Nordic Halibut AS — Capital/Financing Update 2021

Apr 23, 2021

Information Document

NORDIC HALIBUT AS

(a private limited liability company incorporated under the laws of Norway)

Admission to trading of ordinary shares on Euronext Growth Oslo

This information document (the "Information Document") has been prepared by Nordic Halibut AS ("Nordic Halibut" or the "Company") solely for use in connection with the admission to trading of the Company's 22,987,392 ordinary shares, each with a par value of NOK 5 (the "Shares"), on Euronext Growth Oslo (the "Admission to Trading").

The Company's Shares have been admitted to trading on Euronext Growth Oslo, and it is expected that the Shares will start trading on or around 26 April 2021 under the ticker code "NOHAL". The Shares are registered in the VPS in bookentry form with ISIN NO 0003058109. All of the Shares rank pari passu with one another and each Share carries one vote.

Euronext Growth Oslo is a multilateral trading facility operated by Oslo Børs ASA as one of several Euronext growth markets under Euronext. Companies on Euronext Growth Oslo are not subject to the same rules as companies on a market for financial instruments within the scope of Article 4(1)(21) of the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (a "Regulated Market"). Instead they are subject to a less extensive set of rules and regulations adjusted to small growth companies. The risk in investing in a company on Euronext Growth Oslo may therefore be higher than investing in a company on a Regulated Market. Investors should take this into account when making investment decisions.

This Information Document does not constitute a prospectus within the meaning of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a Regulated Market, and repealing Directive 2003/71 (the "EU Prospectus Regulation"). This Information Document has been drawn up under the responsibility of the Company. It has been reviewed by the Euronext Growth Advisors and has been subject to an appropriate review of its completeness, consistency and comprehensibility by Euronext.

THIS INFORMATION DOCUMENT DOES NOT CONSTITUTE AN OFFER TO BUY, SUBSCRIBE OR SELL ANY OF THE SECURITIES DESCRIBED HEREIN, AND NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT HERETO.

Investing in the Shares involves a high degree of risk. See Section 2 "Risk factors" of this Information Document.

Euronext Growth Advisors

____________________________________________________

Pareto Securities AS SpareBank 1 Markets AS

22 April 2021

IMPORTANT NOTICE

This Information Document has been prepared solely by the Company only to comply with the Euronext Rule Book I and the Euronext Rule Book II for Euronext Growth Oslo (the "Euronext Growth Rule Book"), to provide information about the Company and its business and in relation to the Admission to trading. This Information Document has been prepared solely in the English language.

For definitions of terms used throughout this Information Document, see Section 10 "Definitions and Glossary of Terms".

The Company has engaged Pareto Securities AS and SpareBank 1 Markets AS to act as joint global coordinators and joint bookrunners in the Private Placement (as defined below) and as the Company's advisors in connection with the Admission (the "Managers" or the "Euronext Growth Advisors").

All inquiries relating to this Information Document should be directed to the Company or the Euronext Growth Advisors. No other person has been authorized to give any information, or make any representation, on behalf of the Company and/or the Euronext Growth Advisors in connection with the Admission to Trading, if given or made, such other information or representation must not be relied upon as having been authorized by the Company and/or the Euronext Growth Advisors.

The information contained herein is as of the date hereof and subject to change, completion or amendment without notice. There may have been changes affecting the Company subsequent to the date of this Information Document. Any new material information and any material inaccuracy that might have an effect on the assessment of the Shares arising after the publication of this Information Document and before the Admission to Trading will be published and announced promptly in accordance with the Euronext Growth Rule Book. Neither the delivery of this Information Document nor the completion of the Admission to Trading at any time after the date hereof will, under any circumstances, create any implication that there has been no change in the Company's affairs since the date hereof or that the information set forth in this Information Document is correct as of any time since its date.

The contents of this Information Document shall not be construed as legal, business or tax advice. Each reader of this Information Document should consult its own legal, business or tax advisors as to legal, business or tax advice. If you are in any doubt about the contents of this Information Document, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

The distribution of this Information Document may in certain jurisdictions be restricted by law. Persons in possession of this Information Document are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Information Document in any country or jurisdiction where specific action for that purpose is required.

The Shares may be subject to restrictions on transferability and resale and may not be transferred or resold except as permitted under applicable securities laws and regulations. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction. Investors should be aware that they may be required to bear the financial risks of this investment for an indefinite period of time.

This Information Document shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo District Court (Nw.: Oslo tingrett) as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with the Information Document.

Investing in the Shares involves risks. See Section 2 "Risk Factors" of this Information Document.

ENFORCEMENT OF CIVIL LIABILITIES

The Company is a private limited liability company incorporated under the laws of Norway. As a result, the rights of holders of the Shares will be governed by Norwegian law and the Company's articles of association (the "Articles of Association"). The rights of shareholders under Norwegian law may differ from the rights of shareholders of companies incorporated in other jurisdictions.

All of the members of the Company's board of directors (the "Board of Directors") and all of the members of the Company's executive management (the "Management") are not residents of the United States of America (the "United States"), and the Company's assets are located outside the United States. As a result, it may be difficult for investors in the United States to effect service of process on the Company, the members of the Board and the Management in the United States or to enforce judgments obtained in U.S. courts against the Company or those persons, whether predicated upon civil liability provisions of federal securities laws or other laws of the United Stated (including any State or territory within the United States).

The United States and Norway do not currently have a treaty providing for reciprocal recognition and enforcement of judgements (other than arbitral awards) in civil and commercial matters. Uncertainty exists as to whether courts in Norway will enforce judgments obtained in other jurisdictions, including the United States, against the Company or the members of the Board or the Management under the securities laws of those jurisdictions or entertain actions in Norway against the Company or the members of the Board or the Management under the securities laws of other jurisdictions. In addition, awards of punitive damages in actions brought in the United States or elsewhere may not be enforceable in Norway.

Similar restrictions may apply in other jurisdictions.

TABLE OF CONTENTS

1	STATEMENT OF RESPONSIBILITY	3
2	RISK FACTORS	4
2.1	Introduction	4
2.2	Risks associated with the Company and its operations	4
2.3	Risks related to laws and regulations	7
2.4	Risks associated with the Company's financial position
2.5	Risks related to the Shares
2.6	Important information
2.7	Presentation of financial and other information	11
3	PRESENTATION OF THE COMPANY	13
3.1	Information about the Company	13
3.2	Principal activities	13
3.3	History and important events	14
3.4	Vision and strategy	14
3.5	Principal markets	15
3.6	Material contracts, significant patents etc.	17
3.7	Related Party Transactions	18
3.8	Legal and arbitrational proceedings	18
4	ORGANIZATION, BOARD OF DIRECTORS MANAGEMENT	AND 19
4.1	Introduction	19
4.2	The Board of Directors	19
4.3	The Management	21
4.4	Benefits upon termination	22
4.5	Employees	22
4.6	Corporate governance requirements	22
4.7	Conflicts of interests etc	22
5	SELECTED FINANCIAL INFORMATION	24
5.1	Summary of accounting policies and principles	24
5.2	Selected income statement 24
5.3	Selected statement of financial position	24
5.4	Changes in the Company's financial or trading position	25
5.5	Material borrowings and financial commitments	25
5.6	Working capital statement	26

5.7	Near-term financial reporting and general meeting calendar	26
6	SHARES AND SHARE CAPITAL	27
6.1	The Shares	27
6.2	Share capital	27
6.3	The Private Placement	28
6.4	Dividend and dividend policy	29
6.5	The Articles of Association	30
6.6	Certain aspects of Norwegian corporate law	30
6.7	Takeover bids and forced transfer of shares	33
6.8	Insider trading	33
7	NORWEGIAN TAXATION	34
7.1	Norwegian shareholders	34
7.2	Foreign Shareholders	35
8	ADDITIONAL INFORMATION	37
8.1	Admission to trading on Euronext Growth Oslo	37
8.2	Auditor	37
8.3	Advisors	37
9	DEFINITIONS AND GLOSSARY OF TERMS	38

APPENDIX A	Articles of Association
APPENDIX B	Financial statements for 2020
APPENDIX C	Financial statements for 2019

1 STATEMENT OF RESPONSIBILITY

This Information Document has been prepared by Nordic Halibut AS, a private limited liability company with business registration number 974 526 441 and registered address Hendnesveien 124, 6533 AVERØY, Norway, solely in connection with the Admission to Trading on Euronext Growth Oslo.

The Board of Directors accepts responsibility for the information contained in this Information Document. The members of the Board of Directors confirm that to the best of their knowledge, the information contained in the Information Document is in accordance with the facts and that the Information Document makes no omission likely to affect its import.

We declare that, to the best of our knowledge, the information provided in the Information Document is fair and accurate and that, to the best of our knowledge, the Information Document is not subject to any material omissions, and that all relevant information is included in the Information Document.

Bergen, 22 April 2021

The Board of Directors of NORDIC HALIBUT AS

Jan Erik Sivertsen Chairman of the Board

Vegard Gjerde Board Member

Olav Kristian Falnes Board Member

Knut Nesse Board Member

Tore Hopen Board Member Odd Lorentz Strøm Board Member

Øyvind Gjærevoll Schanke Board Member

2 RISK FACTORS

2.1 Introduction

Investing in the Company involves inherent risks. Prospective investors should carefully consider, among other things, the risk factors set out in this Section before making an investment decision in respect of the Shares.

The below risk factors are only a summary of all risks applicable to the Company. A prospective investor should carefully consider all the risks related to the Company and should consult his or her own expert advisors as to the suitability of an investment in securities of the Company. An investment in securities of the Company entails significant risks and is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of the investment. Against this background, an investor should thus make a careful assessment of the Company and its prospects before deciding to invest.

