) Cost For \ufb01sh not ready for harvest, an adjustment is also required for the costs necessary to grow the \ufb01sh to optimal harvest weight. Estimates related to future costs are based on the Group\u2019s prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of \ufb01sh (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight. There is some uncertainty involving both the number of \ufb01sh in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of \ufb01sh on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered
mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of \ufb01sh that results in a gutted weight of 4 kg, unless speci\ufb01c conditions exist on the balance sheet date to indicate that the \ufb01sh have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the \ufb01sh reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming \ufb01sh per month, depending on species and region. For recalculation factor from gutted weight to live weight, see note on biological assets. (4) Discounting Every time a \ufb01sh is harvested and sold, this generates a positive cash \ufb02ow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash \ufb02ow per locality. The cash \ufb02ow is allocated to the month when harvest is estimated to take place. The sum of the cash \ufb02ows from all the localities where the Group has \ufb01sh in the sea will then be distributed over the entire period of time it takes to farm the \ufb01sh in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash \ufb02ow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) License lease and (3) Time value. 4.1. Risk adjustment The risk adjustment shall re\ufb02ect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live \ufb01sh rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash \ufb02ow. Three signi\ufb01cant factors could have an impact on cash \ufb02ow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. 4.2. Hypothetical license lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licenses for farming \ufb01sh for consumers, such licenses currently have a very high value. For a hypothetical buyer of live \ufb01sh to take over and continue to farm the \ufb01sh, he/she would need a license, locality and other permits required for such production. At the time of writing, leasing of licenses is not permitted. However, on a hypothetical market for the purchase and sale of live \ufb01sh, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a signi\ufb01cant discount in order to allocate a suf\ufb01cient share of the returns to the buyer\u2019s own licenses or to cover the lease costs for leased licenses. It is dif\ufb01cult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licenses, as the curve in the model would be based on projections of future pro\ufb01t performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the license limitations are measured at different levels (location, region and company). 4.3. Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash \ufb02ow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live \ufb01sh rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash \ufb02ow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash \ufb02ow would decrease for each month, as costs are incurred to farm the \ufb01sh to slaughter weight. The costs increase for every month the \ufb01sh are in the sea. As such, the effect of deferred cash \ufb02ow is lower than would be the case if the cash \ufb02ow had been constant. This component is however deemed important due to the major values the stock of \ufb01sh represents. 4.4. Evaluation of discount rate At year end 2023 a 4% monthly discount rate has been applied. The discount rate previous year was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact the value on \ufb01sh in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a signi\ufb01cant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also signi\ufb01cance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for \ufb01sh in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the \ufb01sh in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis on fair value of \ufb01sh in sea The Group considers that four components are key for valuation. These are: 1. weighted average price, 2. projected optimal harvest weight, 3. monthly discount rate and 4. estimated number of \ufb01sh. The tables on the next page show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters:
Sensitivity analysis for weighted average price and expected optimal harvest weight Average price per kg (NOK) Change in price per kg (NOK) Projected optimal harvest weight per \ufb01sh in kg gwe 3.5 3.8 4.0 4.3 4.5 Change in projected weight per kg gwe -0.50 -0.25 \u2013 0.25 0.50 80.3 -5.00 6 232 451 6 734 460 7 286 187 7 851 841 8 437 822 83.3 -2.00 6 602 947 7 123 933 7 696 299 8 283 011 8 890 675 84.3 -1.00 6 726 446 7 253 758 7 833 003 8 426 735 9 041 626 85.3 \u2013 6 849 944 7 383 582 7 969 707 8 570 458 9 192 577 86.3 1.00 6 973 443 7 513 407 8 106 411 8 714 181 9 343 528 87.3 2.00 7 096 941 7 643 232 8 243 115 8 857 904 9 494 479 90.3 5.00 7 467 437 8 032 705 8 653 227 9 289 074 9 947 332 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction, without any change in remaining cost. For price, the change is per NOK gutted weight after adjustment for slaughtering cost, packaging cost, transport cost to Oslo, quality, size and exporter margin. Sensitivity analysis for weighted average price and monthly discount rate applied Average price per kg (NOK) Change in price per kg (NOK) Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 80.3 -5.00 8 457 477 7 838 823 7 286 187 6 791 060 6 346 174 83.3 -2.00 8 946 873 8 286 156 7 696 299 7 168 137 6 693 848 84.3 -1.00 9 110 005 8 435 267 7 833 003 7 293 829 6 809 740 85.3 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 86.3 1.00 9 436 269 8 733 489 8 106 411 7 545 214 7 041 522 87.3 2.00 9 599 400 8 882 600 8 243 115 7 670 907 7 157 414 90.3 5.00 10 088 796 9 329 933 8 653 227 8 047 984 7 505 088 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively.
Sensitivity analysis for weighted average price and number of \ufb01sh in stock Average price per kg (NOK) Change in price per kg (NOK) Number of \ufb01sh in stock (million \ufb01sh) 50.2 51.8 52.8 53.9 55.5 Change in number of \ufb01sh in stock -5% -2% 0% 2% 5% 80.3 -5.00 6 730 995 7 064 111 7 286 187 7 508 264 7 841 379 83.3 -2.00 7 120 602 7 466 020 7 696 299 7 926 578 8 271 997 84.3 -1.00 7 250 470 7 599 990 7 833 003 8 066 016 8 415 536 85.3 \u2013 7 380 339 7 733 960 7 969 707 8 205 454 8 559 075 86.3 1.00 7 510 208 7 867 930 8 106 411 8 344 892 8 702 614 87.3 2.00 7 640 077 8 001 900 8 243 115 8 484 330 8 846 153 90.3 5.00 8 029 683 8 403 809 8 653 227 8 902 645 9 276 771 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock. Sensitivity analysis for number of \ufb01sh in stock and monthly discount rate applied Number of \ufb01sh in stock (in\u00a0millions) Change in number of \ufb01sh Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 50.2 -5% 8 573 844 7 943 372 7 380 339 6 876 039 6 423 043 51.8 -2% 8 993 420 8 327 975 7 733 960 7 202 129 6 724 596 52.3 -1% 9 133 278 8 456 177 7 851 834 7 310 825 6 825 113 52.8 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 53.4 1% 9 412 995 8 712 579 8 087 581 7 528 218 7 026 149 53.9 2% 9 552 853 8 840 780 8 205 454 7 636 915 7 126 666 55.5 5% 9 972 429 9 225 383 8 559 075 7 963 004 7 428 219 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters monthly discount rate and estimated number of \ufb01sh in stock on the date of the statement of \ufb01nancial position. For the monthly discount rate, the table simulates an absolute change of +/- 1% and 2% (100 and 200 points) respectively. For the number of \ufb01sh in stock, the table simulates a change of +/- 1%, 2% and 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9851": {
"value": "Ler\u00f8y Seafood Group ASA is registered in Norway with identi\ufb01cation number 975 350 940. The business address is Thorm\u00f8hlens gate 51, 5006 Bergen, Norway. Ler\u00f8y Seafood Group ASA is listed on the Oslo Stock Exchange with ticker code LSG. Ler\u00f8y Seafood Group ASA is a subsidiary of Austevoll Seafood ASA (52.69%), which in turn is owned (55.55%) by Laco AS. Laco AS is the ultimate parent company.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9854": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9855": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9858": {
"value": "Thorm\u00f8hlens gate 51, 5006 Bergen",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9861": {
"value": "Austevoll Seafood ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9863": {
"value": "Laco AS",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9865": {
"value": "This section presents consolidated accounting policies and notes for Ler\u00f8y Seafood Group ASA. Accounting policies and notes for Ler\u00f8y Seafood Group ASA (parent company) are presented separately after the notes to the consolidated \ufb01nancial statements. This separation is necessary in that the Group submits \ufb01nancial statements in accordance with IFRS\u00ae Accounting Standards (International Financial Reporting Standards), while the parent company\u2019s \ufb01nancial statements are drawn up in accordance with NGAAP (Norwegian Generally Accepted Accounting Principles).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9869": {
"value": "Ler\u00f8y Seafood Group ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9870": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9882": {
"value": "The \ufb01nancial statements were submitted by the Board of Directors on 29 April 2024.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9886": {
"value": "(A) Declaration con\ufb01rming that the \ufb01nancial statements have been drawn up in accordance with IFRS Accounting Standards The consolidated \ufb01nancial statements are submitted in accordance with international standards for \ufb01nancial reporting (IFRS Accounting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU.
",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9896": {
"value": "(B) Basis for preparing the \ufb01nancial statements The \ufb01nancial statements are presented in NOK and \ufb01gures are rounded off to the nearest thousand. They are prepared on the basis of the historical cost principle, with the exception of the following assets and liabilities which are carried in the balance sheet at fair value: Biological assets and \ufb01nancial derivatives. Preparation of \ufb01nancial statements in accordance with IFRS Accounting Standards demands that the administration makes assessments, estimates and assumptions that in\ufb02uence the application of accounting policies and the book values of assets and liabilities, revenue and costs. Estimates and their associated assumptions are based on historical experience and other factors seen as reasonable under the circumstances. These calculations form the basis for measurement of carrying amounts for assets and liabilities that are not readily available from other sources. The actual result may deviate from these estimates. Estimates and underlying assumptions are under constant review. Changes in the accounting-related estimates are recognised in the periods in which they occur, provided they apply only to that period. If changes also apply to future periods, the effect is distributed over current and future periods. Assessments that are made by the administration when applying the IFRS Accounting Standards and that have a signi\ufb01cant effect on the \ufb01nancial statements and estimates with a considerable risk of signi\ufb01cant adjustments in the next \ufb01nancial year, are described in note about signi\ufb01cant accounting estimates and assessments. The accounting policies discussed below have been consistently applied for all periods presented in the consolidated \ufb01nancial statements.
The consolidated \ufb01nancial statements are drawn up in accordance with IFRS Accounting Standards, while the \ufb01nancial statements for the Norwegian subsidiaries are prepared according to Norwegian Generally Accepted Accounting Principles (NGAAP). Accounts for the foreign subsidiaries are prepared according to accepted accounting policies in the respective countries. The consolidated \ufb01nancial statements are prepared under the assumption that Ler\u00f8y Seafood Group will continue as a going concern.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9900": {
"value": "The \ufb01nancial statements are presented in NOK and \ufb01gures are rounded off to the nearest thousand. They are prepared on the basis of the historical cost principle, with the exception of the following assets and liabilities which are carried in the balance sheet at fair value: Biological assets and \ufb01nancial derivatives. Preparation of \ufb01nancial statements in accordance with IFRS Accounting Standards demands that the administration makes assessments, estimates and assumptions that in\ufb02uence the application of accounting policies and the book values of assets and liabilities, revenue and costs. Estimates and their associated assumptions are based on historical experience and other factors seen as reasonable under the circumstances. These calculations form the basis for measurement of carrying amounts for assets and liabilities that are not readily available from other sources. The actual result may deviate from these estimates. Estimates and underlying assumptions are under constant review. Changes in the accounting-related estimates are recognised in the periods in which they occur, provided they apply only to that period. If changes also apply to future periods, the effect is distributed over current and future periods. Assessments that are made by the administration when applying the IFRS Accounting Standards and that have a signi\ufb01cant effect on the \ufb01nancial statements and estimates with a considerable risk of signi\ufb01cant adjustments in the next \ufb01nancial year, are described in note about signi\ufb01cant accounting estimates and assessments. The accounting policies discussed below have been consistently applied for all periods presented in the consolidated \ufb01nancial statements.
Note 3 Signi\ufb01cant accounting estimates and assessments (All \ufb01gures in NOK 1 000) Estimates and assessments are reviewed continuously and are based on historical experience and other factors, including expectations of future events that seem probable in view of present circumstances. The Group draws up estimates and makes assumptions regarding future events. The accounting estimates from this process will, by de\ufb01nition, rarely be in exact agreement with the \ufb01nal results. Estimates and assumptions with a high risk of signi\ufb01cant changes in capitalised values of assets and liabilities during the next \ufb01nancial year are discussed below. Norwegian resource rent tax scheme Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered an signi\ufb01cant accounting estimate. See note 17 for further information. Value adjustment of biological assets Biological assets comprise the stock of roe, fry, juvenile \ufb01sh, cleaner \ufb01sh and \ufb01sh in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. Figures for the important premises are specifed in the note on biological assets. For \ufb01sh ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For \ufb01sh not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvest date for this \ufb01sh. (1) Price One important premise in the valuation of \ufb01sh both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest \ufb02uctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For \ufb01sh ready for harvest, the forward price for the following month is applied. For \ufb01sh not ready for harvest, the forward price for the month when the \ufb01sh is expected to achieve optimal weight for harvest, is applied. If it is probable on the balance sheet date that the \ufb01sh will be harvested before it reaches its optimal harvest weight, for example due to biological challenges, an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small \ufb01sh is lower than for normal-size \ufb01sh. The price is subsequently adjusted for exporter margins and clearing costs. This applies to \ufb01sh both ready for harvest and not ready for harvest. Further adjustments are necessary for harvest costs (well boat, slaughtering and packaging services), transport costs to Oslo and quality diffeences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC-certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Fish Pool. The adjustment for harvest costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments. (2) Cost For \ufb01sh not ready for harvest, an adjustment is also required for the costs necessary to grow the \ufb01sh to optimal harvest weight. Estimates related to future costs are based on the Group\u2019s prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of \ufb01sh (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight. There is some uncertainty involving both the number of \ufb01sh in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of \ufb01sh on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered
mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of \ufb01sh that results in a gutted weight of 4 kg, unless speci\ufb01c conditions exist on the balance sheet date to indicate that the \ufb01sh have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the \ufb01sh reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming \ufb01sh per month, depending on species and region. For recalculation factor from gutted weight to live weight, see note on biological assets. (4) Discounting Every time a \ufb01sh is harvested and sold, this generates a positive cash \ufb02ow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash \ufb02ow per locality. The cash \ufb02ow is allocated to the month when harvest is estimated to take place. The sum of the cash \ufb02ows from all the localities where the Group has \ufb01sh in the sea will then be distributed over the entire period of time it takes to farm the \ufb01sh in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash \ufb02ow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) License lease and (3) Time value. 4.1. Risk adjustment The risk adjustment shall re\ufb02ect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live \ufb01sh rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash \ufb02ow. Three signi\ufb01cant factors could have an impact on cash \ufb02ow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. 4.2. Hypothetical license lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licenses for farming \ufb01sh for consumers, such licenses currently have a very high value. For a hypothetical buyer of live \ufb01sh to take over and continue to farm the \ufb01sh, he/she would need a license, locality and other permits required for such production. At the time of writing, leasing of licenses is not permitted. However, on a hypothetical market for the purchase and sale of live \ufb01sh, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a signi\ufb01cant discount in order to allocate a suf\ufb01cient share of the returns to the buyer\u2019s own licenses or to cover the lease costs for leased licenses. It is dif\ufb01cult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licenses, as the curve in the model would be based on projections of future pro\ufb01t performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the license limitations are measured at different levels (location, region and company). 4.3. Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash \ufb02ow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live \ufb01sh rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash \ufb02ow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash \ufb02ow would decrease for each month, as costs are incurred to farm the \ufb01sh to slaughter weight. The costs increase for every month the \ufb01sh are in the sea. As such, the effect of deferred cash \ufb02ow is lower than would be the case if the cash \ufb02ow had been constant. This component is however deemed important due to the major values the stock of \ufb01sh represents. 4.4. Evaluation of discount rate At year end 2023 a 4% monthly discount rate has been applied. The discount rate previous year was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact the value on \ufb01sh in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a signi\ufb01cant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also signi\ufb01cance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for \ufb01sh in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the \ufb01sh in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis on fair value of \ufb01sh in sea The Group considers that four components are key for valuation. These are: 1. weighted average price, 2. projected optimal harvest weight, 3. monthly discount rate and 4. estimated number of \ufb01sh. The tables on the next page show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters:
Sensitivity analysis for weighted average price and expected optimal harvest weight Average price per kg (NOK) Change in price per kg (NOK) Projected optimal harvest weight per \ufb01sh in kg gwe 3.5 3.8 4.0 4.3 4.5 Change in projected weight per kg gwe -0.50 -0.25 \u2013 0.25 0.50 80.3 -5.00 6 232 451 6 734 460 7 286 187 7 851 841 8 437 822 83.3 -2.00 6 602 947 7 123 933 7 696 299 8 283 011 8 890 675 84.3 -1.00 6 726 446 7 253 758 7 833 003 8 426 735 9 041 626 85.3 \u2013 6 849 944 7 383 582 7 969 707 8 570 458 9 192 577 86.3 1.00 6 973 443 7 513 407 8 106 411 8 714 181 9 343 528 87.3 2.00 7 096 941 7 643 232 8 243 115 8 857 904 9 494 479 90.3 5.00 7 467 437 8 032 705 8 653 227 9 289 074 9 947 332 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction, without any change in remaining cost. For price, the change is per NOK gutted weight after adjustment for slaughtering cost, packaging cost, transport cost to Oslo, quality, size and exporter margin. Sensitivity analysis for weighted average price and monthly discount rate applied Average price per kg (NOK) Change in price per kg (NOK) Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 80.3 -5.00 8 457 477 7 838 823 7 286 187 6 791 060 6 346 174 83.3 -2.00 8 946 873 8 286 156 7 696 299 7 168 137 6 693 848 84.3 -1.00 9 110 005 8 435 267 7 833 003 7 293 829 6 809 740 85.3 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 86.3 1.00 9 436 269 8 733 489 8 106 411 7 545 214 7 041 522 87.3 2.00 9 599 400 8 882 600 8 243 115 7 670 907 7 157 414 90.3 5.00 10 088 796 9 329 933 8 653 227 8 047 984 7 505 088 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively.
Sensitivity analysis for weighted average price and number of \ufb01sh in stock Average price per kg (NOK) Change in price per kg (NOK) Number of \ufb01sh in stock (million \ufb01sh) 50.2 51.8 52.8 53.9 55.5 Change in number of \ufb01sh in stock -5% -2% 0% 2% 5% 80.3 -5.00 6 730 995 7 064 111 7 286 187 7 508 264 7 841 379 83.3 -2.00 7 120 602 7 466 020 7 696 299 7 926 578 8 271 997 84.3 -1.00 7 250 470 7 599 990 7 833 003 8 066 016 8 415 536 85.3 \u2013 7 380 339 7 733 960 7 969 707 8 205 454 8 559 075 86.3 1.00 7 510 208 7 867 930 8 106 411 8 344 892 8 702 614 87.3 2.00 7 640 077 8 001 900 8 243 115 8 484 330 8 846 153 90.3 5.00 8 029 683 8 403 809 8 653 227 8 902 645 9 276 771 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock. Sensitivity analysis for number of \ufb01sh in stock and monthly discount rate applied Number of \ufb01sh in stock (in\u00a0millions) Change in number of \ufb01sh Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 50.2 -5% 8 573 844 7 943 372 7 380 339 6 876 039 6 423 043 51.8 -2% 8 993 420 8 327 975 7 733 960 7 202 129 6 724 596 52.3 -1% 9 133 278 8 456 177 7 851 834 7 310 825 6 825 113 52.8 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 53.4 1% 9 412 995 8 712 579 8 087 581 7 528 218 7 026 149 53.9 2% 9 552 853 8 840 780 8 205 454 7 636 915 7 126 666 55.5 5% 9 972 429 9 225 383 8 559 075 7 963 004 7 428 219 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters monthly discount rate and estimated number of \ufb01sh in stock on the date of the statement of \ufb01nancial position. For the monthly discount rate, the table simulates an absolute change of +/- 1% and 2% (100 and 200 points) respectively. For the number of \ufb01sh in stock, the table simulates a change of +/- 1%, 2% and 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
Key premises and sensitivity estimates Key premises: 2023 2022 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.1% 8.4% Discount rate (WACC) after tax 7.1% 6.6% Nominal rate of growth in terminal (from 2029) 2.0% 2.0% The book value tested below is the share of the carrying value that is not subject to amortisation. Sensitivity analysis\u00a0per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after\u00a0tax) Implemented WACC (after\u00a0tax) Wildcatch 3 284 146 8 8.0% 7.1% Farming 4 339 046 2.4 5, 6 18.0% 7.1% VAPSD 668 014 0.5% 7 22.0% 7.1% Total 8 291 206 7.1% 5) The terminal value for farming is a NOK amount estimated on the basis of EBIT/kg after an explicit period (the terminal component) that gives a total value in use simular to net book value. 6) Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 7) The terminal value for VAPSD is a percentage calculated on the basis of the pro\ufb01t margin, after an explicit period (the terminal component) that gives a total value in use simular to net book value. 8) For Wildcatch segment it is not calculated a critical value in the terminal element.
Parameters applied for calculation of fair value Price parameters 2022 \u2013 Estimated future price during expected harvesting period Forward price* Exporter fee Clearing cost Net forward price Q1 2023 91.75 -0.75 -0.34 90.66 Q2 2023 95.55 -0.75 -0.34 94.46 Q3 2023 76.48 -0.75 -0.34 75.39 Q4 2023 78.22 -0.75 -0.34 77.13 Q1 2024 84.33 -0.75 -0.34 83.24 Q2 2024 87.50 -0.75 -0.34 86.41 *) Quarterly forward prices in 2024 is based on monthly forward prices sourced from Fish Pool at balance sheet date. Quarterly forward prices in 2025 is based on average price estimates for 2025 from different major analyist companies, made at balance sheet date.
Price parameters 2023 \u2013 Estimated future price during expected harvesting period Forward price * Exporter fee Clearing cost Net forward price Q1 2024 108.90 -0.75 -0.34 107.81 Q2 2024 114.40 -0.75 -0.34 113.31 Q3 2024 84.65 -0.75 -0.34 83.56 Q4 2024 87.07 -0.75 -0.34 85.98 Q1 2025 101.83 -0.75 -0.34 100.74 Q2 2025 102.29 -0.75 -0.34 101.20 *) Quarterly forward price based on monthly forward prices sourced from Fish Pool at balance sheet date. Adjustments are also made for: 2023 2022 Price premium (+/-) for trout 0.00 0.00 Price premium (+/-) for ecological salmon 0.00 0.00 Price premium (+/-) for ASC certi\ufb01ed salmon 0.10 0.09 Reduction for quality differences, salmon -1.27 -1.30 Reduction for quality differences, trout -1.60 -1.60 Reduction for size differences, salmon -0.24 -0.26 Reduction for size differences, trout -0.80 -0.80 Deductions are also made for well boat services, slaughtering and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash \ufb02ow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis conducted in the note on signi\ufb01cant accounting estimates and assessments, an estimated average net price is applied to all sizes. This is calculated by dividing the total estimated net sales revenue per locality by the total estimated volume (measured as slaughter weight), based on projected weight on the the date of harvest. Other parameters 2023 2022 Estimated average net price, all sizes (kr/kg), after primary processing and freight costs 86.3 74.4 Projected mortality in relation to number of individuals per month in North Norway 0.45% 0.45% Projected mortality in relation to number of individuals per month in Central Norway 0.60% 0.60% Projected mortality in relation to number of individuals per month in West Norway 1.10% 1.10% Slaughtering loss for salmon, for recalculation from live weight to gutted weight 14% 14% Slaughtering loss for trout, for recalculation from live weight to gutted weight 16% 16% Weight (life weight) for when the \ufb01sh is considered to be ready for harvest, salmon 4.65 kg 4.65 kg Weight (life weight) for when the \ufb01sh is considered to be ready for harvest, trout 4.76 kg 4.76 kg Discount rate (monthly) 4% 4% Description of signi\ufb01cant cost items originating from an incident, disease or other factor related to biological assets Accidental releases For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur randomly due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. This applies even if only one individual has escaped. The Group has not experienced any accidental release of economic signi\ufb01cance in 2023. The Group had 5 incidents related to escapes in 2023. 1 incident at Ler\u00f8y Sj\u00f8troll in connection with treatments where 15\u00a0000 \ufb01sh escaped, 2 incidents located to hole in net at Ler\u00f8y Midt and Ler\u00f8y Sj\u00f8troll where totally 27 \ufb01sh escaped, and 2 incidents in connections with lice counting at Ler\u00f8y Sj\u00f8troll, where totally 3 \ufb01sh escaped into the sea. In total only 15\u00a0030 individuals escaped from a\u00a0total stock of approximately 53 million individuals. Incident-based mortality The Group de\ufb01nes mortality as abnormal when more than a certain percentage of the total number of \ufb01sh die in the space of one month. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For\u00a0more detailed information, see the note on biological assets (I). Abnormal mortality is de\ufb01ned as incident-based mortality and is charged to the income statement in the period in which it occurs. As in 2022 most of the incident-based mortality in 2023 has been caused by sea lice treatment. However, some mortality has been caused by diseases, like gill disease and CMS, together with weakness from winter wounds. Fish health, including minimizing mortality, is the cornerstone of the Group\u2019s strategy. The positive trend in the number of sea lice treatments and related mortality, continued during \ufb01rst half of 2023, but in the second half of 2023, the number of sea lice treatments have increased, as well as the mortality following the treatments, gill disease and in charge of the jelly\ufb01sh. The Group works continuously with actions and technology to solve this challenge.
The consolidated \ufb01nancial statements are drawn up in accordance with IFRS Accounting Standards, while the \ufb01nancial statements for the Norwegian subsidiaries are prepared according to Norwegian Generally Accepted Accounting Principles (NGAAP). Accounts for the foreign subsidiaries are prepared according to accepted accounting policies in the respective countries. The consolidated \ufb01nancial statements are prepared under the assumption that Ler\u00f8y Seafood Group will continue as a going concern.
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"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f9941": {
"value": "(C) Principles of consolidation Subsidiaries Subsidiaries are all units where the Group has control of the unit\u2019s \ufb01nancial and operational strategy, normally through ownership of more than half of all equity with voting rights. Subsidiaries are consolidated from the moment control is obtained and are excluded from consolidation when such control ceases. Transactions, intercompany accounts and unrealised gains or losses between the Group companies are eliminated. For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f9945": {
"value": "Subsidiaries are all units where the Group has control of the unit\u2019s \ufb01nancial and operational strategy, normally through ownership of more than half of all equity with voting rights. Subsidiaries are consolidated from the moment control is obtained and are excluded from consolidation when such control ceases. Transactions, intercompany accounts and unrealised gains or losses between the Group companies are eliminated. For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
Note 4 Consolidated companies and allocation to operating segment (All \ufb01gures in NOK 1 000) The list below shows which companies are included in the consolidated \ufb01nancial statements, and how these are allocated to business area and operating segment. It also shows changes in ownership through the year. Reference is made to the note on subsidiaries in Ler\u00f8y Seafood Group ASA\u2019s \ufb01nancial statements for more detailed information, including book values. Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Wildcatch Ler\u00f8y Hav\ufb01sk AS Ler\u00f8y Seafood Group ASA Norway \u00c5lesund 2016 100% 100% Ler\u00f8y Norway Seafoods AS Ler\u00f8y Seafood Group ASA Norway B\u00e5tsfjord 2016 100% 100% Melbu Fryselager AS Ler\u00f8y Norway Seafoods AS Norway Hadsel 2016 100% 100% S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Ler\u00f8y Norway Seafoods AS Norway Hasvik 2016 51% 51% Hav\ufb01sk Finnmark AS Ler\u00f8y Hav\ufb01sk AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Melbu AS Ler\u00f8y Hav\ufb01sk AS Norway Hadsel 2016 100% 100% Hav\ufb01sk Stamsund AS Ler\u00f8y Hav\ufb01sk AS Norway Vestv\u00e5g\u00f8y 2016 100% 100% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Hammerfest Industri\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 60% 60% Hav\ufb01sk B\u00e5tsfjord AS Hav\ufb01sk Finnmark AS Norway B\u00e5tsfjord 2016 100% 100% Hav\ufb01sk Management AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Nordkyn AS Hav\ufb01sk Finnmark AS Norway Lebesby 2016 100% 100% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Farming Ler\u00f8y Aurora AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2005 100% 100% Ler\u00f8y Aurora Sj\u00f8 AS ** Ler\u00f8y Aurora AS Norway Troms\u00f8 2022 100% 100% Ler\u00f8y Midt AS Ler\u00f8y Seafood Group ASA Norway Hitra 2003 100% 100% Ler\u00f8y Midt Sj\u00f8 AS ** Ler\u00f8y Midt AS Norway Hitra 2022 100% 100% Ler\u00f8y Vest AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2007 100% 100% Ler\u00f8y Vest Sj\u00f8 AS ** Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Ler\u00f8y Vest Kraft AS Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Sj\u00f8troll Havbruk AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2010 51% 51% Sj\u00f8troll Havbruk Sj\u00f8 AS ** Sj\u00f8troll Havbruk AS Norway Austevoll 2022 100% 100% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Ler\u00f8y Vest AS Norway Austevoll 2017 50% 50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Sj\u00f8troll Havbruk AS Norway Austevoll 2017 50% 50% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 51% 51% Ler\u00f8y Ocean Harvest AS Ler\u00f8y Seafood Group ASA Norway Bergen 2018 100% 100% Ler\u00f8y \u00c5rskog AS Ler\u00f8y Seafood Group ASA Norway Bergen 2021 100% 100% Ler\u00f8y Austevoll AS ** Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 0% 100% 5) AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 0% 100% 5) Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Seafood AS Ler\u00f8y Seafood Group ASA Norway Bergen 1939 * 100% 100% Ler\u00f8y Bulandet AS Ler\u00f8y Seafood AS Norway Askvoll 2005 83% 83% Ler\u00f8y Quality Group AS Ler\u00f8y Seafood AS Norway Bergen 2006 100% 100% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 * 100% 100% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 51% 100% 1) Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Ler\u00f8y Norge AS Ler\u00f8y Seafood Group ASA Norway Oslo 2018 100% 100% Sirevaag AS Ler\u00f8y Norge AS Norway H\u00e5 2006 100% 100% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Norge AS Norway Bergen 2006 74% 74% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Nord AS Norway Bergen 2015 3% 3% Sj\u00f8mathuset AS Ler\u00f8y Seafood Group ASA Norway Oslo 2006 100% 100% Wannebo International AS Ler\u00f8y Seafood Hirtshals A/S Norway Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Hirtshals A/S ** Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Denmark A/S Ler\u00f8y Seafood Group ASA Denmark Hj\u00f8rring 2021 78% 78% Ove Johnsen.Fisk en gros ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 100% 100% P. Taabbel & Co A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Scan Fish Danmark A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Thor\ufb01sk A/S Ler\u00f8y Seafood Denmark A/S Denmark Norddjurs 2021 100% 100% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 0% 100% 5) Ler\u00f8y Schlie A/S Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Nigra Fiskeeksport A/S Ler\u00f8y Seafood Hirtshals A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden Gothenburg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden Gothenburg 2001 100% 100% Ler\u00f8y Sm\u00f8gen Seafood AB Ler\u00f8y Sverige AB Sweden Sm\u00f8gen 2002 100% 100% Ler\u00f8y Seafood Holding B.V. Ler\u00f8y Seafood Group ASA Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Netherlands B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Real Estate B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Leroy Culinair B.V. Rode Retail B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Center B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Convenience B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6)
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Leroy Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100% Ler\u00f8y Finland OY Ler\u00f8y Seafood Group ASA Finland Turku 2011 100% 100% SAS Ler\u00f8y Seafood France Ler\u00f8y Seafood AS France Boulogne 2008 100% 100% SAS Eurosalmon SAS Ler\u00f8y Seafood France France Saint Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France Saint Laurent Blangy 2008 100% 100% Ler\u00f8y Portugal Lda Ler\u00f8y Seafood Group ASA Portugal Lisboa 2005 100% 100% Ler\u00f8y Processing Spain SL Ler\u00f8y Seafood Group ASA Spain Madrid 2012 100% 100% Leroy Processing Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2023 0% 100% 3) Leroy Seafood Italy SRL Ler\u00f8y Seafood Group ASA Italy Porto Viro 2019 100% 100% Ler\u00f8y Seafood UK Ltd Ler\u00f8y Seafood Group ASA England Hull 2022 100% 100% Ler\u00f8y Turkey Ler\u00f8y Seafood Group ASA Turkey Istanbul 2015 100% 100% Leroy Seafood USA Inc Ler\u00f8y Seafood AS USA North Carolina 2016 100% 100% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Not allocated Ler\u00f8y Seafood Group ASA See note on shareholder information Bergen 1995 Preline Fishfarming Sys. AS Ler\u00f8y Seafood Group ASA Norway Bergen 2015 96% 96% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 **) The company has changed its name this year. See below for details. Comments on changes: 1) Transactions with non-controlling interests 2) Change in owership within the group 3) Foundation of new company 4) Business combination \u2013 Change from associated company to subsidiary 5) Business combination \u2013 New company acquired 6) Parent\u2013subsidiary merger 7) Sale of company 8) Liquidation of company
Overview of companies that have changed their names in 2023 New name Old name Country Ler\u00f8y Seafood Hirtshals A/S Brdr.Schlie`s Fiskeeksp.\u00a0A/S Denmark Ler\u00f8y Austevoll AS Austevoll Laksepakkeri\u00a0AS Norway Ler\u00f8y Aurora Sj\u00f8 AS Ler\u00f8y Aurora 2 AS Norway Ler\u00f8y Midt Sj\u00f8 AS Ler\u00f8y Midt 2 AS Norway Ler\u00f8y Vest Sj\u00f8 AS Ler\u00f8y Vest 2 AS Norway Sj\u00f8troll Havbruk Sj\u00f8 AS Sj\u00f8troll Havbruk 2 AS Norway
Gain(+)/loss(-) from changes in shares in associated companies 2023 2022 Gain(+)/loss(-) from disposal of shares in associated companies 13 356 0 Total 13 356 0 The gain is concerning sale of the associated company Itub AS.
Note 6 Business combinations and redemption of\u00a0non-controlling interests (All \ufb01gures in NOK 1 000) Business combinations in 2023 Denmark The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of white \ufb01sh as main activety. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been changed, due to uncovered accounting maipulation in one of its subsidiaries at date of acquisition, where a substantial part of accounts payable was kept outside the income statement and balance sheet. The equity effect of NOK\u00a037\u00a0812 has been added to goodwill. Norway Further on the Group has acquired 100% of the shares in Austevoll Laksepakkeri AS with effect from 1st of April 2023. This company was acquired from the Groups parent company Austevoll Seafood ASA. The transaction has been carried out based on arm lenght principles. The company has changed name to Ler\u00f8y Austevoll AS. The company is allocated to the Farming segment. Mondo Mar Marine Foods ApS Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 0 0 0 0 0 Goodwill 0 0 0 63 862 63 862 Right-of-use assets and \ufb01xed assets 21 588 0 21 588 0 21 588 Inventory 2 780 0 2 780 0 2 780 Current receivables 44 300 0 44 300 0 44 300 Cash in bank 0 0 0 0 0 Total assets 68 667 0 68 667 63 862 132 529 Equity 35 348 0 35 348 63 862 99 210 Deferred tax 635 0 635 0 635 Non-current liabilities 5 864 0 5 864 0 5 864 Current liabilities 26 819 0 26 819 0 26 819 Total equity and liabilities 68 667 0 68 667 63 862 132 529 NIBD (+) 6 759 0 6 759 0 6 759 Acquisition analysis 100% Recognized equity in acquired entity 35 348 Net identi\ufb01ed added value in the aquired entity 0 Identi\ufb01ed value in the aquired entity 35 348 Calculation of goodwill 100% Consideration paid to seller 85 020 Consideration unpaid, seller credit 14 190 Total consideration 99 210 Identi\ufb01ed value in the aquired entity 35 348 Goodwill 63 862 Ler\u00f8y Austevoll Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 6 023 1 100 7 123 0 7 123 Goodwill 0 0 0 38 054 38 054 Right-of-use assets and \ufb01xed assets 302 781 -3 000 299 781 0 299 781 Inventory 2 040 0 2 040 0 2 040 Current receivables 22 055 0 22 055 0 22 055 Cash in bank 33 763 0 33 763 0 33 763 Total assets 366 662 -1 900 364 762 38 054 402 816 Equity -9 154 -3 900 -13 054 38 054 25 000 Deferred tax 0 0 0 0 0 Non-current liabilities 5 225 0 5 225 0 5 225 Current liabilities 370 592 2 000 372 592 0 372 592 Total equity and liabilities 366 662 -1 900 364 762 38 054 402 816 NIBD (+) 306 490 0 306 490 0 306 490
Acquisition analysis 100% Recognized equity in acquired entity -9 154 Net identi\ufb01ed added value in the aquired entity -3 900 Identi\ufb01ed value in the aquired entity -13 054 Calculation of goodwill 100% Total consideration 25 000 Identi\ufb01ed value in the aquired entity -13 054 Goodwill 38 054 Redemption of non-controlling interests in 2023. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was NOK 6 million. The amount is recognized as a reduction in equity.
Note 10 Shares in joint ventures, associates and other investments (All \ufb01gures in NOK 1 000) Shares in joint ventures and associates Classi\ufb01cation The joint ventures and associated companies in the group are listed in the table below, and each company is allocated to operating segment. Changes during the year are also included. Net book value is recognised according to the equity method. The companies de\ufb01ned as joint ventures (from 2022) are classi\ufb01ed as material. The remaining companies are de\ufb01ned as associates, and they are classi\ufb01ed as not material. Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value\u00a031.12 Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 076 095 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 260 903 Total classi\ufb01ed as material 1 336 998 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 163 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 33% 3 837 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 370 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 401 Itub AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway \u00c5lesund 22% 0% 0 2 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 0% 50% 15 1 Finnmark Kyst\ufb01ske AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Hammerfest 49% 49% 1 694 Vestv\u00e5g\u00f8y Kystrederi AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Vestv\u00e5g\u00f8y 50% 50% 2 865 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 204 Kirkenes Processing AS Ler\u00f8y Aurora AS Farming Norway Kirkenes 50% 50% 1 Romsdal Processing AS Ler\u00f8y Aurora AS Farming Norway Midsund 44% 44% 14 822 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 528 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 678 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 47% 1 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 435 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 60 Total classi\ufb01ed as not material 29 074 Grand total 1 366 072 *) VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Sale of shares
Carrying value on and income from joint ventures and associated companies Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total Acquisition year 2015 2001 2022 Income from joint ventures and associates Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Gain from disposal of associate 296 296 Total 20 731 41 492 3 452 65 675 Fair value adjustments on biological assets (after tax) from JV and AC 11 982 11 982 Income from JV and AC, before fair value adjustments 20 731 29 510 3 452 53 693 Opening balance 01.01 218 682 1 094 884 34 505 1 348 072 Companies acquired 716 716 Companies sold -10 -10 Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Dividend distributed -6 000 -6 000 Currency translation differences * 1 917 2 1 919 Other changes over equity 14 562 14 562 Closing balance as of 31.12 233 413 1 152 855 38 369 1 424 638 Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total 2023 Income from joint ventures and\u00a0associates Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Fair value adjustments on biological assets (after tax) from JV and AC 6 371 6 371 Income from JV and AC, before fair value adjustments 30 489 -174 075 -6 094 -149 680 Opening balance 01.01 233 413 1 152 855 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Dividend distributed -3 000 -3 000 Currency translation differences * 95 386 0 95 386 Other changes over equity -4 443 5 982 1 539 Closing balance as of 31.12 260 903 1 076 095 29 074 1 366 072 *) Currency translation differences relate to translation for the sub-group Scottish Seafarms, owned by Norskott Havbruk AS, where functional and reporting currency is GBP.
Other information on joint ventures and associates considered material to the Group Assesment of materiality Only the two joint venture companies Norskott Havbruk AS and Seistar Holding AS is considered material to the Group. Information on material transactions The Group has purchased salmon from Norskott Havbruk Group for NOK 115 million, and purchased wellboat services from Seistar Holding AS for NOK 309 million. See note 25 on related parties for further details. Information on subsidiaries Company Owner (JV or subsidiary of JV) Operating segment Country Ownership / voting share 01.01 Ownership / voting share 31.12 Scottish Seafarms Ltd * Norskott Havbruk AS Farming Scotland 100% 100% Ettrick Trout Ltd Scottish Seafarms Ltd Farming Scotland 100% 100% Orkney Sea Farms Ltd Ettrick Trout Ltd Farming Scotland 100% 100% SSF Hjaltland Scottish Seafarms Ltd Farming Scotland 100% 100% SSF Shetland SSF Hjaltland Farming Scotland 100% 100% Isle of Skye Salmon SSF Hjaltland Farming Scotland 100% 100% Mowi Star AS Seistar Holding AS Farming Norway 100% 100% Seiv\u00e5g Shipping AS Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 0% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 0% 100%
Financial information (100%) The accounting \ufb01gures for associates, as shown below, are prepared in accordance with IFRS Accounting Standards. The \ufb01gures for present year are based on priliminary annual accounts, as the \ufb01nal annual accounts are not submitted.
Seistar Holding AS Group Norskott Havbruk\u00a0AS Group 2023 2022 2023 2022 Revenue 249 715 270 553 2 561 466 3 187 853 Other gains (+) and losses (-) 38 997 0 0 0 Operating pro\ufb01t (EBIT) before fair value adjustments 75 858 53 154 -303 260 214 280 Operating pro\ufb01t (EBIT) 75 858 53 154 -287 475 245 003 Pre-tax pro\ufb01t 62 479 41 506 -481 851 165 813 Annual pro\ufb01t 60 917 40 563 -335 406 82 984 Other comprehensive income 0 0 -8 886 29 124 Fixed assets 740 739 711 007 3 591 919 3 403 086 Current assets 173 121 124 236 2 539 809 1 823 850 Total assets 913 861 835 243 6 131 728 5 226 936 Long-term debt 337 601 366 862 2 396 226 2 080 765 Short-term debt 90 754 43 792 1 583 312 840 460 Total debt 428 354 410 654 3 979 538 2 921 225 Net interest-bearing debt 176 587 267 607 2 803 262 2 037 486 Equity 485 506 424 590 2 152 190 2 305 711
Other investments Other shares as of 31.12.2023 Ownership / voting share Cost price Fair value Carrying value Various minor shareholdings Insigni\ufb01cant 13 857 13 857 13 857 Total 13 857 13 857 13 857 Considering the immaterial value of the assets, historic cost has been applied as the best estimate for fair value.
Subsidiaries are all units where the Group has control of the unit\u2019s \ufb01nancial and operational strategy, normally through ownership of more than half of all equity with voting rights. Subsidiaries are consolidated from the moment control is obtained and are excluded from consolidation when such control ceases. Transactions, intercompany accounts and unrealised gains or losses between the Group companies are eliminated. For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
Note 4 Consolidated companies and allocation to operating segment (All \ufb01gures in NOK 1 000) The list below shows which companies are included in the consolidated \ufb01nancial statements, and how these are allocated to business area and operating segment. It also shows changes in ownership through the year. Reference is made to the note on subsidiaries in Ler\u00f8y Seafood Group ASA\u2019s \ufb01nancial statements for more detailed information, including book values. Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Wildcatch Ler\u00f8y Hav\ufb01sk AS Ler\u00f8y Seafood Group ASA Norway \u00c5lesund 2016 100% 100% Ler\u00f8y Norway Seafoods AS Ler\u00f8y Seafood Group ASA Norway B\u00e5tsfjord 2016 100% 100% Melbu Fryselager AS Ler\u00f8y Norway Seafoods AS Norway Hadsel 2016 100% 100% S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Ler\u00f8y Norway Seafoods AS Norway Hasvik 2016 51% 51% Hav\ufb01sk Finnmark AS Ler\u00f8y Hav\ufb01sk AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Melbu AS Ler\u00f8y Hav\ufb01sk AS Norway Hadsel 2016 100% 100% Hav\ufb01sk Stamsund AS Ler\u00f8y Hav\ufb01sk AS Norway Vestv\u00e5g\u00f8y 2016 100% 100% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Hammerfest Industri\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 60% 60% Hav\ufb01sk B\u00e5tsfjord AS Hav\ufb01sk Finnmark AS Norway B\u00e5tsfjord 2016 100% 100% Hav\ufb01sk Management AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Nordkyn AS Hav\ufb01sk Finnmark AS Norway Lebesby 2016 100% 100% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Farming Ler\u00f8y Aurora AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2005 100% 100% Ler\u00f8y Aurora Sj\u00f8 AS ** Ler\u00f8y Aurora AS Norway Troms\u00f8 2022 100% 100% Ler\u00f8y Midt AS Ler\u00f8y Seafood Group ASA Norway Hitra 2003 100% 100% Ler\u00f8y Midt Sj\u00f8 AS ** Ler\u00f8y Midt AS Norway Hitra 2022 100% 100% Ler\u00f8y Vest AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2007 100% 100% Ler\u00f8y Vest Sj\u00f8 AS ** Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Ler\u00f8y Vest Kraft AS Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Sj\u00f8troll Havbruk AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2010 51% 51% Sj\u00f8troll Havbruk Sj\u00f8 AS ** Sj\u00f8troll Havbruk AS Norway Austevoll 2022 100% 100% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Ler\u00f8y Vest AS Norway Austevoll 2017 50% 50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Sj\u00f8troll Havbruk AS Norway Austevoll 2017 50% 50% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 51% 51% Ler\u00f8y Ocean Harvest AS Ler\u00f8y Seafood Group ASA Norway Bergen 2018 100% 100% Ler\u00f8y \u00c5rskog AS Ler\u00f8y Seafood Group ASA Norway Bergen 2021 100% 100% Ler\u00f8y Austevoll AS ** Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 0% 100% 5) AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 0% 100% 5) Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Seafood AS Ler\u00f8y Seafood Group ASA Norway Bergen 1939 * 100% 100% Ler\u00f8y Bulandet AS Ler\u00f8y Seafood AS Norway Askvoll 2005 83% 83% Ler\u00f8y Quality Group AS Ler\u00f8y Seafood AS Norway Bergen 2006 100% 100% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 * 100% 100% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 51% 100% 1) Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Ler\u00f8y Norge AS Ler\u00f8y Seafood Group ASA Norway Oslo 2018 100% 100% Sirevaag AS Ler\u00f8y Norge AS Norway H\u00e5 2006 100% 100% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Norge AS Norway Bergen 2006 74% 74% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Nord AS Norway Bergen 2015 3% 3% Sj\u00f8mathuset AS Ler\u00f8y Seafood Group ASA Norway Oslo 2006 100% 100% Wannebo International AS Ler\u00f8y Seafood Hirtshals A/S Norway Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Hirtshals A/S ** Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Denmark A/S Ler\u00f8y Seafood Group ASA Denmark Hj\u00f8rring 2021 78% 78% Ove Johnsen.Fisk en gros ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 100% 100% P. Taabbel & Co A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Scan Fish Danmark A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Thor\ufb01sk A/S Ler\u00f8y Seafood Denmark A/S Denmark Norddjurs 2021 100% 100% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 0% 100% 5) Ler\u00f8y Schlie A/S Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Nigra Fiskeeksport A/S Ler\u00f8y Seafood Hirtshals A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden Gothenburg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden Gothenburg 2001 100% 100% Ler\u00f8y Sm\u00f8gen Seafood AB Ler\u00f8y Sverige AB Sweden Sm\u00f8gen 2002 100% 100% Ler\u00f8y Seafood Holding B.V. Ler\u00f8y Seafood Group ASA Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Netherlands B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Real Estate B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Leroy Culinair B.V. Rode Retail B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Center B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Convenience B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6)
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Leroy Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100% Ler\u00f8y Finland OY Ler\u00f8y Seafood Group ASA Finland Turku 2011 100% 100% SAS Ler\u00f8y Seafood France Ler\u00f8y Seafood AS France Boulogne 2008 100% 100% SAS Eurosalmon SAS Ler\u00f8y Seafood France France Saint Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France Saint Laurent Blangy 2008 100% 100% Ler\u00f8y Portugal Lda Ler\u00f8y Seafood Group ASA Portugal Lisboa 2005 100% 100% Ler\u00f8y Processing Spain SL Ler\u00f8y Seafood Group ASA Spain Madrid 2012 100% 100% Leroy Processing Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2023 0% 100% 3) Leroy Seafood Italy SRL Ler\u00f8y Seafood Group ASA Italy Porto Viro 2019 100% 100% Ler\u00f8y Seafood UK Ltd Ler\u00f8y Seafood Group ASA England Hull 2022 100% 100% Ler\u00f8y Turkey Ler\u00f8y Seafood Group ASA Turkey Istanbul 2015 100% 100% Leroy Seafood USA Inc Ler\u00f8y Seafood AS USA North Carolina 2016 100% 100% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Not allocated Ler\u00f8y Seafood Group ASA See note on shareholder information Bergen 1995 Preline Fishfarming Sys. AS Ler\u00f8y Seafood Group ASA Norway Bergen 2015 96% 96% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 **) The company has changed its name this year. See below for details. Comments on changes: 1) Transactions with non-controlling interests 2) Change in owership within the group 3) Foundation of new company 4) Business combination \u2013 Change from associated company to subsidiary 5) Business combination \u2013 New company acquired 6) Parent\u2013subsidiary merger 7) Sale of company 8) Liquidation of company
Overview of companies that have changed their names in 2023 New name Old name Country Ler\u00f8y Seafood Hirtshals A/S Brdr.Schlie`s Fiskeeksp.\u00a0A/S Denmark Ler\u00f8y Austevoll AS Austevoll Laksepakkeri\u00a0AS Norway Ler\u00f8y Aurora Sj\u00f8 AS Ler\u00f8y Aurora 2 AS Norway Ler\u00f8y Midt Sj\u00f8 AS Ler\u00f8y Midt 2 AS Norway Ler\u00f8y Vest Sj\u00f8 AS Ler\u00f8y Vest 2 AS Norway Sj\u00f8troll Havbruk Sj\u00f8 AS Sj\u00f8troll Havbruk 2 AS Norway
Note 6 Business combinations and redemption of\u00a0non-controlling interests (All \ufb01gures in NOK 1 000) Business combinations in 2023 Denmark The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of white \ufb01sh as main activety. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been changed, due to uncovered accounting maipulation in one of its subsidiaries at date of acquisition, where a substantial part of accounts payable was kept outside the income statement and balance sheet. The equity effect of NOK\u00a037\u00a0812 has been added to goodwill. Norway Further on the Group has acquired 100% of the shares in Austevoll Laksepakkeri AS with effect from 1st of April 2023. This company was acquired from the Groups parent company Austevoll Seafood ASA. The transaction has been carried out based on arm lenght principles. The company has changed name to Ler\u00f8y Austevoll AS. The company is allocated to the Farming segment. Mondo Mar Marine Foods ApS Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 0 0 0 0 0 Goodwill 0 0 0 63 862 63 862 Right-of-use assets and \ufb01xed assets 21 588 0 21 588 0 21 588 Inventory 2 780 0 2 780 0 2 780 Current receivables 44 300 0 44 300 0 44 300 Cash in bank 0 0 0 0 0 Total assets 68 667 0 68 667 63 862 132 529 Equity 35 348 0 35 348 63 862 99 210 Deferred tax 635 0 635 0 635 Non-current liabilities 5 864 0 5 864 0 5 864 Current liabilities 26 819 0 26 819 0 26 819 Total equity and liabilities 68 667 0 68 667 63 862 132 529 NIBD (+) 6 759 0 6 759 0 6 759 Acquisition analysis 100% Recognized equity in acquired entity 35 348 Net identi\ufb01ed added value in the aquired entity 0 Identi\ufb01ed value in the aquired entity 35 348 Calculation of goodwill 100% Consideration paid to seller 85 020 Consideration unpaid, seller credit 14 190 Total consideration 99 210 Identi\ufb01ed value in the aquired entity 35 348 Goodwill 63 862 Ler\u00f8y Austevoll Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 6 023 1 100 7 123 0 7 123 Goodwill 0 0 0 38 054 38 054 Right-of-use assets and \ufb01xed assets 302 781 -3 000 299 781 0 299 781 Inventory 2 040 0 2 040 0 2 040 Current receivables 22 055 0 22 055 0 22 055 Cash in bank 33 763 0 33 763 0 33 763 Total assets 366 662 -1 900 364 762 38 054 402 816 Equity -9 154 -3 900 -13 054 38 054 25 000 Deferred tax 0 0 0 0 0 Non-current liabilities 5 225 0 5 225 0 5 225 Current liabilities 370 592 2 000 372 592 0 372 592 Total equity and liabilities 366 662 -1 900 364 762 38 054 402 816 NIBD (+) 306 490 0 306 490 0 306 490
Acquisition analysis 100% Recognized equity in acquired entity -9 154 Net identi\ufb01ed added value in the aquired entity -3 900 Identi\ufb01ed value in the aquired entity -13 054 Calculation of goodwill 100% Total consideration 25 000 Identi\ufb01ed value in the aquired entity -13 054 Goodwill 38 054 Redemption of non-controlling interests in 2023. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was NOK 6 million. The amount is recognized as a reduction in equity.
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"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f9947": {
"value": "Subsidiaries are all units where the Group has control of the unit\u2019s \ufb01nancial and operational strategy, normally through ownership of more than half of all equity with voting rights. Subsidiaries are consolidated from the moment control is obtained and are excluded from consolidation when such control ceases. Transactions, intercompany accounts and unrealised gains or losses between the Group companies are eliminated. For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9956": {
"value": "For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9957": {
"value": "For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
Note 6 Business combinations and redemption of\u00a0non-controlling interests (All \ufb01gures in NOK 1 000) Business combinations in 2023 Denmark The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of white \ufb01sh as main activety. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been changed, due to uncovered accounting maipulation in one of its subsidiaries at date of acquisition, where a substantial part of accounts payable was kept outside the income statement and balance sheet. The equity effect of NOK\u00a037\u00a0812 has been added to goodwill. Norway Further on the Group has acquired 100% of the shares in Austevoll Laksepakkeri AS with effect from 1st of April 2023. This company was acquired from the Groups parent company Austevoll Seafood ASA. The transaction has been carried out based on arm lenght principles. The company has changed name to Ler\u00f8y Austevoll AS. The company is allocated to the Farming segment. Mondo Mar Marine Foods ApS Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 0 0 0 0 0 Goodwill 0 0 0 63 862 63 862 Right-of-use assets and \ufb01xed assets 21 588 0 21 588 0 21 588 Inventory 2 780 0 2 780 0 2 780 Current receivables 44 300 0 44 300 0 44 300 Cash in bank 0 0 0 0 0 Total assets 68 667 0 68 667 63 862 132 529 Equity 35 348 0 35 348 63 862 99 210 Deferred tax 635 0 635 0 635 Non-current liabilities 5 864 0 5 864 0 5 864 Current liabilities 26 819 0 26 819 0 26 819 Total equity and liabilities 68 667 0 68 667 63 862 132 529 NIBD (+) 6 759 0 6 759 0 6 759 Acquisition analysis 100% Recognized equity in acquired entity 35 348 Net identi\ufb01ed added value in the aquired entity 0 Identi\ufb01ed value in the aquired entity 35 348 Calculation of goodwill 100% Consideration paid to seller 85 020 Consideration unpaid, seller credit 14 190 Total consideration 99 210 Identi\ufb01ed value in the aquired entity 35 348 Goodwill 63 862 Ler\u00f8y Austevoll Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 6 023 1 100 7 123 0 7 123 Goodwill 0 0 0 38 054 38 054 Right-of-use assets and \ufb01xed assets 302 781 -3 000 299 781 0 299 781 Inventory 2 040 0 2 040 0 2 040 Current receivables 22 055 0 22 055 0 22 055 Cash in bank 33 763 0 33 763 0 33 763 Total assets 366 662 -1 900 364 762 38 054 402 816 Equity -9 154 -3 900 -13 054 38 054 25 000 Deferred tax 0 0 0 0 0 Non-current liabilities 5 225 0 5 225 0 5 225 Current liabilities 370 592 2 000 372 592 0 372 592 Total equity and liabilities 366 662 -1 900 364 762 38 054 402 816 NIBD (+) 306 490 0 306 490 0 306 490
Acquisition analysis 100% Recognized equity in acquired entity -9 154 Net identi\ufb01ed added value in the aquired entity -3 900 Identi\ufb01ed value in the aquired entity -13 054 Calculation of goodwill 100% Total consideration 25 000 Identi\ufb01ed value in the aquired entity -13 054 Goodwill 38 054 Redemption of non-controlling interests in 2023. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was NOK 6 million. The amount is recognized as a reduction in equity.
For each business combination after 2009, the group has measured components of non controlling interests in the acquiree at fair value at the acquisition date. This implies that goodwill is recognised also on non-controlling interests proportionate share of the entity`s net assets. The companies that are part of the Group are speci\ufb01ed in the note on consolidated companies.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9969": {
"value": "Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
Note 6 Business combinations and redemption of\u00a0non-controlling interests (All \ufb01gures in NOK 1 000) Business combinations in 2023 Denmark The Group has acquired 100% of the shares in Mondo Mar Marine Foods ApS through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The company is located in Hanstholm in Denmark, and has processing of white \ufb01sh as main activety. The company has been consolidated with effect from 01.01.2023. The company is allocated to the VAPS&D segment. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been changed, due to uncovered accounting maipulation in one of its subsidiaries at date of acquisition, where a substantial part of accounts payable was kept outside the income statement and balance sheet. The equity effect of NOK\u00a037\u00a0812 has been added to goodwill. Norway Further on the Group has acquired 100% of the shares in Austevoll Laksepakkeri AS with effect from 1st of April 2023. This company was acquired from the Groups parent company Austevoll Seafood ASA. The transaction has been carried out based on arm lenght principles. The company has changed name to Ler\u00f8y Austevoll AS. The company is allocated to the Farming segment. Mondo Mar Marine Foods ApS Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 0 0 0 0 0 Goodwill 0 0 0 63 862 63 862 Right-of-use assets and \ufb01xed assets 21 588 0 21 588 0 21 588 Inventory 2 780 0 2 780 0 2 780 Current receivables 44 300 0 44 300 0 44 300 Cash in bank 0 0 0 0 0 Total assets 68 667 0 68 667 63 862 132 529 Equity 35 348 0 35 348 63 862 99 210 Deferred tax 635 0 635 0 635 Non-current liabilities 5 864 0 5 864 0 5 864 Current liabilities 26 819 0 26 819 0 26 819 Total equity and liabilities 68 667 0 68 667 63 862 132 529 NIBD (+) 6 759 0 6 759 0 6 759 Acquisition analysis 100% Recognized equity in acquired entity 35 348 Net identi\ufb01ed added value in the aquired entity 0 Identi\ufb01ed value in the aquired entity 35 348 Calculation of goodwill 100% Consideration paid to seller 85 020 Consideration unpaid, seller credit 14 190 Total consideration 99 210 Identi\ufb01ed value in the aquired entity 35 348 Goodwill 63 862 Ler\u00f8y Austevoll Purchase price allocation and acquisition analysis Reported values of acquired entity Identi\ufb01ed added (or negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance sheet Deferred tax asset 6 023 1 100 7 123 0 7 123 Goodwill 0 0 0 38 054 38 054 Right-of-use assets and \ufb01xed assets 302 781 -3 000 299 781 0 299 781 Inventory 2 040 0 2 040 0 2 040 Current receivables 22 055 0 22 055 0 22 055 Cash in bank 33 763 0 33 763 0 33 763 Total assets 366 662 -1 900 364 762 38 054 402 816 Equity -9 154 -3 900 -13 054 38 054 25 000 Deferred tax 0 0 0 0 0 Non-current liabilities 5 225 0 5 225 0 5 225 Current liabilities 370 592 2 000 372 592 0 372 592 Total equity and liabilities 366 662 -1 900 364 762 38 054 402 816 NIBD (+) 306 490 0 306 490 0 306 490
Acquisition analysis 100% Recognized equity in acquired entity -9 154 Net identi\ufb01ed added value in the aquired entity -3 900 Identi\ufb01ed value in the aquired entity -13 054 Calculation of goodwill 100% Total consideration 25 000 Identi\ufb01ed value in the aquired entity -13 054 Goodwill 38 054 Redemption of non-controlling interests in 2023. Non-controlling interests in Ler\u00f8y Nord AS has been redempted with effect from 01.01.2023. The shareholding is therefore increased from 51% to 100%. The consideration paid to non-controlling interests was NOK 6 million. The amount is recognized as a reduction in equity.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9971": {
"value": "Non-controlling interests Non-controlling interests are measured at acquisition date either to fair value or their proportionate share of net identi\ufb01ed assets, with an option to choose for each acquisition. Non-controlling interests\u2019 share of the pro\ufb01t or loss for the year after taxes is shown as a separate item after the annual pro\ufb01t/loss for the Group. The non-controlling interests\u2019 share of equity is shown as a separate item under consolidated equity. Transactions with non-controlling interests in subsidiaries are booked as equity transactions. In the event of the purchase or sale of shares from non-controlling interests, the difference between the consideration and the shares\u2019 proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners\u2019 equity is booked to controlling shareholder\u2019s equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9987": {
"value": "(D) Operating revenue Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods.
