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"value": "Note G1.1 Basis for preparation Legal entity information Ler\u00f8y Seafood Group
ASA
is registered in
Norway
with
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. The company's consolidated \ufb01nancial statements for the \ufb01nancial year 2024 include the company and its subsidiaries (collectively referred to as \"the Group\") and the Group's share in joint ventures and associates. Information on the consolidated companies are described in note on consolidated companies, and information on joint ventures and associates are described in note on joint ventures and associates. Statement of compliance The \ufb01nancial statements were submitted by the Board of Directors on 30 April 2024.
The consolidated \ufb01nancial statements are submitted in accordance with IFRS\u00ae Accounting Standards (International Financial Reporting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. Some additional notes are also provided to be in accordance with requirements in the Norwegian Accounting Act. The \ufb01nancial statements for the parent company Ler\u00f8y Seafood Group ASA and 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 accounting currency for the consolidated \ufb01nancial statements are Norwegian kroner (NOK). All values are rounded to nearest NOK thousands, except when speci\ufb01cally, otherwise indicated. The functional currency is NOK.
The consolidated statements have been prepared under historical cost basis, modi\ufb01ed to include revaluation to fair value of biological assets and derivative \ufb01nancial instruments. The accounting policies have been consistently applied for all entities, and for all periods presented in the consolidated \ufb01nancial statements. The \ufb01nancial statements are prepared under the assumption that Ler\u00f8y Seafood Group will continue as a going concern.
Estimates and materiality judgements 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. As the \ufb01nancial statements aim to provide useful \ufb01nancial information that meets common information needs of the primary users, materiality judgements are necessary to meet this objective. Such judgements are made regarding recognition, measurement and presentation. With reference to the complete set of \ufb01nancial statements, information is considered material if omitting, misstating
or ob
scuring if it could reasonably be expected to
Foreign currency translation All items from the individual \ufb01nancial statements in foreign currency are translated to NOK by using the exchange rates at period end for statement of \ufb01nancial position items and annual average exchange rates for statement of income items. For special transactions, as business combinations, the exchange rate at the date of transaction is applied. Gains and losses derived from the translation are included in other comprehensive income, as a separate component. The translation differences derived from each foreign subsidiary, joint venture or associated company, is reversed through the income statement as part of the gain or loss arising from disposal of such foreign operation. Any goodwill arising from acquisition of foreign entities, and fair value adjustments to the carrying amounts of the assets and liabilities, are also translated using the exchange rate at period end and recognized in other comprehensive income.
Signi\ufb01cant accounting policies The accounting policies listed below are included in the relevant notes to the consolidated \ufb01nancial statements. \u2022 Consolidation: G1.5 \u2022 Operating revenue: G2.1 \u2022 Segment information: G2.2 \u2022 Income tax: G2.5 \u2022 Intangible assets: G3.1 \u2022 Leases: G3.2 \u2022 Fixed assets: G3.3 \u2022 Investments in JV and associates: G3.4 \u2022 Other investments: G3.5 \u2022 Non-current receivables: G3.6 \u2022 Biological assets: G3.7 \u2022 Other inventory: G3.8 \u2022 Trade receivables: G3.9 \u2022 Other current receivables: G3.10 \u2022 Interest bearing debt: G3.11 \u2022 Other short-term debt: G3.12 New and amended \ufb01nancial reporting standards Certain new accounting standards, amendments and interpretations have been published, that are not mandatory for 2024 reporting period. These 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.
Accounting policy 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.
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' proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners' equity is booked to controlling shareholder\u2019s equity.
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 \"Shares in associates\". From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated impairment losses.
Legal entity information Ler\u00f8y Seafood Group
ASA
is registered in
Norway
with
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. The company's consolidated \ufb01nancial statements for the \ufb01nancial year 2024 include the company and its subsidiaries (collectively referred to as \"the Group\") and the Group's share in joint ventures and associates. Information on the consolidated companies are described in note on consolidated companies, and information on joint ventures and associates are described in note on joint ventures and associates. The accounting currency for the consolidated \ufb01nancial statements are Norwegian kroner (NOK). All values are rounded to nearest NOK thousands, except when speci\ufb01cally, otherwise indicated. The functional currency is NOK.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
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"value": "Statement of compliance The \ufb01nancial statements were submitted by the Board of Directors on 30 April 2024.
The consolidated \ufb01nancial statements are submitted in accordance with IFRS\u00ae Accounting Standards (International Financial Reporting Standards) and interpretations established by the International Accounting Standards Board (IASB) and adopted by the EU. Some additional notes are also provided to be in accordance with requirements in the Norwegian Accounting Act. ",
"dimensions": {
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"value": "The \ufb01nancial statements were submitted by the Board of Directors on 30 April 2024.
",
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"reg-ix-341": {
"value": "The \ufb01nancial statements for the parent company Ler\u00f8y Seafood Group ASA and 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.
",
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",
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"value": "Estimates and materiality judgements 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. As the \ufb01nancial statements aim to provide useful \ufb01nancial information that meets common information needs of the primary users, materiality judgements are necessary to meet this objective. Such judgements are made regarding recognition, measurement and presentation. With reference to the complete set of \ufb01nancial statements, information is considered material if omitting, misstating
or ob
scuring if it could reasonably be expected to
Note G1.3 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. 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 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 derivative future prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Euronext 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 (wellboat, slaughtering and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC- certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Euronext, adding the clearing fee applied by the bank. 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's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational player in 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 1.00% 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 outcome space is unsymmetrical. The fact that the Group consists of a well developed integrated value chain, is a factor reducing the price risk to some extent. In case a huge portion of volume with downgrades (low SUP-portion), the Group has internal production capacity to process the \ufb01sh before sale, increasing the value signi\ufb01cantly. Thus, a lower margin in farming segment due to downgrades, the higher the margin in VAPS&D will be, due to higher value added process activity. Therefore, the Group has not made any speci\ufb01c sensitivity analysis on Superior-portion. 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 2024 a 3.7% monthly discount rate has been applied. The discount rate previous year was 4%. The discount rate has been reduced slightly to re\ufb02ect the signi\ufb01cant improvement in biological performance in 2024 driven by, among others, more extensive use of modern shielding technology. 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 derivative future 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 below show a simulated sensitivity to fair value of the biological assets in the event of\u00a0changes\u00a0in\u00a0these\u00a0parameters: 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 \u2212 0.25 0.50 81.0 \u22125.00 7 181 105 7 777 665 8 387 633 9 019 236 9 655 924 84.0 \u22122.00 7 588 540 8 207 392 8 840 073 9 495 066 10 155 290 85.0 \u22121.00 7 724 351 8 350 635 8 990 887 9 653 676 10 321 745 86.0 \u2212 7 860 163 8 493 877 9 141 700 9 812 286 10 488 201 87.0 1.00 7 995 975 8 637 120 9 292 513 9 970 896 0 654 656 88.0 2.00 8 131 787 8 780 362 9 443 327 10 129 506 10 821 111 91.0 5.00 8 539 222 9 210 089 9 895 767 10 605 337 11 320 477 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 (%) 1.7% 2.7% 3.7% 4.7% 5.7% Change in monthly discount rate (%) \u22122.0% \u22121.0% 0.0% 1.0% 2.0% 81.0 \u22125.00 9 720 456 9 016 539 8 387 633 7 823 957 7 317 172 84.0 \u22122.00 10 258 699 9 509 327 8 840 073 8 240 479 7 701 631 85.0 \u22121.00 10 438 113 9 673 590 8 990 887 8 379 319 7 829 783 86.0 \u2212 10 617 527 9 837 853 9 141 700 8 518 160 7 957 936 87.0 1.00 10 796 942 10 002 116 9 292 513 8 657 000 8 086 089 88.0 2.00 10 976 356 10 166 379 9 443 327 8 795 841 8 214 242 91.0 5.00 11 514 599 10 659 168 9 895 767 9 212 362 8 598 701 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 +/\u2212 1% and +/\u2212 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) 53.2 54.9 56.0 57.2 58.8 Change in number of \ufb01sh in stock -5% \u22122% 0% 2% 5% 81.0 \u22125.00 7 771 829 8 141 312 8 387 633 8 633 955 9 003 438 84.0 \u22122.00 8 201 647 8 584 703 8 840 073 9 095 444 9 478 500 85.0 \u22121.00 8 344 920 8 732 500 8 990 887 9 249 274 9 636 854 86.0 \u2212 8 488 192 8 880 297 9 141 700 9 403 103 9 795 208 87.0 1.00 8 631 465 9 028 094 9 292 513 9 556 933 9 953 562 88.0 2.00 8 774 738 9 175 891 9 443 327 9 710 762 10 111 916 91.0 5.00 9 204 556 9 619 282 9 895 767 10 172 251 10 586 978 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 +/\u2212 2% and +/\u2212 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 millions) Change in number of \ufb01sh Monthly discount rate (%) 1.7% 2.7% 3.7% 4.7% 5.7% Change in monthly discount rate (%) \u22122.0% \u22121.0% 0.0% 1.0% 2.0% 53.2 \u22125% 9 843 615 9 127 753 8 488 192 7 914 993 7 399 683 54.9 \u22122% 10 307 962 9 553 813 8 880 297 8 276 893 7 734 635 55.5 \u22121% 10 462 745 9 695 833 9 010 999 8 397 526 7 846 286 56.0 \u2212 10 617 527 9 837 853 9 141 700 8 518 160 7 957 936 56.6 1% 10 772 310 9 979 873 9 272 402 8 638 793 8 069 587 57.2 2% 10 927 092 10 121 893 9 403 103 8 759 426 8 181 238 58.8 5% 11 391 440 10 547 954 9 795 208 9 121 326 8 516 190 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. Norwegian resource rent tax scheme In Norway a 25% resource rent tax was implemented on income from producing salmon and trout in sea, with effect from 1 January 2023. The resource rent tax comes on top of 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. Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a signi\ufb01cant accounting estimate. See note on resource rent tax and production fee for further information.
Key premises: 2024 2023 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.8% 9.1% Discount rate (WACC) after tax 7.4% 7.1% Nominal rate of growth in terminal (from 2030) 2.0% 2.0% Sensitivity analysis per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after tax) Implemented WACC (after tax) WildCatch 3 284 147 9.2% 7.4% Farming 4 349 042 2.5 16.4% 7.4% VAPSD 856 498 0.3% 23.5% 7.4% Total 8 489 686 7.4% The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2024. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 9.2% and 23.5%. For the cash generating unit WildCatch, 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 a quota reduction of 34% in 2025, increase of 2% in 2026 and a 12% increase for 2027 and 2028. Cod prices are estimated up 12% in 2025 and 2.5% in 2026. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. For WildCatch segment it is not calculated a critical value in the terminal element. For the cash-generating unit 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 2026. And after that an assumption of 2% growth in volume until 2030 has been applied. It is assumed no growth in the terminal value. The critical value for the required rate of return on total assets after tax is 16.4%. 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. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.5 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. Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 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. 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. It is required a 0.3% EBIT margin in the terminal element, which is very low.
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 identi\ufb01ed any climate-related incidents with impact on assets in 2024 or risk indicating the need to re-estimate the useful life or residual value of the Group's assets.
Parameters applied for calculation of fair value Price parameters All amounts in exact value, kr/kg 2023 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future 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 2024 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future price Q1 2025 112.64 -0.75 -0.34 111.55 Q2 2025 115.39 -0.75 -0.34 114.30 Q3 2025 77.23 -0.75 -0.34 76.14 Q4 2025 82.34 -0.75 -0.34 81.25 Q1 2026 111.06 -0.75 -0.34 109.97 Q2 2026 102.96 -0.75 -0.34 101.87 The future prices applied in 2023 was based on monthly future prices sourced from Fish Pool at balance sheet date. The future prices applied in 2024, for 2025 and 2026, is based on monthly future prices sourced from EuroNext at balance\u00a0sheet date. Price adjustments are also made for: 2024 2023 Price premium (+/\u2212) for trout volume weighted 0.00 0.00 Price premium (+/\u2212) for ecological salmon volume weighted 0.00 0.00 Price premium (+/\u2212) for ASC certi\ufb01ed salmon volume weighted 0.22 0.10 Reduction for quality differences, salmon (\u221215 kr/kg on production grade vs superior) volume weighted -1.26 -1.27 Reduction for quality differences, trout (\u221215 kr/kg on production grade vs superior) volume weighted -1.60 -1.60 Reduction for size differences, salmon volume weighted -0.24 -0.24 Reduction for size differences, trout volume weighted -0.80 -0.80 Deductions are also made for wellboat services, slaughtering and packaging (primary processing), and transport to Oslo.
Estimated average net price used as basis in the sensitivity analysis 2024 2023 Estimated average net price, all sizes (kr/kg), after primary processing and freight costs 88.4 86.3 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 date of harvest. Other parameters The following parameters have been applied: 2024 2023 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 1.00% 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 18% 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 4.88 kg 4.76 kg Discount rate (monthly) 3.7% 4.0% The discount rate applied is described further in the note on signi\ufb01cant accounting estimates. 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 2024. The Group had 9 incidents related to escapes in 2024. Ler\u00f8y Sj\u00f8troll had 3 incidents with a total of 254 \ufb01sh escaped. Two of the incidents were related to treatments with 127 \ufb01sh escaped in total, whereas one was due to a damaged net where 127 \ufb01sh escaped. Ler\u00f8y Midt experienced four escape incidents in 2024. Two of the incidents were related to holes in the net and resulted in 13\u00a0468 escaped \ufb01sh in total. The other two events were related to treatments and resulted in 7 escaped \ufb01sh in total. In 2024 Ler\u00f8y Aurora had two escape incidents with 3 escaped \ufb01sh in total. The incidents were related to routine operations and delousing. In total only 13 732 individuals escaped from a total stock of approximately 56 million individuals by the end of 2024. Accidental release of \ufb01sh is typically associated with work operations involving net handling, such as delousing operations. The Group believes that the strategic move towards submersed and semi-closed technologies will reduce the risk of accidental release in its operations, as these technologies signi\ufb01cantly decrease the need for delousing treatments. 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%. 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 2023 most of the incident- based mortality in 2024 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. Sea lice treatments pose a challenge to \ufb01sh health as these procedures may in\ufb02ict stress and injuries and may exacerbate other underlying health issues. Consequently, the Group is con\ufb01dent that phasing in submersed and semi-closed technology will improve \ufb01sh health and \ufb01sh welfare as the need for delousing treatments is greatly reduced. 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 2024. The Group works continuously with actions and technology to solve this challenge.
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. As the \ufb01nancial statements aim to provide useful \ufb01nancial information that meets common information needs of the primary users, materiality judgements are necessary to meet this objective. Such judgements are made regarding recognition, measurement and presentation. With reference to the complete set of \ufb01nancial statements, information is considered material if omitting, misstating
or ob
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-345": {
"value": "Foreign currency translation All items from the individual \ufb01nancial statements in foreign currency are translated to NOK by using the exchange rates at period end for statement of \ufb01nancial position items and annual average exchange rates for statement of income items. For special transactions, as business combinations, the exchange rate at the date of transaction is applied. Gains and losses derived from the translation are included in other comprehensive income, as a separate component. The translation differences derived from each foreign subsidiary, joint venture or associated company, is reversed through the income statement as part of the gain or loss arising from disposal of such foreign operation. Any goodwill arising from acquisition of foreign entities, and fair value adjustments to the carrying amounts of the assets and liabilities, are also translated using the exchange rate at period end and recognized in other comprehensive income.
(K) Currency The \ufb01nancial statements are presented in NOK, the functional currency for the company. Cash items in foreign currency are valued at the respective rates of exchange at the end of the \ufb01nancial year. 199 LER\u00d8Y SEAFOOD GROUP Annual report 2024 Finance
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-346": {
"value": "New and amended \ufb01nancial reporting standards Certain new accounting standards, amendments and interpretations have been published, that are not mandatory for 2024 reporting period. These 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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"reg-ix-347": {
"value": "Note G1.2 Alternative performance measures All \ufb01gures in NOK 1 000 Ler\u00f8y Seafood Group's 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's 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: 2024 2023 Operating pro\ufb01t (EBIT) 2 964 266 3 227 374 \u2212 Fair value adjustments -291 592 -124 962 = EBIT before fair value\u00a0adjustments 2 672 675 3 102 412 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\u00a0\ufb01sh * 3. Change in fair value adjustment on onerous contracts (salmon and trout) 4. Change in fair value adjustment on \ufb01nancial future delivery contracts on salmon, not regarded as hedges *) For this group historical cost provides the best estimate\u00a0of fair value. The APM is used in the income statement, in note on segment information and in the calculation of some key \ufb01gures. It is also referred to in the Board of Director's report. See note on biological assets for more details. EBITDA before fair value adjustments EBITDA before fair value adjustments is an APM. Calculation is identical as the calculation of \"EBIT before fair value adjustments\" (above). 2024 2023 EBIT 2 964 266 3 227 374 + Depreciations (intangibles, RoU assets and \ufb01xed assets) 1 652 209 1 483 886 + Impairment loss 58 542 108 110 = EBITDA 4 675 017 4 819 370 \u2212 Fair value adjustments -291 592 -124 962 EBITDA before fair value adjustments 4 383 425 4 694 408 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 analyst'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 also some additional items to fair-value adjustments are excluded. The production fee, implemented from 2021, on slaughtered 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. 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 analysts 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. 2024 2023 Operating pro\ufb01t (EBIT) before fair\u00a0value adjustments 2 672 675 3 102 412 +/\u2212 Change in unrealized internal\u00a0margin -5 221 -1 523 + Production fee 160 099 123 849 + Litigation costs 58 241 0 + Restructuring costs 0 14 719 + Impairment loss related to restructuring 58 542 95 602 + Other non-operational items 15 790 0 = Operational EBIT 2 960 125 3 335 059 + Depreciation 1 652 209 1 483 886 + Impairment loss, other 0 12 508 = Operational EBITDA 4 612 334 4 831 454 The APMs are used in the note on segment information, and in the Board of Director's Report.
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: 2024 2023 Pro\ufb01t before tax 2 554 131 2 600 111 \u2212 Fair value adjustments -291 592 -124 962 \u2212 Fair value adj. incl. in income from AC 9 720 -6 371 = Pro\ufb01t before tax and fair value adjustments 2 272 259 2 468 777 It is referred to this APM in the Board of Director's Report. Controlling interest\u2019s share of annual pro\ufb01t before fair value adjustments Controlling interest\u2019s (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: 2024 2023 CI's share of annual pro\ufb01t 2 673 477 272 501 \u2212 CI's share of fair value adjustments -189 363 -152 899 \u2212 CI's share of fair value adj. incl. in income from AC 9 720 -6 371 = Controlling interest\u2019s share of annual pro\ufb01t (after tax) before fair value adjustments 2 493 834 113 231 This APM is used in note on earnings per share, for calculation of the key \ufb01gure earnings per share before fair value adjustments. Operational EBIT/kg value chain Operational EBIT/kg for the value chain is an alternative performance measure derived from operational EBIT/kg. The purpose is to highlight the value creation inherent in VAPSD. The APM includes operational EBIT from farming and operational EBIT from VAPSD. The sum is divided by own production volume of salmon and trout in Farming. Operational value chain EBIT/kg per farming region is calculated as follows: Operational EBIT/kg per farming region + (Operational EBIT from VAPSD-segment / total own volume from farming). For operational EBIT/kg for the Group, it is referred to note on segment information. 2024 2023 Operating pro\ufb01t (EBIT)/kg slaughtered salmon and trout 11.8 15.2 + Non operational items/kg slaughtered salmon and trout 1.4 1.1 = Operational EBIT/kg slaughtered salmon and trout 13.2 16.3 + Operational EBIT from VAPSD/kg slaughtered salmon and trout 5.2 4.0 = Operational value-chain EBIT from Farming + VAPS&D/kg slaughtered salmon and trout 18.4 20.4 The APMs are used in the note on segment information, and in the Board of Director's Report. 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 2024 2023 Total lease liabilities 3 559 677 2 598 700 \u2212 Lease liabilities to other than credit institutions -2 392 430 -1 432 298 = Lease liabilities to credit institutions 1 167 247 1 166 402 Components included in NIBD 2024 2023 Bond loans 2 992 431 2 990 486 + Loans from credit institutions 4 724 881 4 376 805 + Lease liabilities to credit institutions 1 167 247 1 166 402 + Other long term loans 22 502 23 067 + Overdraft and other short term credit 2 123 613 975 792 \u2013 Bank deposits and cash -3 325 191 -4 323 109 = Net interest bearing debt (NIBD) 7 705 484 5 209 443 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 2024 2023 NIBD including non of the lease\u00a0liabilities 6 538 237 4 043 041 NIBD including lease liabilities to credit institutions. The de\ufb01nition applied by LSG: 7 705 484 5 209 443 NIBD including total lease liabilities 10 097 914 6 641 741 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
Disaggregation of other gains and losses Other gains and losses 2024 2023 Gain(+)/loss(\u2212) from disposal of \ufb01xed assets 5 058 22 298 Gain(+)/loss(\u2212) from termination of leases (disposal RoU-assets) 930 819 Gain(+)/loss(\u2212) from disposal of intangibles 5 850 0 Gain(+)/loss(\u2212) from changes in shares in associated companies 0 13 356 Gain(+)/loss(\u2212) from disposal of subsidiary (Norsk Oppdrettsservice AS) -15 790 0 Total -3 952 36 473
20 220 20 220 12 442 12 442 Operating margin before fair value adjustments 4.9% 14.8% 2.8% -95.5% -0.4% 8.6% 8.6% 18.0% 2.0% -47.2% 0.0% 10.1% Operational EBIT-margin 4.9% 16.5% 3.0% -92.5% -0.4% 9.5% 8.6% 19.4% 2.2% -47.2% 0.0% 10.8% Operational EBIT/kg salmon and trout, exclusive Wildcatch\u00a0segment 13.2 5.2 -2.2 0.3 16.5 16.3 4.0 -1.2 0.0 19.2 Operational EBIT/kg catch volume in Wildcatch segment 2.0 2.0 3.7 3.7 Operational EBIT from all segments/kg slaughtered salmon and trout 0.8 13.2 5.2 -2.2 0.3 17.3 1.7 16.3 4.0 -1.2 0.0 20.9 EBIT before FV adj./kg salmon and trout, exclusive\u00a0Wildcatch segment 11.8 4.9 -2.3 0.4 14.8 15.2 3.7 -1.2 0.0 17.7 EBIT before FV adj./kg catch volume in Wildcatch segment 2.0 0.1 2.1 3.7 0.0 3.7 EBIT before FV adj. from all segments/kg slaughtered\u00a0salmon and trout 0.8 11.8 4.9 -2.3 0.4 15.6 1.7 15.2 3.7 -1.2 0.0 19.4 Key amounts from statement of \ufb01nancial position 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Intangibles 3 459 334 4 367 552 864 062 54 803 8 745 750 3 488 471 4 329 337 814 440 54 803 8 687 051 Right-of-use assets 36 845 2 698 023 784 752 150 185 3 669 804 23 880 2 085 369 443 120 161 083 2 713 452 Fixed assets 2 342 152 4 987 655 1 553 892 58 328 8 942 027 2 180 678 4 983 925 968 351 63 042 -9 8 195 987 Joint ventures and associates 10 616 1 555 223 1 096 555 455 -555 455 1 566 934 10 344 1 355 232 496 555 455 -555 455 1 366 072 Other assets 501 064 13 559 136 6 580 709 10 965 252 -11 699 603 19 906 558 890 729 13 547 428 6 953 880 13 838 235 -14 774 305 20 455 968 Total assets 6 350 011 27 167 588 9 784 510 11 784 023 -12 255 058 42 831 074 6 594 102 26 301 291 9 180 287 14 672 618 -15 329 769 41 418 529 Total liabilities 2 750 369 11 544 578 5 999 006 3 694 568 -2 324 248 21 664 272 3 016 316 13 654 039 6 730 528 4 484 107 -6 363 006 21 521 984 NIBD 1 154 507 3 442 511 999 463 2 109 003 0 7 705 484 1 047 385 2 841 116 697 517 623 425 0 5 209 443 Net investments * 373 706 1 333 147 341 170 13 667 0 2 061 690 319 163 989 904 108 105 42 641 0 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-349": {
"value": "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 2024 2023 Total lease liabilities 3 559 677 2 598 700 \u2212 Lease liabilities to other than credit institutions -2 392 430 -1 432 298 = Lease liabilities to credit institutions 1 167 247 1 166 402 Components included in NIBD 2024 2023 Bond loans 2 992 431 2 990 486 + Loans from credit institutions 4 724 881 4 376 805 + Lease liabilities to credit institutions 1 167 247 1 166 402 + Other long term loans 22 502 23 067 + Overdraft and other short term credit 2 123 613 975 792 \u2013 Bank deposits and cash -3 325 191 -4 323 109 = Net interest bearing debt (NIBD) 7 705 484 5 209 443 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 2024 2023 NIBD including non of the lease\u00a0liabilities 6 538 237 4 043 041 NIBD including lease liabilities to credit institutions. The de\ufb01nition applied by LSG: 7 705 484 5 209 443 NIBD including total lease liabilities 10 097 914 6 641 741 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
.
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 2024 2023 Total lease liabilities 3 559 677 2 598 700 \u2212 Lease liabilities to other than credit institutions -2 392 430 -1 432 298 = Lease liabilities to credit institutions 1 167 247 1 166 402 Components included in NIBD 2024 2023 Bond loans 2 992 431 2 990 486 + Loans from credit institutions 4 724 881 4 376 805 + Lease liabilities to credit institutions 1 167 247 1 166 402 + Other long term loans 22 502 23 067 + Overdraft and other short term credit 2 123 613 975 792 \u2013 Bank deposits and cash -3 325 191 -4 323 109 = Net interest bearing debt (NIBD) 7 705 484 5 209 443 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 2024 2023 NIBD including non of the lease\u00a0liabilities 6 538 237 4 043 041 NIBD including lease liabilities to credit institutions. The de\ufb01nition applied by LSG: 7 705 484 5 209 443 NIBD including total lease liabilities 10 097 914 6 641 741 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 G3.11 Loans, mortgages and guarantees All \ufb01gures in NOK 1
000
Interest bearing debt Accounting policy 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's instalments are classi\ufb01ed as short-term debt.
2024 2023 Interest bearing debt as of 31.12 by\u00a0type of debt Long-term portion Short-term portion Total Long-term portion Short-term portion Total Long-term interest bearing debt Lease liabilities to credit institutions 882 507 284 740 1 167 247 916 059 250 343 1 166 402 Bond loans 2 992 431 0 2 992 431 2 990 486 0 2 990 486 Loans from credit institutions 3 487 003 1 237 878 4 724 881 3 887 752 489 053 4 376 805 Other long-term loans 14 587 7 915 22 502 21 847 1 220 23 067 Total 7 376 528 1 530 533 8 907 061 7 816 144 740 616 8 556 760 Short-term interest bearing debt Overdrafts 2 097 252 2 097 252 951 951 951 951 Other short term credits 26 362 26 362 23 841 23 841 Total 2 123 613 2 123 613 975 792 975 792 Grand total 7 376 528 3 654 146 11 030 675 7 816 144 1 716 408 9 532 552 Total interest bearing debt is speci\ufb01ed by currency below: 2024 2023 Interest bearing debt as of 31.12 by\u00a0currency Long-term portion Short-term portion Total Long-term portion Short-term portion Total NOK 7 176 819 3 201 089 10 377 908 7 574 849 1 327 993 8 902 842 SEK 54 749 59 223 113 972 45 167 60 972 106 139 DKK 27 660 325 042 352 701 37 100 239 313 276 413 EUR 117 301 57 542 174 842 158 831 88 130 246 961 Other currencies 0 11 252 11 252 197 0 198 Total 7 376 528 3 654 146 11 030 675 7 816 144 1 716 408 9 532 552 Net Interest Bearing Debt (NIBD) Net interest bearing debt (NIBD) is de\ufb01ned as interest bearing debt minus bank deposit
s, which also are interest bearing.
Bank deposits 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.
NIBD is explained in more detail in note on APMs.