Additional risks and uncertainties that the Company currently believes are immaterial, or that are currently not known to the Company, may also have a material adverse effect on its business, financial condition, results of operations and cash flow. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of their severity or significance.

The risk factors described in this Section 2 are sorted into a limited number of categories, where the Company has sought to place each individual risk factor in the most appropriate category based on the nature of the risk it represents. The risks that are assumed to be of the greatest significance are described first. This does not mean that the remaining risk factors are ranked in order of their materiality or comprehensibility, and the fact that a risk factor is not mentioned first in its category does not in any way suggest that the risk factor is less important when taking an informed investment decision. The risks mentioned herein could materialise individually or cumulatively.

The information in this Section 2 is as of the date of this Information Document.

2.2 Risks associated with the Company and its operations

2.2.1 Halibut farming is subject to inherent risks

The halibut farming industry has, since inception, experienced a challenging period, where production costs, due to under-developed biology and low scale of operations, have been higher than achieved prices. As such, there are still major biological challenges to overcome prior to establishing a fully predictable production cycle. High mortality during the fry phase and stable production of juveniles has traditionally been the issues for halibut farming. Although Nordic Halibut has now solved the issues related to juvenile production, the biological challenges remain an inherent risk in an industry still in the development phase. In all new industries there could occur faults in production, operations, maintenance, etc., there is also a risk that the Company's commercialisation strategy proves unsuccessful, and that other players in the same industry are able to commercialize in a more rapid pace than the Company, which may in turn have a material adverse effect on the Company's results, financial condition, cash flow and prospects.

2.2.2 Risks arising from the Company's contractual relationships with suppliers and transporters, processors and vendors of fish products

In connection with development of the Company's fish farms and, upon commencement of transportation, processing and sale of fish products, the Company must to a significant extent rely upon its counterparties, and their contracting parties, to fulfil their contractual obligations towards the Company. Should any supplier and transporter, processor or vendor of fish products, or their third-parties, fail to deliver according to contract, the Company may be at risk of suffering significant reputational damage and, if resulting in the Company not being able to comply with its own obligations, other unwanted consequences, which may lead to impaired relationships with buyers and other important business connections. Furthermore, breach of contract by counterparties may, among other things, also expose the Company to risk of disputes and legal proceedings arising from contractual liability, as well as a reduction of revenues.

2.2.3 Risks related to existing and increasing competition in the halibut market

The market for halibut in general is international, and the Company faces strong competition from both wild caught halibut and other sources of protein, supplied by both domestic and international players. If the Company is unable to compete efficiently, e.g. due to overcapacity, consolidation, increased competition and price pressure in the market, this may have a material adverse effect on the business, financial condition, results of operations or cash flow of the Company.

2.2.4 The Company's operations are subject to several biological risks

The Company's operations are subject to several biological risks which could have a negative impact on future profitability and cash flows. Biological risks include for instance diseases, viruses, bacteria, parasites, algae blooms, jelly fish and other contaminants, which may have adverse effects on fish survival, health growth and welfare and result in reduced harvest weight and volume, downgrading of products, claims from customers, and in a worst case scenario result in the Company's biomass losing some or all of its value. An outbreak of a significant or severe disease represents a cost for the Company through e.g. direct loss of fish, loss of biomass growth, accelerated harvesting and poorer quality on the harvested fish, but may also be followed by a subsequent period of reduced production capacity and loss of income. The most severe diseases may require culling and disposal of the entire stock, disinfection of the farm and a long subsequent fallow period as preventive measures to stop the disease from spreading. Market access could be impeded by strict border controls, not only for halibut from the infected farm, but also for products originating from a wider geographical area surrounding the site of an outbreak. Continued disease problems may also attract negative media attention and public concerns. Halibut farming has historically experienced few episodes with extensive disease and similar problems, but no assurance can be given that this will not also happen in the future. Epidemic outbreaks of diseases may have a material adverse effect on the business, financial condition, results of operations or cash flow of the Company. In addition to the aforementioned biological risks, there is also a risk of other creatures in the sea attacking the Company's equipment and biomass, which could negatively impact the value of such assets.

2.2.5 Production related disorders may negatively affect the Company

Further, as the aquaculture industry has intensified production levels, the biological limits for how fast fish can grow have also been challenged. As with all other forms of intensive food production, a number of production-related disorders may arise, i.e. disorders caused by intensive farming methods. As a rule, such disorders appear infrequently, are multi factorial, and with variable severity. The most important production-related disorders relate to physical deformities and cataracts, which may lead to financial loss in the form of reduced growth and health, reduced quality on harvesting, and damage to the overall reputation of the industry, which in turn may have a material adverse effect on the Company's results, financial condition, cash flow and prospects.

2.2.6 The price of farmed halibut may fluctuate

The Company's financial position and future prospects are dependent on the price of farmed halibut, which has historically been subject to fluctuations. The Company assumes that the market price for farmed halibut will remain relatively stable at last year's average level but no assurances can be given that the demand for farmed halibut will increase as the Company expects. Demand may decrease in the future. Farmed halibut is furthermore generally sold as a fresh product with limitation on the time available between harvesting and consumption. Short-term overproduction may therefore result in very low prices obtained in the market. The entrants of new producing geographical areas or the issuance of new production licenses could result in a general overproduction in the industry. Short term or long term decreases in the price of farmed halibut may have a material adverse effect on the Company's business, financial condition, prospects, results of operations or cash flow. In addition, the wild catch quotas and supply of wild caught halibut and other related protein sources may also influence the price of farmed halibut.

2.2.7 Risks related to feed costs and supply

Feed costs are expected to account for a significant portion of the Company's total production costs, and an increase in feed prices could thus have a major impact on the Company's future profitability. The feed industry is characterized by large global suppliers operating under cost plus contracts, and feed prices are accordingly directly linked to the global markets for fishmeal, vegetable meal, animal proteins and fish/vegetable/animal oils which are the main ingredients in fish feed. Increases in the prices of these raw materials will accordingly result in an increase in feed prices. The Company may not be able to pass on increased feed costs to its customers in the future. Due to the long production cycle for farmed halibut, there may be a significant time lag between changes in feed prices and corresponding changes in the prices of farmed halibut and finished products to customers. As the main feed suppliers normally enter into fixed contracts and adapt their production volumes to prevailing supply commitments, there is limited excess of fish feed available in the market. If one or more of the feed contracts the Company may enter into in the future were to be terminated on short notice prior to their respective expiration dates, the Company might not be able to find alternative suppliers in the market. Shortage in feed supply may lead to starving fish, accelerated harvesting, loss of biomass and reduced income.

2.2.8 Risks related to food safety and health concerns

Food safety issues and perceived health concerns may in the future have a negative impact on the reputation of and demand for the products and services of the Company. It will be of critical importance to the Company that its future products are perceived as safe and healthy in all relevant markets. The food industry in general experiences increased customer awareness with respect to food safety and product quality, information and traceability. A failure by the Company to meet new and exacting market or governmental requirements may reduce the demand for their products which, in turn, may have a material adverse effect on the Company.

2.2.9 Risk of fish escapes

Nordic Halibut has historically experienced few fish escapes, and the halibut is as a species more attached to one locality than other fish species. Nets may hinder escapes, but there can be no assurances that there will not be fish escapes in the future. Human error in connection with reception, grading, sampling and handling of halibut, damage to cages and net failure, as well as natural phenomena such as extreme weather conditions may allow fish to escape. Coastal waterways represent a risk of boats accidentally harming farm constructions and thus make escapes unavoidable. The Company is also exposed to risks relating to predation. Incidents of significant fish escapes could result in substantial loss of biomass as well as repair costs, spreading of diseases, negative publicity and penalties. Frequent fish escapes could affect Company's and the industry's reputation and possibility for further growth. Fish escapes may accordingly have a material adverse effect on the business, financial condition, results of operations or cash flow of the Company.

2.2.10 The Company's success will depend on its ability to employ and retain skilled personnel

The Company must have access to skilled and motivated employees to continue to run its operations successfully and to reach its strategic and operational objectives. The Company's future development is therefore to a large extent dependent on the Company's success in attracting, developing and retaining employees with appropriate skills in the future. If this is not possible, it could adversely affect the Company's business and prospects.

As the Company is dependent on key persons and its development is to a large extent dependent on the experience, knowledge and commitment of the Management and other key personnel, the Company could be adversely affected should one or several of such key persons terminate their employment and start in a competing business.

2.2.11 The ongoing outbreak of the COVID-19 pandemic could have a material adverse effect on the Company

The global outbreak of the COVID-19 virus may have a continued material adverse effect on the Company and affect the Company's ability to implement its business plan. Examples of such material effects could be an adverse effect on sales, additional costs and liabilities. The COVID-19 virus could also negatively affect the Company in the future, e.g. by causing a reduction in the price and/or volume of halibut export due to e.g. severe delays on border areas because of passport and custom checks. Further, the COVID-19 virus outbreak may cause difficulties for the Company's suppliers (e.g. financial distress), which in turn could delay or impede the Company's development process and hence the Company's ability to implement its business plan.

2.2.12 Risk relating to developing necessary customer base and relationship with partners

The Company's growth strategy involves entering into new customer, distribution, marketing, sales and other agreements with third parties for additional volumes outside the company's current production levels. The commercial success of the Company will require such agreements to be entered into with professional third parties on commercially favourable terms. Some of these contracts are or may be with major international companies and constitute each a major part of the Company's revenue (i.e. client concentration). If the Company does not succeed in continuing to attract new customers and maintain existing customers, it could have a material adverse effect on its results of operations, financial condition, cash flows and prospects.