Operating revenue 2023 2022 Sale of goods and services 30 850 804 26 640 669 Lease income 0 253 Damages received 1 880 61 Government grants 17 028 4 894 Total 30 869 712 26 645 877
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9988": {
"value": "(D) Operating revenue Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods.
Operating revenue 2023 2022 Sale of goods and services 30 850 804 26 640 669 Lease income 0 253 Damages received 1 880 61 Government grants 17 028 4 894 Total 30 869 712 26 645 877
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f9990": {
"value": "(D) Operating revenue Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods.
(D) Operating revenue Operating revenue is recognised at a point in time when control is passed to the customer. Control is generally passed when delivered to the customer according to the agreed upon Incoterms (contractual terms). Expected volume discounts are deducted from operating revenue and presented as current provisions. Taxes and duties are also deducted from operating revenue. The Group records provisions (sales reduction) for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries. The Group delivers, to a large degree, fresh food and returns will therefore usually be registered shortly after the customer has received the goods.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10007": {
"value": "(E) Reporting by segment Segments are reported at a more aggregated level than for internal reporting to the corporate management due to similar economic characteristics, organisational structure and commercial risk. The Group\u2019s reportable segments comprise the following: (1) Wildcatch, (2) Farming and (3) Value-added Processing (VAP), sales and distribution. The last segment is also named VAPS&D or VAPSD for short. Please refer to the note on the consolidated companies and division into operating segments for a complete description of the companies in the different segments, both directly and via indirect ownership. Wildcatch is reported as one segment. The unit comprises the two sub-groups Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS. The Ler\u00f8y Hav\ufb01sk Group, owner of the licenses, is subject to a so-called \u201cindustrial obligation\u201d in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the license is linked to operation of the facilities in the respective locations. Ler\u00f8y Hav\ufb01sk has leased out the facilities in these locations to Ler\u00f8y Norway Seafoods AS. The lessor is responsible for sustaining
operations. However, if the lessor terminates operations, the license terms oblige Ler\u00f8y Hav\ufb01sk to sustain operations in the speci\ufb01ed locations. The two companies, including their subsidiaries, are so heavily integrated with each other, that they are regarded as one operating segment, which also is re\ufb02ected in the internal reporting. Farming is reported as one segment but speci\ufb01ed on three operating segments. These are: 1. the North Norway region, comprising the Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS 2. the Central Norway region, comprising Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS 3. the West Norway region (also known as Ler\u00f8y Sj\u00f8troll), comprising Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. These units all operate in the same branch, have the same customers, similar commercial risk and similar processes. Their only distinguishing factor is geography. It has therefore been deemed appropriate to merge these into one operating segment. Value-added Processing (VAP), sales and distribution is the third segment. This segment comprises several sub-groups and individual entities. These are merged into one reporting segment due to similarities such as same branch, commercial risk and uniform processes. The Norwegian units are: Ler\u00f8y Seafood AS, Ler\u00f8y Fossen AS, Ler\u00f8y Bulandet AS, Ler\u00f8y Sj\u00f8matgruppen AS, Ler\u00f8y Norge AS, Sirev\u00e5g AS, Ler\u00f8y Nord AS, Drag\u00f8y Grossist AS, Sj\u00f8mathuset AS, Ler\u00f8y Quality Group AS, Ler\u00f8y & Strudshavn AS and Wannebo International AS. The foreign units consist of the Dutch sub-group Ler\u00f8y Seafood Holding B.V., that also includes Ler\u00f8y Germany GmbH, the Swedish sub-group Ler\u00f8y Sverige AB, the Danish sub-group Ler\u00f8y Seafood Denmark A/S, the French sub-group SAS Ler\u00f8y Seafood France, the Spanish sub-group Ler\u00f8y Processing Spain S.L, in addition to Ler\u00f8y Seafood USA Inc, Ler\u00f8y Portugal Lda, Ler\u00f8y Finland OY, Ler\u00f8y Turkey, Leroy Seafood Italy Srl and Ler\u00f8y Seafood UK Ltd. The Norwegian entities Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not assigned to any of the segments.
Note 4 Consolidated companies and allocation to operating segment (All \ufb01gures in NOK 1 000) The list below shows which companies are included in the consolidated \ufb01nancial statements, and how these are allocated to business area and operating segment. It also shows changes in ownership through the year. Reference is made to the note on subsidiaries in Ler\u00f8y Seafood Group ASA\u2019s \ufb01nancial statements for more detailed information, including book values. Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Wildcatch Ler\u00f8y Hav\ufb01sk AS Ler\u00f8y Seafood Group ASA Norway \u00c5lesund 2016 100% 100% Ler\u00f8y Norway Seafoods AS Ler\u00f8y Seafood Group ASA Norway B\u00e5tsfjord 2016 100% 100% Melbu Fryselager AS Ler\u00f8y Norway Seafoods AS Norway Hadsel 2016 100% 100% S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Ler\u00f8y Norway Seafoods AS Norway Hasvik 2016 51% 51% Hav\ufb01sk Finnmark AS Ler\u00f8y Hav\ufb01sk AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Melbu AS Ler\u00f8y Hav\ufb01sk AS Norway Hadsel 2016 100% 100% Hav\ufb01sk Stamsund AS Ler\u00f8y Hav\ufb01sk AS Norway Vestv\u00e5g\u00f8y 2016 100% 100% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Hammerfest Industri\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 60% 60% Hav\ufb01sk B\u00e5tsfjord AS Hav\ufb01sk Finnmark AS Norway B\u00e5tsfjord 2016 100% 100% Hav\ufb01sk Management AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 100% 100% Hav\ufb01sk Nordkyn AS Hav\ufb01sk Finnmark AS Norway Lebesby 2016 100% 100% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Farming Ler\u00f8y Aurora AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2005 100% 100% Ler\u00f8y Aurora Sj\u00f8 AS ** Ler\u00f8y Aurora AS Norway Troms\u00f8 2022 100% 100% Ler\u00f8y Midt AS Ler\u00f8y Seafood Group ASA Norway Hitra 2003 100% 100% Ler\u00f8y Midt Sj\u00f8 AS ** Ler\u00f8y Midt AS Norway Hitra 2022 100% 100% Ler\u00f8y Vest AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2007 100% 100% Ler\u00f8y Vest Sj\u00f8 AS ** Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Ler\u00f8y Vest Kraft AS Ler\u00f8y Vest AS Norway Austevoll 2022 100% 100% Sj\u00f8troll Havbruk AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2010 51% 51% Sj\u00f8troll Havbruk Sj\u00f8 AS ** Sj\u00f8troll Havbruk AS Norway Austevoll 2022 100% 100% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Ler\u00f8y Vest AS Norway Austevoll 2017 50% 50% Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS Sj\u00f8troll Havbruk AS Norway Austevoll 2017 50% 50% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 51% 51% Ler\u00f8y Ocean Harvest AS Ler\u00f8y Seafood Group ASA Norway Bergen 2018 100% 100% Ler\u00f8y \u00c5rskog AS Ler\u00f8y Seafood Group ASA Norway Bergen 2021 100% 100% Ler\u00f8y Austevoll AS ** Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 0% 100% 5) AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 0% 100% 5) Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Seafood AS Ler\u00f8y Seafood Group ASA Norway Bergen 1939 * 100% 100% Ler\u00f8y Bulandet AS Ler\u00f8y Seafood AS Norway Askvoll 2005 83% 83% Ler\u00f8y Quality Group AS Ler\u00f8y Seafood AS Norway Bergen 2006 100% 100% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 * 100% 100% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100%
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 51% 100% 1) Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Ler\u00f8y Norge AS Ler\u00f8y Seafood Group ASA Norway Oslo 2018 100% 100% Sirevaag AS Ler\u00f8y Norge AS Norway H\u00e5 2006 100% 100% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Norge AS Norway Bergen 2006 74% 74% Ler\u00f8y Sj\u00f8matgruppen AS Ler\u00f8y Nord AS Norway Bergen 2015 3% 3% Sj\u00f8mathuset AS Ler\u00f8y Seafood Group ASA Norway Oslo 2006 100% 100% Wannebo International AS Ler\u00f8y Seafood Hirtshals A/S Norway Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Hirtshals A/S ** Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 100% Ler\u00f8y Seafood Denmark A/S Ler\u00f8y Seafood Group ASA Denmark Hj\u00f8rring 2021 78% 78% Ove Johnsen.Fisk en gros ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 100% 100% P. Taabbel & Co A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Scan Fish Danmark A/S Ler\u00f8y Seafood Denmark A/S Denmark Thisted 2021 100% 100% Thor\ufb01sk A/S Ler\u00f8y Seafood Denmark A/S Denmark Norddjurs 2021 100% 100% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 0% 100% 5) Ler\u00f8y Schlie A/S Ler\u00f8y Seafood Denmark A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Nigra Fiskeeksport A/S Ler\u00f8y Seafood Hirtshals A/S Denmark Hj\u00f8rring 2021 100% 0% 6) Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden Gothenburg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden Gothenburg 2001 100% 100% Ler\u00f8y Sm\u00f8gen Seafood AB Ler\u00f8y Sverige AB Sweden Sm\u00f8gen 2002 100% 100% Ler\u00f8y Seafood Holding B.V. Ler\u00f8y Seafood Group ASA Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Netherlands B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Ler\u00f8y Seafood Real Estate B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 100% Leroy Culinair B.V. Rode Retail B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Center B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6) Ler\u00f8y Seafood Convenience B.V. Ler\u00f8y Seafood Holding B.V. Netherlands Urk 2012 100% 0% 6)
Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Value-added processing (VAP), sales\u00a0and distribution Leroy Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100% Ler\u00f8y Finland OY Ler\u00f8y Seafood Group ASA Finland Turku 2011 100% 100% SAS Ler\u00f8y Seafood France Ler\u00f8y Seafood AS France Boulogne 2008 100% 100% SAS Eurosalmon SAS Ler\u00f8y Seafood France France Saint Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France Saint Laurent Blangy 2008 100% 100% Ler\u00f8y Portugal Lda Ler\u00f8y Seafood Group ASA Portugal Lisboa 2005 100% 100% Ler\u00f8y Processing Spain SL Ler\u00f8y Seafood Group ASA Spain Madrid 2012 100% 100% Leroy Processing Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Canarias 2023 0% 100% 3) Leroy Seafood Italy SRL Ler\u00f8y Seafood Group ASA Italy Porto Viro 2019 100% 100% Ler\u00f8y Seafood UK Ltd Ler\u00f8y Seafood Group ASA England Hull 2022 100% 100% Ler\u00f8y Turkey Ler\u00f8y Seafood Group ASA Turkey Istanbul 2015 100% 100% Leroy Seafood USA Inc Ler\u00f8y Seafood AS USA North Carolina 2016 100% 100% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Not allocated Ler\u00f8y Seafood Group ASA See note on shareholder information Bergen 1995 Preline Fishfarming Sys. AS Ler\u00f8y Seafood Group ASA Norway Bergen 2015 96% 96% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 **) The company has changed its name this year. See below for details. Comments on changes: 1) Transactions with non-controlling interests 2) Change in owership within the group 3) Foundation of new company 4) Business combination \u2013 Change from associated company to subsidiary 5) Business combination \u2013 New company acquired 6) Parent\u2013subsidiary merger 7) Sale of company 8) Liquidation of company
Overview of companies that have changed their names in 2023 New name Old name Country Ler\u00f8y Seafood Hirtshals A/S Brdr.Schlie`s Fiskeeksp.\u00a0A/S Denmark Ler\u00f8y Austevoll AS Austevoll Laksepakkeri\u00a0AS Norway Ler\u00f8y Aurora Sj\u00f8 AS Ler\u00f8y Aurora 2 AS Norway Ler\u00f8y Midt Sj\u00f8 AS Ler\u00f8y Midt 2 AS Norway Ler\u00f8y Vest Sj\u00f8 AS Ler\u00f8y Vest 2 AS Norway Sj\u00f8troll Havbruk Sj\u00f8 AS Sj\u00f8troll Havbruk 2 AS Norway
Note 5 Operating revenues and segment information (All \ufb01gures in NOK 1 000) Operating revenue 2023 2022 Sale of goods and services 30 850 804 26 640 669 Lease income 0 253 Damages received 1 880 61 Government grants 17 028 4 894 Total 30 869 712 26 645 877
Other gains and losses 2023 2022 Gain(+)/loss(-) from disposal of \ufb01xed\u00a0assets 22 298 5 697 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 819 850 Gain(+)/loss(-) from changes in shares in associated companies 13 356 0 Gain(+)/loss(-) from disposal of other non-current \ufb01nancial assets 0 -167 Total 36 473 6 380 Gain(+)/loss(-) from changes in shares in associated companies 2023 2022 Gain(+)/loss(-) from disposal of shares in associated companies 13 356 0 Total 13 356 0 The gain is concerning sale of the associated company Itub AS.
Segments The Group has the following segments: 1. Wildcatch 2. Farming 3. Value-added processing (VAP), sales and distribution (VAPSD) Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not allocated to any of these segments, and are included in the elimination segment. Farming is divided into three individual regions: a. North (Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS) b. Central (Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS) c. West (Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Ler\u00f8y Ocean Harvest AS and Norsk Oppdrettsservice AS). Region West are also referred to as \u201dLer\u00f8y Sj\u00f8troll\u201d. Further details regarding the different companies in the groups, allocation to segment and level of aggregation are presented in note on consolidated companies. The aggregation level for reporting by region is described in the note on accounting principles. 2022 \u2013 Income statement allocated on segment Wildcatch Farming VAPSD Elimination / unallocated Total External operating revenue 1 135 078 247 973 25 262 326 500 26 645 877 Internal operating revenue 1 981 425 12 196 140 241 263 -14 418 829 0 Total operating revenue 3 116 503 12 444 113 25 503 590 -14 418 329 26 645 877 Other gains and losses -3 214 7 764 2 112 -281 6 380 Operating expenses 2 765 621 9 306 761 25 350 175 -13 965 178 23 457 378 Operating pro\ufb01t (EBIT) before fair value adjustments 347 667 3 145 116 155 527 -453 431 3 194 879 Change in fair value adjustment of \ufb01sh in sea 1 057 507 1 057 507 Change in fair value of loss-making contracts 30 659 30 659 Total fair value adjustments related to biological assets 0 1 088 166 0 0 1 088 166 Operating pro\ufb01t 347 667 4 233 282 155 527 -453 431 4 283 045 Pro\ufb01t from joint ventures and associates 356 65 537 -218 65 675 Net \ufb01nancial items -46 037 -201 733 -39 673 5 674 -281 769 Pro\ufb01t before tax 301 986 4 097 086 115 636 -447 757 4 066 951 Tax cost -901 829 The year\u2019s result 3 165 122 2022 \u2013 Alternative Performance Measure reconciliation Wildcatch Farming VAPSD Elimination / unallocated Total Operating pro\ufb01t (EBIT) 347 667 4 233 282 155 527 -453 431 4 283 045 Fair value adjustments biological assets -1 057 507 -1 057 507 Onerous contract provision -30 659 -30 659 EBIT before fair value adjustments 347 667 3 145 116 155 527 -453 431 3 194 879 Change in unrealized internal margin -2 832 -490 -3 322 Production fee 70 725 70 725 Litigation costs 0 208 785 208 785 Restructuring costs 0 Impairment loss, not included in operational EBIT 0 0 0 0 0 Other non-operational items 0 Operational EBIT 347 667 3 213 009 155 527 -245 136 3 471 067 Depreciation 207 539 930 539 175 793 12 167 1 326 039 Impairment loss, included in operational EBIT 0 0 0 0 0 Operational EBITDA 555 206 4 143 548 331 320 -232 969 4 797 105
2022 \u2013 Key operational \ufb01gures Wildcatch Farming VAPSD Elimination / unallocated Total Catch volume (HOG) in tonnes 71 726 71 726 Harvest volume salmon and trout (GWT) 174 629 174 629 Share of harvest volume salmon (GWT) from joint ventures 17 968 17 968 Operating margin before fair value adjustments 11.2% 25.3% 0.6% 3.1% 12.0% Operational EBIT-margin 11.2% 25.8% 0.6% 1.7% 13.0% Operational EBIT/kg salmon and trout, exclusive Wildcatch segment 18.4 0.9 -1.4 17.9 Operational EBIT/kg catch volume in Wildcatch segment 4.8 4.8 Operational EBIT from all segments /kg slaughtered salmon and trout 2.0 18.4 0.9 -1.4 19.9 EBIT before FV adj./kg salmon and trout, exclusive Wildcatch segment 18.0 0.9 -2.6 16.3 EBIT before FV adj./kg catch volume in Wildcatch segment 4.8 4.8 EBIT before FV adj. from all segments /kg slaughtered salmon and trout 2.0 18.0 0.9 -2.6 18.3 2022 \u2013 Depreciation and impairment loss Wildcatch Farming VAPSD Elimination / unallocated Total Depreciation on intangibles 29 137 635 3 787 0 33 559 Depreciation on right of use assets from credit institutions 10 756 183 702 31 440 0 225 897 Depreciation on right of use assets from others 3 381 284 472 28 361 7 944 324 159 Depreciation on \ufb01xed assets 164 265 461 730 112 205 4 223 742 423 Total depreciation 207 539 930 539 175 793 12 167 1 326 039 Impairment loss on intangibles 0 Impairment loss on \ufb01xed assets 0 Total impairment loss 0 0 0 0 0 2022 \u2013 Key amounts from statement of \ufb01nancial position Wildcatch Farming VAPSD Elimination / unallocated Total Assets excluding joint ventures and associates 6 608 072 21 370 133 7 398 335 260 482 35 637 022 Joint ventures and associates 22 419 1 400 865 1 354 0 1 424 638 Total assets 6 630 491 22 770 998 7 399 689 260 482 37 061 660 Total liabilities 2 986 231 9 727 036 5 142 988 -1 818 287 16 037 967 NIBD 993 668 3 283 103 918 075 -848 763 4 346 083 Net investments* 210 319 728 580 158 043 18 646 1 115 588
*) Net investments consist of net addition for (1) \ufb01xed assets, (2) intangibles and (3) right-of-use assets from credit institutions. Net investment is total purchase price paid for new assets minus sale price for disposed assets. Right-of-use assets derived from leases with other than credit institutions are not considered to be investments, and are therefore not included. 2023 \u2013 Income statement allocated on segment Wildcatch Farming VAPSD Elimination / unallocated Total External operating revenue 1 485 807 591 920 28 789 212 2 773 30 869 712 Internal operating revenue 1 759 148 12 870 528 201 724 -14 831 399 0 Total operating revenue 3 244 955 13 462 448 28 990 936 -14 828 626 30 869 712 Other gains and losses 11 360 1 945 22 543 625 36 473 Operating expenses 2 978 489 11 037 798 28 423 758 -14 636 272 27 803 773 Operating pro\ufb01t (EBIT) before fair value adjustments 277 826 2 426 594 589 721 -191 729 3 102 412 Change in fair value adjustment of \ufb01sh in sea 167 331 167 331 Change in fair value of loss-making contracts -42 369 -42 369 Total fair value adjustments related to biological assets 0 124 962 0 0 124 962 Operating pro\ufb01t 277 826 2 551 557 589 721 -191 729 3 227 374 Pro\ufb01t from joint ventures and associates -2 862 -133 576 -6 869 0 -143 308 Net \ufb01nancial items -78 635 -270 043 -99 499 -35 779 -483 956 Pro\ufb01t before tax 196 329 2 147 937 483 353 -227 508 2 600 111 Tax cost -2 389 558 The year's result 210 553 2023 \u2013 Alternative Performance Measure reconciliation Wildcatch Farming VAPSD Elimination / unallocated Total Operating pro\ufb01t (EBIT) 277 826 2 551 557 589 721 -191 729 3 227 374 Fair value adjustments biological assets -167 331 -167 331 Onerous contract provision 42 369 42 369 EBIT before fair value adjustments 277 826 2 426 594 589 721 -191 729 3 102 412 Change in unrealized internal margin -1 523 -1 523 Production fee 123 849 123 849 Litigation costs 0 Restructuring costs 14 719 14 719 Impairment loss, not included in operational EBIT 0 56 907 38 694 0 95 602 Other non-operational items 0 Operational EBIT 277 826 2 607 351 643 134 -193 252 3 335 059 Depreciation 223 554 1 032 778 207 549 20 006 1 483 886 Impairment loss, included in operational EBIT 8 508 4 000 0 0 12 508 Operational EBITDA 509 888 3 644 129 850 683 -173 246 4 831 454
2023 \u2013 Key operational \ufb01gures Wildcatch Farming VAPSD Elimination / unallocated Total Catch volume (HOG) in tonnes 75 893 75 893 Harvest volume salmon and trout (GWT) 159 620 159 620 Share of harvest volume salmon (GWT) from joint ventures 12 442 12 442 Operating margin before fair value adjustments 8.6% 18.0% 2.0% 1.3% 10.1% Operational EBIT-margin 8.6% 19.4% 2.2% 1.3% 10.8% Operational EBIT/kg salmon and trout, exclusive Wildcatch segment 16.3 4.0 -1.2 19.2 Operational EBIT/kg catch volume in Wildcatch segment 3.7 3.7 Operational EBIT from all segments /kg slaughtered salmon and trout 1.7 16.3 4.0 -1.2 20.9 EBIT before FV adj./kg salmon and trout, exclusive Wildcatch segment 15.2 3.7 -1.2 17.7 EBIT before FV adj./kg catch volume in Wildcatch segment 3.7 3.7 EBIT before FV adj. from all segments /kg slaughtered salmon and trout 1.7 15.2 3.7 -1.2 19.4 2023 \u2013 Depreciation and impairment loss Wildcatch Farming VAPSD Elimination / unallocated Total Depreciation on intangibles 29 137 635 3 835 0 33 608 Depreciation on right of use assets from credit institutions 7 071 181 044 40 841 106 229 062 Depreciation on right of use assets from others 1 332 317 686 29 927 10 783 359 727 Depreciation on \ufb01xed assets 186 014 533 413 132 946 9 117 861 490 Total depreciation 223 554 1 032 778 207 549 20 006 1 483 886 Impairment loss on intangibles 4 000 4 000 Impairment loss on \ufb01xed assets 8 508 56 907 38 694 104 110 Total impairment loss 8 508 60 907 38 694 0 108 110 Herby impairmen loss included in operational EBIT 8 508 4 000 12 508 2023 \u2013 Key amounts from statement of \ufb01nancial position Wildcatch Farming VAPSD Elimination / unallocated Total Assets excluding joint ventures and associates 6 583 758 24 946 059 9 179 791 -657 150 40 052 457 Joint ventures and associates 10 344 1 355 232 496 0 1 366 072 Total assets 6 594 102 26 301 291 9 180 287 -657 150 41 418 529 Total liabilities 3 016 316 13 654 039 6 730 528 -1 878 899 21 521 984 NIBD 1 047 385 2 841 116 697 517 623 425 5 209 443 Net investments * 319 163 989 904 108 105 42 641 1 459 813 *) Net investments consist of net addition for (1) \ufb01xed assets, (2) intangibles and (3) right-of-use assets from credit institutions. Net investment is total purchase price paid for new assets minus sale price for disposed assets. Right-of-use assets derived from leases with other than credit institutions are not considered to be investments, and are therefore not included.
Speci\ufb01cation per region within Farming 2022 \u2013 Income statement allocated on region North Central West Elimination Total External operating revenue 115 552 63 927 68 494 247 973 Internal operating revenue 2 682 656 4 954 440 4 624 657 -65 612 12 196 140 Total operating revenue 2 798 208 5 018 367 4 693 151 -65 612 12 444 113 Other gains and losses 350 3 006 4 407 7 764 Operating expenses 2 058 409 3 547 305 3 769 491 -68 445 9 306 761 Operating pro\ufb01t (EBIT) before fair value adjustments 740 149 1 474 068 928 067 2 833 3 145 116 2022 \u2013 Alternative Performance Measure reconciliation North Central West Elimination Total Operating pro\ufb01t (EBIT) 740 149 1 474 068 906 572 1 112 493 4 233 282 Fair value adjustments biological assets 0 0 21 494 -1 079 001 -1 057 507 Onerous contract provision -30 659 -30 659 EBIT before fair value adjustments 740 149 1 474 068 928 067 2 833 3 145 116 Change in unrealized internal margin -2 833 -2 833 Production fee 16 244 27 861 26 619 70 725 Litigation costs 0 Restructuring costs 0 Impairment loss, not included in operational EBIT 0 Other non-operational items 0 Operational EBIT 756 393 1 501 929 954 686 0 3 213 008 Depreciation 256 437 315 940 358 162 0 930 540 Impairment loss, included in operational EBIT 0 0 0 0 0 Operational EBITDA 1 012 830 1 817 869 1 312 849 0 4 143 548 2022 \u2013 Operational Key \ufb01gures per region North Central West Elimination Total Volume salmon (GWT)* 40 109 68 793 43 040 151 942 Volume trout (GWT) 22 687 22 687 Total volume 40 109 68 793 65 727 174 629 Operational EBIT/kg slaughtered salmon and trout 18.9 21.8 14.5 18.4 EBIT /kg slaughtered salmon and trout 18.5 21.4 14.1 18.0
2023 \u2013 Income statement allocated on region North Central West Elimination Total External operating revenue 145 650 58 060 388 210 591 920 Internal operating revenue 3 388 388 5 116 432 4 435 227 -69 519 12 870 528 Total operating revenue 3 534 038 5 174 492 4 823 437 -69 519 13 462 448 Other gains and losses -210 11 2 143 1 945 Operating expenses 2 622 418 3 879 282 4 605 617 -69 519 11 037 798 Operating pro\ufb01t (EBIT) before fair value adjustments 911 411 1 295 221 219 963 0 2 426 595 2023 \u2013 Alternative Performance Measure reconciliation North Central West Elimination Total Operating pro\ufb01t (EBIT) 911 411 1 295 221 312 871 32 054 2 551 557 Fair value adjustments biological assets 0 0 -92 908 -74 423 -167 331 Onerous contract provision 42 369 42 369 EBIT before fair value adjustments 911 411 1 295 221 219 963 0 2 426 595 Change in unrealized internal margin 0 0 Production fee 34 009 48 842 40 998 123 849 Litigation costs 0 Restructuring costs 0 Impairment loss, not included in operational EBIT 32 907 24 000 56 907 Other non-operational items 0 0 Operational EBIT 978 327 1 344 063 284 961 0 2 607 351 Depreciation 248 909 357 141 426 729 0 1 032 778 Impairment loss, included in operational EBIT 0 0 4 000 0 4 000 Operational EBITDA 1 227 235 1 701 203 715 690 0 3 644 129 2023 \u2013 Operational Key \ufb01gures per region North Central West Elimination Total Volume salmon (GWT)* 43 075 61 308 34 290 138 673 Volume trout (GWT) 20 947 20 947 Total volume 43 075 61 308 55 237 159 620 Operational EBIT/kg slaughtered salmon and trout 22.7 21.9 5.2 16.3 EBIT /kg slaughtered salmon and trout 21.2 21.1 4.0 15.2
Information on product area Operating revenue in NOK by product area Operating revenue 2023 % 2022 % Salmon, whole 14 003 785 45.4 10 756 195 40.4 Salmon, processed 6 915 906 22.4 7 103 589 26.7 Trout, whole 1 222 882 4.0 1 326 857 5.0 Trout, processed 745 733 2.4 684 922 2.6 White\ufb01sh, whole 2 809 582 9.1 2 723 147 10.2 White\ufb01sh, processed 2 383 120 7.7 1 810 750 6.8 Shell\ufb01sh 1 073 877 3.5 1 073 468 4.0 Pelagic 130 140 0.4 107 909 0.4 Other 1 584 684 5.1 1 059 040 4.0 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Information on currency Operating revenue in NOK by currency Operating revenue 2023 % 2022 % NOK 9 219 442 29.9 8 540 963 32.1 SEK 921 218 3.0 1 042 588 3.9 DKK 681 292 2.2 476 661 1.8 GBP 344 746 1.1 215 113 0.8 EUR 13 534 590 43.8 10 641 559 39.9 USD 4 946 278 16.0 4 360 101 16.4 JPY 856 540 2.8 1 028 364 3.9 Other currency 365 606 1.2 340 529 1.3 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Sales in foreign currency from Group companies in Norway normally take place at an approximate transaction rate (week rates). However, contractual sales are hedged and the sales revenue is adjusted with the effect from the currency forward contracts. Sales from foreign Group companies in foreign currency are in principle translated to NOK on the basis of the accumulated monthly average exchange rate in the accounting period. Information on geographic area Sales are allocated to the customers\u2019 home country. Assets and investments are distributed according to geographical location. Operating revenue 2023 % 2022 % EU 16 842 329 54.6 14 517 993 54.5 Norway 5 661 492 18.3 4 525 572 17.0 Asia 4 485 061 14.5 4 543 804 17.1 USA & Canada 1 508 420 4.9 1 307 861 4.9 Rest of Europe 2 132 118 6.9 1 536 227 5.8 Other 240 291 0.8 214 421 0.8 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Assets 2023 % 2022 % Norway * 37 464 823 90.4 33 416 210 90.2 EU 3 715 638 9.0 3 447 441 9.3 Other countries 238 068 0.6 198 009 0.5 Total assets 41 418 529 100.0 37 061 660 100.0 Net investments 2023 % 2022 % Norway 1 394 178 95.5 978 780 87.7 EU 65 443 4.5 135 649 12.2 Other countries 192 0.0 1 159 0.1 Total net investments 1 459 813 100.0 1 115 588 100.0 *) Most of the trade receivables in the subsidiary Ler\u00f8y Seafood AS are from customers abroad. At year- end (year end previous year) this amounted to NOK\u00a01\u00a0189\u00a0573 out of NOK 1\u00a0458\u00a0421 (NOK\u00a01\u00a0137\u00a0881 out of NOK\u00a01\u00a0387\u00a0330). Most of the trade receivables are covered by credit insurance.
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10008": {
"value": "(E) Reporting by segment Segments are reported at a more aggregated level than for internal reporting to the corporate management due to similar economic characteristics, organisational structure and commercial risk. The Group\u2019s reportable segments comprise the following: (1) Wildcatch, (2) Farming and (3) Value-added Processing (VAP), sales and distribution. The last segment is also named VAPS&D or VAPSD for short. Please refer to the note on the consolidated companies and division into operating segments for a complete description of the companies in the different segments, both directly and via indirect ownership. Wildcatch is reported as one segment. The unit comprises the two sub-groups Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS. The Ler\u00f8y Hav\ufb01sk Group, owner of the licenses, is subject to a so-called \u201cindustrial obligation\u201d in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the license is linked to operation of the facilities in the respective locations. Ler\u00f8y Hav\ufb01sk has leased out the facilities in these locations to Ler\u00f8y Norway Seafoods AS. The lessor is responsible for sustaining
operations. However, if the lessor terminates operations, the license terms oblige Ler\u00f8y Hav\ufb01sk to sustain operations in the speci\ufb01ed locations. The two companies, including their subsidiaries, are so heavily integrated with each other, that they are regarded as one operating segment, which also is re\ufb02ected in the internal reporting. Farming is reported as one segment but speci\ufb01ed on three operating segments. These are: 1. the North Norway region, comprising the Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS 2. the Central Norway region, comprising Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS 3. the West Norway region (also known as Ler\u00f8y Sj\u00f8troll), comprising Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. These units all operate in the same branch, have the same customers, similar commercial risk and similar processes. Their only distinguishing factor is geography. It has therefore been deemed appropriate to merge these into one operating segment. Value-added Processing (VAP), sales and distribution is the third segment. This segment comprises several sub-groups and individual entities. These are merged into one reporting segment due to similarities such as same branch, commercial risk and uniform processes. The Norwegian units are: Ler\u00f8y Seafood AS, Ler\u00f8y Fossen AS, Ler\u00f8y Bulandet AS, Ler\u00f8y Sj\u00f8matgruppen AS, Ler\u00f8y Norge AS, Sirev\u00e5g AS, Ler\u00f8y Nord AS, Drag\u00f8y Grossist AS, Sj\u00f8mathuset AS, Ler\u00f8y Quality Group AS, Ler\u00f8y & Strudshavn AS and Wannebo International AS. The foreign units consist of the Dutch sub-group Ler\u00f8y Seafood Holding B.V., that also includes Ler\u00f8y Germany GmbH, the Swedish sub-group Ler\u00f8y Sverige AB, the Danish sub-group Ler\u00f8y Seafood Denmark A/S, the French sub-group SAS Ler\u00f8y Seafood France, the Spanish sub-group Ler\u00f8y Processing Spain S.L, in addition to Ler\u00f8y Seafood USA Inc, Ler\u00f8y Portugal Lda, Ler\u00f8y Finland OY, Ler\u00f8y Turkey, Leroy Seafood Italy Srl and Ler\u00f8y Seafood UK Ltd. The Norwegian entities Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not assigned to any of the segments.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10098": {
"value": "(F) Currency The consolidated \ufb01nancial statements are presented in NOK, the functional currency for the parent company and the Norwegian subsidiaries. Cash items in foreign currency are valued at the respective rates of exchange at the end of the \ufb01nancial year. Gains and losses on foreign currency related to the purchase and sale of goods are presented as part of the accounting line for \u201dPurchases\u201d. See also item (V) on derivatives, including currency forward contracts utilised to control currency risk.
Note 24 Currency translation differences (All \ufb01gures in NOK 1 000) Assets and liabilities in foreign enterprises are converted to Norwegian krone according to the exchange rate on balance sheet date. Revenues and expenses from foreign enterprises are converted to Norwegian krone according to the average exchange rate. Translation differences are charged to comprehensive income. In the event of a disposal of a foreign enterprise, the relevant accumulated translation differences allocated to the parent company\u2019s owners are reversed over the income statement. The disposal of a foreign enterprise may take the form either of a whole or partial sale of a subsidiary, joint venture or associate. When selling shares in a subsidiary without losing control, the relative share of the translation difference is transferred to non-controlling interests in the equity statement. For other sale of shares without the loss of joint control or signi\ufb01cant in\ufb02uence, the relative share of the accumulated translation difference is reversed over pro\ufb01t or loss. LSG shareholders Non-controlling interests Total Accumulated currency translation differences as of 01.01.2022 79 818 423 80 241 Translation differences related to subsidiaries 61 228 1 683 62 911 Translation differences from associates 1 918 0 1 918 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 110 0 110 Accumulated currency translation differences as of 31.12.2022 143 074 2 106 145 179 Accumulated currency translation differences as of 01.01.2023 143 074 2 106 145 179 Translation differences related to subsidiaries 75 833 2 372 78 205 Translation differences from associates 95 386 0 95 386 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 1 0 1 Accumulated currency translation differences as of 31.12.2023 314 294 4 478 318 772
(F) Currency The consolidated \ufb01nancial statements are presented in NOK, the functional currency for the parent company and the Norwegian subsidiaries. Cash items in foreign currency are valued at the respective rates of exchange at the end of the \ufb01nancial year. Gains and losses on foreign currency related to the purchase and sale of goods are presented as part of the accounting line for \u201dPurchases\u201d. See also item (V) on derivatives, including currency forward contracts utilised to control currency risk.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10110": {
"value": "(G) Intangible assets Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). Note 7 Intangible assets (All \ufb01gures in NOK 1 000) Reconciliation carrying value, gross value and life 2022 Goodwill Licences Other rights Total As of 1 January Acquisition cost 2 493 337 6 180 141 84 349 8 757 827 Accumulated amortisation 0 -151 464 -52 841 -204 305 Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Movements during the year Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Translation differences 23 282 226 23 508 Additions from business combinations 6 409 6 409 Acquisition of intangible assets 288 288 Disposals 0 Amortisation for the year -29 137 -4 422 -33 559 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 As of 31 December Acquisition cost 2 516 619 6 180 141 91 384 8 788 144 Accumulated amortisation -180 601 -57 375 -237 976 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 Note 7 cont. 2022 Goodwill Licences Other rights Total Assets with unlimited useful life 2 516 619 5 766 078 8 509 8 291 206 Assets with limited useful life 233 463 25 500 258 962 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 2023 Goodwill Licences Other rights Total Movements during the year Carrying value as of 01.01 2 516 619 5 999 540 34 009 8 550 168 Translation differences 34 309 297 34 606 Additions from business combinations 139 728 0 139 728 Acquisition of intangible assets 156 156 Disposals 0 Amortisation for the year -29 137 -4 471 -33 608 Impairment loss of the year -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 As of 31 December Acquisition cost 2 690 656 6 180 141 91 976 8 962 773 Accumulated amortisation -209 738 -61 984 -271 722 Accumulated impairment -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 Assets with unlimited useful life 2 690 656 5 766 078 4 509 8 461 243 Assets with limited useful life 204 325 21 483 225 808 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051
Speci\ufb01cation of intangible assets per acquisition, per segment 2022 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 514 863 5 3 514 863 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 514 863 100 3 517 609 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 18 717 5, 7 1 056 248 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Total 1 845 326 2 429 874 20 717 4 295 917 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 290 335 0 290 335 Ler\u00f8y Seafood Holding B.V. 2012 4 149 216 149 216 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 7 704 3 130 164 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 21 215 119 3 21 334 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 473 17 473 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 1 250 3 7 425 Ler\u00f8y Tyrkia 2015 4 5 068 36 5 104 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 972 3 1 972 Ler\u00f8y Portugal Ltd 2004 524 1 446 3) 1 970 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 664 3 664 Total 4 668 648 13 191 3 681 839 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 516 619 5 999 540 34 009 8 550 168 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-
group, and change in PPA. 2023 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 485 727 5 3 485 727 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 485 727 100 3 488 473 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 14 083 5, 7 1 051 613 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Ler\u00f8y Austevoll AS West 2023 38 054 38 054 Total 1 883 380 2 429 874 16 083 4 329 336 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 4, 8 415 872 0 415 872 Ler\u00f8y Seafood Holding B.V. 2012 4 159 670 159 670 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 6 043 3 128 503 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 22 701 98 3 22 799 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 618 17 618 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 0 3 6 175 Ler\u00f8y Tyrkia 2015 4 3 429 12 3 441 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 476 3 1 476 Ler\u00f8y Portugal Ltd 2004 524 1 536 3 2 060 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 644 3 644 Total 4 804 631 0 9 809 3 814 440 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 690 656 5 970 403 25 992 8 687 051 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-group, and change in PPA.
Licences Licences in the Farming segment The net book value of licences in the Farming segment is NOK 2 484 676 including the capitalized costs related to the renewal of the R&D licence in Ler\u00f8y Seafood Group ASA. Below is a list of the licences owned by LSG at the end of the \ufb01nancial year according to type, number and volume. The list is based on data registered in the Aquaculture Register. Salmon and trout licences as of 31.12.2022, commercial and special purpose licences Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licences 1 57 41 372 53 41 317 25 25 502 135 108 190 Slaughter cage licences 1 780 1 780 2 1 800 4 3 360 R&D licences 2 1 780 1 780 Green farming licences 1 733 1 733 Demonstration licences 1 780 1 780 1 780 3 2 340 Teaching licences 3 1 780 1 390 2 1 170 Parent \ufb01sh licences 4 2 1 560 3 2 340 5 3 900 Land-based grow-out licence 5 1 10 000 1 10 000 Total number and volume 64 56 005 58 45 217 30 29 252 152 130 473 Salmon and trout licences as of 31.12.2023, commercial and special purpose licences Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licences 1 57.0 41 372 53.0 41 317 25.0 25 502 135.0 108 190 Slaughter cage licences 1.0 780 1.0 780 2.0 1 800 4.0 3 360 R&D licences 2 1.5 1 170 1.0 780 2.5 1 950 Green farming licences 1.0 733 1.0 733 Demonstration licences 1.0 780 1.0 780 1.0 780 3.0 2 340 Teaching licences 3 1.0 780 1.0 390 2.0 1 170 Parent \ufb01sh licences 4 2.0 1 560 3.0 2 340 5.0 3 900 Land-based grow-out licence 5 1.0 10 000 1.0 10 000 Total number and volume 64.0 56 005 59.5 46 387 30.0 29 252 153.5 131 643 1) The commercial grown-out licences are described further below. 2) The R&D licences are time-limited with a duration of 3\u20135 years, from time of project start. The licences have zero purchase price, and therefore no depreciation. The R&D licence allocated to Ler\u00f8y Aurora in the table above has a lenght of 3\u00a0years. It legally belongs to Akvaplan Niva (third party), but is operated by Ler\u00f8y Aurora. The R&D licence allocated to Ler\u00f8y Midt in the table above has a remaining lenght of 1.5 years. It legally belongs to No\ufb01ma (third party), but is operated by Ler\u00f8y Midt. 3) The teaching licences are considered time-limited with a duration of 10 years. The licences have zero purchase price, and therefore no depreciation. The teaching licence allocated to Ler\u00f8y Aurora in the table above legally belongs to Troms- og Finnmark Fylkeskommune (third party), but is operated by Ler\u00f8y Aurora. 4) One of the parent \ufb01sh licence owned by Ler\u00f8y Midt, is operated by Ler\u00f8y Aurora. 5) The land-based grow-out licence is owned by Ler\u00f8y \u00c5rskog AS. The licence permits production of land-based salmon or trout or juvenile \ufb01sh or a combination, for a total volume of 10\u00a0000 tonnes. Theoretically the authorities may withdraw this licence if the production has not started within two years after reward date. The licences was awarded the 25th of March 2019. The risk for withdrawal is considered as low, since the ground work for the plant is started. For a more detailed explanation of why farming licences are deemed to have an inde\ufb01nite useful life and are therefore not subject to amortisation, please see item (X) in the note on accounting policies.
Commercial grow-out licences for salmon and trout Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Status as of 01.01.2022 57 44 013 53 41 317 25 25 502 135 110 831 Changes in 2022 Temporary deductions in PA / reversal of deduction -2 641 -2 641 Growth purchased 0 Status as of 31.12.2022 57 41 372 53 41 317 25 25 502 135 108 191 Changes in 2023 Temporary deductions in PA / reversal of deduction 0 Growth purchased 0 Status as of 31.12.2023 57 41 372 53 41 317 25 25 502 135 108 191 Grow-out licences as of 31.12 per production area (PA) PA 3 Yellow 37 27 128 37 27 128 PA 4 Red 20 14 244 20 14 244 PA 5 Red 8 5 866 8 5 866 PA 6 Green 45 35 451 45 35 451 PA 11 Green 17 16 962 17 16 962 PA 13 Green 8 8 540 8 8 540 Status as of 31.12.2023 57 41 372 53 41 317 25 25 502 135 108 191 The colors relate to the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is described in the note on accounting principles under section about licences. Red area: Temporary reduction in volume of 6% in PO 3 and PO 4, which equals a reduction of 2.641 tons. In 2022 it was the second time PO 4 experienced a reduction in production capacy. The color can change each second year. The color will be subjected to a new evaluation in 2024. Yellow area: No changes in volume. The color will be subjected to a new evaluation in 2024. Green area: Is opened for growth. The Group did not buy any growth offered in 2022. The color will be subjected to a new evaluation in 2024. Other farming licences Region West Region Central Region North Total Group Number Volume (million individuals) Number Volume (million individuals) Number Volume (million individuals) Number Volume (million individuals) Status as of 31.12.2023 Juvenile \ufb01sh licences 11.0 34.9 6.0 23.6 1.0 15.2 18.0 73.6 Cleaner \ufb01sh licences 4.0 9.0 1.0 2.5 1.0 2.5 6.0 14.0 Total 15.0 43.9 7.0 26.1 2.0 17.7 24.0 87.6 It has not been any changes in 2023, and the numbers are the same as per 31.12.2022. The Group has also licences to cultivate seaweed in Vestland county. These are located in the same geographical area as the licences for salmon farming. The licences alows a cultivation of a total of 1013 decares. Furthermore, the Group have two seaweed licences totalling 830 decares under process of approval. These licences have normally inde\ufb01nite lifetime. The licences are awarded after an application process, and have no purchase price.
Licences in the Wildcatch segment Licences (quotas) for wildcatch NBV in acquired company on date of acquisition Excess value identi\ufb01ed in PPA, and allocated Accumulated amortisation from date of acquisition NBV as of 31.12 Basic quotas for cod, shrimp and greater silver 339 806 2 941 594 3 281 400 Structural quotas, cod trawling 414 064 -209 738 204 326 Total 753 870 2 941 594 -209 738 3 485 726 The Wildcatch segment comprises the two sub-groups, Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS. Ler\u00f8y Hav\ufb01sk AS is a shipowning company, with trawlers involved in wild catches. Ler\u00f8y Norway Seafoods AS is involved in the receipt and processing of wild caught white\ufb01sh. The licences in this segment are owned by the sub-group, Ler\u00f8y Hav\ufb01sk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of \ufb01sh. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a speci\ufb01c buyer. The principle for pricing is the average price realised for the species of \ufb01sh in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Hav\ufb01sk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Hav\ufb01sk AS has however leased out the facilities in these locations. The lessee is Ler\u00f8y Norway Seafoods AS. The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Hav\ufb01sk AS to sustain operations in the speci\ufb01ed locations. At the end of the \ufb01nancial year, the Ler\u00f8y Hav\ufb01sk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Hav\ufb01ske AS, Finnmark Hav\ufb01ske AS and Hammerfest Industri\ufb01ske AS. It has not been acquired or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for white\ufb01sh in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to \ufb01sh for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of \ufb01sh allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to \ufb01sh its share of the quota. This is known as \u201cre-allocation\u201d. As of end of year 2023 (2022), one cod licence entitled the holder to \ufb01sh for an annual volume of 979 (1\u00a0154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the \ufb01nal volumes per quota, after re-allocations, in 2023 (2022), this is a change of -15% (-18%) for cod, +8 (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re- allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to boost pro\ufb01tability for \ufb01sheries and reduce the number of vessels in operation, the \ufb01sheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of \ufb01sheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have so-called structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per \ufb01sh species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2008 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual \ufb01sheries, thereby facilitating improved pro\ufb01tability for the remaining vessels \u2013 i.e. improving ef\ufb01ciency within a regulated framework. Moreover, the schemes are intended to adapt \ufb02eet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Hav\ufb01sk AS \u2013 and Ler\u00f8y Norway Seafoods AS to a limited extent \u2013 is involved in \ufb01shing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in \ufb01shing and catches (Participant Act). Ler\u00f8y Hav\ufb01sk AS has been given an extemption from the requirement stating that the controlling interest must be an active \ufb01sherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns \ufb01shing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of Ler\u00f8y Seafood Group ASA\u2019s acquisition of the majority shareholding in Ler\u00f8y Hav\ufb01sk AS was granted on the basis of Ler\u00f8y Seafood Group ASA\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Hav\ufb01sk AS, Ler\u00f8y Seafood Group ASA and Austevoll Seafood ASA provided that Ler\u00f8y Seafood Group ASA continues to own minimum 60% of the shares in Ler\u00f8y Hav\ufb01sk AS and that Austevoll Seafood ASA continues to own minimum 50% of the shares in Ler\u00f8y Seafood Group ASA. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in Austevoll Seafood ASA. Any signi\ufb01cant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, limited companies, public limited companies
and other companies with limited liability have equal status to Norwegian citizens when the company\u2019s head of\ufb01ce and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company\u2019s capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Hav\ufb01sk AS, Ler\u00f8y Seafood Group ASA and Austevoll Seafood ASA are obliged to submit an overview twice a year detailing the company\u2019s shareholders, including speci\ufb01cation of the shares held by foreign shareholders. Ultimately, a breach of the above-mentioned licence provisions could
result in Ler\u00f8y Hav\ufb01sk AS losing its licence rightsOther rights In addition to goodwill and licences, intangible assets also comprise other rights. These rights comprise the following subcategories in each segment: Amortisation method Wildcatch Farming VAP, sale and distribution Total Time inde\ufb01nite none Water rights 0 4 409 4 409 Other rights 100 100 Total 100 4 409 0 4 509 Accumulated purchase\u00a0price 100 4 409 0 4 509 Accumulated amortisation non non non non Accumulated impairment 4 000 4 000 Limited Straight line depr. Water rights 25 years 11 674 11 674 Contracts with customers / customer\u00a0lists 10 years 3 898 3 898 Other rights (software\u00a0etc.) 3\u20135 years 5 911 5 911 Total 0 11 674 9 809 21 483 Accumulated purchase\u00a0price 0 44 973 41 902 86 875 Accumulated amortisation 0 -33 299 -24 076 -57 375 Total other rights 100 16 083 9 809 25 992 Cash-generating units (CGU) and basis for impairment testing With each acquisition or purchase of assets, goodwill, licences and rights are allocated to the different cash-generating units. Each legal unit in the Group in principle comprises one cash-generating unit. Goodwill and intangible assets with an inde\ufb01nite useful life are not amortised, but shall be tested for impairment at least once a year and written down if their value can no longer be justi\ufb01ed. The management assesses the carrying value of goodwill and intangible assets with an inde\ufb01nite useful life per CGU at least once a year, and more frequently if there are indications of impairment. Useful life is utilised when establishing recoverable amount. Farming The Group`s farming regions share the same top management, the same internal customer, and a joint optimalisation plan of i.e. slaughter plans. Further on harvest to full\ufb01ll the Groups contract sale, is done across the regions. Due to this, the Groups farming business in Norway is regarded as one CGU. The cash generating unit Farming comprises region of Northern Norway, which consists of Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS, the region of Central Norway which consists of Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS, and the region for Western Norway which consists of the 11 companies Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. The development costs related to the Pipefarm concept, capitalized in Ler\u00f8y Seafood Group ASA, a concept that the Group has been offered some licence volume on, but that the Group not yet has accepted, is also included in this CGU. Wildcatch In the sub-group Ler\u00f8y Hav\ufb01sk AS, each vessel with its quotas is de\ufb01ned as one cash-generating unit. Despite this, Ler\u00f8y Seafood Group classi\ufb01es the two sub-groups, Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS, as one joint cash-generating unit. This is justi\ufb01ed in that, primarily, quotas are transferred between vessels via the so-called \u201cre-allocations\u201d. Secondly, the two sub-groups are mutually dependent with a view to the industrial obligation mentioned above. In addition, the supply obligation has an impact on the two units\u2019 co-dependence. On this basis, the two sub-groups are assessed as one joint cash-generating unit. VAP, sales and distribution For the Group to succeed in being the \ufb01rst choice of the largest and most well-recognised customers, it is important to be present in the end market. Through local presence the Group can supply the freshest products, portions and packaging adjusted to local requirements and demand, and developing the seafood category even further together with the customers. The Group must also build up enough capacity to supply the volumes that the customer will need. The group has established several \ufb01sh-cuts in the end markets. A \ufb01sh-cut means a relatively simple processing activity in addition to the sale of\ufb01ce, that perform some specialized value-added processing based on speci\ufb01cation set by the customer. The \ufb01sh-cuts are an integrated part of the value chain, and an important tool for ef\ufb01cient global sale. The table below displays the distribution of goodwill and intangible assets with an inde\ufb01nite useful life per CGU, and their sub-units. Impairment tests of goodwill and intangible assets with an inde\ufb01nite useful life have been summarised below for each CGU in the segment.
Book value of intangible assets CGU Goodwill Licences Other rights Total Farming \u2013 Region\u00a0Northern\u00a0Norway Farming 134 567 508 572 2 000 645 139 Farming \u2013 Region\u00a0Central\u00a0Norway Farming 956 509 700 260 1 656 769 Farming \u2013 Region\u00a0Western\u00a0Norway Farming 792 304 1 221 042 14 083 2 2 027 429 Farming \u2013 Ler\u00f8y\u00a0Seafood\u00a0Group\u00a0ASA Farming - 54 803 4 54 803 Total Farming Farming 1 883 380 2 484 676 16 083 4 384 139 Total Wildcatch Wildcatch 2 646 3 485 727 3 100 3 488 473 Total VAP, sales and distribution VAPSD 804 631 - 9 809 1 814 440 Grand total 2 690 656 5 970 403 25 992 8 687 051 Book value of intangible assets that are amortised: 225 808 Book value of intangible assets that are not amortised, but tested for impairment: 8 461 243 Total 8 687 051 1) Rights with de\ufb01nite useful life and subject to amortisation. 2) Rights with inde\ufb01nite useful life and not subject to amortisation. 3) Structual quotas included in this amount, has a de\ufb01nite economic life time, and are subjected to amortisation.
4) Capitalised costs related to development licences \u2013 in the process of beeing grantedTests of possible impairment loss The impairment test for cash-generating units is based on estimated present values of future cash \ufb02ows, and the value of the assets in use. The present value is compared with the book value per cash- generating unit. The present value is calculated on the basis of discounted cash \ufb02ows over the next \ufb01ve or ten years. And for the period thereafter, a terminal value is estimated. The Gordon growth model is applied to estimate terminal value. The cash \ufb02ows in the the impairment test are after tax. The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2023. The management\u2019s calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0% The most signi\ufb01cant premises in the test are estimated future volume of catches per species, estimated future prices per species and required rate of return. Qutoa and price assumptions are key factors in the impairment test of WildCatch. There are a number of species caught, but for key specie cod assumptions include for quota a 32% in 2024, further 30% in 2025, a 20% increase in 2026 and for 2027\u20132034 an average of quotas from 2020\u20132025. Cod prices are estimated up 10% in 2025, and 2.5% thereafter. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. In farming it has historically until 2012 been a signi\ufb01cant production growth per licence in Norway. But from 2012 and until today, there has been very limited growth. The model applied is based on actual production plans for the period until 2025. And after that an assumption of 2% growth in volume until 2029 has been applied. It is assumed no growth in the terminal value. For the cash-generating unit Farming, the critical value for the required rate of return on total assets after tax is 18.0%. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.4 per kg. This amount is well below what`s historically achieved. The management has also carried out tests of sensitivity related to price, cost and volume. With the implemented WACC and best estimate for the terminal element, the tests show that this value is also robust in the face of changes in these parameters. For the cash-generating unit VAP, Sales & Distribution, the book values are almost totally justi\ufb01ed by the estimated pro\ufb01t/loss for the next \ufb01ve years. It is required a 0.5% EBIT margin in the terminal element, which is very low.
Key premises and sensitivity estimates Key premises: 2023 2022 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.1% 8.4% Discount rate (WACC) after tax 7.1% 6.6% Nominal rate of growth in terminal (from 2029) 2.0% 2.0% The book value tested below is the share of the carrying value that is not subject to amortisation. Sensitivity analysis\u00a0per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after\u00a0tax) Implemented WACC (after\u00a0tax) Wildcatch 3 284 146 8 8.0% 7.1% Farming 4 339 046 2.4 5, 6 18.0% 7.1% VAPSD 668 014 0.5% 7 22.0% 7.1% Total 8 291 206 7.1% 5) The terminal value for farming is a NOK amount estimated on the basis of EBIT/kg after an explicit period (the terminal component) that gives a total value in use simular to net book value. 6) Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 7) The terminal value for VAPSD is a percentage calculated on the basis of the pro\ufb01t margin, after an explicit period (the terminal component) that gives a total value in use simular to net book value. 8) For Wildcatch segment it is not calculated a critical value in the terminal element.
(G) Intangible assets Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10114": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
Currency risk The Group has international operations requiring several different currencies and is thus exposed to currency risk. Forward contracts are used to hedge against the currency risk on trade receivables and agreed upon sales contracts. The forwards contracts are designated as fair value hedges in the \ufb01nancial statements. The hedged items are primarily binding sales contracts in foreign currency, net foreign currency bank deposits, and net trade receivables in foreign currency. The hedged items are adjusted with the change in fair value of the hedged risk. The hedging instruments are the forward contracts, which are also measured at fair value on the balance sheet date. Gains and losses due to change in fair value are presented through pro\ufb01t or loss. An overview of the effect of forward contracts can be found in the note on \ufb01nancial instruments. Interest risk The Group\u2019s long-term debt is mainly based upon agreements for \ufb02oating rates of interest, representing exposure to increases in the market interest rate. However, the Group has made use of long-term interest rate swaps to reduce the \ufb02oating interest rate risk for a share of the Group\u2019s long-term debt. The Group receives a \ufb02oating interest rate and pays a \ufb01xed rate through the swap agreements. The interest rate swaps are reported as cash \ufb02ow hedges. Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. The Group does also use \ufb01xed interest loans (bond loan with \ufb01xed interests). An overview of the effects in terms of exposure of the Group`s borrowings to interest rate changes is provided in the note on loans, mortgages and guarantees. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. In order to reduce the price risk, a varying share of the revenue / purchase cost is hedged through purchase and sale forward contracts for salmon (Fish Pool contracts). The changes in fair value of the contracts are recognized in the income statement line item \u201dfair value adjustments related to biological assets\u201d. An overview of the effect of the Fish Pool contracts is provided in the note on \ufb01nancial instruments. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through entering into forward agreements to purchase bunker (bunker derivatives). Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. An overview of the effect of bunker derivatives is provided in the note on \ufb01nancial instruments.
Liquidity risk Cash \ufb02ow prognoses are established for the different operating segments in the Group and are aggregated by the Group\u2019s Financial Department. The Financial Department monitors prognoses of the Group\u2019s liquidity requirements in order to ensure that the Group has suf\ufb01cient cash equivalents to ful\ufb01l operating commitments while sustaining a suf\ufb01cient level of \ufb02exibility in the form of unutilised, binding loan facilities at all times so that the Group is not in breach of the limits or speci\ufb01ed terms and conditions for the Group\u2019s loans. Such prognoses take into account the Group\u2019s scheduled new loans, compliance with terms and conditions of loans, compliance with in-house objectives for balance sheet \ufb01gures and, if relevant, external regulatory or legal requirements. Any excess cash in the Group companies, in addition to what constitutes necessary working capital, is transferred annually to the parent company via Group contributions and dividends. The Group\u2019s Financial Department deposits excess cash mainly as bank deposits at special terms with appropriate maturities in order to provide suf\ufb01cient security and \ufb02exibility in relation to the company\u2019s growth strategy and dividend policy. For information on cash and cash equivalents together with undrawn credit facilities available to the Group as liquidity buffers to manage liquidity risk, please refer to the statement of cash \ufb02ow. The table in note on debt, mortgages and guarantee liability speci\ufb01es the Group\u2019s \ufb01nancial covenants that are not derivatives, and derivative covenants with net settlement, classi\ufb01ed in relation to the down-payment schedule. This classi\ufb01cation is made in accordance with the contractual maturity date. Derivative covenants are included in the analysis when the contractual maturity date is signi\ufb01cant for an understanding of the accrual of cash \ufb02ows. The \ufb01gures in the table are non-discounted contractual cash \ufb02ows.
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and \ufb01nancial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and \ufb01xed agreements. As virtually all the Group\u2019s sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer\u2019s \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group\u2019s compliance on these procedures is regularly monitored. Furthermore, almost all of the Group\u2019s trade receivables are covered by credit insurance securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements may only be \ufb01nancial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
(V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. (X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
Net-interest-bearing debt (NIBD) NIBD is an APM utilized by the Group. The \ufb01gure shows how much capital the Group employs and is an important key \ufb01gure for stakeholders who are planning to grant \ufb01nancing to the Group and for stakeholders who want to value the company. NIBD is de\ufb01ned as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing \ufb01nancing and/or credit, minus interest-bearing cash or cash equivalents. Since NIBD is an APM, with no common de\ufb01nition from IFRS Accounting Standards, different de\ufb01nitions and versions of this APM exist today in the reporting from the companies. The most important difference relates to the recognition of lease liabilities. Some companies include all lease liabilities in NIBD. Other companies exclude all lease liabilities from their NIBD. And some use a combination. Therefore, it is important to be aware of this difference when comparing between companies. Ler\u00f8y Seafood Group use a combination, with an approach that distinct between lease liabilities derived from a \ufb01nancing purpose and lease liabilities that are not. In practice, this distinction is based on what kind of party the company has made the leasing agreement with. On the date of implementation of IFRS 16, the Group`s \ufb01nancial leasing liabilities was almost only with credit institutions, with the main purpose of providing the Group \ufb01nancing. These agreements shared the principle that the duration of the lease period covered most of the economic lifetime of the asset involved. When it comes to the operational leasing liabilities, these agreements did nearly only concern rentals for well-boats and buildings, from shipping companies and real estate developers, where \ufb01nancing was not the purpose, and where the rental period was much shorter than the economic lifetime of the asset involved. In the Group`s communication to the capital market about how much cash the Group has spent on investments, and how this is \ufb01nanced, this distinction is of relevance. Therefore, this distinction between leases with credit institutions and leases with others than credit institutions is established and included in the Group`s de\ufb01nition of NIBD. Lease liabilities to credit institutions are included in NIBD and the Group`s communication of changes in NIBD, while lease liabilities to others than credit institutions are not included. The corresponding right-of-use assets from leases with credit institutions are included in the Group`s communication of investments, while right-of-use assets from leases with others than credit institutions are not included. Thus, the de\ufb01nition ensures symmetry between what`s reported as the Group`s investments and the accompanying information on how this has been \ufb01nanced. The Group`s NIBD is therefore not impacted from the type of \ufb01nancing, in terms of loans versus leases. This approach also ensures an NIBD basically unimpacted from the implementation of IFRS 16 in 2019. This implies that the Group`s key \ufb01nancial \ufb01gures that includes NIBD in the calculation, still are comparable over time.