Changes in NIBD during the year is presented in a table below: Assets Current debt Non-current debt incl. ST-portion Reconciliation of changes in NIBD Bank deposits Overdrafts and other short term credit Bond loans Loans from credit inst. Leases from credit inst. Other loans Total NIBD as of 01.01.2023 -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 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 Change in bank deposits 969 102 969 102 Cash \ufb02ows \u2013 in 806 637 806 637 Cash \ufb02ows \u2013 out 1 147 821 -462 272 -262 180 -1 550 421 819 Business combinations / disposal of subsidiary 28 817 -2 738 26 079 New leases from credit institutions 266 695 266 695 Terminated leases with credit institutions -11 307 -11 307 Currency translation differences 6 450 7 637 985 15 071 Other non-cash movements 1 945 1 945 NIBD as of 31.12.2024 -3 325 191 2 123 613 2 992 431 4 724 882 1 167 247 22 502 7 705 484 Reconciliation of cash \ufb02ows out, as speci\ufb01ed above, against the statement of cash \ufb02ows 2024 2023 Cash \ufb02ows out \u2013 related to downpayment on non-current interest bearing debt (according to table above) -726 002 -1 071 137 Cash \ufb02ows out \u2013 related to instalment on lease liabilities to others (according to note G3.2), not included in NIBD -395 828 -342 299 Downpayments of long-term debt (according to statement of cash \ufb02ows) -1 121 830 -1 413 436
Overview of bond loans The Group has 6 bond loans as of 31.12.2024. 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\u2019s 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\u2019s 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. Value as of 31.12.2023 Bond loans as of 31.12.2023 Date of establishment Duration Expiry date Amortizing effect of the period (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 Total 1 705 3 000 000 -9 514 2 990 486 Value as of 31.12.2024 Bond loans as of 31.12.2024 Date of establishment Duration Expiry date Amortizing effect of the period (2024) 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 -919 499 081 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1.15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 203 498 797 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 263 500 000 -1 773 498 227 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 325 500 000 -1 097 498 903 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 232 500 000 -1 237 498 763 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 163 500 000 -1 342 498 659 Total 1 945 3 000 000 -7 569 2 992 431 Interests expensed, including amortizing effect 2024 2023 Interests 161 358 122 646 Amortizing effect 1 945 1 705 Total 163 303 124 351
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2025 2026 2027 2028 2029 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 500 000 500 000 500 000 0 1 500 000 3 000 000 Instalments on loans from credit institutions 1 237 878 398 896 483 167 1 260 180 286 997 1 057 763 4 724 881 Instalments on leasing debt to credit institutions 284 740 259 971 222 792 155 820 90 525 153 399 1 167 247 Instalments on other long-term interest-bearing debt 7 915 6 673 7 915 0 0 0 22 502 Total instalments on long-term interest-bearing debt 1 530 533 1 165 540 1 213 874 1 915 999 377 522 2 711 162 8 914 630 Unamortized drawing costs on bond loan, with no cash effect -7 569 Total net book value 31.12.2024 8 907 061 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 396 461 326 543 317 901 258 945 131 687 960 892 2 392 430 Instalments on other long-term non-interest bearing debt 800 600 0 0 0 1 239 2 639 Total instalments on long-term non-interest-bearing debt 397 261 327 143 317 901 258 945 131 687 962 131 2 395 069 Interest payment pro\ufb01le long-term debt Interest on bond loans 159 459 151 176 122 163 80 015 69 781 139 137 721 731 Interest on loans from credit institutions * 238 541 188 532 173 057 123 741 75 269 66 278 865 417 Interest on leasing debt to credit institutions 56 368 41 389 28 113 17 701 10 926 13 035 167 532 Interest on lease liabilities to others than credit institutions 120 681 100 798 83 076 67 213 56 470 209 282 637 521 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 575 049 481 895 406 409 288 669 212 447 427 732 2 392 201 Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 2 097 252 2 097 252 Other short term credits and loans (interest bearing debt) 26 362 26 362 Accrued interests 81 626 81 626 Trade payables 2 270 362 2 270 362 Other short-term liabilities, excl. tax payable and public duties payable 1 138 559 1 138 559 Total 5 614 160 0 0 0 0 0 5 614 160 Grand total 8 117 004 1 974 578 1 938 183 2 463 613 721 656 4 101 026 19 316 060 * The impact from interest swap contracts is included in the amounts. The Group's \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 2024 2023 Bank deposits 3 325 191 4 323 109 Unutilized drawing facilities 3 073 825 3 911 818 Total 6 399 015 8 234 927 Payment pro\ufb01le interest-bearing debt 2024 2025 2026 2027 2028 2029 Later Interest-bearing debt 01.01 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 Instalments on long term interest bearing debt -1 530 533 -1 165 540 -1 213 874 -1 915 999 -377 522 -2 703 593 Instalments on short term interest bearing debt -2 123 613 Interest-bearing debt 31.12 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2024 2025 2026 2027 2028 2029 2030 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 0 500.0 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) 285 938 267 188 248 438 0 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 285 938 267 188 248 438 0 0 0 0 Secured interest-bearing debt 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 1 000 000 Unsecured interest-bearing debt 8 958 800 5 342 153 4 214 113 3 497 115 1 581 115 1 203 593 2 703 593 Total interest-bearing debt 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 3 703 593 Portion \ufb01xed interest rate 19% 28% 32% 30% 49% 55% 27% Portion exposed to interest rate changes 81% 72% 68% 70% 51% 45% 73% The exposure of the Group's borrowings to interest rate changes and the contractual repricing dates 2024 2023 6 months or less 18 750 18 750 6\u201312 months 18 750 18 750 1\u20135 years 534 375 571 875 Over 5 years 1 500 000 1 500 000 Total secured interest-bearing debt 2 071 875 2 109 375 Total unsecured interest-bearing debt 8 958 800 7 423 177 A change in interest rate of 1% will increase the interest cost in 2025 with approximately: 83 421 65 937
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's main borrowing conditions (\"covenants\") in the different bank loan agreements are to maintain an equity ratio of at least 25%. The bond loans have a \ufb01nancial covenant were the issuer shall ensure that the Group, on a consolidated basis, maintains an equity ratio of minimum 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 \"borrowing base\" 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 2024. Loans secured by mortgages and mortgaged assets Loans secured by mortgages consists of 2024 2023 Long-term loans from credit institutions, etc. 4 724 881 4 376 805 Other long-term interest-bearing debt 339 641 Short-term debt to credit institutions (overdrafts) 2 097 252 951 951 Other short term interest bearing loans and credits 26 362 23 841 Total liabilities secured by mortgages as of 31.12 6 848 834 5 353 238 Mortgaged assets 2024 2023 Trade and other receivables 1 302 557 949 415 Shares in associates (Norskott Havbruk AS) 1 264 579 1 076 096 Biological assets and other goods 11 176 018 9 414 325 Fixed assets 7 932 854 5 832 988 Licences * 1 679 765 1 131 314 Net book value on mortgaged assets as of 31.12 23 355 773 18 404 138 * Mortgaged licences concern licences owned by Ler\u00f8y Midt Sj\u00f8 AS and Ler\u00f8y Vest Sj\u00f8 AS.
Guaranties on behalf of third party liabilities Guaranties as of 31.12 2024 2023 Guaranties on behalf of other third parties 2 398 2 671 As an alternative to direct investment, the Group has in some few cases accepted to guarantee on behalf of third party liabilities.
Bond loans The Group has six bond loans as of 31.12.2024. 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 six 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.
Value as of 31.12.2023 Bond loans as of 31.12.2023 Date of establishment Duration Expiry date Amortizing effect of the period (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 Total 1 705 3 000 000 -9 514 2 990 486 Value as of 31.12.2024 Bond loans as of 31.12.2024 Date of establishment Duration Expiry date Amortizing effect of the period (2024) 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 -919 499 081 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1,15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 203 498 797 NO 0011097339, green bond, \ufb01xed rate 3,35% p.a. 17.09.2021 10 years 17.09.2031 263 500 000 -1 773 498 227 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1,50 p.a. 26.04.2023 5 years 26.04.2028 325 500 000 -1 097 498 903 NO 0012899295, green bond loan, \ufb01xed rate 5,10% p.a. 26.04.2023 7 years 26.04.2030 232 500 000 -1 237 498 763 NO 0012899303, green bond loan, \ufb01xed rate 5,315% p.a. 26.04.2023 10 years 26.04.2033 163 500 000 -1 342 498 659 Total 1 945 3 000 000 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 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 derivative future prices for superior Norwegian salmon weighing 3\u20136 kg gutted weight from Euronext 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 (wellboat, slaughtering and packaging services), transport costs to Oslo and quality differences. Adjustments are also made for price differences between salmon and trout, and any other price premium such as for Ecological produced salmon or ASC- certi\ufb01ed \ufb01sh. The adjustments for exporter margin and clearing costs are items estimated by Euronext, adding the clearing fee applied by the bank. 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's prognoses per locality. There is some uncertainty regarding both future feed prices, other costs and biological development (growth, feed factor and mortality). If the estimated costs are higher than expected by a normal enterprise on the market, for example due to long-term agreements previously signed with subcontractors resulting in costs that deviate substantially from the market price, the cost estimates shall be adjusted to re\ufb02ect the costs expected by a rational player in 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 1.00% 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 outcome space is unsymmetrical. The fact that the Group consists of a well developed integrated value chain, is a factor reducing the price risk to some extent. In case a huge portion of volume with downgrades (low SUP-portion), the Group has internal production capacity to process the \ufb01sh before sale, increasing the value signi\ufb01cantly. Thus, a lower margin in farming segment due to downgrades, the higher the margin in VAPS&D will be, due to higher value added process activity. Therefore, the Group has not made any speci\ufb01c sensitivity analysis on Superior-portion. 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 2024 a 3.7% monthly discount rate has been applied. The discount rate previous year was 4%. The discount rate has been reduced slightly to re\ufb02ect the signi\ufb01cant improvement in biological performance in 2024 driven by, among others, more extensive use of modern shielding technology. 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 derivative future 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 below show a simulated sensitivity to fair value of the biological assets in the event of\u00a0changes\u00a0in\u00a0these\u00a0parameters: 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 \u2212 0.25 0.50 81.0 \u22125.00 7 181 105 7 777 665 8 387 633 9 019 236 9 655 924 84.0 \u22122.00 7 588 540 8 207 392 8 840 073 9 495 066 10 155 290 85.0 \u22121.00 7 724 351 8 350 635 8 990 887 9 653 676 10 321 745 86.0 \u2212 7 860 163 8 493 877 9 141 700 9 812 286 10 488 201 87.0 1.00 7 995 975 8 637 120 9 292 513 9 970 896 0 654 656 88.0 2.00 8 131 787 8 780 362 9 443 327 10 129 506 10 821 111 91.0 5.00 8 539 222 9 210 089 9 895 767 10 605 337 11 320 477 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 (%) 1.7% 2.7% 3.7% 4.7% 5.7% Change in monthly discount rate (%) \u22122.0% \u22121.0% 0.0% 1.0% 2.0% 81.0 \u22125.00 9 720 456 9 016 539 8 387 633 7 823 957 7 317 172 84.0 \u22122.00 10 258 699 9 509 327 8 840 073 8 240 479 7 701 631 85.0 \u22121.00 10 438 113 9 673 590 8 990 887 8 379 319 7 829 783 86.0 \u2212 10 617 527 9 837 853 9 141 700 8 518 160 7 957 936 87.0 1.00 10 796 942 10 002 116 9 292 513 8 657 000 8 086 089 88.0 2.00 10 976 356 10 166 379 9 443 327 8 795 841 8 214 242 91.0 5.00 11 514 599 10 659 168 9 895 767 9 212 362 8 598 701 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 +/\u2212 1% and +/\u2212 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) 53.2 54.9 56.0 57.2 58.8 Change in number of \ufb01sh in stock -5% \u22122% 0% 2% 5% 81.0 \u22125.00 7 771 829 8 141 312 8 387 633 8 633 955 9 003 438 84.0 \u22122.00 8 201 647 8 584 703 8 840 073 9 095 444 9 478 500 85.0 \u22121.00 8 344 920 8 732 500 8 990 887 9 249 274 9 636 854 86.0 \u2212 8 488 192 8 880 297 9 141 700 9 403 103 9 795 208 87.0 1.00 8 631 465 9 028 094 9 292 513 9 556 933 9 953 562 88.0 2.00 8 774 738 9 175 891 9 443 327 9 710 762 10 111 916 91.0 5.00 9 204 556 9 619 282 9 895 767 10 172 251 10 586 978 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 +/\u2212 2% and +/\u2212 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 millions) Change in number of \ufb01sh Monthly discount rate (%) 1.7% 2.7% 3.7% 4.7% 5.7% Change in monthly discount rate (%) \u22122.0% \u22121.0% 0.0% 1.0% 2.0% 53.2 \u22125% 9 843 615 9 127 753 8 488 192 7 914 993 7 399 683 54.9 \u22122% 10 307 962 9 553 813 8 880 297 8 276 893 7 734 635 55.5 \u22121% 10 462 745 9 695 833 9 010 999 8 397 526 7 846 286 56.0 \u2212 10 617 527 9 837 853 9 141 700 8 518 160 7 957 936 56.6 1% 10 772 310 9 979 873 9 272 402 8 638 793 8 069 587 57.2 2% 10 927 092 10 121 893 9 403 103 8 759 426 8 181 238 58.8 5% 11 391 440 10 547 954 9 795 208 9 121 326 8 516 190 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. Norwegian resource rent tax scheme In Norway a 25% resource rent tax was implemented on income from producing salmon and trout in sea, with effect from 1 January 2023. The resource rent tax comes on top of 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. Assumptions made concerning the basis for taxation in the Norwegian resource rent tax scheme is considered a signi\ufb01cant accounting estimate. See note on resource rent tax and production fee for further information.
Accounting policy The Group recognises and measures biological assets at fair value (FV) according to IAS 41. The Group's 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 (\ufb01sh kept on shore). When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. For salmon and trout, including parent \ufb01sh, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner \ufb01sh, 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 harvest weight. 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 licence lease and (3) the time value of money. 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 time and multiplied by the estimated harvest weight per individual at harvest time. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out individually 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 forward prices (futures) listed at a stock exchange. The forward price for the month in which the \ufb01sh is expected to be harvested, is applied to estimate expected cash \ufb02ow. The listed forward price, at Euronext, adjusted to take into account export costs and clearing costs, represents the reference price. The reference price is then adjusted to account for estimated harvesting cost (wellboat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any projected differences in size and quality. The adjustments to the reference price are made individually per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Valuation and classi\ufb01cation are based on the principle of highest and best use according to IFRS 13. The actual market price per kilo may vary in relation to \ufb01sh weight. When estimating fair value, the optimal harvest weight \u2013 or the weight when the \ufb01sh is ready for harvest \u2013 is de\ufb01ned as the live weight that results in a gutted weight of 4 kg. This corresponds to a live weight of 4.7 kg for salmon and 4.8 kg for trout. The optimal harvest weight may, however, be lowered slightly if required by factors at an individual locality (biological challenges etc.). When it comes to valuation, only \ufb01sh that have achieved an optimal harvest weight are classi\ufb01ed as ready for harvest. 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 debt.
The fair value adjustment recognised in the income statement for the period related to biological assets comprises (1) Change in fair value adjustment of biological assets, (2) change in fair value (provision) of loss-making contracts and (3) change in unrealised gain/loss of \ufb01nancial sale and purchase contracts (derivatives) for \ufb01sh, listed on a stock exchange. The \ufb01nancial contracts are treated as \ufb01nancial instruments on the balance sheet, where unrealised gain is classi\ufb01ed as other short-term receivables and unrealised loss as other short-term debt. ",
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"value": "Note G1.4 Climate risks and opportunities 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, causes greenhouse gas emissions (GHG). 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 keeping our GHG emissions to an absolute minimum. This is a shared responsibility, and every person and company must evaluate possible measures they can take, then adapt their behavior accordingly \u2013 if we are to achieve our goal of reducing rising global 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 several regulatory measures, including fees. The scope of these regulatory measures and fees related to GHG emissions is expected to increase in the future. The transition to a low-carbon economy comes with a cost. The development of and investments in low-emission 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's ability to adapt in this context will become its \u201clicense 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 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's 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 GHG emissions with 46% by 2030, having 2019 as base year. The Group has an ambition to achieve climate neutrality by 2050. This requires making sound decisions that consider 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 GHG 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 GHG emissions. When selecting new suppliers, environmental factors are critical selection parameters. The Group's 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 change, please, visit Chapter Sustainability statement, section ESRS 2 General Disclosures as well as section ESRS E1 Climate Change of this report. Information that was previously included in the TCFD Report is now an integrated part of the Group\u2019s Annual Report, which is developed in accordance with the requirements of CSRD. Due to signi\ufb01cant changes in Scope\u00a03 emissions, due to requirements in CSRD, the Group will revise its greenhouse gas emission targets in 2025. Financial impact of climate change The Group has assessed its climate risk regarding its operations, in terms of both physical risk and transitional risk. The Group has not incurred any signi\ufb01cant costs in 2024 (and 2023) as a result of the impact of climate change. Neither has the Group identi\ufb01ed climate-related incidents in 2024 (and in 2023) or risk indicating the need to re-estimate the service life or residual value of the Group's assets. WildCatch and White\ufb01sh The Group's \ufb01sheries are mainly conducted in Norway's northernmost waters. Extreme weather events are primarily the greatest physical risk for \ufb01shing activity. If the weather is too extreme, the Group's \ufb01shing vessels may not be able to carry out \ufb01shing activities. If this was to occur during the period when \ufb01shing activity is at its peak, 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 alter both migration routes and spawning patterns for different \ufb01sh species, resulting in changes in where we can \ufb01sh for these species. This could complicate the processes of establishing and distributing quotas between \ufb01shery nations. In the Group's 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 implement measures to reduce GHG 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 about 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 soon. 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's depreciation plans, the Group has not identi\ufb01ed any indications of impairment related to transition risk of neither licenses 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's 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-based. If temperatures change, the conditions for cultivating these raw materials may change, and this could become critical if alternatives are not found. Scenario analyses also indicate 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 longer 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 to develop new ingredients that can be used as raw materials for feed and thus reducing GHG 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 their work and service boats. The same applies to the feed barges, now more and more powered by land-based power. As a result, the risk of the Group having new climate-related measures imposed with substantial economic signi\ufb01cance is considered as low. Licenses, the Group's largest asset, which do not depreciate, are assessed for impairment every year. This assessment implicitly takes climate risk into account. The value of licenses 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 WildCatches and white\ufb01sh, the reputation risk related to climate is low, as aquaculture has a very low carbon footprint per kilogram of produced food compared to 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, and indirectly via our supply chain, as successful logistics are essential to maintaining normal operations. The Group's factories are 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 because 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 GHG 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 for air transport, would have major consequences for sales to these markets. Nonetheless, the Group's main markets are in Europe, and products for these markets are transported by road. The Group collaborates with transport suppliers to reduce GHG 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 GHG 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's 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.
Note G4.1 Financial risk Risk management in the Group is based on the principle that risk evaluation is an integral part of the business activities. The Groups approach is to determine appropriate risk levels, and to constantly maintain and develop tools and procedures for monitoring the exposures, avoiding too high risk. Based on the overall evaluation of the risk, the Group seeks to reduce the identi\ufb01ed risk by use of \ufb01nancial instruments and use of insurance policies. The most important \ufb01nancial risks are identi\ufb01ed below. Financial instruments used to mitigate the risk, and the impact on the \ufb01nancial statements, are described in note in \ufb01nancial instruments. Climate risk 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 Group will be affected by both above. The consequences of
change will represent a cost for the Group. This risk has been acknowledged by the Group and re\ufb02ected in the climate plan. This is further described in the note on climate risk. Funding risk The Group relies on access to capital to operate, to continue as a going concern and to guarantee returns for the owners and other stakeholders. If the Group loses the con\ufb01dence of investors in \ufb01nancial markets, it will not be able to \ufb01nance either new or existing operations. The Group\u2019s participation in the transition to a low carbon economy has already become an important parameter. The Group\u2019s investment in new (green) technology, has resulted in green bond loans as a part of the Group\u2019s \ufb01nancing. The Group\u2019s comprehensive set of routines and processes for risk management is key to minimizing funding risk. Continuous and compliant reports and information describing the Group\u2019s development, also within ESG, are essential in sustaining and developing con\ufb01dence. The Group aim to maintain the BBB+ credit rating with Nordic Credit Rating.
Currency risk At all times, the Group has a substantial volume of \ufb01sh in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. As the currency rates \ufb02uctuate constantly, future payment in currency will deviate from the amount recognized at time of sale or purchase. In order to minimize the currency risk, the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. Interest risk The Group's exposure to changes in the interest rate is mainly linked to the debt disclosed in the note on net interest-bearing debt. The Group\u2019s long-term debt is based upon a balance between loan agreements with \ufb02oating rates of interest, and loan agreements with \ufb01xed rate of interest. In addition, 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 with \ufb02oating interest. For the loans with \ufb01xed interest rate, the period length varies, with different years of expiry. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. A tool to reduce the price risk, a portion of revenue / purchase cost can be hedged through \ufb01nancial purchase and sales contracts for salmon. This tool has not been used of any signi\ufb01cance in 2024. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through use of forward agreements to purchase bunker (bunker derivatives).
Liquidity risk The Group manages liquidity risk by maintaining adequate reserves and committed bank facilities and constantly monitoring forecasted and actual cash \ufb02ows. The Group aim to obtain and maintain a smooth debt repayment schedule. Further, committed undrawn credit facilities has been secured with the bank, to provide suf\ufb01cient reserves to meet unforeseen liquidity needs. In addition, the Group takes use of bank guaranties if needed, to ensure suf\ufb01cient reserves.
Credit risk The Group's sales to end customers are credit sales. Procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer's \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness. The overall credit risk is also reduced by the geographically diversity of markets. The Group's compliance on these procedures is regularly monitored. Furthermore, almost all the Group's trade receivables are covered by credit insurance, securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements shall also be \ufb01nancial institutions with a high credit rating or other parties who can provide reliable security.
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"reg-ix-351": {
"value": "Note G1.4 Climate risks and opportunities 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, causes greenhouse gas emissions (GHG). 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 keeping our GHG emissions to an absolute minimum. This is a shared responsibility, and every person and company must evaluate possible measures they can take, then adapt their behavior accordingly \u2013 if we are to achieve our goal of reducing rising global 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 several regulatory measures, including fees. The scope of these regulatory measures and fees related to GHG emissions is expected to increase in the future. The transition to a low-carbon economy comes with a cost. The development of and investments in low-emission 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's ability to adapt in this context will become its \u201clicense 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 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's 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 GHG emissions with 46% by 2030, having 2019 as base year. The Group has an ambition to achieve climate neutrality by 2050. This requires making sound decisions that consider 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 GHG 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 GHG emissions. When selecting new suppliers, environmental factors are critical selection parameters. The Group's 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 change, please, visit Chapter Sustainability statement, section ESRS 2 General Disclosures as well as section ESRS E1 Climate Change of this report. Information that was previously included in the TCFD Report is now an integrated part of the Group\u2019s Annual Report, which is developed in accordance with the requirements of CSRD. Due to signi\ufb01cant changes in Scope\u00a03 emissions, due to requirements in CSRD, the Group will revise its greenhouse gas emission targets in 2025. Financial impact of climate change The Group has assessed its climate risk regarding its operations, in terms of both physical risk and transitional risk. The Group has not incurred any signi\ufb01cant costs in 2024 (and 2023) as a result of the impact of climate change. Neither has the Group identi\ufb01ed climate-related incidents in 2024 (and in 2023) or risk indicating the need to re-estimate the service life or residual value of the Group's assets. WildCatch and White\ufb01sh The Group's \ufb01sheries are mainly conducted in Norway's northernmost waters. Extreme weather events are primarily the greatest physical risk for \ufb01shing activity. If the weather is too extreme, the Group's \ufb01shing vessels may not be able to carry out \ufb01shing activities. If this was to occur during the period when \ufb01shing activity is at its peak, 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 alter both migration routes and spawning patterns for different \ufb01sh species, resulting in changes in where we can \ufb01sh for these species. This could complicate the processes of establishing and distributing quotas between \ufb01shery nations. In the Group's 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 implement measures to reduce GHG 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 about 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 soon. 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's depreciation plans, the Group has not identi\ufb01ed any indications of impairment related to transition risk of neither licenses 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's 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-based. If temperatures change, the conditions for cultivating these raw materials may change, and this could become critical if alternatives are not found. Scenario analyses also indicate 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 longer 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 to develop new ingredients that can be used as raw materials for feed and thus reducing GHG 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 their work and service boats. The same applies to the feed barges, now more and more powered by land-based power. As a result, the risk of the Group having new climate-related measures imposed with substantial economic signi\ufb01cance is considered as low. Licenses, the Group's largest asset, which do not depreciate, are assessed for impairment every year. This assessment implicitly takes climate risk into account. The value of licenses 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 WildCatches and white\ufb01sh, the reputation risk related to climate is low, as aquaculture has a very low carbon footprint per kilogram of produced food compared to 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, and indirectly via our supply chain, as successful logistics are essential to maintaining normal operations. The Group's factories are 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 because 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 GHG 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 for air transport, would have major consequences for sales to these markets. Nonetheless, the Group's main markets are in Europe, and products for these markets are transported by road. The Group collaborates with transport suppliers to reduce GHG 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 GHG 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's 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.
Note G4.9 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\u20132019. 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 thoroughly refuted the allegations in its comments submitted 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, in the wake of the Commission's investigation, a group of British supermarket chains issued claims for damages in the UK against several Norwegian- owned aquaculture companies, including companies in the Ler\u00f8y Seafood Group. In February 2025, another British supermarket chain issued claims for damages in the UK. A class action lawsuit on behalf of consumers has also been issued in the UK. 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-355": {
"value": "Note G1.5 Consolidated companies and allocation to\u00a0operating\u00a0segment All \ufb01gures in NOK 1 000 Accounting policy 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.
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' proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners' equity is booked to controlling shareholder\u2019s equity.
Overview 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. For more detailed information, including book values, it is referred to the note on subsidiaries in the parent-companys annual accounts. Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Hammerfest 2016 100% 100% Finnmark Hav\ufb01ske AS >1 owner, see speci\ufb01cation below Norway Vestv\u00e5g\u00f8y 2016 98% 98% 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% Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Austevoll 2017 100% 100% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 8 51% 0% 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 Havbruk Service AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2024 3 0% 100% Value-added processing (VAP), sales and 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 9 100% 0% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 9 100% 0% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100% Ler\u00f8y Austevoll AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 11 100% 100% AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 11 100% 100% Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 100% 100% Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 >1 owner, see speci\ufb01cation below Norway Bergen 2006 77% 77% 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% Ler\u00f8y Seafood Copenhagen ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 10 100% 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 7 100% 0% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 100% 100% Friske Fisk A/S Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% B\u00f8rge Tvilling's Eftf. ApS Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden G\u00f6teborg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden G\u00f6teborg 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 Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100%
Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 St. Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France St. 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 Kanari\u00f8yene 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Kanari\u00f8yene 2023 100% 100% 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 Nord Carolina 2016 100% 100% 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% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Speci\ufb01cation of ownership in subsidiaries with\u00a0more\u00a0than one owner Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13% Total 98% 98% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Total 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% Total 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% Total 77% 77% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 Comments on changes: 1. Transactions with non-controlling interests 2. Change in ownership 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-subsidiary merger 7. Sister-company merger 8. Sale of company 9. Liquidation of company 10. Changed company name 11. Changed business segment (from farming to VAPSD) Changes in company name The Danish company included in Ler\u00f8y Seafood Denmark group, Ove Johnsen Fisk. en gros Aps, has changed name to Ler\u00f8y Seafood Copenhagen ApS.
Note G1.5 Consolidated companies and allocation to\u00a0operating\u00a0segment All \ufb01gures in NOK 1 000 Accounting policy 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.
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' proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners' equity is booked to controlling shareholder\u2019s equity.
Overview 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. For more detailed information, including book values, it is referred to the note on subsidiaries in the parent-companys annual accounts. Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Hammerfest 2016 100% 100% Finnmark Hav\ufb01ske AS >1 owner, see speci\ufb01cation below Norway Vestv\u00e5g\u00f8y 2016 98% 98% 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% Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Austevoll 2017 100% 100% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 8 51% 0% 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 Havbruk Service AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2024 3 0% 100% Value-added processing (VAP), sales and 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 9 100% 0% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 9 100% 0% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100% Ler\u00f8y Austevoll AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 11 100% 100% AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 11 100% 100% Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 100% 100% Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 >1 owner, see speci\ufb01cation below Norway Bergen 2006 77% 77% 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% Ler\u00f8y Seafood Copenhagen ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 10 100% 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 7 100% 0% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 100% 100% Friske Fisk A/S Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% B\u00f8rge Tvilling's Eftf. ApS Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden G\u00f6teborg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden G\u00f6teborg 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 Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100%
Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 St. Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France St. 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 Kanari\u00f8yene 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Kanari\u00f8yene 2023 100% 100% 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 Nord Carolina 2016 100% 100% 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% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Speci\ufb01cation of ownership in subsidiaries with\u00a0more\u00a0than one owner Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13% Total 98% 98% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Total 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% Total 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% Total 77% 77% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 Comments on changes: 1. Transactions with non-controlling interests 2. Change in ownership 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-subsidiary merger 7. Sister-company merger 8. Sale of company 9. Liquidation of company 10. Changed company name 11. Changed business segment (from farming to VAPSD) Changes in company name The Danish company included in Ler\u00f8y Seafood Denmark group, Ove Johnsen Fisk. en gros Aps, has changed name to Ler\u00f8y Seafood Copenhagen ApS.
Note G2.2 Segment information All \ufb01gures in NOK 1 000 Accounting policy The operating segments presented are the key components of the Groups business. The identi\ufb01ed segments have been regularly assessed, monitored and managed by the CEO and key decision makers. The accounting policies used for the segment reporting are the same as for the consolidated \ufb01nancial statements, with the following exceptions: Alternative performance measures (APMs) are applied as a supplement. The APMs exclude identi\ufb01ed non-operational items and present a better understanding of the underlying operational performance, where non-recurring items, fair value adjustments and tax related items are excluded. The APMs applied are explained in more detail in a separate note.