The Company's business depends on client goodwill, reputation and on maintaining good relationships with clients, partners, suppliers and employees. Any circumstances that publicly damage the Company's goodwill, injure the Company's reputation or damage the Company's business relationships, may lead to a broader adverse effect than solely the monetary liability arising directly from the damaging events by way of loss of business, goodwill, clients, partners and employees.

2.3 Risks related to laws and regulations

2.3.1 Risk relating to the Company's licences and ability to obtain additional licenses

The Company is to an extent dependent on maintaining its current licenses (also known as concessions) and being granted future licenses from the relevant governmental authorities to operate its fish farms and to sustain and expand its revenues and business. The grant of licences is a political decision which may depend on a number of factors, many of which are outside of the Company's control, such as the numbers of applicants for licences, development in the general view of the seafood farming business, an assessment of proposed locations, the quality of the Company's applications and the Company's reputation. There are strict requirements relating to the granting of such licenses. Once a license is granted, the Company is from that point subject to strict regulations when it comes to the operation of its licensed fish farms. However, there can be no assurances that the Company will maintain its current licenses or be granted the necessary future licenses in order to sustain or expand its operations in the future, and any failure to do so may have a material adverse impact on the Company's business, financial conditions, results of operation and liquidity.

2.3.2 The Company is subject to extensive regulations

The Company's activities are subject to extensive regulations, in particular relating to environmental protection, food safety, hygiene and animal welfare. Further, halibut farming is strictly regulated by licenses and permits granted by the authorities. Future changes in the laws and regulations applicable to the Company can be unpredictable and are beyond the control of the Company. Such changes could imply the need to materially alter the Company's operations and set-up and may prompt the need to apply for further permits, which could in turn have a material adverse effect on the business, financial condition, results of operations, prospects or cash flow of the Company. For example, the authorities may introduce further regulations for the operations of the Company's facilities, e.g. regarding standards for production facilities, capacity requirements, feed quotas, fish density, site allocation conditions or other parameters for production, which may negatively impact the Company. Further, any changes in applicable tax laws and regulations could negatively affect the Company. For example, changes that result in a materially higher effective tax rate on earnings could have material adverse effects on the Company's financial results.

2.4 Risks associated with the Company's financial position

2.4.1 Renegotiation of existing terms with banks could negatively affect the Company's cash and financial position

The Company has obtained certain repayment and covenant waivers under its current bank arrangement. It has been agreed with the banks to renegotiate the existing terms before the end of 2021. Although the Company, based on its former and current dialogue with the banks, does not expect such renegotiations to result in the Company having to make down-payments of existing debt not reflected in the current financial model or new and more burdensome terms being introduced, the Company cannot guarantee the outcome of such renegotiations.

2.4.2 In order to execute the Company's growth strategy, the Company may require additional capital in the future, which may not be available

Following completion of the Private Placement, the Company is expected to be fully financed the next 15-month period. To fully execute the Company's growth strategy, additional equity will be needed at the end of the mentioned period. However, unforeseen events may occur and adequate sources of capital funding may not be available when needed or may not be available on favourable terms or at all. The Company's ability to obtain such additional capital or financing will depend in part upon prevailing market conditions as well as conditions of its business and its operating results, and those factors may affect its efforts to arrange additional financing on satisfactory terms. If the Company raises additional funds by issuing additional shares or other equity or equity-linked securities, it may result in a dilution of the holdings of existing shareholders. If funding is insufficient at any time in the future, the Company may be unable to take advantage of business opportunities or respond to competitive pressures, any of which could adversely impact the Company's results of operations, cash flow and financial condition.

2.4.3 Future debt levels could limit the Company's flexibility to obtain additional financing and pursue other business opportunities

The Company is currently expecting to finance its new land facility on Averøy primarily with debt. Besides this, the Company does not currently plan to incur any significant additional debt. Although the Company does not currently plan to incur any significant additional debt other than what is described in this document, there can be no assurance that the Company will not incur significant additional indebtedness in the future. This level of debt could have important consequences to the Company, including the following:

• 1) the Company's ability to obtain additional financing for working capital, capital expenditures or other purposes may be impaired or such financing may be unavailable on favourable terms;
• 2) the Company's costs of borrowing could increase as it becomes more leveraged;
• 3) the Company may need to use a substantial portion of its cash from operations to make principal and interest payments on its debt, reducing the funds that would otherwise be available for operations, future business opportunities and any future dividends to its shareholders;
• 4) the Company's debt level could make it more vulnerable than its competitors with less debt to competitive pressures, a downturn in its business or the economy generally; and
• 5) the Company's debt level may limit its flexibility in responding to changing business and economic conditions.

The Company's ability to service its future debt will depend upon, among other things, its future financial and operating performance, which will be affected by prevailing economic conditions as well as financial, business, regulatory and other factors, some of which are beyond its control. If the Company's operating income is not sufficient to service its current or future indebtedness, the Company will be forced to take action such as reducing or delaying its business activities, investments or capital expenditures, selling assets, restructuring or refinancing its debt or seeking additional equity capital. The Company may not be able to effectuate some or any of these remedies on satisfactory terms.

2.4.4 Interest rate fluctuations could affect the Company's cash flow and financial condition

The Company is exposed to interest rate risk primarily in relation to existing and potential future debt. Consequently, movements in interest rates could have an adverse effect on the Company's cash flow and financial condition.

2.4.5 Risks associated with exchange rate fluctuation

The Company operates internationally and is exposed to fluctuations in NOK, USD, EUR and other currencies. Future variations in the exchange rates could therefore have an impact on the Company's reported financial results.

2.5 Risks related to the Shares

2.5.1 The Company is subject to the Euronext Growth Rule Book which may deviate from the regulations for securities trading on Oslo Børs and Euronext Expand, and which may imply a risk of a lower degree of transparency and minority protection

The Company is subject to the rules of the Securities Trading Act applicable to securities admitted to trading on a multilateral trading facility and the Euronext Growth Rule Book. Such obligations may differ from the obligations imposed on companies whose securities are listed on Oslo Børs or Euronext Expand. The Company is not subject to any takeover regulations meaning that an acquirer may purchase a stake in the Shares exceeding the applicable thresholds for a mandatory offer for a company listed on Oslo Børs or Euronext Expand without triggering a mandatory offer for the remaining Shares. In accordance with Euronext Growth Rule Book Part I, section 4.3, and without prejudice to national regulations, the Company shall make public within five (5) trading days of becoming aware, any situation where a person, acting alone or in concert, reaches, exceeds or falls below a major holding threshold of fifty percent (50%) or ninety percent (90%) of the capital or voting rights. Furthermore, there is no other requirement to disclose large shareholdings in the Company (Nw.: flaggeplikt). These deviations from the regulations applicable to securities trading on Oslo Børs or Euronext Expand may, alone or together, impose a risk to transparency and the protection of minority shareholders. An investment in the Shares is suitable only for investors who understand the risk factors associated with an investment in a company admitted to trading on Euronext Growth Oslo.

2.5.2 There may not be an active and liquid market for the Shares, and the Share price could fluctuate significantly

An investment in the Shares is associated with a high degree of risk, and the price of the Shares may not develop favourably. Prior to the Admission to Trading, there has been no public market for the Shares, as the Shares have not been listed or admitted to trading on any, stock exchange, Regulated Market or multilateral trading facility. Following the Admission to Trading, an active or liquid trading market for the Shares may not develop or be sustained. If such market fails to develop or be sustained, it could have a negative impact on the price of the Shares. Investors may not be in a position to sell their shares quickly, at the market price or at all if there is no active trading in the Shares.

The share prices of companies admitted to trading on Euronext Growth Oslo can be highly volatile, and the trading volume and price of the Shares could fluctuate significantly. Some of the factors that could negatively affect the Share price or result in fluctuations in the price or trading volume of the Shares include, for example, changes in the Company's actual or projected results of operations or those of its competitors, changes in earnings projections or failure to meet investors' and analysts' earnings expectations, investors' evaluations of the success and effects of the Company's strategy, as well as the evaluation of the related risks, changes in general economic conditions or the equities markets generally, changes in the industries in which the Company operates, changes in shareholders and other factors. This volatility has had a significant impact on the market price of securities issued by many companies. Those changes may occur without regard to the operating performance of these companies. The price of the Shares may therefore fluctuate due to factors that have little or nothing to do with the Company, and such fluctuations may materially affect the price of the Shares.

2.5.3 Majority shareholder risk

The Company is currently owned 32% by Kontrari AS, a company owned by Frode Teigen, and 23% by Kontrazi AS, a company controlled by Frode Teigen and his family. A concentration of ownership may have the effect of delaying, deterring or preventing a change of control of the Company that could be economically beneficial to other shareholders. Further, the interests of shareholders exerting a significant influence over the Company may not in all matters be aligned with the interests of the Company and the other shareholders of the Company.

2.5.4 The Company will incur increased costs as a result of being a traded company

As a company with shares admitted to trading on Euronext Growth Oslo, the Company will be required to comply with applicable reporting and disclosure requirements. The Company will incur additional legal, accounting and other expenses to comply with these and other applicable rules and regulations. The Company anticipates that its incremental general and administrative expenses as a traded company will include, among other things, costs associated with annual and interim reports to shareholders, disclosure obligations, shareholders' meetings, investor relations, incremental director and officer liability insurance costs and officer and director compensation. Any such increased costs, individually or in the aggregate, could have a material adverse effect on the Company's business, operating income and overall financial condition.

2.5.5 Future issuances of Shares or other securities could dilute the holdings of shareholders and could materially affect the price of the Shares

The Company may in the future decide to offer and issue new Shares or other securities in order to finance new capital-intensive projects, in connection with unanticipated liabilities or expenses or for any other purposes. Depending on the structure of any future offering, certain existing shareholders may not have the ability to purchase additional equity securities. An issuance of additional equity securities or securities with rights to convert into equity could reduce the market price of the Shares and would dilute the economic and voting rights of the existing shareholders if made without granting subscription rights to existing shareholders. Accordingly, the Company's shareholders bear the risk of any future offerings reducing the market price of the Shares and/or diluting their shareholdings in the Company.