Lease liability consists of 2023 2022 Lease liabilities to credit institutions 1 166 402 1 213 715 Lease liabilities to other than credit institutions 1 432 298 1 542 520 Total lease liabilities 2 598 700 2 756 235 Components included in NIBD 2023 2022 Bond loans 2 990 486 1 493 656 Loans from credit institutions 4 376 805 3 836 664 Lease liabilities to credit institutions 1 166 402 1 213 715 Other long term loans 23 067 2 145 Overdraft and other short term credit 975 792 1 104 780 Bank deposits and cash -4 323 109 -3 304 878 Net interest bearing debt (NIBD) 5 209 443 4 346 083 See note on debt, mortgages and guarantees for an overview of \ufb02ows in the period. It is referred to this APM in the Board of Director`s Report, in key \ufb01gures and in the note on loans, mortgages and guarantees. 3 different de\ufb01nitions of NIBD, and LSG`s position within these alternatives 2023 2022 NIBD including non of the lease liabilities 4 043 041 3 132 368 NIBD including lease liabilities to credit institutions, The\u00a0de\ufb01nition applied by LSG: 5 209 443 4 346 083 NIBD including total lease liabilities 6 641 741 5 888 603 When comparing NIBD between companies based on annual accounts, it is important to be aware that the presented NIBD \ufb01gure is dependent on if lease liabilities is included, partly included, or not included at all. As of today there is no uniform de\ufb01nition among the reporting entities about how this \ufb01gures
should be calculated and presented. Trade receivables Trade receivables 2023 2022 Nominal value 2 949 231 2 751 955 Provision for bad debts -22 751 -34 977 Total trade receivables 2 926 481 2 716 977 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u201360 days.\u00a0The Group arranges for third parties to distribute the goods to the customers and carries the incurred distribution costs itself. The customers cover these costs through the agreed transaction price All but an insigni\ufb01cant part of the Group\u2019s trade receivables are covered by credit insurance or other forms of surety. The loss deductible on credit insured trade receivables is 10%. By the end of February 2024 95.9% of trade receivables (nominal value) had been collected, compared with 94.3% in the previous year. This represents 96.7% of book value, compared with 95.6% in the previous year. Trade receivables 31.12 \u2013 aging 2023 2022 Not due 2 023 376 2 136 733 Due, 0 to 3 months 860 203 548 873 Due, 3 to 6 months 38 096 34 841 Due, more than 6 months 27 556 31 507 Total 2 949 231 2 751 955 Trade receivables 31.12 \u2013 provision 2023 2022 Not due 1 225 3 391 Due, 0 to 3 months 3 683 6 070 Due, 3 to 6 months 766 2 454 Due, more than 6 months 17 078 23 063 Total 22 751 34 977
Trade receivables 31.12 \u2013 no provision 2023 2022 Not due 2 022 152 2 133 342 Due, 0 to 3 months 856 521 542 803 Due, 3 to 6 months 37 330 32 387 Due, more than 6 months 10 478 8 444 Total 2 926 481 2 716 977 Lifetime expected loss allowance\u00a0for provision 2023 2022 Not due 0.1% 0.2% Due, 0 to 3 months 0.4% 1.1% Due, 3 to 6 months 2.0% 7.0% Due, more than 6 months 62.0% 73.2% Total 0.8% 1.3% Movements in provision for bad debt are as follows: 2023 2022 Provision 01.01 34 977 23 476 Business combinations 0 0 This years change in provisions, recognised in the income statement -12 823 11 121 Currency translation differences 596 380 Provision 31.12 22 751 34 977 Net loss on account receivables included in the income statement 2023 2022 Net change in provision for bad debt -12 823 11 121 Receivables written off during the year as uncollectable 7 927 2 914 Receivables written off, recovered -20 -6 958 Total cost (+) / cost reduction (-) -4 916 7 076 Included in other operating expenses Trade receivables by currency 2023 2022 NOK 1 413 288 745 109 SEK 169 705 320 554 DKK 149 344 152 377 GBP 6 685 0 EUR 742 394 1 337 754 USD 77 675 122 877 JPY 335 735 0 Other currencies 31 654 38 306 Total trade receivables 2 926 481 2 716 977 The Group has international operations and is exposed to currency risk in several currencies. Receivables are recognised at market rate on balance sheet date. Forward contracts are utilised to the greatest extent possible to eliminate currency risk related to outstanding trade receivables. See the note on \ufb01nancial instruments.
Note 14 Financial instruments (All \ufb01gures in NOK 1 000) Financial instruments by category The following principles have been used for the subsequent measurement of \ufb01nancial instruments in the balance sheet: 31.12.2022 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets: Other investments 16 699 16 699 Loans and other long term\u00a0receivables 84 154 39 160 123 314 Trade receivables and other short term receivables * 2 877 582 22 543 2 900 125 Cash and cash equivalents 3 304 878 3 304 878 Total 6 266 614 39 242 39 160 6 345 016 Liabilities: Loans (excl. \ufb01nance leases) 5 338 143 5 338 143 Lease liabilities to credit institutions 1 213 715 1 213 715 Overdraft facility and other short term loans and\u00a0credits 1 104 780 1 104 780 Trade payables and other short-term liabilities ** 2 547 196 5 812 2 553 008 Total 10 203 834 0 5 812 10 209 646 *) Trade receivables and other receivables excl. advance payments (NOK 108 364) and public duties receivable (NOK 263 761), ref note 13. **) Trade payables and other debt, excl. statutory liabilities and accrued wages and holiday pay. 31.12.2023 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets: Other investments 13 857 13 857 Loans and other long term\u00a0receivables 73 496 42 854 116 350 Trade receivables and other short term receivables * 3 118 647 126 599 3 245 246 Cash and cash equivalents 4 323 109 4 323 109 Total 7 515 252 140 456 42 854 7 698 562 Liabilities: Loans (excl. \ufb01nance leases) 7 390 358 7 390 358 Lease liabilities to credit institutions 1 166 402 1 166 402 Overdraft facility and other short term loans and\u00a0credits 975 792 975 792 Trade payables and other short-term liabilities ** 3 054 933 3 054 933 Total 12 587 485 0 0 12 587 485 *) Trade receivables and other receivables excl. advance payments (NOK 210\u00a0252) and public duties receivable (NOK 1\u00a0508\u00a0189), ref note 13. ** Trade payables and other debt, excl. statutory liabilities and accrued wages and holiday pay.
Financial instruments at fair value by level The table below shows \ufb01nancial instruments at 31.12 at fair value (before tax) according to valuation method. The different levels are de\ufb01ned as follows: Level 1: Listed price on an active market for an identical asset or liability Level 2: Valuation based on observable factors other than listed price (used in level 1), either direct (price) or indirect (derived from prices) for the asset or liability Level 3: Valuation based on factors that are not sourced from observable markets (non-observable premises) 31.12.2022 Level 1 Level 2 Level 3 Assets Financial instruments used for hedging \u2013 Currency forward contracts (fair value hedging)\u00a0\u2013 fair\u00a0value\u00a0through pro\ufb01t or loss 22 543 \u2013 Interest rate swaps (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 39 160 Other \ufb01nancial instruments \u2013 Other shares \u2013 fair value through pro\ufb01t or loss 16 699 Total 0 61 703 16 699 Herby non-current portion, ref note 13 and note 10 0 39 160 16 699 Herby current portion, ref note 13 0 22 543 0 Liabilities Financial instruments used for hedging \u2013 Currency forward contracts (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through other comprehensive income 5 812 Total 0 5 812 0 Herby non-current portion 0 0 0 Herby current portion, ref note 18 0 5 812 0 31.12.2023 Level 1 Level 2 Level 3 Assets Financial instruments used for hedging \u2013 Currency forward contracts (fair value hedging)\u00a0\u2013 fair\u00a0value\u00a0through pro\ufb01t or loss 117 386 \u2013 Bunker derivatives (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 15 464 \u2013 Interest rate swaps (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 36 604 Other \ufb01nancial instruments \u2013 Other shares \u2013 fair value through pro\ufb01t or loss 13 857 Total 0 169 454 13 857 Herby non-current portion, ref note 13 and note 10 0 42 854 13 857 Herby current portion, ref note 13 0 126 600 0 Liabilities Financial instruments used for hedging \u2013 Currency forward contracts (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through other comprehensive income Total 0 0 0 Herby non-current portion 0 0 0 Herby current portion, ref note 18 0 0 0
Change in fair value on \ufb01nancial intruments included in receivables, debt,\u00a0pro\ufb01t and loss and OCI The table below presents the accounting of \ufb01nancial instruments included in receivables and debt. The \ufb01nancial instruments are recognised at fair value. Depending on type of hedge, the change in fair value is\u00a0booked either through PL or OCI. Each type of \ufb01nancial instruments is further explained below the table. Changes in balance sheet values before tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Financial instruments included in non-current receivables Interest rate swap agreements 39 160 -2 556 36 604 Bunker derivates 0 6 250 6 250 Total 39 160 0 3 694 0 42 854 Financial instruments included in other current receivables Currency forward contracts \u2013 recognised hedge objects 3 939 78 640 15 870 98 449 Currency forward contracts \u2013 non-recognised hedge objects * 18 604 333 0 18 937 Bunker derivates 0 9 214 9 214 Total 22 543 78 973 25 083 0 126 599 Financial instruments included in other short-term liabilities Currency forward contracts \u2013 recognised hedge objects -5 812 6 219 -407 0 Total -5 812 0 6 219 -407 0 Net value before tax 55 892 78 973 34 996 -407 169 454 Changes in balance sheet values, net after tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Net value before tax 55 892 78 973 34 996 -407 169 454 Deferred tax asset (-) / liability (+), \ufb01nancial instruments -12 703 -17 374 -6 788 61 -36 803 Net value after tax 43 189 61 599 28 209 -346 132 650 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) 28 209 -346 27 863 *) Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on hedged risk in the hedged period is recognised through pro\ufb01t or loss. The change in fair value on the hedging instrument will have its oposite equal value as a short term receivable or as other short term debt, depending on positive or negative value on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on positive or negative value in the instrument.
Changes through OCI after tax, per type of instrument 2023 2022 Changes interest rate swap agreements -1 994 23 880 Changes currency forward contracts 18 141 -4 940 Changes bunker derivatives 12 062 -1 167 Changes Fish Pool contracts 0 -1 649 Total (ref. Statement of comprehensive\u00a0income) 28 209 16 124
Change in value on interest rate swaps 2023 2022 Nominal value on interest rate swap agreements Nominal amount 01.01 646 875 1 184 375 Agreements expired during the period 0 -500 000 Change in nominal value on existing agreements -37 500 -37 500 Nominal amount 31.12 609 375 646 875 Book value 01.01 Fair value of interest rate swaps at 01.01 39 160 8 544 Deferred tax asset related to interest rate swaps -8 615 -1 880 Net value after tax 01.01 30 545 6 665 Tax rate applied 22% 22% Change through other comprehensive income Change in fair value of interest rate swaps -2 556 30 616 Change in related deferred tax 562 -6 735 Net change in fair value through other comprehensive income (cash\u00a0\ufb02ow\u00a0hedging) -1 994 23 880 Tax rate applied 22% 22% Book value 31.12 Fair value of interest rate swaps at 31.12 36 604 39 160 Deferred tax asset related to interest rate swaps -8 053 -8 615 Net value after tax 31.12 28 551 30 545 Tax rate applied 22% 22% Fair value of interest rate swaps at 31.12 consist of Long term receivables 36 604 39 160 Short term liability 0 0 Fair value of interest rate swaps at 31.12 36 604 39 160
Note 15 Loans, mortgages and guarantees (All \ufb01gures in NOK 1 000) Long-term debt Debt is split on short-term and long-term debt. Payments that matures within 12 months from balance sheet date is presented as short-term debt. Both short-term and long-term debt consist of interest bearing and non-interest bearing debt. Interest bearing debt is an alternaltive performance measure (APM). The \ufb01gure consists of debt with the main purpose of providing \ufb01nancing to the group, together with equity. The items included are speci\ufb01ed below. It is also further described in the section about net interest bearing debt (NIBD) in the note on alternative performance measures. Long-term debt as of 31.12, split on short-term and\u00a0long-term Included in interest bearing debt 2023 2022 Short-term portion Long-term portion Total Short-term portion Long-term portion Total Pension liabilities 0 3 700 3 700 0 3 029 3 029 Deferred tax 0 5 008 552 5 008 552 0 2 576 287 2 576 287 Lease liabilities to others 285 553 1 146 745 1 432 298 269 614 1 272 906 1 542 520 Lease liabilities to credit institutions Yes 250 343 916 059 1 166 402 332 514 881 201 1 213 715 Bond loans Yes 0 2 990 486 2 990 486 0 1 493 656 1 493 656 Loans from credit institutions Yes 489 053 3 887 752 4 376 805 395 591 3 441 073 3 836 664 Other long-term loans Yes 1 220 21 847 23 067 1 486 659 2 145 Other long-term liabilities 0 0 0 0 5 678 5 678 Total 1 026 170 13 975 140 15 001 310 999 206 9 674 488 10 673 694 Herby interest bearing debt (of long-term debt) 740 616 7 816 144 8 556 760 729 591 5 816 589 6 546 180 For further description of the basis for classifying debt as interest bearing, see note on alternative performance measures. Pension liabilities is considered to be long-term only, and is further described in note on pension liabilities. Deferred tax is considered to be long-term only, and is further described in note on tax. Lease liabilities is further described in note on leases. Payment pro\ufb01le is described below. Bond loans is described below. Loans from credit institutions is described below. Other long-term loans are loans from suppliers. Other long-term liabilities concerns mainly non-interest bearing long term credit with supplier.
Interest bearing debt and net interest bearing debt (NIBD) In the table below also current interest bearing debt are included. Total interest bearing debt consists of both long-term and short-term items. Total interest bearing debt is speci\ufb01ed by currency below. Bank deposits are interest bearing. Net interest bearing debt (NIBD) is de\ufb01ned as interest bearing debt minus bank deposits. Changes in NIBD during the year is presented in a table below. NIBD is explained in more detail in note on APMs. Interest bearing debt as of 31.12 2023 2022 Short-term portion of long term debt Long-term portion of long term debt Total Short-term portion of long term debt Long-term portion of long term debt Total Long-term interest bearing debt Lease liabilities to credit institutions 250 343 916 059 1 166 402 332 514 881 201 1 213 715 Bond loans 0 2 990 486 2 990 486 0 1 493 656 1 493 656 Loans from credit institutions 489 053 3 887 752 4 376 805 395 591 3 441 073 3 836 664 Other long-term loans 1 220 21 847 23 067 1 486 659 2 145 Total 740 616 7 816 144 8 556 760 729 591 5 816 589 6 546 180 Short-term interest bearing debt Overdrafts 951 951 951 951 1 064 097 1 064 097 Other short term credits 23 841 23 841 40 683 40 683 Total 975 792 975 792 1 104 780 1 104 780 Total 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Interest bearing debt as of 31.12 by currency NOK 1 327 993 7 574 849 8 902 842 1 396 041 5 578 405 6 974 446 SEK 60 972 45 167 106 139 63 788 47 685 111 474 DKK 239 313 37 100 276 413 200 808 16 490 217 299 EUR 88 130 158 831 246 961 173 502 174 008 347 510 Other currencies 0 197 198 232 0 232 Total 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Net interest bearing debt (NIBD) as of 31.12 Interest bearing debt 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Bank deposits -4 323 109 -4 323 109 -3 304 878 -3 304 878 NIBD -2 606 701 7 816 144 5 209 443 -1 470 507 5 816 589 4 346 082
Reconciliation of changes in NIBD Assets Current debt Non-current debt incl. ST-portion Total Bank deposits Overdrafts and other short term credit Bond loans Loans from credit inst. Leases from credit inst. Other loans NIBD as of 01.01.2022 -4 203 146 582 390 1 492 431 4 186 882 1 236 528 2 402 3 297 487 Change in bank deposits 898 491 898 491 Cash \ufb02ows \u2013 in 522 390 264 522 654 Cash \ufb02ows \u2013 out -354 313 -260 269 -324 -614 906 Business combinations -223 0 -223 New leases from credit institutions 230 035 230 035 Terminated leases with credit institutions -2 093 -2 093 Currency translation differences 3 831 9 514 67 13 412 Other non-cash movements 1 225 1 225 NIBD as of 31.12.2022 -3 304 878 1 104 780 1 493 656 3 836 664 1 213 715 2 145 4 346 082 Change in bank deposits -984 468 -984 468 Cash \ufb02ows \u2013 in 1 500 000 1 346 023 2 846 023 Cash \ufb02ows \u2013 out -460 975 -820 061 -250 570 -506 -1 532 112 Business combinations -33 763 331 987 5 864 9 160 313 248 New leases from credit institutions 183 655 183 655 Terminated leases with credit institutions -2 895 -2 895 Currency translation differences 8 314 13 337 65 21 716 Currency gain/loss on NIBD items in foreign currency 0 Other non-cash movements -3 170 21 364 18 194 NIBD as of 31.12.2023 -4 323 109 975 792 2 990 486 4 376 805 1 166 402 23 067 5 209 443 Reconciliation of cash \ufb02ows out, as speci\ufb01ed above, against the statement of cash \ufb02ows 2023 2022 Cash \ufb02ows out \u2013 related to downpayment on non-current interest bearing debt (according to table above) -1 071 137 -614 906 Cash \ufb02ows out \u2013 related to downpayment on non-interest bearing loans 0 -3 728 Cash \ufb02ows out \u2013 related to instalment on lease liabilities to others (according to note 8), not included in NIBD -342 299 -295 672 Downpayments of long-term debt (accordring to statment of cash \ufb02ows) -1 413 436 -914 306
Bond loans The Group established 3 new bond loans, each amounting to NOK 500 million, in the bond market the 26th of April 2023, and has total 6 bond loans as of 31.12.2023. The bonds are so called green bonds. This implies that the group have established a green \ufb01nancing framework which covers how the proceeds from the bond loans can be used. The framework is published on the Group`s homepage on internet. At year end the Group has qualifying green investments that are signi\ufb01cantly higher than the proceeds from the loan. Thus, the Group has already ful\ufb01lled it`s obligations concerning type of investments. All three bond loans have no installments during the duration of the loan. The loans have a duration of 5, 6, 7 and 10 years. The loans with duration of 5 and 6 years have \ufb02oating interest rate, with 4 termins each year. The loans with a duration of 7 and 10 years, have a \ufb01xed interest rate, with one annual termin. The bond loans are measured at amortized cost. The bond loans are unsecured. Fair value is approxemately the same as net book value as of 31.12. Bond loans as of 31.12.2022 Date of establishment Duration Expiery date Amortizing effect of the period (2022) Value as of 31.12.2022 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1,00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 969 498 031 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1,15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -2 078 497 922 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 297 497 703 Sum 1 225 1 500 000 -6 344 1 493 656 New bond loans in 2023 Date of establishment Duration Expiery date Value of new bond loans in 2023 Nominal value Drawing costs Net book value NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 500 000 -1 625 498 375 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 500 000 -1 625 498 375 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 500 000 -1 625 498 375 Sum 1 500 000 -4 875 1 495 125 Bond loans as of 31.12.2023 Date of establishment Duration Expiery date Amortizing effect of the period (2023) Value as of 31.12.2023 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1.00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 444 498 556 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1.15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 640 498 360 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 035 497 965 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 203 500 000 -1 422 498 578 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 156 500 000 -1 469 498 531 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 121 500 000 -1 504 498 496 Sum 1 705 3 000 000 -9 514 2 990 486 Interests expensed, including amortizing effect 2023 2022 Interests 122 646 43 795 Amortizing effect 1 705 1 225 Total 124 351 45 851
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Fair value, borrowing costs The book value of long-term debt approximates fair value. There are no signi\ufb01cant new loan charges that are not amortised over the life of the loan. Covenants The Group\u2019s main borrowing conditions (\u201dcovenants\u201d) in the different loan agreements are to maintain an equity ratio of at least 25% and at least 30%. When calculating the equity ratio, the balance sheet value is adjusted for bank deposits and deferred tax associated with licences. There are also some capital adequacy requirements in some of the subsidiaries that are all 30% or lower. Finally, there are requirements regarding a so-called \u201dborrowing base\u201d in Ler\u00f8y Midt AS, Ler\u00f8y Vest AS and Sj\u00f8troll Havbruk AS for the short-term overdraft facilities. More speci\ufb01cally, this means that the utilisation of the facility must not exceed a certain level of one or more accounting lines. In this case the relevant accounting lines are inventory, trade receivables and other receivables. The management of LSG is not aware of any companies within the group that has entered into a position where they have become in breach of their covenants in 2023. Loans secured by mortgages and mortgaged assets Loans secured by mortgages consists of 2023 2022 Long-term loans from credit institutions, etc. 4 376 805 3 836 664 Other long-term interest-bearing debt 641 2 145 Short-term debt to credit institutions (overdrafts) 951 951 1 064 097 Other short term interest bearing loans and credits 23 841 40 683 Total liabilities secured by mortgages as of 31.12 5 353 238 4 943 589 Mortgaged assets 2023 2022 Trade and other receivables 949 415 1 053 974 Shares in associates (Norskott Havbruk AS) 1 076 096 1 152 856 Biological assets and other goods 9 414 325 7 342 775 Fixed assets 5 832 988 7 014 511 Licences * 1 131 314 1 135 949 Net book value on mortgaged assets as of 31.12 18 404 138 17 700 065
*) Mortgaged licences concern licences owned by Ler\u00f8y Midt AS and Ler\u00f8y Vest AS. Guaranties on behalf of third party liabilities Guraranties as of 31.12 2023 2022 Guraranties on behalf of associated companies 0 7 660 Guraranties on behalf of other third parties 2 671 4 000 Total 2 671 11 660 As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party liabilities.
",
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"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10115": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
(V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. (X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
",
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"f10116": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
",
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},
"f10117": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and \ufb01nancial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and \ufb01xed agreements. As virtually all the Group\u2019s sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer\u2019s \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group\u2019s compliance on these procedures is regularly monitored. Furthermore, almost all of the Group\u2019s trade receivables are covered by credit insurance securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements may only be \ufb01nancial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
Trade receivables Trade receivables 2023 2022 Nominal value 2 949 231 2 751 955 Provision for bad debts -22 751 -34 977 Total trade receivables 2 926 481 2 716 977 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u201360 days.\u00a0The Group arranges for third parties to distribute the goods to the customers and carries the incurred distribution costs itself. The customers cover these costs through the agreed transaction price All but an insigni\ufb01cant part of the Group\u2019s trade receivables are covered by credit insurance or other forms of surety. The loss deductible on credit insured trade receivables is 10%. By the end of February 2024 95.9% of trade receivables (nominal value) had been collected, compared with 94.3% in the previous year. This represents 96.7% of book value, compared with 95.6% in the previous year. Trade receivables 31.12 \u2013 aging 2023 2022 Not due 2 023 376 2 136 733 Due, 0 to 3 months 860 203 548 873 Due, 3 to 6 months 38 096 34 841 Due, more than 6 months 27 556 31 507 Total 2 949 231 2 751 955 Trade receivables 31.12 \u2013 provision 2023 2022 Not due 1 225 3 391 Due, 0 to 3 months 3 683 6 070 Due, 3 to 6 months 766 2 454 Due, more than 6 months 17 078 23 063 Total 22 751 34 977
Trade receivables 31.12 \u2013 no provision 2023 2022 Not due 2 022 152 2 133 342 Due, 0 to 3 months 856 521 542 803 Due, 3 to 6 months 37 330 32 387 Due, more than 6 months 10 478 8 444 Total 2 926 481 2 716 977 Lifetime expected loss allowance\u00a0for provision 2023 2022 Not due 0.1% 0.2% Due, 0 to 3 months 0.4% 1.1% Due, 3 to 6 months 2.0% 7.0% Due, more than 6 months 62.0% 73.2% Total 0.8% 1.3% Movements in provision for bad debt are as follows: 2023 2022 Provision 01.01 34 977 23 476 Business combinations 0 0 This years change in provisions, recognised in the income statement -12 823 11 121 Currency translation differences 596 380 Provision 31.12 22 751 34 977 Net loss on account receivables included in the income statement 2023 2022 Net change in provision for bad debt -12 823 11 121 Receivables written off during the year as uncollectable 7 927 2 914 Receivables written off, recovered -20 -6 958 Total cost (+) / cost reduction (-) -4 916 7 076 Included in other operating expenses Trade receivables by currency 2023 2022 NOK 1 413 288 745 109 SEK 169 705 320 554 DKK 149 344 152 377 GBP 6 685 0 EUR 742 394 1 337 754 USD 77 675 122 877 JPY 335 735 0 Other currencies 31 654 38 306 Total trade receivables 2 926 481 2 716 977 The Group has international operations and is exposed to currency risk in several currencies. Receivables are recognised at market rate on balance sheet date. Forward contracts are utilised to the greatest extent possible to eliminate currency risk related to outstanding trade receivables. See the note on \ufb01nancial instruments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10118": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
Trade receivables Trade receivables 2023 2022 Nominal value 2 949 231 2 751 955 Provision for bad debts -22 751 -34 977 Total trade receivables 2 926 481 2 716 977 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u201360 days.\u00a0The Group arranges for third parties to distribute the goods to the customers and carries the incurred distribution costs itself. The customers cover these costs through the agreed transaction price All but an insigni\ufb01cant part of the Group\u2019s trade receivables are covered by credit insurance or other forms of surety. The loss deductible on credit insured trade receivables is 10%. By the end of February 2024 95.9% of trade receivables (nominal value) had been collected, compared with 94.3% in the previous year. This represents 96.7% of book value, compared with 95.6% in the previous year. Trade receivables 31.12 \u2013 aging 2023 2022 Not due 2 023 376 2 136 733 Due, 0 to 3 months 860 203 548 873 Due, 3 to 6 months 38 096 34 841 Due, more than 6 months 27 556 31 507 Total 2 949 231 2 751 955 Trade receivables 31.12 \u2013 provision 2023 2022 Not due 1 225 3 391 Due, 0 to 3 months 3 683 6 070 Due, 3 to 6 months 766 2 454 Due, more than 6 months 17 078 23 063 Total 22 751 34 977
Trade receivables 31.12 \u2013 no provision 2023 2022 Not due 2 022 152 2 133 342 Due, 0 to 3 months 856 521 542 803 Due, 3 to 6 months 37 330 32 387 Due, more than 6 months 10 478 8 444 Total 2 926 481 2 716 977 Lifetime expected loss allowance\u00a0for provision 2023 2022 Not due 0.1% 0.2% Due, 0 to 3 months 0.4% 1.1% Due, 3 to 6 months 2.0% 7.0% Due, more than 6 months 62.0% 73.2% Total 0.8% 1.3% Movements in provision for bad debt are as follows: 2023 2022 Provision 01.01 34 977 23 476 Business combinations 0 0 This years change in provisions, recognised in the income statement -12 823 11 121 Currency translation differences 596 380 Provision 31.12 22 751 34 977 Net loss on account receivables included in the income statement 2023 2022 Net change in provision for bad debt -12 823 11 121 Receivables written off during the year as uncollectable 7 927 2 914 Receivables written off, recovered -20 -6 958 Total cost (+) / cost reduction (-) -4 916 7 076 Included in other operating expenses Trade receivables by currency 2023 2022 NOK 1 413 288 745 109 SEK 169 705 320 554 DKK 149 344 152 377 GBP 6 685 0 EUR 742 394 1 337 754 USD 77 675 122 877 JPY 335 735 0 Other currencies 31 654 38 306 Total trade receivables 2 926 481 2 716 977 The Group has international operations and is exposed to currency risk in several currencies. Receivables are recognised at market rate on balance sheet date. Forward contracts are utilised to the greatest extent possible to eliminate currency risk related to outstanding trade receivables. See the note on \ufb01nancial instruments.
",
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"f10119": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
",
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},
"f10120": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Licences/rights The Group\u2019s licenses can be split into two main groups: (1) Licences related to farming and (2) licenses related to wild catches (\ufb01shing rights). In addition, the Group has some intellectual property rights. Licences related to farming are not amortised. Licences are carried at cost price less any accumulated write-downs. Licences are tested annually for impairment. An overview of the different licenses involved in this operating segment, in terms of type, number and volume, is provided in the note on intangible assets. A more detailed explanation supporting the assessment that the assets have an inde\ufb01nite useful life is provided in item (X) at the end of the description of accounting policies. Fishing rights (the licenses) are valued at acquisition cost minus any accumulated amortisation and impairment loss. The licenses comprise basic quotas with no time limit and structural quotas with a time limit of 20 and 25 years respectively. The structural quotas have a de\ufb01nite useful life and are amortised over the length of the structural period. The basic quotas have an inde\ufb01nite useful life and are not amortised, but they are tested annually for impairment. The structural quotas are amortised over the remaining life of the quota until the value is zero, as there is no active market for the rights or any commitment from a third party to acquire the right once its useful life is over. Pursuant to White Paper no. 21 (2006\u20132007) (Structural policy for the \ufb01shing \ufb02eet), the structural quotas with pre-speci\ufb01ed time limits after expiry of the allocation period will be redistributed among the \u201ccod trawler\u201d group of vessels, thereby becoming part of the vessels\u2019 basic quota. This implies that if a vessel has structures that are in accordance with the average for the group of vessels, a vessel will be able to maintain practically the same catch volume once the period for the structural quotas has expired. More detailed information on licenses/\ufb01shing rights is provided in note on intangible assets. The major share of other intangible assets comprises water rights within farming (smolt production). The Group distinguishes between time-limited water rights, which are amortised over their lifetime, and water rights with no time limit, which are not amortised but are tested annually for impairment. Other intangible assets comprise rights that are amortised over their lifetime (contractual period). (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(X) Inde\ufb01nite useful life (no\u00a0amortisation) of\u00a0licenses Below is a detailed description of the Group\u2019s assessments in situations where the Group has established that an asset has an inde\ufb01nite useful life, cf. IAS 38.122. Intangible assets with an inde\ufb01nite useful life are not amortised but tested for impairment once a year as a minimum. Please refer to the note on intangible assets for information on the impairment test. Licence scheme in Norway The license scheme for production of salmon and trout in Norway was introduced by the Storting (the Norwegian Parliament) and adopted in the Norwegian Act relating to aquaculture (Aquaculture Act). The Ministry of Trade, Industry and Fisheries is responsible for allocation of aquaculture permits (licenses). All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities, cf. section 4 of the Aquaculture Act. All licenses are governed by the same regulations (the current Aquaculture Act with provisions) irrespective of when the license was allocated. LSG\u2019s aquaculture permit entitles the Group to produce salmon and trout in delimited geographic areas (localities), according to the prevailing limitations established at any given time regarding the scope of the permit. The Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses by administrative decision or regulations. The Aquaculture Act is administered centrally by the Ministry of Trade, Industry and Fisheries, and the Directorate of Fisheries is the supervisory authority. Regionally, there are a number of sector authorities that together represent a complete administrative and supervisory authority within the area governed by the Aquaculture Act. The individual county is the regional administrative body, and the Directorate of Fisheries is the appellate body for issues involving localities and licenses. Main terms and conditions for license\u00a0type Since January 2005, the limitations on production established for aquaculture licenses for salmon and trout have been governed according to a scheme known as Maximum Allowable Biomass (MAB). This speci\ufb01es the maximum biomass in the sea that a license holder can have at any given time. The Group has a suf\ufb01cient number of localities (locality MAB) in the different regions to achieve a satisfactory exploitation of the Group\u2019s total MAB. All commercial licenses for production of salmon and trout in sea are currently operational. The following regulations regarding production limitations apply to the different types of licenses held by the Group: Grow-out licenses are limited in number, i.e. the enterprises are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. The maximum allowable biomass (MAB) has previously been 780 tonnes of salmon or trout per license. The maximum allowable biomass (MAB) for the counties of Troms and Finnmark (North Norway) has previously been 945 tonnes of salmon or trout per license. Following the political decision taken in 2017 that it should be possible to allocate percentage growth per license based on various conditions, a \ufb01xed maximum allowable biomass per license is no longer speci\ufb01ed. The system has been named the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is meant as a permanent framework for mitigating growth in Norwegian aquaculture. In this system the Norwegian coastline was divided into 13 different production areas. With a frequency of 2 years, the different areas are colored red, yellow, or green, based on certain criteria. In areas colored red the maximum production volumes are reduced. In yellow areas there is no change. In green areas, it is opened for growth. A certain portion of the growth are offered to the farmers at a \ufb01xed price, while the remaining portion are offered at auction. The farmers are free to choose to purchase the offered growth or not. See note on intangibles, section licenses, for further information about present year`s changes. Green farming licenses are licenses that were awarded in 2015 via a dedicated licensing round. Special conditions were attached to these licenses, mainly concerning environmental improvement measures. The licenses were awarded via open auctions or competitively, based on environmentally focused technology and operating concepts. Demonstration licenses are licenses de\ufb01ned for special purposes. Demonstration licenses are granted to enterprises in order to share knowledge of the aquaculture industry. Such licenses are often operated in cooperation with a non-commercial entity. Teaching licenses are another kind of special-purpose license and are allocated to disseminate knowledge of the \ufb01sh farming industry. The licenses are linked to speci\ufb01c educational institutions and are thus regulated by the county. Research and development licenses are licenses awarded in connection with research and development projects in the industry, where dedicated licenses are required to carry out the R&D activity. Slaughter cage licenses are allocated for the use of sea cages for live \ufb01sh for slaughter. These licenses are linked to a speci\ufb01c location, which is the Group\u2019s slaughtering plant for salmon and trout. Parent \ufb01sh licenses are also licenses de\ufb01ned for special purposes. Parent \ufb01sh licenses are granted for the production of salmon roe utilised to produce juvenile \ufb01sh. Juvenile \ufb01sh licenses are licenses to produce juvenile salmon and trout in fresh water that in total authorise the license holder to produce a speci\ufb01c number of juvenile salmon and trout. There are certain limitations on the size of juvenile \ufb01sh that may be produced according to the individual license. Licences are granted on the basis of a discharge permit for a certain number of \ufb01sh/ biomass with a maximum allowable feed consumption per year. In situations where the water source is owned by a third party, an agreement is also required governing the right to utilise the water source.
Duration and renewal Section 5, second paragraph of the Aquaculture Act reads: \u201dThe Ministry may prescribe detailed provisions relating to the content of the aquaculture licenses, including the scope, time limitations, etc., by administrative decision or regulations.\u201d In the legislative background to the Aquaculture Act, White Paper no. 61 2004\u20132005, the following statement can be found on page 59: \u201dIt will remain the case that licenses are normally allocated without any speci\ufb01c time limitation. Implementation of such limitations should be reserved for those issues where a time limitation, based on the speci\ufb01c situation, provides for a more complete ful\ufb01lment of the Act than if the license were to be\u00a0allocated without a time limitation.\u201d The duration of licenses is also speci\ufb01ed by the Aquaculture Act, which in its most recent revision underlined ownership of licenses by allowing the licenses to be mortgaged to the bene\ufb01t of the lender. There are no time limitations speci\ufb01ed in LSG\u2019s terms for grow-out and juvenile licenses, and they are therefore deemed to be time- inde\ufb01nite production rights according to the prevailing regulations. This also applies to green licenses. As the licenses are not bound by a time-limited period, there is no need to apply for their renewal. The licenses are deemed to be valid pursuant to the Aquaculture Act, unless they are revoked in accordance with the Act. Section 9 of the Aquaculture Act describes the grounds for revocation of a license. Section 9 states that licenses may be revoked due to gross contravention of the provisions of the Act. We can con\ufb01rm that no operative licenses for salmon and trout have been revoked in Norway. Research and development licenses are time-limited and apply in general for the duration of the project. They are often linked to the life cycle of the salmon, i.e. three years. R&D licenses are managed in close cooperation with research groups, and an application to extend them for a new three-year period can be made after the project has ended. The parent \ufb01sh licenses are granted for 15 years at a time, and applications have to be submitted for their renewal, provided that the license holder is still involved in production of parent \ufb01sh for salmon or trout. Parent \ufb01sh production is an integral part of LSG\u2019s value chain (parent \ufb01sh production takes place before production of roe and juvenile \ufb01sh in the value chain) and is therefore closely linked to the breeding system for salmon and trout. The Group\u2019s applications for renewal of parent \ufb01sh licenses have always been approved, in line with the prevailing practice in the industry. The licenses for slaughter cages are allocated for 10 years at a time. Applications can be submitted for renewal of such licenses provided that they are linked to an approved slaughtering plant and only utilised to keep \ufb01sh ready for slaughter in immediate proximity to the slaughtering plant. The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. Regulations relating to right of use: transfer, lease,\u00a0moving etc. All licenses can be transferred pursuant to section 19 of the Aquaculture Act, and can be mortgaged pursuant to section 20 of the Act. An aquaculture register is kept of all aquaculture licenses where transfers and mortgaging are registered. The leasing of aquaculture licenses or license capacity is not permitted. Grow- out licenses and parent \ufb01sh licenses can be linked to different locations, but there are certain limitations on moving of licenses between the regions de\ufb01ned by the Directorate of Fisheries. In practice, this means that licenses cannot be moved between de\ufb01ned regions, which typically follow county borders. Juvenile \ufb01sh licenses are attached to one locality \u2013 the locality for which the license applies. Costs related to licenses Payment has been required for new licenses granted during more recent allocation rounds. The amount of the payment depends on the allocation criteria, including for example a \ufb01xed price versus the auction principle. Given that there is no requirement to apply for renewal of licenses, then there are no costs involved in license renewal. The costs of maintaining aquaculture licenses in Norway are insigni\ufb01cant. There are no annual fees or other types of duties linked to the actual license. However, there are certain fees to be paid for inspection and control of the licenses. Fees also have to be paid to establish new localities and/or to extend/amend localities. As a main rule, an amount of twelve thousand Norwegian krones is paid per license covered by an application for amendment at locality level, cf. section 2 of the Regulation relating to fees and duties for aquaculture activities. All fees and costs are immediately recognised as an operating expense. Assessment of economic life According to past and present legislation and the general interpretation and practice in the industry, Norwegian \ufb01sh farming licenses are not a time-limited right, and licenses should therefore not be subject to amortisation. Where time- limited R&D licenses, demonstration licenses and educational licenses are concerned, these are awarded free of charge, so amortisation is normally not relevant. However, in cases where related acquiring or renewing costs are capitalised, they will be subjected to depreciation over the economic life. Grow-out licenses and juvenile \ufb01sh licenses The following factors played a key role in the assessment of whether licenses have an inde\ufb01nite useful life, with reference to the description of the license types above: 1. No time limitation on the licenses 2. Insigni\ufb01cant expenditure involved in maintaining the licenses 3. High threshold for revocation of licenses; this has never happened in Norway It has also been noted that the licenses are registered in the public aquaculture register as being without time limitation. On this basis, the economic life is assessed to be inde\ufb01nite for the grow-out licenses and juvenile \ufb01sh licenses, in accordance with IAS 38.90. Parent \ufb01sh licenses As mentioned above, these licenses are granted for 15 years at a time, and applications can be submitted for renewal. In 2007, the duration of parent \ufb01sh licenses was amended from 10 years to 15 years (amendment to regulation dated 14 August 2007 no. 986). In the consultation document dated 7 June 2007, the Ministry stated the following regarding time limitation for parent \ufb01sh licenses in item 3.3: \u201dThe recommendation implies that the licenses shall be time-limited for a period (\u2026) with clearly de\ufb01ned predictability for extension of new periods. Time-limited licenses may however result in less predictability for the entities than licenses without time limitations. Predictability is key as breeding and parent \ufb01sh production is a time-consuming and resource-intensive activity, but this is provided for by (\u2026) a \ufb01xed-term period with clearly de\ufb01ned predictability for extension.\u201d IAS 38.94 states that if the contractual or legal rights are assigned for a limited period of time that can be renewed, the useful life of the intangible asset should include the renewal period(s) only if there is documented evidence to support that the cost of the renewal for the entity is not signi\ufb01cant. IAS 38.96 provides guidelines describing factors that can be included in this assessment. The following factors have been central to LSG\u2019s assessment of inde\ufb01nite useful life for the parent \ufb01sh licenses: a. the entity\u2019s licenses have always been renewed. Renewal does not require third-party consent, but is based on factors that are under the control of the entity, i.e. the terms of the license are met and an application for renewal has been submitted before the expiry of the 15-year period. The main condition for renewal
is that parent \ufb01sh production is carried out in connection with a breeding system. Parent \ufb01sh production will continue to be an integral part of LSG\u2019s value chain, and as such this requirement will be met. b. the entity can document ful\ufb01lment of the license conditions, c. the cost to the entity for renewal is not signi\ufb01cant, when compared with the future economic bene\ufb01ts expected to \ufb02ow to the entity from renewal. Demonstration licenses The Group\u2019s demonstration licenses are allocated for a period of 10 years. Applications can be submitted for renewal of demonstration licenses provided that the terms for the license are met pursuant to the Aquaculture Act. As with parent \ufb01sh licenses, this type of license is de\ufb01ned as being for special purposes. Both parent \ufb01sh and demonstration licenses are a type of activity without any clear time limitation. In principle, the same factors as for parent \ufb01sh licenses will apply to demonstration licenses. Teaching licenses With one exception, the Group\u2019s teaching licenses have been allocated for 10 years. Applications can be submitted for renewal of teaching licenses provided that the terms for the license are met pursuant to the Aquaculture Act. The Group has also taken over one teaching license pursuant to an open-ended agreement with an educational institution. Since the agreement has a limited unde\ufb01ned useful life, its duration has been estimated at one year.
",
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"f10122": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
Note 7 Intangible assets (All \ufb01gures in NOK 1 000) Reconciliation carrying value, gross value and life 2022 Goodwill Licences Other rights Total As of 1 January Acquisition cost 2 493 337 6 180 141 84 349 8 757 827 Accumulated amortisation 0 -151 464 -52 841 -204 305 Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Movements during the year Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Translation differences 23 282 226 23 508 Additions from business combinations 6 409 6 409 Acquisition of intangible assets 288 288 Disposals 0 Amortisation for the year -29 137 -4 422 -33 559 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 As of 31 December Acquisition cost 2 516 619 6 180 141 91 384 8 788 144 Accumulated amortisation -180 601 -57 375 -237 976 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 Note 7 cont. 2022 Goodwill Licences Other rights Total Assets with unlimited useful life 2 516 619 5 766 078 8 509 8 291 206 Assets with limited useful life 233 463 25 500 258 962 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 2023 Goodwill Licences Other rights Total Movements during the year Carrying value as of 01.01 2 516 619 5 999 540 34 009 8 550 168 Translation differences 34 309 297 34 606 Additions from business combinations 139 728 0 139 728 Acquisition of intangible assets 156 156 Disposals 0 Amortisation for the year -29 137 -4 471 -33 608 Impairment loss of the year -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 As of 31 December Acquisition cost 2 690 656 6 180 141 91 976 8 962 773 Accumulated amortisation -209 738 -61 984 -271 722 Accumulated impairment -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 Assets with unlimited useful life 2 690 656 5 766 078 4 509 8 461 243 Assets with limited useful life 204 325 21 483 225 808 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051
Speci\ufb01cation of intangible assets per acquisition, per segment 2022 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 514 863 5 3 514 863 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 514 863 100 3 517 609 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 18 717 5, 7 1 056 248 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Total 1 845 326 2 429 874 20 717 4 295 917 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 290 335 0 290 335 Ler\u00f8y Seafood Holding B.V. 2012 4 149 216 149 216 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 7 704 3 130 164 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 21 215 119 3 21 334 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 473 17 473 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 1 250 3 7 425 Ler\u00f8y Tyrkia 2015 4 5 068 36 5 104 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 972 3 1 972 Ler\u00f8y Portugal Ltd 2004 524 1 446 3) 1 970 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 664 3 664 Total 4 668 648 13 191 3 681 839 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 516 619 5 999 540 34 009 8 550 168 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-
group, and change in PPA2023 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 485 727 5 3 485 727 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 485 727 100 3 488 473 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 14 083 5, 7 1 051 613 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Ler\u00f8y Austevoll AS West 2023 38 054 38 054 Total 1 883 380 2 429 874 16 083 4 329 336 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 4, 8 415 872 0 415 872 Ler\u00f8y Seafood Holding B.V. 2012 4 159 670 159 670 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 6 043 3 128 503 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 22 701 98 3 22 799 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 618 17 618 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 0 3 6 175 Ler\u00f8y Tyrkia 2015 4 3 429 12 3 441 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 476 3 1 476 Ler\u00f8y Portugal Ltd 2004 524 1 536 3 2 060 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 644 3 644 Total 4 804 631 0 9 809 3 814 440 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 690 656 5 970 403 25 992 8 687 051 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-group, and change in PPA.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10124": {
"value": "Goodwill Goodwill represents the residual value that cannot be assigned to other assets or liabilities on acquisition of a company or other assets. Deferred tax at date of acquisition on licenses with unlimited lifetime, increases goodwill. Goodwill in respect of the acquisition of subsidiaries is included in intangible assets, while goodwill in connection with the acquisition of associates is included in the item \u201dShares in associates\u201d. From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortised (after 1 January 2004), but is reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated write-downs. When assessing the need to write down the value of goodwill, this is allocated to applicable cash-generating units.
",
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},
"f10180": {
"value": "Fixed assets Fixed assets are measured at acquisition costs less accumulated depreciation and any accumulated impairment loss. The depreciation on \ufb01xed assets is allocated linearly over estimated useful life (depreciation period). Signi\ufb01cant parts of \ufb01xed assets that have different depreciation periods are decomposed and depreciated separately. The estimated average useful life of \ufb01xed assets, when decomposed, is estimated as: \u2022 Land: Lasting value \u2022 Buildings and real estate: 20\u201325 years \u2022 Machinery and production equipment: 5\u201315 years \u2022 Vessels: 25 years \u2022 Fixtures and other equipment etc.: 2.5\u20135 years
Note 9 Fixed assets (All \ufb01gures in NOK 1 000) Fixed assets 2022 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2022 Carrying value 01.01 4 625 677 845 412 730 3 159 645 1 564 551 1 478 083 7 297 480 Allocation of completed projects in progress -3 960 -712 315 39 064 648 722 0 28 489 0 Foreign currency translation differences 262 18 2 718 17 357 0 13 122 33 476 Business combinations 5 641 128 5 769 Operating assets acquired 417 131 638 18 414 285 257 129 838 345 836 911 400 Disposal -428 -17 884 -18 312 Depreciation for the year -286 442 -110 073 -345 909 -742 424 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 316 1 501 865 7 487 389 31 December 2022 Acquisition cost 1 344 97 186 472 926 5 340 413 2 129 029 4 468 052 12 508 949 Accumulated depreciation -1 494 819 -544 712 -2 945 526 -4 985 057 Accumulated impairment loss -15 842 -20 661 -36 503 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2023 Carrying value 01.01 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 Allocation of completed projects in progress -102 -98 541 14 985 33 343 0 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 0 24 253 61 661 Business combinations 18 913 292 183 311 096 Operating assets acquired 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposal -1 647 -10 754 -12 278 -24 678 Depreciation for the year -347 655 -120 159 -393 675 -861 490 Impairment loss -32 907 -53 950 -17 253 -104 110 Carrying value 31.12 19 902 189 815 509 289 3 742 154 1 583 178 2 151 650 8 195 987 31 December 2023 Acquisition cost 19 902 222 723 509 289 5 562 765 2 248 049 5 377 192 13 939 919 Accumulated depreciation -1 751 121 -664 872 -3 187 736 -5 603 729 Accumulated impairment loss -32 907 -69 490 -37 806 -140 204 Carrying value 31.12 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987
Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Restructuring in Spain. Close down of two factories 29 834 8 861 38 695 Restructuring in Norway. Close down of slaughtery 24 000 24 000 Projects stopped due to new resource rent tax 32 907 32 907 Other impairments, machines and equipment 116 8 392 8 508 Total 0 32 907 0 53 950 0 17 253 104 110 For prepayments to suppliers, the right of property is transferred to the Group on time of completion. For projects in progress, the right of property is transferred to the Group based on progress. Information on estimated useful life for \ufb01xed assets is provided in paragraph (H) in the note on accounting policies. Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees. Leased assets are from 1 January 2019 included in the new group \u201dright-of-use assets\u201d. See note on leases.
",
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f10181": {
"value": "Fixed assets Fixed assets are measured at acquisition costs less accumulated depreciation and any accumulated impairment loss. The depreciation on \ufb01xed assets is allocated linearly over estimated useful life (depreciation period). Signi\ufb01cant parts of \ufb01xed assets that have different depreciation periods are decomposed and depreciated separately. The estimated average useful life of \ufb01xed assets, when decomposed, is estimated as: \u2022 Land: Lasting value \u2022 Buildings and real estate: 20\u201325 years \u2022 Machinery and production equipment: 5\u201315 years \u2022 Vessels: 25 years \u2022 Fixtures and other equipment etc.: 2.5\u20135 years
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f10186": {
"value": "The depreciation on \ufb01xed assets is allocated linearly over estimated useful life (depreciation period). Signi\ufb01cant parts of \ufb01xed assets that have different depreciation periods are decomposed and depreciated separately. The estimated average useful life of \ufb01xed assets, when decomposed, is estimated as: \u2022 Land: Lasting value \u2022 Buildings and real estate: 20\u201325 years \u2022 Machinery and production equipment: 5\u201315 years \u2022 Vessels: 25 years \u2022 Fixtures and other equipment etc.: 2.5\u20135 years
Reconciliation carrying value, gross value and life 2022 Goodwill Licences Other rights Total As of 1 January Acquisition cost 2 493 337 6 180 141 84 349 8 757 827 Accumulated amortisation 0 -151 464 -52 841 -204 305 Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Movements during the year Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Translation differences 23 282 226 23 508 Additions from business combinations 6 409 6 409 Acquisition of intangible assets 288 288 Disposals 0 Amortisation for the year -29 137 -4 422 -33 559 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 As of 31 December Acquisition cost 2 516 619 6 180 141 91 384 8 788 144 Accumulated amortisation -180 601 -57 375 -237 976 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 Note 7 cont. 2022 Goodwill Licences Other rights Total Assets with unlimited useful life 2 516 619 5 766 078 8 509 8 291 206 Assets with limited useful life 233 463 25 500 258 962 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 2023 Goodwill Licences Other rights Total Movements during the year Carrying value as of 01.01 2 516 619 5 999 540 34 009 8 550 168 Translation differences 34 309 297 34 606 Additions from business combinations 139 728 0 139 728 Acquisition of intangible assets 156 156 Disposals 0 Amortisation for the year -29 137 -4 471 -33 608 Impairment loss of the year -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 As of 31 December Acquisition cost 2 690 656 6 180 141 91 976 8 962 773 Accumulated amortisation -209 738 -61 984 -271 722 Accumulated impairment -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 Assets with unlimited useful life 2 690 656 5 766 078 4 509 8 461 243 Assets with limited useful life 204 325 21 483 225 808 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051
Right-of-use assets Right-of-use assets by groups in the notes and agreement partners 2022 Real estate Buildings Vessels Machines, \ufb01xtures, equip., etc. Total right of use assets Of which from Credit institution Others As of 1 January 2022 Acquisition cost * 61 815 627 918 1 076 250 2 107 903 3 873 886 2 030 753 1 843 133 Accumulated depreciation * -12 130 -161 677 -287 135 -752 301 -1 213 242 -664 824 -548 419 Carried value 01.01 49 686 466 241 789 115 1 355 602 2 660 643 1 365 929 1 294 714 Financial year 2022 Carried value 01.01 49 686 466 241 789 115 1 355 602 2 660 643 1 365 929 1 294 714 Translation differences 394 5 005 8 4 585 9 993 8 872 1 121 Addition of new right-of-use assets 1 668 87 138 442 915 267 901 799 622 230 035 569 587 Disposals -12 521 0 -30 062 -13 651 -56 233 -2 236 -53 997 Depreciation for the year -6 039 -61 066 -224 751 -258 201 -550 056 -225 897 -324 159 Carried value 31.12 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 As of 31 December 2022 Acquisition cost * 50 072 719 370 1 440 697 2 333 140 4 543 278 2 266 062 2 277 216 Accumulated depreciation * -16 884 -222 051 -463 472 -976 903 -1 679 309 -889 359 -789 950 Carried value 31.12 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 2023 Real estate Buildings Vessels Machines, \ufb01xtures, equip., etc. Total right of use assets Of which from Credit institution Others Financial year 2023 Carried value 01.01 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 Business combinations 0 0 0 10 272 10 272 10 272 0 Translation differences 518 12 240 57 8 870 21 684 14 593 7 091 Addition of new right-of-use assets 3 526 69 237 96 940 242 147 411 851 183 655 228 196 Disposals -1 001 -2 091 0 -2 445 -5 536 -2 445 -3 091 Depreciation for the year -5 085 -66 586 -238 988 -278 131 -588 789 -229 062 -359 727 Carried value 31.12 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 As of 31 December 2023 31 146 Acquisition cost * 52 505 799 715 1 537 466 2 591 748 4 981 434 2 472 555 2 508 879 Accumulated depreciation * -21 358 -289 595 -702 232 -1 254 797 -2 267 982 -1 118 838 -1 149 144 Carried value 31.12 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 *) Including translation differences
Lease liabilities Lease liabilities is devided into long-term and short-term, and by lessor category 2022 Total lease liabilities To credit institutions To others Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 559 070 1 236 528 246 755 989 773 1 322 542 231 480 1 091 062 Long term portion previous year become short term portion 0 301 438 -301 438 202 141 -202 141 Translation differences 10 573 9 515 0 9 515 1 058 0 1 058 New leasing debt 799 622 230 035 45 218 184 817 569 587 148 163 421 424 Leasing debt terminated in connection with new agreements -57 088 -2 093 -628 -1 465 -54 995 -16 499 -38 497 Redeemed -555 942 -260 270 -260 270 0 -295 672 -295 672 0 Carried value 31.12 2 756 235 1 213 715 332 513 881 202 1 542 520 269 614 1 272 906 2023 Total lease liabilities To credit institutions To others Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 756 235 1 213 715 332 514 881 202 1 542 520 269 614 1 272 906 Long term portion previous year become short term portion 0 0 202 186 -202 186 0 217 651 -217 651 Changes in payment pro\ufb01le 0 0 -71 665 71 665 0 108 614 -108 614 Business combinations 9 160 9 160 3 174 5 986 0 0 0 Translation differences 20 441 13 337 0 13 337 7 104 0 7 104 New leasing debt 411 851 183 655 36 731 146 924 228 196 34 229 193 967 Leasing debt terminated in connection with new agreements -6 118 -2 895 -2 027 -869 -3 223 -2 256 -967 Redeemed -592 869 -250 570 -250 570 0 -342 299 -342 299 0 Carried value 31.12 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 Payment pro\ufb01le on instalments and interests, see note 15
Lease payments 2023 Accounting 2023 2022 Lease cost paid Of which to credit institutions Of which to others Lease cost paid Of which to credit institutions Of which to others Lease costs paid on non-carried agreements Operating cost 36 921 1 664 35 257 9 276 0 9 276 Instalments paid Reduction in debt 592 869 250 570 342 299 555 942 260 270 295 672 Interest costs paid Financial cost 116 956 54 551 62 405 106 445 39 445 67 000 Outgoing cash \ufb02ows related to\u00a0leases 746 746 306 785 439 961 671 663 299 715 371 948 Lease costs paid on non-carried agreements compromise Lease on agreements with exemption for short-term agreements 9 846 1 120 8 726 3 108 0 3 108 Lease on agreements with exemption for low value assets 8 457 544 7 913 3 257 0 3 257 Expenses related to variable lease, not included in the carried amount 18 618 0 18 618 2 911 0 2 911 Total 36 921 1 664 35 257 9 276 0 9 276 Instalments paid, to both credit institutions and to others, are included in downpayments of long-term debt under \ufb01nancing activities in the cash \ufb02ow statement. See note 15 for reconciliation.
Note 9 Fixed assets (All \ufb01gures in NOK 1 000) Fixed assets 2022 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2022 Carrying value 01.01 4 625 677 845 412 730 3 159 645 1 564 551 1 478 083 7 297 480 Allocation of completed projects in progress -3 960 -712 315 39 064 648 722 0 28 489 0 Foreign currency translation differences 262 18 2 718 17 357 0 13 122 33 476 Business combinations 5 641 128 5 769 Operating assets acquired 417 131 638 18 414 285 257 129 838 345 836 911 400 Disposal -428 -17 884 -18 312 Depreciation for the year -286 442 -110 073 -345 909 -742 424 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 316 1 501 865 7 487 389 31 December 2022 Acquisition cost 1 344 97 186 472 926 5 340 413 2 129 029 4 468 052 12 508 949 Accumulated depreciation -1 494 819 -544 712 -2 945 526 -4 985 057 Accumulated impairment loss -15 842 -20 661 -36 503 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2023 Carrying value 01.01 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 Allocation of completed projects in progress -102 -98 541 14 985 33 343 0 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 0 24 253 61 661 Business combinations 18 913 292 183 311 096 Operating assets acquired 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposal -1 647 -10 754 -12 278 -24 678 Depreciation for the year -347 655 -120 159 -393 675 -861 490 Impairment loss -32 907 -53 950 -17 253 -104 110 Carrying value 31.12 19 902 189 815 509 289 3 742 154 1 583 178 2 151 650 8 195 987 31 December 2023 Acquisition cost 19 902 222 723 509 289 5 562 765 2 248 049 5 377 192 13 939 919 Accumulated depreciation -1 751 121 -664 872 -3 187 736 -5 603 729 Accumulated impairment loss -32 907 -69 490 -37 806 -140 204 Carrying value 31.12 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987
Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Restructuring in Spain. Close down of two factories 29 834 8 861 38 695 Restructuring in Norway. Close down of slaughtery 24 000 24 000 Projects stopped due to new resource rent tax 32 907 32 907 Other impairments, machines and equipment 116 8 392 8 508 Total 0 32 907 0 53 950 0 17 253 104 110 For prepayments to suppliers, the right of property is transferred to the Group on time of completion. For projects in progress, the right of property is transferred to the Group based on progress. Information on estimated useful life for \ufb01xed assets is provided in paragraph (H) in the note on accounting policies. Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees. Leased assets are from 1 January 2019 included in the new group \u201dright-of-use assets\u201d. See note on leases.
depreciation on \ufb01xed assets is allocated linearly over estimated useful life (depreciation period). Signi\ufb01cant parts of \ufb01xed assets that have different depreciation periods are decomposed and depreciated separately. The estimated average useful life of \ufb01xed assets, when decomposed, is estimated as: \u2022 Land: Lasting value \u2022 Buildings and real estate: 20\u201325 years \u2022 Machinery and production equipment: 5\u201315 years \u2022 Vessels: 25 years \u2022 Fixtures and other equipment etc.: 2.5\u20135 years
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10211": {
"value": "Right-of-use assets Leases are measured as the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate, and recognised from the date the leasing agreement starts. Options for extension periods are included in the leasing calculation when they are reasonably certain to be exercised. At time of initial recognition, the associated right-of use asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The right- of-use asset is depreciated linearly from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a signi\ufb01cant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases
represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than \ufb01fty thousand Norwegian krones. Rent paid on non- recognised leases are presented in the note on leases. The Group distinguishes between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the de\ufb01nition of NIBD. See note on APMs for further information.