Segments 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's 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 for short. Ler\u00f8y Seafood Group ASA and Preline Fishfarming System AS are not allocated to any of these segments. 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 the three operating segments (1) North, (2) Central and (3) West. The North Norway region includes Ler\u00f8y Aurora AS and Ler\u00f8y Aurora Sj\u00f8 AS. The Central Norway region includes Ler\u00f8y Midt AS and Ler\u00f8y Midt Sj\u00f8 AS. And the West Norway region (also known as Ler\u00f8y Sj\u00f8troll) includes 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 Havbruk Service AS, Norsk Oppdrettsservice AS and Ler\u00f8y Ocean Harvest AS. Ler\u00f8y Austevoll AS and its subsidiary AUSS Laks AS have changed segment from Farming to VAPS&D with effect from Q2 2024. Norsk Oppdrettsservice AS has also left the segment due to disposal of this subsidiary in Q4 2024. 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 also 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. From Q2 2024 Ler\u00f8y Austevoll AS and its subsidiary AUSS Laks AS has also been included in the segment. From end of 2024 Ler\u00f8y Quality Group AS and Ler\u00f8y & Strudshavn AS, which both were dormant companies, have left the segment due to liquidation. 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. Please refer to the note on the consolidated companies for a complete overview of the companies in the sub-groups, allocation into operating segments and ownershop structure. Income statement allocated on segment 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total External operating revenue 1 228 086 254 187 29 640 596 1 822 31 124 691 1 485 807 591 920 28 789 212 2 773 0 30 869 712 Internal operating revenue 1 398 199 13 408 339 70 846 401 958 -15 279 342 0 1 759 148 12 870 528 201 724 407 066 -15 238 465 0 Total operating revenue 2 626 285 13 662 526 29 711 441 403 780 -15 279 342 31 124 691 3 244 955 13 462 448 28 990 936 409 839 -15 238 465 30 869 712 Other gains (+) and losses (\u2212) 404 -6 481 2 126 0 0 -3 952 11 360 1 945 22 543 625 0 36 473 Operating expenses before depreciations and\u00a0impairment\u00a0loss (\u2212) -2 246 982 -10 448 781 -28 623 701 -760 058 15 342 209 -26 737 314 -2 746 427 -9 944 113 -28 177 515 -583 709 15 239 987 -26 211 777 Operating pro\ufb01t before depreciations and impairment\u00a0loss (EBITDA), before fair value adjustments 379 707 3 207 263 1 089 866 -356 278 62 867 4 383 425 509 888 3 520 280 835 964 -173 245 1 522 4 694 408 Depreciations (\u2212) -249 764 -1 125 319 -247 848 -29 279 0 -1 652 209 -223 554 -1 032 778 -207 549 -20 006 0 -1 483 886 Impairment loss (\u2212) / reversal of impairment loss (+) 0 -58 542 0 0 0 -58 542 -8 508 -60 907 -38 694 0 0 -108 110 Operating pro\ufb01t (EBIT) before fair value adjustments 129 943 2 023 403 842 018 -385 556 62 867 2 672 675 277 826 2 426 594 589 721 -193 251 1 522 3 102 412 Change in fair value adjustment of \ufb01sh in sea (+/\u2212) 0 347 227 0 0 0 347 227 0 167 331 0 0 0 167 331 Change in fair value of onerous contracts (+/\u2212) 0 -55 636 0 0 0 -55 636 0 -42 369 0 0 0 -42 369 Total fair value adjustments related to biological assets 0 291 592 0 0 0 291 592 0 124 962 0 0 0 124 962 Operating pro\ufb01t (EBIT) 129 943 2 314 995 842 018 -385 556 62 867 2 964 266 277 826 2 551 557 589 721 -193 251 1 522 3 227 374 Pro\ufb01t (+) / loss (\u2212) from subsidiaries, JVs and ACs 272 106 997 -434 -429 756 429 756 106 835 -2 862 -133 576 -6 869 2 419 994 -2 419 994 -143 308 Net \ufb01nancial items (+/\u2212) -71 900 -329 259 -81 483 -40 005 5 677 -516 970 -78 635 -270 043 -99 499 -294 986 259 206 -483 956 Pro\ufb01t before tax 58 315 2 092 733 760 101 -855 318 498 300 2 554 131 196 329 2 147 937 483 353 1 931 758 -2 159 266 2 600 111 Tax cost (\u2212) 139 152 -2 389 557 The year's result 2 693 283 210 553
Alternative Performance Measure reconciliation 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Operating pro\ufb01t (EBIT) 129 943 2 314 995 842 018 -385 556 62 867 2 964 266 277 826 2 551 557 589 721 -193 251 1 522 3 227 374 Fair value adjustments biological assets -347 227 -347 227 -167 331 -167 331 Onerous contract provision 55 636 55 636 42 369 42 369 EBIT before fair value adjustments 129 943 2 023 403 842 018 -385 556 62 867 2 672 675 277 826 2 426 594 589 721 -193 251 1 522 3 102 412 Change in unrealized internal margin -5 221 -5 221 -1 523 -1 523 Production fee 160 099 160 099 123 849 123 849 Litigation costs 46 050 12 191 58 241 0 Restructuring costs 0 14 719 14 719 Impairment loss, deducted from operational EBIT 58 542 58 542 56 907 38 694 95 602 Other non-operational items 15 790 15 790 0 Operational EBIT 129 943 2 257 833 888 068 -373 365 57 646 2 960 125 277 826 2 607 351 643 134 -193 251 -1 3 335 059 Depreciation 249 764 1 125 319 247 848 29 279 0 1 652 209 223 554 1 032 778 207 549 20 006 0 1 483 886 Impairment loss, not deducted from operational EBIT 0 0 0 0 0 0 8 508 4 000 0 0 0 12 508 Operational EBITDA 379 707 3 383 152 1 135 916 -344 087 57 646 4 612 334 509 888 3 644 129 850 683 -173 245 -1 4 831 454 Depreciation and impairment loss 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Depreciation on intangibles 29 137 635 2 594 0 32 367 29 137 635 3 835 0 33 608 Depreciation on right-of-use assets from credit institutions 2 225 201 034 43 400 116 246 775 7 071 181 044 40 841 106 229 062 Depreciation on right-of-use assets from others 1 432 368 060 34 049 10 783 414 324 1 332 317 686 29 927 10 783 359 727 Depreciation on \ufb01xed assets 216 971 555 589 167 804 18 380 958 744 186 014 533 413 132 946 9 117 861 490 Total depreciation 249 764 1 125 319 247 848 29 278 0 1 652 209 223 554 1 032 778 207 549 20 006 0 1 483 886 Impairment loss on intangibles 73 542 73 542 4 000 4 000 Impairment loss on \ufb01xed assets -15 000 -15 000 8 508 56 907 38 694 104 110 Total impairment loss 0 58 542 0 0 0 58 542 8 508 60 907 38 694 0 0 108 110 Impairment loss relates to: Close down or termination of juvenile/cleaning \ufb01sh plant 82 542 82 542 36 907 36 907 Close down of slaughter plants -24 000 -24 000 24 000 24 000 Close down of VAP plants 0 38 694 38 694 New assessment of value on machinery 0 8 508 8 508 Total impairment loss 0 58 542 0 0 0 58 542 8 508 60 907 38 694 0 0 108 110
Key operational \ufb01gures 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Catch volume (HOG) in tonnes 64 991 64 991 75 893 75 893 Harvest volume salmon and trout (GWT) 171 228 171 228 159 620 159 620 Share of harvest volume salmon (GWT) from joint ventures 20 220 20 220 12 442 12 442 Operating margin before fair value adjustments 4.9% 14.8% 2.8% -95.5% -0.4% 8.6% 8.6% 18.0% 2.0% -47.2% 0.0% 10.1% Operational EBIT-margin 4.9% 16.5% 3.0% -92.5% -0.4% 9.5% 8.6% 19.4% 2.2% -47.2% 0.0% 10.8% Operational EBIT/kg salmon and trout, exclusive Wildcatch\u00a0segment 13.2 5.2 -2.2 0.3 16.5 16.3 4.0 -1.2 0.0 19.2 Operational EBIT/kg catch volume in Wildcatch segment 2.0 2.0 3.7 3.7 Operational EBIT from all segments/kg slaughtered salmon and trout 0.8 13.2 5.2 -2.2 0.3 17.3 1.7 16.3 4.0 -1.2 0.0 20.9 EBIT before FV adj./kg salmon and trout, exclusive\u00a0Wildcatch segment 11.8 4.9 -2.3 0.4 14.8 15.2 3.7 -1.2 0.0 17.7 EBIT before FV adj./kg catch volume in Wildcatch segment 2.0 0.1 2.1 3.7 0.0 3.7 EBIT before FV adj. from all segments/kg slaughtered\u00a0salmon and trout 0.8 11.8 4.9 -2.3 0.4 15.6 1.7 15.2 3.7 -1.2 0.0 19.4 Key amounts from statement of \ufb01nancial position 2024 2023 Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Wildcatch Farming VAPS&D LSG ASA / Preline Elimination Total Intangibles 3 459 334 4 367 552 864 062 54 803 8 745 750 3 488 471 4 329 337 814 440 54 803 8 687 051 Right-of-use assets 36 845 2 698 023 784 752 150 185 3 669 804 23 880 2 085 369 443 120 161 083 2 713 452 Fixed assets 2 342 152 4 987 655 1 553 892 58 328 8 942 027 2 180 678 4 983 925 968 351 63 042 -9 8 195 987 Joint ventures and associates 10 616 1 555 223 1 096 555 455 -555 455 1 566 934 10 344 1 355 232 496 555 455 -555 455 1 366 072 Other assets 501 064 13 559 136 6 580 709 10 965 252 -11 699 603 19 906 558 890 729 13 547 428 6 953 880 13 838 235 -14 774 305 20 455 968 Total assets 6 350 011 27 167 588 9 784 510 11 784 023 -12 255 058 42 831 074 6 594 102 26 301 291 9 180 287 14 672 618 -15 329 769 41 418 529 Total liabilities 2 750 369 11 544 578 5 999 006 3 694 568 -2 324 248 21 664 272 3 016 316 13 654 039 6 730 528 4 484 107 -6 363 006 21 521 984 NIBD 1 154 507 3 442 511 999 463 2 109 003 0 7 705 484 1 047 385 2 841 116 697 517 623 425 0 5 209 443 Net investments * 373 706 1 333 147 341 170 13 667 0 2 061 690 319 163 989 904 108 105 42 641 0 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 Income statement allocated on region 2024 2023 North Central West Elimination Total North Central West Elimination Total External operating revenue 52 973 87 531 113 683 254 187 145 650 58 060 388 210 591 920 Internal operating revenue 3 492 896 5 764 062 4 332 769 -181 388 13 408 339 3 388 388 5 116 432 4 435 227 -69 519 12 870 528 Total operating revenue 3 545 869 5 851 593 4 446 452 -181 388 13 662 526 3 534 038 5 174 492 4 823 437 -69 519 13 462 448 Other gains and losses 6 283 6 930 -7 994 -11 700 -6 481 -210 11 2 143 1 945 Operating expenses -2 819 595 -4 611 126 -4 381 028 179 107 -11 632 642 2 622 418 3 879 282 4 605 617 -69 519 11 037 798 Operating pro\ufb01t (EBIT) before fair value adjustments 732 557 1 247 397 57 430 -13 981 2 023 403 911 411 1 295 221 219 963 0 2 426 595 Alternative Performance Measure reconciliation 2024 2023 North Central West Elimination Total North Central West Elimination Total Operating pro\ufb01t (EBIT) before fair value adjustments 732 557 1 247 397 57 430 -13 981 2 023 403 911 411 1 295 221 219 963 0 2 426 595 Production fee 41 205 64 463 54 430 160 099 34 009 48 842 40 998 123 849 Impairment loss, deducted from operational EBIT 29 000 29 542 58 542 32 907 24 000 56 907 Other non-operational items 15 790 15 790 0 0 Operational EBIT 802 762 1 311 860 157 192 -13 981 2 257 834 978 327 1 344 063 284 961 0 2 607 351 Depreciation 247 246 412 824 465 248 1 125 319 248 909 357 141 426 729 1 032 778 Impairment loss, not deducted from operational EBIT 0 0 0 4 000 4 000 Operational EBITDA 1 050 009 1 724 684 622 440 -13 981 3 383 152 1 227 235 1 701 203 715 690 0 3 644 129 Volumes per region 2024 2023 North Central West Elimination Total North Central West Elimination Total Volume salmon (GWT)* 44 070 68 944 34 686 147 700 43 075 61 308 34 290 138 673 Volume trout (GWT) 23 528 23 528 20 947 20 947 Total volume 44 070 68 944 58 214 171 228 43 075 61 308 55 237 159 620 * GWT = Gutted weight in tonnes
Key \ufb01gures per region 2024 2023 North Central West Elimination Total North Central West Elimination Total Operating pro\ufb01t (EBIT)/kg slaughtered salmon and trout 16.6 18.1 1.0 11.8 21.2 21.1 4.0 15.2 Non operational items/kg slaughtered salmon and trout 1.6 0.9 1.7 1.4 1.6 0.8 1.2 1.1 Operational EBIT/kg slaughtered salmon and trout 18.2 19.0 2.7 13.2 22.7 21.9 5.2 16.3 Operational EBIT from VAPSD/kg slaughtered salmon and trout 5.2 5.2 5.2 5.2 4.0 4.0 4.0 4.0 Operational value-chain EBIT from Farming + VAPS&D/kg slaughtered salmon and trout 23.4 24.2 7.9 18.4 26.7 26.0 9.2 20.4 Key amounts from statement of \ufb01nancial position split on geographic area Sales are allocated to the customers' home country. Assets and investments are distributed according to geographical location. Operating revenue 2024 % 2023 % Norway 5 351 258 17.2 5 661 492 18.3 EU 16 472 106 52.9 16 842 329 54.6 Other countries 9 301 327 29.9 8 365 890 27.1 Total operating revenue 31 124 691 100.0 30 869 712 100.0 Assets 2024 % 2023 % Norway * 38 400 264 89.7 37 464 823 90.5 EU 4 038 896 9.4 3 715 638 9.0 Other countries 391 914 0.9 238 068 0.6 Total assets 42 831 074 100.0 41 418 529 100.0 * 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\u00a0329\u00a0833 out of NOK 1 653 712 (NOK 1 189 573 out of NOK 1 458 421). Most of the trade receivables are covered by credit insurance. Net investments 2024 % 2023 % Norway 1 854 715 90.0 1 394 178 95.5 EU 193 145 9.4 65 443 4.5 Other countries 13 830 0.7 192 0.0 Total net investments 2 061 690 100.0 1 459 813 100.0
",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-353": {
"value": "Note G1.5 Consolidated companies and allocation to\u00a0operating\u00a0segment All \ufb01gures in NOK 1 000 Accounting policy 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.
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' proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners' equity is booked to controlling shareholder\u2019s equity.
Overview 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. For more detailed information, including book values, it is referred to the note on subsidiaries in the parent-companys annual accounts. Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Hammerfest 2016 100% 100% Finnmark Hav\ufb01ske AS >1 owner, see speci\ufb01cation below Norway Vestv\u00e5g\u00f8y 2016 98% 98% 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% Company Ownership Country Registered business premises Year of acquisition Notes 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 >1 owner, see speci\ufb01cation below Norway Austevoll 2017 100% 100% Norsk Oppdrettsservice AS Ler\u00f8y Seafood Group ASA Norway Flekkefjord 2015 8 51% 0% 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 Havbruk Service AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2024 3 0% 100% Value-added processing (VAP), sales and 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 9 100% 0% Ler\u00f8y & Strudshavn AS Ler\u00f8y Seafood Group ASA Norway Bergen 1927 9 100% 0% Ler\u00f8y Fossen AS Ler\u00f8y Seafood Group ASA Norway Bergen 2006 100% 100% Ler\u00f8y Austevoll AS Ler\u00f8y Seafood Group ASA Norway Austevoll 2023 11 100% 100% AUSS Laks AS Ler\u00f8y Austevoll AS Norway Austevoll 2023 11 100% 100% Ler\u00f8y Nord AS Ler\u00f8y Seafood Group ASA Norway Troms\u00f8 2015 100% 100% Drag\u00f8y Grossist AS Ler\u00f8y Nord AS Norway Troms\u00f8 2021 51% 51% Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 >1 owner, see speci\ufb01cation below Norway Bergen 2006 77% 77% 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% Ler\u00f8y Seafood Copenhagen ApS Ler\u00f8y Seafood Denmark A/S Denmark K\u00f8benhavn 2021 10 100% 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 7 100% 0% Mondo Mar Marine Foods ApS Ler\u00f8y Seafood Denmark A/S Denmark Hanstholm 2023 100% 100% Friske Fisk A/S Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% B\u00f8rge Tvilling's Eftf. ApS Ler\u00f8y Seafood Copenhagen\u00a0ApS Denmark K\u00f8benhavn 2024 5, 6 0% 0% Ler\u00f8y Sverige AB Ler\u00f8y Seafood Group ASA Sweden G\u00f6teborg 2001 100% 100% Ler\u00f8y Seafood AB Ler\u00f8y Sverige AB Sweden G\u00f6teborg 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 Germany GmbH Ler\u00f8y Seafood Holding B.V. Germany Witten 2015 100% 100%
Company Ownership Country Registered business premises Year of acquisition Notes Share 01.01 Share 31.12 Value-added processing (VAP), sales and distribution 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 St. Jean d\u2019Ardi\u00e8res 2008 100% 100% SAS Fishcut SAS Ler\u00f8y Seafood France France St. 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 Kanari\u00f8yene 2020 100% 100% Leroy Canarias SL Ler\u00f8y Processing Spain SL Spain Kanari\u00f8yene 2023 100% 100% 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 Nord Carolina 2016 100% 100% 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% Company Ownership Country Registered business premises Year of acquisition Share 01.01 Share 31.12 Speci\ufb01cation of ownership in subsidiaries with\u00a0more\u00a0than one owner Finnmark Hav\ufb01ske AS Hav\ufb01sk Nordkyn AS Norway Hammerfest 2016 6% 6% Finnmark Hav\ufb01ske AS Hav\ufb01sk Finnmark AS Norway Hammerfest 2016 78% 78% Finnmark Hav\ufb01ske AS Hav\ufb01sk B\u00e5tsfjord AS Norway Hammerfest 2016 13% 13% Total 98% 98% Nordland Hav\ufb01ske AS Hav\ufb01sk Stamsund AS Norway Vestv\u00e5g\u00f8y 2016 53% 53% Nordland Hav\ufb01ske AS Hav\ufb01sk Melbu AS Norway Vestv\u00e5g\u00f8y 2016 47% 47% Total 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% Total 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% Total 77% 77% *) Foundation date. The companies were part of \u201cthe old Ler\u00f8y group\u201d before Ler\u00f8y Seafood Group ASA was founded in 1995 Comments on changes: 1. Transactions with non-controlling interests 2. Change in ownership 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-subsidiary merger 7. Sister-company merger 8. Sale of company 9. Liquidation of company 10. Changed company name 11. Changed business segment (from farming to VAPSD) Changes in company name The Danish company included in Ler\u00f8y Seafood Denmark group, Ove Johnsen Fisk. en gros Aps, has changed name to Ler\u00f8y Seafood Copenhagen ApS.
Disposal of subsidiary In 2024 the share-holding of 51% in the subsidiary Norsk Oppdrettsservice AS was sold to the non-controlling interests for NOK 12 million, with effect from 1st of November 2024. The main activity of the company is production of cleaner \ufb01sh. The Groups strategy has changed, and use of cleaner \ufb01sh are replaced with more use of modern shielding technology. Norsk Oppdrettsservice AS Value assessment 01.11.2024 Total 100% Controlling interests 51% Non-contr. interests 49% Equity in statutory accounts 54 490 27 790 26 700 Identi\ufb01ed added value in group accounts 44 495 22 692 21 803 Impairment loss on identi\ufb01ed added value in group accounts -44 495 -22 692 -21 803 Carrying value at date of disposal in group accounts 54 490 27 790 26 700 Consideration received 12 000 Calculated loss on disposal -15 790 Recognized in pro\ufb01t and loss statement, other gains (+) and losses (\u2212) -15 790 Recognized in statement of changes in equity (non-controlling interests) -26 700
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-356": {
"value": "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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-357": {
"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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-358": {
"value": "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' proportional share of the carrying amount for the net assets in the subsidiary against the parent company owners' equity is booked to controlling shareholder\u2019s equity.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-359": {
"value": "Note G1.6 Business combinations and transactions with non-controlling interests All \ufb01gures in NOK 1 000 Business combinations in 2024 Denmark: The Group has acquired 100% of the shares in the two companies B\u00f8rge Tvillings Eftf. ApS and Friske Fisk A/S through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The companies are located in Copenhagen in Denmark, and have wholesale of \ufb01sh as main activity. The companies have been consolidated with effect from 01.01.2024. The companies are allocated to the VAPS&D segment. The companies were purchased together on \"both or nothing\"-basis, from the same owner, and regarded as one acquisition. Currency rate used DKK/NOK is 1.5627. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been adjusted in 2024, with a reduction in goodwill of NOK 13 million. The adjustment relates to the error detected in 2023. B\u00f8rge Tvillings Eftf. ApS and Friske Fisk A/S Purchase price allocation and acquisition\u00a0analysis Reported values of acquired entity Identi\ufb01ed added (or\u00a0negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance\u00a0sheet Deferred tax asset 845 845 845 Fixed assets 1 014 1 014 1 014 Financial non-current assets 91 91 91 Inventory 1 148 -189 959 959 Current receivables 12 233 -581 11 652 11 652 Cash in bank 1 173 1 173 1 173 Total assets 16 504 -770 15 733 15 733 Equity 1 907 -913 994 994 Current liabilities 14 597 143 14 740 14 740 Total equity and liabilities 16 504 -770 15 733 0 15 733 NIBD (+) -1 173 0 -1 173 0 -1 173 Acquisition analysis 100% Recognized equity in acquired entity 1 907 Net identi\ufb01ed added value in the acquired entity -913 Identi\ufb01ed value in the acquired entity 994 Calculation of goodwill 100% Total consideration paid 994 Identi\ufb01ed value in the acquired entity 994 Goodwill 0
Transactions with non-controlling interests in 2024 Disposal of subsidiary In 2024 the share-holding of 51% in the subsidiary Norsk Oppdrettsservice AS was sold to the non-controlling interests for NOK 12 million, with effect from 1st of November 2024. The main activity of the company is production of cleaner \ufb01sh. The Groups strategy has changed, and use of cleaner \ufb01sh are replaced with more use of modern shielding technology. Norsk Oppdrettsservice AS Value assessment 01.11.2024 Total 100% Controlling interests 51% Non-contr. interests 49% Equity in statutory accounts 54 490 27 790 26 700 Identi\ufb01ed added value in group accounts 44 495 22 692 21 803 Impairment loss on identi\ufb01ed added value in group accounts -44 495 -22 692 -21 803 Carrying value at date of disposal in group accounts 54 490 27 790 26 700 Consideration received 12 000 Calculated loss on disposal -15 790 Recognized in pro\ufb01t and loss statement, other gains (+) and losses (\u2212) -15 790 Recognized in statement of changes in equity (non-controlling interests) -26 700
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-360": {
"value": "Business combinations in 2024 Denmark: The Group has acquired 100% of the shares in the two companies B\u00f8rge Tvillings Eftf. ApS and Friske Fisk A/S through the Danish subsidiary Ler\u00f8y Seafood Denmark A/S. The companies are located in Copenhagen in Denmark, and have wholesale of \ufb01sh as main activity. The companies have been consolidated with effect from 01.01.2024. The companies are allocated to the VAPS&D segment. The companies were purchased together on \"both or nothing\"-basis, from the same owner, and regarded as one acquisition. Currency rate used DKK/NOK is 1.5627. In addition to this, the original purchase price allocation for the Danish parent company Ler\u00f8y Seafood Denmark has been adjusted in 2024, with a reduction in goodwill of NOK 13 million. The adjustment relates to the error detected in 2023. B\u00f8rge Tvillings Eftf. ApS and Friske Fisk A/S Purchase price allocation and acquisition\u00a0analysis Reported values of acquired entity Identi\ufb01ed added (or\u00a0negative) value Fair value at time for acquisition Goodwill calculated Acquisition balance\u00a0sheet Deferred tax asset 845 845 845 Fixed assets 1 014 1 014 1 014 Financial non-current assets 91 91 91 Inventory 1 148 -189 959 959 Current receivables 12 233 -581 11 652 11 652 Cash in bank 1 173 1 173 1 173 Total assets 16 504 -770 15 733 15 733 Equity 1 907 -913 994 994 Current liabilities 14 597 143 14 740 14 740 Total equity and liabilities 16 504 -770 15 733 0 15 733 NIBD (+) -1 173 0 -1 173 0 -1 173 Acquisition analysis 100% Recognized equity in acquired entity 1 907 Net identi\ufb01ed added value in the acquired entity -913 Identi\ufb01ed value in the acquired entity 994 Calculation of goodwill 100% Total consideration paid 994 Identi\ufb01ed value in the acquired entity 994 Goodwill 0
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-361": {
"value": "Note G2.1 Operating revenue and other gains and losses All \ufb01gures in NOK 1 000 Accounting policy 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 contractual terms. Expected volume discounts are deducted from operating revenue and presented as current provisions. Sales taxes and duties are deducted from operating revenue. Provisions for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries, are also deducted from the operating revenue. The Group delivers, to a large degree, fresh food, and\u00a0returns will therefore usually be registered shortly after the customer has received the goods.
Disaggregation of other gains and losses Other gains and losses 2024 2023 Gain(+)/loss(\u2212) from disposal of \ufb01xed assets 5 058 22 298 Gain(+)/loss(\u2212) from termination of leases (disposal RoU-assets) 930 819 Gain(+)/loss(\u2212) from disposal of intangibles 5 850 0 Gain(+)/loss(\u2212) from changes in shares in associated companies 0 13 356 Gain(+)/loss(\u2212) from disposal of subsidiary (Norsk Oppdrettsservice AS) -15 790 0 Total -3 952 36 473
Information on product area Operating revenue in NOK by product area Operating revenue 2024 % 2023 % Salmon, whole 13 690 747 44.0 14 003 785 45.4 Salmon, processed 7 670 718 24.6 6 915 906 22.4 Trout, whole 1 495 118 4.8 1 222 882 4.0 Trout, processed 952 866 3.1 745 733 2.4 White\ufb01sh, whole 2 407 814 7.7 2 809 582 9.1 White\ufb01sh, processed 2 129 171 6.8 2 383 120 7.7 Shell\ufb01sh 1 153 673 3.7 1 073 877 3.5 Pelagic 96 020 0.3 130 140 0.4 Other 1 528 563 4.9 1 584 684 5.1 Total 31 124 691 100.0 30 869 712 100.0 Information on currency Operating revenue in NOK by currency Operating revenue 2024 % 2023 % NOK 7 770 104 25.0 9 219 442 29.9 SEK 1 223 878 3.9 921 218 3.0 DKK 1 160 326 3.7 681 292 2.2 GBP 218 894 0.7 344 746 1.1 EUR 13 248 061 42.6 13 534 590 43.8 USD 6 435 698 20.7 4 946 278 16.0 JPY 645 139 2.1 856 540 2.8 Other currency 422 592 1.4 365 606 1.2 Total 31 124 691 100.0 30 869 712 100.0 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' home country. Assets and investments are distributed according to geographical location. Operating revenue 2024 % 2023 % EU 16 472 106 52.9 16 842 329 54.6 Norway 5 351 258 17.2 5 661 492 18.3 Asia 5 276 202 17.0 4 485 061 14.5 Rest of Europe 1 866 221 6.0 2 132 118 6.9 USA 1 499 077 4.8 1 212 807 3.9 Canada 378 751 1.2 295 613 1.0 Other 281 076 0.9 240 291 0.8 Total 31 124 691 100.0 30 869 712 100.0
",
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"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-363": {
"value": "Accounting policy 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 contractual terms. Expected volume discounts are deducted from operating revenue and presented as current provisions. Sales taxes and duties are deducted from operating revenue. Provisions for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries, are also deducted from the operating revenue. The Group delivers, to a large degree, fresh food, and\u00a0returns will therefore usually be registered shortly after the customer has received the goods.
Accounting policy 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 contractual terms. Expected volume discounts are deducted from operating revenue and presented as current provisions. Sales taxes and duties are deducted from operating revenue. Provisions for quality deviations and returns based on historical numbers and speci\ufb01c information regarding the respective deliveries, are also deducted from the operating revenue. The Group delivers, to a large degree, fresh food, and\u00a0returns will therefore usually be registered shortly after the customer has received the goods.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-364": {
"value": "Accounting policy The operating segments presented are the key components of the Groups business. The identi\ufb01ed segments have been regularly assessed, monitored and managed by the CEO and key decision makers. The accounting policies used for the segment reporting are the same as for the consolidated \ufb01nancial statements, with the following exceptions: Alternative performance measures (APMs) are applied as a supplement. The APMs exclude identi\ufb01ed non-operational items and present a better understanding of the underlying operational performance, where non-recurring items, fair value adjustments and tax related items are excluded. The APMs applied are explained in more detail in a separate note.
",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-365": {
"value": "Note G2.3 Payroll costs, number of employees, remuneration, loans to staff, etc. All \ufb01gures in NOK 1 000 Number of employees, including hired personnel Key \ufb01gures 2024 2023 Number of full-time equivalents 5 269 5 203 Number of hired personnel as of 31.12 883 671 Number of employees 31.12 6 194 6 013 Number of men employed 31.12 3 776 3 680 Number of women employed 31.12 2 418 2 333 Percentage of women employed 31.12 39.0% 38.8% Percentage of men employed 31.12 61.0% 61.2%
Payroll costs and remuneration of senior executives Disaggregation of salaries and other personnel costs 2024 2023 Salary 3 420 420 3 227 321 Employer's national insurance contribution 337 376 324 598 Hired personnel 426 624 337 912 Pension costs 203 505 181 907 Other remuneration 35 286 16 718 Other personnel expenses 190 127 152 574 Total 4 613 337 4 241 029 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 schemes have been replaced with contribution schemes 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. Remuneration of senior executives in 2023 Salary Bonus
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 senior executives in 2024 Salary Bonus Pension Other Total CEO 3 693 3 100 213 4 7 010 CFO 3 065 2 200 210 4 5 479 COO Farming 2 417 1 200 211 4 3 832 COO VAPSD 2 360 1 200 209 4 3 773 CHRO 2 133 1 200 213 4 3 550 Remunerations of board members and committee members The remuneration fee is approved annually by the shareholders on the ordinary general meeting. The approved remuneration is applied from this date and until next ordinary general meeting, but with effect from the following month. Thus, the accounting year has been split in two periods: Period 1: From 1st of January and until 31st of May \u2013 5 months, and period 2: From 1st of June and until 31st of December \u2013 7 months Remuneration of the board 2024 2023 Period 1 (5 months): Number of board members (3 women and 4 men) 7 7 Annual remuneration fee for leader 500 300 Annual remuneration fee for other members 300 300 Period 2 (7 months): Number of board members (4 women and 5 men / 3 women and 4 men) 9 7 Annual remuneration fee for leader 650 500 Annual remuneration fee for other members 400 300 Full year \u2013 12 months: Total remuneration paid / accrued 3 204 2 175 Remuneration of the nomination committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 2 men / 1 man) 3 1 Annual remuneration fee for leader 45 45 Annual remuneration fee for other members 45 Period 2 (7 months): Number of committee members (1 woman and 2 men) 3 3 Annual remuneration fee for leader 65 45 Annual remuneration fee for other members 65 45 Full year \u2013 12 months: Total remuneration paid / accrued 195 135 Remuneration of the audit committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Period 2 (7 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Full year \u2013 12 months: Total remuneration paid / accrued 200 200 A description of the main principles for the company's salary policy is included in the Board of Directors' 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\u00a0May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 28 May 2024. 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 180. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board has authority to increase the share capital by up to NOK 5 000 000 by issuing up to 50 000 000 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 28 May 2024, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board\u2019s powers to distribute shares has for the moment a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This has been 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 was established to ensure an optimum strategic business development for the company. However, the established practice of having these mandates renewed at each ordinary general meeting, will at the ordinary general meeting on 27 May 2025 be proposed replaced with adjusted mandates with maximum validity of 12 months, or until next ordinary general meeting, in compliance with NUES.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-366": {
"value": "Number of employees, including hired personnel Key \ufb01gures 2024 2023 Number of full-time equivalents 5 269 5 203 Number of hired personnel as of 31.12 883 671 Number of employees 31.12 6 194 6 013 Number of men employed 31.12 3 776 3 680 Number of women employed 31.12 2 418 2 333 Percentage of women employed 31.12 39.0% 38.8% Percentage of men employed 31.12 61.0% 61.2%
",
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"language": "en",
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"reg-ix-368": {
"value": "Payroll costs and remuneration of senior executives Disaggregation of salaries and other personnel costs 2024 2023 Salary 3 420 420 3 227 321 Employer's national insurance contribution 337 376 324 598 Hired personnel 426 624 337 912 Pension costs 203 505 181 907 Other remuneration 35 286 16 718 Other personnel expenses 190 127 152 574 Total 4 613 337 4 241 029 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 schemes have been replaced with contribution schemes 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. Remuneration of senior executives in 2023 Salary Bonus
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 senior executives in 2024 Salary Bonus Pension Other Total CEO 3 693 3 100 213 4 7 010 CFO 3 065 2 200 210 4 5 479 COO Farming 2 417 1 200 211 4 3 832 COO VAPSD 2 360 1 200 209 4 3 773 CHRO 2 133 1 200 213 4 3 550 Remunerations of board members and committee members The remuneration fee is approved annually by the shareholders on the ordinary general meeting. The approved remuneration is applied from this date and until next ordinary general meeting, but with effect from the following month. Thus, the accounting year has been split in two periods: Period 1: From 1st of January and until 31st of May \u2013 5 months, and period 2: From 1st of June and until 31st of December \u2013 7 months Remuneration of the board 2024 2023 Period 1 (5 months): Number of board members (3 women and 4 men) 7 7 Annual remuneration fee for leader 500 300 Annual remuneration fee for other members 300 300 Period 2 (7 months): Number of board members (4 women and 5 men / 3 women and 4 men) 9 7 Annual remuneration fee for leader 650 500 Annual remuneration fee for other members 400 300 Full year \u2013 12 months: Total remuneration paid / accrued 3 204 2 175 Remuneration of the nomination committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 2 men / 1 man) 3 1 Annual remuneration fee for leader 45 45 Annual remuneration fee for other members 45 Period 2 (7 months): Number of committee members (1 woman and 2 men) 3 3 Annual remuneration fee for leader 65 45 Annual remuneration fee for other members 65 45 Full year \u2013 12 months: Total remuneration paid / accrued 195 135 Remuneration of the audit committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Period 2 (7 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Full year \u2013 12 months: Total remuneration paid / accrued 200 200 A description of the main principles for the company's salary policy is included in the Board of Directors' 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\u00a0May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 28 May 2024. 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 180. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board has authority to increase the share capital by up to NOK 5 000 000 by issuing up to 50 000 000 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 28 May 2024, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board\u2019s powers to distribute shares has for the moment a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This has been 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 was established to ensure an optimum strategic business development for the company. However, the established practice of having these mandates renewed at each ordinary general meeting, will at the ordinary general meeting on 27 May 2025 be proposed replaced with adjusted mandates with maximum validity of 12 months, or until next ordinary general meeting, in compliance with NUES.
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's equity.