2.5.6 Investors could be unable to recover losses in civil proceedings in jurisdictions other than Norway

The Company is a private limited company organized under the laws of Norway. All of the members of the Board of Directors and the Management reside in Norway. As a result, it may not be possible for investors to effect service of process in other jurisdictions upon such persons or the Company, to enforce against such persons or the Company judgments obtained in non-Norwegian courts, or to enforce judgments on such persons or the Company in other jurisdictions.

2.5.7 Norwegian law could limit shareholders' ability to bring an action against the Company

The rights of holders of the Shares are governed by Norwegian law and by the Articles of Association. These rights may differ from the rights of shareholders in other jurisdictions. In particular, Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For example, under Norwegian law, any action brought by the Company in respect of wrongful acts committed against the Company will be prioritized over actions brought by shareholders claiming compensation in respect of such acts. In addition, it could be difficult to prevail in a claim against the Company under, or to enforce liabilities predicated upon, securities laws in other jurisdictions.

2.5.8 Investors could be unable to exercise their voting rights for Shares registered in a nominee account

Beneficial owners of the Shares that are registered in a nominee account (such as through brokers, dealers or other third parties) could be unable to vote for such Shares unless their ownership is re-registered in their names with the Norwegian Central Securities Depository (VPS) prior to any general meeting of shareholders. There is no assurance that beneficial owners of the Shares will receive the notice of any general meeting of shareholders in time to instruct their nominees to either effect a re-registration of their Shares or otherwise vote for their Shares in the manner desired by such beneficial owners.

2.5.9 Pre-emptive rights to subscribe for Shares in additional issuances could be unavailable to U.S. or other shareholders

Under Norwegian law, unless otherwise resolved at the Company's general meeting of shareholders, existing shareholders have pre-emptive rights to participate on the basis of their existing ownership of Shares in the issuance of any new Shares for cash consideration. Shareholders in the United States, however, could be unable to exercise any such rights to subscribe for new Shares unless a registration statement under the U.S. Securities Act is in effect in respect of such rights and Shares or an exemption from the registration requirements under the U.S. Securities Act is available. Shareholders in other jurisdictions outside Norway could be similarly affected if the rights and the new Shares being offered have not been registered with, or approved by, the relevant authorities in such jurisdiction.

The Company is under no obligation to file a registration statement under the U.S. Securities Act or seek similar approvals under the laws of any other jurisdiction outside Norway in respect of any such rights and Shares. Doing so in the future could be impractical and costly. To the extent that the Company's shareholders are not able to exercise their rights to subscribe for new Shares, their proportional interests in the Company will be diluted.

GENERAL INFORMATION

2.6 Important information

The Company has furnished the information in this Information Document. No representation or warranty, express or implied, is made by the Euronext Growth Advisors as to the accuracy, completeness or verification of the information set forth herein, and nothing contained in this Information Document is, or shall be relied upon as a promise or representation in this respect, whether as to the past or the future. The Euronext Growth Advisors assume no responsibility for the accuracy or completeness or the verification of this Information Document and accordingly disclaims, to the fullest extent permitted by applicable law, any and all liability whether arising in tort, contract or otherwise which it might otherwise be found to have in respect of this Information Document or any such statement.

Neither the Company nor the Euronext Growth Advisors, or any of their respective affiliates, representatives, advisors or selling agents, is making any representation to any purchaser of the Shares regarding the legality of an investment in the Shares. Each investor should consult with his or her own advisors as to the legal, tax, business, financial and related aspects of a purchase of the Shares.

Investing in the Shares involves a high degree of risk. See Section 2 "Risk factors" beginning on page 4.

2.7 Presentation of financial and other information

2.7.1 Financial information

The Company has prepared its annual financial statements for the financial years ended 31 December 2020 and 2019 (the "Financial Statements") in accordance with the Norwegian Accounting Act and accounting principles generally accepted in Norway ("NGAAP").

The Financial Statements have been audited by PricewaterhouseCoopers AS. PricewaterhouseCoopers AS has not audited, reviewed or produced any report on any other information provided in this Information Document.

The Financial Statements are enclosed as Appendices B and C to this Information Document.

In connection with the announced capital raise and stock listing in 2021 the company has updated the harvest volume targets at 4,500 tonnes in 2025 and 9000 tonnes in 2030 respectively. Furthermore, a review of the biomass valuation has been carried out.

The company's inventory of biological assets and fish feed is valued at the lower of acquisition cost and fair value.

Fish in the sea farm at Eide above 1 kg is written down to fair value. The present value is calculated on the basis of estimated revenues, less estimated remaining production costs until the fish has reached the estimated weight required for harvesting according to the company's plan. Estimated revenue is the estimated biomass at harvest multiplied by the price expected to be achieved at the same time. The estimated biomass volume at harvest is calculated on the basis of the number of individual fish held in sea farms on the balance sheet date, adjusted for expected mortality until harvest and multiplied by the estimated weight of the fish at harvest. The price is based on historical prices and expectations regarding the future price. Estimated remaining production costs are estimated costs based on historic data and future expectations from balance date up to the estimated weight required for harvesting. The estimated value is discounted to present value on the balance sheet date.

Broodstock at the facility in Midsund is valued at a written-down acquisition cost. Cost of roe and fry at the hatchery at Askøy is written down to zero. Fry delivered from the hatchery to the fry facility at Averøy and fish below 1 kg in the sea farm at Eide are valued at historic cost. Historic cost is also deemed to be the best estimate of fair value for these assets, due to little biological conversion.

The company's models for calculation and valuation are under continuous development. During 2020, the Fishtalk Controller was implemented, and an implementation of the Fishtalk Planning and Finance modules are likely during 2021. This will enable the company to follow the costs based on generations ahead.

For further details, please refer to Section 6 "Selected financial information".

2.7.2 Functional currency and foreign currency

In this Information Document, all references to "NOK" are to the lawful currency of Norway, and all references to "EUR" are to euro, the single currency of member states of the EU participating in the European Monetary Union having adopted the euro as its lawful currency.

The Company has NOK as functional currency, and the Financial Statements are presented in NOK.

2.7.3 Rounding

Certain figures included in this Information Document have been subject to rounding adjustments (by rounding to the nearest whole number or decimal or fraction, as the case may be). Accordingly, figures shown for the same category presented in different tables may vary slightly. As a result of rounding adjustments, the figures presented may not add up to the total amount presented.

2.7.4 Third-party information

Throughout this Information Document, the Company has used industry and market data obtained from independent industry publications, market research, internal surveys and other publicly available information. Industry publications generally state that the information they contain has been obtained from sources believed to be reliable but that the accuracy and completeness of such information is not guaranteed. The Company has not independently verified such data. Similarly, whilst the Company believes that its internal surveys are reliable, they have not been verified by independent sources and the Company cannot assure of their accuracy. Thus, the Company does not guarantee or assume any responsibility for the accuracy of the data, estimates, forecasts or other information taken from sources in the public domain. The information in this Information Document that has been sourced from third parties has been accurately reproduced and, as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted which would render the reproduced information inaccurate or misleading.

The Company confirms that no statement or report attributed to a person as an expert is included in this Information Document.

Unless otherwise indicated in the Information Document, the basis for any statements regarding the Company's competitive position is based on the Company's own assessment and knowledge of the market in which the Company operates.

2.7.5 Cautionary note regarding forward-looking statements

This Information Document includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms "anticipates", "assumes", "believes", "can", "could", "estimates", "expects", "forecasts", "intends", "may", "might", "plans", "projects", "should", "will", "would" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. Prospective investors in the Shares are cautioned that forward-looking statements are not guarantees of future performance and that the Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Information Document. The Company cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur.

3 PRESENTATION OF THE COMPANY

This Section provides an overview of the Company's business as of the date of this Information Document. The following discussion contains forward-looking statements that reflect the Company's plans, see Section 3.2.6 "Cautionary note regarding forward-looking statements" above, and should be read in conjunction with other parts of this Information Document, in particular Section 2 "Risk factors".

3.1 Information about the Company

The legal and commercial name of the Company is Nordic Halibut AS. The Company is a private limited liability company (Nw.: aksjeselskap) incorporated on 26 June 1995, organized and existing under the laws of Norway pursuant to the Norwegian Private Limited Liability Companies Act of 13 June 1997 no. 44 (as amended) (the "Norwegian Private Companies Act"). The Company is registered with the Norwegian Register of Business Enterprises with business registration number 974 526 441. The Company's registered business address is Hendnesveien 124, 6533 AVERØY, Norway, and its main telephone number is +47 930 22 79.

The Company's website is www.nordichalibut.com. The contents of the website are not incorporated by reference into, nor otherwise form part of, this Information Document.

The Company does not have any subsidiaries.

3.2 Principal activities

3.2.1 Introduction

Nordic Halibut is a farmer of Atlantic halibut based in Norway. The Company was founded in 1995 and has participated in the development of the Atlantic halibut farming industry since then. The Company's business is located along the Norwegian western coast with five locations: Bergen, Midsund, Askøy, Averøy and Eide.

Nordic Halibut has had a breakthrough in early phase production that enables the Company to grow and realise considerably improved biological, operational, and financial performance. The Company has implemented several initiatives to secure biological control and improve efficiency in production after a virus outbreak in 2017. It has further developed the screening program for AHRV virus and known pathogens in early phase production that has shown promising results. The utilisation of per litre produced roe has increased considerably due to operational improvements, stricter quality control, virus screening and selection in early phase production. The breakthrough enables a considerable ramp-up in juveniles delivered for on-growing at Averøy and to sea at Eide – enabling further growth in sales volume from 493 tonnes (HOG) in 2019 to ~9,000 tonnes in 2030.