Note 8 Leases (All \ufb01gures in NOK 1 000) The right-of-use assets are depreciated on a straight-line basis from the date of commissioning until the end of the useful life of the right-of-use asset or the end of the lease period, whatever comes \ufb01rst. Any extension options that may, with reasonable certainty, be exercised, are included. The lease payments are divided into two parts: instalment and interest. The interest on the lease liability in each accounting period of the lease period shall be the amount that provides a constant periodic interest rate for the remaining balance of the lease liability (annuity principle). In the statement of \ufb01nancial position, the Group has chosen to present the right-of-use assets on a separate line. The lease liabilities are classi\ufb01ed as long-term and short-term. In addition, the lease liabilities are divided into (1) lease liabilities to credit institutions and (2) lease liabilities to others. Only the lease liabilities to credit institutions are included in the calculation of the alternative performance measurements for net interest-bearing debt (NIBD). A more detailed explanation of this classi\ufb01cation is provided in the note relating to alternative performance measurements. The long-term share of the lease liabilities is shown on separate lines in the statement of \ufb01nancial position. The short-term share of the lease liabilities is included in the \ufb01rst-year instalment on longterm liabilities and shown on a separate line in the statement of \ufb01nancial position. The short-term share of long- term liabilities is speci\ufb01ed in more detail in the note on long-term liabilities. The interest expense related to the liability is presented under net \ufb01nancial expense. This is speci\ufb01ed in more detail in the note on combined items in the \ufb01nancial statements. Lease costs that were previously presented as commodities and other operating expenses are now presented in the income statement as depreciation and interest expense. In the statement of cash \ufb02ows, cash payments for the lease liability\u2019s principal (instalment) and cash payments for the lease liability\u2019s interest are presented under \ufb01nancing activities. The transaction related to signing new leases has no initial effect on cash.
Right-of-use assets Right-of-use assets by groups in the notes and agreement partners 2022 Real estate Buildings Vessels Machines, \ufb01xtures, equip., etc. Total right of use assets Of which from Credit institution Others As of 1 January 2022 Acquisition cost * 61 815 627 918 1 076 250 2 107 903 3 873 886 2 030 753 1 843 133 Accumulated depreciation * -12 130 -161 677 -287 135 -752 301 -1 213 242 -664 824 -548 419 Carried value 01.01 49 686 466 241 789 115 1 355 602 2 660 643 1 365 929 1 294 714 Financial year 2022 Carried value 01.01 49 686 466 241 789 115 1 355 602 2 660 643 1 365 929 1 294 714 Translation differences 394 5 005 8 4 585 9 993 8 872 1 121 Addition of new right-of-use assets 1 668 87 138 442 915 267 901 799 622 230 035 569 587 Disposals -12 521 0 -30 062 -13 651 -56 233 -2 236 -53 997 Depreciation for the year -6 039 -61 066 -224 751 -258 201 -550 056 -225 897 -324 159 Carried value 31.12 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 As of 31 December 2022 Acquisition cost * 50 072 719 370 1 440 697 2 333 140 4 543 278 2 266 062 2 277 216 Accumulated depreciation * -16 884 -222 051 -463 472 -976 903 -1 679 309 -889 359 -789 950 Carried value 31.12 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 2023 Real estate Buildings Vessels Machines, \ufb01xtures, equip., etc. Total right of use assets Of which from Credit institution Others Financial year 2023 Carried value 01.01 33 188 497 319 977 225 1 356 237 2 863 969 1 376 703 1 487 266 Business combinations 0 0 0 10 272 10 272 10 272 0 Translation differences 518 12 240 57 8 870 21 684 14 593 7 091 Addition of new right-of-use assets 3 526 69 237 96 940 242 147 411 851 183 655 228 196 Disposals -1 001 -2 091 0 -2 445 -5 536 -2 445 -3 091 Depreciation for the year -5 085 -66 586 -238 988 -278 131 -588 789 -229 062 -359 727 Carried value 31.12 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 As of 31 December 2023 31 146 Acquisition cost * 52 505 799 715 1 537 466 2 591 748 4 981 434 2 472 555 2 508 879 Accumulated depreciation * -21 358 -289 595 -702 232 -1 254 797 -2 267 982 -1 118 838 -1 149 144 Carried value 31.12 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 *) Including translation differences
Lease liabilities Lease liabilities is devided into long-term and short-term, and by lessor category 2022 Total lease liabilities To credit institutions To others Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 559 070 1 236 528 246 755 989 773 1 322 542 231 480 1 091 062 Long term portion previous year become short term portion 0 301 438 -301 438 202 141 -202 141 Translation differences 10 573 9 515 0 9 515 1 058 0 1 058 New leasing debt 799 622 230 035 45 218 184 817 569 587 148 163 421 424 Leasing debt terminated in connection with new agreements -57 088 -2 093 -628 -1 465 -54 995 -16 499 -38 497 Redeemed -555 942 -260 270 -260 270 0 -295 672 -295 672 0 Carried value 31.12 2 756 235 1 213 715 332 513 881 202 1 542 520 269 614 1 272 906 2023 Total lease liabilities To credit institutions To others Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 756 235 1 213 715 332 514 881 202 1 542 520 269 614 1 272 906 Long term portion previous year become short term portion 0 0 202 186 -202 186 0 217 651 -217 651 Changes in payment pro\ufb01le 0 0 -71 665 71 665 0 108 614 -108 614 Business combinations 9 160 9 160 3 174 5 986 0 0 0 Translation differences 20 441 13 337 0 13 337 7 104 0 7 104 New leasing debt 411 851 183 655 36 731 146 924 228 196 34 229 193 967 Leasing debt terminated in connection with new agreements -6 118 -2 895 -2 027 -869 -3 223 -2 256 -967 Redeemed -592 869 -250 570 -250 570 0 -342 299 -342 299 0 Carried value 31.12 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 Payment pro\ufb01le on instalments and interests, see note 15
Lease payments 2023 Accounting 2023 2022 Lease cost paid Of which to credit institutions Of which to others Lease cost paid Of which to credit institutions Of which to others Lease costs paid on non-carried agreements Operating cost 36 921 1 664 35 257 9 276 0 9 276 Instalments paid Reduction in debt 592 869 250 570 342 299 555 942 260 270 295 672 Interest costs paid Financial cost 116 956 54 551 62 405 106 445 39 445 67 000 Outgoing cash \ufb02ows related to\u00a0leases 746 746 306 785 439 961 671 663 299 715 371 948 Lease costs paid on non-carried agreements compromise Lease on agreements with exemption for short-term agreements 9 846 1 120 8 726 3 108 0 3 108 Lease on agreements with exemption for low value assets 8 457 544 7 913 3 257 0 3 257 Expenses related to variable lease, not included in the carried amount 18 618 0 18 618 2 911 0 2 911 Total 36 921 1 664 35 257 9 276 0 9 276 Instalments paid, to both credit institutions and to others, are included in downpayments of long-term debt under \ufb01nancing activities in the cash \ufb02ow statement. See note 15 for reconciliation.
",
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"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10212": {
"value": "Right-of-use assets Leases are measured as the present value of the remaining lease payments, discounted using the Group\u2019s incremental borrowing rate, and recognised from the date the leasing agreement starts. Options for extension periods are included in the leasing calculation when they are reasonably certain to be exercised. At time of initial recognition, the associated right-of use asset is measured at an amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments. The right- of-use asset is depreciated linearly from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. For contracts containing both lease and non-lease components, the Group allocates the consideration in the contract to the lease and the non-lease components based on their relative stand- alone prices. This mainly applies to the Group\u2019s time charter rental agreements of wellboats, where the service element of the contracts is a signi\ufb01cant non-lease component. The non-lease component is excluded from the lease accounting and expensed directly in the income statement. The Group has applied the lease recognition exemptions for short term lease contracts and low-value assets. Short terms leases
represent lease agreements shorter than 12 months from the date of the contract. Low value assets represent lease agreements that are lower than \ufb01fty thousand Norwegian krones. Rent paid on non- recognised leases are presented in the note on leases. The Group distinguishes between leases with credit institutions and leases with others. The distinction is shown in note on leases. Acquisition of right-of-use assets from leases with credit institutions is considered to be investments in new assets, while acquisition of right-of-use assets from others than credit institutions is not. This distinction is also applied on the debt side, and in the de\ufb01nition of NIBD. See note on APMs for further information.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10275": {
"value": "(I) Biological assets, loss-making contracts and mortality expenses The Group\u2019s biological assets comprise live \ufb01sh, mainly salmon and trout, at all stages of the life cycle. The \ufb01sh are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the \ufb01sh are classi\ufb01ed in group (1) roe, fry and juvenile \ufb01sh. During this stage, the \ufb01sh are kept on shore. When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. The group for \ufb01sh in sea also comprises the subgroup for parent \ufb01sh, utilized to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other \ufb01sh in sea. The stock of \ufb01sh, in addition to salmon and trout, also comprises cleaner \ufb01sh. This species of \ufb01sh is utilized during production of salmon and trout as a means of eliminating salmon lice. Despite the signi\ufb01cant number of cleaner \ufb01sh produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated \ufb01nancial statements. To simplify accounting, this species is therefore grouped with roe, fry and juvenile \ufb01sh. Biological assets are regulated by IAS 41 Agriculture. The main rule is that biological assets shall be measured at fair value minus sales costs unless fair value cannot be reliably measured. Measurement of fair value is regulated by IFRS 13. \u2018Fair value\u2019 refers to the price that would have been achieved on sale of the asset in an orderly transaction between market participants at the measurement date under the prevailing market conditions. For roe, fry and juvenile \ufb01sh, in addition to cleaner \ufb01sh, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation (IAS 41.24). This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group still comprises a limited share of the Group\u2019s biological assets measured in terms of both volume and value. If\u00a0changes emerge in the future implying that the smolt produced are signi\ufb01cantly larger when released to sea, a new assessment will be required. For \ufb01sh in sea, the fair value is calculated by applying a cash \ufb02ow based present value model at level three in the fair value hierarchy in IFRS 13. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the \ufb01sh have optimal weight for harvest when they have a live weight corresponding to 4 kg gutted weight. For information on recalculation factor from gutted weight to live weight, see note on biological assets. As of 31.12 this corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight equal to this or more, are classi\ufb01ed as ready for slaughter (mature \ufb01sh), while \ufb01sh that have still not achieved this weight are classi\ufb01ed as not ready for harvest (immature \ufb01sh). For \ufb01sh ready for harvest, the highest and best use is de\ufb01ned as harvesting and selling the \ufb01sh as quickly as possible in the month following the balance sheet date. For \ufb01sh not yet ready for harvest, the highest and best use is in principle de\ufb01ned as growing the \ufb01sh to optimal weight for harvest, then harvesting and selling the \ufb01sh. The harvest date applied in the valuation may however be brought forward if required by situations at a speci\ufb01c locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash \ufb02ow-based present value model does not rely on historical and company-speci\ufb01c factors. On a hypothetical market with perfect competition, a hypothetical buyer of live \ufb01sh would be willing to pay as a maximum the present value of the estimated future pro\ufb01t from the sale of the \ufb01sh when it is ready for harvest. The estimated future pro\ufb01t, taking into account all price adjustments and payable fees for completion, constitutes the cash \ufb02ow. Incoming cash \ufb02ow is calculated as a function of estimated volume multiplied by estimated price. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to the optimal weight for harvest. The cash \ufb02ow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash \ufb02ow, (2) hypothetical license lease and (3) the time value of money. Please refer to the note on signi\ufb01cant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated weight per individual at the time of harvest. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out per locality. The live weight of \ufb01sh in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that the observable forward prices at Fish Pool are recognised as the best approach to a hypothetical price of salmon. The volume of trout sales in Norway is signi\ufb01cantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the \ufb01sh is expected to be harvested is applied in order to estimate cash \ufb02ow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvest cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Changes to estimated fair value for biological assets, according to IAS 41, are recorded through pro\ufb01t or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of \ufb01sh in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to \ufb01nancial purchase and sale contracts for \ufb01sh in Fish Pool, recognised as value-hedges.
Onerous contracts are contracts where the expenses of ful\ufb01lling the contracts are higher than the economic yield the company expects to gain by ful\ufb01lling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, this fair value will be included in the estimated expenses required to ful\ufb01l the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be de\ufb01ned as onerous contracts according to IAS 37, even if the contractual price is higher than the production costs for the products. The provision is classi\ufb01ed as other short-term debt. As the \ufb01nancial statements also present production costs for the stock of live \ufb01sh, the reporting of mortality is of signi\ufb01cance. Costs related to abnormal mortality are immediately recognised through pro\ufb01t or loss and presented on the line for changes in inventory, while normal waste is classi\ufb01ed as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming
number of \ufb01sh at the locality, this is classi\ufb01ed as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the \ufb01sh. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
Value adjustment of biological assets Biological assets comprise the stock of roe, fry, juvenile \ufb01sh, cleaner \ufb01sh and \ufb01sh in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. Figures for the important premises are specifed in the note on biological assets. For \ufb01sh ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For \ufb01sh not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvest date for this \ufb01sh. (1) Price One important premise in the valuation of \ufb01sh both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest \ufb02uctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For \ufb01sh ready for harvest, the forward price for the following month is applied. For \ufb01sh not ready for harvest, the forward price for the month when the \ufb01sh is expected to achieve optimal weight for harvest, is applied. If it is probable on the balance sheet date that the \ufb01sh will be harvested before it reaches its optimal harvest weight, for example due to biological challenges, an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small \ufb01sh is lower than for normal-size \ufb01sh. The price is subsequently adjusted for exporter margins and clearing costs. This applies to \ufb01sh both ready for harvest and not ready for harvest. Further adjustments are necessary for harvest costs (well boat, slaughtering and packaging services), transport costs to Oslo and quality diffeences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC-certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Fish Pool. The adjustment for harvest costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments. (2) Cost For \ufb01sh not ready for harvest, an adjustment is also required for the costs necessary to grow the \ufb01sh to optimal harvest weight. Estimates related to future costs are based on the Group\u2019s prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of \ufb01sh (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight. There is some uncertainty involving both the number of \ufb01sh in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of \ufb01sh on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered
mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of \ufb01sh that results in a gutted weight of 4 kg, unless speci\ufb01c conditions exist on the balance sheet date to indicate that the \ufb01sh have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the \ufb01sh reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming \ufb01sh per month, depending on species and region. For recalculation factor from gutted weight to live weight, see note on biological assets. (4) Discounting Every time a \ufb01sh is harvested and sold, this generates a positive cash \ufb02ow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash \ufb02ow per locality. The cash \ufb02ow is allocated to the month when harvest is estimated to take place. The sum of the cash \ufb02ows from all the localities where the Group has \ufb01sh in the sea will then be distributed over the entire period of time it takes to farm the \ufb01sh in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash \ufb02ow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) License lease and (3) Time value. 4.1. Risk adjustment The risk adjustment shall re\ufb02ect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live \ufb01sh rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash \ufb02ow. Three signi\ufb01cant factors could have an impact on cash \ufb02ow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. 4.2. Hypothetical license lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licenses for farming \ufb01sh for consumers, such licenses currently have a very high value. For a hypothetical buyer of live \ufb01sh to take over and continue to farm the \ufb01sh, he/she would need a license, locality and other permits required for such production. At the time of writing, leasing of licenses is not permitted. However, on a hypothetical market for the purchase and sale of live \ufb01sh, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a signi\ufb01cant discount in order to allocate a suf\ufb01cient share of the returns to the buyer\u2019s own licenses or to cover the lease costs for leased licenses. It is dif\ufb01cult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licenses, as the curve in the model would be based on projections of future pro\ufb01t performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the license limitations are measured at different levels (location, region and company). 4.3. Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash \ufb02ow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live \ufb01sh rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash \ufb02ow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash \ufb02ow would decrease for each month, as costs are incurred to farm the \ufb01sh to slaughter weight. The costs increase for every month the \ufb01sh are in the sea. As such, the effect of deferred cash \ufb02ow is lower than would be the case if the cash \ufb02ow had been constant. This component is however deemed important due to the major values the stock of \ufb01sh represents. 4.4. Evaluation of discount rate At year end 2023 a 4% monthly discount rate has been applied. The discount rate previous year was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact the value on \ufb01sh in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a signi\ufb01cant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also signi\ufb01cance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for \ufb01sh in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the \ufb01sh in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis on fair value of \ufb01sh in sea The Group considers that four components are key for valuation. These are: 1. weighted average price, 2. projected optimal harvest weight, 3. monthly discount rate and 4. estimated number of \ufb01sh. The tables on the next page show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters:
Sensitivity analysis for weighted average price and expected optimal harvest weight Average price per kg (NOK) Change in price per kg (NOK) Projected optimal harvest weight per \ufb01sh in kg gwe 3.5 3.8 4.0 4.3 4.5 Change in projected weight per kg gwe -0.50 -0.25 \u2013 0.25 0.50 80.3 -5.00 6 232 451 6 734 460 7 286 187 7 851 841 8 437 822 83.3 -2.00 6 602 947 7 123 933 7 696 299 8 283 011 8 890 675 84.3 -1.00 6 726 446 7 253 758 7 833 003 8 426 735 9 041 626 85.3 \u2013 6 849 944 7 383 582 7 969 707 8 570 458 9 192 577 86.3 1.00 6 973 443 7 513 407 8 106 411 8 714 181 9 343 528 87.3 2.00 7 096 941 7 643 232 8 243 115 8 857 904 9 494 479 90.3 5.00 7 467 437 8 032 705 8 653 227 9 289 074 9 947 332 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction, without any change in remaining cost. For price, the change is per NOK gutted weight after adjustment for slaughtering cost, packaging cost, transport cost to Oslo, quality, size and exporter margin. Sensitivity analysis for weighted average price and monthly discount rate applied Average price per kg (NOK) Change in price per kg (NOK) Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 80.3 -5.00 8 457 477 7 838 823 7 286 187 6 791 060 6 346 174 83.3 -2.00 8 946 873 8 286 156 7 696 299 7 168 137 6 693 848 84.3 -1.00 9 110 005 8 435 267 7 833 003 7 293 829 6 809 740 85.3 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 86.3 1.00 9 436 269 8 733 489 8 106 411 7 545 214 7 041 522 87.3 2.00 9 599 400 8 882 600 8 243 115 7 670 907 7 157 414 90.3 5.00 10 088 796 9 329 933 8 653 227 8 047 984 7 505 088 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively.
Sensitivity analysis for weighted average price and number of \ufb01sh in stock Average price per kg (NOK) Change in price per kg (NOK) Number of \ufb01sh in stock (million \ufb01sh) 50.2 51.8 52.8 53.9 55.5 Change in number of \ufb01sh in stock -5% -2% 0% 2% 5% 80.3 -5.00 6 730 995 7 064 111 7 286 187 7 508 264 7 841 379 83.3 -2.00 7 120 602 7 466 020 7 696 299 7 926 578 8 271 997 84.3 -1.00 7 250 470 7 599 990 7 833 003 8 066 016 8 415 536 85.3 \u2013 7 380 339 7 733 960 7 969 707 8 205 454 8 559 075 86.3 1.00 7 510 208 7 867 930 8 106 411 8 344 892 8 702 614 87.3 2.00 7 640 077 8 001 900 8 243 115 8 484 330 8 846 153 90.3 5.00 8 029 683 8 403 809 8 653 227 8 902 645 9 276 771 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock. Sensitivity analysis for number of \ufb01sh in stock and monthly discount rate applied Number of \ufb01sh in stock (in\u00a0millions) Change in number of \ufb01sh Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 50.2 -5% 8 573 844 7 943 372 7 380 339 6 876 039 6 423 043 51.8 -2% 8 993 420 8 327 975 7 733 960 7 202 129 6 724 596 52.3 -1% 9 133 278 8 456 177 7 851 834 7 310 825 6 825 113 52.8 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 53.4 1% 9 412 995 8 712 579 8 087 581 7 528 218 7 026 149 53.9 2% 9 552 853 8 840 780 8 205 454 7 636 915 7 126 666 55.5 5% 9 972 429 9 225 383 8 559 075 7 963 004 7 428 219 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters monthly discount rate and estimated number of \ufb01sh in stock on the date of the statement of \ufb01nancial position. For the monthly discount rate, the table simulates an absolute change of +/- 1% and 2% (100 and 200 points) respectively. For the number of \ufb01sh in stock, the table simulates a change of +/- 1%, 2% and 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
Information on biological assets Norskott Havbruk AS (group) has farming operations in Scotland, and therefore has biological assets on the balance sheet. The key \ufb01gures for inventory of \ufb01sh in the sea for Norskott Havbruk AS group are as follows: Information on \ufb01sh in sea and harvested volume in the period, in tonnes 2023 2022 Ownership 100% 50% 100% 50% Total \ufb01sh in sea (LWT) 27 344 13 672 19 983 9 992 Total harvest volume in the period (GWT): 24 884 12 442 35 936 17 968 Fair value adjustment related to biological assets in the statement of \ufb01nancial position 2023 2022 Ownership 100% 50% 100% 50% Fair value adjustment as of 01.01 32 657 16 328 1 934 967 Fair value adjustment through the income statement 16 337 8 168 30 723 15 361 Fair value adjustment as of 31.12 48 993 24 497 32 657 16 328 Cost price of \ufb01sh in sea 31.12 1 781 990 890 995 1 261 473 630 737 Cost price of roe, fry and smolt 31.12 134 741 67 370 146 526 73 262 Carrying value of biological assets 31.12 1 965 724 982 862 1 440 656 720 328 Fair value adjustment through the income statement, after tax * 12 743 6 371 23 964 11 982 *) Alternative performance measures (APM), presented as \u201dpre-tax pro\ufb01t before fair value adjustments related to biological assets\u201d, are adjusted with this amount.
Note 11 Biological assets (All \ufb01gures in NOK 1 000) The Group recognises and measures biological assets (\ufb01sh in sea) at fair value. For salmon and trout, including parent \ufb01sh, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner \ufb01sh, which has a limited value compared with the total stock, historical cost provides the best estimate of fair value. The fair value of \ufb01sh in the sea is estimated as a function of the estimated biomass at the time of harvest, multiplied by the estimated sales price at the same time. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to optimal harvest weight. The cash \ufb02ow is discounted monthly by a discount rate. Please refer to note (I) on accounting policies for more detailed information. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, the fair value adjustment of the biological assets will be included in the estimated expenses required to ful\ufb01l the contract. This implies that the Group may experience loss- making (onerous) contracts according to IAS 37 even if the contract price for physical delivery contracts is higher than the actual production cost for the products. In such a scenario, a provision is made for the estimated negative value. The provision is classi\ufb01ed in the \ufb01nancial statements as other short-term liabilities. The Group also enters into Fish Pool contracts to hedge prices. The number of such contracts is limited. When utilised, the Fish Pool contracts are recorded as \ufb01nancial instruments on the balance sheet (derivatives), where unrealised gain is classi\ufb01ed as other short-term receivables and unrealised loss as other short-term liabilities. Fair value adjustment recognised in the period related to biological assets comprises: (1) Change in fair value adjustment of biological assets, (2) change in fair value of onerous contracts (loss-making contracts) and (3) change in unrealised gain/loss of \ufb01nancial sale and purchase contracts (derivatives) for \ufb01sh in Fishpool. The last mentioned adjustment does only include Fish Pool contrants recognized as value hedges. Recognised fair value adjustment related to biological assets consist of 2023 2022 Change in fair value adjustment of biological assets (\ufb01sh in sea) 167 331 1 057 507 Change in fair value of onerous contracts -42 369 30 659 Change in fair value of Fish Pool contracts 0 0 Fair value adjustments related to biological assets 124 962 1 088 166
The balance sheet item and accounting line impacted from the different adjustments mentioned above, is speci\ufb01ed below: Reconciliation of carrying amount of fair value related to biological assets 2023 2022 Fair value adjustment of biological assets 01.01 2 508 145 1 450 638 Change in fair value adjustment on \ufb01sh in sea 167 331 1 057 507 Fair value adjustment of biological assets 31.12 2 675 476 2 508 145 The balance sheet item is included in biological assets. The accounting line is further speci\ufb01ed below. Reconciliation of carrying amount of onerous contracts 2023 2022 Carrying amount of onerous contracts 01.01 -13 600 -44 259 Change in fair value of onerous contracts -42 369 30 659 Carrying amount of onerous contracts 31.12 -55 969 -13 600 The balance sheet item is included in other short-term liabilities. Reconciliation of carrying amount of Fish Pool contracts 2023 2022 Fish Pool contracts 01.01 0 1 836 Change in fair value of Fish Pool contracts included pro\ufb01t and loss 0 0 Change in fair value of Fish Pool contracts \u2013 recognised in OCI 0 -1 836 Fish Pool contracts 31.12 0 0 Fish Pool contracts are \ufb01nancial instruments. Fair value of Fish Pool contracts recognised in OCI are presented in note on \ufb01nancial instruments. Carrying amount of biological assets consist of 2023 2022 Fish in sea at historical cost * 5 294 231 4 632 941 Roe, fry, smolt and cleaner \ufb01sh at cost * 454 775 476 507 Total biological assets before fair value adjustment 5 749 007 5 109 448 Fair value adjustment of biological assets (\ufb01sh in sea) 2 675 476 2 508 145 Total biological assets 31.12 8 424 483 7 617 593 Fish in sea at fair value 7 969 707 7 141 086 Roe, fry, smolt and cleaner \ufb01sh at fair value 454 775 476 507 Total biological assets 31.12 8 424 483 7 617 593 *) Historical cost minus expensed mortality Reconciliation of carrying amount of biological assets Roe, fry, smolt and cleaner \ufb01sh* Fish in sea (salmon and trout)* Fair value adjust- ment Total biological assets Biological assets 01.01.2022 362 065 4 231 901 319 546 4 913 512 Changes in 2022 Increase from biological transformation (released and net growth) 1 300 597 8 186 224 9 486 821 Increase from business combination (acquisition) 0 Reduction due to sale and internal use (smolt and cleaner \ufb01sh) -1 191 882 -1 191 882 Reduction due to harvest (salmon and trout) -7 324 780 -7 324 780 Reduction due to incident-based mortality -17 750 -347 260 -365 011 Reduction due to accidental release -156 -156 Net change in fair value (\ufb01sh in sea) 1 057 509 1 057 509 Biological assets 31.12.2022 476 507 4 632 940 2 508 146 7 617 593 Changes in 2023 Increase from biological transformation (released and net growth) 1 406 459 9 645 486 11 051 946 Increase from business combination (acquisition) 0 Reduction due to sale and internal use (smolt and cleaner \ufb01sh) -1 411 273 -1 411 273 Reduction due to harvest (salmon and\u00a0trout) -8 492 135 -8 492 135 Reduction due to incident-based mortality -16 918 -492 061 -508 979 Reduction due to accidental release -1 -1 Net change in fair value (\ufb01sh in sea) 167 331 167 331 Biological assets 31.12.2023 454 775 5 294 230 2 675 477 8 424 483 *) Carrying amount before fair value adjustment (historical cost minus charged mortality)
Reconciliation of volume for stock of \ufb01sh in sea in LWT (live weight in tonnes) 2023 2022 Live weight of \ufb01sh in sea at 01.01 97 923 107 242 Changes through the year Increase from biological transformation (released and net growth) 202 811 206 684 Increase from business combination (acquisition) 0 0 Reduction due to harvesting -186 709 -204 369 Reduction due to incident-based mortality -16 047 -11 630 Reduction due to accidental release -1 -3 Live weight of \ufb01sh in sea at 31.12 97 977 97 923 Harvest volume in GWT (slaughter weight in tonnes) 2023 2022 Salmon 138 673 151 942 Trout 20 947 22 687 Total volume 159 620 174 629 The table below shows how the total volume for \ufb01sh in the sea, live weight measured in tonnes, is distributed by weight: Groups of biological assets (LWT) 2023 2022 Distribution by live weight Fish in sea, 0\u20131 kg 10 964 10 690 Fish in sea, 1\u20132 kg 10 454 17 707 Fish in sea, 2\u20133 kg 34 313 20 597 Fish in sea, 3\u20134 kg 15 884 35 865 Fish in sea, 4\u20134.65 kg for salmon / 4\u20134.8 kg for trout 15 401 12 680 Fish in sea, more than 4.65 kg for salmon / more than 4.8 kg for trout (\ufb01sh ready for harvest) 10 961 384 Fish in sea, total salmon and trout 97 977 97 923 Distribution according to type of \ufb01sh 2023 2022 Fish ready for harvest 10 961 384 \u2013 Salmon (live weight > 4.65 kg) 10 961 384 \u2013 Trout (live weight > 4.8 kg) 0 0 Fish not ready for harvest 87 017 97 539 \u2013 Salmon (live weight < 4.65 kg) 72 269 85 007 \u2013 Trout (live weight < 4.8 kg) 14 748 12 532 Total volum of \ufb01sh in sea (LWT): 97 977 97 923 \u2013 Salmon 83 229 85 391 \u2013 Trout 14 748 12 532 Number of individuals Number of individuals, all groups (in 1\u00a0000) 52 836 53 951 Parameters applied for calculation of fair value Price parameters 2022 \u2013 Estimated future price during expected harvesting period Forward price* Exporter fee Clearing cost Net forward price Q1 2023 91.75 -0.75 -0.34 90.66 Q2 2023 95.55 -0.75 -0.34 94.46 Q3 2023 76.48 -0.75 -0.34 75.39 Q4 2023 78.22 -0.75 -0.34 77.13 Q1 2024 84.33 -0.75 -0.34 83.24 Q2 2024 87.50 -0.75 -0.34 86.41 *) Quarterly forward prices in 2024 is based on monthly forward prices sourced from Fish Pool at balance sheet date. Quarterly forward prices in 2025 is based on average price estimates for 2025 from different major analyist companies, made at balance sheet date.
Price parameters 2023 \u2013 Estimated future price during expected harvesting period Forward price * Exporter fee Clearing cost Net forward price Q1 2024 108.90 -0.75 -0.34 107.81 Q2 2024 114.40 -0.75 -0.34 113.31 Q3 2024 84.65 -0.75 -0.34 83.56 Q4 2024 87.07 -0.75 -0.34 85.98 Q1 2025 101.83 -0.75 -0.34 100.74 Q2 2025 102.29 -0.75 -0.34 101.20 *) Quarterly forward price based on monthly forward prices sourced from Fish Pool at balance sheet date. Adjustments are also made for: 2023 2022 Price premium (+/-) for trout 0.00 0.00 Price premium (+/-) for ecological salmon 0.00 0.00 Price premium (+/-) for ASC certi\ufb01ed salmon 0.10 0.09 Reduction for quality differences, salmon -1.27 -1.30 Reduction for quality differences, trout -1.60 -1.60 Reduction for size differences, salmon -0.24 -0.26 Reduction for size differences, trout -0.80 -0.80 Deductions are also made for well boat services, slaughtering and packaging (primary processing), and transport to Oslo from the locality being measured. Based on the above parameters, an estimated net price is calculated for each locality, and is then included in the cash \ufb02ow calculation in relation to the assessment of fair value. In connection with the sensitivity analysis conducted in the note on signi\ufb01cant accounting estimates and assessments, an estimated average net price is applied to all sizes. This is calculated by dividing the total estimated net sales revenue per locality by the total estimated volume (measured as slaughter weight), based on projected weight on the the date of harvest. Other parameters 2023 2022 Estimated average net price, all sizes (kr/kg), after primary processing and freight costs 86.3 74.4 Projected mortality in relation to number of individuals per month in North Norway 0.45% 0.45% Projected mortality in relation to number of individuals per month in Central Norway 0.60% 0.60% Projected mortality in relation to number of individuals per month in West Norway 1.10% 1.10% Slaughtering loss for salmon, for recalculation from live weight to gutted weight 14% 14% Slaughtering loss for trout, for recalculation from live weight to gutted weight 16% 16% Weight (life weight) for when the \ufb01sh is considered to be ready for harvest, salmon 4.65 kg 4.65 kg Weight (life weight) for when the \ufb01sh is considered to be ready for harvest, trout 4.76 kg 4.76 kg Discount rate (monthly) 4% 4% Description of signi\ufb01cant cost items originating from an incident, disease or other factor related to biological assets Accidental releases For the Group, all accidental release is taken seriously, and the Group\u2019s target is zero accidental release. Accidental release may however occur randomly due to unforeseen incidents. All accidental releases are reported to the Directorate of Fisheries, irrespective of the scope of the accident. This applies even if only one individual has escaped. The Group has not experienced any accidental release of economic signi\ufb01cance in 2023. The Group had 5 incidents related to escapes in 2023. 1 incident at Ler\u00f8y Sj\u00f8troll in connection with treatments where 15\u00a0000 \ufb01sh escaped, 2 incidents located to hole in net at Ler\u00f8y Midt and Ler\u00f8y Sj\u00f8troll where totally 27 \ufb01sh escaped, and 2 incidents in connections with lice counting at Ler\u00f8y Sj\u00f8troll, where totally 3 \ufb01sh escaped into the sea. In total only 15\u00a0030 individuals escaped from a\u00a0total stock of approximately 53 million individuals. Incident-based mortality The Group de\ufb01nes mortality as abnormal when more than a certain percentage of the total number of \ufb01sh die in the space of one month. In region West this limit is 2.5% for salmon, and otherwise 1.5%. For\u00a0more detailed information, see the note on biological assets (I). Abnormal mortality is de\ufb01ned as incident-based mortality and is charged to the income statement in the period in which it occurs. As in 2022 most of the incident-based mortality in 2023 has been caused by sea lice treatment. However, some mortality has been caused by diseases, like gill disease and CMS, together with weakness from winter wounds. Fish health, including minimizing mortality, is the cornerstone of the Group\u2019s strategy. The positive trend in the number of sea lice treatments and related mortality, continued during \ufb01rst half of 2023, but in the second half of 2023, the number of sea lice treatments have increased, as well as the mortality following the treatments, gill disease and in charge of the jelly\ufb01sh. The Group works continuously with actions and technology to solve this challenge.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBiologicalAssetsAndGovernmentGrantsForAgriculturalActivityExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10276": {
"value": "(I) Biological assets, loss-making contracts and mortality expenses The Group\u2019s biological assets comprise live \ufb01sh, mainly salmon and trout, at all stages of the life cycle. The \ufb01sh are divided into two main groups, depending on the stage of the life cycle. At the earliest stage of the life cycle, the \ufb01sh are classi\ufb01ed in group (1) roe, fry and juvenile \ufb01sh. During this stage, the \ufb01sh are kept on shore. When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. The group for \ufb01sh in sea also comprises the subgroup for parent \ufb01sh, utilized to produce roe. As this subgroup is immaterial, it is dealt with in the same way as other \ufb01sh in sea. The stock of \ufb01sh, in addition to salmon and trout, also comprises cleaner \ufb01sh. This species of \ufb01sh is utilized during production of salmon and trout as a means of eliminating salmon lice. Despite the signi\ufb01cant number of cleaner \ufb01sh produced by the Group, both the volume and value of this species are relatively low and are immaterial for the consolidated \ufb01nancial statements. To simplify accounting, this species is therefore grouped with roe, fry and juvenile \ufb01sh. Biological assets are regulated by IAS 41 Agriculture. The main rule is that biological assets shall be measured at fair value minus sales costs unless fair value cannot be reliably measured. Measurement of fair value is regulated by IFRS 13. \u2018Fair value\u2019 refers to the price that would have been achieved on sale of the asset in an orderly transaction between market participants at the measurement date under the prevailing market conditions. For roe, fry and juvenile \ufb01sh, in addition to cleaner \ufb01sh, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation (IAS 41.24). This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group still comprises a limited share of the Group\u2019s biological assets measured in terms of both volume and value. If\u00a0changes emerge in the future implying that the smolt produced are signi\ufb01cantly larger when released to sea, a new assessment will be required. For \ufb01sh in sea, the fair value is calculated by applying a cash \ufb02ow based present value model at level three in the fair value hierarchy in IFRS 13. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the \ufb01sh have optimal weight for harvest when they have a live weight corresponding to 4 kg gutted weight. For information on recalculation factor from gutted weight to live weight, see note on biological assets. As of 31.12 this corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight equal to this or more, are classi\ufb01ed as ready for slaughter (mature \ufb01sh), while \ufb01sh that have still not achieved this weight are classi\ufb01ed as not ready for harvest (immature \ufb01sh). For \ufb01sh ready for harvest, the highest and best use is de\ufb01ned as harvesting and selling the \ufb01sh as quickly as possible in the month following the balance sheet date. For \ufb01sh not yet ready for harvest, the highest and best use is in principle de\ufb01ned as growing the \ufb01sh to optimal weight for harvest, then harvesting and selling the \ufb01sh. The harvest date applied in the valuation may however be brought forward if required by situations at a speci\ufb01c locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash \ufb02ow-based present value model does not rely on historical and company-speci\ufb01c factors. On a hypothetical market with perfect competition, a hypothetical buyer of live \ufb01sh would be willing to pay as a maximum the present value of the estimated future pro\ufb01t from the sale of the \ufb01sh when it is ready for harvest. The estimated future pro\ufb01t, taking into account all price adjustments and payable fees for completion, constitutes the cash \ufb02ow. Incoming cash \ufb02ow is calculated as a function of estimated volume multiplied by estimated price. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to the optimal weight for harvest. The cash \ufb02ow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash \ufb02ow, (2) hypothetical license lease and (3) the time value of money. Please refer to the note on signi\ufb01cant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated weight per individual at the time of harvest. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out per locality. The live weight of \ufb01sh in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that the observable forward prices at Fish Pool are recognised as the best approach to a hypothetical price of salmon. The volume of trout sales in Norway is signi\ufb01cantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the \ufb01sh is expected to be harvested is applied in order to estimate cash \ufb02ow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvest cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Changes to estimated fair value for biological assets, according to IAS 41, are recorded through pro\ufb01t or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of \ufb01sh in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to \ufb01nancial purchase and sale contracts for \ufb01sh in Fish Pool, recognised as value-hedges.
Onerous contracts are contracts where the expenses of ful\ufb01lling the contracts are higher than the economic yield the company expects to gain by ful\ufb01lling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, this fair value will be included in the estimated expenses required to ful\ufb01l the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be de\ufb01ned as onerous contracts according to IAS 37, even if the contractual price is higher than the production costs for the products. The provision is classi\ufb01ed as other short-term debt. As the \ufb01nancial statements also present production costs for the stock of live \ufb01sh, the reporting of mortality is of signi\ufb01cance. Costs related to abnormal mortality are immediately recognised through pro\ufb01t or loss and presented on the line for changes in inventory, while normal waste is classi\ufb01ed as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming
number of \ufb01sh at the locality, this is classi\ufb01ed as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the \ufb01sh. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
Value adjustment of biological assets Biological assets comprise the stock of roe, fry, juvenile \ufb01sh, cleaner \ufb01sh and \ufb01sh in sea. Biological assets are measured at fair value less costs to sell. For a more detailed description of the accounting policies applied, please refer to the description provided under accounting policies and in the note on biological assets. Valuation is based on a number of different premises, many of which are non-observable. The premises can be categorised in four different groups: (1) Price, (2) Cost, (3) Volume and (4) Discount rate. Figures for the important premises are specifed in the note on biological assets. For \ufb01sh ready for harvest on the balance sheet date, uncertainty mainly involves realised prices and volume. For \ufb01sh not ready for harvest, the level of uncertainty is higher. In addition to uncertainty related to price and volume, there will also be uncertainty related to remaining production costs, remaining biological transformation and remaining mortality up to harvest date for this \ufb01sh. (1) Price One important premise in the valuation of \ufb01sh both ready for harvest and not yet ready for harvest is the projected market price. This is also the premise that historically shows the highest \ufb02uctuations. In order to estimate the projected price, the forward prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Fish Pool are applied. In the Group\u2019s opinion, the use of observable prices makes price estimates more reliable and comparable. For \ufb01sh ready for harvest, the forward price for the following month is applied. For \ufb01sh not ready for harvest, the forward price for the month when the \ufb01sh is expected to achieve optimal weight for harvest, is applied. If it is probable on the balance sheet date that the \ufb01sh will be harvested before it reaches its optimal harvest weight, for example due to biological challenges, an extra price adjustment is required. Such a price adjustment takes into account the fact that the market price per kilo for small \ufb01sh is lower than for normal-size \ufb01sh. The price is subsequently adjusted for exporter margins and clearing costs. This applies to \ufb01sh both ready for harvest and not ready for harvest. Further adjustments are necessary for harvest costs (well boat, slaughtering and packaging services), transport costs to Oslo and quality diffeences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC-certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Fish Pool. The adjustment for harvest costs, transport costs and quality differences is based on the Group\u2019s historical costs per region and historical quality distribution, while the other adjustments are based on an assessment using historical data and the Group\u2019s view of future market developments. (2) Cost For \ufb01sh not ready for harvest, an adjustment is also required for the costs necessary to grow the \ufb01sh to optimal harvest weight. Estimates related to future costs are based on the Group\u2019s prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational enterprise on the market. (3) Volume Projected harvest volume is calculated on the basis of the estimated number of \ufb01sh (individuals) on the balance sheet date minus estimated future mortality, multiplied by the estimated harvest weight. There is some uncertainty involving both the number of \ufb01sh in the sea on the balance sheet date, remaining mortality and estimated harvest weight. The actual harvest volume may therefore differ from the estimated harvest volume either as a result of changes in biological developments or due to special events, such as abnormal mortality. The estimate for number of \ufb01sh on the balance sheet date is based on the number of smolt released to sea. The number of smolt is adjusted to take into account uncertainties during counting and actual registered
mortality related to release. The normal estimated harvest weight (optimal harvest weight) is assessed to be the live weight of \ufb01sh that results in a gutted weight of 4 kg, unless speci\ufb01c conditions exist on the balance sheet date to indicate that the \ufb01sh have to be harvested before they reach this weight. If this is the case, the estimated harvest weight is adjusted. Projected mortality during the period from the balance sheet date to the date when the \ufb01sh reach harvest weight is estimated to be 0.45% to 1.10% of the number of incoming \ufb01sh per month, depending on species and region. For recalculation factor from gutted weight to live weight, see note on biological assets. (4) Discounting Every time a \ufb01sh is harvested and sold, this generates a positive cash \ufb02ow. In order to simplify matters, all the remaining expenses are allocated to the same period as the income, so there is only one cash \ufb02ow per locality. The cash \ufb02ow is allocated to the month when harvest is estimated to take place. The sum of the cash \ufb02ows from all the localities where the Group has \ufb01sh in the sea will then be distributed over the entire period of time it takes to farm the \ufb01sh in the sea on the balance sheet date. With the current size of the smolt released and the frequency of the smolt releases, this period of time may be up to 18 months. The estimated future cash \ufb02ow is discounted monthly. The level of discount rate applied has a major impact on the estimate of fair value. The discount rate shall take into account a number of factors. The discount factor comprises three main elements: (1) Risk adjustment, (2) License lease and (3) Time value. 4.1. Risk adjustment The risk adjustment shall re\ufb02ect the price discount a hypothetical buyer would demand as compensation for the risk assumed by investing in live \ufb01sh rather than a different investment. The longer it takes to reach harvest date, the higher the risk that something may occur to affect cash \ufb02ow. Three signi\ufb01cant factors could have an impact on cash \ufb02ow. Volume could change, costs could change and prices could change. The one thing all three factors have in common is that the sample space is unsymmetrical. 4.2. Hypothetical license lease Salmon and trout farming is not a market with free competition and no barriers to entry. Due to limited access to licenses for farming \ufb01sh for consumers, such licenses currently have a very high value. For a hypothetical buyer of live \ufb01sh to take over and continue to farm the \ufb01sh, he/she would need a license, locality and other permits required for such production. At the time of writing, leasing of licenses is not permitted. However, on a hypothetical market for the purchase and sale of live \ufb01sh, it has to be assumed that this would be possible. In such a scenario, a hypothetical buyer would claim a signi\ufb01cant discount in order to allocate a suf\ufb01cient share of the returns to the buyer\u2019s own licenses or to cover the lease costs for leased licenses. It is dif\ufb01cult to create a model that would allow a hypothetical annual lease cost to be derived from prices for sold licenses, as the curve in the model would be based on projections of future pro\ufb01t performance in the industry. Moreover, it is a complex process to derive a lease price per shorter unit of time and, in the last instance, per volume, when the license limitations are measured at different levels (location, region and company). 4.3. Time value Finally, a discount must be made for the time value of the tied-up capital linked to the share of the present value of the cash \ufb02ow allocated to the biomass. It has to be assumed that a hypothetical buyer would claim compensation for the alternative cost of investing funds in live \ufb01sh rather than some other type of investment. The production cycle for salmon in the sea currently takes up to 18 months. The cash \ufb02ow will therefore extend over a similar period. Assuming a constant sales price throughout the period, the cash \ufb02ow would decrease for each month, as costs are incurred to farm the \ufb01sh to slaughter weight. The costs increase for every month the \ufb01sh are in the sea. As such, the effect of deferred cash \ufb02ow is lower than would be the case if the cash \ufb02ow had been constant. This component is however deemed important due to the major values the stock of \ufb01sh represents. 4.4. Evaluation of discount rate At year end 2023 a 4% monthly discount rate has been applied. The discount rate previous year was also 4%. In the sensitivity analysis below, it is demonstrated how a change in discount rate would impact the value on \ufb01sh in sea. The change is a result from a periodic review. As mentioned above, the hypothetical license lease is one of the main elements when setting the discount rate. In the hypothetical license lease price the future expected margin is an important parameter. The margin is calculated as the difference between price and cost in future periods. Thus, the forward price on salmon together with expectations regarding future cost level have a signi\ufb01cant impact on the future expected margin. The higher the expectations to the future margins are, the higher a hypothetical license lease price will be. This is explained with the fact that higher margins will increase the fair value on the licenses. If the expectations to the margins drops, this will over time lead to lower hypothetical lease rent, and fair value on the licenses. How the change in the expectations regarding future margins occurs, has also signi\ufb01cance. It is assumed that an unexpected lower (higher) price at date for measurement will not lead to a simultaneously reduction (increase) in hypothetical license lease price for \ufb01sh in sea, but instead a step by step reduction (increase) in future lease price for new smolt releases. This is explained with the fact that it must be assumed that the lease price for the \ufb01sh in sea is already negotiated for the period until harvest. When it comes to the production costs it is assumed that changes in expected future cost level will not impact the value of the biological assets directly, but indirectly as a consequence of the fact that the future hypothetical license lease price will be based on expectations on future margins. Sensitivity analysis on fair value of \ufb01sh in sea The Group considers that four components are key for valuation. These are: 1. weighted average price, 2. projected optimal harvest weight, 3. monthly discount rate and 4. estimated number of \ufb01sh. The tables on the next page show a simulated sensitivity to fair value of the biological assets in the event of changes in these parameters:
Sensitivity analysis for weighted average price and expected optimal harvest weight Average price per kg (NOK) Change in price per kg (NOK) Projected optimal harvest weight per \ufb01sh in kg gwe 3.5 3.8 4.0 4.3 4.5 Change in projected weight per kg gwe -0.50 -0.25 \u2013 0.25 0.50 80.3 -5.00 6 232 451 6 734 460 7 286 187 7 851 841 8 437 822 83.3 -2.00 6 602 947 7 123 933 7 696 299 8 283 011 8 890 675 84.3 -1.00 6 726 446 7 253 758 7 833 003 8 426 735 9 041 626 85.3 \u2013 6 849 944 7 383 582 7 969 707 8 570 458 9 192 577 86.3 1.00 6 973 443 7 513 407 8 106 411 8 714 181 9 343 528 87.3 2.00 7 096 941 7 643 232 8 243 115 8 857 904 9 494 479 90.3 5.00 7 467 437 8 032 705 8 653 227 9 289 074 9 947 332 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and projected harvest weight per kg gutted weight. For projected harvest weight, the table shows changes in fair value when there is an increase in projected harvest weight of 250 and 500 grams respectively, and for a corresponding reduction, without any change in remaining cost. For price, the change is per NOK gutted weight after adjustment for slaughtering cost, packaging cost, transport cost to Oslo, quality, size and exporter margin. Sensitivity analysis for weighted average price and monthly discount rate applied Average price per kg (NOK) Change in price per kg (NOK) Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 80.3 -5.00 8 457 477 7 838 823 7 286 187 6 791 060 6 346 174 83.3 -2.00 8 946 873 8 286 156 7 696 299 7 168 137 6 693 848 84.3 -1.00 9 110 005 8 435 267 7 833 003 7 293 829 6 809 740 85.3 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 86.3 1.00 9 436 269 8 733 489 8 106 411 7 545 214 7 041 522 87.3 2.00 9 599 400 8 882 600 8 243 115 7 670 907 7 157 414 90.3 5.00 10 088 796 9 329 933 8 653 227 8 047 984 7 505 088 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and monthly discount rate. For the monthly discount rate, the table simulates an absolute change of +/- 1% and +/- 2% (100 and 200 points) respectively.
Sensitivity analysis for weighted average price and number of \ufb01sh in stock Average price per kg (NOK) Change in price per kg (NOK) Number of \ufb01sh in stock (million \ufb01sh) 50.2 51.8 52.8 53.9 55.5 Change in number of \ufb01sh in stock -5% -2% 0% 2% 5% 80.3 -5.00 6 730 995 7 064 111 7 286 187 7 508 264 7 841 379 83.3 -2.00 7 120 602 7 466 020 7 696 299 7 926 578 8 271 997 84.3 -1.00 7 250 470 7 599 990 7 833 003 8 066 016 8 415 536 85.3 \u2013 7 380 339 7 733 960 7 969 707 8 205 454 8 559 075 86.3 1.00 7 510 208 7 867 930 8 106 411 8 344 892 8 702 614 87.3 2.00 7 640 077 8 001 900 8 243 115 8 484 330 8 846 153 90.3 5.00 8 029 683 8 403 809 8 653 227 8 902 645 9 276 771 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters price per kg and estimated number of \ufb01sh in stock on the balance sheet date. For the number of \ufb01sh in stock, the table simulates a change of +/- 2% and +/- 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock. Sensitivity analysis for number of \ufb01sh in stock and monthly discount rate applied Number of \ufb01sh in stock (in\u00a0millions) Change in number of \ufb01sh Monthly discount rate (%) 2.0% 3.0% 4.0% 5.0% 6.0% Change in monthly discount rate (%) -2.0% -1.0% 0.0% 1.0% 2.0% 50.2 -5% 8 573 844 7 943 372 7 380 339 6 876 039 6 423 043 51.8 -2% 8 993 420 8 327 975 7 733 960 7 202 129 6 724 596 52.3 -1% 9 133 278 8 456 177 7 851 834 7 310 825 6 825 113 52.8 \u2013 9 273 137 8 584 378 7 969 707 7 419 522 6 925 631 53.4 1% 9 412 995 8 712 579 8 087 581 7 528 218 7 026 149 53.9 2% 9 552 853 8 840 780 8 205 454 7 636 915 7 126 666 55.5 5% 9 972 429 9 225 383 8 559 075 7 963 004 7 428 219 The table shows the sensitivity in fair value (present value) before provision for loss-making contracts for the parameters monthly discount rate and estimated number of \ufb01sh in stock on the date of the statement of \ufb01nancial position. For the monthly discount rate, the table simulates an absolute change of +/- 1% and 2% (100 and 200 points) respectively. For the number of \ufb01sh in stock, the table simulates a change of +/- 1%, 2% and 5% in the number of \ufb01sh per locality for all localities with \ufb01sh in stock.
",
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"f10301": {
"value": "Measurement of fair value is regulated by IFRS 13. \u2018Fair value\u2019 refers to the price that would have been achieved on sale of the asset in an orderly transaction between market participants at the measurement date under the prevailing market conditions. For roe, fry and juvenile \ufb01sh, in addition to cleaner \ufb01sh, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation (IAS 41.24). This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group still comprises a limited share of the Group\u2019s biological assets measured in terms of both volume and value. If\u00a0changes emerge in the future implying that the smolt produced are signi\ufb01cantly larger when released to sea, a new assessment will be required. For \ufb01sh in sea, the fair value is calculated by applying a cash \ufb02ow based present value model at level three in the fair value hierarchy in IFRS 13. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the \ufb01sh have optimal weight for harvest when they have a live weight corresponding to 4 kg gutted weight. For information on recalculation factor from gutted weight to live weight, see note on biological assets. As of 31.12 this corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight equal to this or more, are classi\ufb01ed as ready for slaughter (mature \ufb01sh), while \ufb01sh that have still not achieved this weight are classi\ufb01ed as not ready for harvest (immature \ufb01sh). For \ufb01sh ready for harvest, the highest and best use is de\ufb01ned as harvesting and selling the \ufb01sh as quickly as possible in the month following the balance sheet date. For \ufb01sh not yet ready for harvest, the highest and best use is in principle de\ufb01ned as growing the \ufb01sh to optimal weight for harvest, then harvesting and selling the \ufb01sh. The harvest date applied in the valuation may however be brought forward if required by situations at a speci\ufb01c locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash \ufb02ow-based present value model does not rely on historical and company-speci\ufb01c factors. On a hypothetical market with perfect competition, a hypothetical buyer of live \ufb01sh would be willing to pay as a maximum the present value of the estimated future pro\ufb01t from the sale of the \ufb01sh when it is ready for harvest. The estimated future pro\ufb01t, taking into account all price adjustments and payable fees for completion, constitutes the cash \ufb02ow. Incoming cash \ufb02ow is calculated as a function of estimated volume multiplied by estimated price. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to the optimal weight for harvest. The cash \ufb02ow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash \ufb02ow, (2) hypothetical license lease and (3) the time value of money. Please refer to the note on signi\ufb01cant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated weight per individual at the time of harvest. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out per locality. The live weight of \ufb01sh in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that the observable forward prices at Fish Pool are recognised as the best approach to a hypothetical price of salmon. The volume of trout sales in Norway is signi\ufb01cantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the \ufb01sh is expected to be harvested is applied in order to estimate cash \ufb02ow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvest cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Changes to estimated fair value for biological assets, according to IAS 41, are recorded through pro\ufb01t or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of \ufb01sh in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to \ufb01nancial purchase and sale contracts for \ufb01sh in Fish Pool, recognised as value-hedges.
Financial instruments at fair value by level The table below shows \ufb01nancial instruments at 31.12 at fair value (before tax) according to valuation method. The different levels are de\ufb01ned as follows: Level 1: Listed price on an active market for an identical asset or liability Level 2: Valuation based on observable factors other than listed price (used in level 1), either direct (price) or indirect (derived from prices) for the asset or liability Level 3: Valuation based on factors that are not sourced from observable markets (non-observable premises) 31.12.2022 Level 1 Level 2 Level 3 Assets Financial instruments used for hedging \u2013 Currency forward contracts (fair value hedging)\u00a0\u2013 fair\u00a0value\u00a0through pro\ufb01t or loss 22 543 \u2013 Interest rate swaps (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 39 160 Other \ufb01nancial instruments \u2013 Other shares \u2013 fair value through pro\ufb01t or loss 16 699 Total 0 61 703 16 699 Herby non-current portion, ref note 13 and note 10 0 39 160 16 699 Herby current portion, ref note 13 0 22 543 0 Liabilities Financial instruments used for hedging \u2013 Currency forward contracts (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through other comprehensive income 5 812 Total 0 5 812 0 Herby non-current portion 0 0 0 Herby current portion, ref note 18 0 5 812 0 31.12.2023 Level 1 Level 2 Level 3 Assets Financial instruments used for hedging \u2013 Currency forward contracts (fair value hedging)\u00a0\u2013 fair\u00a0value\u00a0through pro\ufb01t or loss 117 386 \u2013 Bunker derivatives (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 15 464 \u2013 Interest rate swaps (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through\u00a0other comprehensive income 36 604 Other \ufb01nancial instruments \u2013 Other shares \u2013 fair value through pro\ufb01t or loss 13 857 Total 0 169 454 13 857 Herby non-current portion, ref note 13 and note 10 0 42 854 13 857 Herby current portion, ref note 13 0 126 600 0 Liabilities Financial instruments used for hedging \u2013 Currency forward contracts (cash \ufb02ow hedging) \u2013 fair\u00a0value\u00a0through other comprehensive income Total 0 0 0 Herby non-current portion 0 0 0 Herby current portion, ref note 18 0 0 0
Change in fair value on \ufb01nancial intruments included in receivables, debt,\u00a0pro\ufb01t and loss and OCI The table below presents the accounting of \ufb01nancial instruments included in receivables and debt. The \ufb01nancial instruments are recognised at fair value. Depending on type of hedge, the change in fair value is\u00a0booked either through PL or OCI. Each type of \ufb01nancial instruments is further explained below the table. Changes in balance sheet values before tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Financial instruments included in non-current receivables Interest rate swap agreements 39 160 -2 556 36 604 Bunker derivates 0 6 250 6 250 Total 39 160 0 3 694 0 42 854 Financial instruments included in other current receivables Currency forward contracts \u2013 recognised hedge objects 3 939 78 640 15 870 98 449 Currency forward contracts \u2013 non-recognised hedge objects * 18 604 333 0 18 937 Bunker derivates 0 9 214 9 214 Total 22 543 78 973 25 083 0 126 599 Financial instruments included in other short-term liabilities Currency forward contracts \u2013 recognised hedge objects -5 812 6 219 -407 0 Total -5 812 0 6 219 -407 0 Net value before tax 55 892 78 973 34 996 -407 169 454 Changes in balance sheet values, net after tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Net value before tax 55 892 78 973 34 996 -407 169 454 Deferred tax asset (-) / liability (+), \ufb01nancial instruments -12 703 -17 374 -6 788 61 -36 803 Net value after tax 43 189 61 599 28 209 -346 132 650 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) 28 209 -346 27 863 *) Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on hedged risk in the hedged period is recognised through pro\ufb01t or loss. The change in fair value on the hedging instrument will have its oposite equal value as a short term receivable or as other short term debt, depending on positive or negative value on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on positive or negative value in the instrument.
Changes through OCI after tax, per type of instrument 2023 2022 Changes interest rate swap agreements -1 994 23 880 Changes currency forward contracts 18 141 -4 940 Changes bunker derivatives 12 062 -1 167 Changes Fish Pool contracts 0 -1 649 Total (ref. Statement of comprehensive\u00a0income) 28 209 16 124
Measurement of fair value is regulated by IFRS 13. \u2018Fair value\u2019 refers to the price that would have been achieved on sale of the asset in an orderly transaction between market participants at the measurement date under the prevailing market conditions. For roe, fry and juvenile \ufb01sh, in addition to cleaner \ufb01sh, historical cost is deemed a reasonable approach to fair value, as there is little biological transformation (IAS 41.24). This assessment must be seen in light of the fact that smolt are currently released to sea at a stage when their weight is still relatively low. At the same time, this group still comprises a limited share of the Group\u2019s biological assets measured in terms of both volume and value. If\u00a0changes emerge in the future implying that the smolt produced are signi\ufb01cantly larger when released to sea, a new assessment will be required. For \ufb01sh in sea, the fair value is calculated by applying a cash \ufb02ow based present value model at level three in the fair value hierarchy in IFRS 13. In line with IFRS 13, the highest and best use of the biological assets is applied for the valuation. In accordance with the principle for highest and best use, the Group considers that the \ufb01sh have optimal weight for harvest when they have a live weight corresponding to 4 kg gutted weight. For information on recalculation factor from gutted weight to live weight, see note on biological assets. As of 31.12 this corresponds to a live weight of 4.65 kg for salmon and 4.76 kg for trout. Fish with a live weight equal to this or more, are classi\ufb01ed as ready for slaughter (mature \ufb01sh), while \ufb01sh that have still not achieved this weight are classi\ufb01ed as not ready for harvest (immature \ufb01sh). For \ufb01sh ready for harvest, the highest and best use is de\ufb01ned as harvesting and selling the \ufb01sh as quickly as possible in the month following the balance sheet date. For \ufb01sh not yet ready for harvest, the highest and best use is in principle de\ufb01ned as growing the \ufb01sh to optimal weight for harvest, then harvesting and selling the \ufb01sh. The harvest date applied in the valuation may however be brought forward if required by situations at a speci\ufb01c locality. Such situations may involve biological challenges (disease, salmon lice infestation etc.). The cash \ufb02ow-based present value model does not rely on historical and company-speci\ufb01c factors. On a hypothetical market with perfect competition, a hypothetical buyer of live \ufb01sh would be willing to pay as a maximum the present value of the estimated future pro\ufb01t from the sale of the \ufb01sh when it is ready for harvest. The estimated future pro\ufb01t, taking into account all price adjustments and payable fees for completion, constitutes the cash \ufb02ow. Incoming cash \ufb02ow is calculated as a function of estimated volume multiplied by estimated price. For \ufb01sh not ready for harvest, a deduction is made to cover estimated residual costs to grow the \ufb01sh to the optimal weight for harvest. The cash \ufb02ow is discounted monthly by a discount rate. The discount rate comprises three main components: (1) the risk of incidents that have an effect on cash \ufb02ow, (2) hypothetical license lease and (3) the time value of money. Please refer to the note on signi\ufb01cant accounting estimates and assessments for more detailed information on discounts, and sensitivity analysis. Estimated biomass (volume) is based on the actual number of individuals in the sea on the balance sheet date, adjusted to cover projected mortality up to harvest date and multiplied by the estimated weight per individual at the time of harvest. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out per locality. The live weight of \ufb01sh in the sea is translated to gutted weight in order to arrive at the same measurement unit as for pricing. Pricing is based on the Fish Pool forward prices. The reason for this is that the observable forward prices at Fish Pool are recognised as the best approach to a hypothetical price of salmon. The volume of trout sales in Norway is signi\ufb01cantly lower, and there are no corresponding observable market prices. Historically, however, trout prices have been closely correlated to salmon prices. The forward prices for salmon are therefore applied as a starting point for estimates of the fair value of trout. The forward price for the month in which the \ufb01sh is expected to be harvested is applied in order to estimate cash \ufb02ow. The price stipulated by Fish Pool is adjusted to take into account export costs and clearing costs, and represents the reference price. This price is then adjusted to account for estimated harvest cost (well boat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any estimated differences in size and quality. The adjustments to the reference price are made per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Changes to estimated fair value for biological assets, according to IAS 41, are recorded through pro\ufb01t or loss and presented on the line for fair value adjustments related to biological assets. The accounting line for fair value adjustments related to biological assets in the income statement comprises three elements; (1) change in fair value adjustment of stock of \ufb01sh in sea, (2) change in fair value of onerous contracts and (3) change in fair value of unrealised gain/loss related to \ufb01nancial purchase and sale contracts for \ufb01sh in Fish Pool, recognised as value-hedges.