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 AS. Board member (employees' representative) Tor Ivar Ingebrigtsen owns 160 shares in Ler\u00f8y Seafood Group ASA at year end. Shares owned by the Executive Management and their related parties Name Position 2024 2023 Henning Beltestad CEO 84 200 64 200 Sjur Malm CFO 42 500 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 142 700 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 G4.7 Related parties All \ufb01gures in NOK 1 000 Transactions and balances with parent company and its related parties 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 ventures Associates and joint ventures owned by Ler\u00f8y Seafood Group, and non-controlling interests in subsidiaries, are also classi\ufb01ed as related 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. 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 Birkeland Farming AS Austevoll Seafood ASA (55.2%) 295 0 0 0 Kobbevik og Furuholmen Oppdrett AS Br Birkeland Farming AS (100%) 36 035 103 257 79 129 020 Hordalaks Holding AS konsern Kobbevik og Furuholmen Oppdrett AS (25%) 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 Sea Farms Ltd Norskott Havbruk AS (100%) 0 115 104 0 11 036 Seistar Holding AS konsern 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
2024 Ownership Sales Purchases Receivables Liabilities Transactions with parent company and its related parties: Laco AS \u201cUltimate parent\u201d 0 0 0 0 Fitjar Mekaniske Verksted AS Laco AS (100%) 45 13 178 507 1 078 Pelagia AS Austevoll Seafood ASA (50%) 148 731 14 492 32 406 771 Austevoll Seafood ASA Laco AS (55.55%) 7 0 886 0 Austevoll Eiendom AS Austevoll Seafood ASA (100%) 0 25 602 0 0 Br Birkeland Farming AS * Austevoll Seafood ASA (0%) 4 0 0 0 Kobbevik og Furuholmen Oppdrett AS Austevoll Seafood ASA (55.2%) 104 823 237 471 157 7 350 Hordalaks Holding AS konsern Kobbevik og Furuholmen Oppdrett AS (25%) 0 10 600 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%) 257 0 247 0 Scottish Sea Farms Ltd Norskott Havbruk AS (100%) 0 178 354 0 395 Seistar Holding AS konsern Ler\u00f8y Seafood Group ASA (50%) 0 286 484 2 283 2 267 Sporbarhet AS Ler\u00f8y Seafood Group ASA (27.2%) 0 3 894 0 0 Ocean Forest AS Ler\u00f8y Seafood Group ASA (50%) 347 6 000 4 635 57 The Seafood Innovation Cluster (including Aquacloud AS) Ler\u00f8y Seafood Group ASA (20%) 0 1 725 1 333 1 410 Finnmark Kyst\ufb01ske AS Hav\ufb01sk AS (49%) 0 0 16 540 0 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS (50%) 0 0 3 241 0 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS (33.5%) 0 1 109 0 27 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS (28.2%) 0 17 0 0 Itub AS Ler\u00f8y Norway Seafoods AS (22.3%) 0 741 0 4 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 49 0 Romsdal Processing AS Ler\u00f8y Aurora AS (44.4%) 0 108 979 0 9 941 Kirkenes Processing AS Ler\u00f8y Aurora AS (50%) 613 31 107 7 553 960 Norway Salmon AS Ler\u00f8y Midt AS (50%) 0 0 2 000 0 Bulandet Eigedom AS Ler\u00f8y Seafood AS (20.1%) 0 2 800 0 0 V\u00e5gen Fiskeriselskap AS Sirevaag AS (46.5%) 0 0 1 0 Total transactions and intercompany accounts with all identi\ufb01ed related parties 254 826 922 553 72 348 24 260 *) Br Birkeland Farming AS merged with Kobbevik og Furuholmen Oppdrett AS in 2024. NCI means \"non controlling interests\". 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 2024 (2023) is NOK 738.9 million (NOK 198.8 million). The net book value on the lease liability is NOK 738.9 million (NOK 215.4 million). These amounts are not included in the table above. Repayment and interests on capitalised leases with Seistar Holding amounted to NOK 84.1 million (NOK 191.3 million), and are included in the table above as purchases. Ler\u00f8y Seafood Group (Ler\u00f8y Austevoll AS and Ler\u00f8y Vest AS) rents commercial buildings and of\ufb01ce space from Austevoll Eiendom AS. The leases were capitalised as of 31 December 2024. The net book value of the right-to-use assets is NOK 357.1 million. The net book value on the lease liability is NOK 357.1 million. These amounts are not included in the table above. Ler\u00f8y Seafood Group (Ler\u00f8y Bulandet AS) rents of\ufb01ce space from Bulandet Eigedom AS. The net book value of the right-to-use assets as of 31 December 2024 is NOK 13.3 million. The net book value on the lease liability is NOK 14.8 million. These amounts are not included in the table above. Repayment and interests on the capitalised lease with Bulandet Eigedom amounted to NOK 2.8 million, and are included in the table above as purchases.
",
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"reg-ix-367": {
"value": "Payroll costs and remuneration of senior executives Disaggregation of salaries and other personnel costs 2024 2023 Salary 3 420 420 3 227 321 Employer's national insurance contribution 337 376 324 598 Hired personnel 426 624 337 912 Pension costs 203 505 181 907 Other remuneration 35 286 16 718 Other personnel expenses 190 127 152 574 Total 4 613 337 4 241 029 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 schemes have been replaced with contribution schemes 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. Remuneration of senior executives in 2023 Salary Bonus
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 senior executives in 2024 Salary Bonus Pension Other Total CEO 3 693 3 100 213 4 7 010 CFO 3 065 2 200 210 4 5 479 COO Farming 2 417 1 200 211 4 3 832 COO VAPSD 2 360 1 200 209 4 3 773 CHRO 2 133 1 200 213 4 3 550 Remunerations of board members and committee members The remuneration fee is approved annually by the shareholders on the ordinary general meeting. The approved remuneration is applied from this date and until next ordinary general meeting, but with effect from the following month. Thus, the accounting year has been split in two periods: Period 1: From 1st of January and until 31st of May \u2013 5 months, and period 2: From 1st of June and until 31st of December \u2013 7 months Remuneration of the board 2024 2023 Period 1 (5 months): Number of board members (3 women and 4 men) 7 7 Annual remuneration fee for leader 500 300 Annual remuneration fee for other members 300 300 Period 2 (7 months): Number of board members (4 women and 5 men / 3 women and 4 men) 9 7 Annual remuneration fee for leader 650 500 Annual remuneration fee for other members 400 300 Full year \u2013 12 months: Total remuneration paid / accrued 3 204 2 175 Remuneration of the nomination committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 2 men / 1 man) 3 1 Annual remuneration fee for leader 45 45 Annual remuneration fee for other members 45 Period 2 (7 months): Number of committee members (1 woman and 2 men) 3 3 Annual remuneration fee for leader 65 45 Annual remuneration fee for other members 65 45 Full year \u2013 12 months: Total remuneration paid / accrued 195 135 Remuneration of the audit committee 2024 2023 Period 1 (5 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Period 2 (7 months): Number of committee members (1 woman and 1 man) 2 2 Annual remuneration fee for leader 120 120 Annual remuneration fee for other members 80 80 Full year \u2013 12 months: Total remuneration paid / accrued 200 200 A description of the main principles for the company's salary policy is included in the Board of Directors' 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\u00a0May 2000. This mandate has been replaced with a new mandate at the ordinary general meeting on 28 May 2024. 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 180. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board has authority to increase the share capital by up to NOK 5 000 000 by issuing up to 50 000 000 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 28 May 2024, and is to remain valid for 24 months from the date on which the resolution was adopted. The mandate was not exercised in 2024. Renewal of the mandate will be recommended to the general meeting on 27 May 2025, but with a reduced period length. The mandate will be proposed valid for 12 months or until next ordinary general meeting. The Board\u2019s powers to distribute shares has for the moment a maximum validity exceeding a year, and are not limited to only certain expressed purposes as recommended in the NUES. This has been 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 was established to ensure an optimum strategic business development for the company. However, the established practice of having these mandates renewed at each ordinary general meeting, will at the ordinary general meeting on 27 May 2025 be proposed replaced with adjusted mandates with maximum validity of 12 months, or until next ordinary general meeting, in compliance with NUES.
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's equity.
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 AS. Board member (employees' representative) Tor Ivar Ingebrigtsen owns 160 shares in Ler\u00f8y Seafood Group ASA at year end. Shares owned by the Executive Management and their related parties Name Position 2024 2023 Henning Beltestad CEO 84 200 64 200 Sjur Malm CFO 42 500 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 142 700 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.
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 schemes have been replaced with contribution schemes 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. Remuneration of senior executives in 2023 Salary Bonus
P
Note G3.2 Leases All \ufb01gures in NOK 1 000
A
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"reg-ix-370": {
"value": "Fees to auditor Disaggregation of fees 2024 2023 Auditing fees Group auditor 16 958 16 437 Auditing fees other auditors 2 819 2 337 Other certi\ufb01cation services Group auditor 2 695 3 079 Other certi\ufb01cation services other auditors 206 0 Tax services from Group auditor 1 615 1 316 Tax services from other auditors 1 208 396 Other services Group auditor 5 092 12 634 Other services other auditors 1 647 725 Total 32 240 36 925 Hereby total fees to Group auditor 26 360 33 467 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's auditor speci\ufb01ed below is the agreed fee for the audit of the present year. Other fees concern services received during 2024. Other services paid to Group auditor in 2024 consists of, among others, HR related services, ESG related services and audits, and various legal and tecnical advice.
Other services paid to Group auditor in 2024 consists of, among others, ESG related audits, various legal and tecnical
advice and HR related services. Assurance services of NOK 2.0 million is included in other s
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"reg-ix-374": {
"value": "Note G2.4 Items that are combined in the \ufb01nancial statements All \ufb01gures in NOK 1 000 Net \ufb01nancial items Financial revenue 2024 2023 Interest revenue 179 738 129 774 Currency gain 1) 19 035 0 Income from other investments 367 405 Fair value adjustment on \ufb01nancial instruments (+/-) -728 728 Other \ufb01nancial revenue 9 945 4 726 Total \ufb01nancial revenue 208 357 135 634 Financial costs 2024 2023 Interest costs (speci\ufb01ed below) 717 095 552 650 Capitalised interests 0 0 Currency loss 1) 0 6 691 Impairment loss / reversal on long-term \ufb01nancial assets -10 499 35 846 Other \ufb01nancial costs 18 730 24 403 Total \ufb01nancial costs 725 326 619 589 Net \ufb01nancial items -516 970 -483 956 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 2024 is NOK 72.5 million. In 2023, net gain was NOK 57.4 million. Interest costs consist of 2024 2023 Interests on bond loans 161 358 122 646 Interest on long term loans from credit institutions 285 916 251 572 Interest on interest swap agreements -19 684 -15 966 Interest on lease liabilities to credit institutions 65 313 54 551 Interest on lease liabilities to others 72 095 62 405 Interest paid to Tax Authorities due to changes in tax \ufb01ling 50 365 4 072 Other interest cost, including interests on overdraft 101 732 73 369 Total 717 095 552 650
Payment pro\ufb01le \ufb01nancial liabilities and interest risk etc. Payment pro\ufb01le \ufb01nancial liabilities 2025 2026 2027 2028 2029 Later Total Instalment pro\ufb01le long-term debt Instalments on bond loans 0 500 000 500 000 500 000 0 1 500 000 3 000 000 Instalments on loans from credit institutions 1 237 878 398 896 483 167 1 260 180 286 997 1 057 763 4 724 881 Instalments on leasing debt to credit institutions 284 740 259 971 222 792 155 820 90 525 153 399 1 167 247 Instalments on other long-term interest-bearing debt 7 915 6 673 7 915 0 0 0 22 502 Total instalments on long-term interest-bearing debt 1 530 533 1 165 540 1 213 874 1 915 999 377 522 2 711 162 8 914 630 Unamortized drawing costs on bond loan, with no cash effect -7 569 Total net book value 31.12.2024 8 907 061 Instalment pro\ufb01le on other long term liabilities Instalments on lease liabilities to others than credit institutions 396 461 326 543 317 901 258 945 131 687 960 892 2 392 430 Instalments on other long-term non-interest bearing debt 800 600 0 0 0 1 239 2 639 Total instalments on long-term non-interest-bearing debt 397 261 327 143 317 901 258 945 131 687 962 131 2 395 069 Interest payment pro\ufb01le long-term debt Interest on bond loans 159 459 151 176 122 163 80 015 69 781 139 137 721 731 Interest on loans from credit institutions * 238 541 188 532 173 057 123 741 75 269 66 278 865 417 Interest on leasing debt to credit institutions 56 368 41 389 28 113 17 701 10 926 13 035 167 532 Interest on lease liabilities to others than credit institutions 120 681 100 798 83 076 67 213 56 470 209 282 637 521 Interest on other long-term interest-bearing debt 0 0 0 0 0 0 0 Total 575 049 481 895 406 409 288 669 212 447 427 732 2 392 201 Other short-term \ufb01nancial liabilities Overdraft (interest bearing debt) 2 097 252 2 097 252 Other short term credits and loans (interest bearing debt) 26 362 26 362 Accrued interests 81 626 81 626 Trade payables 2 270 362 2 270 362 Other short-term liabilities, excl. tax payable and public duties payable 1 138 559 1 138 559 Total 5 614 160 0 0 0 0 0 5 614 160 Grand total 8 117 004 1 974 578 1 938 183 2 463 613 721 656 4 101 026 19 316 060 * The impact from interest swap contracts is included in the amounts. The Group's \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 2024 2023 Bank deposits 3 325 191 4 323 109 Unutilized drawing facilities 3 073 825 3 911 818 Total 6 399 015 8 234 927 Payment pro\ufb01le interest-bearing debt 2024 2025 2026 2027 2028 2029 Later Interest-bearing debt 01.01 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 Instalments on long term interest bearing debt -1 530 533 -1 165 540 -1 213 874 -1 915 999 -377 522 -2 703 593 Instalments on short term interest bearing debt -2 123 613 Interest-bearing debt 31.12 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 0 Interest-bearing debt 31.12 secured with \ufb01xed interest rate 2024 2025 2026 2027 2028 2029 2030 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 0 500.0 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) 285 938 267 188 248 438 0 0 0 0 304.7 MNOK, 15.04.2020 \u2013 15.04.2027 (interest swap agreement) 285 938 267 188 248 438 0 0 0 0 Secured interest-bearing debt 2 071 875 2 034 375 1 996 875 1 500 000 1 500 000 1 500 000 1 000 000 Unsecured interest-bearing debt 8 958 800 5 342 153 4 214 113 3 497 115 1 581 115 1 203 593 2 703 593 Total interest-bearing debt 11 030 675 7 376 528 6 210 988 4 997 115 3 081 115 2 703 593 3 703 593 Portion \ufb01xed interest rate 19% 28% 32% 30% 49% 55% 27% Portion exposed to interest rate changes 81% 72% 68% 70% 51% 45% 73% The exposure of the Group's borrowings to interest rate changes and the contractual repricing dates 2024 2023 6 months or less 18 750 18 750 6\u201312 months 18 750 18 750 1\u20135 years 534 375 571 875 Over 5 years 1 500 000 1 500 000 Total secured interest-bearing debt 2 071 875 2 109 375 Total unsecured interest-bearing debt 8 958 800 7 423 177 A change in interest rate of 1% will increase the interest cost in 2025 with approximately: 83 421 65 937
Note G2.4 Items that are combined in the \ufb01nancial statements All \ufb01gures in NOK 1 000 Net \ufb01nancial items Financial revenue 2024 2023 Interest revenue 179 738 129 774 Currency gain 1) 19 035 0 Income from other investments 367 405 Fair value adjustment on \ufb01nancial instruments (+/-) -728 728 Other \ufb01nancial revenue 9 945 4 726 Total \ufb01nancial revenue 208 357 135 634 Financial costs 2024 2023 Interest costs (speci\ufb01ed below) 717 095 552 650 Capitalised interests 0 0 Currency loss 1) 0 6 691 Impairment loss / reversal on long-term \ufb01nancial assets -10 499 35 846 Other \ufb01nancial costs 18 730 24 403 Total \ufb01nancial costs 725 326 619 589 Net \ufb01nancial items -516 970 -483 956 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 2024 is NOK 72.5 million. In 2023, net gain was NOK 57.4 million. Interest costs consist of 2024 2023 Interests on bond loans 161 358 122 646 Interest on long term loans from credit institutions 285 916 251 572 Interest on interest swap agreements -19 684 -15 966 Interest on lease liabilities to credit institutions 65 313 54 551 Interest on lease liabilities to others 72 095 62 405 Interest paid to Tax Authorities due to changes in tax \ufb01ling 50 365 4 072 Other interest cost, including interests on overdraft 101 732 73 369 Total 717 095 552 650
Note G2.4 Items that are combined in the \ufb01nancial statements All \ufb01gures in NOK 1 000 Net \ufb01nancial items Financial revenue 2024 2023 Interest revenue 179 738 129 774 Currency gain 1) 19 035 0 Income from other investments 367 405 Fair value adjustment on \ufb01nancial instruments (+/-) -728 728 Other \ufb01nancial revenue 9 945 4 726 Total \ufb01nancial revenue 208 357 135 634 Financial costs 2024 2023 Interest costs (speci\ufb01ed below) 717 095 552 650 Capitalised interests 0 0 Currency loss 1) 0 6 691 Impairment loss / reversal on long-term \ufb01nancial assets -10 499 35 846 Other \ufb01nancial costs 18 730 24 403 Total \ufb01nancial costs 725 326 619 589 Net \ufb01nancial items -516 970 -483 956 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 2024 is NOK 72.5 million. In 2023, net gain was NOK 57.4 million. Interest costs consist of 2024 2023 Interests on bond loans 161 358 122 646 Interest on long term loans from credit institutions 285 916 251 572 Interest on interest swap agreements -19 684 -15 966 Interest on lease liabilities to credit institutions 65 313 54 551 Interest on lease liabilities to others 72 095 62 405 Interest paid to Tax Authorities due to changes in tax \ufb01ling 50 365 4 072 Other interest cost, including interests on overdraft 101 732 73 369 Total 717 095 552 650
Note G2.4 Items that are combined in the \ufb01nancial statements All \ufb01gures in NOK 1 000 Net \ufb01nancial items Financial revenue 2024 2023 Interest revenue 179 738 129 774 Currency gain 1) 19 035 0 Income from other investments 367 405 Fair value adjustment on \ufb01nancial instruments (+/-) -728 728 Other \ufb01nancial revenue 9 945 4 726 Total \ufb01nancial revenue 208 357 135 634 Financial costs 2024 2023 Interest costs (speci\ufb01ed below) 717 095 552 650 Capitalised interests 0 0 Currency loss 1) 0 6 691 Impairment loss / reversal on long-term \ufb01nancial assets -10 499 35 846 Other \ufb01nancial costs 18 730 24 403 Total \ufb01nancial costs 725 326 619 589 Net \ufb01nancial items -516 970 -483 956 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 2024 is NOK 72.5 million. In 2023, net gain was NOK 57.4 million. Interest costs consist of 2024 2023 Interests on bond loans 161 358 122 646 Interest on long term loans from credit institutions 285 916 251 572 Interest on interest swap agreements -19 684 -15 966 Interest on lease liabilities to credit institutions 65 313 54 551 Interest on lease liabilities to others 72 095 62 405 Interest paid to Tax Authorities due to changes in tax \ufb01ling 50 365 4 072 Other interest cost, including interests on overdraft 101 732 73 369 Total 717 095 552 650
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"reg-ix-375": {
"value": "Note G2.5 Ordinary corporate tax All \ufb01gures in NOK 1 000 Accounting policy 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.
Overview Total income tax is split on two separate components in the income statement and in the statement of \ufb01nancial position. Each type of tax has its own note (1) Ordinary corporate tax and (2) Resource rent tax. The reason for the segregation is due to the fact that the two taxes are very different in nature and calculation. The resource rent tax comes on top of ordinary corporate tax, and it is calculated on income from producing salmon and trout in sea, and is explained in detail in the note following this ordinary corporate tax note. Ordinary corporate tax cost in the income statement 2024 2023 Total tax cost Pre-tax pro\ufb01t/loss 2 554 131 2 600 111 Tax based on tax rates in the various countries 572 125 563 078 22% of share of pro\ufb01t/loss from associate -23 504 31 528 Other differences 83 744 13 933 Total 632 366 608 539 Effective tax rate 24.8% 23.4% Components of total tax cost Change in deferred tax recognized in the income statement -112 619 526 533 Tax payable cost recognized in the income statement 744 985 82 006 Total 632 366 608 539 Change in deferred tax recognized in the income statement Change in deferred tax in statement of \ufb01nancial position -120 806 542 247 Change in deferred tax recognized in comprehensive income 6 170 -7 956 Change in deferred tax from business combinations 2 017 -7 758 Total -112 619 526 533 Tax payable cost recognized in the income statement Tax payable cost on this year's taxation base 127 095 447 308 Tax payable cost on changed tax \ufb01ling for previous years, recognized in income statement for present year 582 015 0 Tax payable cost related to estimation deviation previous year 35 875 -365 302 Total 744 985 82 006 Tax payable, ordinary corporate tax, in the statement of \ufb01nancial position 2024 2023 Carried value 31.12 Tax payable cost on this year's taxation base 127 095 447 308 Of which prepaid (abroad companies) -33 818 -9 102 Carried value 31.12 93 277 438 206 Reconciliation carried value Carried value 01.01 438 206 952 991 Taxes paid during the year -1 041 264 -634 477 This year's tax payable cost 744 985 82 006 Estimation deviations -48 650 37 686 Carried value 31.12 93 277 438 206 Taxes paid Previous year's tax payable after adjustments in tax \ufb01ling 425 431 625 375 Tax payable related to change in tax \ufb01ling for a previous year 582 015 0 Prepaid tax for current year 33 818 9 102 Total tax paid during the year 1 041 264 634 477 Deferred tax, ordinary corporate tax, in the statement of \ufb01nancial position 2024 2023 Reconciliation carried value Net carried value 01.01 3 011 423 2 483 422 Business combination, including disposal of subsidiary -2 017 -6 488 Tax effect through other comprehensive income -6 170 7 956 Recognised change -112 619 526 533 Net carried value 31.12 2 890 617 3 011 423 Carried value in the statement of \ufb01nancial position Net carried value 31.12 2 890 617 3 011 423 Deferred tax asset (\u2212)* -126 279 -121 412 Deferred tax liability (+) 3 016 896 3 132 835 * The negative temporary differences that can not be eliminated against the positive temporary differences.
Deferred tax before elimination of negative temporary differences\u00a0against\u00a0positive\u00a0temporary\u00a0differences: Deferred tax liabilities (+) Licences and rights Operating assets and leases Goods/ biological assets Receivables Other differences Sum 01.01.2023 1 057 374 182 859 1 310 566 0 104 982 2 655 781 Business combination (22%) 0 635 0 0 0 635 Recognised in the period 10 293 54 875 537 163 0 -7 327 595 004 Deferred tax on records through other comprehensive income 0 0 0 0 7 956 7 956 31.12.2023 1 067 667 238 369 1 847 729 0 105 611 3 259 376 Business combination (22%) 0 0 0 0 -1 172 -1 172 Recognised in the period 3 222 65 212 289 489 0 -65 198 292 725 Deferred tax on records through other comprehensive income 0 0 0 0 -6 170 -6 170 31.12.2024 1 070 889 303 581 2 137 218 0 33 071 3 544 759 Deferred tax assets (-) Loss carry- forward Operating assets and leases Goods/ biological assets Receivables Other differences Sum 01.01.2023 -101 040 -17 732 0 -4 816 -48 772 -172 360 Business combination -7 123 0 0 0 0 -7 123 Recognised in the period -28 782 -42 353 0 2 666 0 -68 469 Deferred tax on records through other comprehensive income 0 0 0 0 0 0 31.12.2023 -136 945 -60 086 0 -2 150 -48 772 -247 952 Business combination 0 0 0 0 -845 -845 Recognised in the period -390 983 -11 213 0 -468 -2 680 -405 344 Deferred tax on records through other comprehensive income 0 0 0 0 0 0 31.12.2024 -527 928 -71 299 0 -2 618 -52 297 -654 141 Summary gross values before elimination 2024 2023 Deferred tax on positive temporary differences 31.12 3 544 759 3 259 376 Deferred tax on negative temporary differences 31.12 -654 141 -247 952 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. Tax loss carried forward and other temporary differences recognized in deferred tax asset: 31.12.2024 31.12.2023 Tax jurisdiction Base amount Tax rate applied Recognized amount Base amount Tax rate applied Recognized amount Norway \u2013 ordinary tax 0 22% 0 51 966 22% 11 433 Sweden 55 850 21% 11 505 45 799 21% 9 435 USA 94 662 23% 21 772 97 330 23% 22 386 UK 7 352 25% 1 838 0 25% 0 Spain 363 992 25% 91 164 312 636 25% 78 159 Total 521 856 126 279 507 731 121 412 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. Note G2.6 Resource rent tax and production fee All \ufb01gures in NOK 1 000 Resource rent tax Resource rent tax on Aquaculture In Norway a 25% resource rent tax was implemented on income from producing salmon and trout in sea, with effect from 1 January 2023. The resource rent tax comes on top of 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. The following four companies in the Group have resource rent taxed activities: (1) Ler\u00f8y Aurora Sj\u00f8 AS (Northern region), (2) Ler\u00f8y Midt Sj\u00f8 AS (Central region), (3) Ler\u00f8y Vest Sj\u00f8\u00a0AS (Western region), (4) Sj\u00f8troll Havbruk Sj\u00f8 AS (Western region). The resource rent tax cost in the income statement includes both tax payable for the period and changes in deferred 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 are 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. A deferred resource rent tax is computed with 25% on the temporary differences. Changes in temporary differences do not have any impact on the overall tax cost. Only which period the tax will be payable. Implementation effect The implementation effect recognized with NOK 1.7 billion in 2023, has been reversed with NOK 1.0 billion in Q4 2024. The entire amount comes from increased deferred tax on the stock of \ufb01sh in sea at time of implementation. The deferred tax came from a lack of deduction in resource rent tax for capitalized costs on the \ufb01sh in sea at the time the resource rent tax was implemented. The income from sale of this \ufb01sh was taxed with an additional resource rent tax of 25%, while no tax deduction was given. This created an asymmetry. In the annual report for 2023 it was explained why the implementation effect had to be recognized despite asymmetry. It was also noted that, in addition to being unfair, it could also be wrong, and that it could be changed. In 2024, the Group has changed the tax declaration of 2022 for two of the four companies with ground rent taxed eligible activity. The change was necessary in order to claim a deduction in ground rent tax in the tax declaration of 2023 for the costs incurred to raise the \ufb01sh until 31.12.2022. The Group has obtained a legal consideration from a third party, which concludes that there is a preponderance of probability that the Group will win through with such a claim, given that the Group is willing to try the case in court. For this reason, NOK 1.0 billion of the implementation effect has been reversed. This reduces the deferred ground rent tax in the balance sheet accordingly. However, there is no guaranteee that the Group will succeed in getting the deduction \ufb01nally approved. The changes in tax declarations also led to a reclassi\ufb01cation between ordinary deferred tax and ordinary tax payable, whereby NOK 0.6 billion of deferred ordinary tax became payable, and paid in Q4 2024. Disaggregation of resource rent tax cost 2024 2023 Implementation effect / reversal of implementation effect -996 952 1 720 629 The resource rent tax cost of the period 225 435 60 389 Total -771 518 1 781 018 Deferred tax related to resource rent tax 2024 2023 Deferred tax asset related to resource rent tax (\u2212) 0 -94 895 Deferred tax liability related to resource rent tax (+) 1 009 500 1 875 716 Deferred tax related to resource rent tax, net 1 009 500 1 780 821 Change in net deferred tax liability related to resource rent tax -771 321 1 780 821 Resource rent tax cost consist of 2024 2023 Change in deferred tax related to resource rent tax, net -771 321 1 780 821 Resource rent tax cost payable 0 197 Estimation deviation previous year \u2013 resource rent tax cost payable -197 0 Total -771 518 1 781 018 The change in deferred tax in the table above includes implementation effect. Resource rent tax cost of the period, excluding implementation effect, consists of 2024 2023 The periods change in deferred resource rent tax cost 135 880 60 192 The periods resource rent tax cost payable 0 197 Estimation deviation previous year \u2013 change in deferred resource rent tax cost 89 751 0 Estimation deviation previous year \u2013 resource rent tax cost payable -197 0 Total 225 435 60 389
Temporary differences and deferred resource rent tax Change 2024 2023 Biomass (\ufb01sh in sea) 1 130 784 8 371 900 7 241 116 Accumulated negative resource rent carried forward * -601 905 -4 289 977 -3 688 072 Portion of general deduction utilized 14 641 -43 923 -58 564 Basis for calculation of deferred resource rent tax * 543 520 4 038 000 3 494 480 Rate applied for calculation 25% 25% 25% Deferred resource rent tax recognized * 135 880 1 009 500 873 620 * After change in tax \ufb01ling for 2022/2023 where parts of the implementation effect was reversed Impact from adjustments and changes in tax \ufb01ling previous year 2023 Deferred tax related to resource rent tax, net at 31.12, according to \ufb01nancial statements from 2023 1 780 821 Deferred tax related to resource rent tax, net at 31.12, after adjustments and changes in tax \ufb01ling 873 620 Difference 907 201 The difference consist of Effect from reversing a portion of calculated implementation effect from 2023 (change in tax \ufb01ling,\u00a0recognized in 2024) 996 952 Effect from adjustments between annual accounts and \ufb01rst tax \ufb01ling (estimation deviation, recognized in 2024) -89 751 Total 907 201 Tax base and resource rent tax payable 2024 2023 Result from resource rent taxed activity 430 157 643 938 Permanent differences 205 137 121 822 Change in temporary differences * -1 130 783 -4 346 413 Accumulated negative resource rent carried forward from previous year, including interests -3 688 072 0 Difference between annual accounts and tax \ufb01ling previous year 18 535 0 Tax base for calculation of resource rent tax payable * -4 165 026 -3 580 653 Rate applied for calculation 25% 25% Resource rent tax payable recognized (on positive result) * 0 0 * After change in tax \ufb01ling for 2022/2023 where the implementation effect was partly reversed Accumulated negative resource rent carried forward 2024 2023 Tax base for calculation of resource rent tax payable (\u2212) -4 165 026 -3 580 653 Interests on accumulated negative resource rent carried forward (\u2212) -124 951 -107 420 Accumulated negative resource rent to be carried forward, including interests (\u2212) -4 289 977 -3 688 073 Reconciliation of resource rent tax of the period 2024 2023 25% of pro\ufb01t before tax in resource rent taxed companies 107 539 160 985 25% of net permanent differences excluding production fee 11 269 -210 25% of production fee 40 016 30 666 25% of interests on negative resource rent carried forward -31 238 -26 855 25% of unutilized part of general deduction 3 660 -5 834 25% of difference between annual accounts and tax \ufb01ling previous year 4 634 0 Estimation deviation 0 -98 560 Total 135 880 60 192 Impact on key \ufb01gures from implementation effect 2024 2023 Equity Equity excl. implementation effect 21 890 478 21 617 174 Implementation effect recognized -723 677 -1 720 629 Equity included implementation effect, recognized in the statement of \ufb01nancial position 21 166 802 19 896 545 Equity percentage excl. implementation effect 51.1% 52.2% Implementation effect in % compared with total assets -1.7% -4.2% Equity percentage included implementation effect, recognized in the statement\u00a0of\u00a0\ufb01nancial\u00a0postition 49.4% 48.0% Implementation effect in % compared with equity -3.3% -8.0% Earnings per share (EPS) EPS exclusive implementation effect* 2.51 2.91 Implementation effect recognized 1.68 -2.72 EPS including implementation effect* 4.19 0.19 * Before fair value adjustment on biological assets
Production fee Salmon and trout producers with production in 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 presented as an operating cost in the income statement. The production fee will always have to be paid, regardless of income and pro\ufb01t. In fact, the fee is an important part of the resource rent tax, as the fee is a component in the calculation of resource rent tax payable. As long as the resource rent tax payable is positive, the production fee on resource rent taxed activity will reduce the resource rent tax payable with the same amount. If any remaining amount of production fee, not deducted from resource rent tax payable, it will be lost, and without any tax deduction. Thus, 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. Production fee Rate in NOK per tonnes Volume (GWT) Production fee Q1 2023 560 28 602 16 017 Q2 2023 560 29 659 16 609 Q3 2023 900 53 876 48 488 Q4 2023 900 47 483 42 735 Q1 2024 935 26 376 24 661 Q2 2024 935 36 709 34 323 Q3 2024 935 51 367 48 028 Q4 2024 935 56 776 53 086 Total additional taxation on aquaculture Consists of: 2024 2023 Resource rent tax implementation effect -996 952 1 720 629 Resource rent tax for the period 225 435 60 389 Production fee 160 099 123 849 Total -611 419 1 904 868 Accumulated 1 293 448 1 904 868
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"value": "Accounting policy 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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"value": "Ordinary corporate tax cost in the income statement 2024 2023 Total tax cost Pre-tax pro\ufb01t/loss 2 554 131 2 600 111 Tax based on tax rates in the various countries 572 125 563 078 22% of share of pro\ufb01t/loss from associate -23 504 31 528 Other differences 83 744 13 933 Total 632 366 608 539 Effective tax rate 24.8% 23.4% Components of total tax cost Change in deferred tax recognized in the income statement -112 619 526 533 Tax payable cost recognized in the income statement 744 985 82 006 Total 632 366 608 539 Change in deferred tax recognized in the income statement Change in deferred tax in statement of \ufb01nancial position -120 806 542 247 Change in deferred tax recognized in comprehensive income 6 170 -7 956 Change in deferred tax from business combinations 2 017 -7 758 Total -112 619 526 533 Tax payable cost recognized in the income statement Tax payable cost on this year's taxation base 127 095 447 308 Tax payable cost on changed tax \ufb01ling for previous years, recognized in income statement for present year 582 015 0 Tax payable cost related to estimation deviation previous year 35 875 -365 302 Total 744 985 82 006 Tax payable, ordinary corporate tax, in the statement of \ufb01nancial position 2024 2023 Carried value 31.12 Tax payable cost on this year's taxation base 127 095 447 308 Of which prepaid (abroad companies) -33 818 -9 102 Carried value 31.12 93 277 438 206 Reconciliation carried value Carried value 01.01 438 206 952 991 Taxes paid during the year -1 041 264 -634 477 This year's tax payable cost 744 985 82 006 Estimation deviations -48 650 37 686 Carried value 31.12 93 277 438 206 Taxes paid Previous year's tax payable after adjustments in tax \ufb01ling 425 431 625 375 Tax payable related to change in tax \ufb01ling for a previous year 582 015 0 Prepaid tax for current year 33 818 9 102 Total tax paid during the year 1 041 264 634 477 Deferred tax, ordinary corporate tax, in the statement of \ufb01nancial position 2024 2023 Reconciliation carried value Net carried value 01.01 3 011 423 2 483 422 Business combination, including disposal of subsidiary -2 017 -6 488 Tax effect through other comprehensive income -6 170 7 956 Recognised change -112 619 526 533 Net carried value 31.12 2 890 617 3 011 423 Carried value in the statement of \ufb01nancial position Net carried value 31.12 2 890 617 3 011 423 Deferred tax asset (\u2212)* -126 279 -121 412 Deferred tax liability (+) 3 016 896 3 132 835 * The negative temporary differences that can not be eliminated against the positive temporary differences.