3.2.2 Fully integrated value chain

The Company has a fully integrated and well-developed value chain from genetics to sales that provides significant benefits. With control over the entire value chain, biological control, flexibility, and quality control have been considerable drivers behind the improved biological performance. The unique value chain developed over decades facilitates the Company's growth and gives operational and financial synergies.

The value chain has substantial scalable potential that establishes a competition advantage to others that experiences high barriers to entry.

3.2.3 Brood stock and production of roe located in Midsund

The first Atlantic halibut used for broodstock in Midsund was caught in 1991, and today Nordic Halibut is producing roe from 4th generation broodstock fish. Years of systematic selection of the individuals with preferred characteristics has improved the inhouse breeding program significantly. The biological research performed at Midsund ensures that it is only high-quality fish that gets through to juvenile production.

Steinar Bårdsnes leads the Midsund facility with six employees – two biologists and four farm technicians.

3.2.4 Fry and the production of juveniles at Askøy

Nordic Halibut established in-house juvenile production in 2010 and has since subsequently invested in the facility to improve biological performance and increase capacity. Through innovation and continuous improvement measures, the Askøy facility has strongly contributed to industry development. The facility has a production capacity of approx. 1,250 million juveniles annually and produces juveniles until they reach 5g, which takes around 4 months.

The Askøy facility is led by Lasse Langhelle and employs seven, including biologists, technicians, and farm technicians.

3.2.5 Land-based on-growing facility on Averøy

The on-growing facility on Averøy receives juveniles from Askøy at 5g and keeps them until they reach 150g, a production time at the facility of approximately eight months. Averøy makes use of Bacteria Matured Water (BMW) and ordinary flow through technology in addition to RAS technology that was introduced in 2015. The facility will be subject to investments to improve biological performance and fish health through 2021 and 2022.

Currently, the Averøy facility employs 13 workers led by Mari Thomassen. This includes two biologists, a highly competent technician team and farm technicians.

3.2.6 Sea-based grow-out sites in Eide

Nordic Halibut has two sea-based grow-out sites located in Eide and a third location under construction in 2021/2022 located in Gjemnes – all of which kept by the team led by Jørgen Sørvik. The facilities are familiar to salmon farms, but customised and optimised to halibut feeding and behaviour patterns. Locations used have been chosen to best suit the halibut's needs with good circulation of clean water and is under continuous monitoring from Nordic Halibut's feeding central at Averøy.

The Company holds six licenses with 780 tonnes MAB each, two licenses allocated to each site.

3.3 History and important events

The table below shows the Company's key milestones from its incorporation and to the date of this Information Document:

Year	Main Events
1995	Incorporation of the Company
2001	Establishes first sea location in Northern Møre
2008	Became self-supplied of juveniles from facility in Askøy
2009	Start up and development of recruit base for broodstock on Averøy.
2012	Upgrades of facilities in Midsund and Askøy
2015	Edvard Henden appointed CEO
2015	Merger of Nordic Seafarms and the subsidiary Nordic Halibut. Nordic Halibut chosen as company name.
2016	First juveniles delivered directly to RAS facility.
2016	Testing new start feed for juveniles
2017	Implemented method for screening and elimination of virus in early phase production.
2018	Investments in the on-growing phase preventing viruses and other pathogens from surviving
2019	Biological metrics improved and structural changes implemented enables future growth potential
2020	VAP agreement with Vikenco enabling automated production of filets.
2021	Third sea site establishment in process that enables production up to 5k tonnes.
2021	The Company announces the successful completion of the Private Placement, see Section 7.3 below.

3.4 Vision and strategy

Nordic Halibut's vision is to be every customer's no. 1 choice of sustainable, high-quality halibut in the world. Nordic Halibut aims to produce and sell the world's best halibut.

Quality and transparency throughout the value chain secure the Company's highest priority; fish health and sustainability in the production of high-quality protein. With minimal use of antibiotics and medicine, substantial focus on waste management and emissions and a conscious approach to feed sources, Nordic Halibut strives to leave a minimal footprint during production.

High quality in every step of the value chain and highly competent employees enable a production that safeguards the fish's well-being through its lifespan and can provide a sustainable, high-quality product to the consumer. Nordic Halibut will continuously work to improve fish health, environmental sustainability and product quality to best serve the customer's satisfaction.

The Company's goal is to be the leading provider of farmed halibut. Nordic Halibut intends to reach its goal by having a fully integrated value chain, recruit and attain the best talents, proactively address sustainability and deliver profitability in line with or above peers. Further, the Company aims to be the leading force in positioning Atlantic Halibut as a high-volume filet product in the retail & HORECA segment through automated VAP production. Nordic Halibut has a dynamic approach and will continuously adjust and improve to changing market conditions. In fact, Nordic Halibut sees it as an integral part of their DNA.

3.5 Principal markets

Atlantic halibut is a high-value flatfish with firm flesh and light, clean flavour. The specie is versatile and suitable for all cooking techniques and most cuisines worldwide. Its native habitat is throughout the north Atlantic in cold waters between 5-8 °C from Labrador and Greenland to Iceland, the Norwegian coastline and south to the Bay of Biscay.

3.5.1 Global Atlantic halibut production

Atlantic halibut is both fished and farmed commercially. The market has grown from a total production of ~7,600 tonnes in 2009 to an expected production of ~12,100 tonnes in 2020. The growth has primarily been driven by increasing wild catch volumes, and as illustrated in the graph below, the wild catch is representing about 80-85% of total production volumes.

Norway and Canada are the largest producers of wild caught halibut with an expected production of ~2,890 tonnes and ~6,100 tonnes respectively in 2020. Other producing countries are Portugal, United Kingdom, Denmark, USA, Iceland and Spain, but all with significantly lower levels below 350 tonnes produced in 2020.

Illustration 1: Atlantic halibut production by aquaculture and wild catch

3.5.2 Norwegian exports of Atlantic halibut

While global production of Atlantic halibut primarily has been driven by wild catch, the growth in farmed halibut had a larger role for the total growth in Norway. Growth in farmed halibut has increased by 38% since 2009 from ~800 tonnes to ~1,100 tonnes in 2020. Farmed halibut represented 50% of total Norwegian exports in 2020.

Demand for Norwegian farmed Atlantic halibut has grown in recent years as Norwegian export prices have increased in line with growth volumes. The farmed halibut is trading at a premium ranging between 16-48 NOK / kg above wild caught and an average of ~25 NOK / kg premium in recent years. Farmed halibut enables regularity and consistency in production, hence a higher quality and better quality compared to wild caught halibut. Norwegian producers have produced a larger than average fish and hence been able to sell a significant part of the production to the US market, the market with the highest willingness to pay.

Illustration 3: Norwegian export prices of Atlantic halibut

Source: Kontali Analyse AS

3.5.3 Main markets

The global consumption of Atlantic halibut is mainly the US, EU and Norway. Both US and the EU are highly dependent on imports from Canada and Norway, whereof the majority of wild caught volumes is exported from Canada. Moreover, Norway has the highest share of farmed halibut, while the total consumption of farmed halibut is higher in the EU and the US.

Illustration 4: Consumption of farmed and wild caught Atlantic halibut by geography (2020)

3.5.4 Norwegian producers of Atlantic halibut

There are currently four producers of Atlantic halibut in Norway, whereof Nordic Halibut and Sterling White Halibut AS ("Sterling") are holding the largest market shares. Both companies are covering the whole value chain from broodstock to sales, except for the slaughtering, where there is a third party involved. There are two additional producers, Sogn Aqua and Tubilah (previous AGA), producing the remaining volumes. However, these companies do not produce broodstock and juveniles in-house and are therefore dependent on external providers of juveniles to scale up production volumes. Since Atlantic halibut is a slow-grow specie that requires eight years per generation of broodstock, and farming is heavily dependent on knowledge and development of the specie, Nordic Halibut and Sterling are in a unique position to scale up their production.

		Broodstock 0	Juveniles P	On-growing	1	Grow-out Slaughtering Sales	Market share1
	Nordic Halibut						26%
terling KB	Sterling White Halibut						70%
	Tubilah (AGA)						1%
	Sogn Aqua						3%

Illustration 5: Overview of Norwegian producers of Atlantic halibut, market shares and value chain

3.6 Material contracts, significant patents etc.

3.6.1 Material contracts

During the past two years preceding the date of this Information Document, the Company has not entered into any material agreements or other agreements containing rights or obligations of material importance to the Company, apart from agreements entered into as part of the Company's ordinary course of business

It is the Company's opinion that the Company's existing business and profitability are not dependent upon any single contracts.

3.6.2 Intellectual property rights

Aside from trademarks, domain names and trade secrets, the Company does not hold any registered or unregistered intellectual property rights.

3.7 Related Party Transactions

Below is a summary of the Company's related party transactions for the periods covered by the historical financial information included in this Information Document as Appendices B-C and up to the date of this Information Document.

A convertible loan in the period August – October 2020: At the extraordinary general meeting on 19 August 2020, the Company borrowed NOK 11.5m from Kontrari AS, a company owned by Frode Teigen, in connection with the liquidity challenges that came in the wake of the pandemic. The original expiry date was 1 September 2023. However, the loan could be converted into shares at any time by the lender and was done so on 8 October 2020. The Company currently has no convertible loans. There are at year-end 2020 no related party transactions.