",
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},
"f10392": {
"value": "Onerous contracts are contracts where the expenses of ful\ufb01lling the contracts are higher than the economic yield the company expects to gain by ful\ufb01lling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, this fair value will be included in the estimated expenses required to ful\ufb01l the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be de\ufb01ned as onerous contracts according to IAS 37, even if the contractual price is higher than the production costs for the products. The provision is classi\ufb01ed as other short-term debt. As the \ufb01nancial statements also present production costs for the stock of live \ufb01sh, the reporting of mortality is of signi\ufb01cance. Costs related to abnormal mortality are immediately recognised through pro\ufb01t or loss and presented on the line for changes in inventory, while normal waste is classi\ufb01ed as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming
number of \ufb01sh at the locality, this is classi\ufb01ed as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the \ufb01sh. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
(N) Pensions The Group mainly has de\ufb01ned contribution plans, but also a few remaining de\ufb01ned bene\ufb01t plans that are now closed. In general, the pension plans are \ufb01nanced via payments to insurance companies or pension funds based on periodical actuarial calculations. A de\ufb01ned contribution plan is a pension plan where the Group pays a \ufb01xed amount to a separate legal entity. The Group has no statutory or other obligation to pay additional contributions. A de\ufb01ned bene\ufb01t pension plan is one that is not contributory. A typical de\ufb01ned bene\ufb01t pension plan de\ufb01nes a pension payment that the employee will receive upon retirement. The payment is typically dependent on factors such as age, number of years in the company and wage level. The capitalised commitment associated with de\ufb01ned bene\ufb01t plans is the present value of the de\ufb01ned bene\ufb01ts on the balance sheet date less fair value of the pension. Pension liability is calculated annually by an independent actuary according to the straight-line accrual method. The present value of de\ufb01ned bene\ufb01ts is found by discounting estimated future payments by the interest rate on a bond issued by a company with a high credit rating in the same currency as the bene\ufb01ts will be paid, and with a maturity approximately equal to the duration of the associated pension liability. In countries that do not have a liquid market for long-term bonds issued by companies with a high credit rating, the market interest rate for governmental bonds is applied.
(R) Provisions and other commitments Provisions are carried on the balance sheet when the Group has an existing legal obligation or implied duty in consequence of an earlier event, and it is probable that a \ufb02ow of economic resources from the enterprise will be required in order to ful\ufb01l such obligation. If the effect is signi\ufb01cant, the provision is determined by discounting estimated future cash \ufb02ows by a discounting rate before tax, which re\ufb02ects market pricing of the time value of money and the risks speci\ufb01cally associated with the obligation.
Note 16 Pensions (All \ufb01gures in NOK 1 000) All the Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are mainly established as de\ufb01ned contribution pension schemes. Most of the bene\ufb01t shemes have been replaced with contribution shemes together with a paid-up-policy to the previous members. The remaining net liabilities are calculated based on common actuarial assumptions. In addition some companies within the group have some small unsecured schemes which are \ufb01nanced by operations. These schemes are considered to be immaterial regarding further disclosure in the notes. Information on the pension cost for the year is also provided in the note on payroll costs. De\ufb01ned bene\ufb01t scheme 2023 2022 Present value of future pension liabilities 6 896 5 916 Fair value of pension funds -3 196 -2 887 Net pension liabilities 3 700 3 029 Change in capitalised liabilities 2023 2022 Carrying value as of 01.01 3 029 3 393 Costs booked during the year 1 022 950 Estimate differences recognised through comprehensive income (before tax) 497 333 Pension payments and payments of pension premiums -848 -1 648 Carrying value at 31.12 de\ufb01ned bene\ufb01t scheme 3 700 3 029 Total pension cost through pro\ufb01t or loss 2023 2022 Net pension cost, de\ufb01ned contribution scheme 180 885 145 558 Net pension cost, de\ufb01ned bene\ufb01t scheme 1 022 950 Total 181 907 146 508 Total pension cost through comprehensive income 2023 2022 Net pension cost (before tax) from bene\ufb01t plans \u2013 comprehensive income 497 333 Tax effect -124 -83 Total pension cost through comprehensive income 373
Onerous contracts are contracts where the expenses of ful\ufb01lling the contracts are higher than the economic yield the company expects to gain by ful\ufb01lling the contracts. The Group enters into contracts related to future deliveries of salmon and trout. As biological assets are recognised at fair value, this fair value will be included in the estimated expenses required to ful\ufb01l the contract. As a result, physical delivery contracts where the contractual price is lower than the price on which fair value estimation of the biological assets was based will be de\ufb01ned as onerous contracts according to IAS 37, even if the contractual price is higher than the production costs for the products. The provision is classi\ufb01ed as other short-term debt. As the \ufb01nancial statements also present production costs for the stock of live \ufb01sh, the reporting of mortality is of signi\ufb01cance. Costs related to abnormal mortality are immediately recognised through pro\ufb01t or loss and presented on the line for changes in inventory, while normal waste is classi\ufb01ed as part of production costs. Fair value of biological assets is not affected by the principle for reporting mortality costs. The extent to which mortality is normal or abnormal requires assessment. The Group makes use of a common indicator and threshold for all farming units. If in one month mortality at a locality exceeds 1.5% of the incoming
number of \ufb01sh at the locality, this is classi\ufb01ed as an indication of abnormal mortality. A more detailed assessment is then carried out to establish whether mortality is abnormal. These assessments take into account the cause of mortality and the size of the \ufb01sh. Please refer to the note on biological assets for a more detailed description of mortality costs and incidents that have caused abnormal mortality.
(N) Pensions The Group mainly has de\ufb01ned contribution plans, but also a few remaining de\ufb01ned bene\ufb01t plans that are now closed. In general, the pension plans are \ufb01nanced via payments to insurance companies or pension funds based on periodical actuarial calculations. A de\ufb01ned contribution plan is a pension plan where the Group pays a \ufb01xed amount to a separate legal entity. The Group has no statutory or other obligation to pay additional contributions. A de\ufb01ned bene\ufb01t pension plan is one that is not contributory. A typical de\ufb01ned bene\ufb01t pension plan de\ufb01nes a pension payment that the employee will receive upon retirement. The payment is typically dependent on factors such as age, number of years in the company and wage level. The capitalised commitment associated with de\ufb01ned bene\ufb01t plans is the present value of the de\ufb01ned bene\ufb01ts on the balance sheet date less fair value of the pension. Pension liability is calculated annually by an independent actuary according to the straight-line accrual method. The present value of de\ufb01ned bene\ufb01ts is found by discounting estimated future payments by the interest rate on a bond issued by a company with a high credit rating in the same currency as the bene\ufb01ts will be paid, and with a maturity approximately equal to the duration of the associated pension liability. In countries that do not have a liquid market for long-term bonds issued by companies with a high credit rating, the market interest rate for governmental bonds is applied.
(R) Provisions and other commitments Provisions are carried on the balance sheet when the Group has an existing legal obligation or implied duty in consequence of an earlier event, and it is probable that a \ufb02ow of economic resources from the enterprise will be required in order to ful\ufb01l such obligation. If the effect is signi\ufb01cant, the provision is determined by discounting estimated future cash \ufb02ows by a discounting rate before tax, which re\ufb02ects market pricing of the time value of money and the risks speci\ufb01cally associated with the obligation.
",
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},
"f10455": {
"value": "(J) Inventory Inventories of purchased goods are valued at the lower of acquisition cost and estimated sales value less sales costs. In-house-produced \ufb01nished goods and semi-\ufb01nished goods are valued at full production cost. Write-downs are made for quanti\ufb01able obsolescence.
Note 12 Other inventories (All \ufb01gures in NOK 1 000) Other inventories consist of 2023 2022 Feed, packaging materials, auxiliary and other 571 450 533 614 Raw materials, including catches onboard on trawling wessels 259 782 494 886 Work in progress 49 667 49 821 Finished goods / goods for sale 1 523 644 1 237 635 Impairments, including obsoleteness -6 369 -8 059 Total other inventories 2 398 175 2 307 897 Change in stock of biological assets at cost, raw materials and \ufb01nished products 2023 2022 Biological assets at cost 5 749 007 5 109 448 Total other inventories 2 398 175 2 307 897 Total inventory at cost 8 147 181 7 417 345 Total inventory at cost 01.01 7 417 345 5 761 143 Total inventory at cost 31.12 8 147 181 7 417 345 Change 729 836 1 656 202 Positive change in inventory represents a cost reduction Negative change in inventory represents a cost increase Change in inventory included in translation differences related to subsidiaries through OCI 0 0 Change in inventory \u2013 through the income statement 729 836
(J) Inventory Inventories of purchased goods are valued at the lower of acquisition cost and estimated sales value less sales costs. In-house-produced \ufb01nished goods and semi-\ufb01nished goods are valued at full production cost. Write-downs are made for quanti\ufb01able obsolescence.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10472": {
"value": "(K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
Note 13 Receivables (All \ufb01gures in NOK 1 000) Total receivables Receivables as of\u00a031.12 Classi\ufb01cation 2023 2022 Non-current receivables Non-current 116 350 123 314 Trade receivables Current 2 926 481 2 716 977 Other current receivables Current 2 037 207 555 273 Total 5 080 037 3 395 564 Non-current receivables Non-current receivables 2023 2022 Loan to associates 14 523 17 796 Loans to employees, including CEOs 4 280 4 290 Loans to \ufb01shermen 31 377 37 300 Loans to others 0 1 500 Financial instruments with positive fair value, non-current (see note 14) 42 854 39 160 Deposits (mainly Norges R\u00e5\ufb01sklag) 17 152 17 013 Other receivables and periodisations 3 164 6 254 Total 116 350 123 314 Non-current receivables by\u00a0currency 2023 2022 NOK 112 193 121 625 EUR 4 068 1 689 Other currencies 89 0 Total 116 350 123 314 Trade receivables Trade receivables 2023 2022 Nominal value 2 949 231 2 751 955 Provision for bad debts -22 751 -34 977 Total trade receivables 2 926 481 2 716 977 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u201360 days.\u00a0The Group arranges for third parties to distribute the goods to the customers and carries the incurred distribution costs itself. The customers cover these costs through the agreed transaction price All but an insigni\ufb01cant part of the Group\u2019s trade receivables are covered by credit insurance or other forms of surety. The loss deductible on credit insured trade receivables is 10%. By the end of February 2024 95.9% of trade receivables (nominal value) had been collected, compared with 94.3% in the previous year. This represents 96.7% of book value, compared with 95.6% in the previous year. Trade receivables 31.12 \u2013 aging 2023 2022 Not due 2 023 376 2 136 733 Due, 0 to 3 months 860 203 548 873 Due, 3 to 6 months 38 096 34 841 Due, more than 6 months 27 556 31 507 Total 2 949 231 2 751 955 Trade receivables 31.12 \u2013 provision 2023 2022 Not due 1 225 3 391 Due, 0 to 3 months 3 683 6 070 Due, 3 to 6 months 766 2 454 Due, more than 6 months 17 078 23 063 Total 22 751 34 977
Trade receivables 31.12 \u2013 no provision 2023 2022 Not due 2 022 152 2 133 342 Due, 0 to 3 months 856 521 542 803 Due, 3 to 6 months 37 330 32 387 Due, more than 6 months 10 478 8 444 Total 2 926 481 2 716 977 Lifetime expected loss allowance\u00a0for provision 2023 2022 Not due 0.1% 0.2% Due, 0 to 3 months 0.4% 1.1% Due, 3 to 6 months 2.0% 7.0% Due, more than 6 months 62.0% 73.2% Total 0.8% 1.3% Movements in provision for bad debt are as follows: 2023 2022 Provision 01.01 34 977 23 476 Business combinations 0 0 This years change in provisions, recognised in the income statement -12 823 11 121 Currency translation differences 596 380 Provision 31.12 22 751 34 977 Net loss on account receivables included in the income statement 2023 2022 Net change in provision for bad debt -12 823 11 121 Receivables written off during the year as uncollectable 7 927 2 914 Receivables written off, recovered -20 -6 958 Total cost (+) / cost reduction (-) -4 916 7 076 Included in other operating expenses Trade receivables by currency 2023 2022 NOK 1 413 288 745 109 SEK 169 705 320 554 DKK 149 344 152 377 GBP 6 685 0 EUR 742 394 1 337 754 USD 77 675 122 877 JPY 335 735 0 Other currencies 31 654 38 306 Total trade receivables 2 926 481 2 716 977 The Group has international operations and is exposed to currency risk in several currencies. Receivables are recognised at market rate on balance sheet date. Forward contracts are utilised to the greatest extent possible to eliminate currency risk related to outstanding trade receivables. See the note on \ufb01nancial instruments.
Other current receivables Other current receivables are due within a year, and are classi\ufb01ed as current assets. Other current receivables 2023 2022 VAT to be refunded 1 508 189 263 761 Financial instruments measured at fair value (see\u00a0note 14) 126 599 22 543 Pre-payments 210 252 111 248 Current loans and credits given 22 910 19 823 Other current receivables and periodisations 169 257 137 898 Total 2 037 207 555 273 Other current receivables as of 31.12 by\u00a0currency 2023 2022 NOK 1 932 773 520 747 SEK 24 676 13 162 DKK 2 363 6 323 EUR 38 268 10 225 USD 33 607 177 Other currencies 5 520 4 639 Total 2 037 207 555 273 (K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
(K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10478": {
"value": "(K) Trade receivables and trade\u00a0payables Trade receivables and other receivables are carried on the balance sheet at nominal amount after deduction of provision for estimated losses. The Group measures expected credit losses by estimating a lifetime expected loss allowance for all trade receivables. Loans and receivables are classi\ufb01ed as short-term debt or current assets unless they mature more than 12 months after the balance sheet date. In that case, they are classi\ufb01ed as \ufb01xed assets or long-term debt.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10490": {
"value": "(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
Gain(+)/loss(-) from changes in shares in associated companies 2023 2022 Gain(+)/loss(-) from disposal of shares in associated companies 13 356 0 Total 13 356 0 The gain is concerning sale of the associated company Itub AS.
Note 10 Shares in joint ventures, associates and other investments (All \ufb01gures in NOK 1 000) Shares in joint ventures and associates Classi\ufb01cation The joint ventures and associated companies in the group are listed in the table below, and each company is allocated to operating segment. Changes during the year are also included. Net book value is recognised according to the equity method. The companies de\ufb01ned as joint ventures (from 2022) are classi\ufb01ed as material. The remaining companies are de\ufb01ned as associates, and they are classi\ufb01ed as not material. Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value\u00a031.12 Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 076 095 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 260 903 Total classi\ufb01ed as material 1 336 998 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 163 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 33% 3 837 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 370 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 401 Itub AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway \u00c5lesund 22% 0% 0 2 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 0% 50% 15 1 Finnmark Kyst\ufb01ske AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Hammerfest 49% 49% 1 694 Vestv\u00e5g\u00f8y Kystrederi AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Vestv\u00e5g\u00f8y 50% 50% 2 865 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 204 Kirkenes Processing AS Ler\u00f8y Aurora AS Farming Norway Kirkenes 50% 50% 1 Romsdal Processing AS Ler\u00f8y Aurora AS Farming Norway Midsund 44% 44% 14 822 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 528 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 678 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 47% 1 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 435 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 60 Total classi\ufb01ed as not material 29 074 Grand total 1 366 072 *) VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Sale of shares
Carrying value on and income from joint ventures and associated companies Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total Acquisition year 2015 2001 2022 Income from joint ventures and associates Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Gain from disposal of associate 296 296 Total 20 731 41 492 3 452 65 675 Fair value adjustments on biological assets (after tax) from JV and AC 11 982 11 982 Income from JV and AC, before fair value adjustments 20 731 29 510 3 452 53 693 Opening balance 01.01 218 682 1 094 884 34 505 1 348 072 Companies acquired 716 716 Companies sold -10 -10 Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Dividend distributed -6 000 -6 000 Currency translation differences * 1 917 2 1 919 Other changes over equity 14 562 14 562 Closing balance as of 31.12 233 413 1 152 855 38 369 1 424 638 Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total 2023 Income from joint ventures and\u00a0associates Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Fair value adjustments on biological assets (after tax) from JV and AC 6 371 6 371 Income from JV and AC, before fair value adjustments 30 489 -174 075 -6 094 -149 680 Opening balance 01.01 233 413 1 152 855 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Dividend distributed -3 000 -3 000 Currency translation differences * 95 386 0 95 386 Other changes over equity -4 443 5 982 1 539 Closing balance as of 31.12 260 903 1 076 095 29 074 1 366 072 *) Currency translation differences relate to translation for the sub-group Scottish Seafarms, owned by Norskott Havbruk AS, where functional and reporting currency is GBP.
Other information on joint ventures and associates considered material to the Group Assesment of materiality Only the two joint venture companies Norskott Havbruk AS and Seistar Holding AS is considered material to the Group. Information on material transactions The Group has purchased salmon from Norskott Havbruk Group for NOK 115 million, and purchased wellboat services from Seistar Holding AS for NOK 309 million. See note 25 on related parties for further details. Information on subsidiaries Company Owner (JV or subsidiary of JV) Operating segment Country Ownership / voting share 01.01 Ownership / voting share 31.12 Scottish Seafarms Ltd * Norskott Havbruk AS Farming Scotland 100% 100% Ettrick Trout Ltd Scottish Seafarms Ltd Farming Scotland 100% 100% Orkney Sea Farms Ltd Ettrick Trout Ltd Farming Scotland 100% 100% SSF Hjaltland Scottish Seafarms Ltd Farming Scotland 100% 100% SSF Shetland SSF Hjaltland Farming Scotland 100% 100% Isle of Skye Salmon SSF Hjaltland Farming Scotland 100% 100% Mowi Star AS Seistar Holding AS Farming Norway 100% 100% Seiv\u00e5g Shipping AS Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 0% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 0% 100%
Financial information (100%) The accounting \ufb01gures for associates, as shown below, are prepared in accordance with IFRS Accounting Standards. The \ufb01gures for present year are based on priliminary annual accounts, as the \ufb01nal annual accounts are not submitted.
Seistar Holding AS Group Norskott Havbruk\u00a0AS Group 2023 2022 2023 2022 Revenue 249 715 270 553 2 561 466 3 187 853 Other gains (+) and losses (-) 38 997 0 0 0 Operating pro\ufb01t (EBIT) before fair value adjustments 75 858 53 154 -303 260 214 280 Operating pro\ufb01t (EBIT) 75 858 53 154 -287 475 245 003 Pre-tax pro\ufb01t 62 479 41 506 -481 851 165 813 Annual pro\ufb01t 60 917 40 563 -335 406 82 984 Other comprehensive income 0 0 -8 886 29 124 Fixed assets 740 739 711 007 3 591 919 3 403 086 Current assets 173 121 124 236 2 539 809 1 823 850 Total assets 913 861 835 243 6 131 728 5 226 936 Long-term debt 337 601 366 862 2 396 226 2 080 765 Short-term debt 90 754 43 792 1 583 312 840 460 Total debt 428 354 410 654 3 979 538 2 921 225 Net interest-bearing debt 176 587 267 607 2 803 262 2 037 486 Equity 485 506 424 590 2 152 190 2 305 711
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
Note 10 Shares in joint ventures, associates and other investments (All \ufb01gures in NOK 1 000) Shares in joint ventures and associates Classi\ufb01cation The joint ventures and associated companies in the group are listed in the table below, and each company is allocated to operating segment. Changes during the year are also included. Net book value is recognised according to the equity method. The companies de\ufb01ned as joint ventures (from 2022) are classi\ufb01ed as material. The remaining companies are de\ufb01ned as associates, and they are classi\ufb01ed as not material. Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value\u00a031.12 Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 076 095 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 260 903 Total classi\ufb01ed as material 1 336 998 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 163 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 33% 3 837 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 370 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 401 Itub AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway \u00c5lesund 22% 0% 0 2 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 0% 50% 15 1 Finnmark Kyst\ufb01ske AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Hammerfest 49% 49% 1 694 Vestv\u00e5g\u00f8y Kystrederi AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Vestv\u00e5g\u00f8y 50% 50% 2 865 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 204 Kirkenes Processing AS Ler\u00f8y Aurora AS Farming Norway Kirkenes 50% 50% 1 Romsdal Processing AS Ler\u00f8y Aurora AS Farming Norway Midsund 44% 44% 14 822 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 528 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 678 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 47% 1 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 435 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 60 Total classi\ufb01ed as not material 29 074 Grand total 1 366 072 *) VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Sale of shares
Carrying value on and income from joint ventures and associated companies Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total Acquisition year 2015 2001 2022 Income from joint ventures and associates Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Gain from disposal of associate 296 296 Total 20 731 41 492 3 452 65 675 Fair value adjustments on biological assets (after tax) from JV and AC 11 982 11 982 Income from JV and AC, before fair value adjustments 20 731 29 510 3 452 53 693 Opening balance 01.01 218 682 1 094 884 34 505 1 348 072 Companies acquired 716 716 Companies sold -10 -10 Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Dividend distributed -6 000 -6 000 Currency translation differences * 1 917 2 1 919 Other changes over equity 14 562 14 562 Closing balance as of 31.12 233 413 1 152 855 38 369 1 424 638 Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total 2023 Income from joint ventures and\u00a0associates Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Fair value adjustments on biological assets (after tax) from JV and AC 6 371 6 371 Income from JV and AC, before fair value adjustments 30 489 -174 075 -6 094 -149 680 Opening balance 01.01 233 413 1 152 855 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Dividend distributed -3 000 -3 000 Currency translation differences * 95 386 0 95 386 Other changes over equity -4 443 5 982 1 539 Closing balance as of 31.12 260 903 1 076 095 29 074 1 366 072 *) Currency translation differences relate to translation for the sub-group Scottish Seafarms, owned by Norskott Havbruk AS, where functional and reporting currency is GBP.
Other information on joint ventures and associates considered material to the Group Assesment of materiality Only the two joint venture companies Norskott Havbruk AS and Seistar Holding AS is considered material to the Group. Information on material transactions The Group has purchased salmon from Norskott Havbruk Group for NOK 115 million, and purchased wellboat services from Seistar Holding AS for NOK 309 million. See note 25 on related parties for further details. Information on subsidiaries Company Owner (JV or subsidiary of JV) Operating segment Country Ownership / voting share 01.01 Ownership / voting share 31.12 Scottish Seafarms Ltd * Norskott Havbruk AS Farming Scotland 100% 100% Ettrick Trout Ltd Scottish Seafarms Ltd Farming Scotland 100% 100% Orkney Sea Farms Ltd Ettrick Trout Ltd Farming Scotland 100% 100% SSF Hjaltland Scottish Seafarms Ltd Farming Scotland 100% 100% SSF Shetland SSF Hjaltland Farming Scotland 100% 100% Isle of Skye Salmon SSF Hjaltland Farming Scotland 100% 100% Mowi Star AS Seistar Holding AS Farming Norway 100% 100% Seiv\u00e5g Shipping AS Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 0% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 0% 100%
Financial information (100%) The accounting \ufb01gures for associates, as shown below, are prepared in accordance with IFRS Accounting Standards. The \ufb01gures for present year are based on priliminary annual accounts, as the \ufb01nal annual accounts are not submitted.
Seistar Holding AS Group Norskott Havbruk\u00a0AS Group 2023 2022 2023 2022 Revenue 249 715 270 553 2 561 466 3 187 853 Other gains (+) and losses (-) 38 997 0 0 0 Operating pro\ufb01t (EBIT) before fair value adjustments 75 858 53 154 -303 260 214 280 Operating pro\ufb01t (EBIT) 75 858 53 154 -287 475 245 003 Pre-tax pro\ufb01t 62 479 41 506 -481 851 165 813 Annual pro\ufb01t 60 917 40 563 -335 406 82 984 Other comprehensive income 0 0 -8 886 29 124 Fixed assets 740 739 711 007 3 591 919 3 403 086 Current assets 173 121 124 236 2 539 809 1 823 850 Total assets 913 861 835 243 6 131 728 5 226 936 Long-term debt 337 601 366 862 2 396 226 2 080 765 Short-term debt 90 754 43 792 1 583 312 840 460 Total debt 428 354 410 654 3 979 538 2 921 225 Net interest-bearing debt 176 587 267 607 2 803 262 2 037 486 Equity 485 506 424 590 2 152 190 2 305 711
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
Gain(+)/loss(-) from changes in shares in associated companies 2023 2022 Gain(+)/loss(-) from disposal of shares in associated companies 13 356 0 Total 13 356 0 The gain is concerning sale of the associated company Itub AS.
Note 10 Shares in joint ventures, associates and other investments (All \ufb01gures in NOK 1 000) Shares in joint ventures and associates Classi\ufb01cation The joint ventures and associated companies in the group are listed in the table below, and each company is allocated to operating segment. Changes during the year are also included. Net book value is recognised according to the equity method. The companies de\ufb01ned as joint ventures (from 2022) are classi\ufb01ed as material. The remaining companies are de\ufb01ned as associates, and they are classi\ufb01ed as not material. Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value\u00a031.12 Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 076 095 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 260 903 Total classi\ufb01ed as material 1 336 998 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 163 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 33% 3 837 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 370 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 401 Itub AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway \u00c5lesund 22% 0% 0 2 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 0% 50% 15 1 Finnmark Kyst\ufb01ske AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Hammerfest 49% 49% 1 694 Vestv\u00e5g\u00f8y Kystrederi AS Ler\u00f8y Hav\ufb01sk AS Wildcatch Norway Vestv\u00e5g\u00f8y 50% 50% 2 865 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 204 Kirkenes Processing AS Ler\u00f8y Aurora AS Farming Norway Kirkenes 50% 50% 1 Romsdal Processing AS Ler\u00f8y Aurora AS Farming Norway Midsund 44% 44% 14 822 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 528 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 678 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 47% 1 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 435 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 60 Total classi\ufb01ed as not material 29 074 Grand total 1 366 072 *) VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Sale of shares
Carrying value on and income from joint ventures and associated companies Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total Acquisition year 2015 2001 2022 Income from joint ventures and associates Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Gain from disposal of associate 296 296 Total 20 731 41 492 3 452 65 675 Fair value adjustments on biological assets (after tax) from JV and AC 11 982 11 982 Income from JV and AC, before fair value adjustments 20 731 29 510 3 452 53 693 Opening balance 01.01 218 682 1 094 884 34 505 1 348 072 Companies acquired 716 716 Companies sold -10 -10 Share of this year's pro\ufb01t 20 731 41 492 3 156 65 379 Dividend distributed -6 000 -6 000 Currency translation differences * 1 917 2 1 919 Other changes over equity 14 562 14 562 Closing balance as of 31.12 233 413 1 152 855 38 369 1 424 638 Seistar Holding AS Group Norskott Havbruk AS Group Other associated companies Total 2023 Income from joint ventures and\u00a0associates Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Fair value adjustments on biological assets (after tax) from JV and AC 6 371 6 371 Income from JV and AC, before fair value adjustments 30 489 -174 075 -6 094 -149 680 Opening balance 01.01 233 413 1 152 855 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t 30 489 -167 703 -6 094 -143 308 Dividend distributed -3 000 -3 000 Currency translation differences * 95 386 0 95 386 Other changes over equity -4 443 5 982 1 539 Closing balance as of 31.12 260 903 1 076 095 29 074 1 366 072 *) Currency translation differences relate to translation for the sub-group Scottish Seafarms, owned by Norskott Havbruk AS, where functional and reporting currency is GBP.
Other information on joint ventures and associates considered material to the Group Assesment of materiality Only the two joint venture companies Norskott Havbruk AS and Seistar Holding AS is considered material to the Group. Information on material transactions The Group has purchased salmon from Norskott Havbruk Group for NOK 115 million, and purchased wellboat services from Seistar Holding AS for NOK 309 million. See note 25 on related parties for further details. Information on subsidiaries Company Owner (JV or subsidiary of JV) Operating segment Country Ownership / voting share 01.01 Ownership / voting share 31.12 Scottish Seafarms Ltd * Norskott Havbruk AS Farming Scotland 100% 100% Ettrick Trout Ltd Scottish Seafarms Ltd Farming Scotland 100% 100% Orkney Sea Farms Ltd Ettrick Trout Ltd Farming Scotland 100% 100% SSF Hjaltland Scottish Seafarms Ltd Farming Scotland 100% 100% SSF Shetland SSF Hjaltland Farming Scotland 100% 100% Isle of Skye Salmon SSF Hjaltland Farming Scotland 100% 100% Mowi Star AS Seistar Holding AS Farming Norway 100% 100% Seiv\u00e5g Shipping AS Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 0% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 0% 100%
*) Dormant subsidiaries are not included in this tableFinancial information (100%) The accounting \ufb01gures for associates, as shown below, are prepared in accordance with IFRS Accounting Standards. The \ufb01gures for present year are based on priliminary annual accounts, as the \ufb01nal annual accounts are not submitted.
Seistar Holding AS Group Norskott Havbruk\u00a0AS Group 2023 2022 2023 2022 Revenue 249 715 270 553 2 561 466 3 187 853 Other gains (+) and losses (-) 38 997 0 0 0 Operating pro\ufb01t (EBIT) before fair value adjustments 75 858 53 154 -303 260 214 280 Operating pro\ufb01t (EBIT) 75 858 53 154 -287 475 245 003 Pre-tax pro\ufb01t 62 479 41 506 -481 851 165 813 Annual pro\ufb01t 60 917 40 563 -335 406 82 984 Other comprehensive income 0 0 -8 886 29 124 Fixed assets 740 739 711 007 3 591 919 3 403 086 Current assets 173 121 124 236 2 539 809 1 823 850 Total assets 913 861 835 243 6 131 728 5 226 936 Long-term debt 337 601 366 862 2 396 226 2 080 765 Short-term debt 90 754 43 792 1 583 312 840 460 Total debt 428 354 410 654 3 979 538 2 921 225 Net interest-bearing debt 176 587 267 607 2 803 262 2 037 486 Equity 485 506 424 590 2 152 190 2 305 711
(L) Associates and joint ventures Associates are units where the Group has signi\ufb01cant in\ufb02uence but not control, normally between 20% and 50% of voting equity. Joint ventures are investments in companies where the Group has control together with other parties. Cooperation is based on a contractual agreement governing central cooperative factors. Investments in associates and joint ventures are recognised according to the equity method. The investment is capitalised at acquisition cost at the time of purchase. The Group\u2019s share of the pro\ufb01t/loss after tax, as well as depreciation/amortisation and write-downs of any added value, are recognised on the income statement and added to the carrying amount of the investment together with the respective share of changes in equity not booked in the income statement, such as dividend. In the income statement, the Group\u2019s respective share of pro\ufb01t is shown as a separate \ufb01nancial item, while the assets are shown in the balance sheet as an individual non-current asset. The Group\u2019s share of unrealised intercompany pro\ufb01t on transactions between the Group and the respective company is eliminated. Accounting policies for associates and joint ventures are changed whenever necessary to ensure consistency with the accounting policies applied for the Group (IFRS Accounting Standards).
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"f10521": {
"value": "(M) Liquid assets Liquid assets consist of cash in hand and bank deposits and are valued at the exchange rates on the balance sheet date. In the Cash Flow Statement it is speci\ufb01ed how much that is restricted funds.
Net-interest-bearing debt (NIBD) NIBD is an APM utilized by the Group. The \ufb01gure shows how much capital the Group employs and is an important key \ufb01gure for stakeholders who are planning to grant \ufb01nancing to the Group and for stakeholders who want to value the company. NIBD is de\ufb01ned as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing \ufb01nancing and/or credit, minus interest-bearing cash or cash equivalents. Since NIBD is an APM, with no common de\ufb01nition from IFRS Accounting Standards, different de\ufb01nitions and versions of this APM exist today in the reporting from the companies. The most important difference relates to the recognition of lease liabilities. Some companies include all lease liabilities in NIBD. Other companies exclude all lease liabilities from their NIBD. And some use a combination. Therefore, it is important to be aware of this difference when comparing between companies. Ler\u00f8y Seafood Group use a combination, with an approach that distinct between lease liabilities derived from a \ufb01nancing purpose and lease liabilities that are not. In practice, this distinction is based on what kind of party the company has made the leasing agreement with. On the date of implementation of IFRS 16, the Group`s \ufb01nancial leasing liabilities was almost only with credit institutions, with the main purpose of providing the Group \ufb01nancing. These agreements shared the principle that the duration of the lease period covered most of the economic lifetime of the asset involved. When it comes to the operational leasing liabilities, these agreements did nearly only concern rentals for well-boats and buildings, from shipping companies and real estate developers, where \ufb01nancing was not the purpose, and where the rental period was much shorter than the economic lifetime of the asset involved. In the Group`s communication to the capital market about how much cash the Group has spent on investments, and how this is \ufb01nanced, this distinction is of relevance. Therefore, this distinction between leases with credit institutions and leases with others than credit institutions is established and included in the Group`s de\ufb01nition of NIBD. Lease liabilities to credit institutions are included in NIBD and the Group`s communication of changes in NIBD, while lease liabilities to others than credit institutions are not included. The corresponding right-of-use assets from leases with credit institutions are included in the Group`s communication of investments, while right-of-use assets from leases with others than credit institutions are not included. Thus, the de\ufb01nition ensures symmetry between what`s reported as the Group`s investments and the accompanying information on how this has been \ufb01nanced. The Group`s NIBD is therefore not impacted from the type of \ufb01nancing, in terms of loans versus leases. This approach also ensures an NIBD basically unimpacted from the implementation of IFRS 16 in 2019. This implies that the Group`s key \ufb01nancial \ufb01gures that includes NIBD in the calculation, still are comparable over time.
Lease liability consists of 2023 2022 Lease liabilities to credit institutions 1 166 402 1 213 715 Lease liabilities to other than credit institutions 1 432 298 1 542 520 Total lease liabilities 2 598 700 2 756 235 Components included in NIBD 2023 2022 Bond loans 2 990 486 1 493 656 Loans from credit institutions 4 376 805 3 836 664 Lease liabilities to credit institutions 1 166 402 1 213 715 Other long term loans 23 067 2 145 Overdraft and other short term credit 975 792 1 104 780 Bank deposits and cash -4 323 109 -3 304 878 Net interest bearing debt (NIBD) 5 209 443 4 346 083 See note on debt, mortgages and guarantees for an overview of \ufb02ows in the period. It is referred to this APM in the Board of Director`s Report, in key \ufb01gures and in the note on loans, mortgages and guarantees. 3 different de\ufb01nitions of NIBD, and LSG`s position within these alternatives 2023 2022 NIBD including non of the lease liabilities 4 043 041 3 132 368 NIBD including lease liabilities to credit institutions, The\u00a0de\ufb01nition applied by LSG: 5 209 443 4 346 083 NIBD including total lease liabilities 6 641 741 5 888 603 When comparing NIBD between companies based on annual accounts, it is important to be aware that the presented NIBD \ufb01gure is dependent on if lease liabilities is included, partly included, or not included at all. As of today there is no uniform de\ufb01nition among the reporting entities about how this \ufb01gures
should be calculated and presented. (M) Liquid assets Liquid assets consist of cash in hand and bank deposits and are valued at the exchange rates on the balance sheet date. In the Cash Flow Statement it is speci\ufb01ed how much that is restricted funds.
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"f10533": {
"value": "N) Pensions The Group mainly has de\ufb01ned contribution plans, but also a few remaining de\ufb01ned bene\ufb01t plans that are now closed. In general, the pension plans are \ufb01nanced via payments to insurance companies or pension funds based on periodical actuarial calculations. A de\ufb01ned contribution plan is a pension plan where the Group pays a \ufb01xed amount to a separate legal entity. The Group has no statutory or other obligation to pay additional contributions. A de\ufb01ned bene\ufb01t pension plan is one that is not contributory. A typical de\ufb01ned bene\ufb01t pension plan de\ufb01nes a pension payment that the employee will receive upon retirement. The payment is typically dependent on factors such as age, number of years in the company and wage level. The capitalised commitment associated with de\ufb01ned bene\ufb01t plans is the present value of the de\ufb01ned bene\ufb01ts on the balance sheet date less fair value of the pension. Pension liability is calculated annually by an independent actuary according to the straight-line accrual method. The present value of de\ufb01ned bene\ufb01ts is found by discounting estimated future payments by the interest rate on a bond issued by a company with a high credit rating in the same currency as the bene\ufb01ts will be paid, and with a maturity approximately equal to the duration of the associated pension liability. In countries that do not have a liquid market for long-term bonds issued by companies with a high credit rating, the market interest rate for governmental bonds is applied.
Note 16 Pensions (All \ufb01gures in NOK 1 000) All the Norwegian companies in the Group satisfy the requirements in the Act relating to mandatory occupational pensions (Norwegian: OTP). The schemes are mainly established as de\ufb01ned contribution pension schemes. Most of the bene\ufb01t shemes have been replaced with contribution shemes together with a paid-up-policy to the previous members. The remaining net liabilities are calculated based on common actuarial assumptions. In addition some companies within the group have some small unsecured schemes which are \ufb01nanced by operations. These schemes are considered to be immaterial regarding further disclosure in the notes. Information on the pension cost for the year is also provided in the note on payroll costs. De\ufb01ned bene\ufb01t scheme 2023 2022 Present value of future pension liabilities 6 896 5 916 Fair value of pension funds -3 196 -2 887 Net pension liabilities 3 700 3 029 Change in capitalised liabilities 2023 2022 Carrying value as of 01.01 3 029 3 393 Costs booked during the year 1 022 950 Estimate differences recognised through comprehensive income (before tax) 497 333 Pension payments and payments of pension premiums -848 -1 648 Carrying value at 31.12 de\ufb01ned bene\ufb01t scheme 3 700 3 029 Total pension cost through pro\ufb01t or loss 2023 2022 Net pension cost, de\ufb01ned contribution scheme 180 885 145 558 Net pension cost, de\ufb01ned bene\ufb01t scheme 1 022 950 Total 181 907 146 508 Total pension cost through comprehensive income 2023 2022 Net pension cost (before tax) from bene\ufb01t plans \u2013 comprehensive income 497 333 Tax effect -124 -83 Total pension cost through comprehensive income 373
25Note 22 Payroll costs, number of employees, remuneration, loans to employees, etc. (All \ufb01gures in NOK 1 000) Payroll costs 2023 2022 Salary 3 227 321 2 968 050 Employer's national insurance contribution 324 598 256 988 Hired personnel 337 912 274 299 Pension costs 181 907 146 508 Other remuneration 16 718 62 277 Other personnel expenses 152 574 107 710 Total 4 241 029 3 815 833 Employees, including hired personnel 2023 2022 Number of full-time equivalents 5 203 5 092 Number of employees 31.12 6 013 5 972 Number of men employed 31.12 3 680 3 641 Number of women employed 31.12 2 333 2 331 Percentage of women employed 31.12 38.8% 39.0% Number of hired personnel as of 31.12 671 853
Remuneration of senior executives in 2022 Salary Bonus Pension Other Total CEO 3 519 4 600 186 9 8 314 CFO 2 764 2 054 186 9 5 013 COO Farming 2 096 1 120 186 9 3 411 COO VAPSD 2 135 1 120 186 9 3 450 CHRO 1 927 1 120 187 9 3 243 Remuneration of senior executives in 2023 Salary Bonus Pension Other Total CEO 3 599 3 100 170 33 6 902 CFO 2 890 2 200 169 30 5 289 COO Farming 2 279 1 200 169 26 3 674 COO VAPSD 2 226 1 200 169 25 3 620 CHRO 2 011 1 200 172 24 3 407
Remuneration of board members totalled NOK 2\u00a0175 in 2023 (equally distributed). The remuneration in 2022 was NOK 1\u00a0900. The number of Board members has been increased from 6 to 7 persons during 2023. Remuneration of the nomination committee is unchanged compared to the previous year, and amounts to NOK 135 in 2023. As for the members of the Board, the remuneration per member is equally distributed. Remuneration of the audit committee is unchanged compared to the previous year, and amounts to NOK 200 in 2023. The remuneration is distributed with NOK 120 for the leader of the committee, and NOK 80 for the member. A description of the main principles for the company`s salary policy is included in the Board of Directors\u2019 statement regarding salary and other remuneration of executive personnel.
Mandates granted to the Board of Directors Mandates are granted to the Board of Directors in accordance with the Public Limited Companies Act (Norway), cf. in particular chapters 8, 9 and 10 of the Act. The \ufb01rst time the Board was authorised to acquire the company\u2019s own shares was at the ordinary general meeting on 12 May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 23 May 2023. The mandate remains valid for 18 months from the date on which the resolution was adopted. The Board has authority to acquire up to 50 million shares, each with a face value of NOK 0.1. The lowest price to be paid is NOK 1 per share, and the highest price per share is NOK 100. The mandate has not been exercised in 2023. Renewal of the mandate will be recommended to the general meeting on 28 May 2024. The Board has authority to increase the share capital by up to NOK 5\u00a0000\u00a0000 by issuing up to 50\u00a0000\u00a0000 shares in Ler\u00f8y Seafood Group ASA, each with a nominal value of NOK 0.1, through one or more private placings with external investors, employees and some of the company\u2019s shareholders. This type of mandate was \ufb01rst established by the ordinary general meeting of 4 May 1999 and subsequently renewed by the ordinary general meeting on 23 May 2023, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2023. It\u00a0will be recommended that an equivalent mandate be approved by the ordinary general meeting on 28 May 2024. The Board\u2019s powers to distribute shares has a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This is mainly for operational reasons, but also in order to clearly show that the company is growth oriented and that shares are regarded as an important means of payment. This practice is established to ensure an optimum strategic business development for the company. However the Board has established the practice of having the mandates renewed at each ordinary general meeting. Loans to employees No loans have been granted to the CEO, Chairman of the Board or other related parties. No single loan or guarantee to employees has been granted for more than 5% of the company\u2019s equity.
The Group mainly has de\ufb01ned contribution plans, but also a few remaining de\ufb01ned bene\ufb01t plans that are now closed. In general, the pension plans are \ufb01nanced via payments to insurance companies or pension funds based on periodical actuarial calculations. A de\ufb01ned contribution plan is a pension plan where the Group pays a \ufb01xed amount to a separate legal entity. The Group has no statutory or other obligation to pay additional contributions. A de\ufb01ned bene\ufb01t pension plan is one that is not contributory. A typical de\ufb01ned bene\ufb01t pension plan de\ufb01nes a pension payment that the employee will receive upon retirement. The payment is typically dependent on factors such as age, number of years in the company and wage level. The capitalised commitment associated with de\ufb01ned bene\ufb01t plans is the present value of the de\ufb01ned bene\ufb01ts on the balance sheet date less fair value of the pension. Pension liability is calculated annually by an independent actuary according to the straight-line accrual method. The present value of de\ufb01ned bene\ufb01ts is found by discounting estimated future payments by the interest rate on a bond issued by a company with a high credit rating in the same currency as the bene\ufb01ts will be paid, and with a maturity approximately equal to the duration of the associated pension liability. In countries that do not have a liquid market for long-term bonds issued by companies with a high credit rating, the market interest rate for governmental bonds is applied.
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"f10563": {
"value": "(O) Tax The Norwegian Government enacted a 25% resource rent tax on the income from producing salmon and trout in sea on 31 May 2023. The law applied retroactively from 1 January 2023. The main principles that were established through the OT proposition, are regulated by the Norwegian Tax law chapter 19 - Special rules for taxation of aquaculture activities. The resource rent tax is in addition to the ordinary tax in Norway of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax. Tax cost in the income statement includes both the tax payable for the period and changes in deferred tax. Deferred tax is calculated at local tax rate for each country based on the temporary differences that exist between accounting and taxable values, as well as the tax loss carryforward, at the end of the \ufb01nancial year. Temporary tax-increasing and tax-decreasing differences which reverse or may reverse the \ufb01gures in the same period and within the same tax regime, are offset and booked at net value. Deferred tax is calculated at the nominal tax rate.
Note 17 Taxation (All \ufb01gures in NOK 1 000) New Resource rent tax on Aquaculture in Norway from 01.01.2023 The Norwegian Government enacted a 25% resource rent tax on the income from producing salmon and trout in sea on 31 May 2023. The law applied retroactively from 1 January 2023. The main principles that were established through the OT proposition, are regulated by the Norwegian Tax law chapter 19 - Special rules for taxation of aquaculture activities. The resource rent tax is in addition to the ordinary tax of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax. A major dif\ufb01culty for calculating the tax on resource rent for aquaculture in 2023 has been to separate the sea-based activities that are subject to this tax from other types of aquaculture. This is especially hard in a fully integrated value chain, where both land and sea activities have been done by the same company. Another complicated aspect is that the new law does not apply to non-commercial licenses. This means that the tax on resource rent is charged on income from commercial licenses, but not on income from non-commercial licenses. To comply with the requirement for measuring, documenting and reporting, the Group has arranged the production of salmon and trout that are affected by the new tax on resource rent, in distinct legal entities. The following 4 companies in the Group are part of the tax on resource rent regime: \u2022 Ler\u00f8y Aurora Sj\u00f8 AS (Northern region) \u2022 Ler\u00f8y Midt Sj\u00f8 AS (Central region) \u2022 Ler\u00f8y Vest Sj\u00f8 AS (Western region) \u2022 Sj\u00f8troll Havbruk Sj\u00f8 AS (Western region) The resource rent tax cost in 2023 has two main components, the \ufb01rst one is an implementation effect (a one-off effect) and the second one is a resource rent tax cost for the period. The implementation effect amounts to NOK 1.7 billion. The entire effect comes from increased deferred tax on the stock of \ufb01sh in sea at time of adoption of the new law, 01.01.2023. The deferred tax increase is a consequence from lack of deduction in resource rent tax for historical cost to stock incurred on the \ufb01sh in sea up to the time of adoption of the new law. This creates an asymmetry, where the income from the realization of stock is taxed with 47% (ordinary tax + resource rent tax), while only a 22% tax deduction is allowed for the cost (ordinary tax only). This asymmetry does only apply to the stock of \ufb01sh in the sea at the time of adoption. Costs incurred after that get a full tax deduction of 47%. The asymmetry for \ufb01sh in sea as of 01.01.2023, leading to the implementation effect, has been seen by politicians as the right way to understand the new law. But it is disputed. And it might not be right. Older tax practice says that deduction in tax for costs should be at the same rate as taxation of the income. A different tax rate for income and cost is unfair, and not following general rules for taxation. But since people from the Authorities have said that deduction will not be given, the group has recorded the tax duty from the imbalance as a deferred tax. The resource rent tax cost for the period has two components: (1) payable resource rent tax and (2) deferred resource rent tax. The payable resource rent tax for the period is calculated based on the income from producing salmon and trout in the sea, and deducting the related costs. The deductions follow a cash \ufb02ow approach, which means that the costs are deducted in the same period that they were paid. This might be different from the period that the costs are recognized in the pro\ufb01t and loss statement according to general accepted accounting principles. This causes temporary differences between the accounting pro\ufb01t and the taxable pro\ufb01t. Therefore, a deferred resource rent tax is computed with 25% of the temporary differences. The deferred resource rent tax will change depending on various factors. A key factor is the change in net book value of \ufb01sh stock in the sea. Another key factor is the net book value of property plant and equipment held by the entities subject to the tax (no such assets 31.12.2023). However, these changes in temporary differences do not affect the overall tax cost. They only affect the year that the tax is payable. The companies subject to the resource rent tax buys goods and services from, and sell \ufb01sh to, other group companies. The transfer pricing model applied by the Group pursuant to the OECD transfer pricing guidelines is based on a principle
that the companies subject to the resource rent tax absorbs most variability. As this is a new tax, it is unknown how the tax authorities will assess the methods used and the assumptions made. Management is, therefore, not able to quantify any meaningful sensitivity, caused by a reasonable change in the assumptions applied. Salmon and trout producers in the sea have to pay a production fee. This fee is not an income tax, because it depends on how much they produce, not how much they earn. Thus, the fee is shown as an operating cost in the income statement. But in fact it is a part of the resource rent tax. The fee is an important component in the calculation of resource rent tax payable. As long as it has been produced a harvest volume, the production fee will always have to be paid. And it cannot be deducted from the ordinary tax. But it can be deducted from the resource rent tax if the calculated resource rent tax payable is higher than the production fee. The production fee is the minimum amount of tax that salmon and trout producers in the sea have to pay in addition to the ordinary tax. In other words, it is a matter of naming. Consequently, the production fee is an important part of the total tax burden for aquaculture activity in the sea. The actual tax level is the sum of the production fee, in the bottom, and the resource rent tax cost on the top of it. Tax cost split on tax payable and deferred tax 2023 2022 Tax payable 82 201 960 011 Change in deferred tax 586 727 -58 182 Implementation effect from new resource rent tax (change\u00a0in\u00a0deferred\u00a0tax) 1 720 629 0 Total 2 389 557 901 829 Tax cost split on ordinary tax and resource rent tax 2023 2022 Ordinary tax cost 608 539 901 829 Resource rent tax cost 1 781 018 0 Total 2 389 557 901 829 Resource rent tax cost and production fee 2023 2022 Implementation effect from new resource rent tax 1 720 629 0 Resource rent tax cost of the period 60 389 0 Production fee 123 849 70 725 Total 1 904 867 70 725 Tax payable 2023 2022 Tax payable from the balance sheet 31.12 438 403 952 991 Tax payable incuded in tax cost of the year 82 201 960 011 Deviation 356 202 -7 020 Prepaid tax in companies abroad -9 102 -7 020 Difference between tax payable accrued previous year and the actual tax paid present year 365 304 0 Total 356 202 -7 020 On the date of approval of the annual accounts for 2022, which was in April 2023 before the new resource rent tax was enacted, the Group had calculated the tax payable with a higher tax value on \ufb01sh in sea then was later applied in the tax \ufb01ling, which was in June after the new resource rent tax was adopted. The tax law (for ordinary tax) allows a choise of timing when it comes to deduction of costs to stock of \ufb01sh in sea. The change in choise did not impact the total tax cost, just the allocation between tax payable and deferred tax. Tax on the Group\u2019s pre-tax pro\ufb01t deviates from what it would have been if the Group\u2019s weighted average tax rate had been applied. The difference is determined as follows: Effective tax rate 2023 2022 Pre-tax pro\ufb01t/loss 2 600 111 4 066 951 Tax based on tax rates in the various countries 563 078 897 940 22% of share of pro\ufb01t/loss from associate 31 528 -14 449 22% of net other permanent differences etc. 34 240 9 058 Other differences -20 307 9 279 Tax cost based on ordinary tax 608 539 901 829 Effective tax rate 23.4% 22.2% Tax cost included resource rent tax of the period 668 928 901 829 Effective tax rate 25.7% 22.2% Tax cost included total resource rent tax (incuding implementation effect) 2 389 557 901 829 Effective tax rate 91.9% 22.2% Tax cost included total resource rent tax (incuding implementation effect) and production fee 2 513 406 972 554 Effective tax rate 96.7% 23.9% Reconciliation of resource rent tax cost 2023 Operating pro\ufb01t in the resource rent taxed companies, included change in fair value 612 682 Tax based on nominal tax rate for resource rent tax (25%) 153 171 Calculated resource rent tax cost of the period 60 389 Difference -92 782 The difference consist of Production fee deducted (the portion that could be utilized) -82 380 25% of non-deductable operating costs 37 063 25% of deduction for eligable licences purchases in 2018 and 2020 -4 759 25% of utilized amount of the general deduction (\u201dbunnfradrag\u201d) -10 194 Other differences -32 512 Total -92 782
Change in book value of deferred tax 2023 2022 Capitalised value 01.01 2 483 422 2 534 273 Implementation effect from resource rent tax 1 720 629 0 Business combination -6 488 1 390 Tax effect through other comprehensive income 7 956 5 941 Recognized change 586 727 -58 182 Net capitalised value 31.12 4 792 246 2 483 422 Capitalised deferred tax asset (-) * -216 307 -92 865 Capitalised deferred tax (+) 5 008 553 2 576 287 *) Negative temporary differences that cannot be eliminated against positive temporary differences. Deferred tax asset is presented as a negative amount. Deferred tax on positive temporary differences(+) Licences and rights Operating assets and leases Goods/biological assets Receivables Other differences Sum 01.01.2022 1 115 247 187 234 1 283 378 0 62 766 2 648 625 Business combination (22%) 1 390 0 0 0 0 1 390 Recognized in the period -59 263 -4 375 27 188 0 36 275 -175 Deferred tax on records through other comprehensive income 0 0 0 0 5 941 5 941 31.12.2022 1 057 374 182 859 1 310 566 0 104 982 2 655 781 Business combination (22%) 0 635 0 0 0 635 Implementation effect from new resource rent tax 0 0 1 720 629 0 0 1 720 629 Recognized in the period 10 293 15 287 692 250 0 -7 964 709 866 Deferred tax on records through other comprehensive income 0 0 0 0 7 956 7 956 31.12.2023 1 067 667 198 781 3 723 445 0 104 974 5 094 867 Deferred tax on negative temporary differences (-) Loss carryforward Operating assets and leases Goods/biological assets Receivables Other differences Sum 01.01.2022 -16 649 -11 192 0 -3 719 -82 792 -114 352 Recognized in the period -84 391 -6 540 0 -1 097 34 020 -58 008 31.12.2022 -101 040 -17 732 0 -4 816 -48 772 -172 360 Business combination (22%) -7 123 0 0 0 0 -7 123 Recognized in the period -83 452 -42 353 0 2 666 0 -123 139 31.12.2023 -191 615 -60 086 0 -2 150 -48 772 -302 622
Deferred tax 2023 2022 Deferred tax on positive temporary differences 31.12 5 094 867 2 655 781 Deferred tax on negative temporary differences 31.12 -302 622 -172 360 Net 4 792 245 2 483 421 Capitalised deferred tax asset derive mainly from loss carry forwards in foreign entities where the loss is expected to be utilised within a reasonable time. Capitalised deferred tax liabilities derive mainly from Norwegian entities. The applicable tax rates for tax have a variation from 21% to 25%, depending on country. 31.12.2023 31.12.2022 Tax loss carried forward and other temporary differences recognized in deferred tax asset: Tax loss carried forward and other temporary differences Tax rate applied Recognized amount in deferred tax asset Tax loss carried forward and other temporary differences Tax rate applied Recognized amount in deferred tax asset Norway \u2013 ordinary tax 51 966 22% 11 433 96 300 22% 21 186 Norway \u2013 resource rent tax 296 547 32% 94 895 Sweden 45 799 21% 9 435 51 865 21% 10 684 Denmark 9 572 22% 2 106 USA 97 330 23% 22 386 103 747 23% 23 862 Spain 312 636 25% 78 159 140 110 25% 35 028 Total 804 278 216 307 401 594 92 865 None of the recognized tax loss carried forward have any expiery date. The Group has analysed the probability to utilize the tax loss carried forward. It has been concluded, based on the information today, that it is likely that the recognized tax loss carried forward can be utilized to offset future tax with an equal amount. The Group has also substantial tax loss carried forward positions that is not recognized in the balance sheet. This is the case for France, Finland, Portugal, Italy and a portion of the tax loss carried forward in Sweden. OECD Pillar II model rules Ler\u00f8y Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from January 1st, 2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax \ufb01lings, country-by-country reporting and \ufb01nancial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identi\ufb01ed a limited number of jurisdictions where the transitional safe harbour relief does not apply. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. As provided in the amendments to IAS 12 issued May 2023, the Group applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.
(O) Tax The Norwegian Government enacted a 25% resource rent tax on the income from producing salmon and trout in sea on 31 May 2023. The law applied retroactively from 1 January 2023. The main principles that were established through the OT proposition, are regulated by the Norwegian Tax law chapter 19 - Special rules for taxation of aquaculture activities. The resource rent tax is in addition to the ordinary tax in Norway of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax. Tax cost in the income statement includes both the tax payable for the period and changes in deferred tax. Deferred tax is calculated at local tax rate for each country based on the temporary differences that exist between accounting and taxable values, as well as the tax loss carryforward, at the end of the \ufb01nancial year. Temporary tax-increasing and tax-decreasing differences which reverse or may reverse the \ufb01gures in the same period and within the same tax regime, are offset and booked at net value. Deferred tax is calculated at the nominal tax rate.
",
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f10584": {
"value": "Deferred tax is calculated at the nominal tax rate.