Note G2.5 cont. Deferred tax before elimination of negative temporary differences\u00a0against\u00a0positive\u00a0temporary\u00a0differences: Deferred tax liabilities (+) Licences and rights Operating assets and leases Goods/ biological assets Receivables Other differences Sum 01.01.2023 1 057 374 182 859 1 310 566 0 104 982 2 655 781 Business combination (22%) 0 635 0 0 0 635 Recognised in the period 10 293 54 875 537 163 0 -7 327 595 004 Deferred tax on records through other comprehensive income 0 0 0 0 7 956 7 956 31.12.2023 1 067 667 238 369 1 847 729 0 105 611 3 259 376 Business combination (22%) 0 0 0 0 -1 172 -1 172 Recognised in the period 3 222 65 212 289 489 0 -65 198 292 725 Deferred tax on records through other comprehensive income 0 0 0 0 -6 170 -6 170 31.12.2024 1 070 889 303 581 2 137 218 0 33 071 3 544 759 Deferred tax assets (-) Loss carry- forward Operating assets and leases Goods/ biological assets Receivables Other differences Sum 01.01.2023 -101 040 -17 732 0 -4 816 -48 772 -172 360 Business combination -7 123 0 0 0 0 -7 123 Recognised in the period -28 782 -42 353 0 2 666 0 -68 469 Deferred tax on records through other comprehensive income 0 0 0 0 0 0 31.12.2023 -136 945 -60 086 0 -2 150 -48 772 -247 952 Business combination 0 0 0 0 -845 -845 Recognised in the period -390 983 -11 213 0 -468 -2 680 -405 344 Deferred tax on records through other comprehensive income 0 0 0 0 0 0 31.12.2024 -527 928 -71 299 0 -2 618 -52 297 -654 141 Summary gross values before elimination 2024 2023 Deferred tax on positive temporary differences 31.12 3 544 759 3 259 376 Deferred tax on negative temporary differences 31.12 -654 141 -247 952 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. Tax loss carried forward and other temporary differences recognized in deferred tax asset: 31.12.2024 31.12.2023 Tax jurisdiction Base amount Tax rate applied Recognized amount Base amount Tax rate applied Recognized amount Norway \u2013 ordinary tax 0 22% 0 51 966 22% 11 433 Sweden 55 850 21% 11 505 45 799 21% 9 435 USA 94 662 23% 21 772 97 330 23% 22 386 UK 7 352 25% 1 838 0 25% 0 Spain 363 992 25% 91 164 312 636 25% 78 159 Total 521 856 126 279 507 731 121 412 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.
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"value": "Note G3.1 Intangible assets All \ufb01gures in NOK 1 000
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 \"Shares in associates\". From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated impairment losses.
Other intangible assets
Intangible assets with \ufb01nite l
ifetime, and that are acquired separately, are carried at cost less accumulated amortization
and accumulated impairment losses. Amortization
is recognized on a straight-line basis over their estimated useful
has expired. Due to the predetermined time limit, the structural quotas have to be amortized over the lifetime. The \"basic quotas\" that have an inde\ufb01nite useful life, are not amortised, but tested for impairment once a year as a minimum. The quotas are described in more detail later in this note. 2 Other rights The major share of other rights 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).
In addition, the Group has some intellectual property rights, but with no carrying value.
Reconciliation carrying value, gross value and life
Speci\ufb01cation of this years impairment loss Goodwill WildCatch quotas Farming licenses Other rights Total Income statement Restructuring in Norway. Close down of cleaning \ufb01sh production 0 20 000 20 000 Ceased production of cleaning \ufb01sh 13 295 0 40 000 53 295 Other impairments 0 247 247 Total 13 295 0 60 247 0 73 542 Balance sheet Accumulated impairment loss at beginning of\u00a0the\u00a0year 0 0 0 4 000 4 000 Impairment loss of the year 13 295 0 60 247 0 73 542 Disposal of intangibles with impairment loss -13 295 0 -40 247 -4 000 -57 542 Accumulated impairment loss at end of the year 0 0 20 000 0 20 000
Licenses Licenses in the Farming segment Licence scheme in Norway All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities. All licenses are governed by the same regulations (Aquaculture Act with provisions) irrespective of when the license was allocated. LSG's 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. 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. 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. Main terms and conditions for license type Grow-out licenses are the most important type of license. This is a commercial license. They are strictly limited in number. Companies are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. 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's 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 There are no time limitations speci\ufb01ed in LSG's terms for grow-out and juvenile \ufb01sh 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's 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's 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's 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. 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. The net book value of licences in the Farming segment is NOK 2 570 876 including the capitalized costs related to the renewal of the R&D license in Ler\u00f8y Seafood Group ASA. Below is a list of the licenses 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 licenses as of 31.12.2023, commercial and special purpose licenses Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licenses 1) 57.0 41 372 53.0 41 317 25.0 25 502 135.0 108 190 Slaughter cage licenses 1.0 780 1.0 780 2.0 1 800 4.0 3 360 R&D licenses 2) 1.5 1 170 1.0 780 2.5 1 950 Green farming licenses 1.0 733 1.0 733 Demonstration licenses 1.0 780 1.0 780 1.0 780 3.0 2 340 Teaching licenses 3) 1.0 780 1.0 390 2.0 1 170 Parent \ufb01sh licenses 4) 2.0 1 560 3.0 2 340 5.0 3 900 Land-based grow-out licenses 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 Salmon and trout licenses as of 31.12.2024, commercial and special purpose licenses Region West Region Central Region North Total Group Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Number Volume (MTB) Commercial grow-out licenses 1) 57.0 38 975 53.0 41 435 25.0 26 186 135.0 106 597 Slaughter cage licenses 1.0 780 2.0 1 800 3.0 2 580 R&D licenses 2) 1.5 1 170 1.0 780 2.5 1 950 Green farming licenses 1.0 733 1.0 733 Demonstration licenses 1.0 780 1.0 780 1.0 780 3.0 2 340 Teaching licenses 3) 1.0 780 1.0 390 2.0 1 170 Parent \ufb01sh licenses 4) 2.0 1 560 3.0 2 340 5.0 3 900 Land-based grow-out licenses 5) 1.0 10 000 1.0 10 000 Total number and volume 63.0 52 828 59.5 46 505 30.0 29 936 152.5 129 270 1) The commercial grow-out licenses are described further below. 2) The R&D licenses are time-limited with a duration of 3\u20135 years, from time of project start. The licenses have zero purchase price, and therefore no depreciation. The R&D license allocated to Ler\u00f8y Aurora in the table above has a lenght of 3 years. It legally belongs to Akvaplan Niva (third party), but is operated by Ler\u00f8y Aurora. The R&D license 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 licenses are considered time-limited with a duration of 10 years. The licenses have zero purchase price, and therefore no depreciation. The teaching license 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 licenses owned by Ler\u00f8y Midt, is operated by Ler\u00f8y Aurora. 5) The land-based grow-out license is owned by Ler\u00f8y \u00c5rskog AS. The licences permits production of land-based salmon or trout or juvenile \ufb01sh or a combination, for a total volume of 10.000 tonnes. Theoretically the authorities may withdraw this license if the production has not started within two years after reward date. The licenses was awarded the 25th of March 2019. The risk for withdrawal is considered as low, since the ground work for the plant is started. 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 01.01.2023 57 41 372 53 41 317 25 25 502 135 108 190 Status as of 31.12.2023 57 41 372 53 41 317 25 25 502 135 108 190 Changes in 2024 Temporary deductions in PA / reversal of\u00a0deduction -2 441 -41 0 -2 482 Growth purchased 44 160 684 0 889 Status as of 31.12.2024 57 38 975 53 41 435 25 26 186 135 106 597 Grow-out licenses as of 31.12 per production area (PA) PA 3 Red 37 25 501 37 25 501 PA 4 Red 19 12 741 1 648 20 13 389 PA 5 Yellow 1 733 7 5 132 8 5 865 PA 6 Yellow 45 35 655 45 35 655 PA 11 Green 17 17 258 17 17 258 PA 13 Green 8 8 928 8 8 928 Status as of 31.12.2024 57 38 975 53 41 435 25 26 186 135 106 597 The colors relate to the \u201ctraf\ufb01c light system\" described above. Red area: Temporary reduction in volume of 6% in PO 3 and PO 4, which equals a reduction of 2 482 tons. In 2024 it was the second time PO 3 experienced a reduction in production capacity and the third time in PO 4. The color can change each second year. The color will be subjected to a new evaluation in 2026. Yellow area: No changes in volume. The color will be subjected to a new evaluation in 2026. Green area: Is opened for growth. The Group purchased 889 tons growth offered in 2024. The color will be subjected to a new evaluation in 2026.
Other farming licenses 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 01.01.2023 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 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 Changes in 2024 Juvenile \ufb01sh licenses 0.0 0.0 Cleaner \ufb01sh licenses -2.0 -4.0 -2.0 -4.0 Total -2.0 -4.0 0.0 0.0 0.0 0.0 -2.0 -4.0 Status as of 31.12.2024 Juvenile \ufb01sh licenses 11.0 34.9 6.0 23.6 1.0 15.2 18.0 73.6 Cleaner \ufb01sh licenses 2.0 5.0 1.0 2.5 1.0 2.5 4.0 10.0 Total 13.0 39.9 7.0 26.1 2.0 17.7 22.0 83.6 The change in 2024 relates to cleaner \ufb01sh licenses own by Norsk Oppdrettsservice AS, which was sold in November 2024. The Group has also 6 licenses to cultivate seaweed in Vestland county. These are located in the same geographical area as the licenses for salmon farming. The licenses allows a cultivation of a total of 1 843 decares. These licenses have an inde\ufb01nite lifetime. The licenses are awarded after an application process, and have no purchase price. Licences in the WildCatch segment 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 WildCatches. 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 2024. 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 2024 (2023), 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 2024 (2023), one cod licence entitled the holder to \ufb01sh for an annual volume of 644 (979) tonnes of cod, 286 (504) tonnes of haddock and 559 (592) tonnes of saithe in the zone north of 62 degrees latitude. When compared with the \ufb01nal volumes per quota, after re-allocations, in 2024 (2023), this is a change of -34% (-15%) for cod, -43% (+8%) for haddock and -13% (+11%) 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, as long as the sum of catches in Norway does not exceed the total quota for Norway. To improve pro\ufb01tability for \ufb01sheries, the \ufb01sheries authorities have implemented schemes with intent to reduce the number of vessels in operation, allowing companies to merge several quota units per vessel in return for the permanent removal of the 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. While the basic quotas do not have any time limit, the structural quotas have a prede\ufb01ned time limit. At the end of the duration, they will be redistributed among all parties in the regulation group, as basic quotas. In principle, there are two schemes for structural quotas, comprising 20- and 25-years\u2019 duration. 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. In the period from the \ufb01rst structural quotas with 20 years duration are due and until all are due, the volume from the \ufb01rst due quotas will be distributed 2/3 to the basic quotas and 1/3 to the remaining structural quotas in the regulation group. Ler\u00f8y Hav\ufb01sk has assessed the impact of this in the period between 2027 and 2032 in its impairment test model. The expiry of structural quotas in this time period will not have a signi\ufb01cant impact on the calculated value in use in the cash-generating unit. 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 exemption 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's 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's 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's 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's 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 rights Carried value on quotas within WildCatch as of 31.12 Depreciation plan (linear) 2024 2023 Basic quotas for cod, haddock, saithe, shrimp and greater silver Inde\ufb01nite life time \u2013 no depreciation 3 281 401 3 281 401 Structural quotas, cod trawling Prede\ufb01ned life time (until 2027 and\u00a02032) 175 188 204 325 Total 3 456 589 3 485 726 Other rights Other rights comprise the following subcategories: Carried value on other rights 31.12 Segment Depreciation plan (linear) 2024 2023 Water rights with inde\ufb01nite life time Farming Inde\ufb01nite life time \u2013 no depreciation 4 409 4 409 Water rights with prede\ufb01ned life time Farming Depreciation 25 years 15 039 11 674 Customer contracts with prede\ufb01ned life\u00a0time VAPS&D Depreciation 10 years 2 598 3 898 Other rights with prede\ufb01ned life time VAPS&D Depreciation 3\u20135 years 4 965 5 911 Other rights with inde\ufb01nite life time WildCatch Inde\ufb01nite life time \u2013 no depreciation 100 100 Total 27 111 25 992 Herby with inde\ufb01nite life time \u2013 subjected to annual impairment testing 4 509 4 509 Herby with prede\ufb01ned life time \u2013 subjected to depreciation 22 602 21 483 Total 27 111 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. 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. Farming The Group\u2019s 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. 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. Impairment tests of goodwill and intangible assets with an inde\ufb01nite useful life have been summarised below for each CGU in the segment. Amount to be tested Goodwill WildCatch quotas Farming licenses Other rights Total WildCatch 2 646 3 281 401 100 3 284 147 Farming 1 832 031 2 512 602 4 409 4 349 042 VAPSD 856 498 856 498 Total intangibles with inde\ufb01nite life 2 691 174 3 281 401 2 512 602 4 509 8 489 686
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. Key premises: 2024 2023 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.8% 9.1% Discount rate (WACC) after tax 7.4% 7.1% Nominal rate of growth in terminal (from 2030) 2.0% 2.0% Sensitivity analysis per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after tax) Implemented WACC (after tax) WildCatch 3 284 147 9.2% 7.4% Farming 4 349 042 2.5 16.4% 7.4% VAPSD 856 498 0.3% 23.5% 7.4% Total 8 489 686 7.4% The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2024. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 9.2% and 23.5%. For the cash generating unit WildCatch, 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 a quota reduction of 34% in 2025, increase of 2% in 2026 and a 12% increase for 2027 and 2028. Cod prices are estimated up 12% in 2025 and 2.5% in 2026. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. For WildCatch segment it is not calculated a critical value in the terminal element. For the cash-generating unit 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 2026. And after that an assumption of 2% growth in volume until 2030 has been applied. It is assumed no growth in the terminal value. The critical value for the required rate of return on total assets after tax is 16.4%. 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. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.5 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. Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 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. 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. It is required a 0.3% EBIT margin in the terminal element, which is very low.
",
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"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-379": {
"value": "Note G3.1 Intangible assets All \ufb01gures in NOK 1 000
A
Reconciliation carrying value, gross value and life
",
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"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-380": {
"value": "ccounting policy
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 \"Shares in associates\". From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated impairment losses.
Other intangible assets
Intangible assets with \ufb01nite l
ifetime, and that are acquired separately, are carried at cost less accumulated amortization
and accumulated impairment losses. Amortization
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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"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-382": {
"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 \"Shares in associates\". From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated impairment losses.
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 \"Shares in associates\". From each business combination goodwill is allocated to a cash generating unit (CGU). Goodwill is not amortized but reviewed annually for any impairment and carried on the balance sheet at cost price less accumulated impairment losses.
Other intangible assets
Intangible assets with \ufb01nite l
20 000 Ceased production of cleaning \ufb01sh 13 295 0 40 000 53 295 Other impairments 0 247 247 Total 13 295 0 60 247 0 73 542 Balance sheet Accumulated impairment loss at beginning of\u00a0the\u00a0year 0 0 0 4 000 4 000 Impairment loss of the year 13 295 0 60 247 0 73 542 Disposal of intangibles with impairment loss -13 295 0 -40 247 -4 000 -57 542 Accumulated impairment loss at end of the year 0 0 20 000 0 20 000
Licenses Licenses in the Farming segment Licence scheme in Norway All activities involving aquaculture require a license. It is prohibited to farm salmon/trout without a license from the authorities. All licenses are governed by the same regulations (Aquaculture Act with provisions) irrespective of when the license was allocated. LSG's 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. 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. 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. Main terms and conditions for license type Grow-out licenses are the most important type of license. This is a commercial license. They are strictly limited in number. Companies are only granted new licenses or more production volume subsequent to politically adopted allocation rounds. 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's 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.
Accounting policy Non-current receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective rate interest method. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability.
Accounting policy Trade 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. Trade receivables mature less than 12 months after the balance sheet date, and are classi\ufb01ed as current.
Accounting policy Other current receivables are carried on the balance sheet at nominal amount after deduction of provision for expected losses. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability. Other current receivables are due within a year, and are classi\ufb01ed as current assets.
",
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-384": {
"value": "Other intangible assets
Intangible assets with \ufb01nite l
ifetime, and that are acquired separately, are carried at cost less accumulated amortization
and accumulated impairment losses. Amortization
is recognized on a straight-line basis over their estimated useful
has expired. Due to the predetermined time limit, the structural quotas have to be amortized over the lifetime. The \"basic quotas\" that have an inde\ufb01nite useful life, are not amortised, but tested for impairment once a year as a minimum. The quotas are described in more detail later in this note. 2 Other rights The major share of other rights 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).
In addition, the Group has some intellectual property rights, but with no carrying value.
Reconciliation carrying value, gross value and life
Speci\ufb01cation of this years impairment loss Goodwill WildCatch quotas Farming licenses Other rights Total Income statement Restructuring in Norway. Close down of cleaning \ufb01sh production 0 20 000 20 000 Ceased production of cleaning \ufb01sh 13 295 0 40 000 53 295 Other impairments 0 247 247 Total 13 295 0 60 247 0 73 542 Balance sheet Accumulated impairment loss at beginning of\u00a0the\u00a0year 0 0 0 4 000 4 000 Impairment loss of the year 13 295 0 60 247 0 73 542 Disposal of intangibles with impairment loss -13 295 0 -40 247 -4 000 -57 542 Accumulated impairment loss at end of the year 0 0 20 000 0 20 000
Other intangible assets
Intangible assets with \ufb01nite l
ifetime, and that are acquired separately, are carried at cost less accumulated amortization
and accumulated impairment losses. Amortization
is recognized on a straight-line basis over their estimated useful
has expired. Due to the predetermined time limit, the structural quotas have to be amortized over the lifetime. The \"basic quotas\" that have an inde\ufb01nite useful life, are not amortised, but tested for impairment once a year as a minimum. The quotas are described in more detail later in this note. 2 Other rights The major share of other rights 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).
In addition, the Group has some intellectual property rights, but with no carrying value.
Reconciliation carrying value, gross value and life
Speci\ufb01cation of this years impairment loss Goodwill WildCatch quotas Farming licenses Other rights Total Income statement Restructuring in Norway. Close down of cleaning \ufb01sh production 0 20 000 20 000 Ceased production of cleaning \ufb01sh 13 295 0 40 000 53 295 Other impairments 0 247 247 Total 13 295 0 60 247 0 73 542 Balance sheet Accumulated impairment loss at beginning of\u00a0the\u00a0year 0 0 0 4 000 4 000 Impairment loss of the year 13 295 0 60 247 0 73 542 Disposal of intangibles with impairment loss -13 295 0 -40 247 -4 000 -57 542 Accumulated impairment loss at end of the year 0 0 20 000 0 20 000
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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-386": {
"value": "Reconciliation carrying value, gross value and life
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. 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. Farming The Group\u2019s 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. 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. Impairment tests of goodwill and intangible assets with an inde\ufb01nite useful life have been summarised below for each CGU in the segment. Amount to be tested Goodwill WildCatch quotas Farming licenses Other rights Total WildCatch 2 646 3 281 401 100 3 284 147 Farming 1 832 031 2 512 602 4 409 4 349 042 VAPSD 856 498 856 498 Total intangibles with inde\ufb01nite life 2 691 174 3 281 401 2 512 602 4 509 8 489 686
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. Key premises: 2024 2023 Discount rate (WACC) before corporate tax (but after resource rent tax) 9.8% 9.1% Discount rate (WACC) after tax 7.4% 7.1% Nominal rate of growth in terminal (from 2030) 2.0% 2.0% Sensitivity analysis per CGU Book value tested Critical value in the terminal element (with WACC implemented) Critical WACC (after tax) Implemented WACC (after tax) WildCatch 3 284 147 9.2% 7.4% Farming 4 349 042 2.5 16.4% 7.4% VAPSD 856 498 0.3% 23.5% 7.4% Total 8 489 686 7.4% The impairment test did not produce grounds for write-down of goodwill or intangible assets with an inde\ufb01nite useful life in 2024. The management's calculations, were risks and opportunities within environmental sustainability are included, show that this conclusion is robust in the face of reasonable changes in conditions in the future. The critical value for the required rate of return on total assets after tax is between 9.2% and 23.5%. For the cash generating unit WildCatch, 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 a quota reduction of 34% in 2025, increase of 2% in 2026 and a 12% increase for 2027 and 2028. Cod prices are estimated up 12% in 2025 and 2.5% in 2026. Quotas will naturally \ufb02uctuate, and the quota level will have an impact on price. For WildCatch segment it is not calculated a critical value in the terminal element. For the cash-generating unit 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 2026. And after that an assumption of 2% growth in volume until 2030 has been applied. It is assumed no growth in the terminal value. The critical value for the required rate of return on total assets after tax is 16.4%. 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. The Farming segment requires an EBIT in the terminal element of an amount of NOK 2.5 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. Development licences in process of beeing granted will be operated by Ler\u00f8y Vest. 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. 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. It is required a 0.3% EBIT margin in the terminal element, which is very low.
2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total 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 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 24 253 61 661 Business combinations 18 913 292 183 311 096 Additions 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposals -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 Consist of 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 2024 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Carrying value 01.01 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987 Allocation of completed projects in progress -16 784 -97 334 46 409 67 709 0 Foreign currency translation differences 417 1 261 2 518 17 443 12 938 34 578 Business combinations 584 430 1 014 Disposal of subsidiary -504 -14 976 -15 479 Additions 58 957 330 944 13 096 249 534 211 958 868 173 1 732 661 Disposals -1 -11 575 -28 806 -22 608 -62 990 Depreciation for the year -343 212 -129 772 -485 760 -958 744 Impairment loss 15 000 15 000 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 Consist of Acquisition cost 62 491 457 592 513 328 5 761 976 2 460 007 6 103 039 15 358 434 Accumulated depreciation -2 007 507 -794 643 -3 487 280 -6 289 430 Accumulated impairment loss -32 907 -55 866 -38 202 -126 976 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 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.
2024 \u2013 Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Reversed impairment loss on slaughtery in Norway -24 000 -24 000 Impairment loss related to close down of cleaning \ufb01sh production 9 000 9 000 Total 0 0 0 -15 000 0 0 -15 000 Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees.
Note G3.8 Other inventories All \ufb01gures in NOK 1 000 Accounting policy 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\u00a0quanti\ufb01able obsolescence.
Other inventories consist of 2024 2023 Feed, packaging materials, auxiliary and other 175 137 571 450 Raw materials, including catches onboard on trawling vessels 717 816 259 782 Work in progress 87 571 49 667 Finished goods / goods for sale 1 462 748 1 523 644 Impairments, including obsoleteness -6 861 -6 369 Total other inventories 2 436 411 2 398 175 ",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-385": {
"value": "Reconciliation carrying value, gross value and life
Right-of-use assets Right-of-use assets by groups in the notes and lessor Of which from 2023 Real estate Buildings Vessels Machines, equip., etc. Total right-of-use assets 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 Additions 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 Impairment loss 0 0 0 0 0 0 0 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 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 Of which from 2024 Real estate Buildings Vessels Machines, equip., etc. Total right-of-use assets Credit institution Others Financial year 2024 Carried value 01.01 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 Business combinations 0 0 0 0 0 0 0 Disposal of subsidiary 0 -2 131 0 0 -2 131 0 -2 131 Translation differences 358 4 572 -5 4 391 9 315 7 748 1 567 Additions 8 062 434 697 824 160 369 203 1 636 121 266 695 1 369 426 Disposals 0 -1 -12 041 -13 813 -25 854 -13 814 -12 041 Depreciation for the year -5 761 -66 197 -270 175 -318 965 -661 098 -246 775 -414 324 Carried value 31.12 33 805 881 060 1 377 173 1 377 766 3 669 804 1 367 572 2 302 232 As of 31 December 2024 Acquisition cost * 60 924 1 211 036 2 308 588 2 876 043 6 456 592 2 661 479 3 795 113 Accumulated depreciation * -27 119 -329 977 -931 415 -1 498 277 -2 786 788 -1 293 907 -1 492 881 Carried value 31.12 33 805 881 060 1 377 173 1 377 766 3 669 804 1 367 572 2 302 232 * Including translation differences
Lease liabilities Reconciliation lease liabilities, split by lessor and long-term and short-term To credit institutions To others 2023 Total lease liabilities 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 Business combinations 9 160 9 160 0 Translation differences 20 441 13 337 7 104 New leasing debt 411 851 183 655 228 196 Leasing debt terminated in connection with new agreements -6 118 -2 895 -3 223 Instalments paid -592 869 -250 570 -342 299 Carried value 31.12 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 To credit institutions To others 2024 Total lease liabilities Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 Business combinations -2 738 0 -2 738 Translation differences 9 287 7 637 1 651 New leasing debt 1 636 121 266 695 1 369 426 Leasing debt terminated in connection with new agreements -23 685 -11 307 -12 378 Instalments paid -658 008 -262 180 -395 828 Carried value 31.12 3 559 677 1 167 247 284 740 882 507 2 392 430 396 461 1 995 969 For payment pro\ufb01le on instalments and interests, please see note on loans, mortgages and guarantees. Lease payments 2024 2023 Accounting 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 184 228 0 184 228 36 921 1 664 35 257 Instalments paid Reduction in debt 658 008 262 180 395 828 592 869 250 570 342 299 Interest costs paid Financial cost 137 409 65 313 72 095 116 956 54 551 62 405 Outgoing cash \ufb02ows related to leases 979 645 327 494 652 152 746 746 306 785 439 961 Lease costs paid on non-carried agreements compromise Lease on agreements with exemption for short-term agreements 100 607 0 100 607 9 846 1 120 8 726 Lease on agreements with exemption for low value assets 30 778 0 30 778 8 457 544 7 913 Expenses related to variable lease, not included in the carried amount 54 235 0 54 235 18 618 0 18 618 Income from sub-lease -1 392 0 -1 392 0 0 0 Total 184 228 0 184 228 36 921 1 664 35 257 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 on loans, mortgages and guarantees for reconciliation.
Carrying value and depre
ciations
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
2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total 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 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 24 253 61 661 Business combinations 18 913 292 183 311 096 Additions 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposals -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 Consist of 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 2024 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Carrying value 01.01 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987 Allocation of completed projects in progress -16 784 -97 334 46 409 67 709 0 Foreign currency translation differences 417 1 261 2 518 17 443 12 938 34 578 Business combinations 584 430 1 014 Disposal of subsidiary -504 -14 976 -15 479 Additions 58 957 330 944 13 096 249 534 211 958 868 173 1 732 661 Disposals -1 -11 575 -28 806 -22 608 -62 990 Depreciation for the year -343 212 -129 772 -485 760 -958 744 Impairment loss 15 000 15 000 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 Consist of Acquisition cost 62 491 457 592 513 328 5 761 976 2 460 007 6 103 039 15 358 434 Accumulated depreciation -2 007 507 -794 643 -3 487 280 -6 289 430 Accumulated impairment loss -32 907 -55 866 -38 202 -126 976 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 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.