3.8 Legal and arbitrational proceedings

The Company is not, nor has it been, during the course of the preceding 12 months involved in any legal, governmental or arbitration proceedings which may have, or have had in the recent past, significant effects on the Company's financial position or profitability, and the Company is not aware of any such proceedings which are pending or threatened.

4 ORGANIZATION, BOARD OF DIRECTORS AND MANAGEMENT

4.1 Introduction

The general meeting is the highest decision-making authority of the Company. All shareholders of the Company are entitled to attend and vote at general meetings and to table draft resolutions for items to be included on the agenda for a general meeting.

The overall management of the Company is vested with its Board of Directors and the Management. In accordance with Norwegian law, the Board of Directors is responsible for, among other things, supervising the general and dayto-day management of the Company's business ensuring proper organisation, preparing plans and budgets for its activities ensuring that the Company's activities, accounts and assets management are subject to adequate controls and undertaking investigations necessary to perform its duties.

The Management is responsible for the day-to-day management of the Company's operations in accordance with Norwegian law and instructions set out by the Board of Directors. Among other responsibilities, the Company's Chief Executive Officer (the "CEO"), is responsible for keeping the Company's accounts in accordance with existing Norwegian legislation and regulations and for managing the Company's assets in a responsible manner. In addition, the CEO must, according to Norwegian law, brief the Board of Directors about the Company's activities, financial position and operating results at a minimum every fourth month.

4.2 The Board of Directors

4.2.1 Overview

The Company's Articles of Association set out that the Board of Directors shall comprise between one and seven Board Members. The table below sets out the names and other details of the current members of the Board of Directors:

Name	Position	Served since	Term expires	Shares	Options
Jan Erik Sivertsen	Chairman	20141	2021	100,0002	-
Vegard Gerde	Board Member	2019	2021	100,0003	-
Olav Kristian Falnes	Board Member	2020	2021	100,0004	-
Knut Nesse	Board Member	2020	2021	65,0005	-
Tore Hopen	Board Member	2020	2021	2,680,0866	-
Odd Lorentz Strøm	Board Member	2020	2021	268,4507	-
Øyvind Gjærevoll Schanke	Board Member	2020	2021	2,008,9468	-

Other than as set out above, no Board Member owns any options or other securities exchangeable for Shares.

The Company's registered business address (see Section 4.1 above), serves as business address for the members of the Board of Directors as regards their directorship in the Company.

The Company has currently not established an audit committee or a remuneration committee.

¹ Served as board member since 2014, and as chairman of the board from 2015.

² Held through Holmodden AS (0.4%), which is 100% owned by Mr. Sivertsen 3 Held through HAVE Holding AS (0.4%), which is 100% owned by Vegard Gjerde.

⁴ Held through Kristian Falnes AS (0.4%), which is 50% owned by Olav Kristian Falnes. 5 Held through Nesse & CO AS (0.3%), which is 50,1% owned by Knut Nesse.

⁶ Hopen is the CEO and a board member of Farvatn Private Equity AS and Farvatn Medinvestering 2 AS, which in aggregate hold 2,680,086shares (11.7%) of the Company's shares.

⁷ Aino AS, to which Strøm is an advisor and board member, holds 268,450 shares (1.2%) in the Company.

⁸ Schanke is the CIO of T.D. Veen AS which holds 2,008,946 shares (8.7%) in the Company.

4.2.2 Brief biographies of the Board of Directors

Set out below are brief biographies of the Board Members, including their managerial expertise and experience, in addition to an indication of any significant principal activities performed by them outside of the Company.

Jan Erik Sivertsen, Chairman of the Board

Mr. Sivertsen is currently the CEO of Kontrari AS and Kontrazi AS, the Company's two principal shareholders. He is currently the chairman of the board in AS Egersund Investeringselskap, Desconda AS, Seconda AS, Grand Hotell AS, Fiskarvik Maritime Senter AS, Endre AS, Endre Eiendom AS, Holmodden AS, Feyer Eiendom AS, Babaco Invest AS, Tamarillo Invest AS and INKO invest 2 AS. Previously, he was also the chairman of Kiwano Invest AS and Oroblanco Invest AS. Mr. Sivertsen is also a board member of Kontrari AS, Kontrazi AS, Camy Holding AS, Egersund Group AS, Egersund Group Eiendom AS, Svåholmen AS, Grand Hotell Egersund AS, Åse-Vøllestad Skogen AS and Lighthouse Navigation Plt Ltd. Previously, Sivertsen has been a board member of Risa Gruppen AS, Risa AS, Rental One AS, various companies in the Lighthouse group and Havlide Jysereid AS. Mr. Sivertsen is also currently a board observer of Belships ASA and Fjord Line AS. Mr. Sivertsen holds an MSc in Business Administration from the University of Agder (UiA). He resides in Norway.

Vegard Gjerde, Board Member

Mr. Gjerde holds the position as Investment Director in Kontrari AS and Kontrazi AS, the Company's two principal shareholders, where he is also a board observer. He has previously worked as a Management Consultant in Deloitte AS, serving a wide range of industries and clients on strategic, financial and operational related issues. He is also a board observer in Fjord Line AS. Gjerde holds a MSc in Finance from the Norwegian School of Economics (NHH). He resides in Norway.

Olav Kristian Falnes, Board Member

Mr. Falnes currently works as CEO of Kristian Falnes AS, a private investment company. He has previously been a portfolio manager in Skagen AS. Falnes holds a degree in economics from Bedriftsøkonomisk Institutt and is an authorized finance analyst AFA from the Norwegian School of Economics (NHH). He is currently a member of the board of directors of Fjord Line AS. Previously, Falnes has been a board member of Source Energy AS, Incus Investor ASA, Skagen AS, Ace Prosjekt ASA (now Instabank ASA) and DOF ASA. He resides in Norway.

Knut Nesse, Board Member

Mr. Nesse currently works as CEO of AKVA Group ASA. He has previously been the CEO and Chairman of Nutreco Executive Board, CEO of Skretting Group and the COO of Nutreco Aquaculture as well as various other positions within the aquaculture business. Nesse holds an MBA from the Norwegian School of Economics (NHH). He is currently the chairman of the board of directors of Desert Control AS and Prima Group AS. Previously, he has been the chairman of SeaBOS and Blue Planet. He is currently a member of the board of directors of Grieg Group (Grieg Maturitas AS), Nordic Aqua Partners AS and various board positions in the AKVA Group. Previously, Nesse has been a board member of Nutreco (several board positions incl. JVs, mostly chairman) and Aquaculture Stewardship Council. He resides in Norway.

Tore Hopen, Board Member

Mr. Hopen currently works as CEO of Farvatn Private Equity AS and holds various board position within the Farvatn system. He has previously been a partner in Jarlsberg Partners AS, the head of corporate finance in Handelsbanken Capital Markets (Oslo) as well as various other leading positions in other banks. Hopen holds an MBA from the Rotterdam School of Management. Mr. Hopen is the chairman of the board of directors and a member of the board of directors of several companies in the Farvatn group. He is also currently the chairman of the board of directors of Vestcorp AS, Vestcorp 2 AS, Tannlege Hopen & Co AS, Hopenhus AS, J.O. Invest AS, Passer Group AS, Passer AS, Passer Marine AS, Hassel Shipping 2 AS, Vikan Handelspark AS and Omagata 160 AS. Furthermore, Mr. Hopen is a member of the board of directors of Hassel Shipping 4 AS, Veum Park AS, Premium Maritime Fund II AS, Rimfrost Holding AS, Rimfrost Technologies AS, Thor Dahl Management AS, Thor Dahl Shipping AS, Strandgata 18 AS, AS Johs Hopen, Hopen Møbler AS, Bohus Løding AS and Olympia Sport AS. He is also a deputy board member of Inntre Eiendom AS, Inntre Energi Holding AS, Inntre Energi AS, Inntre AS and Inntre Holding AS. He resides in Norway.

Odd Lorentz Strøm, Board Member

Mr. Strøm currently works as an advisor to the investment company Aino AS. He has previously worked as the CEO of the salmon aquaculture company Nova Sea AS, and before that he held various positions within the aquaculture business. Strøm holds a degree in fisheries economy from Høgskolen i Nordland. He is currently the chairman of the board of directors of Aminor AS and Salten Marine Resources AS and a member of the board of directors of Aino AS, Nyhamn AS and FREYR AS as well as in various subsidiaries of the Nova Sea AS group. He resides in Norway.

Øyvind Gjærevoll Schanke, Board Member

Mr. Schanke currently works as Chief Investment Officer of T.D. Veen AS. He has previously been the managing partner of 4D Venture Capital Management AS and the CEO of Skagen Funds. Prior to that, he held various positions in Norges Bank Investment Management (NBIM) and also worked as a trader with Gjensidige Nor Equities and Handelsbanken Markets. Schanke holds an MBA in finance from the Norwegian School of Economics (NHH) and a Master in business economics from the Norwegian Business School. He is currently a member of the board of directors of First Fondene AS, Centevo AB, Siglar Carbon AS (Chair) and Statt Torsk AS. Schanke has previously been a board member of Oslo Børs VPS Holding ASA, Oslo Børs ASA, Norwegian Fund and Asset Management Association, Plato Partnership Ltd and Oslo Børs ASA. He resides in Norway.

4.2.3 Board of Directors' independence

As employees of Kontrari AS and Kontrazi AS, the Company's two principal shareholders, Jan Erik Sivertsen and Vegard Gjerde are not independent of the Company's main shareholders.

Knut Nesse is the CEO of AKVA Group ASA, a company controlled by the Company's main shareholders Kontrari AS and Kontrazi AS. He is therefore not independent of the Company's main shareholders. AKVA Group ASA is also a supplier of technology to the Company. He is therefore not independent of the Company's main business connections.