Note 17 Taxation (All \ufb01gures in NOK 1 000) New Resource rent tax on Aquaculture in Norway from 01.01.2023 The Norwegian Government enacted a 25% resource rent tax on the income from producing salmon and trout in sea on 31 May 2023. The law applied retroactively from 1 January 2023. The main principles that were established through the OT proposition, are regulated by the Norwegian Tax law chapter 19 - Special rules for taxation of aquaculture activities. The resource rent tax is in addition to the ordinary tax of 22%. The total nominal tax rate for the eligible activity is 47%, which includes 22% ordinary tax and 25% resource rent tax. A major dif\ufb01culty for calculating the tax on resource rent for aquaculture in 2023 has been to separate the sea-based activities that are subject to this tax from other types of aquaculture. This is especially hard in a fully integrated value chain, where both land and sea activities have been done by the same company. Another complicated aspect is that the new law does not apply to non-commercial licenses. This means that the tax on resource rent is charged on income from commercial licenses, but not on income from non-commercial licenses. To comply with the requirement for measuring, documenting and reporting, the Group has arranged the production of salmon and trout that are affected by the new tax on resource rent, in distinct legal entities. The following 4 companies in the Group are part of the tax on resource rent regime: \u2022 Ler\u00f8y Aurora Sj\u00f8 AS (Northern region) \u2022 Ler\u00f8y Midt Sj\u00f8 AS (Central region) \u2022 Ler\u00f8y Vest Sj\u00f8 AS (Western region) \u2022 Sj\u00f8troll Havbruk Sj\u00f8 AS (Western region) The resource rent tax cost in 2023 has two main components, the \ufb01rst one is an implementation effect (a one-off effect) and the second one is a resource rent tax cost for the period. The implementation effect amounts to NOK 1.7 billion. The entire effect comes from increased deferred tax on the stock of \ufb01sh in sea at time of adoption of the new law, 01.01.2023. The deferred tax increase is a consequence from lack of deduction in resource rent tax for historical cost to stock incurred on the \ufb01sh in sea up to the time of adoption of the new law. This creates an asymmetry, where the income from the realization of stock is taxed with 47% (ordinary tax + resource rent tax), while only a 22% tax deduction is allowed for the cost (ordinary tax only). This asymmetry does only apply to the stock of \ufb01sh in the sea at the time of adoption. Costs incurred after that get a full tax deduction of 47%. The asymmetry for \ufb01sh in sea as of 01.01.2023, leading to the implementation effect, has been seen by politicians as the right way to understand the new law. But it is disputed. And it might not be right. Older tax practice says that deduction in tax for costs should be at the same rate as taxation of the income. A different tax rate for income and cost is unfair, and not following general rules for taxation. But since people from the Authorities have said that deduction will not be given, the group has recorded the tax duty from the imbalance as a deferred tax. The resource rent tax cost for the period has two components: (1) payable resource rent tax and (2) deferred resource rent tax. The payable resource rent tax for the period is calculated based on the income from producing salmon and trout in the sea, and deducting the related costs. The deductions follow a cash \ufb02ow approach, which means that the costs are deducted in the same period that they were paid. This might be different from the period that the costs are recognized in the pro\ufb01t and loss statement according to general accepted accounting principles. This causes temporary differences between the accounting pro\ufb01t and the taxable pro\ufb01t. Therefore, a deferred resource rent tax is computed with 25% of the temporary differences. The deferred resource rent tax will change depending on various factors. A key factor is the change in net book value of \ufb01sh stock in the sea. Another key factor is the net book value of property plant and equipment held by the entities subject to the tax (no such assets 31.12.2023). However, these changes in temporary differences do not affect the overall tax cost. They only affect the year that the tax is payable. The companies subject to the resource rent tax buys goods and services from, and sell \ufb01sh to, other group companies. The transfer pricing model applied by the Group pursuant to the OECD transfer pricing guidelines is based on a principle
that the companies subject to the resource rent tax absorbs most variability. As this is a new tax, it is unknown how the tax authorities will assess the methods used and the assumptions made. Management is, therefore, not able to quantify any meaningful sensitivity, caused by a reasonable change in the assumptions applied. Salmon and trout producers in the sea have to pay a production fee. This fee is not an income tax, because it depends on how much they produce, not how much they earn. Thus, the fee is shown as an operating cost in the income statement. But in fact it is a part of the resource rent tax. The fee is an important component in the calculation of resource rent tax payable. As long as it has been produced a harvest volume, the production fee will always have to be paid. And it cannot be deducted from the ordinary tax. But it can be deducted from the resource rent tax if the calculated resource rent tax payable is higher than the production fee. The production fee is the minimum amount of tax that salmon and trout producers in the sea have to pay in addition to the ordinary tax. In other words, it is a matter of naming. Consequently, the production fee is an important part of the total tax burden for aquaculture activity in the sea. The actual tax level is the sum of the production fee, in the bottom, and the resource rent tax cost on the top of it. Tax cost split on tax payable and deferred tax 2023 2022 Tax payable 82 201 960 011 Change in deferred tax 586 727 -58 182 Implementation effect from new resource rent tax (change\u00a0in\u00a0deferred\u00a0tax) 1 720 629 0 Total 2 389 557 901 829 Tax cost split on ordinary tax and resource rent tax 2023 2022 Ordinary tax cost 608 539 901 829 Resource rent tax cost 1 781 018 0 Total 2 389 557 901 829 Resource rent tax cost and production fee 2023 2022 Implementation effect from new resource rent tax 1 720 629 0 Resource rent tax cost of the period 60 389 0 Production fee 123 849 70 725 Total 1 904 867 70 725 Tax payable 2023 2022 Tax payable from the balance sheet 31.12 438 403 952 991 Tax payable incuded in tax cost of the year 82 201 960 011 Deviation 356 202 -7 020 Prepaid tax in companies abroad -9 102 -7 020 Difference between tax payable accrued previous year and the actual tax paid present year 365 304 0 Total 356 202 -7 020 On the date of approval of the annual accounts for 2022, which was in April 2023 before the new resource rent tax was enacted, the Group had calculated the tax payable with a higher tax value on \ufb01sh in sea then was later applied in the tax \ufb01ling, which was in June after the new resource rent tax was adopted. The tax law (for ordinary tax) allows a choise of timing when it comes to deduction of costs to stock of \ufb01sh in sea. The change in choise did not impact the total tax cost, just the allocation between tax payable and deferred tax. Tax on the Group\u2019s pre-tax pro\ufb01t deviates from what it would have been if the Group\u2019s weighted average tax rate had been applied. The difference is determined as follows: Effective tax rate 2023 2022 Pre-tax pro\ufb01t/loss 2 600 111 4 066 951 Tax based on tax rates in the various countries 563 078 897 940 22% of share of pro\ufb01t/loss from associate 31 528 -14 449 22% of net other permanent differences etc. 34 240 9 058 Other differences -20 307 9 279 Tax cost based on ordinary tax 608 539 901 829 Effective tax rate 23.4% 22.2% Tax cost included resource rent tax of the period 668 928 901 829 Effective tax rate 25.7% 22.2% Tax cost included total resource rent tax (incuding implementation effect) 2 389 557 901 829 Effective tax rate 91.9% 22.2% Tax cost included total resource rent tax (incuding implementation effect) and production fee 2 513 406 972 554 Effective tax rate 96.7% 23.9% Reconciliation of resource rent tax cost 2023 Operating pro\ufb01t in the resource rent taxed companies, included change in fair value 612 682 Tax based on nominal tax rate for resource rent tax (25%) 153 171 Calculated resource rent tax cost of the period 60 389 Difference -92 782 The difference consist of Production fee deducted (the portion that could be utilized) -82 380 25% of non-deductable operating costs 37 063 25% of deduction for eligable licences purchases in 2018 and 2020 -4 759 25% of utilized amount of the general deduction (\u201dbunnfradrag\u201d) -10 194 Other differences -32 512 Total -92 782
Change in book value of deferred tax 2023 2022 Capitalised value 01.01 2 483 422 2 534 273 Implementation effect from resource rent tax 1 720 629 0 Business combination -6 488 1 390 Tax effect through other comprehensive income 7 956 5 941 Recognized change 586 727 -58 182 Net capitalised value 31.12 4 792 246 2 483 422 Capitalised deferred tax asset (-) * -216 307 -92 865 Capitalised deferred tax (+) 5 008 553 2 576 287 *) Negative temporary differences that cannot be eliminated against positive temporary differences. Deferred tax asset is presented as a negative amount. Deferred tax on positive temporary differences(+) Licences and rights Operating assets and leases Goods/biological assets Receivables Other differences Sum 01.01.2022 1 115 247 187 234 1 283 378 0 62 766 2 648 625 Business combination (22%) 1 390 0 0 0 0 1 390 Recognized in the period -59 263 -4 375 27 188 0 36 275 -175 Deferred tax on records through other comprehensive income 0 0 0 0 5 941 5 941 31.12.2022 1 057 374 182 859 1 310 566 0 104 982 2 655 781 Business combination (22%) 0 635 0 0 0 635 Implementation effect from new resource rent tax 0 0 1 720 629 0 0 1 720 629 Recognized in the period 10 293 15 287 692 250 0 -7 964 709 866 Deferred tax on records through other comprehensive income 0 0 0 0 7 956 7 956 31.12.2023 1 067 667 198 781 3 723 445 0 104 974 5 094 867 Deferred tax on negative temporary differences (-) Loss carryforward Operating assets and leases Goods/biological assets Receivables Other differences Sum 01.01.2022 -16 649 -11 192 0 -3 719 -82 792 -114 352 Recognized in the period -84 391 -6 540 0 -1 097 34 020 -58 008 31.12.2022 -101 040 -17 732 0 -4 816 -48 772 -172 360 Business combination (22%) -7 123 0 0 0 0 -7 123 Recognized in the period -83 452 -42 353 0 2 666 0 -123 139 31.12.2023 -191 615 -60 086 0 -2 150 -48 772 -302 622
Deferred tax 2023 2022 Deferred tax on positive temporary differences 31.12 5 094 867 2 655 781 Deferred tax on negative temporary differences 31.12 -302 622 -172 360 Net 4 792 245 2 483 421 Capitalised deferred tax asset derive mainly from loss carry forwards in foreign entities where the loss is expected to be utilised within a reasonable time. Capitalised deferred tax liabilities derive mainly from Norwegian entities. The applicable tax rates for tax have a variation from 21% to 25%, depending on country. 31.12.2023 31.12.2022 Tax loss carried forward and other temporary differences recognized in deferred tax asset: Tax loss carried forward and other temporary differences Tax rate applied Recognized amount in deferred tax asset Tax loss carried forward and other temporary differences Tax rate applied Recognized amount in deferred tax asset Norway \u2013 ordinary tax 51 966 22% 11 433 96 300 22% 21 186 Norway \u2013 resource rent tax 296 547 32% 94 895 Sweden 45 799 21% 9 435 51 865 21% 10 684 Denmark 9 572 22% 2 106 USA 97 330 23% 22 386 103 747 23% 23 862 Spain 312 636 25% 78 159 140 110 25% 35 028 Total 804 278 216 307 401 594 92 865 None of the recognized tax loss carried forward have any expiery date. The Group has analysed the probability to utilize the tax loss carried forward. It has been concluded, based on the information today, that it is likely that the recognized tax loss carried forward can be utilized to offset future tax with an equal amount. The Group has also substantial tax loss carried forward positions that is not recognized in the balance sheet. This is the case for France, Finland, Portugal, Italy and a portion of the tax loss carried forward in Sweden. OECD Pillar II model rules Ler\u00f8y Seafood Group is within the scope of the OECD Pillar Two model rules, which came into effect from January 1st, 2024. The Group is in scope of the enacted or substantively enacted legislation and is in the process of performing an assessment of the Group\u2019s potential exposure to Pillar Two Income taxes. The assessment of the potential exposure to Pillar Two income taxes is based on the most recent tax \ufb01lings, country-by-country reporting and \ufb01nancial statements for the constituent entities in the Group. Based on a preliminary assessment, the Group have identi\ufb01ed a limited number of jurisdictions where the transitional safe harbour relief does not apply. The Group does not expect a material exposure to Pillar Two income taxes in those jurisdictions. As provided in the amendments to IAS 12 issued May 2023, the Group applies the mandatory exception to recognising and disclosing information about deferred tax assets and liabilities arising from Pillar Two income taxes.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f10585": {
"value": "Deferred tax is calculated at the nominal tax rate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
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"f10592": {
"value": "(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
Net-interest-bearing debt (NIBD) NIBD is an APM utilized by the Group. The \ufb01gure shows how much capital the Group employs and is an important key \ufb01gure for stakeholders who are planning to grant \ufb01nancing to the Group and for stakeholders who want to value the company. NIBD is de\ufb01ned as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing \ufb01nancing and/or credit, minus interest-bearing cash or cash equivalents. Since NIBD is an APM, with no common de\ufb01nition from IFRS Accounting Standards, different de\ufb01nitions and versions of this APM exist today in the reporting from the companies. The most important difference relates to the recognition of lease liabilities. Some companies include all lease liabilities in NIBD. Other companies exclude all lease liabilities from their NIBD. And some use a combination. Therefore, it is important to be aware of this difference when comparing between companies. Ler\u00f8y Seafood Group use a combination, with an approach that distinct between lease liabilities derived from a \ufb01nancing purpose and lease liabilities that are not. In practice, this distinction is based on what kind of party the company has made the leasing agreement with. On the date of implementation of IFRS 16, the Group`s \ufb01nancial leasing liabilities was almost only with credit institutions, with the main purpose of providing the Group \ufb01nancing. These agreements shared the principle that the duration of the lease period covered most of the economic lifetime of the asset involved. When it comes to the operational leasing liabilities, these agreements did nearly only concern rentals for well-boats and buildings, from shipping companies and real estate developers, where \ufb01nancing was not the purpose, and where the rental period was much shorter than the economic lifetime of the asset involved. In the Group`s communication to the capital market about how much cash the Group has spent on investments, and how this is \ufb01nanced, this distinction is of relevance. Therefore, this distinction between leases with credit institutions and leases with others than credit institutions is established and included in the Group`s de\ufb01nition of NIBD. Lease liabilities to credit institutions are included in NIBD and the Group`s communication of changes in NIBD, while lease liabilities to others than credit institutions are not included. The corresponding right-of-use assets from leases with credit institutions are included in the Group`s communication of investments, while right-of-use assets from leases with others than credit institutions are not included. Thus, the de\ufb01nition ensures symmetry between what`s reported as the Group`s investments and the accompanying information on how this has been \ufb01nanced. The Group`s NIBD is therefore not impacted from the type of \ufb01nancing, in terms of loans versus leases. This approach also ensures an NIBD basically unimpacted from the implementation of IFRS 16 in 2019. This implies that the Group`s key \ufb01nancial \ufb01gures that includes NIBD in the calculation, still are comparable over time.
Lease liability consists of 2023 2022 Lease liabilities to credit institutions 1 166 402 1 213 715 Lease liabilities to other than credit institutions 1 432 298 1 542 520 Total lease liabilities 2 598 700 2 756 235 Components included in NIBD 2023 2022 Bond loans 2 990 486 1 493 656 Loans from credit institutions 4 376 805 3 836 664 Lease liabilities to credit institutions 1 166 402 1 213 715 Other long term loans 23 067 2 145 Overdraft and other short term credit 975 792 1 104 780 Bank deposits and cash -4 323 109 -3 304 878 Net interest bearing debt (NIBD) 5 209 443 4 346 083 See note on debt, mortgages and guarantees for an overview of \ufb02ows in the period. It is referred to this APM in the Board of Director`s Report, in key \ufb01gures and in the note on loans, mortgages and guarantees. 3 different de\ufb01nitions of NIBD, and LSG`s position within these alternatives 2023 2022 NIBD including non of the lease liabilities 4 043 041 3 132 368 NIBD including lease liabilities to credit institutions, The\u00a0de\ufb01nition applied by LSG: 5 209 443 4 346 083 NIBD including total lease liabilities 6 641 741 5 888 603 When comparing NIBD between companies based on annual accounts, it is important to be aware that the presented NIBD \ufb01gure is dependent on if lease liabilities is included, partly included, or not included at all. As of today there is no uniform de\ufb01nition among the reporting entities about how this \ufb01gures
should be calculated and presented. Note 15 Loans, mortgages and guarantees (All \ufb01gures in NOK 1 000) Long-term debt Debt is split on short-term and long-term debt. Payments that matures within 12 months from balance sheet date is presented as short-term debt. Both short-term and long-term debt consist of interest bearing and non-interest bearing debt. Interest bearing debt is an alternaltive performance measure (APM). The \ufb01gure consists of debt with the main purpose of providing \ufb01nancing to the group, together with equity. The items included are speci\ufb01ed below. It is also further described in the section about net interest bearing debt (NIBD) in the note on alternative performance measures. Long-term debt as of 31.12, split on short-term and\u00a0long-term Included in interest bearing debt 2023 2022 Short-term portion Long-term portion Total Short-term portion Long-term portion Total Pension liabilities 0 3 700 3 700 0 3 029 3 029 Deferred tax 0 5 008 552 5 008 552 0 2 576 287 2 576 287 Lease liabilities to others 285 553 1 146 745 1 432 298 269 614 1 272 906 1 542 520 Lease liabilities to credit institutions Yes 250 343 916 059 1 166 402 332 514 881 201 1 213 715 Bond loans Yes 0 2 990 486 2 990 486 0 1 493 656 1 493 656 Loans from credit institutions Yes 489 053 3 887 752 4 376 805 395 591 3 441 073 3 836 664 Other long-term loans Yes 1 220 21 847 23 067 1 486 659 2 145 Other long-term liabilities 0 0 0 0 5 678 5 678 Total 1 026 170 13 975 140 15 001 310 999 206 9 674 488 10 673 694 Herby interest bearing debt (of long-term debt) 740 616 7 816 144 8 556 760 729 591 5 816 589 6 546 180 For further description of the basis for classifying debt as interest bearing, see note on alternative performance measures. Pension liabilities is considered to be long-term only, and is further described in note on pension liabilities. Deferred tax is considered to be long-term only, and is further described in note on tax. Lease liabilities is further described in note on leases. Payment pro\ufb01le is described below. Bond loans is described below. Loans from credit institutions is described below. Other long-term loans are loans from suppliers. Other long-term liabilities concerns mainly non-interest bearing long term credit with supplier.
Interest bearing debt and net interest bearing debt (NIBD) In the table below also current interest bearing debt are included. Total interest bearing debt consists of both long-term and short-term items. Total interest bearing debt is speci\ufb01ed by currency below. Bank deposits are interest bearing. Net interest bearing debt (NIBD) is de\ufb01ned as interest bearing debt minus bank deposits. Changes in NIBD during the year is presented in a table below. NIBD is explained in more detail in note on APMs. Interest bearing debt as of 31.12 2023 2022 Short-term portion of long term debt Long-term portion of long term debt Total Short-term portion of long term debt Long-term portion of long term debt Total Long-term interest bearing debt Lease liabilities to credit institutions 250 343 916 059 1 166 402 332 514 881 201 1 213 715 Bond loans 0 2 990 486 2 990 486 0 1 493 656 1 493 656 Loans from credit institutions 489 053 3 887 752 4 376 805 395 591 3 441 073 3 836 664 Other long-term loans 1 220 21 847 23 067 1 486 659 2 145 Total 740 616 7 816 144 8 556 760 729 591 5 816 589 6 546 180 Short-term interest bearing debt Overdrafts 951 951 951 951 1 064 097 1 064 097 Other short term credits 23 841 23 841 40 683 40 683 Total 975 792 975 792 1 104 780 1 104 780 Total 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Interest bearing debt as of 31.12 by currency NOK 1 327 993 7 574 849 8 902 842 1 396 041 5 578 405 6 974 446 SEK 60 972 45 167 106 139 63 788 47 685 111 474 DKK 239 313 37 100 276 413 200 808 16 490 217 299 EUR 88 130 158 831 246 961 173 502 174 008 347 510 Other currencies 0 197 198 232 0 232 Total 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Net interest bearing debt (NIBD) as of 31.12 Interest bearing debt 1 716 408 7 816 144 9 532 552 1 834 371 5 816 589 7 650 960 Bank deposits -4 323 109 -4 323 109 -3 304 878 -3 304 878 NIBD -2 606 701 7 816 144 5 209 443 -1 470 507 5 816 589 4 346 082
Reconciliation of changes in NIBD Assets Current debt Non-current debt incl. ST-portion Total Bank deposits Overdrafts and other short term credit Bond loans Loans from credit inst. Leases from credit inst. Other loans NIBD as of 01.01.2022 -4 203 146 582 390 1 492 431 4 186 882 1 236 528 2 402 3 297 487 Change in bank deposits 898 491 898 491 Cash \ufb02ows \u2013 in 522 390 264 522 654 Cash \ufb02ows \u2013 out -354 313 -260 269 -324 -614 906 Business combinations -223 0 -223 New leases from credit institutions 230 035 230 035 Terminated leases with credit institutions -2 093 -2 093 Currency translation differences 3 831 9 514 67 13 412 Other non-cash movements 1 225 1 225 NIBD as of 31.12.2022 -3 304 878 1 104 780 1 493 656 3 836 664 1 213 715 2 145 4 346 082 Change in bank deposits -984 468 -984 468 Cash \ufb02ows \u2013 in 1 500 000 1 346 023 2 846 023 Cash \ufb02ows \u2013 out -460 975 -820 061 -250 570 -506 -1 532 112 Business combinations -33 763 331 987 5 864 9 160 313 248 New leases from credit institutions 183 655 183 655 Terminated leases with credit institutions -2 895 -2 895 Currency translation differences 8 314 13 337 65 21 716 Currency gain/loss on NIBD items in foreign currency 0 Other non-cash movements -3 170 21 364 18 194 NIBD as of 31.12.2023 -4 323 109 975 792 2 990 486 4 376 805 1 166 402 23 067 5 209 443 Reconciliation of cash \ufb02ows out, as speci\ufb01ed above, against the statement of cash \ufb02ows 2023 2022 Cash \ufb02ows out \u2013 related to downpayment on non-current interest bearing debt (according to table above) -1 071 137 -614 906 Cash \ufb02ows out \u2013 related to downpayment on non-interest bearing loans 0 -3 728 Cash \ufb02ows out \u2013 related to instalment on lease liabilities to others (according to note 8), not included in NIBD -342 299 -295 672 Downpayments of long-term debt (accordring to statment of cash \ufb02ows) -1 413 436 -914 306
Bond loans The Group established 3 new bond loans, each amounting to NOK 500 million, in the bond market the 26th of April 2023, and has total 6 bond loans as of 31.12.2023. The bonds are so called green bonds. This implies that the group have established a green \ufb01nancing framework which covers how the proceeds from the bond loans can be used. The framework is published on the Group`s homepage on internet. At year end the Group has qualifying green investments that are signi\ufb01cantly higher than the proceeds from the loan. Thus, the Group has already ful\ufb01lled it`s obligations concerning type of investments. All three bond loans have no installments during the duration of the loan. The loans have a duration of 5, 6, 7 and 10 years. The loans with duration of 5 and 6 years have \ufb02oating interest rate, with 4 termins each year. The loans with a duration of 7 and 10 years, have a \ufb01xed interest rate, with one annual termin. The bond loans are measured at amortized cost. The bond loans are unsecured. Fair value is approxemately the same as net book value as of 31.12. Bond loans as of 31.12.2022 Date of establishment Duration Expiery date Amortizing effect of the period (2022) Value as of 31.12.2022 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1,00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 969 498 031 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1,15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -2 078 497 922 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 297 497 703 Sum 1 225 1 500 000 -6 344 1 493 656 New bond loans in 2023 Date of establishment Duration Expiery date Value of new bond loans in 2023 Nominal value Drawing costs Net book value NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 500 000 -1 625 498 375 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 500 000 -1 625 498 375 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 500 000 -1 625 498 375 Sum 1 500 000 -4 875 1 495 125 Bond loans as of 31.12.2023 Date of establishment Duration Expiery date Amortizing effect of the period (2023) Value as of 31.12.2023 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1.00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 444 498 556 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1.15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 640 498 360 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 035 497 965 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 203 500 000 -1 422 498 578 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 156 500 000 -1 469 498 531 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 121 500 000 -1 504 498 496 Sum 1 705 3 000 000 -9 514 2 990 486 Interests expensed, including amortizing effect 2023 2022 Interests 122 646 43 795 Amortizing effect 1 705 1 225 Total 124 351 45 851
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Fair value, borrowing costs The book value of long-term debt approximates fair value. There are no signi\ufb01cant new loan charges that are not amortised over the life of the loan. Covenants The Group\u2019s main borrowing conditions (\u201dcovenants\u201d) in the different loan agreements are to maintain an equity ratio of at least 25% and at least 30%. When calculating the equity ratio, the balance sheet value is adjusted for bank deposits and deferred tax associated with licences. There are also some capital adequacy requirements in some of the subsidiaries that are all 30% or lower. Finally, there are requirements regarding a so-called \u201dborrowing base\u201d in Ler\u00f8y Midt AS, Ler\u00f8y Vest AS and Sj\u00f8troll Havbruk AS for the short-term overdraft facilities. More speci\ufb01cally, this means that the utilisation of the facility must not exceed a certain level of one or more accounting lines. In this case the relevant accounting lines are inventory, trade receivables and other receivables. The management of LSG is not aware of any companies within the group that has entered into a position where they have become in breach of their covenants in 2023. Loans secured by mortgages and mortgaged assets Loans secured by mortgages consists of 2023 2022 Long-term loans from credit institutions, etc. 4 376 805 3 836 664 Other long-term interest-bearing debt 641 2 145 Short-term debt to credit institutions (overdrafts) 951 951 1 064 097 Other short term interest bearing loans and credits 23 841 40 683 Total liabilities secured by mortgages as of 31.12 5 353 238 4 943 589 Mortgaged assets 2023 2022 Trade and other receivables 949 415 1 053 974 Shares in associates (Norskott Havbruk AS) 1 076 096 1 152 856 Biological assets and other goods 9 414 325 7 342 775 Fixed assets 5 832 988 7 014 511 Licences * 1 131 314 1 135 949 Net book value on mortgaged assets as of 31.12 18 404 138 17 700 065
*) Mortgaged licences concern licences owned by Ler\u00f8y Midt AS and Ler\u00f8y Vest AS. Guaranties on behalf of third party liabilities Guraranties as of 31.12 2023 2022 Guraranties on behalf of associated companies 0 7 660 Guraranties on behalf of other third parties 2 671 4 000 Total 2 671 11 660 As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party liabilities.
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"f10594": {
"value": "(P) Interest-bearing loans and credits Loans are booked at fair value when the loan is paid out, less transaction costs. In subsequent periods loans are booked at amortised cost calculated by applying the effective interest rate, and any differences between acquisition cost and redemption value are incorporated over the loan period by using the effective interest rate method. Next year\u2019s instalments are classi\ufb01ed as short-term debt.
(Q) Dividends Dividends are booked when adopted by the shareholders\u2019 meeting. See also note on dividend per share.
Note 20 Dividend per shareAll \ufb01gures in NOK 1 000, with exception of dividend per shareDistributed dividend in current \ufb01nancial year Distributed dividend in 2023, based on 2022 pro\ufb01t, was NOK 2.50 per share. This amounts to NOK 1 489 434. Recommended dividend Based on the 2023 pro\ufb01t, a corresponding dividend of NOK 2.50 per share is recommended for distribution in 2024. This amounts to NOK 1 489 434. A \ufb01nal decision will be made by the general meeting on 28 May 2024. Dividend per share since the date of listing Year Dividend recommended Dividend distributed Number of issued shares 31.12 (in 1 000) Recommended dividend per\u00a0share Recommended dividend Number of shares as basis for distribution (in 1 000) Dividend distributed per share Dividend distributed 2023 595 774 2.50 1 489 434 595 774 2.50 1 489 434 2022 595 774 2.50 1 489 434 595 774 2.50 1 489 434 2021 595 774 2.50 1 489 434 595 774 2.00 1 191 547 2020 595 774 2.00 1 191 547 595 774 1.50 893 661 2019 595 774 1.50 893 661 595 774 2.00 1 191 547 2018 595 774 2.00 1 191 547 595 774 1.50 893 661 2017 595 774 1.50 893 661 595 774 1.30 774 506 2016 595 774 1.30 774 506 545 774 1.20 654 928 2015 545 774 1.20 654 928 545 774 1.20 654 928 2014 545 774 1.20 654 928 545 774 1.00 545 774 2013 545 774 1.00 545 774 545 774 0.70 382 042 2012 545 774 0.70 382 042 545 774 0.70 382 042 2011 545 774 0.70 382 042 545 774 1.00 545 774 2010 545 774 1.00 545 774 535 774 0.70 375 042 2009 535 774 0.70 375 042 535 774 0.28 150 017 2008 535 774 0.28 150 017 535 774 0.18 96 439 2007 535 774 0.18 96 439 535 774 0.40 214 309 2006 427 774 0.50 214 309 427 770 0.18 76 999 2005 393 774 0.18 70 879 378 848 0.08 30 308 2004 344 408 0.09 30 308 344 408 0.06 20 665 2003 344 408 0.06 20 664 294 408 0.06 17 664 2002 294 408 0.06 17 664 194 408 0.06 11 664 Total 23.65 13 554 034 21.10 12 082 384 Recommended dividend to be distributed in 2024 2.50 1 489 434 Accumulated dividend distributed, plus dividend recommended for distribution in 2024 23.60 13 571 818
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"f10606": {
"value": "(Q) Dividends Dividends are booked when adopted by the shareholders\u2019 meeting. See also note on dividend per share.
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"f10623": {
"value": "(S) Share capital and share premium Ordinary shares are classi\ufb01ed as equity. Expenses directly associated with issuing new shares or options, less tax, are booked under equity as reductions in proceeds received. When buying back treasury shares, the purchase amount, inclusive of directly ascribable costs, is entered as a change in equity. Treasury shares are presented as a reduction in equity.
Note 21 Share capital and shareholder information The share capital consists of Total number of shares Nominal value per share Book value Share capital 01.01.2023 595 773 680 0.10 59 577 368 Share capital 31.12.2023 595 773 680 0.10 59 577 368 Ler\u00f8y Seafood Group ASA had 24\u00a0739 shareholders at 31 December 2023. The corresponding number at year end 2022 was 22\u00a0698. All shares confer the same rights in the company. End of 2023 it was 517 foreign shareholders. The correspondig number at year end 2022 was 604. End of 2023 foreign shareholders owned 126 668 545 shares in total, representing 21.3% of the total capital. Corresponding numbers at year end 2022 was 139\u00a0783\u00a0088 shares, representing 23.4% of the total capital. Overview of the 20 largest shareholders at 31.12.2022 No. of shares Ownership Austevoll Seafood ASA 313 942 810 52.69% Folketrygdfondet 31 690 298 5.32% Ubs AG 20 772 025 3.49% Ferd AS 13 502 548 2.27% The Bank of New York Mellon SA/NV 9 023 530 1.51% Pareto Aksje Norge Verdipapirfond 8 313 909 1.40% State Street Bank and Trust Comp 6 613 857 1.11% State Street Bank and Trust Comp 5 127 863 0.86% JPMorgan Chase Bank, N.A., London 5 058 877 0.85% JPMorgan Chase Bank, N.A., London 4 811 257 0.81% BNP Paribas Securities Services 4 790 002 0.80% Verdipapirfond Odin Norge 4 438 261 0.74% Danske Invest Norske Instit. II. 4 346 124 0.73% Six Sis AG 4 263 903 0.72% The Bank of New York Mellon 3 545 086 0.60% Clearstream Banking S.A. 3 044 253 0.51% State Street Bank and Trust Comp 2 825 930 0.47% J.P. Morgan SE 2 788 744 0.47% J.P. Morgan SE 2 723 515 0.46% VPF DNB AM Norske Aksjer 2 713 021 0.46% Total 20 largest shareholders 454 335 813 76.26% Others 141 437 867 23.74% Total share capital 595 773 680 100.00% Overview of the 20 largest shareholders at 31.12.2023 No. of shares Ownership Austevoll Seafood ASA 313 942 810 52.69% Folketrygdfondet 29 835 380 5.01% Ubs AG 21 030 063 3.53% Ferd AS 13 502 548 2.27% Pareto Aksje Norge Verdipapirfond 12 264 509 2.06% The Bank of New York Mellon SA/NV 7 762 314 1.30% BNP Paribas 6 900 976 1.16% State Street Bank and Trust Comp 6 513 118 1.09% Clearstream Banking S.A. 6 363 355 1.07% JPMorgan Chase Bank, N.A., London 5 967 021 1.00% JPMorgan Chase Bank, N.A., London 5 539 937 0.93% Danske Invest Norske Instit. II. 5 268 861 0.88% Six Sis AG 4 835 889 0.81% Verdipapirfond Odin Norge 4 263 903 0.72% State Street Bank and Trust Comp 3 455 709 0.58% J.P. Morgan SE 3 205 930 0.54% UBS Switzerland AG 3 082 229 0.52% The Northern Trust Comp, London Br 2 921 812 0.49% FORSVARETS PERSONELLSERVICE 2 921 100 0.49% VERDIPAPIRFONDET STOREBRAND NORGE 2 788 604 0.47% Total 20 largest shareholders 462 366 068 77.61% Others 133 407 612 22.39% Total share capital 595 773 680 100.00%
Shares owned by members of the Board and their related parties Chairman of the Board Arne M\u00f8gster and Board members Britt Kathrine Drivenes and Karoline M\u00f8gster have indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA. Arne M\u00f8gster and Karoline M\u00f8gster own their shares through the ultimate parent company Laco\u00a0AS. Board member (employees\u2019 representative) Hans Petter Vestre owns 1\u00a0200 shares in Ler\u00f8y Seafood Group ASA at year end, which is the same number as the previous year. Shares owned by the Executive Management and their related parties Name Position 2023 2022 Henning Beltestad CEO 64 200 64 200 Sjur Malm CFO 15 000 15 000 Ivar Wulff COO VAPSD 12 000 12 000 Bjarne Reinert COO Farming 2 800 2 800 Siren Gr\u00f8nhaug CHRO 1 200 1 200 Total 95 200 95 200 The Chief Operating Of\ufb01cer for VAPSD has also indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA, where he owns 552 shares.
Note 24 Currency translation differences (All \ufb01gures in NOK 1 000) Assets and liabilities in foreign enterprises are converted to Norwegian krone according to the exchange rate on balance sheet date. Revenues and expenses from foreign enterprises are converted to Norwegian krone according to the average exchange rate. Translation differences are charged to comprehensive income. In the event of a disposal of a foreign enterprise, the relevant accumulated translation differences allocated to the parent company\u2019s owners are reversed over the income statement. The disposal of a foreign enterprise may take the form either of a whole or partial sale of a subsidiary, joint venture or associate. When selling shares in a subsidiary without losing control, the relative share of the translation difference is transferred to non-controlling interests in the equity statement. For other sale of shares without the loss of joint control or signi\ufb01cant in\ufb02uence, the relative share of the accumulated translation difference is reversed over pro\ufb01t or loss. LSG shareholders Non-controlling interests Total Accumulated currency translation differences as of 01.01.2022 79 818 423 80 241 Translation differences related to subsidiaries 61 228 1 683 62 911 Translation differences from associates 1 918 0 1 918 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 110 0 110 Accumulated currency translation differences as of 31.12.2022 143 074 2 106 145 179 Accumulated currency translation differences as of 01.01.2023 143 074 2 106 145 179 Translation differences related to subsidiaries 75 833 2 372 78 205 Translation differences from associates 95 386 0 95 386 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 1 0 1 Accumulated currency translation differences as of 31.12.2023 314 294 4 478 318 772
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"value": "(S) Share capital and share premium Ordinary shares are classi\ufb01ed as equity. Expenses directly associated with issuing new shares or options, less tax, are booked under equity as reductions in proceeds received. When buying back treasury shares, the purchase amount, inclusive of directly ascribable costs, is entered as a change in equity. Treasury shares are presented as a reduction in equity.
Note 21 Share capital and shareholder information The share capital consists of Total number of shares Nominal value per share Book value Share capital 01.01.2023 595 773 680 0.10 59 577 368 Share capital 31.12.2023 595 773 680 0.10 59 577 368 Ler\u00f8y Seafood Group ASA had 24\u00a0739 shareholders at 31 December 2023. The corresponding number at year end 2022 was 22\u00a0698. All shares confer the same rights in the company. End of 2023 it was 517 foreign shareholders. The correspondig number at year end 2022 was 604. End of 2023 foreign shareholders owned 126 668 545 shares in total, representing 21.3% of the total capital. Corresponding numbers at year end 2022 was 139\u00a0783\u00a0088 shares, representing 23.4% of the total capital. Overview of the 20 largest shareholders at 31.12.2022 No. of shares Ownership Austevoll Seafood ASA 313 942 810 52.69% Folketrygdfondet 31 690 298 5.32% Ubs AG 20 772 025 3.49% Ferd AS 13 502 548 2.27% The Bank of New York Mellon SA/NV 9 023 530 1.51% Pareto Aksje Norge Verdipapirfond 8 313 909 1.40% State Street Bank and Trust Comp 6 613 857 1.11% State Street Bank and Trust Comp 5 127 863 0.86% JPMorgan Chase Bank, N.A., London 5 058 877 0.85% JPMorgan Chase Bank, N.A., London 4 811 257 0.81% BNP Paribas Securities Services 4 790 002 0.80% Verdipapirfond Odin Norge 4 438 261 0.74% Danske Invest Norske Instit. II. 4 346 124 0.73% Six Sis AG 4 263 903 0.72% The Bank of New York Mellon 3 545 086 0.60% Clearstream Banking S.A. 3 044 253 0.51% State Street Bank and Trust Comp 2 825 930 0.47% J.P. Morgan SE 2 788 744 0.47% J.P. Morgan SE 2 723 515 0.46% VPF DNB AM Norske Aksjer 2 713 021 0.46% Total 20 largest shareholders 454 335 813 76.26% Others 141 437 867 23.74% Total share capital 595 773 680 100.00% Overview of the 20 largest shareholders at 31.12.2023 No. of shares Ownership Austevoll Seafood ASA 313 942 810 52.69% Folketrygdfondet 29 835 380 5.01% Ubs AG 21 030 063 3.53% Ferd AS 13 502 548 2.27% Pareto Aksje Norge Verdipapirfond 12 264 509 2.06% The Bank of New York Mellon SA/NV 7 762 314 1.30% BNP Paribas 6 900 976 1.16% State Street Bank and Trust Comp 6 513 118 1.09% Clearstream Banking S.A. 6 363 355 1.07% JPMorgan Chase Bank, N.A., London 5 967 021 1.00% JPMorgan Chase Bank, N.A., London 5 539 937 0.93% Danske Invest Norske Instit. II. 5 268 861 0.88% Six Sis AG 4 835 889 0.81% Verdipapirfond Odin Norge 4 263 903 0.72% State Street Bank and Trust Comp 3 455 709 0.58% J.P. Morgan SE 3 205 930 0.54% UBS Switzerland AG 3 082 229 0.52% The Northern Trust Comp, London Br 2 921 812 0.49% FORSVARETS PERSONELLSERVICE 2 921 100 0.49% VERDIPAPIRFONDET STOREBRAND NORGE 2 788 604 0.47% Total 20 largest shareholders 462 366 068 77.61% Others 133 407 612 22.39% Total share capital 595 773 680 100.00%
Shares owned by members of the Board and their related parties Chairman of the Board Arne M\u00f8gster and Board members Britt Kathrine Drivenes and Karoline M\u00f8gster have indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA. Arne M\u00f8gster and Karoline M\u00f8gster own their shares through the ultimate parent company Laco\u00a0AS. Board member (employees\u2019 representative) Hans Petter Vestre owns 1\u00a0200 shares in Ler\u00f8y Seafood Group ASA at year end, which is the same number as the previous year. Shares owned by the Executive Management and their related parties Name Position 2023 2022 Henning Beltestad CEO 64 200 64 200 Sjur Malm CFO 15 000 15 000 Ivar Wulff COO VAPSD 12 000 12 000 Bjarne Reinert COO Farming 2 800 2 800 Siren Gr\u00f8nhaug CHRO 1 200 1 200 Total 95 200 95 200 The Chief Operating Of\ufb01cer for VAPSD has also indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA, where he owns 552 shares.
(S) Share capital and share premium Ordinary shares are classi\ufb01ed as equity. Expenses directly associated with issuing new shares or options, less tax, are booked under equity as reductions in proceeds received. When buying back treasury shares, the purchase amount, inclusive of directly ascribable costs, is entered as a change in equity. Treasury shares are presented as a reduction in equity.
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"value": "(T) Statement of cash \ufb02ows The consolidated statement of cash \ufb02ows shows the total consolidated cash \ufb02ows broken down by operating, investing and \ufb01nancing activities. Acquisitions of subsidiaries are considered an investing activity. Cash and cash equivalents in the company acquired is deducted. The statement shows how the various activities affect cash reserves. For cash \ufb02ows in foreign currency, the average rate of exchange is used in the statement. To the extent that changes in the balance sheet \ufb01gures between \ufb01nancial
years do not match the corresponding \ufb01gures in the statement of cash \ufb02ow, this is a result of translation differences linked to changes in rates of exchange.
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"value": "(T) Statement of cash \ufb02ows The consolidated statement of cash \ufb02ows shows the total consolidated cash \ufb02ows broken down by operating, investing and \ufb01nancing activities. Acquisitions of subsidiaries are considered an investing activity. Cash and cash equivalents in the company acquired is deducted. The statement shows how the various activities affect cash reserves. For cash \ufb02ows in foreign currency, the average rate of exchange is used in the statement. To the extent that changes in the balance sheet \ufb01gures between \ufb01nancial
years do not match the corresponding \ufb01gures in the statement of cash \ufb02ow, this is a result of translation differences linked to changes in rates of exchange.
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"value": "(U) Financial risk management Through its activities, the Group is exposed to different types of \ufb01nancial risk: market risk (including currency risk, interest risk, price risk and liquidity risk) as well as credit risk. A further description follows below, describing the Group\u2019s \ufb01nancial risk, as well as how it is managed, including use of hedges. Currency risk The Group has international operations requiring several different currencies and is thus exposed to currency risk. Forward contracts are used to hedge against the currency risk on trade receivables and agreed upon sales contracts. The forwards contracts are designated as fair value hedges in the \ufb01nancial statements. The hedged items are primarily binding sales contracts in foreign currency, net foreign currency bank deposits, and net trade receivables in foreign currency. The hedged items are adjusted with the change in fair value of the hedged risk. The hedging instruments are the forward contracts, which are also measured at fair value on the balance sheet date. Gains and losses due to change in fair value are presented through pro\ufb01t or loss. An overview of the effect of forward contracts can be found in the note on \ufb01nancial instruments. Interest risk The Group\u2019s long-term debt is mainly based upon agreements for \ufb02oating rates of interest, representing exposure to increases in the market interest rate. However, the Group has made use of long-term interest rate swaps to reduce the \ufb02oating interest rate risk for a share of the Group\u2019s long-term debt. The Group receives a \ufb02oating interest rate and pays a \ufb01xed rate through the swap agreements. The interest rate swaps are reported as cash \ufb02ow hedges. Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. The Group does also use \ufb01xed interest loans (bond loan with \ufb01xed interests). An overview of the effects in terms of exposure of the Group`s borrowings to interest rate changes is provided in the note on loans, mortgages and guarantees. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. In order to reduce the price risk, a varying share of the revenue / purchase cost is hedged through purchase and sale forward contracts for salmon (Fish Pool contracts). The changes in fair value of the contracts are recognized in the income statement line item \u201dfair value adjustments related to biological assets\u201d. An overview of the effect of the Fish Pool contracts is provided in the note on \ufb01nancial instruments. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through entering into forward agreements to purchase bunker (bunker derivatives). Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. An overview of the effect of bunker derivatives is provided in the note on \ufb01nancial instruments.
Liquidity risk Cash \ufb02ow prognoses are established for the different operating segments in the Group and are aggregated by the Group\u2019s Financial Department. The Financial Department monitors prognoses of the Group\u2019s liquidity requirements in order to ensure that the Group has suf\ufb01cient cash equivalents to ful\ufb01l operating commitments while sustaining a suf\ufb01cient level of \ufb02exibility in the form of unutilised, binding loan facilities at all times so that the Group is not in breach of the limits or speci\ufb01ed terms and conditions for the Group\u2019s loans. Such prognoses take into account the Group\u2019s scheduled new loans, compliance with terms and conditions of loans, compliance with in-house objectives for balance sheet \ufb01gures and, if relevant, external regulatory or legal requirements. Any excess cash in the Group companies, in addition to what constitutes necessary working capital, is transferred annually to the parent company via Group contributions and dividends. The Group\u2019s Financial Department deposits excess cash mainly as bank deposits at special terms with appropriate maturities in order to provide suf\ufb01cient security and \ufb02exibility in relation to the company\u2019s growth strategy and dividend policy. For information on cash and cash equivalents together with undrawn credit facilities available to the Group as liquidity buffers to manage liquidity risk, please refer to the statement of cash \ufb02ow. The table in note on debt, mortgages and guarantee liability speci\ufb01es the Group\u2019s \ufb01nancial covenants that are not derivatives, and derivative covenants with net settlement, classi\ufb01ed in relation to the down-payment schedule. This classi\ufb01cation is made in accordance with the contractual maturity date. Derivative covenants are included in the analysis when the contractual maturity date is signi\ufb01cant for an understanding of the accrual of cash \ufb02ows. The \ufb01gures in the table are non-discounted contractual cash \ufb02ows.
Credit risk Credit risk occurs in transactions involving derivatives, deposits with banks and \ufb01nancial institutions in addition to transactions with wholesalers and customers, including outstanding receivables and \ufb01xed agreements. As virtually all the Group\u2019s sales to end customers are credit sales, procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer\u2019s \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness and guidelines from the Board of Directors. The Group\u2019s compliance on these procedures is regularly monitored. Furthermore, almost all of the Group\u2019s trade receivables are covered by credit insurance securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements may only be \ufb01nancial institutions with a high credit rating and other parties who can provide reliable security. See note on receivables for further information on credit risk.
Note 28 Climate risk Our planet will soon be home to eight billion people, and they need food every day. Not all food can be harvested from nature\u2019s own resources. Most food products today require some form of industrial production. Food production, as all other forms of industrial production, results in greenhouse gas emissions. In our efforts to reduce the risk of global warming bringing temperatures in excess of that which our planet can tolerate, it is essential to keep our carbon footprint to an absolute minimum. This is a shared responsibility, and every person and company must evaluate possible measures they can take, then adapt their behaviour accordingly \u2013 if we are to achieve our goal of reducing rising temperatures to a minimum. These measures may be voluntary or mandatory. The authorities have a certain extent of control over the speed of the change-over to a low-emissions society and do so by implementing regulations. However, what measures can be implemented and when, is to be determined by available technology and economy. To prevent economic factors from obstructing developments, the authorities have introduced a number of regulatory measures, including fees. The scope of these regulatory measures and fees related to greenhouse gas emissions is expected to increase in the future. The transition to a low-carbon economy will come at a cost. The development of and investments in low-emissions technology will require signi\ufb01cant capital. At the same time, failing to adapt will also come at a cost and could, in the long term, make it impossible to continue operations. A company\u2019s ability to adapt in this context will become its \u201clicence to operate\u201d. Climate risk implies a \ufb01nancial risk in two areas. Firstly, climate risk involves uncertainties surrounding physical climate change (physical risk) caused by global warming. Secondly, climate risk involves the transition to a low-carbon economy, to be achieved via measures and technological developments (transition risk). The company will be affected by both of the above. The consequences of global warming and mandatory measures to limit climate change will represent a cost for the company. Not only will there be a major focus on how the Group\u2019s operations affect the climate, but it is also essential that the Group understands how climate change may affect the Group\u2019s operations, including the \ufb01nancial impact on the Group\u2019s income, costs and investments. Having a strategy adapted to identi\ufb01ed climate risks will help us reduce these costs. At the same time, the transition to a low-carbon economy could bring new opportunities for earnings. The Group has therefore invested signi\ufb01cant efforts in this area in recent years. The Group has established ef\ufb01cient processes for the identi\ufb01cation, management, and monitoring of climate risk. This process has been fully adopted by both the Board of Directors and the management. The Group\u2019s goal is to be the world\u2019s most ef\ufb01cient value chain for sustainable seafood. The Board of Directors has therefore committed to this process by de\ufb01ning ambitious environmental goals, which are also incorporated into the company\u2019s strategy. The Group has committed to reduce its greenhouse gas emissions with 46% by 2030, having 2019 as a base year for the reduction. The Group also aims to achieve climate neutrality by 2050. This requires making sound decisions with a view to the environment in daily operations and investment decisions. The Group has introduced several projects involving internal communication and training activities to ensure that all employees are aware of how individual and collective choices in the Group\u2019s daily operations can help reducing greenhouse gas emissions. Suppliers are also required to contribute to reduction of their greenhouse gas emissions, if they want to continue being suppliers to the Group. This process will naturally take some time as the Group has numerous suppliers. It will require charting and changes in agreements before any quanti\ufb01able results are achieved. The Group has already agreed on commitments with many suppliers regarding reductions in emissions. When selecting new suppliers, environmental factors are a critical parameter in agreements. The Group\u2019s impact on the environment and climate is continuously monitored and periodically reported, both internally and externally. For more detailed information and \ufb01gures showing the Group\u2019s impact on the environment and climate, please visit to the Group\u2019s Sustainability library at www.leroyseafood.com. The Group\u2019s TCFD report includes a detailed risk analysis. The TCFD report is updated once a year, and new updates are expected to be completed and published simultaneously with Annual Report 2023. The main conclusions are summarised below, in total and per segment. Financial impact of climate change The Group has assessed its climate risk involved regarding its operations, in terms of both physical risk and transition risk. The Group has not incurred any signi\ufb01cant costs in 2023 as a result of the impact of climate change. Neither has the Group identi\ufb01ed climate-related incidents in 2023 or risk indicating the need to re- estimate the service life or residual value of the Group\u2019s assets. For a detailed assessment, please refer to the Group\u2019s TCFD report. Wild Catch and White\ufb01sh The Group\u2019s \ufb01sheries are mainly conducted in Norway\u2019s northernmost waters. Extreme weather is primarily the greatest physical risk for this activity. If the weather is too extreme, the Group\u2019s \ufb01shing vessels may not be able to carry out \ufb01shing activities. If this was to occur during the high season, the vessels might not be able to catch their full quota for certain \ufb01sh species within the quota season. This would have a knock-on effect on the processing industry on shore. Extreme weather would imply that the shore-based industry would not receive delivery of the raw materials required for production of products, in turn negatively affecting earnings throughout the entire value chain. The risk of extreme weather signi\ufb01cantly affecting the Group\u2019s earnings is assessed as low. Changes in temperature are also thought to represent a physical risk. Research supports the claim that an increase in ocean temperatures can bring changes in both migration routes and spawning patterns for different \ufb01sh species, resulting in changes in where we can \ufb01sh for the different species. This could complicate the processes of establishing and distributing quotas between \ufb01shery nations. In the Group\u2019s assessment, the risk of signi\ufb01cantly affected earnings caused by the above is low in the short to medium term. In the long term, this risk could increase and must be monitored carefully. Transition risk has also been identi\ufb01ed for this segment. Transition from fossil energy carriers to renewable energy may cause a fall in
the value of capital stock, in turn affecting the Group economically. This value impairment could occur via increased fees for the use of the trawler \ufb02eet, regulatory requirements on the types of propulsion systems permitted and, to a certain degree, reputation risk associated with the use of fossil fuels. The Group implements measures to reduce greenhouse gas emissions by making use of the best technology available and making contributions to technological developments. The Group participates in DNV\u2019s Green Shipping Programme, where participants have a common goal to develop new environmentally friendly technology. Among other, the following measures are evaluated: use of nitrogen and ammonia, with the potential to reduce greenhouse gas emissions from the largest vessels. There is a high level of uncertainty regarding the use of these types of fuels in relation to the safety of persons on- board and the lack of available capacity for bunkering of these fuel types along the coast. For the time being, we have a wait-and-see approach with regards to our choice of appropriate technologies. We do, however, feel con\ufb01dent that adequate solutions will be available in the near future. In the short and medium term, there are therefore no alternative propulsion systems that can be used for commercial \ufb01sheries in the north. Based on the estimated remaining service life of our \ufb02eet, and the Group\u2019s depreciation plans, the Group has not identi\ufb01ed any indications of impairment related to transition risk of neither licences nor \ufb01xed assets. Consumers are expected to increasingly demand food with a lower carbon footprint in the future. Wild-caught white\ufb01sh has a low carbon footprint. The Group has implemented several measures to further reduce its carbon footprint. These solutions entail an increase in freezer capacity on-board, so that the \ufb02eet can spend more time at sea \ufb01shing, with fewer trips to and from shore. Also, delivery to Norwegian stations help reducing pollution when compared with transporting raw materials to low-cost countries for further processing. Based on these measures, the Group is of the opinion that reputation risk in this segment is low. In the Group\u2019s assessment, the risk of a fall in demand for our products, resulting in value impairment of our stock, is very low. Neither has the Group identi\ufb01ed any climate related risk for trade receivables. Farming: The Group\u2019s farming operations take place along the coast of Norway and are divided into three regions: West, Central and North Norway. For the Farming segment, extreme weather is also seen as the greatest physical risk. Most of the segment\u2019s operations take place offshore, and extreme weather could make work on the facilities dif\ufb01cult and increase the risk of damage to production equipment. The risk of damage could also increase the risk of escapes. Extreme weather could also have an indirect impact on the operations. Around 70% of current raw materials for \ufb01sh feed are vegetable. If temperatures change, the conditions for cultivating these raw materials may change, and this could become critical if alternatives are not found. Scenario analysis also indicates that rising sea temperatures are a long-term risk that requires monitoring. Although the rise in temperatures is slow, it could have negative economic consequences in the long run term. The Group does expect an increase in biological challenges involving lice infestation, disease, algal bloom and possible new foreign species. Measures required to protect the Group against such changes represent an increase in costs. Rising sea temperatures are also expected to result in more extreme weather. The physical risk associated with aquaculture is still seen as low both in the short, medium and long term. Transition risk for this segment is also assessed as low. Raw materials for production of \ufb01sh feed are the largest source of greenhouse gas emissions for this segment. Around 40% of our emissions originate from \ufb01sh feed. The Group collaborates with the \ufb01sh feed suppliers in order to develop new ingredients that can be used as raw materials for feed and reduce reducing greenhouse gas emissions. In recent years the segment has also made considerable investments in green technology, most notably the transition from fossil fuel to electric propulsion for its work and service boats. The same applies to the feed barges, now more and more powered by land-based power. A new land-based power station for well boats has been installed at Ler\u00f8y Midt`s facility at J\u00f8sn\u00f8ya. As a result, the risk of the Group having new climate-related measures imposed with substantial economic signi\ufb01cance is considered as low. Licences, the Group\u2019s largest asset and which do not depreciate, are assessed for impairment every year. This assessment implicitly takes climate risk into account. The value of licences depends on having a certain amount of cash \ufb02ow. Both volume and price are very important parameters in this model. The greatest risk involves prices. A shift in the customer\u2019s willingness to pay, due to for example to loss of reputation, could represent a challenge for values. As with wild catches and white\ufb01sh, the reputation risk related to the climate is low, as aquaculture has a very low carbon footprint per kg produced food when compared with other sources of protein. The same assessment is carried out for \ufb01xed assets and inventories. VAP, Sales & Distribution The VAPS&D segment comprises of processing, sales and distribution. Extreme weather in the form of strong winds, substantial rainfall, \ufb02ooding, drought and \ufb01res could cause damage to both factories and key infrastructure. This could potentially have a major impact directly on the Group\u2019s operations, but also indirectly via our supply chain, as successful logistics is essential in order to maintain normal operations. The Group\u2019s factories are located in areas that, to date, have not been seen as particularly exposed to physical climate risk. There are no indications that this situation has changed. In terms of transport, the Group makes use of external suppliers. As the Group\u2019s main market is the EU, most products are transported by road. The Group therefore has a high degree of \ufb02exibility in terms of any adaptations required as a result of climate-related incidents, such as \ufb02ooding or \ufb01res. Transition risk for this segment is, in total, seen as low. However, transition risk is higher within certain areas for this segment. Our second largest source of greenhouse gas emissions is currently air transport to overseas markets. Emissions from road transport are relatively low. The risk of new regulations relating to air transport is therefore higher. Increased fees or, in the worst-case scenario, a ban on air transport, would have major consequences for sales to these markets. Nonetheless, the Group\u2019s main markets are in Europe, and products for these markets are transported by road. The Group collaborates with transport suppliers to reduce greenhouse gas emissions, from both air transport and road transport. The Group has introduced transport of \ufb01llets of \ufb01sh instead of whole \ufb01sh, providing a signi\ufb01cant reduction in greenhouse gas emissions per kg of \ufb01nished product transported, and is working on different refrigeration solutions for transport. In recent years, the Group has also made substantial investments in measures to reduce energy consumption in its factories. Moreover, the Group has facilitated logistics solutions that will allow sea transport to Europe as an alternative to road transport. In the future, this could possibly be extended to cover overseas markets. The risk of changes in regulations, bringing requirements for substantial new investments in this area, or that would have a signi\ufb01cant economic impact on the Group, is therefore seen as low. Practically all the Group\u2019s transport services are outsourced. The Group therefore has no means of transport on their balance sheet that could be subject to impairment. When it comes to factories, the Group is of the assessment that they are situated in relatively safe locations. Given the fact that the Group has already made good headway with measures to save on energy consumption, the transition risk for this segment is seen as low. In relation to reputation risk for this segment, the same assessments as for other segments are applied.
Currency risk The Group has international operations requiring several different currencies and is thus exposed to currency risk. Forward contracts are used to hedge against the currency risk on trade receivables and agreed upon sales contracts. The forwards contracts are designated as fair value hedges in the \ufb01nancial statements. The hedged items are primarily binding sales contracts in foreign currency, net foreign currency bank deposits, and net trade receivables in foreign currency. The hedged items are adjusted with the change in fair value of the hedged risk. The hedging instruments are the forward contracts, which are also measured at fair value on the balance sheet date. Gains and losses due to change in fair value are presented through pro\ufb01t or loss. An overview of the effect of forward contracts can be found in the note on \ufb01nancial instruments. Interest risk The Group\u2019s long-term debt is mainly based upon agreements for \ufb02oating rates of interest, representing exposure to increases in the market interest rate. However, the Group has made use of long-term interest rate swaps to reduce the \ufb02oating interest rate risk for a share of the Group\u2019s long-term debt. The Group receives a \ufb02oating interest rate and pays a \ufb01xed rate through the swap agreements. The interest rate swaps are reported as cash \ufb02ow hedges. Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. The Group does also use \ufb01xed interest loans (bond loan with \ufb01xed interests). An overview of the effects in terms of exposure of the Group`s borrowings to interest rate changes is provided in the note on loans, mortgages and guarantees. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. In order to reduce the price risk, a varying share of the revenue / purchase cost is hedged through purchase and sale forward contracts for salmon (Fish Pool contracts). The changes in fair value of the contracts are recognized in the income statement line item \u201dfair value adjustments related to biological assets\u201d. An overview of the effect of the Fish Pool contracts is provided in the note on \ufb01nancial instruments. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through entering into forward agreements to purchase bunker (bunker derivatives). Gains and losses from the effective part of the hedge (the part of the hedge that quali\ufb01es for cash \ufb02ow hedge accounting) are recognised in other comprehensive income. An overview of the effect of bunker derivatives is provided in the note on \ufb01nancial instruments.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10736": {
"value": "Liquidity risk Cash \ufb02ow prognoses are established for the different operating segments in the Group and are aggregated by the Group\u2019s Financial Department. The Financial Department monitors prognoses of the Group\u2019s liquidity requirements in order to ensure that the Group has suf\ufb01cient cash equivalents to ful\ufb01l operating commitments while sustaining a suf\ufb01cient level of \ufb02exibility in the form of unutilised, binding loan facilities at all times so that the Group is not in breach of the limits or speci\ufb01ed terms and conditions for the Group\u2019s loans. Such prognoses take into account the Group\u2019s scheduled new loans, compliance with terms and conditions of loans, compliance with in-house objectives for balance sheet \ufb01gures and, if relevant, external regulatory or legal requirements. Any excess cash in the Group companies, in addition to what constitutes necessary working capital, is transferred annually to the parent company via Group contributions and dividends. The Group\u2019s Financial Department deposits excess cash mainly as bank deposits at special terms with appropriate maturities in order to provide suf\ufb01cient security and \ufb02exibility in relation to the company\u2019s growth strategy and dividend policy. For information on cash and cash equivalents together with undrawn credit facilities available to the Group as liquidity buffers to manage liquidity risk, please refer to the statement of cash \ufb02ow. The table in note on debt, mortgages and guarantee liability speci\ufb01es the Group\u2019s \ufb01nancial covenants that are not derivatives, and derivative covenants with net settlement, classi\ufb01ed in relation to the down-payment schedule. This classi\ufb01cation is made in accordance with the contractual maturity date. Derivative covenants are included in the analysis when the contractual maturity date is signi\ufb01cant for an understanding of the accrual of cash \ufb02ows. The \ufb01gures in the table are non-discounted contractual cash \ufb02ows.
",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10794": {
"value": "(V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. Change in fair value on \ufb01nancial intruments included in receivables, debt,\u00a0pro\ufb01t and loss and OCI The table below presents the accounting of \ufb01nancial instruments included in receivables and debt. The \ufb01nancial instruments are recognised at fair value. Depending on type of hedge, the change in fair value is\u00a0booked either through PL or OCI. Each type of \ufb01nancial instruments is further explained below the table. Changes in balance sheet values before tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Financial instruments included in non-current receivables Interest rate swap agreements 39 160 -2 556 36 604 Bunker derivates 0 6 250 6 250 Total 39 160 0 3 694 0 42 854 Financial instruments included in other current receivables Currency forward contracts \u2013 recognised hedge objects 3 939 78 640 15 870 98 449 Currency forward contracts \u2013 non-recognised hedge objects * 18 604 333 0 18 937 Bunker derivates 0 9 214 9 214 Total 22 543 78 973 25 083 0 126 599 Financial instruments included in other short-term liabilities Currency forward contracts \u2013 recognised hedge objects -5 812 6 219 -407 0 Total -5 812 0 6 219 -407 0 Net value before tax 55 892 78 973 34 996 -407 169 454 Changes in balance sheet values, net after tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Net value before tax 55 892 78 973 34 996 -407 169 454 Deferred tax asset (-) / liability (+), \ufb01nancial instruments -12 703 -17 374 -6 788 61 -36 803 Net value after tax 43 189 61 599 28 209 -346 132 650 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) 28 209 -346 27 863 *) Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on hedged risk in the hedged period is recognised through pro\ufb01t or loss. The change in fair value on the hedging instrument will have its oposite equal value as a short term receivable or as other short term debt, depending on positive or negative value on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on positive or negative value in the instrument.