2024 \u2013 Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Reversed impairment loss on slaughtery in Norway -24 000 -24 000 Impairment loss related to close down of cleaning \ufb01sh production 9 000 9 000 Total 0 0 0 -15 000 0 0 -15 000 Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-387": {
"value": "Note G3.2 Leases All \ufb01gures in NOK 1 000
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 lease payments (rental-expense) 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). 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. 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. In the statement of cash \ufb02ows, cash payments for the lease liability's principal (instalment) and cash payments for the lease liability's 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 lessor Of which from 2023 Real estate Buildings Vessels Machines, equip., etc. Total right-of-use assets 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 Additions 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 Impairment loss 0 0 0 0 0 0 0 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 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 Of which from 2024 Real estate Buildings Vessels Machines, equip., etc. Total right-of-use assets Credit institution Others Financial year 2024 Carried value 01.01 31 146 510 120 835 234 1 336 951 2 713 452 1 353 717 1 359 735 Business combinations 0 0 0 0 0 0 0 Disposal of subsidiary 0 -2 131 0 0 -2 131 0 -2 131 Translation differences 358 4 572 -5 4 391 9 315 7 748 1 567 Additions 8 062 434 697 824 160 369 203 1 636 121 266 695 1 369 426 Disposals 0 -1 -12 041 -13 813 -25 854 -13 814 -12 041 Depreciation for the year -5 761 -66 197 -270 175 -318 965 -661 098 -246 775 -414 324 Carried value 31.12 33 805 881 060 1 377 173 1 377 766 3 669 804 1 367 572 2 302 232 As of 31 December 2024 Acquisition cost * 60 924 1 211 036 2 308 588 2 876 043 6 456 592 2 661 479 3 795 113 Accumulated depreciation * -27 119 -329 977 -931 415 -1 498 277 -2 786 788 -1 293 907 -1 492 881 Carried value 31.12 33 805 881 060 1 377 173 1 377 766 3 669 804 1 367 572 2 302 232 * Including translation differences
Lease liabilities Reconciliation lease liabilities, split by lessor and long-term and short-term To credit institutions To others 2023 Total lease liabilities 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 Business combinations 9 160 9 160 0 Translation differences 20 441 13 337 7 104 New leasing debt 411 851 183 655 228 196 Leasing debt terminated in connection with new agreements -6 118 -2 895 -3 223 Instalments paid -592 869 -250 570 -342 299 Carried value 31.12 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 To credit institutions To others 2024 Total lease liabilities Total Short-term portion Long-term portion Total Short-term portion Long-term portion Carried value 01.01 2 598 700 1 166 402 250 343 916 059 1 432 298 285 553 1 146 745 Business combinations -2 738 0 -2 738 Translation differences 9 287 7 637 1 651 New leasing debt 1 636 121 266 695 1 369 426 Leasing debt terminated in connection with new agreements -23 685 -11 307 -12 378 Instalments paid -658 008 -262 180 -395 828 Carried value 31.12 3 559 677 1 167 247 284 740 882 507 2 392 430 396 461 1 995 969 For payment pro\ufb01le on instalments and interests, please see note on loans, mortgages and guarantees. Lease payments 2024 2023 Accounting 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 184 228 0 184 228 36 921 1 664 35 257 Instalments paid Reduction in debt 658 008 262 180 395 828 592 869 250 570 342 299 Interest costs paid Financial cost 137 409 65 313 72 095 116 956 54 551 62 405 Outgoing cash \ufb02ows related to leases 979 645 327 494 652 152 746 746 306 785 439 961 Lease costs paid on non-carried agreements compromise Lease on agreements with exemption for short-term agreements 100 607 0 100 607 9 846 1 120 8 726 Lease on agreements with exemption for low value assets 30 778 0 30 778 8 457 544 7 913 Expenses related to variable lease, not included in the carried amount 54 235 0 54 235 18 618 0 18 618 Income from sub-lease -1 392 0 -1 392 0 0 0 Total 184 228 0 184 228 36 921 1 664 35 257 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 on loans, mortgages and guarantees for reconciliation.
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"reg-ix-388": {
"value": "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 lease payments (rental-expense) 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). 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. 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. In the statement of cash \ufb02ows, cash payments for the lease liability's principal (instalment) and cash payments for the lease liability's interest are presented under \ufb01nancing activities. The transaction related to signing new leases has no initial effect on cash. Accounting policy Carrying value and depre
ciations
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
Retirement obligations The Group has not identi\ufb01ed or recognized any retirement obligation of signi\ufb01cance regarding change or removal of an operational \ufb01xed asset. For the farming segment, the licenses in use have an inde\ufb01nite lifetime, and there are no special obligations set by the Authorities other than moving the equipment from the sea, if the activity is ended.
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 identi\ufb01ed any climate-related incidents with impact on assets in 2024 or risk indicating the need to re-estimate the useful life or residual value of the Group's assets.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-389": {
"value": "Note G3.3 Fixed assets All \ufb01gures in NOK 1 000 Accounting policy Carrying value and depre
ciations
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
Retirement obligations The Group has not identi\ufb01ed or recognized any retirement obligation of signi\ufb01cance regarding change or removal of an operational \ufb01xed asset. For the farming segment, the licenses in use have an inde\ufb01nite lifetime, and there are no special obligations set by the Authorities other than moving the equipment from the sea, if the activity is ended.
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 identi\ufb01ed any climate-related incidents with impact on assets in 2024 or risk indicating the need to re-estimate the useful life or residual value of the Group's assets.
2023 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total 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 50 314 0 Foreign currency translation differences 26 1 266 3 750 32 366 24 253 61 661 Business combinations 18 913 292 183 311 096 Additions 18 634 222 811 19 275 240 138 119 020 706 240 1 326 118 Disposals -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 Consist of 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 2024 Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Carrying value 01.01 19 902 189 815 509 289 3 742 153 1 583 178 2 151 650 8 195 987 Allocation of completed projects in progress -16 784 -97 334 46 409 67 709 0 Foreign currency translation differences 417 1 261 2 518 17 443 12 938 34 578 Business combinations 584 430 1 014 Disposal of subsidiary -504 -14 976 -15 479 Additions 58 957 330 944 13 096 249 534 211 958 868 173 1 732 661 Disposals -1 -11 575 -28 806 -22 608 -62 990 Depreciation for the year -343 212 -129 772 -485 760 -958 744 Impairment loss 15 000 15 000 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 Consist of Acquisition cost 62 491 457 592 513 328 5 761 976 2 460 007 6 103 039 15 358 434 Accumulated depreciation -2 007 507 -794 643 -3 487 280 -6 289 430 Accumulated impairment loss -32 907 -55 866 -38 202 -126 976 Carrying value 31.12 62 491 424 685 513 328 3 698 603 1 665 364 2 577 557 8 942 027 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.
2024 \u2013 Speci\ufb01cation of impairment loss Prepayments to suppliers Projects in progress Real estate Buildings Vessels (\ufb01shing boats) Machines, \ufb01xtures, equip., etc. Total Reversed impairment loss on slaughtery in Norway -24 000 -24 000 Impairment loss related to close down of cleaning \ufb01sh production 9 000 9 000 Total 0 0 0 -15 000 0 0 -15 000 Information on mortgages for \ufb01xed assets is provided in note on loans, mortgages and guarantees.
ciations
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
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-391": {
"value": "Retirement obligations The Group has not identi\ufb01ed or recognized any retirement obligation of signi\ufb01cance regarding change or removal of an operational \ufb01xed asset. For the farming segment, the licenses in use have an inde\ufb01nite lifetime, and there are no special obligations set by the Authorities other than moving the equipment from the sea, if the activity is ended.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDecommissioningRestorationAndRehabilitationProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-394": {
"value": "Note G3.4 Shares in joint ventures and\u00a0associates All \ufb01gures in NOK 1 000 Accounting policy Associates are companies 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 control is shared equally with another party, normally representing 50% of voting equity. The equity method is applied.
Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value 31.12 Notes Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 264 579 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 270 940 Total classi\ufb01ed as material 1 535 519 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 360 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 33% 33% 3 759 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 380 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 490 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 50% 50% 11 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% 2 923 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 206 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% 15 982 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 522 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 993 Bulandet Eiendom AS Ler\u00f8y Seafood AS VAPSD * Norway Bulandet 0% 20% 1 030 1 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 0% 0 2 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 1 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 63 Total classi\ufb01ed as not material 31 415 Grand total 1 566 934 * VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Liquidation
Carrying value on and income from joint ventures and associated companies Norskott Havbruk AS Group Seistar Holding AS Group Other associated companies Total Acquisition year 2001 2015 2023 Income from joint ventures and associates Share of this year's pro\ufb01t -167 703 30 489 -6 094 -143 308 Total -167 703 30 489 -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 -174 075 30 489 -6 094 -149 680 Opening balance 01.01 1 152 855 233 413 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t -167 703 30 489 -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 1 076 095 260 903 29 074 1 366 072 2024 Income from joint ventures and associates Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Total 89 712 14 037 3 086 106 835 Fair value adjustments on biological assets (after tax) from JV and AC -9 720 -9 720 Income from JV and AC, before fair value adjustments 99 431 14 037 3 086 116 555 Opening balance 01.01 1 076 095 260 903 29 074 1 366 072 Companies acquired 1 031 1 031 Change from associated company to subsidiary 0 Companies sold 0 Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Dividend distributed -4 000 -1 778 -5 778 Currency translation differences * 97 021 3 97 024 Other changes over equity 1 751 1 751 Closing balance as of 31.12 1 264 579 270 940 31 416 1 566 934 * 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 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 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% Seifjell AS** Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 100% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 100% 100% * Dormant subsidiaries are not included in this table ** Seiv\u00e5g Shipping AS changed its company name to Seifjell AS in March 2024 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 preliminary annual accounts, as the \ufb01nal annual accounts are not submitted. Consolidated \ufb01gures Norskott Havbruk AS Group Seistar Holding AS Group 2024 2023 2024 2023 Revenue 4 403 178 2 561 466 320 722 249 065 Other gains (+) and losses (-) 0 0 38 997 Operating pro\ufb01t (EBIT) before fair value adjustments 555 167 -303 812 64 963 77 062 Operating pro\ufb01t (EBIT) 530 245 -287 475 64 963 77 062 Pre-tax pro\ufb01t 311 313 -481 851 30 639 63 610 Annual pro\ufb01t 179 424 -335 406 29 722 60 837 Other comprehensive income -8 886 0 0 Fixed assets 3 818 704 3 591 919 1 542 865 689 038 Current assets 2 749 881 2 539 809 132 655 173 934 Total assets 6 568 585 6 131 728 1 675 521 862 972 Long-term debt 2 445 216 2 396 226 1 072 440 336 039 Short-term debt 1 594 211 1 583 312 103 932 49 507 Total debt 4 039 427 3 979 538 1 176 372 385 546 Net interest-bearing debt 2 561 583 2 803 262 952 960 176 543 Equity 2 529 158 2 152 190 499 149 477 426
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 2024 2023 Ownership 100% 50% 100% 50% Total \ufb01sh in sea (LWT) 22 655 11 328 27 344 13 672 Total harvest volume in the period (GWT) 40 439 20 220 24 884 12 442 Fair value adjustment related to biological assets in the statement of \ufb01nancial position 2024 2023 Ownership 100% 50% 100% 50% Fair value adjustment as of 01.01 48 993 24 497 32 657 16 328 Fair value adjustment through the income statement -24 922 -12 461 16 337 8 168 Fair value adjustment as of 31.12 24 071 12 036 48 993 24 497 Cost price of \ufb01sh in sea 31.12 1 839 707 919 854 1 781 990 890 995 Cost price of roe, fry and smolt 31.12 73 677 36 839 134 741 67 370 Carrying value of biological assets 31.12 1 937 456 968 728 1 965 724 982 862 Fair value adjustment through the income statement, after tax * -19 439 -9 720 12 743 6 371 * Alternative performance measures (APM), presented as \"pre-tax pro\ufb01t before fair value adjustments related to biological assets\", are adjusted with this amount.
Note G3.4 Shares in joint ventures and\u00a0associates All \ufb01gures in NOK 1 000 Accounting policy Associates are companies 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 control is shared equally with another party, normally representing 50% of voting equity. The equity method is applied.
Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value 31.12 Notes Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 264 579 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 270 940 Total classi\ufb01ed as material 1 535 519 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 360 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 33% 33% 3 759 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 380 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 490 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 50% 50% 11 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% 2 923 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 206 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% 15 982 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 522 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 993 Bulandet Eiendom AS Ler\u00f8y Seafood AS VAPSD * Norway Bulandet 0% 20% 1 030 1 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 0% 0 2 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 1 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 63 Total classi\ufb01ed as not material 31 415 Grand total 1 566 934 * VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Liquidation
Carrying value on and income from joint ventures and associated companies Norskott Havbruk AS Group Seistar Holding AS Group Other associated companies Total Acquisition year 2001 2015 2023 Income from joint ventures and associates Share of this year's pro\ufb01t -167 703 30 489 -6 094 -143 308 Total -167 703 30 489 -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 -174 075 30 489 -6 094 -149 680 Opening balance 01.01 1 152 855 233 413 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t -167 703 30 489 -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 1 076 095 260 903 29 074 1 366 072 2024 Income from joint ventures and associates Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Total 89 712 14 037 3 086 106 835 Fair value adjustments on biological assets (after tax) from JV and AC -9 720 -9 720 Income from JV and AC, before fair value adjustments 99 431 14 037 3 086 116 555 Opening balance 01.01 1 076 095 260 903 29 074 1 366 072 Companies acquired 1 031 1 031 Change from associated company to subsidiary 0 Companies sold 0 Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Dividend distributed -4 000 -1 778 -5 778 Currency translation differences * 97 021 3 97 024 Other changes over equity 1 751 1 751 Closing balance as of 31.12 1 264 579 270 940 31 416 1 566 934 * 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 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 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% Seifjell AS** Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 100% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 100% 100% * Dormant subsidiaries are not included in this table ** Seiv\u00e5g Shipping AS changed its company name to Seifjell AS in March 2024 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 preliminary annual accounts, as the \ufb01nal annual accounts are not submitted. Consolidated \ufb01gures Norskott Havbruk AS Group Seistar Holding AS Group 2024 2023 2024 2023 Revenue 4 403 178 2 561 466 320 722 249 065 Other gains (+) and losses (-) 0 0 38 997 Operating pro\ufb01t (EBIT) before fair value adjustments 555 167 -303 812 64 963 77 062 Operating pro\ufb01t (EBIT) 530 245 -287 475 64 963 77 062 Pre-tax pro\ufb01t 311 313 -481 851 30 639 63 610 Annual pro\ufb01t 179 424 -335 406 29 722 60 837 Other comprehensive income -8 886 0 0 Fixed assets 3 818 704 3 591 919 1 542 865 689 038 Current assets 2 749 881 2 539 809 132 655 173 934 Total assets 6 568 585 6 131 728 1 675 521 862 972 Long-term debt 2 445 216 2 396 226 1 072 440 336 039 Short-term debt 1 594 211 1 583 312 103 932 49 507 Total debt 4 039 427 3 979 538 1 176 372 385 546 Net interest-bearing debt 2 561 583 2 803 262 952 960 176 543 Equity 2 529 158 2 152 190 499 149 477 426
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 2024 2023 Ownership 100% 50% 100% 50% Total \ufb01sh in sea (LWT) 22 655 11 328 27 344 13 672 Total harvest volume in the period (GWT) 40 439 20 220 24 884 12 442 Fair value adjustment related to biological assets in the statement of \ufb01nancial position 2024 2023 Ownership 100% 50% 100% 50% Fair value adjustment as of 01.01 48 993 24 497 32 657 16 328 Fair value adjustment through the income statement -24 922 -12 461 16 337 8 168 Fair value adjustment as of 31.12 24 071 12 036 48 993 24 497 Cost price of \ufb01sh in sea 31.12 1 839 707 919 854 1 781 990 890 995 Cost price of roe, fry and smolt 31.12 73 677 36 839 134 741 67 370 Carrying value of biological assets 31.12 1 937 456 968 728 1 965 724 982 862 Fair value adjustment through the income statement, after tax * -19 439 -9 720 12 743 6 371 * Alternative performance measures (APM), presented as \"pre-tax pro\ufb01t before fair value adjustments related to biological assets\", are adjusted with this amount.
Note G3.4 Shares in joint ventures and\u00a0associates All \ufb01gures in NOK 1 000 Accounting policy Associates are companies 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 control is shared equally with another party, normally representing 50% of voting equity. The equity method is applied.
Company Owner (in LSG group) Operating segment Country Place of business Ownership / voting share 01.01 Ownership / voting share 31.12 Net book value 31.12 Notes Joint ventures (JV) Norskott Havbruk AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 1 264 579 Seistar Holding AS \u2013 group Ler\u00f8y Seafood Group ASA Farming Norway Austevoll 50% 50% 270 940 Total classi\ufb01ed as material 1 535 519 Associated companies (AC) Nesset Kyst\ufb01ske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 34% 34% 1 360 Holmen Fiske AS S\u00f8rv\u00e6r Kyst\ufb01skeinvest AS Wildcatch Norway Hasvik 33% 33% 3 759 B\u00e5tsfjord Bedriftshelsetjeneste AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 28% 28% 380 B\u00e5tsfjord Laboratorium AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway B\u00e5tsfjord 34% 34% 490 S\u00f8rv\u00e6r Fiskerikai AS Ler\u00f8y Norway Seafoods AS Wildcatch Norway Hasvik 50% 50% 11 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% 2 923 Ocean Forest Ler\u00f8y Seafood Group ASA Farming Norway Bergen 50% 50% 206 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% 15 982 Norway Salmon AS Ler\u00f8y Midt AS Farming Norway R\u00f8rvik 50% 50% 522 Sporbarhet AS Ler\u00f8y Seafood Group ASA Farming Norway Trondheim 27% 27% 2 993 Bulandet Eiendom AS Ler\u00f8y Seafood AS VAPSD * Norway Bulandet 0% 20% 1 030 1 V\u00e5gen Fiskeriselskap AS Sirevaag AS VAPSD * Norway H\u00e5 47% 0% 0 2 The Seafood Innovation Cl. AS Ler\u00f8y Seafood Group ASA VAPSD * Norway Bergen 20% 20% 1 SCS Industry Aps Ler\u00f8y Seafood Denmark A/S VAPSD Denmark Hirtshals 50% 50% 63 Total classi\ufb01ed as not material 31 415 Grand total 1 566 934 * VAPSD is short for VAP, sales & distribution (VAP = Value Added Processing) 1) Purchase of shares 2) Liquidation
Carrying value on and income from joint ventures and associated companies Norskott Havbruk AS Group Seistar Holding AS Group Other associated companies Total Acquisition year 2001 2015 2023 Income from joint ventures and associates Share of this year's pro\ufb01t -167 703 30 489 -6 094 -143 308 Total -167 703 30 489 -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 -174 075 30 489 -6 094 -149 680 Opening balance 01.01 1 152 855 233 413 38 369 1 424 638 Companies acquired 43 43 Companies sold -9 227 -9 227 Share of this year's pro\ufb01t -167 703 30 489 -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 1 076 095 260 903 29 074 1 366 072 2024 Income from joint ventures and associates Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Total 89 712 14 037 3 086 106 835 Fair value adjustments on biological assets (after tax) from JV and AC -9 720 -9 720 Income from JV and AC, before fair value adjustments 99 431 14 037 3 086 116 555 Opening balance 01.01 1 076 095 260 903 29 074 1 366 072 Companies acquired 1 031 1 031 Change from associated company to subsidiary 0 Companies sold 0 Share of this year's pro\ufb01t 89 712 14 037 3 086 106 835 Dividend distributed -4 000 -1 778 -5 778 Currency translation differences * 97 021 3 97 024 Other changes over equity 1 751 1 751 Closing balance as of 31.12 1 264 579 270 940 31 416 1 566 934 * 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 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 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% Seifjell AS** Seistar Holding AS Farming Norway 100% 100% Seigrunn AS Seistar Holding AS Farming Norway 100% 100% Seihav AS Seistar Holding AS Farming Norway 100% 100% Seistar Prosessfart\u00f8y AS Seistar Holding AS Farming Norway 100% 100% * Dormant subsidiaries are not included in this table ** Seiv\u00e5g Shipping AS changed its company name to Seifjell AS in March 2024 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 preliminary annual accounts, as the \ufb01nal annual accounts are not submitted. Consolidated \ufb01gures Norskott Havbruk AS Group Seistar Holding AS Group 2024 2023 2024 2023 Revenue 4 403 178 2 561 466 320 722 249 065 Other gains (+) and losses (-) 0 0 38 997 Operating pro\ufb01t (EBIT) before fair value adjustments 555 167 -303 812 64 963 77 062 Operating pro\ufb01t (EBIT) 530 245 -287 475 64 963 77 062 Pre-tax pro\ufb01t 311 313 -481 851 30 639 63 610 Annual pro\ufb01t 179 424 -335 406 29 722 60 837 Other comprehensive income -8 886 0 0 Fixed assets 3 818 704 3 591 919 1 542 865 689 038 Current assets 2 749 881 2 539 809 132 655 173 934 Total assets 6 568 585 6 131 728 1 675 521 862 972 Long-term debt 2 445 216 2 396 226 1 072 440 336 039 Short-term debt 1 594 211 1 583 312 103 932 49 507 Total debt 4 039 427 3 979 538 1 176 372 385 546 Net interest-bearing debt 2 561 583 2 803 262 952 960 176 543 Equity 2 529 158 2 152 190 499 149 477 426
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 2024 2023 Ownership 100% 50% 100% 50% Total \ufb01sh in sea (LWT) 22 655 11 328 27 344 13 672 Total harvest volume in the period (GWT) 40 439 20 220 24 884 12 442 Fair value adjustment related to biological assets in the statement of \ufb01nancial position 2024 2023 Ownership 100% 50% 100% 50% Fair value adjustment as of 01.01 48 993 24 497 32 657 16 328 Fair value adjustment through the income statement -24 922 -12 461 16 337 8 168 Fair value adjustment as of 31.12 24 071 12 036 48 993 24 497 Cost price of \ufb01sh in sea 31.12 1 839 707 919 854 1 781 990 890 995 Cost price of roe, fry and smolt 31.12 73 677 36 839 134 741 67 370 Carrying value of biological assets 31.12 1 937 456 968 728 1 965 724 982 862 Fair value adjustment through the income statement, after tax * -19 439 -9 720 12 743 6 371 * Alternative performance measures (APM), presented as \"pre-tax pro\ufb01t before fair value adjustments related to biological assets\", are adjusted with this amount.
Accounting policy Associates are companies 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 control is shared equally with another party, normally representing 50% of voting equity. The equity method is applied.
Accounting policy Associates are companies 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 control is shared equally with another party, normally representing 50% of voting equity. The equity method is applied.
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"reg-ix-397": {
"value": "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 2024 2023 Ownership 100% 50% 100% 50% Total \ufb01sh in sea (LWT) 22 655 11 328 27 344 13 672 Total harvest volume in the period (GWT) 40 439 20 220 24 884 12 442 Fair value adjustment related to biological assets in the statement of \ufb01nancial position 2024 2023 Ownership 100% 50% 100% 50% Fair value adjustment as of 01.01 48 993 24 497 32 657 16 328 Fair value adjustment through the income statement -24 922 -12 461 16 337 8 168 Fair value adjustment as of 31.12 24 071 12 036 48 993 24 497 Cost price of \ufb01sh in sea 31.12 1 839 707 919 854 1 781 990 890 995 Cost price of roe, fry and smolt 31.12 73 677 36 839 134 741 67 370 Carrying value of biological assets 31.12 1 937 456 968 728 1 965 724 982 862 Fair value adjustment through the income statement, after tax * -19 439 -9 720 12 743 6 371 * Alternative performance measures (APM), presented as \"pre-tax pro\ufb01t before fair value adjustments related to biological assets\", are adjusted with this amount.
Note G3.7 Biological assets All \ufb01gures in NOK 1 000, unless otherwise indicated Accounting policy The Group recognises and measures biological assets at fair value (FV) according to IAS 41. The Group's 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 (\ufb01sh kept on shore). When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. For salmon and trout, including parent \ufb01sh, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner \ufb01sh, 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 harvest weight. 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 licence lease and (3) the time value of money. 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 time and multiplied by the estimated harvest weight per individual at harvest time. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out individually 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 forward prices (futures) listed at a stock exchange. The forward price for the month in which the \ufb01sh is expected to be harvested, is applied to estimate expected cash \ufb02ow. The listed forward price, at Euronext, adjusted to take into account export costs and clearing costs, represents the reference price. The reference price is then adjusted to account for estimated harvesting cost (wellboat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any projected differences in size and quality. The adjustments to the reference price are made individually per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Valuation and classi\ufb01cation are based on the principle of highest and best use according to IFRS 13. The actual market price per kilo may vary in relation to \ufb01sh weight. When estimating fair value, the optimal harvest weight \u2013 or the weight when the \ufb01sh is ready for harvest \u2013 is de\ufb01ned as the live weight that results in a gutted weight of 4 kg. This corresponds to a live weight of 4.7 kg for salmon and 4.8 kg for trout. The optimal harvest weight may, however, be lowered slightly if required by factors at an individual locality (biological challenges etc.). When it comes to valuation, only \ufb01sh that have achieved an optimal harvest weight are classi\ufb01ed as ready for harvest. 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 debt.
The fair value adjustment recognised in the income statement for the period related to biological assets comprises (1) Change in fair value adjustment of biological assets, (2) change in fair value (provision) of loss-making contracts and (3) change in unrealised gain/loss of \ufb01nancial sale and purchase contracts (derivatives) for \ufb01sh, listed on a stock exchange. The \ufb01nancial contracts are treated as \ufb01nancial instruments on the balance sheet, where unrealised gain is classi\ufb01ed as other short-term receivables and unrealised loss as other short-term debt. Income statement \u2013 Recognised fair value adjustment related to biological assets 2024 2023 Change in fair value adjustment of biological assets (\ufb01sh in sea) 347 227 167 331 Change in fair value of onerous contracts -55 636 -42 369 Fair value adjustments related to biological assets 291 592 124 962 Statement of \ufb01nancial position \u2013 Carrying amount of biological assets 2024 2023 Fish in sea at historical cost * 6 118 996 5 294 231 Roe, fry, smolt and cleaner \ufb01sh at cost * 512 967 454 775 Total biological assets before fair value adjustment 6 631 964 5 749 007 Fair value adjustment of biological assets (\ufb01sh in sea) 3 022 704 2 675 476 Total biological assets 31.12 9 654 667 8 424 483 Fish in sea at fair value 9 141 700 7 969 707 Roe, fry, smolt and cleaner \ufb01sh at fair value 512 967 454 775 Total biological assets 31.12 9 654 667 8 424 483 * Historical cost minus expensed mortality Reconciliation of carrying amount of fair value related to biological assets 2024 2023 Fair value adjustment of biological assets 01.01 2 675 476 2 508 145 Change in fair value adjustment on \ufb01sh in sea 347 227 167 331 Fair value adjustment of biological assets 31.12 3 022 704 2 675 476 Reconciliation of carrying amount of onerous contracts 2024 2023 Carrying amount of onerous contracts 01.01 -55 969 -13 600 Change in fair value of onerous contracts -55 636 -42 369 Carrying amount of onerous contracts 31.12 -111 605 -55 969 The balance sheet item is included in other short-term liabilities. Reconciliation of carrying amount of\u00a0biological assets Roe, fry, smolt and cleaner \ufb01sh * Fish in sea (salmon and trout) * Fair value adjustment Total biological assets Biological assets 01.01.2023 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 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 Changes in 2024 Increase from biological transformation (released and net growth) 1 656 072 11 949 929 13 606 001 Reduction due to disposal of subsidiary -19 138 -19 138 Reduction due to sale and internal use (smolt and cleaner \ufb01sh) -1 578 742 -1 578 742 Reduction due to harvest (salmon and trout) -10 947 984 -10 947 984 Reduction due to incident-based mortality -173 664 -173 664 Reduction due to accidental release -3 515 -3 515 Net change in fair value (\ufb01sh in sea) 347 227 347 227 Biological assets 31.12.2024 512 967 6 118 996 3 022 704 9 654 667 * Carrying amount before fair value adjustment (historical cost minus charged mortality)
Reconciliation of volume (LWT) for stock of \ufb01sh in sea 2024 2023 Live weight of \ufb01sh in sea at 01.01 97 977 97 923 Changes through the year Increase from biological transformation (released and net growth) 222 697 202 811 Reduction due to harvesting -201 034 -186 709 Reduction due to incident-based mortality -9 207 -16 047 Reduction due to accidental release -91 -1 Live weight of \ufb01sh in sea at 31.12 110 342 97 977 Total harvest volume in GWT (slaughter weight in tonnes) 2024 2023 Salmon 147 701 138 673 Trout 23 528 20 947 Total 171 228 159 620 Groups of biological assets (LWT) 2024 2023 Distribution by live weight Fish in sea, 0\u20131 kg 13 363 10 964 Fish in sea, 1\u20132 kg 16 270 10 454 Fish in sea, 2\u20133 kg 15 903 34 313 Fish in sea, 3\u20134 kg 43 868 15 884 Fish in sea, 4 kg and until ready for\u00a0harvest 13 588 15 401 Fish in sea, ready for harvest 7 350 10 961 Fish in sea, total salmon and trout 110 342 97 977 Distribution according to type\u00a0of\u00a0\ufb01sh Total volum of \ufb01sh in sea (LWT): 110 342 97 977 Salmon 86 264 83 229 Trout 24 078 14 748 Distribution according to mature and\u00a0immature biological asset, and\u00a0type of \ufb01sh Fish ready for harvest 7 350 10 961 Salmon (live weight > 4.65 kg) 7 350 10 961 Trout (live weight > 4.88 kg in 2024 and 4.76 kg in 2023) 0 0 Fish not ready for harvest 102 993 87 017 Salmon (live weight < 4.65 kg) 78 915 72 269 Trout (live weight < 4.88 kg in 2024 and 4.76 kg in 2023) 24 078 14 748 Number of individuals Number of individuals, all groups (in 1 000) 56 044 52 836 Parameters applied for calculation of fair value Price parameters All amounts in exact value, kr/kg 2023 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future 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 2024 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future price Q1 2025 112.64 -0.75 -0.34 111.55 Q2 2025 115.39 -0.75 -0.34 114.30 Q3 2025 77.23 -0.75 -0.34 76.14 Q4 2025 82.34 -0.75 -0.34 81.25 Q1 2026 111.06 -0.75 -0.34 109.97 Q2 2026 102.96 -0.75 -0.34 101.87 The future prices applied in 2023 was based on monthly future prices sourced from Fish Pool at balance sheet date. The future prices applied in 2024, for 2025 and 2026, is based on monthly future prices sourced from EuroNext at balance\u00a0sheet date. Price adjustments are also made for: 2024 2023 Price premium (+/\u2212) for trout volume weighted 0.00 0.00 Price premium (+/\u2212) for ecological salmon volume weighted 0.00 0.00 Price premium (+/\u2212) for ASC certi\ufb01ed salmon volume weighted 0.22 0.10 Reduction for quality differences, salmon (\u221215 kr/kg on production grade vs superior) volume weighted -1.26 -1.27 Reduction for quality differences, trout (\u221215 kr/kg on production grade vs superior) volume weighted -1.60 -1.60 Reduction for size differences, salmon volume weighted -0.24 -0.24 Reduction for size differences, trout volume weighted -0.80 -0.80 Deductions are also made for wellboat services, slaughtering and packaging (primary processing), and transport to Oslo.