Tore Hopen is employed by companies which hold in aggregate 11.7% of the Company's shares and is therefore not independent of the Company's main shareholders.

Other than set out above, all Board Members are independent of the Company's Management and material business contacts and of the Company's main shareholders.

4.3 The Management

4.3.1 Overview

As of the date of this Information Document, the Company's Management consists of the following persons:

Name	Position	Employed since	Shares	Options
Edvard Henden	CEO	1995	10,0009	-
Odd Weidel	Finance Director (CFO)	2021	20,000	-

Other than as set out above, no members of Management own any options or other securities exchangeable for Shares.

The Company's registered business address (see Section 4.1) serves as business address for the members of the Management as regards their positions with the Company.

4.3.2 Brief biographies of the members of the Management

Set out below are brief biographies of the members of the Management:

Edvard Henden, CEO

Edvard Henden has been the Company's CEO since 2015. Prior to that, Mr. Henden was the COO of the Company from 1995 to 2015, and he has previously worked at Utheim Junior. He has also been the COO of Aquatech

⁹ Shares held through Hendvarden AS (0.004%), which is 100% owned by Henden.

Systems, key account aquaculture at Kredittkassen Måløy and COO at Rangøyfisk AS. Mr. Henden has been a project manager for several cross-functional industry R&D projects related to maturing technology and biology of atlantic halibut as a farmed species. He has also participated, managed and worked on numerous industry projects in close cooperation with SINTEF, NTNU, NMBU, Nofima, UIN etc. to mature the industrial halibut industry as a whole. His education is primary school at Averøya. He resides in Norway.

Odd Weidel, Finance Director (CFO)

Mr. Weidel is the Company's Finance Director and CFO. He has previously worked as an analyst with SpareBank 1 Markets AS, Handelsbanken Markets and DNB Markets, and he has been the Finance Director of Eqology ASA. He has also been the leader of a political think tank in Oslo for the Norwegian Conservative Party (Høyre). Weidel holds a Cand. Oecon. degree from the University of Oslo and is an authorized portfolio manager from NFF and NHH. He resides in Norway.

4.4 Benefits upon termination

The Company's CEO, Edvard Henden, is entitled to a six month payment in case of a termination of his employment.

Henden is also entitled to receive a payment of NOK 900 000 if the Private Placement is a success.

Other than set out above, no members of Management or the Board of Directors are entitled to any additional remuneration following the termination of their employments/service as of the date of this Information Document.

4.5 Employees

The Company had 31 full-time employees and 15 part-time employees as per 31 December 2019, and 35 full-time employees and 14 part-time employees as per 31 December 2020. At the date of this Information Document, the Company has 36 full-time employees and 15 part-time employees.

4.6 Corporate governance requirements

The Board has a responsibility to ensure that the Company has good corporate governance.

The Company has implemented insider trading routines in connection with the Admission To Trading.

Other than the above, and since the Company's shares will not be listed on any Regulated Market, no mandatory corporate governance code applies. The trading of the Shares on Euronext Growth Oslo does not provide specific requirements in terms of corporate governance code, such as the Norwegian Code of Practice for Corporate Governance. However, the Company intends to maintain a high level of corporate governance standards and will consider the implications of the Norwegian Code of Practice going forward.

On the basis of the current ownership structure, the Company has decided not to have a nomination committee.

4.7 Conflicts of interests etc.

During the last five years preceding the date of this Information Document, none of the members of the Board of Directors or the members of the Management has, or had, as applicable:

• a) any convictions in relation to indictable offences or convictions in relation to fraudulent offences;
• b) received any official public incrimination and/or sanctions by any statutory or regulatory authorities (including designated professional bodies) or was disqualified by a court from acting as a member of the administrative, management or supervisory bodies of a company or from acting in the management or conduct of the affairs of any company; or

c) been declared bankrupt or been associated with any bankruptcy, receivership or liquidation in his or her capacity as a founder, director or manager of a company.

There are no family ties between any of the members of the Board of Directors and/or the members of the Management.

Except as disclosed in Section 4.7 "Related Party Transactions", none of the members of the Board of Directors have service contracts with the Company.

5 SELECTED FINANCIAL INFORMATION

5.1 Summary of accounting policies and principles

The Financial Statements have been prepared in accordance with NGAAP. For further information on accounting policies and principles, please refer to Note 1 in the Financial Statements attached hereto as Appendices B-C. The selected financial information included in this Section should be read in connection with, and is qualified in its entirety by reference to, the Financial Statements.

In connection to the private placement and stock listing the company has done a review of the biomass valuation. For further information see 3.2.1.

5.2 Selected income statement

The table below sets out selected data from the Company's income statement and is extracted from the Financial Statements .

Amounts in tNOK	2020	2019
Operating revenue	34 851,60	54 416,00
COGS	4 835,00	33 969,23
Payroll costs	23 559,73	18 502,31
Depreciation	12 600,95	12 052,90
Other operating expenses	11 360,99	14 052,33
Total operating expenses	52 356,66	78 576,78
Operating profit/loss	-17 505,06	-24 160,78
Net financial items	-3 757,23	-6 589,89
Profit/loss before tax	-21 262,30	-30 750,68
Tax	0,00	0,00
Net income	-21 262,30	-30 750,68

In 2020 a review of the biomass valuation has been carried out. Please see 3.2.1 for further details.

5.3 Selected statement of financial position

The table below sets out selected data from the Company's statement of financial position and is extracted from the Financial Statements.

Assets, amounts in tNOK	2020	2019
Intangible assets	21,89	43,78
Tangible fixed assets	119 679,91	123 623,40
Financial fixed assets	1 106,21	0,00
Non-current assets	120 808,00	123 667,17
Inventories	170 393,74	140 564,93
Account receivables	6 410,02	9 748,66
Other receivables	6 397,22	6 025,37
Other current assets	12 807,23	15 774,03
Cash & cash equivalents	53 106,07	5 659,56
Current assets	236 307,04	161 998,52
Total assets	357 115,05	285 665,69

Equity and liabilities	2020	2019
Equity	199 552,79	146 520,25
Debt
Bank debt	91 402,23	91 402,23
Leasing debt	15 440,68	16 177,06
Other non-current debt	0,00	0,00
Non-current liabilities	106 842,91	107 579,28
Bank overdraft facility	22 199,02	10 124,60
Account payables	23 665,76	15 388,44
Other current liabilities	4 854,57	6 053,12
Current liabilities	50 719,35	31 566,16
Total liabilities	157 562,26	139 145,44
Equity and liabilities	357 115,05	285 665,69

In 2020 a review of the biomass valuation has been carried out. Please see 3.2.1 for further details.

5.4 Changes in the Company's financial or trading position

The Company has not carried out any transactions after 31 December 2020 that represent a change of more than 25% in its total assets, revenue or profit or loss.

5.5 Material borrowings and financial commitments

The Company's interest bearing debt as of the date of this Information Document can be summarised as follows:

Counterparty	Structure	Amount*	Status	Collateral	Duration (Y)
Sparebanken Vest	Serial loan	61,97	Deferral until 2021	Pledge in property & inventory	40
Innovasjon Norge	Serial loans	29,43	Deferral until 2022	Pledge in property & inventory	7-8
SG Finans	Leasing	5,11	Expiry 2021-2025		1-4
Brage Finans	Leasing	5,00	Expiry 2021-2026		1-5
Ikano Bank	Leasing	0,70	Expiry 2025		4
SR-Bank	Leasing	2,06	Expiry 2022-2024		2-3
Total long term debt		104,28
Sparebanken Vest	Overdraft	8,54
Innovasjon Norge	Overdraft	13,65
Total short term debt		22,20
Total debt		126,48
* All amounts in NOKm

5.6 Working capital statement

As of the date of this Information Document, the Company is of the opinion that the working capital available to the Company is sufficient for the Company's present requirements.

5.7 Near-term financial reporting and general meeting calendar

Following the publication of this Information Document, the Company expects to publish its interim financial statements as shown in the table below:

1Q 2021	28 May 2021
General meeting of shareholders	28 May 2021
2Q 2021	24 August 2021
3Q 2021	29 November 2021

–

6 SHARES AND SHARE CAPITAL

This section includes a summary of certain information relating to the Company's Shares and certain shareholder matters, including summaries of certain provisions of applicable law in effect as of the date of this Information Document. The mentioned summary does not purport to be complete and is qualified in its entirety by the Company's Articles of Association.

6.1 The Shares

As of the date of this Information Document, the Company has a total of 22,987,392 shares outstanding, each with a par value of NOK 5. The shares have been created under the laws of Norway and are registered in book-entry form in the Norwegian Central Securities Depository (the "VPS") with International Securities Identification Number ("ISIN") NO 0003058109 and legal entity identifier (LEI) code 894500K853DDTPY1SE30. All the outstanding shares are validly issued and fully paid.

The Company has one class of shares. All of the Shares carry equal rights in all respects, including rights to dividends. All Shares are freely transferable, meaning that a transfer of shares is not subject to the consent of the Board of Directors or rights of first refusal.

On 22 April 2021, Oslo Børs resolved to admit the Shares to trading on Euronext Growth Oslo. The first day of trading of the Shares is expected to be on 26 April 2021 under the ticker code "NOHAL". The Company does not have securities listed on any other stock exchange or other multilateral trading facility.

The Company's VPS-registrar is DNB Bank ASA, registrars department, with registered address Essendrops gate 7, 0368 Oslo, Norway (the "VPS Registrar").

6.2 Share capital

6.2.1 Share capital history

The table below shows the development in the Company's share capital for the period covered by the Financial Statements to the date of the Information Document. There have not been any other capital increases in the Company other than as set out in the table below, neither by way of contribution in cash or in kind, for the period from 1 January 2020 until the date of this Information Document.