Changes through OCI after tax, per type of instrument 2023 2022 Changes interest rate swap agreements -1 994 23 880 Changes currency forward contracts 18 141 -4 940 Changes bunker derivatives 12 062 -1 167 Changes Fish Pool contracts 0 -1 649 Total (ref. Statement of comprehensive\u00a0income) 28 209 16 124
Change in value on interest rate swaps 2023 2022 Nominal value on interest rate swap agreements Nominal amount 01.01 646 875 1 184 375 Agreements expired during the period 0 -500 000 Change in nominal value on existing agreements -37 500 -37 500 Nominal amount 31.12 609 375 646 875 Book value 01.01 Fair value of interest rate swaps at 01.01 39 160 8 544 Deferred tax asset related to interest rate swaps -8 615 -1 880 Net value after tax 01.01 30 545 6 665 Tax rate applied 22% 22% Change through other comprehensive income Change in fair value of interest rate swaps -2 556 30 616 Change in related deferred tax 562 -6 735 Net change in fair value through other comprehensive income (cash\u00a0\ufb02ow\u00a0hedging) -1 994 23 880 Tax rate applied 22% 22% Book value 31.12 Fair value of interest rate swaps at 31.12 36 604 39 160 Deferred tax asset related to interest rate swaps -8 053 -8 615 Net value after tax 31.12 28 551 30 545 Tax rate applied 22% 22% Fair value of interest rate swaps at 31.12 consist of Long term receivables 36 604 39 160 Short term liability 0 0 Fair value of interest rate swaps at 31.12 36 604 39 160
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f10796": {
"value": "(V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. (V) Derivatives and hedge accounting The company seeks to hedge against currency \ufb02uctuations and changes in interest rate by means of derivatives, respectively currency forward contracts, interest rate swaps and bunker derivatives. Derivatives are carried at fair value at the time of contract and are subsequently adjusted to fair value. The recognition of the associated losses and gains depends on whether the derivative is designated as a hedging instrument and, if so, the type of hedging. Derivatives which are not designated as hedging instruments are recognised at fair value through pro\ufb01t or loss. Fair value of derivatives is shown in the note on \ufb01nancial instruments. Fair values of derivatives are classi\ufb01ed as \ufb01xed assets or long-term debt if the hedging object matures in more than 12 months, and as current assets or short-term debt if the hedging object matures in less than 12 months. The Group documents the relationship between the hedging instrument and the hedged items, including expected hedging ef\ufb01ciency, when entering into hedging derivatives. The Group further documents its risk management strategies related to transactions that are risk hedges. Changes in fair value of derivatives qualifying for fair value hedging are recognised in the income statement together with the change in fair value of the associated hedged asset or liability. The Group uses fair value hedging to hedge net receivables in foreign currency, net deposits on currency accounts and signed sales contracts in foreign currency. Gains and losses on foreign currency are included in the income statement line \u201dCost of materials\u201d. The effective share of the change in fair value of derivatives that qualify as hedging instruments for cash \ufb02ow hedging is recognised through other comprehensive income. Hedging gains
or losses recognised through other comprehensive income and accumulated in equity are re-classi\ufb01ed to the income statement during the period in which the hedging object impacts the income statement. The Group makes use of cash \ufb02ow hedging related to interest rate swaps and bunker derivates. If the hedge comes to an end, and the expected future transaction is no longer likely, gains and losses are recognised in the income statement under net
\ufb01nancial items. (W) Capital management The Group\u2019s objectives for capital management are to enable the Group to continue as a going concern in order to guarantee returns for the owners and other stakeholders and to sustain an optimal capital structure to allow the Group to reduce capital expenses. Ongoing structural changes in the global industry in which the company operates, seen in conjunction with the cyclical nature of the industry, demand that the company at all times must maintain a satisfactory \ufb01nancial contingency. This in turn requires a close relationship with the company\u2019s shareholders and equity markets. The Group has always stressed the importance of maintaining the con\ufb01dence of its \ufb01nancial partners and thus also access to necessary loan capital on favorable terms. The Group\u2019s \ufb01nancial goals are re\ufb02ected in quanti\ufb01ed parameters for \ufb01nancial adequacy and returns. The requirement for \ufb01nancial adequacy stipulates that the Group\u2019s equity ratio, de\ufb01ned as equity/total assets, should be at least 30% over time. The Group\u2019s long-term goal for earnings is to generate an annual return on the Group\u2019s average capital employed of 18% before tax. The company\u2019s dividend policy implies that, over time, dividends should lie in the region of 30% to 40% of pro\ufb01t after tax. However, care must be taken at all times to ensure that the Group operates in line with satisfactory \ufb01nancial contingency for new and pro\ufb01table investments. In the long run, value generation will increasingly be in the form of higher share prices rather than in declared dividends. See note on dividend per share for more information.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"f11241": {
"value": "(Y) New and amended \ufb01nancial reporting standards New standards implemented in 2023 None of the changes in the IFRS Accounting Standards with effective date 1 January 2023 had a material effect on the \ufb01nancial statements. New standards which have not come into effect and where the Group has not opted for early application Certain new accounting standards and interpretations have been published that are not mandatory for 2023 reporting periods and have not been early adopted by the group. These standards and interpretations are not expected to have a material impact on the group in the future reporting periods and on foreseeable future transactions.
",
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"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f11242": {
"value": "(Y) New and amended \ufb01nancial reporting standards New standards implemented in 2023 None of the changes in the IFRS Accounting Standards with effective date 1 January 2023 had a material effect on the \ufb01nancial statements. New standards which have not come into effect and where the Group has not opted for early application Certain new accounting standards and interpretations have been published that are not mandatory for 2023 reporting periods and have not been early adopted by the group. These standards and interpretations are not expected to have a material impact on the group in the future reporting periods and on foreseeable future transactions.
",
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},
"f11258": {
"value": "Note 2 Alternative performance measures (All \ufb01gures in NOK 1 000) Ler\u00f8y Seafood Group\u2019s accounts are submitted in accordance with international standards for \ufb01nancial reporting (IFRS Accounting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. In addition, the Board and management have chosen to present certain alternative performance measures (APMs) to make the Group\u2019s developments simpler to understand. The Board and management are of the opinion that these performance measures are in demand and utilised by investors, analysts, credit institutions and other stakeholders. The alternative performance measures are derived from the performance measures de\ufb01ned in IFRS Accounting Standards. The \ufb01gures are de\ufb01ned below. They are consistently calculated and presented in addition to other performance measures, in line with the Guidelines on Alternative Performance Measures from the European Securities and Markets Authority (ESMA). EBIT before fair value adjustments EBIT before fair value adjustments is an APM utilised by the Group. Pursuant to IFRS Accounting Standards, biological assets (\ufb01sh in the sea) shall be measured at fair value in the statement of \ufb01nancial position (IAS 41). Estimates of fair value require various assumptions about the future, including price developments. Changes in the market\u2019s price expectations may therefore result in major changes in carried value. As this change in value is included in the operating pro\ufb01t or loss (EBIT) as de\ufb01ned in IFRS Accounting Standards, this \ufb01gure alone is not suf\ufb01cient to illustrate the Group\u2019s performance during the period. The same applies to other items on the statement of \ufb01nancial position related to biological assets, onerous contracts (IFRS 37) and \ufb01nancial \ufb01sh-pool contracts (IFRS 9). The Group has therefore elected to present operating pro\ufb01t as it would be presented before recognition of the above-mentioned fair value adjustments, as an alternative performance measure. By presenting (1) EBIT before fair value adjustments, (2) fair value adjustments in the period and (3) EBIT after fair value adjustments, the user of the \ufb01nancial statements will easily be able to identify how much of the operating pro\ufb01t comprises changes in fair value (fair value adjustments) and thereby compare performance with other companies in the same industry. The note on biological assets contains a detailed description of how fair value adjustment is calculated and the \ufb01gures for each component. The following components are included: 2023 2022 Operating pro\ufb01t (EBIT) 3 227 374 4 283 045 Fair value adjustments -124 962 -1 088 166 EBIT before fair value adjustments 3 102 412 3 194 879 Fair value adjustments consists of: 1. Change in fair value adjustment on \ufb01sh in sea 2. Change in fair value adjustment on roe, fry and cleaning \ufb01sh* 3. Change in fair value adjustment on onerous contracts (salmon and trout) 4. Change in fair value adjustment on Fish Pool contracts (\ufb01nancial contracts on salmon), not regarded as hedges * For this group historical cost provides the best estimate of fair value. See note on biological assets for more details. The APM is used in the income statement, in note 5 on segments and in the calculation of some key \ufb01gures. It is also referred to in the Board of Director`s report. EBITDA before fair value adjustments EBITDA before fair value adjustments is an APM. Calculation is identical as the calculation of \u201dEBIT before fair value adjustments\u201d (above). 2023 2022 EBIT 3 227 374 4 283 045 Depreciations (intangibles, RoU assets and \ufb01xed assets) 1 483 886 1 326 039 Impairment loss 108 110 0 EBITDA 4 819 370 5 609 084 Fair value adjustments -124 962 -1 088 166 EBITDA before fair value adjustments 4 694 408 4 520 918 The APM is used in the income statement Operational EBIT and operational EBITDA Operational EBIT and operational EBITDA are 2 APMs utilised by the Group, which are commonly used in the farming industry. In order to meet management`s, investor`s and analyizt`s need of information in terms of performance and comparability between peers, these APMs have now been adopted by the group in addition to EBIT before fair value adjustments. In operational
EBIT and operational EBITDA are also some additional items to fair-value adjustments excluded. The production fee, implemented from 2021, on slaugtered volume of salmon and trout, has been excluded. This is explained with the fact that the production fee is tax related. It was adopted as an alternative to ground rent tax. Further on, isolated events not expected to reoccur, such as restructuring costs and litigation costs, are excluded. For practical reasons a materiality threshold of NOK 15 million is applied. This type of cost is not considered relevant for the current operation, and thus not relevant when analyzing the current operation. Finally, change in unrealized internal margin on stock, has been excluded. Feedback from investors and analyizts have been that this item is perceived as confusing when evaluating the operational performance of the period. Since it is a non-signi\ufb01cant part of the result of the period, it has been excluded from the APMs. 2023 2022 Operating pro\ufb01t (EBIT) before fair value adjustments 3 102 412 3 194 879 Change in unrealized internal margin -1 523 -3 322 Production fee 123 849 70 725 Litigation costs 0 208 785 Restructuring costs 14 719 0 Impairment loss related to\u00a0restructuring 95 602 0 Operational EBIT 3 335 059 3 471 067 Depreciation 1 483 886 1 326 039 Impairment loss, other 12 508 0 Operational EBITDA 4 831 453 4 797 105 Pro\ufb01t before tax and fair value adjustments Pro\ufb01t before tax and fair value adjustments is an APM utilised by the Group. Pursuant to IFRS Accounting Standards, biological assets (\ufb01sh in the sea) shall be measured at fair value in the statement of \ufb01nancial position (IAS 41). The APM demonstrates how the result would have been if IAS 41 not had been applied. This implies that the FV adjustment on \ufb01sh in sea are reversed (eliminated). This includes both the group`s own FV adjustment and also the FV adjustments included in the income from associated companies (AC) also applying IAS 41, following the equity method. The components included are: 2023 2022 Pro\ufb01t before tax 2 600 111 4 066 951 Fair value adjustments -124 962 -1 088 166 Fair value adj. incl. in income from AC -6 371 -11 982 Pro\ufb01t before tax and fair value\u00a0adjustments 2 468 777 2 966 803 It is referred to this APM in the Board of Director`s Report. Controlling interests share of annual pro\ufb01t before fair value\u00a0adjustments Controlling interests (CI`s) share of annual pro\ufb01t (after tax) before fair value adjustments is an APM utilised by the Group. Pursuant to IFRS Accounting Standards, biological assets (\ufb01sh in the sea) shall be measured at fair value in the statement of \ufb01nancial position (IAS 41). The APM demonstrates how the share of annual pro\ufb01t after tax to LSG`s shareholders would have been if IAS 41 not had been applied. This implies that the CI`s proportional share of FV adjustment on \ufb01sh in sea are reversed (eliminated). This includes both the group`s own FV adjustment and also the FV adjustments included in the income from associated companies (AC) also applying IAS 41, following the equity method. The components included are: 2023 2022 CI`s share of annual pro\ufb01t 272 501 2 906 781 CI`s share of fair value adjustments -152 899 -755 606 CI`s share of fair value adj. incl. in income from AC -6 371 -11 982 Controlling interests share of annual pro\ufb01t (after\u00a0tax) before fair value adjustments 113 231 2 139 193 This APM is used in note 19 on earnings per share, for calculation of the key \ufb01gure earnings per share before fair value adjustments. Net-interest-bearing debt (NIBD) NIBD is an APM utilized by the Group. The \ufb01gure shows how much capital the Group employs and is an important key \ufb01gure for stakeholders who are planning to grant \ufb01nancing to the Group and for stakeholders who want to value the company. NIBD is de\ufb01ned as interest-bearing commitments, both short-term and long-term, to persons or institutions with the main purpose of providing \ufb01nancing and/or credit, minus interest-bearing cash or cash equivalents. Since NIBD is an APM, with no common de\ufb01nition from IFRS Accounting Standards, different de\ufb01nitions and versions of this APM exist today in the reporting from the companies. The most important difference relates to the recognition of lease liabilities. Some companies include all lease liabilities in NIBD. Other companies exclude all lease liabilities from their NIBD. And some use a combination. Therefore, it is important to be aware of this difference when comparing between companies. Ler\u00f8y Seafood Group use a combination, with an approach that distinct between lease liabilities derived from a \ufb01nancing purpose and lease liabilities that are not. In practice, this distinction is based on what kind of party the company has made the leasing agreement with. On the date of implementation of IFRS 16, the Group`s \ufb01nancial leasing liabilities was almost only with credit institutions, with the main purpose of providing the Group \ufb01nancing. These agreements shared the principle that the duration of the lease period covered most of the economic lifetime of the asset involved. When it comes to the operational leasing liabilities, these agreements did nearly only concern rentals for well-boats and buildings, from shipping companies and real estate developers, where \ufb01nancing was not the purpose, and where the rental period was much shorter than the economic lifetime of the asset involved. In the Group`s communication to the capital market about how much cash the Group has spent on investments, and how this is \ufb01nanced, this distinction is of relevance. Therefore, this distinction between leases with credit institutions and leases with others than credit institutions is established and included in the Group`s de\ufb01nition of NIBD. Lease liabilities to credit institutions are included in NIBD and the Group`s communication of changes in NIBD, while lease liabilities to others than credit institutions are not included. The corresponding right-of-use assets from leases with credit institutions are included in the Group`s communication of investments, while right-of-use assets from leases with others than credit institutions are not included. Thus, the de\ufb01nition ensures symmetry between what`s reported as the Group`s investments and the accompanying information on how this has been \ufb01nanced. The Group`s NIBD is therefore not impacted from the type of \ufb01nancing, in terms of loans versus leases. This approach also ensures an NIBD basically unimpacted from the implementation of IFRS 16 in 2019. This implies that the Group`s key \ufb01nancial \ufb01gures that includes NIBD in the calculation, still are comparable over time.
Lease liability consists of 2023 2022 Lease liabilities to credit institutions 1 166 402 1 213 715 Lease liabilities to other than credit institutions 1 432 298 1 542 520 Total lease liabilities 2 598 700 2 756 235 Components included in NIBD 2023 2022 Bond loans 2 990 486 1 493 656 Loans from credit institutions 4 376 805 3 836 664 Lease liabilities to credit institutions 1 166 402 1 213 715 Other long term loans 23 067 2 145 Overdraft and other short term credit 975 792 1 104 780 Bank deposits and cash -4 323 109 -3 304 878 Net interest bearing debt (NIBD) 5 209 443 4 346 083 See note on debt, mortgages and guarantees for an overview of \ufb02ows in the period. It is referred to this APM in the Board of Director`s Report, in key \ufb01gures and in the note on loans, mortgages and guarantees. 3 different de\ufb01nitions of NIBD, and LSG`s position within these alternatives 2023 2022 NIBD including non of the lease liabilities 4 043 041 3 132 368 NIBD including lease liabilities to credit institutions, The\u00a0de\ufb01nition applied by LSG: 5 209 443 4 346 083 NIBD including total lease liabilities 6 641 741 5 888 603 When comparing NIBD between companies based on annual accounts, it is important to be aware that the presented NIBD \ufb01gure is dependent on if lease liabilities is included, partly included, or not included at all. As of today there is no uniform de\ufb01nition among the reporting entities about how this \ufb01gures
should be calculated and presentedNote 5 Operating revenues and segment information (All \ufb01gures in NOK 1 000) Operating revenue 2023 2022 Sale of goods and services 30 850 804 26 640 669 Lease income 0 253 Damages received 1 880 61 Government grants 17 028 4 894 Total 30 869 712 26 645 877
Other gains and losses 2023 2022 Gain(+)/loss(-) from disposal of \ufb01xed\u00a0assets 22 298 5 697 Gain(+)/loss(-) from termination of leases (disposal RoU-assets) 819 850 Gain(+)/loss(-) from changes in shares in associated companies 13 356 0 Gain(+)/loss(-) from disposal of other non-current \ufb01nancial assets 0 -167 Total 36 473 6 380 Gain(+)/loss(-) from changes in shares in associated companies 2023 2022 Gain(+)/loss(-) from disposal of shares in associated companies 13 356 0 Total 13 356 0 The gain is concerning sale of the associated company Itub AS.
Segments The Group has the following segments: 1. Wildcatch 2. Farming 3. Value-added processing (VAP), sales and distribution (VAPSD) Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not allocated to any of these segments, and are included in the elimination segment. Farming is divided into three individual regions: a. North (Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS) b. Central (Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS) c. West (Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Ler\u00f8y Ocean Harvest AS and Norsk Oppdrettsservice AS). Region West are also referred to as \u201dLer\u00f8y Sj\u00f8troll\u201d. Further details regarding the different companies in the groups, allocation to segment and level of aggregation are presented in note on consolidated companies. The aggregation level for reporting by region is described in the note on accounting principles. 2022 \u2013 Income statement allocated on segment Wildcatch Farming VAPSD Elimination / unallocated Total External operating revenue 1 135 078 247 973 25 262 326 500 26 645 877 Internal operating revenue 1 981 425 12 196 140 241 263 -14 418 829 0 Total operating revenue 3 116 503 12 444 113 25 503 590 -14 418 329 26 645 877 Other gains and losses -3 214 7 764 2 112 -281 6 380 Operating expenses 2 765 621 9 306 761 25 350 175 -13 965 178 23 457 378 Operating pro\ufb01t (EBIT) before fair value adjustments 347 667 3 145 116 155 527 -453 431 3 194 879 Change in fair value adjustment of \ufb01sh in sea 1 057 507 1 057 507 Change in fair value of loss-making contracts 30 659 30 659 Total fair value adjustments related to biological assets 0 1 088 166 0 0 1 088 166 Operating pro\ufb01t 347 667 4 233 282 155 527 -453 431 4 283 045 Pro\ufb01t from joint ventures and associates 356 65 537 -218 65 675 Net \ufb01nancial items -46 037 -201 733 -39 673 5 674 -281 769 Pro\ufb01t before tax 301 986 4 097 086 115 636 -447 757 4 066 951 Tax cost -901 829 The year\u2019s result 3 165 122 2022 \u2013 Alternative Performance Measure reconciliation Wildcatch Farming VAPSD Elimination / unallocated Total Operating pro\ufb01t (EBIT) 347 667 4 233 282 155 527 -453 431 4 283 045 Fair value adjustments biological assets -1 057 507 -1 057 507 Onerous contract provision -30 659 -30 659 EBIT before fair value adjustments 347 667 3 145 116 155 527 -453 431 3 194 879 Change in unrealized internal margin -2 832 -490 -3 322 Production fee 70 725 70 725 Litigation costs 0 208 785 208 785 Restructuring costs 0 Impairment loss, not included in operational EBIT 0 0 0 0 0 Other non-operational items 0 Operational EBIT 347 667 3 213 009 155 527 -245 136 3 471 067 Depreciation 207 539 930 539 175 793 12 167 1 326 039 Impairment loss, included in operational EBIT 0 0 0 0 0 Operational EBITDA 555 206 4 143 548 331 320 -232 969 4 797 105
2022 \u2013 Key operational \ufb01gures Wildcatch Farming VAPSD Elimination / unallocated Total Catch volume (HOG) in tonnes 71 726 71 726 Harvest volume salmon and trout (GWT) 174 629 174 629 Share of harvest volume salmon (GWT) from joint ventures 17 968 17 968 Operating margin before fair value adjustments 11.2% 25.3% 0.6% 3.1% 12.0% Operational EBIT-margin 11.2% 25.8% 0.6% 1.7% 13.0% Operational EBIT/kg salmon and trout, exclusive Wildcatch segment 18.4 0.9 -1.4 17.9 Operational EBIT/kg catch volume in Wildcatch segment 4.8 4.8 Operational EBIT from all segments /kg slaughtered salmon and trout 2.0 18.4 0.9 -1.4 19.9 EBIT before FV adj./kg salmon and trout, exclusive Wildcatch segment 18.0 0.9 -2.6 16.3 EBIT before FV adj./kg catch volume in Wildcatch segment 4.8 4.8 EBIT before FV adj. from all segments /kg slaughtered salmon and trout 2.0 18.0 0.9 -2.6 18.3 2022 \u2013 Depreciation and impairment loss Wildcatch Farming VAPSD Elimination / unallocated Total Depreciation on intangibles 29 137 635 3 787 0 33 559 Depreciation on right of use assets from credit institutions 10 756 183 702 31 440 0 225 897 Depreciation on right of use assets from others 3 381 284 472 28 361 7 944 324 159 Depreciation on \ufb01xed assets 164 265 461 730 112 205 4 223 742 423 Total depreciation 207 539 930 539 175 793 12 167 1 326 039 Impairment loss on intangibles 0 Impairment loss on \ufb01xed assets 0 Total impairment loss 0 0 0 0 0 2022 \u2013 Key amounts from statement of \ufb01nancial position Wildcatch Farming VAPSD Elimination / unallocated Total Assets excluding joint ventures and associates 6 608 072 21 370 133 7 398 335 260 482 35 637 022 Joint ventures and associates 22 419 1 400 865 1 354 0 1 424 638 Total assets 6 630 491 22 770 998 7 399 689 260 482 37 061 660 Total liabilities 2 986 231 9 727 036 5 142 988 -1 818 287 16 037 967 NIBD 993 668 3 283 103 918 075 -848 763 4 346 083 Net investments* 210 319 728 580 158 043 18 646 1 115 588
2023 \u2013 Income statement allocated on segment Wildcatch Farming VAPSD Elimination / unallocated Total External operating revenue 1 485 807 591 920 28 789 212 2 773 30 869 712 Internal operating revenue 1 759 148 12 870 528 201 724 -14 831 399 0 Total operating revenue 3 244 955 13 462 448 28 990 936 -14 828 626 30 869 712 Other gains and losses 11 360 1 945 22 543 625 36 473 Operating expenses 2 978 489 11 037 798 28 423 758 -14 636 272 27 803 773 Operating pro\ufb01t (EBIT) before fair value adjustments 277 826 2 426 594 589 721 -191 729 3 102 412 Change in fair value adjustment of \ufb01sh in sea 167 331 167 331 Change in fair value of loss-making contracts -42 369 -42 369 Total fair value adjustments related to biological assets 0 124 962 0 0 124 962 Operating pro\ufb01t 277 826 2 551 557 589 721 -191 729 3 227 374 Pro\ufb01t from joint ventures and associates -2 862 -133 576 -6 869 0 -143 308 Net \ufb01nancial items -78 635 -270 043 -99 499 -35 779 -483 956 Pro\ufb01t before tax 196 329 2 147 937 483 353 -227 508 2 600 111 Tax cost -2 389 558 The year's result 210 553 2023 \u2013 Alternative Performance Measure reconciliation Wildcatch Farming VAPSD Elimination / unallocated Total Operating pro\ufb01t (EBIT) 277 826 2 551 557 589 721 -191 729 3 227 374 Fair value adjustments biological assets -167 331 -167 331 Onerous contract provision 42 369 42 369 EBIT before fair value adjustments 277 826 2 426 594 589 721 -191 729 3 102 412 Change in unrealized internal margin -1 523 -1 523 Production fee 123 849 123 849 Litigation costs 0 Restructuring costs 14 719 14 719 Impairment loss, not included in operational EBIT 0 56 907 38 694 0 95 602 Other non-operational items 0 Operational EBIT 277 826 2 607 351 643 134 -193 252 3 335 059 Depreciation 223 554 1 032 778 207 549 20 006 1 483 886 Impairment loss, included in operational EBIT 8 508 4 000 0 0 12 508 Operational EBITDA 509 888 3 644 129 850 683 -173 246 4 831 454
2023 \u2013 Key operational \ufb01gures Wildcatch Farming VAPSD Elimination / unallocated Total Catch volume (HOG) in tonnes 75 893 75 893 Harvest volume salmon and trout (GWT) 159 620 159 620 Share of harvest volume salmon (GWT) from joint ventures 12 442 12 442 Operating margin before fair value adjustments 8.6% 18.0% 2.0% 1.3% 10.1% Operational EBIT-margin 8.6% 19.4% 2.2% 1.3% 10.8% Operational EBIT/kg salmon and trout, exclusive Wildcatch segment 16.3 4.0 -1.2 19.2 Operational EBIT/kg catch volume in Wildcatch segment 3.7 3.7 Operational EBIT from all segments /kg slaughtered salmon and trout 1.7 16.3 4.0 -1.2 20.9 EBIT before FV adj./kg salmon and trout, exclusive Wildcatch segment 15.2 3.7 -1.2 17.7 EBIT before FV adj./kg catch volume in Wildcatch segment 3.7 3.7 EBIT before FV adj. from all segments /kg slaughtered salmon and trout 1.7 15.2 3.7 -1.2 19.4 2023 \u2013 Depreciation and impairment loss Wildcatch Farming VAPSD Elimination / unallocated Total Depreciation on intangibles 29 137 635 3 835 0 33 608 Depreciation on right of use assets from credit institutions 7 071 181 044 40 841 106 229 062 Depreciation on right of use assets from others 1 332 317 686 29 927 10 783 359 727 Depreciation on \ufb01xed assets 186 014 533 413 132 946 9 117 861 490 Total depreciation 223 554 1 032 778 207 549 20 006 1 483 886 Impairment loss on intangibles 4 000 4 000 Impairment loss on \ufb01xed assets 8 508 56 907 38 694 104 110 Total impairment loss 8 508 60 907 38 694 0 108 110 Herby impairmen loss included in operational EBIT 8 508 4 000 12 508 2023 \u2013 Key amounts from statement of \ufb01nancial position Wildcatch Farming VAPSD Elimination / unallocated Total Assets excluding joint ventures and associates 6 583 758 24 946 059 9 179 791 -657 150 40 052 457 Joint ventures and associates 10 344 1 355 232 496 0 1 366 072 Total assets 6 594 102 26 301 291 9 180 287 -657 150 41 418 529 Total liabilities 3 016 316 13 654 039 6 730 528 -1 878 899 21 521 984 NIBD 1 047 385 2 841 116 697 517 623 425 5 209 443 Net investments * 319 163 989 904 108 105 42 641 1 459 813 *) Net investments consist of net addition for (1) \ufb01xed assets, (2) intangibles and (3) right-of-use assets from credit institutions. Net investment is total purchase price paid for new assets minus sale price for disposed assets. Right-of-use assets derived from leases with other than credit institutions are not considered to be investments, and are therefore not included.
2022 \u2013 Income statement allocated on region North Central West Elimination Total External operating revenue 115 552 63 927 68 494 247 973 Internal operating revenue 2 682 656 4 954 440 4 624 657 -65 612 12 196 140 Total operating revenue 2 798 208 5 018 367 4 693 151 -65 612 12 444 113 Other gains and losses 350 3 006 4 407 7 764 Operating expenses 2 058 409 3 547 305 3 769 491 -68 445 9 306 761 Operating pro\ufb01t (EBIT) before fair value adjustments 740 149 1 474 068 928 067 2 833 3 145 116 2022 \u2013 Alternative Performance Measure reconciliation North Central West Elimination Total Operating pro\ufb01t (EBIT) 740 149 1 474 068 906 572 1 112 493 4 233 282 Fair value adjustments biological assets 0 0 21 494 -1 079 001 -1 057 507 Onerous contract provision -30 659 -30 659 EBIT before fair value adjustments 740 149 1 474 068 928 067 2 833 3 145 116 Change in unrealized internal margin -2 833 -2 833 Production fee 16 244 27 861 26 619 70 725 Litigation costs 0 Restructuring costs 0 Impairment loss, not included in operational EBIT 0 Other non-operational items 0 Operational EBIT 756 393 1 501 929 954 686 0 3 213 008 Depreciation 256 437 315 940 358 162 0 930 540 Impairment loss, included in operational EBIT 0 0 0 0 0 Operational EBITDA 1 012 830 1 817 869 1 312 849 0 4 143 548 2022 \u2013 Operational Key \ufb01gures per region North Central West Elimination Total Volume salmon (GWT)* 40 109 68 793 43 040 151 942 Volume trout (GWT) 22 687 22 687 Total volume 40 109 68 793 65 727 174 629 Operational EBIT/kg slaughtered salmon and trout 18.9 21.8 14.5 18.4 EBIT /kg slaughtered salmon and trout 18.5 21.4 14.1 18.0
2023 \u2013 Income statement allocated on region North Central West Elimination Total External operating revenue 145 650 58 060 388 210 591 920 Internal operating revenue 3 388 388 5 116 432 4 435 227 -69 519 12 870 528 Total operating revenue 3 534 038 5 174 492 4 823 437 -69 519 13 462 448 Other gains and losses -210 11 2 143 1 945 Operating expenses 2 622 418 3 879 282 4 605 617 -69 519 11 037 798 Operating pro\ufb01t (EBIT) before fair value adjustments 911 411 1 295 221 219 963 0 2 426 595 2023 \u2013 Alternative Performance Measure reconciliation North Central West Elimination Total Operating pro\ufb01t (EBIT) 911 411 1 295 221 312 871 32 054 2 551 557 Fair value adjustments biological assets 0 0 -92 908 -74 423 -167 331 Onerous contract provision 42 369 42 369 EBIT before fair value adjustments 911 411 1 295 221 219 963 0 2 426 595 Change in unrealized internal margin 0 0 Production fee 34 009 48 842 40 998 123 849 Litigation costs 0 Restructuring costs 0 Impairment loss, not included in operational EBIT 32 907 24 000 56 907 Other non-operational items 0 0 Operational EBIT 978 327 1 344 063 284 961 0 2 607 351 Depreciation 248 909 357 141 426 729 0 1 032 778 Impairment loss, included in operational EBIT 0 0 4 000 0 4 000 Operational EBITDA 1 227 235 1 701 203 715 690 0 3 644 129 2023 \u2013 Operational Key \ufb01gures per region North Central West Elimination Total Volume salmon (GWT)* 43 075 61 308 34 290 138 673 Volume trout (GWT) 20 947 20 947 Total volume 43 075 61 308 55 237 159 620 Operational EBIT/kg slaughtered salmon and trout 22.7 21.9 5.2 16.3 EBIT /kg slaughtered salmon and trout 21.2 21.1 4.0 15.2
Information on product area Operating revenue in NOK by product area Operating revenue 2023 % 2022 % Salmon, whole 14 003 785 45.4 10 756 195 40.4 Salmon, processed 6 915 906 22.4 7 103 589 26.7 Trout, whole 1 222 882 4.0 1 326 857 5.0 Trout, processed 745 733 2.4 684 922 2.6 White\ufb01sh, whole 2 809 582 9.1 2 723 147 10.2 White\ufb01sh, processed 2 383 120 7.7 1 810 750 6.8 Shell\ufb01sh 1 073 877 3.5 1 073 468 4.0 Pelagic 130 140 0.4 107 909 0.4 Other 1 584 684 5.1 1 059 040 4.0 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Information on currency Operating revenue in NOK by currency Operating revenue 2023 % 2022 % NOK 9 219 442 29.9 8 540 963 32.1 SEK 921 218 3.0 1 042 588 3.9 DKK 681 292 2.2 476 661 1.8 GBP 344 746 1.1 215 113 0.8 EUR 13 534 590 43.8 10 641 559 39.9 USD 4 946 278 16.0 4 360 101 16.4 JPY 856 540 2.8 1 028 364 3.9 Other currency 365 606 1.2 340 529 1.3 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Sales in foreign currency from Group companies in Norway normally take place at an approximate transaction rate (week rates). However, contractual sales are hedged and the sales revenue is adjusted with the effect from the currency forward contracts. Sales from foreign Group companies in foreign currency are in principle translated to NOK on the basis of the accumulated monthly average exchange rate in the accounting period. Information on geographic area Sales are allocated to the customers\u2019 home country. Assets and investments are distributed according to geographical location. Operating revenue 2023 % 2022 % EU 16 842 329 54.6 14 517 993 54.5 Norway 5 661 492 18.3 4 525 572 17.0 Asia 4 485 061 14.5 4 543 804 17.1 USA & Canada 1 508 420 4.9 1 307 861 4.9 Rest of Europe 2 132 118 6.9 1 536 227 5.8 Other 240 291 0.8 214 421 0.8 Total operating revenue 30 869 712 100.0 26 645 877 100.0 Assets 2023 % 2022 % Norway * 37 464 823 90.4 33 416 210 90.2 EU 3 715 638 9.0 3 447 441 9.3 Other countries 238 068 0.6 198 009 0.5 Total assets 41 418 529 100.0 37 061 660 100.0 Net investments 2023 % 2022 % Norway 1 394 178 95.5 978 780 87.7 EU 65 443 4.5 135 649 12.2 Other countries 192 0.0 1 159 0.1 Total net investments 1 459 813 100.0 1 115 588 100.0 *) Most of the trade receivables in the subsidiary Ler\u00f8y Seafood AS are from customers abroad. At year- end (year end previous year) this amounted to NOK\u00a01\u00a0189\u00a0573 out of NOK 1\u00a0458\u00a0421 (NOK\u00a01\u00a0137\u00a0881 out of NOK\u00a01\u00a0387\u00a0330). Most of the trade receivables are covered by credit insurance.
Note 7 Intangible assets (All \ufb01gures in NOK 1 000) Reconciliation carrying value, gross value and life 2022 Goodwill Licences Other rights Total As of 1 January Acquisition cost 2 493 337 6 180 141 84 349 8 757 827 Accumulated amortisation 0 -151 464 -52 841 -204 305 Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Movements during the year Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Translation differences 23 282 226 23 508 Additions from business combinations 6 409 6 409 Acquisition of intangible assets 288 288 Disposals 0 Amortisation for the year -29 137 -4 422 -33 559 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 As of 31 December Acquisition cost 2 516 619 6 180 141 91 384 8 788 144 Accumulated amortisation -180 601 -57 375 -237 976 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 Note 7 cont. 2022 Goodwill Licences Other rights Total Assets with unlimited useful life 2 516 619 5 766 078 8 509 8 291 206 Assets with limited useful life 233 463 25 500 258 962 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 2023 Goodwill Licences Other rights Total Movements during the year Carrying value as of 01.01 2 516 619 5 999 540 34 009 8 550 168 Translation differences 34 309 297 34 606 Additions from business combinations 139 728 0 139 728 Acquisition of intangible assets 156 156 Disposals 0 Amortisation for the year -29 137 -4 471 -33 608 Impairment loss of the year -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 As of 31 December Acquisition cost 2 690 656 6 180 141 91 976 8 962 773 Accumulated amortisation -209 738 -61 984 -271 722 Accumulated impairment -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 Assets with unlimited useful life 2 690 656 5 766 078 4 509 8 461 243 Assets with limited useful life 204 325 21 483 225 808 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051
Speci\ufb01cation of intangible assets per acquisition, per segment 2022 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 514 863 5 3 514 863 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 514 863 100 3 517 609 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 18 717 5, 7 1 056 248 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Total 1 845 326 2 429 874 20 717 4 295 917 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 290 335 0 290 335 Ler\u00f8y Seafood Holding B.V. 2012 4 149 216 149 216 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 7 704 3 130 164 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 21 215 119 3 21 334 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 473 17 473 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 1 250 3 7 425 Ler\u00f8y Tyrkia 2015 4 5 068 36 5 104 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 972 3 1 972 Ler\u00f8y Portugal Ltd 2004 524 1 446 3) 1 970 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 664 3 664 Total 4 668 648 13 191 3 681 839 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 516 619 5 999 540 34 009 8 550 168 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-
group, and change in PPA. 2023 Region Acquisition year Goodwill Licences Other rights Total Wildcatch Ler\u00f8y Hav\ufb01sk AS 2016 3 485 727 5 3 485 727 Ler\u00f8y Norway Seafoods AS 2017 2 646 100 2 746 Total 2 646 3 485 727 100 3 488 473 Farming Ler\u00f8y Midt AS Central 2003, 2006 1 956 509 700 260 1 656 769 Ler\u00f8y Vest AS West 2007, 2022 7 535 001 502 529 14 083 5, 7 1 051 613 Sj\u00f8troll Havbruk AS West 2010 205 954 673 513 879 467 Ler\u00f8y Aurora AS North 2005, 2014 2 134 567 508 572 2 000 645 139 Norsk Oppdrettsservice AS West 2015 13 295 40 000 53 295 Ler\u00f8y \u00c5rskog AS West 2021 5 000 5 000 Ler\u00f8y Austevoll AS West 2023 38 054 38 054 Total 1 883 380 2 429 874 16 083 4 329 336 VAP, sales and distribution Ler\u00f8y Seafood Denmark A/S 2021 4, 8 415 872 0 415 872 Ler\u00f8y Seafood Holding B.V. 2012 4 159 670 159 670 Sj\u00f8matgruppen (grossistene) 2005, 2006 122 460 6 043 3 128 503 Ler\u00f8y Fossen AS 2006 23 976 23 976 Ler\u00f8y Finland OY 2011 4 22 701 98 3 22 799 Ler\u00f8y Sm\u00f8gen Seafood AB 2002, 2003 17 618 17 618 Ler\u00f8y Sverige AB (ex. Sm\u00f8gen) 2001, 2004 12 505 12 505 SAS Hallvard Ler\u00f8y 2008 9 979 9 979 Sj\u00f8mathuset AS 2006, 2009 6 175 0 3 6 175 Ler\u00f8y Tyrkia 2015 4 3 429 12 3 441 SAS Eurosalmon 2008 4 697 4 697 Ler\u00f8y Seafood AS 1997, 2000 3 976 0 3 976 Leroy Seafood Italy SRL 2020 0 1 476 3 1 476 Ler\u00f8y Portugal Ltd 2004 524 1 536 3 2 060 SAS Fish Cut 2003 1 050 1 050 Ler\u00f8y Processing Spain 2016 0 644 3 644 Total 4 804 631 0 9 809 3 814 440 Ler\u00f8y Seafood Group ASA 2017\u20132020 54 803 6 0 54 803 Total 2 690 656 5 970 403 25 992 8 687 051 1) Consists of the Midnor acquisition from 2003 and the Hydrotech acquisition from 2006. The companies are now merged. 2) Consists of the Aurora acquisition from 2005, the Villa acquisition from 2014, in addition to paid amount for increased volume in 2017, 2018 and 2020 3) Rights with a de\ufb01nite useful life and are subject to amortisation. 4) Goodwill is adjusted with currency translation differences related to foreign subsidiaries to NOK (IAS 21) 5) A certain part of the total value has a de\ufb01nite useful life, and is subject to amortisation. 6) Consists of initial costs related to R&D licence granted to LSG ASA, and in process of being accepted. Will be operated by Ler\u00f8y Vest AS 7) Increase is related to acquisition of water fall rights to a power plant, with unde\ufb01nite lifetime 8) Increase in goodwill due to business combination in sub-group, and change in PPA.
Licences Licences in the Farming segment The net book value of licences in the Farming segment is NOK 2 484 676 including the capitalized costs related to the renewal of the R&D licence in Ler\u00f8y Seafood Group ASA. Below is a list of the licences owned by LSG at the end of the \ufb01nancial year according to type, number and volume. The list is based on data registered in the Aquaculture Register. Salmon and trout licences as of 31.12.2022, commercial and special purpose licences Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licences 1 57 41 372 53 41 317 25 25 502 135 108 190 Slaughter cage licences 1 780 1 780 2 1 800 4 3 360 R&D licences 2 1 780 1 780 Green farming licences 1 733 1 733 Demonstration licences 1 780 1 780 1 780 3 2 340 Teaching licences 3 1 780 1 390 2 1 170 Parent \ufb01sh licences 4 2 1 560 3 2 340 5 3 900 Land-based grow-out licence 5 1 10 000 1 10 000 Total number and volume 64 56 005 58 45 217 30 29 252 152 130 473 Salmon and trout licences as of 31.12.2023, commercial and special purpose licences Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licences 1 57.0 41 372 53.0 41 317 25.0 25 502 135.0 108 190 Slaughter cage licences 1.0 780 1.0 780 2.0 1 800 4.0 3 360 R&D licences 2 1.5 1 170 1.0 780 2.5 1 950 Green farming licences 1.0 733 1.0 733 Demonstration licences 1.0 780 1.0 780 1.0 780 3.0 2 340 Teaching licences 3 1.0 780 1.0 390 2.0 1 170 Parent \ufb01sh licences 4 2.0 1 560 3.0 2 340 5.0 3 900 Land-based grow-out licence 5 1.0 10 000 1.0 10 000 Total number and volume 64.0 56 005 59.5 46 387 30.0 29 252 153.5 131 643 1) The commercial grown-out licences are described further below. 2) The R&D licences are time-limited with a duration of 3\u20135 years, from time of project start. The licences have zero purchase price, and therefore no depreciation. The R&D licence allocated to Ler\u00f8y Aurora in the table above has a lenght of 3\u00a0years. It legally belongs to Akvaplan Niva (third party), but is operated by Ler\u00f8y Aurora. The R&D licence allocated to Ler\u00f8y Midt in the table above has a remaining lenght of 1.5 years. It legally belongs to No\ufb01ma (third party), but is operated by Ler\u00f8y Midt. 3) The teaching licences are considered time-limited with a duration of 10 years. The licences have zero purchase price, and therefore no depreciation. The teaching licence allocated to Ler\u00f8y Aurora in the table above legally belongs to Troms- og Finnmark Fylkeskommune (third party), but is operated by Ler\u00f8y Aurora. 4) One of the parent \ufb01sh licence owned by Ler\u00f8y Midt, is operated by Ler\u00f8y Aurora. 5) The land-based grow-out licence is owned by Ler\u00f8y \u00c5rskog AS. The licence permits production of land-based salmon or trout or juvenile \ufb01sh or a combination, for a total volume of 10\u00a0000 tonnes. Theoretically the authorities may withdraw this licence if the production has not started within two years after reward date. The licences was awarded the 25th of March 2019. The risk for withdrawal is considered as low, since the ground work for the plant is started. For a more detailed explanation of why farming licences are deemed to have an inde\ufb01nite useful life and are therefore not subject to amortisation, please see item (X) in the note on accounting policies.
Commercial grow-out licences for salmon and trout Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Status as of 01.01.2022 57 44 013 53 41 317 25 25 502 135 110 831 Changes in 2022 Temporary deductions in PA / reversal of deduction -2 641 -2 641 Growth purchased 0 Status as of 31.12.2022 57 41 372 53 41 317 25 25 502 135 108 191 Changes in 2023 Temporary deductions in PA / reversal of deduction 0 Growth purchased 0 Status as of 31.12.2023 57 41 372 53 41 317 25 25 502 135 108 191 Grow-out licences as of 31.12 per production area (PA) PA 3 Yellow 37 27 128 37 27 128 PA 4 Red 20 14 244 20 14 244 PA 5 Red 8 5 866 8 5 866 PA 6 Green 45 35 451 45 35 451 PA 11 Green 17 16 962 17 16 962 PA 13 Green 8 8 540 8 8 540 Status as of 31.12.2023 57 41 372 53 41 317 25 25 502 135 108 191 The colors relate to the \u201ctraf\ufb01c light system\u201d. The traf\ufb01c light system is described in the note on accounting principles under section about licences. Red area: Temporary reduction in volume of 6% in PO 3 and PO 4, which equals a reduction of 2.641 tons. In 2022 it was the second time PO 4 experienced a reduction in production capacy. The color can change each second year. The color will be subjected to a new evaluation in 2024. Yellow area: No changes in volume. The color will be subjected to a new evaluation in 2024. Green area: Is opened for growth. The Group did not buy any growth offered in 2022. The color will be subjected to a new evaluation in 2024. Other farming licences Region West Region Central Region North Total Group Number Volume (million individuals) Number Volume (million individuals) Number Volume (million individuals) Number Volume (million individuals) Status as of 31.12.2023 Juvenile \ufb01sh licences 11.0 34.9 6.0 23.6 1.0 15.2 18.0 73.6 Cleaner \ufb01sh licences 4.0 9.0 1.0 2.5 1.0 2.5 6.0 14.0 Total 15.0 43.9 7.0 26.1 2.0 17.7 24.0 87.6 It has not been any changes in 2023, and the numbers are the same as per 31.12.2022. The Group has also licences to cultivate seaweed in Vestland county. These are located in the same geographical area as the licences for salmon farming. The licences alows a cultivation of a total of 1013 decares. Furthermore, the Group have two seaweed licences totalling 830 decares under process of approval. These licences have normally inde\ufb01nite lifetime. The licences are awarded after an application process, and have no purchase price.
Licences in the Wildcatch segment Licences (quotas) for wildcatch NBV in acquired company on date of acquisition Excess value identi\ufb01ed in PPA, and allocated Accumulated amortisation from date of acquisition NBV as of 31.12 Basic quotas for cod, shrimp and greater silver 339 806 2 941 594 3 281 400 Structural quotas, cod trawling 414 064 -209 738 204 326 Total 753 870 2 941 594 -209 738 3 485 726 The Wildcatch segment comprises the two sub-groups, Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS. Ler\u00f8y Hav\ufb01sk AS is a shipowning company, with trawlers involved in wild catches. Ler\u00f8y Norway Seafoods AS is involved in the receipt and processing of wild caught white\ufb01sh. The licences in this segment are owned by the sub-group, Ler\u00f8y Hav\ufb01sk AS (vessel owning subsidiaries). The licences are governed by an obligation to supply products to the regions where the licences are located, i.e. Finnmark and Nordland. This implies that buyers in those regions have priority over other buyers of \ufb01sh. The details of the supply obligation are stipulated in the licence terms for the individual licence unit. This may be a region but could also be a speci\ufb01c buyer. The principle for pricing is the average price realised for the species of \ufb01sh in question over the past two weeks, taking into account condition, size and quality. Ler\u00f8y Hav\ufb01sk AS is also subject to a so-called \u201cindustrial obligation\u201d (obligation to keep the business going) in Stamsund, Melbu, Hammerfest, B\u00e5tsfjord, Honningsv\u00e5g and Kj\u00f8llefjord. This implies that the licence is linked to operation of the facilities in the respective locations. Ler\u00f8y Hav\ufb01sk AS has however leased out the facilities in these locations. The lessee is Ler\u00f8y Norway Seafoods AS. The lessee is responsible for sustaining operations. If the lessee terminates operations, the licence terms oblige Ler\u00f8y Hav\ufb01sk AS to sustain operations in the speci\ufb01ed locations. At the end of the \ufb01nancial year, the Ler\u00f8y Hav\ufb01sk group owned 29.6 cod and haddock trawling licences, 31.9 saithe trawling licences, 8 shrimp trawling licences and 2 greater silver licences in Norway. These licences are owned via the subsidiaries Nordland Hav\ufb01ske AS, Finnmark Hav\ufb01ske AS and Hammerfest Industri\ufb01ske AS. It has not been acquired or sold quotas/licences in 2023. A licence for cod, haddock and saithe is a licence that entitles the holder to trawl for white\ufb01sh in the zone north of 62 degrees latitude and in the North Sea at certain times of the year. Correspondingly, a licence for shrimp and greater silver entitles the holder to \ufb01sh for shrimp and greater silver. In 2023 (2022), each vessel was permitted up to four (four) quota units, including the quota connected to the vessel. The volume of \ufb01sh allowed per licence unit is stipulated annually by the Norwegian Ministry of Trade, Industry and Fisheries. Moreover, transfers may be made between the different groups of vessels throughout the year, in the event that one group of vessels is not able to \ufb01sh its share of the quota. This is known as \u201cre-allocation\u201d. As of end of year 2023 (2022), one cod licence entitled the holder to \ufb01sh for an annual volume of 979 (1\u00a0154) tonnes of cod, 504 (465) tonnes of haddock and 592 (531) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the \ufb01nal volumes per quota, after re-allocations, in 2023 (2022), this is a change of -15% (-18%) for cod, +8 (-20%) for haddock and +11% (+3%) for saithe. During the year, the quota for both haddock and saithe was increased and some quotas were re- allocated for these species. The shrimp and greater silver licences have no limit in terms of volume. In order to boost pro\ufb01tability for \ufb01sheries and reduce the number of vessels in operation, the \ufb01sheries authorities have implemented schemes allowing for companies to merge several quota units per vessel in return for the permanent removal of vessels that have handed over their quotas from the registry of \ufb01sheries. Each vessel has one cod trawling permit, a so-called basic quota. Vessels can also have so-called structural quotas for cod trawling. In total, one vessel cannot have more than four quotas per \ufb01sh species. The structural quotas have a limited duration according to the scheme in place when the quota was structured. In principle, there are two schemes for structural quotas, comprising 20 and 25 years\u2019 duration. The new scheme for structural quotas was introduced in 2007. Structural quotas allocated before 2007 have a duration of 25 years starting in 2008, while quotas allocated after 2008 have a duration of 20 years. The main purpose of the structure schemes is to reduce the number of vessels participating in individual \ufb01sheries, thereby facilitating improved pro\ufb01tability for the remaining vessels \u2013 i.e. improving ef\ufb01ciency within a regulated framework. Moreover, the schemes are intended to adapt \ufb02eet capacity to the basic resources. At the end of the duration of 20 and 25 years respectively, the structural quotas are no longer valid and the total quotas will be distributed among all parties in the regulation group in question, as basic quotas. Basic quotas do not have any time limits. Ler\u00f8y Hav\ufb01sk AS \u2013 and Ler\u00f8y Norway Seafoods AS to a limited extent \u2013 is involved in \ufb01shing in Norway pursuant to the provisions in inter alia the Act relating to the right to participate in \ufb01shing and catches (Participant Act). Ler\u00f8y Hav\ufb01sk AS has been given an extemption from the requirement stating that the controlling interest must be an active \ufb01sherman. The Participant Act and supporting legislation stipulate inter alia that any changes to ownership of a company that directly or indirectly owns \ufb01shing vessels requires approval by the relevant authorities. The Ministry of Trade, Industry and Fisheries\u2019 approval of Ler\u00f8y Seafood Group ASA\u2019s acquisition of the majority shareholding in Ler\u00f8y Hav\ufb01sk AS was granted on the basis of Ler\u00f8y Seafood Group ASA\u2019s ownership on the date of the approval. The approval also states that no new applications are required for future changes in ownership of Ler\u00f8y Hav\ufb01sk AS, Ler\u00f8y Seafood Group ASA and Austevoll Seafood ASA provided that Ler\u00f8y Seafood Group ASA continues to own minimum 60% of the shares in Ler\u00f8y Hav\ufb01sk AS and that Austevoll Seafood ASA continues to own minimum 50% of the shares in Ler\u00f8y Seafood Group ASA. However, the approval does not allow for changes in ownership that result in Laco AS directly owning less than 55.55% of the shares in Austevoll Seafood ASA. Any signi\ufb01cant changes in ownership in Laco AS also require approval. The approval also requires continuation of the prevailing terms related to permits for the vessels and structural quotas, in addition to compliance with the nationality requirement in section 5 of the Participant Act. Pursuant to the nationality requirement in section 5 of the Participant Act, operating permits can only be granted to parties that are Norwegian citizens or have status that equals Norwegian citizenship. According to the second paragraph letra a) of the provision, limited companies, public limited companies
and other companies with limited liability have equal status to Norwegian citizens when the company\u2019s head of\ufb01ce and Board of Directors are located in Norway, when the majority of the Board members, including the Chairman of the Board, are Norwegian citizens resident in Norway and who have lived in Norway for the last two years, and when Norwegian citizens own shares or stocks corresponding to minimum 6/10 of the company\u2019s capital and have voting rights in the company with minimum 6/10 of the votes. Ler\u00f8y Hav\ufb01sk AS, Ler\u00f8y Seafood Group ASA and Austevoll Seafood ASA are obliged to submit an overview twice a year detailing the company\u2019s shareholders, including speci\ufb01cation of the shares held by foreign shareholders. Ultimately, a breach of the above-mentioned licence provisions could
result in Ler\u00f8y Hav\ufb01sk AS losing its licence rightsOther rights In addition to goodwill and licences, intangible assets also comprise other rights. These rights comprise the following subcategories in each segment: Amortisation method Wildcatch Farming VAP, sale and distribution Total Time inde\ufb01nite none Water rights 0 4 409 4 409 Other rights 100 100 Total 100 4 409 0 4 509 Accumulated purchase\u00a0price 100 4 409 0 4 509 Accumulated amortisation non non non non Accumulated impairment 4 000 4 000 Limited Straight line depr. Water rights 25 years 11 674 11 674 Contracts with customers / customer\u00a0lists 10 years 3 898 3 898 Other rights (software\u00a0etc.) 3\u20135 years 5 911 5 911 Total 0 11 674 9 809 21 483 Accumulated purchase\u00a0price 0 44 973 41 902 86 875 Accumulated amortisation 0 -33 299 -24 076 -57 375 Total other rights 100 16 083 9 809 25 992 Cash-generating units (CGU) and basis for impairment testing With each acquisition or purchase of assets, goodwill, licences and rights are allocated to the different cash-generating units. Each legal unit in the Group in principle comprises one cash-generating unit. Goodwill and intangible assets with an inde\ufb01nite useful life are not amortised, but shall be tested for impairment at least once a year and written down if their value can no longer be justi\ufb01ed. The management assesses the carrying value of goodwill and intangible assets with an inde\ufb01nite useful life per CGU at least once a year, and more frequently if there are indications of impairment. Useful life is utilised when establishing recoverable amount. Farming The Group`s farming regions share the same top management, the same internal customer, and a joint optimalisation plan of i.e. slaughter plans. Further on harvest to full\ufb01ll the Groups contract sale, is done across the regions. Due to this, the Groups farming business in Norway is regarded as one CGU. The cash generating unit Farming comprises region of Northern Norway, which consists of Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS, the region of Central Norway which consists of Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS, and the region for Western Norway which consists of the 11 companies Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. The development costs related to the Pipefarm concept, capitalized in Ler\u00f8y Seafood Group ASA, a concept that the Group has been offered some licence volume on, but that the Group not yet has accepted, is also included in this CGU. Wildcatch In the sub-group Ler\u00f8y Hav\ufb01sk AS, each vessel with its quotas is de\ufb01ned as one cash-generating unit. Despite this, Ler\u00f8y Seafood Group classi\ufb01es the two sub-groups, Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS, as one joint cash-generating unit. This is justi\ufb01ed in that, primarily, quotas are transferred between vessels via the so-called \u201cre-allocations\u201d. Secondly, the two sub-groups are mutually dependent with a view to the industrial obligation mentioned above. In addition, the supply obligation has an impact on the two units\u2019 co-dependence. On this basis, the two sub-groups are assessed as one joint cash-generating unit. VAP, sales and distribution For the Group to succeed in being the \ufb01rst choice of the largest and most well-recognised customers, it is important to be present in the end market. Through local presence the Group can supply the freshest products, portions and packaging adjusted to local requirements and demand, and developing the seafood category even further together with the customers. The Group must also build up enough capacity to supply the volumes that the customer will need. The group has established several \ufb01sh-cuts in the end markets. A \ufb01sh-cut means a relatively simple processing activity in addition to the sale of\ufb01ce, that perform some specialized value-added processing based on speci\ufb01cation set by the customer. The \ufb01sh-cuts are an integrated part of the value chain, and an important tool for ef\ufb01cient global sale. The table below displays the distribution of goodwill and intangible assets with an inde\ufb01nite useful life per CGU, and their sub-units. Impairment tests of goodwill and intangible assets with an inde\ufb01nite useful life have been summarised below for each CGU in the segment.
Book value of intangible assets CGU Goodwill Licences Other rights Total Farming \u2013 Region\u00a0Northern\u00a0Norway Farming 134 567 508 572 2 000 645 139 Farming \u2013 Region\u00a0Central\u00a0Norway Farming 956 509 700 260 1 656 769 Farming \u2013 Region\u00a0Western\u00a0Norway Farming 792 304 1 221 042 14 083 2 2 027 429 Farming \u2013 Ler\u00f8y\u00a0Seafood\u00a0Group\u00a0ASA Farming - 54 803 4 54 803 Total Farming Farming 1 883 380 2 484 676 16 083 4 384 139 Total Wildcatch Wildcatch 2 646 3 485 727 3 100 3 488 473 Total VAP, sales and distribution VAPSD 804 631 - 9 809 1 814 440 Grand total 2 690 656 5 970 403 25 992 8 687 051 Book value of intangible assets that are amortised: 225 808 Book value of intangible assets that are not amortised, but tested for impairment: 8 461 243 Total 8 687 051 1) Rights with de\ufb01nite useful life and subject to amortisation. 2) Rights with inde\ufb01nite useful life and not subject to amortisation. 3) Structual quotas included in this amount, has a de\ufb01nite economic life time, and are subjected to amortisation.
4) Capitalised costs related to development licences \u2013 in the process of beeing grantedTests of possible impairment loss The impairment test for cash-generating units is based on estimated present values of future cash \ufb02ows, and the value of the assets in use. The present value is compared with the book value per cash- generating unit. The present value is calculated on the basis of discounted cash \ufb02ows over the next \ufb01ve or ten years. And for the period thereafter, a terminal value is estimated. The Gordon growth model is applied to estimate terminal value. The cash \ufb02ows in the the impairment test are after tax. The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2023. The management\u2019s calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0% The most signi\ufb01cant premises in the test are estimated future volume of catches per species, estimated future prices per species and required rate of return. Qutoa and price assumptions are key factors in the impairment test of WildCatch. There are a number of species caught, but for key specie cod assumptions include for quota a 32% in 2024, further 30% in 2025, a 20% increase in 2026 and for 2027\u20132034 an average of quotas from 2020\u20132025. Cod prices are estimated up 10% in 2025, and 2.5% thereafter. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. In farming it has historically until 2012 been a signi\ufb01cant production growth per licence in Norway. But from 2012 and until today, there has been very limited growth. The model applied is based on actual production plans for the period until 2025. And after that an assumption of 2% growth in volume until 2029 has been applied. It is assumed no growth in the terminal value. For the cash-generating unit Farming, the critical value for the required rate of return on total assets after tax is 18.0%. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.4 per kg. This amount is well below what`s historically achieved. The management has also carried out tests of sensitivity related to price, cost and volume. With the implemented WACC and best estimate for the terminal element, the tests show that this value is also robust in the face of changes in these parameters. For the cash-generating unit VAP, Sales & Distribution, the book values are almost totally justi\ufb01ed by the estimated pro\ufb01t/loss for the next \ufb01ve years. It is required a 0.5% EBIT margin in the terminal element, which is very low.
Key premises and sensitivity estimates Key premises: 2023 2022 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.1% 8.4% Discount rate (WACC) after tax 7.1% 6.6% Nominal rate of growth in terminal (from 2029) 2.0% 2.0% The book value tested below is the share of the carrying value that is not subject to amortisation. Sensitivity analysis\u00a0per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after\u00a0tax) Implemented WACC (after\u00a0tax) Wildcatch 3 284 146 8 8.0% 7.1% Farming 4 339 046 2.4 5, 6 18.0% 7.1% VAPSD 668 014 0.5% 7 22.0% 7.1% Total 8 291 206 7.1% 5) The terminal value for farming is a NOK amount estimated on the basis of EBIT/kg after an explicit period (the terminal component) that gives a total value in use simular to net book value. 6) Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 7) The terminal value for VAPSD is a percentage calculated on the basis of the pro\ufb01t margin, after an explicit period (the terminal component) that gives a total value in use simular to net book value. 8) For Wildcatch segment it is not calculated a critical value in the terminal element.