Estimated average net price used as basis in the sensitivity analysis 2024 2023 Estimated average net price, all sizes (kr/kg), after primary processing and freight costs 88.4 86.3 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 date of harvest. Other parameters The following parameters have been applied: 2024 2023 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 1.00% 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 18% 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 4.88 kg 4.76 kg Discount rate (monthly) 3.7% 4.0% The discount rate applied is described further in the note on signi\ufb01cant accounting estimates. 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 2024. The Group had 9 incidents related to escapes in 2024. Ler\u00f8y Sj\u00f8troll had 3 incidents with a total of 254 \ufb01sh escaped. Two of the incidents were related to treatments with 127 \ufb01sh escaped in total, whereas one was due to a damaged net where 127 \ufb01sh escaped. Ler\u00f8y Midt experienced four escape incidents in 2024. Two of the incidents were related to holes in the net and resulted in 13\u00a0468 escaped \ufb01sh in total. The other two events were related to treatments and resulted in 7 escaped \ufb01sh in total. In 2024 Ler\u00f8y Aurora had two escape incidents with 3 escaped \ufb01sh in total. The incidents were related to routine operations and delousing. In total only 13 732 individuals escaped from a total stock of approximately 56 million individuals by the end of 2024. Accidental release of \ufb01sh is typically associated with work operations involving net handling, such as delousing operations. The Group believes that the strategic move towards submersed and semi-closed technologies will reduce the risk of accidental release in its operations, as these technologies signi\ufb01cantly decrease the need for delousing treatments. 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%. 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 2023 most of the incident- based mortality in 2024 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. Sea lice treatments pose a challenge to \ufb01sh health as these procedures may in\ufb02ict stress and injuries and may exacerbate other underlying health issues. Consequently, the Group is con\ufb01dent that phasing in submersed and semi-closed technology will improve \ufb01sh health and \ufb01sh welfare as the need for delousing treatments is greatly reduced. 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 2024. The Group works continuously with actions and technology to solve this challenge.
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"reg-ix-398": {
"value": "Note G3.5 Other investments All \ufb01gures in NOK 1 000
Accounting policy Shares in other investments has been acquired with a long time horizon in mind, and are classi\ufb01ed as non-current \ufb01nancial assets in the \ufb01nancial statements. Other investments are measured at fair value. However, considering the immaterial value of the assets at end of the accounting period, historic cost has been applied as the best estimate for fair value. Other investments Country 2023 Additions Disposals Other 2024 Folgefonn Invest AS Norway 5 000 5 000 B\u00e5tsfjord Sentralfryselager AS Norway 1 263 1 263 KH Select A/S Denmark 4 553 -4 553 - Bulandet Eiendom AS Norway 1 017 -1 017 - Salmonics Inc USA 5 265 5 265 Other minor investments 2 024 231 2 255 Total classi\ufb01ed as material 13 857 13 783 Other change relates to Bulandet Eiendom AS, that has become an associated company with effect from 31.12.2024. Note G3.5 Other investments All \ufb01gures in NOK 1 000
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"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"reg-ix-400": {
"value": "Note G3.6 Non-current receivables All \ufb01gures in NOK 1 000 Accounting policy Non-current receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective rate interest method. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability.
Non-current receivables 2024 2023 Loan to associates 15 382 14 523 Loans to employees 4 191 4 280 Loans to \ufb01shermen 29 208 31 377 Financial instruments with positive fair value, non-current 34 702 42 854 Deposits (mainly Norges R\u00e5\ufb01sklag) 24 180 17 152 Prepayments 2 485 3 000 Other receivables and periodisations 11 132 3 164 Total 121 279 116 350 Non-current receivables by currency 2024 2023 NOK 116 913 112 193 EUR 4 103 4 068 Other currencies 263 89 Total 121 279 116 350
Note G
3.9 Trade receivables
All \ufb01gures in NOK 1 000 Accounting policy Trade 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. Trade receivables mature less than 12 months after the balance sheet date, and are classi\ufb01ed as current.
Trade receivables Trade receivables 2024 2023 Nominal value 3 228 081 2 949 231 Provision for bad debts -22 874 -22 751 Total trade receivables 3 205 206 2 926 481 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u2013 60 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's 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 93.9% of trade receivables (nominal value) had been collected, compared with 95.9% in the previous year. This represents 94.6% of book value, compared with 96.7% in the previous year. Trade receivables 31.12 \u2013 aging 2024 2023 Not due 2 614 949 2 023 376 Due, 0 to 3 months 523 702 860 203 Due, 3 to 6 months 27 792 38 096 Due, more than 6 months 61 638 27 556 Total 3 228 081 2 949 231 Trade receivables 31.12 \u2013 provision 2024 2023 Not due 2 756 1 225 Due, 0 to 3 months 2 502 3 683 Due, 3 to 6 months 1 405 766 Due, more than 6 months 16 211 17 078 Total 22 874 22 751 Trade receivables 31.12 \u2013 no provision 2024 2023 Not due 2 612 193 2 022 152 Due, 0 to 3 months 521 200 856 521 Due, 3 to 6 months 26 387 37 330 Due, more than 6 months 45 427 10 478 Total 3 205 206 2 926 481 Lifetime expected loss allowance for provision 2024 2023 Not due 0.1% 0.1% Due, 0 to 3 months 0.5% 0.4% Due, 3 to 6 months 5.1% 2.0% Due, more than 6 months 26.3% 62.0% Total 0.7% 0.8% Movements in provision for bad debt 2024 2023 Provision 01.01 22 751 34 977 This years change in provisions, recognised in the income statement -380 -12 823 Currency translation differences 504 596 Provision 31.12 22 874 22 751
Net loss on account receivables included in the income statement 2024 2023 Net change in provision for bad debt -380 -12 823 Receivables written off during the year as uncollectable 4 847 7 927 Receivables written off, recovered -107 -20 Total cost (+) / cost reduction (-) 4 361 -4 916 Included in other operating expenses Trade receivables by currency 2024 2023 NOK 925 580 1 413 288 SEK 113 971 169 705 DKK 174 367 149 344 GBP 43 747 6 685 EUR 1 391 150 742 394 USD 504 975 77 675 JPY 7 608 335 735 Other currencies 43 808 31 654 Total trade receivables 3 205 206 2 926 481 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 G3.10 Other current receivables All \ufb01gures in NOK 1 000 Accounting policy Other current receivables are carried on the balance sheet at nominal amount after deduction of provision for expected losses. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability. Other current receivables are due within a year, and are classi\ufb01ed as current assets.
Other current receivables 2024 2023 VAT to be refunded 614 724 1 508 189 Financial instruments measured at fair value 17 071 126 599 Pre-payments 261 598 210 252 Current loans and credits given 17 189 22 910 Other current receivables and periodisations 113 159 169 257 Total 1 023 741 2 037 207 Other current receivables as of 31.12 by currency 2024 2023 NOK 944 312 1 932 773 SEK 12 049 24 676 DKK 15 851 2 363 EUR 39 176 38 268 USD 5 204 33 607 Other currencies 7 149 5 520 Total 1 023 741 2 037 207
Accounting policy Non-current receivables, loans and deposits are initially recognized at fair value. Subsequently they are measured at amortized cost using the effective rate interest method. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability.
Accounting policy Trade 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. Trade receivables mature less than 12 months after the balance sheet date, and are classi\ufb01ed as current.
Accounting policy Other current receivables are carried on the balance sheet at nominal amount after deduction of provision for expected losses. If the Group expect a loss on a non-current receivable, a provision is made to re\ufb02ect the expected loss based on probability. Other current receivables are due within a year, and are classi\ufb01ed as current assets.
Non-current receivables 2024 2023 Loan to associates 15 382 14 523 Loans to employees 4 191 4 280 Loans to \ufb01shermen 29 208 31 377 Financial instruments with positive fair value, non-current 34 702 42 854 Deposits (mainly Norges R\u00e5\ufb01sklag) 24 180 17 152 Prepayments 2 485 3 000 Other receivables and periodisations 11 132 3 164 Total 121 279 116 350 Non-current receivables by currency 2024 2023 NOK 116 913 112 193 EUR 4 103 4 068 Other currencies 263 89 Total 121 279 116 350
Other current receivables 2024 2023 VAT to be refunded 614 724 1 508 189 Financial instruments measured at fair value 17 071 126 599 Pre-payments 261 598 210 252 Current loans and credits given 17 189 22 910 Other current receivables and periodisations 113 159 169 257 Total 1 023 741 2 037 207 Other current receivables as of 31.12 by currency 2024 2023 NOK 944 312 1 932 773 SEK 12 049 24 676 DKK 15 851 2 363 EUR 39 176 38 268 USD 5 204 33 607 Other currencies 7 149 5 520 Total 1 023 741 2 037 207
",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-403": {
"value": "Note G3.7 Biological assets All \ufb01gures in NOK 1 000, unless otherwise indicated Accounting policy The Group recognises and measures biological assets at fair value (FV) according to IAS 41. The Group's 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 (\ufb01sh kept on shore). When the \ufb01sh are large enough for release to sea, they are classi\ufb01ed in group (2) \ufb01sh in sea. For salmon and trout, including parent \ufb01sh, a present value model is applied to estimate fair value. For roe, fry, smolt and cleaner \ufb01sh, 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 harvest weight. 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 licence lease and (3) the time value of money. 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 time and multiplied by the estimated harvest weight per individual at harvest time. The measurement unit is the individual \ufb01sh. However, for practical reasons, these estimates are carried out individually 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 forward prices (futures) listed at a stock exchange. The forward price for the month in which the \ufb01sh is expected to be harvested, is applied to estimate expected cash \ufb02ow. The listed forward price, at Euronext, adjusted to take into account export costs and clearing costs, represents the reference price. The reference price is then adjusted to account for estimated harvesting cost (wellboat, slaughter and boxing) and transport to Oslo. Adjustments are also made for any projected differences in size and quality. The adjustments to the reference price are made individually per locality. Joint regional parameters are applied, unless factors speci\ufb01c to an individual locality require otherwise. Valuation and classi\ufb01cation are based on the principle of highest and best use according to IFRS 13. The actual market price per kilo may vary in relation to \ufb01sh weight. When estimating fair value, the optimal harvest weight \u2013 or the weight when the \ufb01sh is ready for harvest \u2013 is de\ufb01ned as the live weight that results in a gutted weight of 4 kg. This corresponds to a live weight of 4.7 kg for salmon and 4.8 kg for trout. The optimal harvest weight may, however, be lowered slightly if required by factors at an individual locality (biological challenges etc.). When it comes to valuation, only \ufb01sh that have achieved an optimal harvest weight are classi\ufb01ed as ready for harvest. 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 debt.
The fair value adjustment recognised in the income statement for the period related to biological assets comprises (1) Change in fair value adjustment of biological assets, (2) change in fair value (provision) of loss-making contracts and (3) change in unrealised gain/loss of \ufb01nancial sale and purchase contracts (derivatives) for \ufb01sh, listed on a stock exchange. The \ufb01nancial contracts are treated as \ufb01nancial instruments on the balance sheet, where unrealised gain is classi\ufb01ed as other short-term receivables and unrealised loss as other short-term debt. Income statement \u2013 Recognised fair value adjustment related to biological assets 2024 2023 Change in fair value adjustment of biological assets (\ufb01sh in sea) 347 227 167 331 Change in fair value of onerous contracts -55 636 -42 369 Fair value adjustments related to biological assets 291 592 124 962 Statement of \ufb01nancial position \u2013 Carrying amount of biological assets 2024 2023 Fish in sea at historical cost * 6 118 996 5 294 231 Roe, fry, smolt and cleaner \ufb01sh at cost * 512 967 454 775 Total biological assets before fair value adjustment 6 631 964 5 749 007 Fair value adjustment of biological assets (\ufb01sh in sea) 3 022 704 2 675 476 Total biological assets 31.12 9 654 667 8 424 483 Fish in sea at fair value 9 141 700 7 969 707 Roe, fry, smolt and cleaner \ufb01sh at fair value 512 967 454 775 Total biological assets 31.12 9 654 667 8 424 483 * Historical cost minus expensed mortality Reconciliation of carrying amount of fair value related to biological assets 2024 2023 Fair value adjustment of biological assets 01.01 2 675 476 2 508 145 Change in fair value adjustment on \ufb01sh in sea 347 227 167 331 Fair value adjustment of biological assets 31.12 3 022 704 2 675 476 Reconciliation of carrying amount of onerous contracts 2024 2023 Carrying amount of onerous contracts 01.01 -55 969 -13 600 Change in fair value of onerous contracts -55 636 -42 369 Carrying amount of onerous contracts 31.12 -111 605 -55 969 The balance sheet item is included in other short-term liabilities. Reconciliation of carrying amount of\u00a0biological assets Roe, fry, smolt and cleaner \ufb01sh * Fish in sea (salmon and trout) * Fair value adjustment Total biological assets Biological assets 01.01.2023 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 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 Changes in 2024 Increase from biological transformation (released and net growth) 1 656 072 11 949 929 13 606 001 Reduction due to disposal of subsidiary -19 138 -19 138 Reduction due to sale and internal use (smolt and cleaner \ufb01sh) -1 578 742 -1 578 742 Reduction due to harvest (salmon and trout) -10 947 984 -10 947 984 Reduction due to incident-based mortality -173 664 -173 664 Reduction due to accidental release -3 515 -3 515 Net change in fair value (\ufb01sh in sea) 347 227 347 227 Biological assets 31.12.2024 512 967 6 118 996 3 022 704 9 654 667 * Carrying amount before fair value adjustment (historical cost minus charged mortality)
Reconciliation of volume (LWT) for stock of \ufb01sh in sea 2024 2023 Live weight of \ufb01sh in sea at 01.01 97 977 97 923 Changes through the year Increase from biological transformation (released and net growth) 222 697 202 811 Reduction due to harvesting -201 034 -186 709 Reduction due to incident-based mortality -9 207 -16 047 Reduction due to accidental release -91 -1 Live weight of \ufb01sh in sea at 31.12 110 342 97 977 Total harvest volume in GWT (slaughter weight in tonnes) 2024 2023 Salmon 147 701 138 673 Trout 23 528 20 947 Total 171 228 159 620 Groups of biological assets (LWT) 2024 2023 Distribution by live weight Fish in sea, 0\u20131 kg 13 363 10 964 Fish in sea, 1\u20132 kg 16 270 10 454 Fish in sea, 2\u20133 kg 15 903 34 313 Fish in sea, 3\u20134 kg 43 868 15 884 Fish in sea, 4 kg and until ready for\u00a0harvest 13 588 15 401 Fish in sea, ready for harvest 7 350 10 961 Fish in sea, total salmon and trout 110 342 97 977 Distribution according to type\u00a0of\u00a0\ufb01sh Total volum of \ufb01sh in sea (LWT): 110 342 97 977 Salmon 86 264 83 229 Trout 24 078 14 748 Distribution according to mature and\u00a0immature biological asset, and\u00a0type of \ufb01sh Fish ready for harvest 7 350 10 961 Salmon (live weight > 4.65 kg) 7 350 10 961 Trout (live weight > 4.88 kg in 2024 and 4.76 kg in 2023) 0 0 Fish not ready for harvest 102 993 87 017 Salmon (live weight < 4.65 kg) 78 915 72 269 Trout (live weight < 4.88 kg in 2024 and 4.76 kg in 2023) 24 078 14 748 Number of individuals Number of individuals, all groups (in 1 000) 56 044 52 836 Parameters applied for calculation of fair value Price parameters All amounts in exact value, kr/kg 2023 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future 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 2024 \u2013 Estimated future price during expected harvesting period Future price Exporter fee Clearing cost Net future price Q1 2025 112.64 -0.75 -0.34 111.55 Q2 2025 115.39 -0.75 -0.34 114.30 Q3 2025 77.23 -0.75 -0.34 76.14 Q4 2025 82.34 -0.75 -0.34 81.25 Q1 2026 111.06 -0.75 -0.34 109.97 Q2 2026 102.96 -0.75 -0.34 101.87 The future prices applied in 2023 was based on monthly future prices sourced from Fish Pool at balance sheet date. The future prices applied in 2024, for 2025 and 2026, is based on monthly future prices sourced from EuroNext at balance\u00a0sheet date. Price adjustments are also made for: 2024 2023 Price premium (+/\u2212) for trout volume weighted 0.00 0.00 Price premium (+/\u2212) for ecological salmon volume weighted 0.00 0.00 Price premium (+/\u2212) for ASC certi\ufb01ed salmon volume weighted 0.22 0.10 Reduction for quality differences, salmon (\u221215 kr/kg on production grade vs superior) volume weighted -1.26 -1.27 Reduction for quality differences, trout (\u221215 kr/kg on production grade vs superior) volume weighted -1.60 -1.60 Reduction for size differences, salmon volume weighted -0.24 -0.24 Reduction for size differences, trout volume weighted -0.80 -0.80 Deductions are also made for wellboat services, slaughtering and packaging (primary processing), and transport to Oslo.
Estimated average net price used as basis in the sensitivity analysis 2024 2023 Estimated average net price, all sizes (kr/kg), after primary processing and freight costs 88.4 86.3 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 date of harvest. Other parameters The following parameters have been applied: 2024 2023 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 1.00% 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 18% 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 4.88 kg 4.76 kg Discount rate (monthly) 3.7% 4.0% The discount rate applied is described further in the note on signi\ufb01cant accounting estimates. 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 2024. The Group had 9 incidents related to escapes in 2024. Ler\u00f8y Sj\u00f8troll had 3 incidents with a total of 254 \ufb01sh escaped. Two of the incidents were related to treatments with 127 \ufb01sh escaped in total, whereas one was due to a damaged net where 127 \ufb01sh escaped. Ler\u00f8y Midt experienced four escape incidents in 2024. Two of the incidents were related to holes in the net and resulted in 13\u00a0468 escaped \ufb01sh in total. The other two events were related to treatments and resulted in 7 escaped \ufb01sh in total. In 2024 Ler\u00f8y Aurora had two escape incidents with 3 escaped \ufb01sh in total. The incidents were related to routine operations and delousing. In total only 13 732 individuals escaped from a total stock of approximately 56 million individuals by the end of 2024. Accidental release of \ufb01sh is typically associated with work operations involving net handling, such as delousing operations. The Group believes that the strategic move towards submersed and semi-closed technologies will reduce the risk of accidental release in its operations, as these technologies signi\ufb01cantly decrease the need for delousing treatments. 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%. 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 2023 most of the incident- based mortality in 2024 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. Sea lice treatments pose a challenge to \ufb01sh health as these procedures may in\ufb02ict stress and injuries and may exacerbate other underlying health issues. Consequently, the Group is con\ufb01dent that phasing in submersed and semi-closed technology will improve \ufb01sh health and \ufb01sh welfare as the need for delousing treatments is greatly reduced. 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 2024. The Group works continuously with actions and technology to solve this challenge.
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\u00a0levels 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) Total fair value of \ufb01nancial instruments by level Level 2024 2023 Derivative instruments Forward foreign exchange contracts Level 2 16 546 117 386 Interest rate swaps Level 2 34 702 36 604 Comodity derivatives (bunker fuel) Level 2 525 15 464 Total 51 774 169 454 Other \ufb01nancial instruments Other shares Level 3 13 783 13 857 Total 13 783 13 857 Financial instruments presented in the statement of \ufb01nancial position 2024 2023 Derivative instruments Non-current receivables (+) 34 702 42 854 Other current receivables (+) 17 071 126 599 Other long-term liabilities (\u2212) 0 0 Other short-term \ufb01nancial liabilities (\u2212) 0 0 Net asset (+) / liability (\u2212) 51 774 169 454 Other \ufb01nancial instruments Other investments (non-current) 13 783 13 857 Net asset (+) / liability (\u2212) 13 783 13 857
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 debt.
Accounting policy 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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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-405": {
"value": "Note G3.8 Other inventories All \ufb01gures in NOK 1 000 Accounting policy 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\u00a0quanti\ufb01able obsolescence.
Other inventories consist of 2024 2023 Feed, packaging materials, auxiliary and other 175 137 571 450 Raw materials, including catches onboard on trawling vessels 717 816 259 782 Work in progress 87 571 49 667 Finished goods / goods for sale 1 462 748 1 523 644 Impairments, including obsoleteness -6 861 -6 369 Total other inventories 2 436 411 2 398 175 Accounting policy 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\u00a0quanti\ufb01able obsolescence.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-408": {
"value": "3.9 Trade receivables
All \ufb01gures in NOK 1 000 Accounting policy Trade 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. Trade receivables mature less than 12 months after the balance sheet date, and are classi\ufb01ed as current.
3.9 Trade receivables
All \ufb01gures in NOK 1 000 Accounting policy Trade 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. Trade receivables mature less than 12 months after the balance sheet date, and are classi\ufb01ed as current.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-409": {
"value": "Trade receivables Trade receivables 2024 2023 Nominal value 3 228 081 2 949 231 Provision for bad debts -22 874 -22 751 Total trade receivables 3 205 206 2 926 481 The Group normally invoices the agreed transaction price upon delivery of the goods.\u00a0Payment is typically due within 30\u2013 60 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's 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 93.9% of trade receivables (nominal value) had been collected, compared with 95.9% in the previous year. This represents 94.6% of book value, compared with 96.7% in the previous year. Trade receivables 31.12 \u2013 aging 2024 2023 Not due 2 614 949 2 023 376 Due, 0 to 3 months 523 702 860 203 Due, 3 to 6 months 27 792 38 096 Due, more than 6 months 61 638 27 556 Total 3 228 081 2 949 231 Trade receivables 31.12 \u2013 provision 2024 2023 Not due 2 756 1 225 Due, 0 to 3 months 2 502 3 683 Due, 3 to 6 months 1 405 766 Due, more than 6 months 16 211 17 078 Total 22 874 22 751 Trade receivables 31.12 \u2013 no provision 2024 2023 Not due 2 612 193 2 022 152 Due, 0 to 3 months 521 200 856 521 Due, 3 to 6 months 26 387 37 330 Due, more than 6 months 45 427 10 478 Total 3 205 206 2 926 481 Lifetime expected loss allowance for provision 2024 2023 Not due 0.1% 0.1% Due, 0 to 3 months 0.5% 0.4% Due, 3 to 6 months 5.1% 2.0% Due, more than 6 months 26.3% 62.0% Total 0.7% 0.8% Movements in provision for bad debt 2024 2023 Provision 01.01 22 751 34 977 This years change in provisions, recognised in the income statement -380 -12 823 Currency translation differences 504 596 Provision 31.12 22 874 22 751
Net loss on account receivables included in the income statement 2024 2023 Net change in provision for bad debt -380 -12 823 Receivables written off during the year as uncollectable 4 847 7 927 Receivables written off, recovered -107 -20 Total cost (+) / cost reduction (-) 4 361 -4 916 Included in other operating expenses Trade receivables by currency 2024 2023 NOK 925 580 1 413 288 SEK 113 971 169 705 DKK 174 367 149 344 GBP 43 747 6 685 EUR 1 391 150 742 394 USD 504 975 77 675 JPY 7 608 335 735 Other currencies 43 808 31 654 Total trade receivables 3 205 206 2 926 481 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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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-410": {
"value": "000
Interest bearing debt Accounting policy 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's instalments are classi\ufb01ed as short-term debt.
",
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"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-411": {
"value": "Accounting policy 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's instalments are classi\ufb01ed as short-term debt.
",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-412": {
"value": "s, which also are interest bearing.
Bank deposits 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.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-413": {
"value": "Overview of bond loans The Group has 6 bond loans as of 31.12.2024. 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\u2019s 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\u2019s 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. Value as of 31.12.2023 Bond loans as of 31.12.2023 Date of establishment Duration Expiry date Amortizing effect of the period (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 Total 1 705 3 000 000 -9 514 2 990 486 Value as of 31.12.2024 Bond loans as of 31.12.2024 Date of establishment Duration Expiry date Amortizing effect of the period (2024) 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 -919 499 081 NO 0011097297, green bond loan, \ufb02oating rate NIBOR 3m+1.15 p.a. 17.09.2021 6 years 17.09.2027 438 500 000 -1 203 498 797 NO 0011097339, green bond, \ufb01xed rate 3.35% p.a. 17.09.2021 10 years 17.09.2031 263 500 000 -1 773 498 227 NO 0012899287, green bond loan, \ufb02oating rate NIBOR 3m+1.50 p.a. 26.04.2023 5 years 26.04.2028 325 500 000 -1 097 498 903 NO 0012899295, green bond loan, \ufb01xed rate 5.10% p.a. 26.04.2023 7 years 26.04.2030 232 500 000 -1 237 498 763 NO 0012899303, green bond loan, \ufb01xed rate 5.315% p.a. 26.04.2023 10 years 26.04.2033 163 500 000 -1 342 498 659 Total 1 945 3 000 000 -7 569 2 992 431 Interests expensed, including amortizing effect 2024 2023 Interests 161 358 122 646 Amortizing effect 1 945 1 705 Total 163 303 124 351
Bond loans The Group has six bond loans as of 31.12.2024. 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 six 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.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-414": {
"value": "Loans secured by mortgages and mortgaged assets Loans secured by mortgages consists of 2024 2023 Long-term loans from credit institutions, etc. 4 724 881 4 376 805 Other long-term interest-bearing debt 339 641 Short-term debt to credit institutions (overdrafts) 2 097 252 951 951 Other short term interest bearing loans and credits 26 362 23 841 Total liabilities secured by mortgages as of 31.12 6 848 834 5 353 238 Mortgaged assets 2024 2023 Trade and other receivables 1 302 557 949 415 Shares in associates (Norskott Havbruk AS) 1 264 579 1 076 096 Biological assets and other goods 11 176 018 9 414 325 Fixed assets 7 932 854 5 832 988 Licences * 1 679 765 1 131 314 Net book value on mortgaged assets as of 31.12 23 355 773 18 404 138 * Mortgaged licences concern licences owned by Ler\u00f8y Midt Sj\u00f8 AS and Ler\u00f8y Vest Sj\u00f8 AS.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-415": {
"value": "Guaranties on behalf of third party liabilities Guaranties as of 31.12 2024 2023 Guaranties on behalf of other third parties 2 398 2 671 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-416": {
"value": "Note G3.12 Other short-term debt All \ufb01gures in NOK 1 000 Accounting policy 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.
Other short-term debt 2024 2023 Revenues to be recognised in next accounting period 75 059 17 897 Change in value on hedged risk related to binding agreements 10 287 18 937 Onerous contracts (related to fair value adjustment of biological assets) 111 605 55 969 Accrued wages and holiday pay 508 078 447 645 Accrued interest costs 81 626 76 493 Accrued customer bonus 59 951 104 200 Accrued other expenses 323 168 217 436 Provisions for contingencies 22 620 0 Other short term debt (prepayments from customer etc) 27 791 8 311 Total 1 220 185 946 889 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 largest single item. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-417": {
"value": "Funding risk The Group relies on access to capital to operate, to continue as a going concern and to guarantee returns for the owners and other stakeholders. If the Group loses the con\ufb01dence of investors in \ufb01nancial markets, it will not be able to \ufb01nance either new or existing operations. The Group\u2019s participation in the transition to a low carbon economy has already become an important parameter. The Group\u2019s investment in new (green) technology, has resulted in green bond loans as a part of the Group\u2019s \ufb01nancing. The Group\u2019s comprehensive set of routines and processes for risk management is key to minimizing funding risk. Continuous and compliant reports and information describing the Group\u2019s development, also within ESG, are essential in sustaining and developing con\ufb01dence. The Group aim to maintain the BBB+ credit rating with Nordic Credit Rating.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-418": {
"value": "Currency risk At all times, the Group has a substantial volume of \ufb01sh in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. As the currency rates \ufb02uctuate constantly, future payment in currency will deviate from the amount recognized at time of sale or purchase. In order to minimize the currency risk, the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. Interest risk The Group's exposure to changes in the interest rate is mainly linked to the debt disclosed in the note on net interest-bearing debt. The Group\u2019s long-term debt is based upon a balance between loan agreements with \ufb02oating rates of interest, and loan agreements with \ufb01xed rate of interest. In addition, 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 with \ufb02oating interest. For the loans with \ufb01xed interest rate, the period length varies, with different years of expiry. Price risk The developments in global salmon and trout prices have a considerable impact on the results achieved by the Group. A tool to reduce the price risk, a portion of revenue / purchase cost can be hedged through \ufb01nancial purchase and sales contracts for salmon. This tool has not been used of any signi\ufb01cance in 2024. The Group is also exposed to \ufb02uctuations in the bunker price. This risk is reduced through use of forward agreements to purchase bunker (bunker derivatives).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-419": {
"value": "Liquidity risk The Group manages liquidity risk by maintaining adequate reserves and committed bank facilities and constantly monitoring forecasted and actual cash \ufb02ows. The Group aim to obtain and maintain a smooth debt repayment schedule. Further, committed undrawn credit facilities has been secured with the bank, to provide suf\ufb01cient reserves to meet unforeseen liquidity needs. In addition, the Group takes use of bank guaranties if needed, to ensure suf\ufb01cient reserves.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-420": {
"value": "Credit risk The Group's sales to end customers are credit sales. Procedures have been established to ensure that the Group companies only sell products to customers with satisfactory credit rating. A credit assessment is performed based on the customer's \ufb01nancial position, history and any other factors of relevance. Individual limits are set for risk exposure, based on internal and external assessments of creditworthiness. The overall credit risk is also reduced by the geographically diversity of markets. The Group's compliance on these procedures is regularly monitored. Furthermore, almost all the Group's trade receivables are covered by credit insurance, securing about 90% of nominal amounts. The counterparties to derivative contracts and \ufb01nancial placements shall also be \ufb01nancial institutions with a high credit rating or other parties who can provide reliable security.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJ2JK50",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"reg-ix-421": {
"value": "Note G4.2 Financial instruments All \ufb01gures in NOK 1 000 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\u00a0levels 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) Total fair value of \ufb01nancial instruments by level Level 2024 2023 Derivative instruments Forward foreign exchange contracts Level 2 16 546 117 386 Interest rate swaps Level 2 34 702 36 604 Comodity derivatives (bunker fuel) Level 2 525 15 464 Total 51 774 169 454 Other \ufb01nancial instruments Other shares Level 3 13 783 13 857 Total 13 783 13 857 Financial instruments presented in the statement of \ufb01nancial position 2024 2023 Derivative instruments Non-current receivables (+) 34 702 42 854 Other current receivables (+) 17 071 126 599 Other long-term liabilities (\u2212) 0 0 Other short-term \ufb01nancial liabilities (\u2212) 0 0 Net asset (+) / liability (\u2212) 51 774 169 454 Other \ufb01nancial instruments Other investments (non-current) 13 783 13 857 Net asset (+) / liability (\u2212) 13 783 13 857
Forward foreign exchange contracts The Group has at all times a substantial biomass in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. In order to minimize the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. The majority of the contracts have this purpose. Thus the Group recognises these currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. The change in fair value on currency forward contracts and hedged foreign exchange gain/ loss on the signed sales contracts is recognized as foreign exchange gain/loss classi\ufb01ed as cost of materials in the income statement, as it relates to the inventory cycle. The hedging instruments are measured at fair value at period end in the statement of \ufb01nancial position. Some currency forward contracts are acquired by foreign VAPS&D entities with the purpose of reducing the currency risk related to external purchases in NOK. The Group recognize these currency forward contracts for purchase contracts as a cash \ufb02ow hedge. The effective share of the change in value of the derivatives is recorded through other comprehensive income. The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Revenue by currency is presented in the note on operating revenue, and trade receivables by currency is presented in the note on receivables. Financial purchase and sales contracts for salmon Hedge accounting is applied for the \ufb01nancial purchase and sales contracts for salmon. Normally, the contracts expire within one year. The fair value of the derivative (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Financial purchase contracts for bunkers (bunker derivatives) Hedge accounting is applied for the \ufb01nancial purchase contracts for bunkers (bunker derivatives). Normally, the contracts expire within one year. The fair value of the bunker derivatives (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to bunker cost, which is included in other operating expenses. Interest rate swaps Hedge accounting is applied for interest rate swaps. Normally, the contracts expire later than one year. The fair value of interest rate swaps (gross before tax) is carried as a non-current asset under the accounting item for \u201cnon- current receivables\" if positive, and under the accounting item for \"other long term liabilities\" if negative. If the agreement has a remaining duration of less than one year, the value is entered under \u201cother current receivables\u201d if positive, and under \"other short term liabilities\" if negative. The effective share of the change in value of the interest rate swap is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement.
At year-end, the Group had the following interest rate swaps: Agreement 1 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.438%, in Ler\u00f8y Hav\ufb01sk AS. Agreement 2 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.440%, in Ler\u00f8y Hav\ufb01sk AS. Initial hedged amount on each of the two agreements in Ler\u00f8y Hav\ufb01sk AS was NOK 370 313. The amount on the interest rate swap decreases during the life time to re\ufb02ect the instalments paid on the hedged debt. See note on long term debt for instalment plan details. The periodic interest payments related to the hedging instrument (interest rate swaps) are calculated as the difference between \ufb01xed and \ufb02oating interest rate multiplied with the nominal value of the agreement. The \ufb01xed rate, expectations about the future \ufb02oating rate, and the remaining life time to expiery, are the most important parameters in the calculation of the fair value. The periodic interest payments related to the hedged item (the long term loans) are calculated as the \ufb02oating rate plus margin multiplied with the nominal value of the loan. Financial instruments by category The following principles have been used for the subsequent measurement of \ufb01nancial instruments in\u00a0the\u00a0balance sheet: 31.12.2023 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 857 13 857 Loans and other long term receivables 73 496 42 854 116 350 Trade receivables 2 926 481 2 926 481 Other current receivables (+) 192 166 101 516 25 083 318 766 Cash and cash equivalents 4 323 109 4 323 109 Total 7 515 252 115 373 67 938 7 698 563 Other current receivables are exclusive advance payments (NOK 210 252) and public duties receivable (NOK 1 508 189). Liabilities Long term loans 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 credits 975 792 975 792 Trade payables 2 556 729 2 556 729 Other short-term liabilities 480 307 480 307 Total 12 569 588 0 0 12 569 588 Other short term liabilities are exclusive statutory liabilities and accrued wages and holiday pay. 31.12.2024 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 783 13 783 Loans and other long term receivables 86 577 34 702 121 279 Trade receivables 3 205 206 3 205 206 Other current receivables (+) 130 348 13 651 3 420 147 419 Cash and cash equivalents 3 325 191 3 325 191 Total 6 747 322 27 434 38 122 6 812 878 Other current receivables are exclusive advance payments (NOK 261 598) and public duties receivable (NOK 614 724), ref note on other current receivables. Liabilities Long term loans 7 739 814 7 739 814 Lease liabilities to credit institutions 1 167 247 1 167 247 Overdraft facility and other short term loans and credits 2 123 613 2 123 613 Trade payables 2 270 362 2 270 362 Other short-term liabilities 701 821 701 821 Total 14 002 857 0 0 14 002 857 Other short-term debt are exclusive statutory liabilities and accrued wages and holiday pay.
Change in fair value on \ufb01nancial instruments included in receivables, debt, pro\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 booked 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 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Derivatives included in non-current receivables Interest rate swap agreements 36 604 -1 902 34 702 Bunker derivates 6 250 -6 250 0 Total 42 854 0 -8 152 0 34 702 Derivatives included in other current receivables Currency forward contracts \u2013 recognised hedge objects 98 449 -79 215 -13 693 718 6 259 Currency forward contracts\u2013 non-recognised hedge objects * 18 937 -8 650 10 287 Bunker derivates 9 214 -8 689 525 Total 126 599 -87 865 -22 382 718 17 071 Net value before tax 169 454 -87 865 -30 534 718 51 774 * 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 opposite 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 in balance sheet values, net after tax Fair value as of 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Net value before tax 169 454 -87 865 -30 534 718 51 774 Deferred tax asset (+) / liability (\u2212), \ufb01nancial instruments -36 804 19 330 6 307 -136 -11 303 Net value after tax 132 650 -68 535 -24 227 582 40 470 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) -24 227 582 -23 645 Changes through OCI after tax, per type of instrument 2024 2023 Changes interest rate swap agreements -1 483 -1 994 Changes currency forward contracts -11 092 18 141 Changes bunker derivatives -11 652 12 062 Total (ref. Statement of comprehensive income) -24 227 28 209
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\u00a0levels 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) Total fair value of \ufb01nancial instruments by level Level 2024 2023 Derivative instruments Forward foreign exchange contracts Level 2 16 546 117 386 Interest rate swaps Level 2 34 702 36 604 Comodity derivatives (bunker fuel) Level 2 525 15 464 Total 51 774 169 454 Other \ufb01nancial instruments Other shares Level 3 13 783 13 857 Total 13 783 13 857 Financial instruments presented in the statement of \ufb01nancial position 2024 2023 Derivative instruments Non-current receivables (+) 34 702 42 854 Other current receivables (+) 17 071 126 599 Other long-term liabilities (\u2212) 0 0 Other short-term \ufb01nancial liabilities (\u2212) 0 0 Net asset (+) / liability (\u2212) 51 774 169 454 Other \ufb01nancial instruments Other investments (non-current) 13 783 13 857 Net asset (+) / liability (\u2212) 13 783 13 857
Forward foreign exchange contracts The Group has at all times a substantial biomass in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. In order to minimize the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. The majority of the contracts have this purpose. Thus the Group recognises these currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. The change in fair value on currency forward contracts and hedged foreign exchange gain/ loss on the signed sales contracts is recognized as foreign exchange gain/loss classi\ufb01ed as cost of materials in the income statement, as it relates to the inventory cycle. The hedging instruments are measured at fair value at period end in the statement of \ufb01nancial position. Some currency forward contracts are acquired by foreign VAPS&D entities with the purpose of reducing the currency risk related to external purchases in NOK. The Group recognize these currency forward contracts for purchase contracts as a cash \ufb02ow hedge. The effective share of the change in value of the derivatives is recorded through other comprehensive income. The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Revenue by currency is presented in the note on operating revenue, and trade receivables by currency is presented in the note on receivables. Financial purchase and sales contracts for salmon Hedge accounting is applied for the \ufb01nancial purchase and sales contracts for salmon. Normally, the contracts expire within one year. The fair value of the derivative (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Financial purchase contracts for bunkers (bunker derivatives) Hedge accounting is applied for the \ufb01nancial purchase contracts for bunkers (bunker derivatives). Normally, the contracts expire within one year. The fair value of the bunker derivatives (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to bunker cost, which is included in other operating expenses. Interest rate swaps Hedge accounting is applied for interest rate swaps. Normally, the contracts expire later than one year. The fair value of interest rate swaps (gross before tax) is carried as a non-current asset under the accounting item for \u201cnon- current receivables\" if positive, and under the accounting item for \"other long term liabilities\" if negative. If the agreement has a remaining duration of less than one year, the value is entered under \u201cother current receivables\u201d if positive, and under \"other short term liabilities\" if negative. The effective share of the change in value of the interest rate swap is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement.
At year-end, the Group had the following interest rate swaps: Agreement 1 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.438%, in Ler\u00f8y Hav\ufb01sk AS. Agreement 2 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.440%, in Ler\u00f8y Hav\ufb01sk AS. Initial hedged amount on each of the two agreements in Ler\u00f8y Hav\ufb01sk AS was NOK 370 313. The amount on the interest rate swap decreases during the life time to re\ufb02ect the instalments paid on the hedged debt. See note on long term debt for instalment plan details. The periodic interest payments related to the hedging instrument (interest rate swaps) are calculated as the difference between \ufb01xed and \ufb02oating interest rate multiplied with the nominal value of the agreement. The \ufb01xed rate, expectations about the future \ufb02oating rate, and the remaining life time to expiery, are the most important parameters in the calculation of the fair value. The periodic interest payments related to the hedged item (the long term loans) are calculated as the \ufb02oating rate plus margin multiplied with the nominal value of the loan. Financial instruments by category The following principles have been used for the subsequent measurement of \ufb01nancial instruments in\u00a0the\u00a0balance sheet: 31.12.2023 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 857 13 857 Loans and other long term receivables 73 496 42 854 116 350 Trade receivables 2 926 481 2 926 481 Other current receivables (+) 192 166 101 516 25 083 318 766 Cash and cash equivalents 4 323 109 4 323 109 Total 7 515 252 115 373 67 938 7 698 563 Other current receivables are exclusive advance payments (NOK 210 252) and public duties receivable (NOK 1 508 189). Liabilities Long term loans 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 credits 975 792 975 792 Trade payables 2 556 729 2 556 729 Other short-term liabilities 480 307 480 307 Total 12 569 588 0 0 12 569 588 Other short term liabilities are exclusive statutory liabilities and accrued wages and holiday pay. 31.12.2024 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 783 13 783 Loans and other long term receivables 86 577 34 702 121 279 Trade receivables 3 205 206 3 205 206 Other current receivables (+) 130 348 13 651 3 420 147 419 Cash and cash equivalents 3 325 191 3 325 191 Total 6 747 322 27 434 38 122 6 812 878 Other current receivables are exclusive advance payments (NOK 261 598) and public duties receivable (NOK 614 724), ref note on other current receivables. Liabilities Long term loans 7 739 814 7 739 814 Lease liabilities to credit institutions 1 167 247 1 167 247 Overdraft facility and other short term loans and credits 2 123 613 2 123 613 Trade payables 2 270 362 2 270 362 Other short-term liabilities 701 821 701 821 Total 14 002 857 0 0 14 002 857 Other short-term debt are exclusive statutory liabilities and accrued wages and holiday pay.
Change in fair value on \ufb01nancial instruments included in receivables, debt, pro\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 booked 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 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Derivatives included in non-current receivables Interest rate swap agreements 36 604 -1 902 34 702 Bunker derivates 6 250 -6 250 0 Total 42 854 0 -8 152 0 34 702 Derivatives included in other current receivables Currency forward contracts \u2013 recognised hedge objects 98 449 -79 215 -13 693 718 6 259 Currency forward contracts\u2013 non-recognised hedge objects * 18 937 -8 650 10 287 Bunker derivates 9 214 -8 689 525 Total 126 599 -87 865 -22 382 718 17 071 Net value before tax 169 454 -87 865 -30 534 718 51 774 * 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 opposite 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 in balance sheet values, net after tax Fair value as of 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Net value before tax 169 454 -87 865 -30 534 718 51 774 Deferred tax asset (+) / liability (\u2212), \ufb01nancial instruments -36 804 19 330 6 307 -136 -11 303 Net value after tax 132 650 -68 535 -24 227 582 40 470 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) -24 227 582 -23 645 Changes through OCI after tax, per type of instrument 2024 2023 Changes interest rate swap agreements -1 483 -1 994 Changes currency forward contracts -11 092 18 141 Changes bunker derivatives -11 652 12 062 Total (ref. Statement of comprehensive income) -24 227 28 209
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\u00a0levels 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) Total fair value of \ufb01nancial instruments by level Level 2024 2023 Derivative instruments Forward foreign exchange contracts Level 2 16 546 117 386 Interest rate swaps Level 2 34 702 36 604 Comodity derivatives (bunker fuel) Level 2 525 15 464 Total 51 774 169 454 Other \ufb01nancial instruments Other shares Level 3 13 783 13 857 Total 13 783 13 857 Financial instruments presented in the statement of \ufb01nancial position 2024 2023 Derivative instruments Non-current receivables (+) 34 702 42 854 Other current receivables (+) 17 071 126 599 Other long-term liabilities (\u2212) 0 0 Other short-term \ufb01nancial liabilities (\u2212) 0 0 Net asset (+) / liability (\u2212) 51 774 169 454 Other \ufb01nancial instruments Other investments (non-current) 13 783 13 857 Net asset (+) / liability (\u2212) 13 783 13 857
Change in fair value on \ufb01nancial instruments included in receivables, debt, pro\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 booked 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 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Derivatives included in non-current receivables Interest rate swap agreements 36 604 -1 902 34 702 Bunker derivates 6 250 -6 250 0 Total 42 854 0 -8 152 0 34 702 Derivatives included in other current receivables Currency forward contracts \u2013 recognised hedge objects 98 449 -79 215 -13 693 718 6 259 Currency forward contracts\u2013 non-recognised hedge objects * 18 937 -8 650 10 287 Bunker derivates 9 214 -8 689 525 Total 126 599 -87 865 -22 382 718 17 071 Net value before tax 169 454 -87 865 -30 534 718 51 774 * 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 opposite 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 2024 2023 Changes interest rate swap agreements -1 483 -1 994 Changes currency forward contracts -11 092 18 141 Changes bunker derivatives -11 652 12 062 Total (ref. Statement of comprehensive income) -24 227 28 209
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Forward foreign exchange contracts The Group has at all times a substantial biomass in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. In order to minimize the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. The majority of the contracts have this purpose. Thus the Group recognises these currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. The change in fair value on currency forward contracts and hedged foreign exchange gain/ loss on the signed sales contracts is recognized as foreign exchange gain/loss classi\ufb01ed as cost of materials in the income statement, as it relates to the inventory cycle. The hedging instruments are measured at fair value at period end in the statement of \ufb01nancial position. Some currency forward contracts are acquired by foreign VAPS&D entities with the purpose of reducing the currency risk related to external purchases in NOK. The Group recognize these currency forward contracts for purchase contracts as a cash \ufb02ow hedge. The effective share of the change in value of the derivatives is recorded through other comprehensive income. The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Revenue by currency is presented in the note on operating revenue, and trade receivables by currency is presented in the note on receivables. Financial purchase and sales contracts for salmon Hedge accounting is applied for the \ufb01nancial purchase and sales contracts for salmon. Normally, the contracts expire within one year. The fair value of the derivative (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Financial purchase contracts for bunkers (bunker derivatives) Hedge accounting is applied for the \ufb01nancial purchase contracts for bunkers (bunker derivatives). Normally, the contracts expire within one year. The fair value of the bunker derivatives (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to bunker cost, which is included in other operating expenses. Interest rate swaps Hedge accounting is applied for interest rate swaps. Normally, the contracts expire later than one year. The fair value of interest rate swaps (gross before tax) is carried as a non-current asset under the accounting item for \u201cnon- current receivables\" if positive, and under the accounting item for \"other long term liabilities\" if negative. If the agreement has a remaining duration of less than one year, the value is entered under \u201cother current receivables\u201d if positive, and under \"other short term liabilities\" if negative. The effective share of the change in value of the interest rate swap is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement.
At year-end, the Group had the following interest rate swaps: Agreement 1 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.438%, in Ler\u00f8y Hav\ufb01sk AS. Agreement 2 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.440%, in Ler\u00f8y Hav\ufb01sk AS. Initial hedged amount on each of the two agreements in Ler\u00f8y Hav\ufb01sk AS was NOK 370 313. The amount on the interest rate swap decreases during the life time to re\ufb02ect the instalments paid on the hedged debt. See note on long term debt for instalment plan details. The periodic interest payments related to the hedging instrument (interest rate swaps) are calculated as the difference between \ufb01xed and \ufb02oating interest rate multiplied with the nominal value of the agreement. The \ufb01xed rate, expectations about the future \ufb02oating rate, and the remaining life time to expiery, are the most important parameters in the calculation of the fair value. The periodic interest payments related to the hedged item (the long term loans) are calculated as the \ufb02oating rate plus margin multiplied with the nominal value of the loan. Financial instruments by category The following principles have been used for the subsequent measurement of \ufb01nancial instruments in\u00a0the\u00a0balance sheet: 31.12.2023 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 857 13 857 Loans and other long term receivables 73 496 42 854 116 350 Trade receivables 2 926 481 2 926 481 Other current receivables (+) 192 166 101 516 25 083 318 766 Cash and cash equivalents 4 323 109 4 323 109 Total 7 515 252 115 373 67 938 7 698 563 Other current receivables are exclusive advance payments (NOK 210 252) and public duties receivable (NOK 1 508 189). Liabilities Long term loans 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 credits 975 792 975 792 Trade payables 2 556 729 2 556 729 Other short-term liabilities 480 307 480 307 Total 12 569 588 0 0 12 569 588 Other short term liabilities are exclusive statutory liabilities and accrued wages and holiday pay. 31.12.2024 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 783 13 783 Loans and other long term receivables 86 577 34 702 121 279 Trade receivables 3 205 206 3 205 206 Other current receivables (+) 130 348 13 651 3 420 147 419 Cash and cash equivalents 3 325 191 3 325 191 Total 6 747 322 27 434 38 122 6 812 878 Other current receivables are exclusive advance payments (NOK 261 598) and public duties receivable (NOK 614 724), ref note on other current receivables. Liabilities Long term loans 7 739 814 7 739 814 Lease liabilities to credit institutions 1 167 247 1 167 247 Overdraft facility and other short term loans and credits 2 123 613 2 123 613 Trade payables 2 270 362 2 270 362 Other short-term liabilities 701 821 701 821 Total 14 002 857 0 0 14 002 857 Other short-term debt are exclusive statutory liabilities and accrued wages and holiday pay.
Change in fair value on \ufb01nancial instruments included in receivables, debt, pro\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 booked 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 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Derivatives included in non-current receivables Interest rate swap agreements 36 604 -1 902 34 702 Bunker derivates 6 250 -6 250 0 Total 42 854 0 -8 152 0 34 702 Derivatives included in other current receivables Currency forward contracts \u2013 recognised hedge objects 98 449 -79 215 -13 693 718 6 259 Currency forward contracts\u2013 non-recognised hedge objects * 18 937 -8 650 10 287 Bunker derivates 9 214 -8 689 525 Total 126 599 -87 865 -22 382 718 17 071 Net value before tax 169 454 -87 865 -30 534 718 51 774 * 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 opposite 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 in balance sheet values, net after tax Fair value as of 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Net value before tax 169 454 -87 865 -30 534 718 51 774 Deferred tax asset (+) / liability (\u2212), \ufb01nancial instruments -36 804 19 330 6 307 -136 -11 303 Net value after tax 132 650 -68 535 -24 227 582 40 470 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) -24 227 582 -23 645 Changes through OCI after tax, per type of instrument 2024 2023 Changes interest rate swap agreements -1 483 -1 994 Changes currency forward contracts -11 092 18 141 Changes bunker derivatives -11 652 12 062 Total (ref. Statement of comprehensive income) -24 227 28 209
Forward foreign exchange contracts The Group has at all times a substantial biomass in the sea that represents future sales. A signi\ufb01cant share of the Group's revenue is generated in currencies other than NOK. In order to minimize the currency risk the Group uses currency forward contracts to hedge both net receivables and signed sales contracts in foreign currency. The majority of the contracts have this purpose. Thus the Group recognises these currency forward contracts as fair value hedging, also for the signed sales contracts, which are off-balance items. The change in fair value on currency forward contracts and hedged foreign exchange gain/ loss on the signed sales contracts is recognized as foreign exchange gain/loss classi\ufb01ed as cost of materials in the income statement, as it relates to the inventory cycle. The hedging instruments are measured at fair value at period end in the statement of \ufb01nancial position. Some currency forward contracts are acquired by foreign VAPS&D entities with the purpose of reducing the currency risk related to external purchases in NOK. The Group recognize these currency forward contracts for purchase contracts as a cash \ufb02ow hedge. The effective share of the change in value of the derivatives is recorded through other comprehensive income. The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Revenue by currency is presented in the note on operating revenue, and trade receivables by currency is presented in the note on receivables. Financial purchase and sales contracts for salmon Hedge accounting is applied for the \ufb01nancial purchase and sales contracts for salmon. Normally, the contracts expire within one year. The fair value of the derivative (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to cost of goods. Financial purchase contracts for bunkers (bunker derivatives) Hedge accounting is applied for the \ufb01nancial purchase contracts for bunkers (bunker derivatives). Normally, the contracts expire within one year. The fair value of the bunker derivatives (gross before tax) is carried under the item for \u201cother current receivables\u201d when positive and other short-term liabilities when negative. The effective share of the change in value of the derivatives is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement. When realised, the effect is charged to bunker cost, which is included in other operating expenses. Interest rate swaps Hedge accounting is applied for interest rate swaps. Normally, the contracts expire later than one year. The fair value of interest rate swaps (gross before tax) is carried as a non-current asset under the accounting item for \u201cnon- current receivables\" if positive, and under the accounting item for \"other long term liabilities\" if negative. If the agreement has a remaining duration of less than one year, the value is entered under \u201cother current receivables\u201d if positive, and under \"other short term liabilities\" if negative. The effective share of the change in value of the interest rate swap is recorded through other comprehensive income (cash \ufb02ow hedging). The gross asset or liability carried is a taxable temporary difference. The change in deferred tax caused by the change in gross carrying amount is also recorded through other comprehensive income, and is therefore not included in the tax cost for the year in the income statement.
At year-end, the Group had the following interest rate swaps: Agreement 1 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.438%, in Ler\u00f8y Hav\ufb01sk AS. Agreement 2 from 2020: NOK 285 938, Start 15 April 2020. Duration 7 years, Terminates 15 April 2027, Interest rate 1.440%, in Ler\u00f8y Hav\ufb01sk AS. Initial hedged amount on each of the two agreements in Ler\u00f8y Hav\ufb01sk AS was NOK 370 313. The amount on the interest rate swap decreases during the life time to re\ufb02ect the instalments paid on the hedged debt. See note on long term debt for instalment plan details. The periodic interest payments related to the hedging instrument (interest rate swaps) are calculated as the difference between \ufb01xed and \ufb02oating interest rate multiplied with the nominal value of the agreement. The \ufb01xed rate, expectations about the future \ufb02oating rate, and the remaining life time to expiery, are the most important parameters in the calculation of the fair value. The periodic interest payments related to the hedged item (the long term loans) are calculated as the \ufb02oating rate plus margin multiplied with the nominal value of the loan. Financial instruments by category The following principles have been used for the subsequent measurement of \ufb01nancial instruments in\u00a0the\u00a0balance sheet: 31.12.2023 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 857 13 857 Loans and other long term receivables 73 496 42 854 116 350 Trade receivables 2 926 481 2 926 481 Other current receivables (+) 192 166 101 516 25 083 318 766 Cash and cash equivalents 4 323 109 4 323 109 Total 7 515 252 115 373 67 938 7 698 563 Other current receivables are exclusive advance payments (NOK 210 252) and public duties receivable (NOK 1 508 189). Liabilities Long term loans 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 credits 975 792 975 792 Trade payables 2 556 729 2 556 729 Other short-term liabilities 480 307 480 307 Total 12 569 588 0 0 12 569 588 Other short term liabilities are exclusive statutory liabilities and accrued wages and holiday pay. 31.12.2024 Amortised cost Fair value through pro\ufb01t or loss Fair value through other comprehensive income Total Assets Other investments 0 13 783 13 783 Loans and other long term receivables 86 577 34 702 121 279 Trade receivables 3 205 206 3 205 206 Other current receivables (+) 130 348 13 651 3 420 147 419 Cash and cash equivalents 3 325 191 3 325 191 Total 6 747 322 27 434 38 122 6 812 878 Other current receivables are exclusive advance payments (NOK 261 598) and public duties receivable (NOK 614 724), ref note on other current receivables. Liabilities Long term loans 7 739 814 7 739 814 Lease liabilities to credit institutions 1 167 247 1 167 247 Overdraft facility and other short term loans and credits 2 123 613 2 123 613 Trade payables 2 270 362 2 270 362 Other short-term liabilities 701 821 701 821 Total 14 002 857 0 0 14 002 857 Other short-term debt are exclusive statutory liabilities and accrued wages and holiday pay.
Change in fair value on \ufb01nancial instruments included in receivables, debt, pro\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 booked 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 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Derivatives included in non-current receivables Interest rate swap agreements 36 604 -1 902 34 702 Bunker derivates 6 250 -6 250 0 Total 42 854 0 -8 152 0 34 702 Derivatives included in other current receivables Currency forward contracts \u2013 recognised hedge objects 98 449 -79 215 -13 693 718 6 259 Currency forward contracts\u2013 non-recognised hedge objects * 18 937 -8 650 10 287 Bunker derivates 9 214 -8 689 525 Total 126 599 -87 865 -22 382 718 17 071 Net value before tax 169 454 -87 865 -30 534 718 51 774 * 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 opposite 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 in balance sheet values, net after tax Fair value as of 01.01.2024 Fair value through pro\ufb01t or loss Fair value through other comprehensive income Currency translation differences Fair value as of 31.12.2024 Net value before tax 169 454 -87 865 -30 534 718 51 774 Deferred tax asset (+) / liability (\u2212), \ufb01nancial instruments -36 804 19 330 6 307 -136 -11 303 Net value after tax 132 650 -68 535 -24 227 582 40 470 Change in cash \ufb02ow hedges reserve (as stated in note on changes in equity) -24 227 582 -23 645 Changes through OCI after tax, per type of instrument 2024 2023 Changes interest rate swap agreements -1 483 -1 994 Changes currency forward contracts -11 092 18 141 Changes bunker derivatives -11 652 12 062 Total (ref. Statement of comprehensive income) -24 227 28 209
Note G4.3 Earnings per share All \ufb01gures in NOK 1 000, with exception of earnings per share Earnings per share 2024 2023 This year's earnings to LSG shareholders (NOK 1 000) 2 673 477 272 501 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 4.49 0.46 Diluted earnings per share 4.49 0.46 Earnings per share since the date of listing After fair value adjustment Before fair value adjustment * Year Share of pro\ufb01t for the year to LSG shareholders Earnings per share Recommended dividend relative to pro\ufb01t Share of pro\ufb01t for the year to LSG shareholders * Earnings per share * Recommended dividend relative to pro\ufb01t * 2024 2 673 477 4.49 56% 2 493 834 4.19 60% 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 28 040 941 49.62 54% 26 052 859 46.00 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' 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\u2019s.
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"value": "Note G4.4 Dividend per share All \ufb01gures in NOK 1 000, with exception of dividend per share Time of recognition Dividends are recognized in the \ufb01nancial statements on the time of adoption by the shareholders' general meeting. Distributed dividend in current \ufb01nancial year Distributed dividend in 2024, based on 2023 pro\ufb01t, was NOK 2.50 per share. This amounts to NOK 1 489 434. Recommended dividend Based on the 2024 pro\ufb01t, a corresponding dividend of NOK\u00a02.50 per share is recommended for distribution in 2025. This amounts to NOK 1 489 434. A \ufb01nal decision will be made by the general meeting on 27 May 2025. Dividend per share since the date of listing Dividend recommended Dividend distributed Year Number of issued shares 31.12 (in 1 000) Recommended dividend per share Recommended dividend Number of shares as basis for distribution (in 1 000) Dividend distributed per share Dividend distributed 2024 595 774 2.50 1 489 434 595 774 2.50 1 489 434 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 26.15 15 043 468 23.60 13 571 818 Recommended dividend to be distributed in 2025 2.50 1 489 434 Accumulated dividend distributed, plus dividend recommended for distribution in 2025 26.10 15 061 252
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"value": "Note G4.5 Share capital and shareholder information The share capital consists of Total number of\u00a0shares Nominal value per\u00a0share Book value Share capital 01.01.2024 595 773 680 0.10 59 577 368 Share capital 31.12.2024 595 773 680 0.10 59 577 368 Ler\u00f8y Seafood Group ASA had 23 095 shareholders at 31 December 2024. The corresponding number at year end 2023 was 24 739. All shares confer the same rights in the company. End of 2024 it was 966 foreign shareholders. The correspondig number at year end 2023 was 517. End of 2024 foreign shareholders owned 130 617 207 shares in total, representing 21.9% of the total capital. Corresponding numbers at year end 2023 was 126 668 5456 shares, representing 21.3% of the total capital. 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%
Overview of the 20 largest shareholders at 31.12.2024 No. of shares Ownership Austevoll Seafood ASA 313 942 810 52.69% Folketrygdfondet 30 072 381 5.05% UBS AG 18 033 315 3.03% Ferd AS 13 502 548 2.27% Pareto Aksje Norge Verdipapirfond 13 193 059 2.21% JPMorgan Chase Bank, N.A., London 8 418 766 1.41% The Bank of New York Mellon SA/NV 7 703 416 1.29% State Street Bank and Trust Comp 7 461 503 1.25% JPMorgan Chase Bank, N.A., London 6 243 470 1.05% BNP Paribas 6 222 618 1.04% Verdipapirfond Odin Norge 4 263 903 0.72% Forsvarets Personellservice 4 168 100 0.70% Danske Invest Norske Instit. II. 4 031 531 0.68% J.P. Morgan SE 3 676 684 0.62% J.P. Morgan SE 3 627 379 0.61% State Street Bank and Trust Comp 3 510 796 0.59% CLEARSTREAM BANKING S.A. 3 398 821 0.57% J.P. Morgan SE 3 305 930 0.55% Verdipapirfondet Klp Aksjenorge In 3 246 444 0.54% Verdipapirfondet Klp Aksjenorge 3 069 415 0.52% Total 20 largest shareholders 461 092 889 77.39% Others 134 680 791 22.61% 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 AS. Board member (employees' representative) Tor Ivar Ingebrigtsen owns 160 shares in Ler\u00f8y Seafood Group ASA at year end. Shares owned by the Executive Management and their related parties Name Position 2024 2023 Henning Beltestad CEO 84 200 64 200 Sjur Malm CFO 42 500 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 142 700 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.
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"value": "Note G4.6 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's 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 01.01.2023 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\u00a0the period 1 0 1 Accumulated currency translation differences as of 31.12.2023 314 294 4 478 318 772 Accumulated currency translation differences as of 01.01.2024 314 294 4 478 318 772 Translation differences related to subsidiaries 63 213 2 706 65 919 Translation differences from associates 97 021 97 021 Accumulated currency translation differences as of 31.12.2024 474 528 7 184 481 711
Note G4.6 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's 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 01.01.2023 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\u00a0the period 1 0 1 Accumulated currency translation differences as of 31.12.2023 314 294 4 478 318 772 Accumulated currency translation differences as of 01.01.2024 314 294 4 478 318 772 Translation differences related to subsidiaries 63 213 2 706 65 919 Translation differences from associates 97 021 97 021 Accumulated currency translation differences as of 31.12.2024 474 528 7 184 481 711
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"value": "Note G4.8 Events after balance sheet date In February 2025, a British supermarket chain 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 G4.9 for further information. The 2nd of April 2025 USA introduced a 15 percent tariff on goods from Norway, and a 25 percent tariff on goods from the EU. On April the 9th President Donald Trump announced a 90-day tariff break for over 75 countries, including Norway, with a temporary tariff rate of 10 percent. This applies to countries that have not responded with retaliatory measures. USA has been an important market for many years, but for Ler\u00f8y Seafood Group it represents a smaller share than it does for the Norwegian seafood industry as a whole. It is too early to say anything for sure about the exact consequences, but the Group is following the development closely and dealing with the facts as more information becomes available. The situation for world trade is serious, which is also re\ufb02ected in the stock markets globally. Nevertheless, it is important to emphasize that the seafood industry, and Ler\u00f8y Seafood Group in particular, is adaptable and agile. Seafood is a global commodity that \ufb01nds its way and has a natural balance between supply and demand. Ler\u00f8y Seafood Group has a strong presence in many markets and is continuously working to strengthen the \ufb02exibility and to \ufb01nd good solutions. On April 10, 2025, the Norwegian government presented its \u201cHavbruksmelding\u201d (Aquaculture White Paper), proposing signi\ufb01cant changes to the current licensing regime. The government emphasises the need for several parliamentary reports and assessments, and a majority in the Storting is required for approval. The outcome is therefore highly uncertain, and it is too early for the Group to conclude on the potential effects of the White Paper. Please see the Board\u2019s report for further comments.
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