Reconciliation carrying value, gross value and life 2022 Goodwill Licences Other rights Total As of 1 January Acquisition cost 2 493 337 6 180 141 84 349 8 757 827 Accumulated amortisation 0 -151 464 -52 841 -204 305 Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Movements during the year Carrying value as of 01.01 2 493 337 6 028 677 31 508 8 553 522 Translation differences 23 282 226 23 508 Additions from business combinations 6 409 6 409 Acquisition of intangible assets 288 288 Disposals 0 Amortisation for the year -29 137 -4 422 -33 559 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 As of 31 December Acquisition cost 2 516 619 6 180 141 91 384 8 788 144 Accumulated amortisation -180 601 -57 375 -237 976 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 Note 7 cont. 2022 Goodwill Licences Other rights Total Assets with unlimited useful life 2 516 619 5 766 078 8 509 8 291 206 Assets with limited useful life 233 463 25 500 258 962 Carrying value as of 31.12 2 516 619 5 999 540 34 009 8 550 168 2023 Goodwill Licences Other rights Total Movements during the year Carrying value as of 01.01 2 516 619 5 999 540 34 009 8 550 168 Translation differences 34 309 297 34 606 Additions from business combinations 139 728 0 139 728 Acquisition of intangible assets 156 156 Disposals 0 Amortisation for the year -29 137 -4 471 -33 608 Impairment loss of the year -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 As of 31 December Acquisition cost 2 690 656 6 180 141 91 976 8 962 773 Accumulated amortisation -209 738 -61 984 -271 722 Accumulated impairment -4 000 -4 000 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051 Assets with unlimited useful life 2 690 656 5 766 078 4 509 8 461 243 Assets with limited useful life 204 325 21 483 225 808 Carrying value as of 31.12 2 690 656 5 970 403 25 992 8 687 051
Cash-generating units (CGU) and basis for impairment testing With each acquisition or purchase of assets, goodwill, licences and rights are allocated to the different cash-generating units. Each legal unit in the Group in principle comprises one cash-generating unit. Goodwill and intangible assets with an inde\ufb01nite useful life are not amortised, but shall be tested for impairment at least once a year and written down if their value can no longer be justi\ufb01ed. The management assesses the carrying value of goodwill and intangible assets with an inde\ufb01nite useful life per CGU at least once a year, and more frequently if there are indications of impairment. Useful life is utilised when establishing recoverable amount. Farming The Group`s farming regions share the same top management, the same internal customer, and a joint optimalisation plan of i.e. slaughter plans. Further on harvest to full\ufb01ll the Groups contract sale, is done across the regions. Due to this, the Groups farming business in Norway is regarded as one CGU. The cash generating unit Farming comprises region of Northern Norway, which consists of Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS, the region of Central Norway which consists of Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS, and the region for Western Norway which consists of the 11 companies Ler\u00f8y Vest AS, Ler\u00f8y Vest Sj\u00f8 AS, Ler\u00f8y Vest Kraft AS, Sj\u00f8troll Havbruk AS, Sj\u00f8troll Havbruk Sj\u00f8 AS, Ler\u00f8y Sj\u00f8troll Kj\u00e6relva AS, Ler\u00f8y \u00c5rskog AS, Ler\u00f8y Austevoll AS, AUSS Laks AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. The development costs related to the Pipefarm concept, capitalized in Ler\u00f8y Seafood Group ASA, a concept that the Group has been offered some licence volume on, but that the Group not yet has accepted, is also included in this CGU. Wildcatch In the sub-group Ler\u00f8y Hav\ufb01sk AS, each vessel with its quotas is de\ufb01ned as one cash-generating unit. Despite this, Ler\u00f8y Seafood Group classi\ufb01es the two sub-groups, Ler\u00f8y Hav\ufb01sk AS and Ler\u00f8y Norway Seafoods AS, as one joint cash-generating unit. This is justi\ufb01ed in that, primarily, quotas are transferred between vessels via the so-called \u201cre-allocations\u201d. Secondly, the two sub-groups are mutually dependent with a view to the industrial obligation mentioned above. In addition, the supply obligation has an impact on the two units\u2019 co-dependence. On this basis, the two sub-groups are assessed as one joint cash-generating unit. VAP, sales and distribution For the Group to succeed in being the \ufb01rst choice of the largest and most well-recognised customers, it is important to be present in the end market. Through local presence the Group can supply the freshest products, portions and packaging adjusted to local requirements and demand, and developing the seafood category even further together with the customers. The Group must also build up enough capacity to supply the volumes that the customer will need. The group has established several \ufb01sh-cuts in the end markets. A \ufb01sh-cut means a relatively simple processing activity in addition to the sale of\ufb01ce, that perform some specialized value-added processing based on speci\ufb01cation set by the customer. The \ufb01sh-cuts are an integrated part of the value chain, and an important tool for ef\ufb01cient global sale. The table below displays the distribution of goodwill and intangible assets with an inde\ufb01nite useful life per CGU, and their sub-units. Impairment tests of goodwill and intangible assets with an inde\ufb01nite useful life have been summarised below for each CGU in the segment.
Book value of intangible assets CGU Goodwill Licences Other rights Total Farming \u2013 Region\u00a0Northern\u00a0Norway Farming 134 567 508 572 2 000 645 139 Farming \u2013 Region\u00a0Central\u00a0Norway Farming 956 509 700 260 1 656 769 Farming \u2013 Region\u00a0Western\u00a0Norway Farming 792 304 1 221 042 14 083 2 2 027 429 Farming \u2013 Ler\u00f8y\u00a0Seafood\u00a0Group\u00a0ASA Farming - 54 803 4 54 803 Total Farming Farming 1 883 380 2 484 676 16 083 4 384 139 Total Wildcatch Wildcatch 2 646 3 485 727 3 100 3 488 473 Total VAP, sales and distribution VAPSD 804 631 - 9 809 1 814 440 Grand total 2 690 656 5 970 403 25 992 8 687 051 Book value of intangible assets that are amortised: 225 808 Book value of intangible assets that are not amortised, but tested for impairment: 8 461 243 Total 8 687 051 1) Rights with de\ufb01nite useful life and subject to amortisation. 2) Rights with inde\ufb01nite useful life and not subject to amortisation. 3) Structual quotas included in this amount, has a de\ufb01nite economic life time, and are subjected to amortisation.
4) Capitalised costs related to development licences \u2013 in the process of beeing granted. Tests of possible impairment loss The impairment test for cash-generating units is based on estimated present values of future cash \ufb02ows, and the value of the assets in use. The present value is compared with the book value per cash- generating unit. The present value is calculated on the basis of discounted cash \ufb02ows over the next \ufb01ve or ten years. And for the period thereafter, a terminal value is estimated. The Gordon growth model is applied to estimate terminal value. The cash \ufb02ows in the the impairment test are after tax. The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2023. The management\u2019s calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 8.0% and 22.0% The most signi\ufb01cant premises in the test are estimated future volume of catches per species, estimated future prices per species and required rate of return. Qutoa and price assumptions are key factors in the impairment test of WildCatch. There are a number of species caught, but for key specie cod assumptions include for quota a 32% in 2024, further 30% in 2025, a 20% increase in 2026 and for 2027\u20132034 an average of quotas from 2020\u20132025. Cod prices are estimated up 10% in 2025, and 2.5% thereafter. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. In farming it has historically until 2012 been a signi\ufb01cant production growth per licence in Norway. But from 2012 and until today, there has been very limited growth. The model applied is based on actual production plans for the period until 2025. And after that an assumption of 2% growth in volume until 2029 has been applied. It is assumed no growth in the terminal value. For the cash-generating unit Farming, the critical value for the required rate of return on total assets after tax is 18.0%. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.4 per kg. This amount is well below what`s historically achieved. The management has also carried out tests of sensitivity related to price, cost and volume. With the implemented WACC and best estimate for the terminal element, the tests show that this value is also robust in the face of changes in these parameters. For the cash-generating unit VAP, Sales & Distribution, the book values are almost totally justi\ufb01ed by the estimated pro\ufb01t/loss for the next \ufb01ve years. It is required a 0.5% EBIT margin in the terminal element, which is very low.
Fixed assets 2022 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2022 Carrying value 01.01 4 625 677 845 412 730 3 159 645 1 564 551 1 478 083 7 297 480 Allocation of completed projects in progress -3 960 -712 315 39 064 648 722 0 28 489 0 Foreign currency translation differences 262 18 2 718 17 357 0 13 122 33 476 Business combinations 5 641 128 5 769 Operating assets acquired 417 131 638 18 414 285 257 129 838 345 836 911 400 Disposal -428 -17 884 -18 312 Depreciation for the year -286 442 -110 073 -345 909 -742 424 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 316 1 501 865 7 487 389 31 December 2022 Acquisition cost 1 344 97 186 472 926 5 340 413 2 129 029 4 468 052 12 508 949 Accumulated depreciation -1 494 819 -544 712 -2 945 526 -4 985 057 Accumulated impairment loss -15 842 -20 661 -36 503 Carrying value 31.12 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Accounting year 2023 Carrying value 01.01 1 344 97 186 472 926 3 829 752 1 584 317 1 501 865 7 487 389 Allocation of completed projects in progress -102 -98 541 14 985 33 343 0 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 0 24 253 61 661 Business combinations 18 913 292 183 311 096 Operating assets acquired 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposal -1 647 -10 754 -12 278 -24 678 Depreciation for the year -347 655 -120 159 -393 675 -861 490 Impairment loss -32 907 -53 950 -17 253 -104 110 Carrying value 31.12 19 902 189 815 509 289 3 742 154 1 583 178 2 151 650 8 195 987 31 December 2023 Acquisition cost 19 902 222 723 509 289 5 562 765 2 248 049 5 377 192 13 939 919 Accumulated depreciation -1 751 121 -664 872 -3 187 736 -5 603 729 Accumulated impairment loss -32 907 -69 490 -37 806 -140 204 Carrying value 31.12 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987
Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Restructuring in Spain. Close down of two factories 29 834 8 861 38 695 Restructuring in Norway. Close down of slaughtery 24 000 24 000 Projects stopped due to new resource rent tax 32 907 32 907 Other impairments, machines and equipment 116 8 392 8 508 Total 0 32 907 0 53 950 0 17 253 104 110 For prepayments to suppliers, the right of property is transferred to the Group on time of completion. For projects in progress, the right of property is transferred to the Group based on progress. Information on estimated useful life for \ufb01xed assets is provided in paragraph (H) in the note on accounting policies. Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees. Leased assets are from 1 January 2019 included in the new group \u201dright-of-use assets\u201d. See note on leases.
Note 12 Other inventories (All \ufb01gures in NOK 1 000) Other inventories consist of 2023 2022 Feed, packaging materials, auxiliary and other 571 450 533 614 Raw materials, including catches onboard on trawling wessels 259 782 494 886 Work in progress 49 667 49 821 Finished goods / goods for sale 1 523 644 1 237 635 Impairments, including obsoleteness -6 369 -8 059 Total other inventories 2 398 175 2 307 897 Change in stock of biological assets at cost, raw materials and \ufb01nished products 2023 2022 Biological assets at cost 5 749 007 5 109 448 Total other inventories 2 398 175 2 307 897 Total inventory at cost 8 147 181 7 417 345 Total inventory at cost 01.01 7 417 345 5 761 143 Total inventory at cost 31.12 8 147 181 7 417 345 Change 729 836 1 656 202 Positive change in inventory represents a cost reduction Negative change in inventory represents a cost increase Change in inventory included in translation differences related to subsidiaries through OCI 0 0 Change in inventory \u2013 through the income statement 729 836
1 656 20",
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"value": "Other investments Other shares as of 31.12.2023 Ownership / voting share Cost price Fair value Carrying value Various minor shareholdings Insigni\ufb01cant 13 857 13 857 13 857 Total 13 857 13 857 13 857 Considering the immaterial value of the assets, historic cost has been applied as the best estimate for fair value.
Change in fair value on \ufb01nancial intruments included in receivables, debt,\u00a0pro\ufb01t and loss and OCI The table below presents the accounting of \ufb01nancial instruments included in receivables and debt. The \ufb01nancial instruments are recognised at fair value. Depending on type of hedge, the change in fair value is\u00a0booked either through PL or OCI. Each type of \ufb01nancial instruments is further explained below the table. Changes in balance sheet values before tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Financial instruments included in non-current receivables Interest rate swap agreements 39 160 -2 556 36 604 Bunker derivates 0 6 250 6 250 Total 39 160 0 3 694 0 42 854 Financial instruments included in other current receivables Currency forward contracts \u2013 recognised hedge objects 3 939 78 640 15 870 98 449 Currency forward contracts \u2013 non-recognised hedge objects * 18 604 333 0 18 937 Bunker derivates 0 9 214 9 214 Total 22 543 78 973 25 083 0 126 599 Financial instruments included in other short-term liabilities Currency forward contracts \u2013 recognised hedge objects -5 812 6 219 -407 0 Total -5 812 0 6 219 -407 0 Net value before tax 55 892 78 973 34 996 -407 169 454 Changes in balance sheet values, net after tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Net value before tax 55 892 78 973 34 996 -407 169 454 Deferred tax asset (-) / liability (+), \ufb01nancial instruments -12 703 -17 374 -6 788 61 -36 803 Net value after tax 43 189 61 599 28 209 -346 132 650 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) 28 209 -346 27 863 *) Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on hedged risk in the hedged period is recognised through pro\ufb01t or loss. The change in fair value on the hedging instrument will have its oposite equal value as a short term receivable or as other short term debt, depending on positive or negative value on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on positive or negative value in the instrument.
Changes through OCI after tax, per type of instrument 2023 2022 Changes interest rate swap agreements -1 994 23 880 Changes currency forward contracts 18 141 -4 940 Changes bunker derivatives 12 062 -1 167 Changes Fish Pool contracts 0 -1 649 Total (ref. Statement of comprehensive\u00a0income) 28 209 16 124
Change in fair value on \ufb01nancial intruments included in receivables, debt,\u00a0pro\ufb01t and loss and OCI The table below presents the accounting of \ufb01nancial instruments included in receivables and debt. The \ufb01nancial instruments are recognised at fair value. Depending on type of hedge, the change in fair value is\u00a0booked either through PL or OCI. Each type of \ufb01nancial instruments is further explained below the table. Changes in balance sheet values before tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Financial instruments included in non-current receivables Interest rate swap agreements 39 160 -2 556 36 604 Bunker derivates 0 6 250 6 250 Total 39 160 0 3 694 0 42 854 Financial instruments included in other current receivables Currency forward contracts \u2013 recognised hedge objects 3 939 78 640 15 870 98 449 Currency forward contracts \u2013 non-recognised hedge objects * 18 604 333 0 18 937 Bunker derivates 0 9 214 9 214 Total 22 543 78 973 25 083 0 126 599 Financial instruments included in other short-term liabilities Currency forward contracts \u2013 recognised hedge objects -5 812 6 219 -407 0 Total -5 812 0 6 219 -407 0 Net value before tax 55 892 78 973 34 996 -407 169 454 Changes in balance sheet values, net after tax Fair value as of 01.01.2023 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2023 Net value before tax 55 892 78 973 34 996 -407 169 454 Deferred tax asset (-) / liability (+), \ufb01nancial instruments -12 703 -17 374 -6 788 61 -36 803 Net value after tax 43 189 61 599 28 209 -346 132 650 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) 28 209 -346 27 863 *) Non-recognised hedge objects consist of binding sales contracts that are hedged (value hedges). Change in fair value on hedged risk in the hedged period is recognised through pro\ufb01t or loss. The change in fair value on the hedging instrument will have its oposite equal value as a short term receivable or as other short term debt, depending on positive or negative value on the instrument. Information on this will be included in either the note on receivables or other short-term debt, depending on positive or negative value in the instrument.
Changes through OCI after tax, per type of instrument 2023 2022 Changes interest rate swap agreements -1 994 23 880 Changes currency forward contracts 18 141 -4 940 Changes bunker derivatives 12 062 -1 167 Changes Fish Pool contracts 0 -1 649 Total (ref. Statement of comprehensive\u00a0income) 28 209 16 124
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"value": "Bond loans The Group established 3 new bond loans, each amounting to NOK 500 million, in the bond market the 26th of April 2023, and has total 6 bond loans as of 31.12.2023. The bonds are so called green bonds. This implies that the group have established a green \ufb01nancing framework which covers how the proceeds from the bond loans can be used. The framework is published on the Group`s homepage on internet. At year end the Group has qualifying green investments that are signi\ufb01cantly higher than the proceeds from the loan. Thus, the Group has already ful\ufb01lled it`s obligations concerning type of investments. All three bond loans have no installments during the duration of the loan. The loans have a duration of 5, 6, 7 and 10 years. The loans with duration of 5 and 6 years have \ufb02oating interest rate, with 4 termins each year. The loans with a duration of 7 and 10 years, have a \ufb01xed interest rate, with one annual termin. The bond loans are measured at amortized cost. The bond loans are unsecured. Fair value is approxemately the same as net book value as of 31.12. Bond loans as of 31.12.2022 Date of establishment Duration Expiery date Amortizing effect of the period (2022) Value as of 31.12.2022 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1,00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 969 498 031 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1,15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -2 078 497 922 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 297 497 703 Sum 1 225 1 500 000 -6 344 1 493 656 New bond loans in 2023 Date of establishment Duration Expiery date Value of new bond loans in 2023 Nominal value Drawing costs Net book value NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 500 000 -1 625 498 375 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 500 000 -1 625 498 375 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 500 000 -1 625 498 375 Sum 1 500 000 -4 875 1 495 125 Bond loans as of 31.12.2023 Date of establishment Duration Expiery date Amortizing effect of the period (2023) Value as of 31.12.2023 Nominal value Unamortized drawing costs Net book value NO 0011097305, green bond loan, \ufb02oating rate NIBOR 3m+1.00 p.a. 17.09.2021 5 years 17.09.2026 525 500 000 -1 444 498 556 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1.15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 640 498 360 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 262 500 000 -2 035 497 965 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 203 500 000 -1 422 498 578 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 156 500 000 -1 469 498 531 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 121 500 000 -1 504 498 496 Sum 1 705 3 000 000 -9 514 2 990 486 Interests expensed, including amortizing effect 2023 2022 Interests 122 646 43 795 Amortizing effect 1 705 1 225 Total 124 351 45 851
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},
"f20244": {
"value": "Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Net \ufb01nancial items Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Net \ufb01nancial items Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Net \ufb01nancial items Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20247": {
"value": "Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 0 500 000 500 000 500 000 1 500 000 3 000 000 Instalments on loans from credit institutions 489 053 946 954 387 070 458 204 799 549 1 295 975 4 376 805 Instalments on leasing debt to credit institutions 250 343 232 957 208 939 173 119 118 752 182 291 1 166 400 Instalments on other long-term interest-bearing debt 1 220 8 214 13 633 0 0 0 23 067 Total instalments on long-term interest-bearing debt 740 616 1 188 125 1 109 641 1 131 323 1 418 301 2 978 266 8 566 272 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Instalments on other long-term non-interest bearing debt 0 0 0 0 0 Total instalments on long-term non-interest-bearing debt 285 553 231 999 204 062 197 619 168 487 344 579 1 432 298 Interest payment pro\ufb01le long-term debt Interest on bond loans 158 175 158 175 150 800 121 488 79 192 195 221 863 051 Interest on loans from credit institutions * 241 607 197 585 156 362 138 266 105 984 140 861 980 665 Interest on leasing debt to credit institutions 57 268 43 977 31 825 21 318 13 292 15 492 183 172 Interest on lease liabilities to others than credit institutions 70 924 56 691 44 699 33 653 23 585 75 047 304 599 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 527 974 456 428 383 686 314 725 222 053 426 621 2 331 487 *) The impact from interest swap contracts is included in the amounts. Payment pro\ufb01le \ufb01nancial liabilities 2024 2025 2026 2027 2028 Later Total Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 951 951 951 951 Other short term credits and loans (interest bearing debt) 23 841 23 841 Accrued interests 76 493 76 493 Trade payables 2 556 729 2 556 729 Other short-term liabilities, excl. tax payable and public duties payable 870 396 870 396 Total 4 479 410 0 0 0 0 0 4 479 410 Grand total 6 033 553 1 876 553 1 697 389 1 643 667 1 808 841 3 749 465 16 809 467 The Group\u2019s \ufb01nancial liabilities are classi\ufb01ed according to payment pro\ufb01le. Classi\ufb01cation is based on contractually agreed date of maturity. The \ufb01nancial liability from the interest rate swap de\ufb01ned as cash \ufb02ow hedge is included in the estimated interest costs on the hedged item.
Liquidity reserve as of 31.12 2023 2022 Bank deposits 4 323 109 3 304 878 Unutilized drawing facilities 3 911 818 2 875 225 Total 8 234 927 6 180 103 Payment pro\ufb01le interest-bearing debt 2023 2024 2025 2026 2027 2028 Later Interest-bearing debt 01.01 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 Instalments on long term interest bearing debt -740 616 -1 188 125 -1 109 641 -1 131 323 -1 418 301 -2 968 754 Instalments on short term interest bearing debt -975 792 Interest-bearing debt 31.12 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2023 2024 2025 2026 2027 2028 Later 500.0 MNOK, 17.09.2021 \u2013 17.09.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2030 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 500.0 MNOK, 26.04.2023 \u2013 26.04.2031 (bond loan) 500 000 500 000 500 000 500 000 500 000 500 000 500 000 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 304 688 285 938 267 188 248 438 0 0 0 Secured interest-bearing debt 2 109 375 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 Unsecured interest-bearing debt 7 423 177 5 744 270 4 593 644 3 521 503 2 887 055 1 468 754 2 472 668 Total interest-bearing debt 9 532 552 7 816 145 6 628 019 5 518 378 4 387 055 2 968 754 3 972 668 Portion exposed to interest rate changes 78% 73% 69% 64% 66% 49% 62% The exposure of the Group\u2019s borrowings to interest rate changes and the contractual repricing dates 2023 2022 6 months or less 0 0 6\u201312 months 0 0 1\u20135 years 609 375 646 875 Over 5 years 1 500 000 497 965 Total secured interest-bearing debt 2 109 375 1 144 840 Total unsecured interest-bearing debt 7 423 177 6 506 120 A change in interest rate of 1% will increase the interest cost in 2024 with approxemately: 65 937 65 061
Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20636": {
"value": "Loans secured by mortgages and mortgaged assets Loans secured by mortgages consists of 2023 2022 Long-term loans from credit institutions, etc. 4 376 805 3 836 664 Other long-term interest-bearing debt 641 2 145 Short-term debt to credit institutions (overdrafts) 951 951 1 064 097 Other short term interest bearing loans and credits 23 841 40 683 Total liabilities secured by mortgages as of 31.12 5 353 238 4 943 589 Mortgaged assets 2023 2022 Trade and other receivables 949 415 1 053 974 Shares in associates (Norskott Havbruk AS) 1 076 096 1 152 856 Biological assets and other goods 9 414 325 7 342 775 Fixed assets 5 832 988 7 014 511 Licences * 1 131 314 1 135 949 Net book value on mortgaged assets as of 31.12 18 404 138 17 700 065
*) Mortgaged licences concern licences owned by Ler\u00f8y Midt AS and Ler\u00f8y Vest AS",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20680": {
"value": "Guaranties on behalf of third party liabilities Guraranties as of 31.12 2023 2022 Guraranties on behalf of associated companies 0 7 660 Guraranties on behalf of other third parties 2 671 4 000 Total 2 671 11 660 As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f20681": {
"value": "Guaranties on behalf of third party liabilities Guraranties as of 31.12 2023 2022 Guraranties on behalf of associated companies 0 7 660 Guraranties on behalf of other third parties 2 671 4 000 Total 2 671 11 660 As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party liabilities.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21415": {
"value": "Note 18 Other short-term debt (All \ufb01gures in NOK 1 000) Other short-term debt 2023 2022 Revenues to be recognised in next accounting period 17 897 14 799 Fair value of \ufb01nancial instruments, with due date within a year 0 5 812 Change in value on hedged risk related to binding agreements 18 937 18 604 Onerous contracts (related to fair value adjustment of biological assets) 55 969 13 600 Accrued wages and holiday pay 447 645 418 560 Accrued interest costs 76 493 28 443 Accrued customer bonus 104 200 62 452 Accrued other expenses 217 436 310 257 Provisions for contingencies 0 21 955 Other short term debt (prepayments from customer etc) 8 311 148 Total 946 889 894 629 Accrued other expenses includes freight, claims, treatment expenses on \ufb01sh in sea, clean up costs for closed sites, bonuses and various other operational and inventory related costs. Accrued freight on products sold is the the largest single item.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f21416": {
"value": "Note 18 Other short-term debt (All \ufb01gures in NOK 1 000) Other short-term debt 2023 2022 Revenues to be recognised in next accounting period 17 897 14 799 Fair value of \ufb01nancial instruments, with due date within a year 0 5 812 Change in value on hedged risk related to binding agreements 18 937 18 604 Onerous contracts (related to fair value adjustment of biological assets) 55 969 13 600 Accrued wages and holiday pay 447 645 418 560 Accrued interest costs 76 493 28 443 Accrued customer bonus 104 200 62 452 Accrued other expenses 217 436 310 257 Provisions for contingencies 0 21 955 Other short term debt (prepayments from customer etc) 8 311 148 Total 946 889 894 629 Accrued other expenses includes freight, claims, treatment expenses on \ufb01sh in sea, clean up costs for closed sites, bonuses and various other operational and inventory related costs. Accrued freight on products sold is the the largest single item.
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"f21460": {
"value": "Note 19 Earnings per shareAll \ufb01gures in NOK 1 000, with exception of earnings per shareEarnings per share 2023 2022 This year's earnings to LSG shareholders (NOK 1 000) 272 501 2 906 781 Number of issued shares as of 31.12 (in 1 000) 595 774 595 774 Number of treasury shares as of 31.12 (in 1 000) -298 -298 Number of outstanding shares as of 31.12 (in 1 000) 595 476 595 476 Average number of outstanding shares (in 1 000) 595 476 595 476 Average number of outstanding shares with dilution (in 1 000) 595 476 595 476 Earnings per share 0.46 4.88 Diluted earnings per share 0.46 4.88 Earnings per share since the date of listing
After fair value adjustment Before fair value adjustment * Share of pro\ufb01t for the year to LSG shareholders Earnings per\u00a0share Recommended dividend relative to pro\ufb01t Share of pro\ufb01t for the year to LSG shareholders * Earnings per\u00a0share * Recommended dividend relative to pro\ufb01t * 2023 272 501 0.46 547% 113 231 0.19 1315% 2022 2 906 781 4.88 51% 2 139 193 3.59 70% 2021 2 632 371 4.42 57% 1 834 661 3.08 81% 2020 794 335 1.33 150% 1 467 617 2.46 81% 2019 1 857 172 3.12 48% 2 073 426 3.48 43% 2018 3 437 042 5.77 35% 2 918 324 4.90 41% 2017 1 749 494 2.94 51% 2 919 657 4.90 31% 2016 3 224 143 5.65 24% 2 192 909 3.84 35% 2015 1 179 718 2.16 56% 1 057 767 1.94 62% 2014 1 055 916 1.93 62% 1 312 258 2.40 50% 2013 1 733 352 3.18 31% 1 152 700 2.11 47% 2012 480 797 0.88 79% 278 958 0.51 137% 2011 382 705 0.70 100% 825 625 1.51 46% 2010 1 419 507 2.62 38% 1 193 765 2.21 46% 2009 729 488 1.36 51% 685 940 1.28 55% 2008 124 730 0.23 120% 151 416 0.28 99% 2007 277 014 0.57 35% 279 611 0.58 34% 2006 651 516 1.59 33% 575 141 1.40 37% 2005 319 312 0.87 22% 248 443 0.67 29% 2004 83 402 0.24 36% 82 216 0.24 37% 2003 30 518 0.12 68% 30 518 0.12 68% 2002 25 650 0.11 69% 25 650 0.11 69% Total 25 367 464 45.13 53% 23 559 025 41.82 58% *) The amounts are adjusted with the LSG`s shareholders (controlling interests) share of fair value adjustment related to biological assets. The adjustment is after tax. Included in the adjustment is also the Groups\u2019 share of such adjustments from associates (after tax). Earnings per share before fair value adjustment is an Alternative Performance Measure. For calculation see note on APM`s.
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"f22119": {
"value": "Shares owned by members of the Board and their related parties Chairman of the Board Arne M\u00f8gster and Board members Britt Kathrine Drivenes and Karoline M\u00f8gster have indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA. Arne M\u00f8gster and Karoline M\u00f8gster own their shares through the ultimate parent company Laco\u00a0AS. Board member (employees\u2019 representative) Hans Petter Vestre owns 1\u00a0200 shares in Ler\u00f8y Seafood Group ASA at year end, which is the same number as the previous year. Shares owned by the Executive Management and their related parties Name Position 2023 2022 Henning Beltestad CEO 64 200 64 200 Sjur Malm CFO 15 000 15 000 Ivar Wulff COO VAPSD 12 000 12 000 Bjarne Reinert COO Farming 2 800 2 800 Siren Gr\u00f8nhaug CHRO 1 200 1 200 Total 95 200 95 200 The Chief Operating Of\ufb01cer for VAPSD has also indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA, where he owns 552 shares.
Remuneration of senior executives in 2022 Salary Bonus Pension Other Total CEO 3 519 4 600 186 9 8 314 CFO 2 764 2 054 186 9 5 013 COO Farming 2 096 1 120 186 9 3 411 COO VAPSD 2 135 1 120 186 9 3 450 CHRO 1 927 1 120 187 9 3 243 Remuneration of senior executives in 2023 Salary Bonus Pension Other Total CEO 3 599 3 100 170 33 6 902 CFO 2 890 2 200 169 30 5 289 COO Farming 2 279 1 200 169 26 3 674 COO VAPSD 2 226 1 200 169 25 3 620 CHRO 2 011 1 200 172 24 3 407
Remuneration of board members totalled NOK 2\u00a0175 in 2023 (equally distributed). The remuneration in 2022 was NOK 1\u00a0900. The number of Board members has been increased from 6 to 7 persons during 2023. Remuneration of the nomination committee is unchanged compared to the previous year, and amounts to NOK 135 in 2023. As for the members of the Board, the remuneration per member is equally distributed. Remuneration of the audit committee is unchanged compared to the previous year, and amounts to NOK 200 in 2023. The remuneration is distributed with NOK 120 for the leader of the committee, and NOK 80 for the member. A description of the main principles for the company`s salary policy is included in the Board of Directors\u2019 statement regarding salary and other remuneration of executive personnel.
Mandates granted to the Board of Directors Mandates are granted to the Board of Directors in accordance with the Public Limited Companies Act (Norway), cf. in particular chapters 8, 9 and 10 of the Act. The \ufb01rst time the Board was authorised to acquire the company\u2019s own shares was at the ordinary general meeting on 12 May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 23 May 2023. The mandate remains valid for 18 months from the date on which the resolution was adopted. The Board has authority to acquire up to 50 million shares, each with a face value of NOK 0.1. The lowest price to be paid is NOK 1 per share, and the highest price per share is NOK 100. The mandate has not been exercised in 2023. Renewal of the mandate will be recommended to the general meeting on 28 May 2024. The Board has authority to increase the share capital by up to NOK 5\u00a0000\u00a0000 by issuing up to 50\u00a0000\u00a0000 shares in Ler\u00f8y Seafood Group ASA, each with a nominal value of NOK 0.1, through one or more private placings with external investors, employees and some of the company\u2019s shareholders. This type of mandate was \ufb01rst established by the ordinary general meeting of 4 May 1999 and subsequently renewed by the ordinary general meeting on 23 May 2023, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2023. It\u00a0will be recommended that an equivalent mandate be approved by the ordinary general meeting on 28 May 2024. The Board\u2019s powers to distribute shares has a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This is mainly for operational reasons, but also in order to clearly show that the company is growth oriented and that shares are regarded as an important means of payment. This practice is established to ensure an optimum strategic business development for the company. However the Board has established the practice of having the mandates renewed at each ordinary general meeting. Loans to employees No loans have been granted to the CEO, Chairman of the Board or other related parties. No single loan or guarantee to employees has been granted for more than 5% of the company\u2019s equity.
Note 25 Related parties (All \ufb01gures in NOK 1 000) Transactions and balances with parent company and its related\u00a0parties Laco AS is the ultimate parent company. Ler\u00f8y Seafood Group ASA is a subsidiary of Austevoll Seafood ASA, which in turn is a subsidiary of Laco AS. Transactions and intercompany accounts with other Group companies in the Laco AS corporation, not covered by Ler\u00f8y Seafood Group ASA, are classi\ufb01ed as transactions and intercompany accounts with related parties. The same applies to associates and joint ventures of the above. Transactions and balances with associated companies and joint\u00a0ventures Associates and joint ventures owned by Ler\u00f8y Seafood Group, and non-controlling interests in subsidiaries, are also classi\ufb01ed as\u00a0related parties. Transaction and balances with others In addition, any companies owned by employees, in particular senior executives, are classi\ufb01ed as related parties. No transactions of signi\ufb01cance between such companies have been identi\ufb01ed. 2022 Ownership Sales Purchases Receivables Liabilities Transactions with parent company and its related parties: Laco AS \u201cUltimate parent\u201d 0 3 338 0 4 173 Fitjar Mekaniske Verksted AS Laco AS (100%) 75 16 157 0 1 640 Pelagia AS Austevoll Seafood ASA (50%) 46 182 28 475 3 798 2 871 Austevoll Seafood ASA Laco AS (55.55%) 0 50 0 0 Austevoll Laksepakkeri AS Austevoll Seafood ASA (100%) 2 417 174 873 297 27 798 Br\u00f8drene Birkeland Farming AS Austevoll Seafood ASA (51.9%) 459 0 0 0 Kobbevik og Furuholmen Oppdrett AS Br\u00f8drene Birkeland Farming AS (100%) 0 77 0 0 Hordalaks Holding AS group Kobbevik og Furuholmen Oppdrett AS 0 5 742 0 0 Transactions with the Group's own associates and non-controlling interests (NCI) in subsidiaries: Norskott Havbruk AS Ler\u00f8y Seafood Group ASA (50%) 300 0 0 0 Scottish Seafarms Norskott Havbruk AS (100%) 0 168 315 0 14 067 Seistar Holding AS group Ler\u00f8y Seafood Group ASA (50%) 123 269 725 4 1 934 Sporbarhet AS Ler\u00f8y Seafood Group ASA (27.2%) 0 6 215 0 0 Ocean Forest AS Ler\u00f8y Seafood Group ASA (50%) 0 3 166 0 2 380 The Seafood Innovation Cluster Ler\u00f8y Seafood Group ASA (20%) 0 1 656 0 572 Finnmark Kyst\ufb01ske AS Hav\ufb01sk AS (49%) 0 0 8 500 0 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS (33.5%) 0 824 0 48 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS (28.2%) 0 11 0 0 Itub AS Ler\u00f8y Norway Seafoods AS (22.3%) 0 5 919 0 185 Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS (34%) 0 0 507 0 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS (33%) 0 0 1 011 0 Romsdal Processing AS Ler\u00f8y Aurora AS (44.4%) 0 88 346 0 14 626 Kirkenes Processing AS Ler\u00f8y Aurora AS (50%) 0 8 001 7 436 -139 Norway Salmon AS Ler\u00f8y Midt AS (50%) 0 0 2 000 0 V\u00e5gen Fiskeriselskap AS Sirevaag AS (46.5%) 0 0 5 800 0 Total transactions and intercompany accounts with all identi\ufb01ed related parties 49 556 780 890 29 353 70 155
2023 Ownership Sales Purchases Receivables Liabilities Transactions with parent company and its related parties: Laco AS \u201cUltimate parent\u201d 0 25 000 0 0 Fitjar Mekaniske Verksted AS Laco AS (100%) 66 21 280 23 2 270 Pelagia AS Austevoll Seafood ASA (50%) 106 380 31 383 8 275 2 117 Austevoll Seafood ASA Laco AS (55.55%) 0 20 078 0 0 Br\u00f8drene Birkeland Farming AS Austevoll Seafood ASA (51.9%) 295 0 0 0 Kobbevik og Furuholmen Oppdrett AS Br\u00f8drene Birkeland Farming AS (100%) 36 035 103 257 79 129 020 Hordalaks Holding AS group Kobbevik og Furuholmen Oppdrett AS 0 34 244 0 4 371 Transactions with the Group's own associates and non-controlling interests (NCI) in subsidiaries: Norskott Havbruk AS Ler\u00f8y Seafood Group ASA (50%) 54 0 17 0 Scottish Seafarms Norskott Havbruk AS (100%) 0 115 104 0 11 036 Seistar Holding AS group Ler\u00f8y Seafood Group ASA (50%) 95 309 050 4 989 Sporbarhet AS Ler\u00f8y Seafood Group ASA (27.2%) 0 5 004 0 0 Ocean Forest AS Ler\u00f8y Seafood Group ASA (50%) 129 6 500 4 743 2 365 The Seafood Innovation Cluster Ler\u00f8y Seafood Group ASA (20%) 0 1 446 0 16 Finnmark Kyst\ufb01ske AS Hav\ufb01sk AS (49%) 0 0 8 500 0 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS (50%) 0 0 3 000 0 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS (33.5%) 0 916 0 3 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS (28.2%) 0 77 0 0 Itub AS Ler\u00f8y Norway Seafoods AS (22.3%) 0 5 007 0 104 Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS (34%) 0 0 509 0 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS (33%) 0 0 532 0 Romsdal Processing AS Ler\u00f8y Aurora AS (44.4%) 0 95 226 0 9 704 Kirkenes Processing AS Ler\u00f8y Aurora AS (50%) 0 40 856 8 001 383 Norway Salmon AS Ler\u00f8y Midt AS (50%) 0 0 2 000 0 V\u00e5gen Fiskeriselskap AS Sirevaag AS (46.5%) 0 0 1 0 Total transactions and intercompany accounts with all identi\ufb01ed related parties 143 054 814 429 35 684 162 379 NCI means \u201dnon controlling interests\u201d Dividend received from associated companies is speci\ufb01ed in the note on associated companies. Ler\u00f8y Seafood Group (Ler\u00f8y Vest AS) leases wellboats from Seistar Holding. The leases are recognised in the accounts according to IFRS 16, where leases with a lease period more than one year, is capitalised. The net book value of the right-to-use assets as of 31 December 2023 (2022) is NOK 198.8 million (NOK 242.5 million). The net book value on the lease liability is NOK 215.4 million (NOK 257.7 million). These amounts are not included in the table above. Repayment and interests on capitalized leases with Seistar Holding amounted to NOK 191.3 million (NOK 180.8 million), and are incuded in the table above as purchases.
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"f22120": {
"value": "Shares owned by members of the Board and their related parties Chairman of the Board Arne M\u00f8gster and Board members Britt Kathrine Drivenes and Karoline M\u00f8gster have indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA. Arne M\u00f8gster and Karoline M\u00f8gster own their shares through the ultimate parent company Laco\u00a0AS. Board member (employees\u2019 representative) Hans Petter Vestre owns 1\u00a0200 shares in Ler\u00f8y Seafood Group ASA at year end, which is the same number as the previous year. Shares owned by the Executive Management and their related parties Name Position 2023 2022 Henning Beltestad CEO 64 200 64 200 Sjur Malm CFO 15 000 15 000 Ivar Wulff COO VAPSD 12 000 12 000 Bjarne Reinert COO Farming 2 800 2 800 Siren Gr\u00f8nhaug CHRO 1 200 1 200 Total 95 200 95 200 The Chief Operating Of\ufb01cer for VAPSD has also indirect ownership in Ler\u00f8y Seafood Group ASA through the parent company Austevoll Seafood ASA, where he owns 552 shares.
Remuneration of senior executives in 2022 Salary Bonus Pension Other Total CEO 3 519 4 600 186 9 8 314 CFO 2 764 2 054 186 9 5 013 COO Farming 2 096 1 120 186 9 3 411 COO VAPSD 2 135 1 120 186 9 3 450 CHRO 1 927 1 120 187 9 3 243 Remuneration of senior executives in 2023 Salary Bonus Pension Other Total CEO 3 599 3 100 170 33 6 902 CFO 2 890 2 200 169 30 5 289 COO Farming 2 279 1 200 169 26 3 674 COO VAPSD 2 226 1 200 169 25 3 620 CHRO 2 011 1 200 172 24 3 407
Remuneration of board members totalled NOK 2\u00a0175 in 2023 (equally distributed). The remuneration in 2022 was NOK 1\u00a0900. The number of Board members has been increased from 6 to 7 persons during 2023. Remuneration of the nomination committee is unchanged compared to the previous year, and amounts to NOK 135 in 2023. As for the members of the Board, the remuneration per member is equally distributed. Remuneration of the audit committee is unchanged compared to the previous year, and amounts to NOK 200 in 2023. The remuneration is distributed with NOK 120 for the leader of the committee, and NOK 80 for the member. A description of the main principles for the company`s salary policy is included in the Board of Directors\u2019 statement regarding salary and other remuneration of executive personnel.
Mandates granted to the Board of Directors Mandates are granted to the Board of Directors in accordance with the Public Limited Companies Act (Norway), cf. in particular chapters 8, 9 and 10 of the Act. The \ufb01rst time the Board was authorised to acquire the company\u2019s own shares was at the ordinary general meeting on 12 May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 23 May 2023. The mandate remains valid for 18 months from the date on which the resolution was adopted. The Board has authority to acquire up to 50 million shares, each with a face value of NOK 0.1. The lowest price to be paid is NOK 1 per share, and the highest price per share is NOK 100. The mandate has not been exercised in 2023. Renewal of the mandate will be recommended to the general meeting on 28 May 2024. The Board has authority to increase the share capital by up to NOK 5\u00a0000\u00a0000 by issuing up to 50\u00a0000\u00a0000 shares in Ler\u00f8y Seafood Group ASA, each with a nominal value of NOK 0.1, through one or more private placings with external investors, employees and some of the company\u2019s shareholders. This type of mandate was \ufb01rst established by the ordinary general meeting of 4 May 1999 and subsequently renewed by the ordinary general meeting on 23 May 2023, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2023. It\u00a0will be recommended that an equivalent mandate be approved by the ordinary general meeting on 28 May 2024. The Board\u2019s powers to distribute shares has a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This is mainly for operational reasons, but also in order to clearly show that the company is growth oriented and that shares are regarded as an important means of payment. This practice is established to ensure an optimum strategic business development for the company. However the Board has established the practice of having the mandates renewed at each ordinary general meeting. Loans to employees No loans have been granted to the CEO, Chairman of the Board or other related parties. No single loan or guarantee to employees has been granted for more than 5% of the company\u2019s equity.
Employees, including hired personnel 2023 2022 Number of full-time equivalents 5 203 5 092 Number of employees 31.12 6 013 5 972 Number of men employed 31.12 3 680 3 641 Number of women employed 31.12 2 333 2 331 Percentage of women employed 31.12 38.8% 39.0% Number of hired personnel as of 31.12 671 853
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"f22355": {
"value": "Auditor The Group auditor is PricewaterhouseCoopers AS. Fees invoiced from the Group auditor also include the law \ufb01rm PricewaterhouseCoopers AS and other PricewaterhouseCoopers companies abroad. The auditing fee for the Group\u2019s auditor speci\ufb01ed below is the agreed fee for the audit of the present year. Other fees concern services received during 2023, and have been as follows: Fees to auditor 2023 2022 Auditing fees Group auditor 16 437 9 256 Auditing fees other auditors 2 337 1 924 Other certi\ufb01cation services Group auditor 3 079 1 341 Other certi\ufb01cation services other auditors 0 165 Technical services related to tax \ufb01ling Group auditor 1 316 1 175 Technical services related to tax \ufb01ling other auditors 396 20 Other services Group auditor 12 634 6 001 Other services other auditors 725 1 238 Total 36 925 21 120 Other services paid to group auditor for other services in 2023 consists of, among others, ESG related audits, various legal and tecnical advice, HR related services, assistance related to establishment of framework for ESG reporting, and other.
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"f22418": {
"value": "Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Net \ufb01nancial items Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
Note 23 Items that are combined in the \ufb01nancial statements (All \ufb01gures in NOK 1 000)
Net \ufb01nancial items Financial revenue 2023 2022 Interest revenue 129 774 35 812 Currency gain 1 0 16 803 Income from other investments 405 358 Fair value adustment on \ufb01nancial intruments (+/-) 728 0 Other \ufb01nancial revenue 4 726 2 665 Total \ufb01nancial revenue 135 634 55 638 Financial costs 2023 2022 Interest costs (speci\ufb01ed below) 552 650 321 627 Currency loss 6 691 0 Impairment of long-term \ufb01nancial assets 35 846 0 Other \ufb01nancial costs 24 403 15 780 Total \ufb01nancial costs 619 589 337 407 Net \ufb01nancial items -483 956 -281 769 Interest costs consist of 2023 2022 Interests on bond loans 122 646 45 851 Interest on long term loans from credit institutions 251 572 140 936 Interest on interest swap agreements -15 966 -1 407 Interest on lease liabilities to credit institutions 54 551 39 445 Interest on lease liabilities to others 62 405 67 000 Other interest cost 77 441 29 802 Total 552 650 321 627 1) Currency gains and losses related to purchases and sales are presented as a part of the accounting line for
cost of materials. Net currency gain in 2023 is NOK 57.4 million. In 2022, net gain was NOK 58.0 million.
Note 24 Currency translation differences (All \ufb01gures in NOK 1 000) Assets and liabilities in foreign enterprises are converted to Norwegian krone according to the exchange rate on balance sheet date. Revenues and expenses from foreign enterprises are converted to Norwegian krone according to the average exchange rate. Translation differences are charged to comprehensive income. In the event of a disposal of a foreign enterprise, the relevant accumulated translation differences allocated to the parent company\u2019s owners are reversed over the income statement. The disposal of a foreign enterprise may take the form either of a whole or partial sale of a subsidiary, joint venture or associate. When selling shares in a subsidiary without losing control, the relative share of the translation difference is transferred to non-controlling interests in the equity statement. For other sale of shares without the loss of joint control or signi\ufb01cant in\ufb02uence, the relative share of the accumulated translation difference is reversed over pro\ufb01t or loss. LSG shareholders Non-controlling interests Total Accumulated currency translation differences as of 01.01.2022 79 818 423 80 241 Translation differences related to subsidiaries 61 228 1 683 62 911 Translation differences from associates 1 918 0 1 918 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 110 0 110 Accumulated currency translation differences as of 31.12.2022 143 074 2 106 145 179 Accumulated currency translation differences as of 01.01.2023 143 074 2 106 145 179 Translation differences related to subsidiaries 75 833 2 372 78 205 Translation differences from associates 95 386 0 95 386 Conversion differences that are reclassi\ufb01ed to pro\ufb01t and loss in the period 1 0 1 Accumulated currency translation differences as of 31.12.2023 314 294 4 478 318 772
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"value": "Note 26 Events after balance sheet\u00a0date On 25 January 2024, the Commission announced that it had sent a Statement of Objections (\u201dSO\u201d) to several exporters of Norwegian salmon, including to Ler\u00f8y Seafood Group. The SO sets out the Commission\u2019s preliminary assessment that the exporters, in some instances, may have exchanged commercially sensitive information in relation to spot market sale of whole Norwegian farmed salmon to the EU in the period 2011-2019. Ler\u00f8y Seafood Group strongly rejects the Commission\u2019s allegations. The SO is not a \ufb01nal decision and has been issued in accordance with the Commission\u2019s ordinary procedures for such an investigation. In February 2024 a group of British supermarkets issued claims for damages in the UK against several Norwegian-owned aquaculture companies, including companies in the Ler\u00f8y Seafood Group. The Group strongly rejects the claimants\u2019 allegations and considers such claims from customers to be baseless. Please refer to note 27 for further information .
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"f23017": {
"value": "Note 27 Investigation by the competition authorities The European Commission (the \u201dCommission\u201d) initiated, on 19 February 2019, an investigation relating to suspicions of anti- competitive cooperation in the market for farmed Norwegian Atlantic salmon. On 25 January 2024, the Commission announced that it had sent a Statement of Objections (\u201dSO\u201d) to several exporters of Norwegian salmon. The SO sets out the Commission\u2019s preliminary assessment that the exporters, in some instances, may have exchanged commercially sensitive information in relation to spot market sale of whole Norwegian farmed salmon to the EU in the period 2011-2019. Ler\u00f8y Seafood Group is one of the companies that has received the SO. Ler\u00f8y Seafood Group strongly rejects the Commission\u2019s allegations. The SO is not a \ufb01nal decision and has been issued in accordance with the Commission\u2019s ordinary procedures for such an investigation. The SO includes the Commission\u2019s preliminary assessments only. The company has a right of response, and will after carefully reviewing the SO provide its comments to the Commission. The company has cooperated with the Commission throughout the Commission\u2019s investigation, and will continue to work constructively with the Commission. It is standard practice that these investigations last several years. It is not possible at this stage to make any statement on whether the case will result in sanctions or other negative consequences for the group, or when the case will end. In February 2024 a group of British supermarkets issued claims for damages in the UK against several Norwegian-owned aquaculture companies, including companies in the Ler\u00f8y Seafood Group. The Group strongly rejects the claimants\u2019 allegations and considers such claims from customers to be baseless. In Europe, this type of claims are \ufb01rst and foremost relevant if the Commission adopts a decision in its ongoing investigation and the decision is upheld. The Group understands that the claims have been issued at this stage in an attempt to interrupt potential limitation of claims under certain laws. Note 28 Climate risk Our planet will soon be home to eight billion people, and they need food every day. Not all food can be harvested from nature\u2019s own resources. Most food products today require some form of industrial production. Food production, as all other forms of industrial production, results in greenhouse gas emissions. In our efforts to reduce the risk of global warming bringing temperatures in excess of that which our planet can tolerate, it is essential to keep our carbon footprint to an absolute minimum. This is a shared responsibility, and every person and company must evaluate possible measures they can take, then adapt their behaviour accordingly \u2013 if we are to achieve our goal of reducing rising temperatures to a minimum. These measures may be voluntary or mandatory. The authorities have a certain extent of control over the speed of the change-over to a low-emissions society and do so by implementing regulations. However, what measures can be implemented and when, is to be determined by available technology and economy. To prevent economic factors from obstructing developments, the authorities have introduced a number of regulatory measures, including fees. The scope of these regulatory measures and fees related to greenhouse gas emissions is expected to increase in the future. The transition to a low-carbon economy will come at a cost. The development of and investments in low-emissions technology will require signi\ufb01cant capital. At the same time, failing to adapt will also come at a cost and could, in the long term, make it impossible to continue operations. A company\u2019s ability to adapt in this context will become its \u201clicence to operate\u201d. Climate risk implies a \ufb01nancial risk in two areas. Firstly, climate risk involves uncertainties surrounding physical climate change (physical risk) caused by global warming. Secondly, climate risk involves the transition to a low-carbon economy, to be achieved via measures and technological developments (transition risk). The company will be affected by both of the above. The consequences of global warming and mandatory measures to limit climate change will represent a cost for the company. Not only will there be a major focus on how the Group\u2019s operations affect the climate, but it is also essential that the Group understands how climate change may affect the Group\u2019s operations, including the \ufb01nancial impact on the Group\u2019s income, costs and investments. Having a strategy adapted to identi\ufb01ed climate risks will help us reduce these costs. At the same time, the transition to a low-carbon economy could bring new opportunities for earnings. The Group has therefore invested signi\ufb01cant efforts in this area in recent years. The Group has established ef\ufb01cient processes for the identi\ufb01cation, management, and monitoring of climate risk. This process has been fully adopted by both the Board of Directors and the management. The Group\u2019s goal is to be the world\u2019s most ef\ufb01cient value chain for sustainable seafood. The Board of Directors has therefore committed to this process by de\ufb01ning ambitious environmental goals, which are also incorporated into the company\u2019s strategy. The Group has committed to reduce its greenhouse gas emissions with 46% by 2030, having 2019 as a base year for the reduction. The Group also aims to achieve climate neutrality by 2050. This requires making sound decisions with a view to the environment in daily operations and investment decisions. The Group has introduced several projects involving internal communication and training activities to ensure that all employees are aware of how individual and collective choices in the Group\u2019s daily operations can help reducing greenhouse gas emissions. Suppliers are also required to contribute to reduction of their greenhouse gas emissions, if they want to continue being suppliers to the Group. This process will naturally take some time as the Group has numerous suppliers. It will require charting and changes in agreements before any quanti\ufb01able results are achieved. The Group has already agreed on commitments with many suppliers regarding reductions in emissions. When selecting new suppliers, environmental factors are a critical parameter in agreements. The Group\u2019s impact on the environment and climate is continuously monitored and periodically reported, both internally and externally. For more detailed information and \ufb01gures showing the Group\u2019s impact on the environment and climate, please visit to the Group\u2019s Sustainability library at www.leroyseafood.com. The Group\u2019s TCFD report includes a detailed risk analysis. The TCFD report is updated once a year, and new updates are expected to be completed and published simultaneously with Annual Report 2023. The main conclusions are summarised below, in total and per segment. Financial impact of climate change The Group has assessed its climate risk involved regarding its operations, in terms of both physical risk and transition risk. The Group has not incurred any signi\ufb01cant costs in 2023 as a result of the impact of climate change. Neither has the Group identi\ufb01ed climate-related incidents in 2023 or risk indicating the need to re- estimate the service life or residual value of the Group\u2019s assets. For a detailed assessment, please refer to the Group\u2019s TCFD report. Wild Catch and White\ufb01sh The Group\u2019s \ufb01sheries are mainly conducted in Norway\u2019s northernmost waters. Extreme weather is primarily the greatest physical risk for this activity. If the weather is too extreme, the Group\u2019s \ufb01shing vessels may not be able to carry out \ufb01shing activities. If this was to occur during the high season, the vessels might not be able to catch their full quota for certain \ufb01sh species within the quota season. This would have a knock-on effect on the processing industry on shore. Extreme weather would imply that the shore-based industry would not receive delivery of the raw materials required for production of products, in turn negatively affecting earnings throughout the entire value chain. The risk of extreme weather signi\ufb01cantly affecting the Group\u2019s earnings is assessed as low. Changes in temperature are also thought to represent a physical risk. Research supports the claim that an increase in ocean temperatures can bring changes in both migration routes and spawning patterns for different \ufb01sh species, resulting in changes in where we can \ufb01sh for the different species. This could complicate the processes of establishing and distributing quotas between \ufb01shery nations. In the Group\u2019s assessment, the risk of signi\ufb01cantly affected earnings caused by the above is low in the short to medium term. In the long term, this risk could increase and must be monitored carefully. Transition risk has also been identi\ufb01ed for this segment. Transition from fossil energy carriers to renewable energy may cause a fall in
the value of capital stock, in turn affecting the Group economically. This value impairment could occur via increased fees for the use of the trawler \ufb02eet, regulatory requirements on the types of propulsion systems permitted and, to a certain degree, reputation risk associated with the use of fossil fuels. The Group implements measures to reduce greenhouse gas emissions by making use of the best technology available and making contributions to technological developments. The Group participates in DNV\u2019s Green Shipping Programme, where participants have a common goal to develop new environmentally friendly technology. Among other, the following measures are evaluated: use of nitrogen and ammonia, with the potential to reduce greenhouse gas emissions from the largest vessels. There is a high level of uncertainty regarding the use of these types of fuels in relation to the safety of persons on- board and the lack of available capacity for bunkering of these fuel types along the coast. For the time being, we have a wait-and-see approach with regards to our choice of appropriate technologies. We do, however, feel con\ufb01dent that adequate solutions will be available in the near future. In the short and medium term, there are therefore no alternative propulsion systems that can be used for commercial \ufb01sheries in the north. Based on the estimated remaining service life of our \ufb02eet, and the Group\u2019s depreciation plans, the Group has not identi\ufb01ed any indications of impairment related to transition risk of neither licences nor \ufb01xed assets. Consumers are expected to increasingly demand food with a lower carbon footprint in the future. Wild-caught white\ufb01sh has a low carbon footprint. The Group has implemented several measures to further reduce its carbon footprint. These solutions entail an increase in freezer capacity on-board, so that the \ufb02eet can spend more time at sea \ufb01shing, with fewer trips to and from shore. Also, delivery to Norwegian stations help reducing pollution when compared with transporting raw materials to low-cost countries for further processing. Based on these measures, the Group is of the opinion that reputation risk in this segment is low. In the Group\u2019s assessment, the risk of a fall in demand for our products, resulting in value impairment of our stock, is very low. Neither has the Group identi\ufb01ed any climate related risk for trade receivables. Farming: The Group\u2019s farming operations take place along the coast of Norway and are divided into three regions: West, Central and North Norway. For the Farming segment, extreme weather is also seen as the greatest physical risk. Most of the segment\u2019s operations take place offshore, and extreme weather could make work on the facilities dif\ufb01cult and increase the risk of damage to production equipment. The risk of damage could also increase the risk of escapes. Extreme weather could also have an indirect impact on the operations. Around 70% of current raw materials for \ufb01sh feed are vegetable. If temperatures change, the conditions for cultivating these raw materials may change, and this could become critical if alternatives are not found. Scenario analysis also indicates that rising sea temperatures are a long-term risk that requires monitoring. Although the rise in temperatures is slow, it could have negative economic consequences in the long run term. The Group does expect an increase in biological challenges involving lice infestation, disease, algal bloom and possible new foreign species. Measures required to protect the Group against such changes represent an increase in costs. Rising sea temperatures are also expected to result in more extreme weather. The physical risk associated with aquaculture is still seen as low both in the short, medium and long term. Transition risk for this segment is also assessed as low. Raw materials for production of \ufb01sh feed are the largest source of greenhouse gas emissions for this segment. Around 40% of our emissions originate from \ufb01sh feed. The Group collaborates with the \ufb01sh feed suppliers in order to develop new ingredients that can be used as raw materials for feed and reduce reducing greenhouse gas emissions. In recent years the segment has also made considerable investments in green technology, most notably the transition from fossil fuel to electric propulsion for its work and service boats. The same applies to the feed barges, now more and more powered by land-based power. A new land-based power station for well boats has been installed at Ler\u00f8y Midt`s facility at J\u00f8sn\u00f8ya. As a result, the risk of the Group having new climate-related measures imposed with substantial economic signi\ufb01cance is considered as low. Licences, the Group\u2019s largest asset and which do not depreciate, are assessed for impairment every year. This assessment implicitly takes climate risk into account. The value of licences depends on having a certain amount of cash \ufb02ow. Both volume and price are very important parameters in this model. The greatest risk involves prices. A shift in the customer\u2019s willingness to pay, due to for example to loss of reputation, could represent a challenge for values. As with wild catches and white\ufb01sh, the reputation risk related to the climate is low, as aquaculture has a very low carbon footprint per kg produced food when compared with other sources of protein. The same assessment is carried out for \ufb01xed assets and inventories. VAP, Sales & Distribution The VAPS&D segment comprises of processing, sales and distribution. Extreme weather in the form of strong winds, substantial rainfall, \ufb02ooding, drought and \ufb01res could cause damage to both factories and key infrastructure. This could potentially have a major impact directly on the Group\u2019s operations, but also indirectly via our supply chain, as successful logistics is essential in order to maintain normal operations. The Group\u2019s factories are located in areas that, to date, have not been seen as particularly exposed to physical climate risk. There are no indications that this situation has changed. In terms of transport, the Group makes use of external suppliers. As the Group\u2019s main market is the EU, most products are transported by road. The Group therefore has a high degree of \ufb02exibility in terms of any adaptations required as a result of climate-related incidents, such as \ufb02ooding or \ufb01res. Transition risk for this segment is, in total, seen as low. However, transition risk is higher within certain areas for this segment. Our second largest source of greenhouse gas emissions is currently air transport to overseas markets. Emissions from road transport are relatively low. The risk of new regulations relating to air transport is therefore higher. Increased fees or, in the worst-case scenario, a ban on air transport, would have major consequences for sales to these markets. Nonetheless, the Group\u2019s main markets are in Europe, and products for these markets are transported by road. The Group collaborates with transport suppliers to reduce greenhouse gas emissions, from both air transport and road transport. The Group has introduced transport of \ufb01llets of \ufb01sh instead of whole \ufb01sh, providing a signi\ufb01cant reduction in greenhouse gas emissions per kg of \ufb01nished product transported, and is working on different refrigeration solutions for transport. In recent years, the Group has also made substantial investments in measures to reduce energy consumption in its factories. Moreover, the Group has facilitated logistics solutions that will allow sea transport to Europe as an alternative to road transport. In the future, this could possibly be extended to cover overseas markets. The risk of changes in regulations, bringing requirements for substantial new investments in this area, or that would have a signi\ufb01cant economic impact on the Group, is therefore seen as low. Practically all the Group\u2019s transport services are outsourced. The Group therefore has no means of transport on their balance sheet that could be subject to impairment. When it comes to factories, the Group is of the assessment that they are situated in relatively safe locations. Given the fact that the Group has already made good headway with measures to save on energy consumption, the transition risk for this segment is seen as low. In relation to reputation risk for this segment, the same assessments as for other segments are applied.
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