Date registered	Event	Capital increase (NOK)	Par value (NOK)	Share price (NOK)	Share capital (NOK)	New shares issued	Total no. of Shares
09.07.2019	Capital reduction	-102,800,932.80	0,25	0,05	25,700,233.20	-	514,004,664
09.08.2019	Capital increase	15,000,000	0,05	0,05	40,700,233.20	300,000,000	814,004,664
26.11.2019	Capital increase	15,000,000	0,05	0,05	55,700,233.20	300,000,000	1,114,004,664
10.12.2019	Capital increase and share consolidation 1000:1	16.80	0,05	0,05	55,700,250.00	336	1,114,005,000
13.11.2020	Conversion of convertible loan	11,500,000	50	50	67,200,250.00	230,000	1,344,005
10.12.2020	Capital increase	22,181,150	50	149	89,381,400.00	443,623	1,787,628
01.03.2021	Share split 1:10	-	5	-	89,381,400.00	-	17,876,280
22.04.2021	The Private Placement	25,555,560	5	22,50	114,936,960.0 0	5,111,112	22,987,392

6.2.2 Financial instruments issued by the Company

The Company has not issued any board authorisations, options, warrants, convertible loans or other instruments that would entitle a holder of any such instrument to subscribe for any shares in the Company.

6.2.3 Ownership Structure

Following completion of the Private Placement, see Section 7.3 below, the Company will have a total of 166 registered shareholders with the VPS at the time of admission to trading.

As of the date of this Information Document, the following shareholders hold more than 5% of the Company's share capital:

Shareholder	Number of Shares	% of the Company's share capital
Kontrari AS	7,294,204	31.7%
Kontrazi AS	5,289,530	23.0%
Farvatn Private Equity AS	2,680,086	11.7%
T.D. Veen AS	2,008,946	8.7%

As of the date of this Information Document, the Company does not hold any treasury shares.

There are no arrangements known to the Company that may lead to a change of control in the Company.

To the Company's knowledge, there are no persons that can be identified as Beneficial Owners as defined in the EU Legislation on anti-money laundering. Beneficial Owners are understood as any natural person(s) who ultimately owns or controls the customer.

6.3 The Private Placement

6.3.1 Details of the Private Placement

On 22 April 2021, the registration in the Norwegian Register of Business Enterprises (Nw.: Foretaksregisteret) of a share capital increase in the Company, pertaining to a private placement of 5,111,112 new Shares, each with a par value of NOK 5, was completed. The subscription price per new Share was NOK 22.50, raising gross proceeds of NOK 115 million (the "Private Placement"). The Private Placement was resolved by the Company's board of directors on 9 April 2021, in accordance with a power of attorney issued by the general meeting held on 6 April 2021.

The application period for the Private Placement took place from 8 April 2021 at 09:00 CEST 2021 to and including 8 April 2021 at 16:30 CEST. Notifications of allocation were issued on 9 April 2021, and delivery vs. payment settlement is expected to take place on 26 April 2021.

6.3.2 Reasons for Private Placement and Admission to Trading

The Company believes the Admission to Trading will:

• a) diversify the shareholder base and enable other investors to take part in the Company's potential value creation;
• b) further enhance the Company's profile with investors, business partners and customers;
• c) further enhance the ability of the Company to attract and retain key management and employees;
• d) provide access to the capital markets; and
• e) allow for a liquid market for the Shares going forward.

The Private Placement was completed immediately prior to the Admission to Trading. No other equity capital or proceeds will be raised by the Company in connection with the Admission to Trading.

6.3.3 Use of proceeds

The proceeds from the Private Placement will primarily be used to partly fund the Company's growth plan including (i) investments in biomass, (ii) a new land-based facility for broodstock, juvenile and on growth, (iii) maintenance capex and (iv) for general corporate purposes. The net proceeds from the Private Placement are not sufficient to fully finance the business plan, and the Company thus relies on further equity offerings in the future.

In addition, the proceeds will be used to cover relevant transaction costs incurred in connection with the Private Placement.

6.3.4 Lock-up

As part of the Private Placement, certain members of the Board of Directors and the Management and/or their related parties have entered into customary lock-up arrangements with the Managers for a duration of 12 months, respectively, following the admission to trading on Euronext Growth Oslo.

6.4 Dividend and dividend policy

6.4.1 Dividends policy

The Company has not established any clear dividend policy to date as the Company currently is in a scale-up process and – most likely – will not be in a position to pay dividends in the near future. Future dividends will be dependent on among other things a substantial increase in revenues and positive cash flow from operation. There can be no assurance that in any given year a dividend will be proposed or declared in the future.

In deciding whether to propose a dividend and in determining the dividend amount, the Board of Directors will take into account legal restrictions as set out in Section 7.4.2 below, as well as capital expenditure plans, financing requirements and maintaining the appropriate strategic flexibility.

The Company has not paid any dividends on its Shares to date.

6.4.2 Legal and contractual constraints on the distribution of dividends

In deciding whether to propose a dividend and in determining the dividend amount in the future, the Board of Directors must take into account applicable legal restrictions, as set out in the Norwegian Private Companies Act, the Company's capital requirements, including capital expenditure requirements, its financial condition, general business conditions and any restrictions that its contractual arrangements in force at the time of the dividend may place on its ability to pay dividends and the maintenance of appropriate financial flexibility. Except in certain specific and limited circumstances set out in the Norwegian Private Companies Act, the amount of dividends paid may not exceed the amount recommended by the Board of Directors.

Dividends may be paid in cash or in some instances in kind. The Norwegian Private Companies Act provides the following constraints on the distribution of dividends applicable to the Company:

• a) Section 8-1 of the Norwegian Private Companies Act regulates what may be distributed as dividend, and provides that the Company may distribute dividends only to the extent that the Company after said distribution still has net assets to cover (i) the share capital and (ii) other restricted equity (i.e. the reserve for unrealized gains and the reserve for valuation of differences).
• b) The calculation of the distributable equity shall be made on the basis of the balance sheet included in the approved annual accounts for the last financial year, provided, however, that the registered share capital as of the date of the resolution to distribute dividend shall be applied. Following the approval of the annual accounts for the last financial year, the general meeting may also authorize the Board of Directors to declare dividends on the basis of the Company's annual accounts. Dividends may also be resolved by the general meeting based on an interim balance sheet which has been prepared and audited in accordance with the provisions applying to the annual accounts and with a balance sheet date not further into the past than six months before the date of the general meeting's resolution.
• c) Dividends can only be distributed to the extent that the Company's equity and liquidity following the distribution is considered sound.

Pursuant to the Norwegian Private Companies Act, the time when an entitlement to dividend arises depends on what was resolved by the general meeting when it resolved to issue new shares in the company. A subscriber of new shares in a Norwegian private limited company will normally be entitled to dividends from the time when the relevant share capital increase is registered with the Norwegian Register of Business Enterprises. The Norwegian Private Companies Act does not provide for any time limit after which entitlement to dividends lapses. Subject to various exceptions, Norwegian law provides a limitation period of three years from the date on which an obligation is due. There are no dividend restrictions or specific procedures for non-Norwegian resident shareholders to claim dividends. For a description of withholding tax on dividends applicable to non-Norwegian residents, see Section 8 "Norwegian taxation".

6.4.3 Manner of dividend payments

Any future payments of dividends on the Shares will be denominated in the currency of the bank account of the relevant shareholder, and will be paid to the shareholders through the VPS Registrar. Shareholders registered in the VPS who have not supplied the VPS Registrar with details of their bank account, will not receive payment of dividends unless they register their bank account details with the VPS Registrar. The exchange rate(s) that is applied when denominating any future payments of dividends to the relevant shareholder's currency will be the VPS Registrar's exchange rate on the payment date. Dividends will be credited automatically to the VPS registered shareholders' accounts, or in lieu of such registered account, at the time when the shareholder has provided the VPS Registrar with their bank account details, without the need for shareholders to present documentation proving their ownership of the Shares. Shareholders' right to payment of dividend will lapse three years following the resolved payment date for those shareholders who have not registered their bank account details with the VPS Registrar within such date. Following the expiry of such date, the remaining, not distributed dividend will be returned from the VPS Registrar to the Company.

6.5 The Articles of Association

The Articles of Association are enclosed in Appendix A to the Information Document, a summary of which is given below:

6.5.1 Objective of the Company

The Company's objective is aquaculture and trade in fish and fish related products and other related activities, including participation in similar businesses.

6.5.2 Share capital and par value of each Share

The Company's share capital is NOK 114,936,960, divided into 22,987,392 Shares, each with a par value of NOK 5.

6.5.3 Restrictions on transfer of Shares

Other than the lock-up as described in Section 7.3.4 above, there are no restrictions on transfer of the Shares.

6.6 Certain aspects of Norwegian corporate law

6.6.1 General meetings

Through the general meeting, shareholders exercise supreme authority in a Norwegian private limited liability company. The date for the first annual general shareholder meeting following the Admission to Trading is not set. However, in accordance with Norwegian law, the annual general meeting of shareholders is required to be held each year on or prior to 30 June. Norwegian law requires that a written notice of annual general meetings setting forth the time of, the venue for and the agenda of the meeting is sent to all shareholders with a known address no later than seven days before the annual general meeting of a Norwegian private limited liability company shall be held, unless the articles of association stipulate a longer deadline, which is not currently the case for the Company.

A shareholder may vote at the general meeting either in person or by proxy (the proxy holder is appointed at their own discretion). Although Norwegian law does not require the Company to send proxy forms to its shareholders for general meetings, the Company plans to include a proxy form with notices of general meetings. All of the Company's shareholders who are registered in the shareholders' register kept and maintained with VPS as of the date of the general meeting, or who otherwise have reported and documented ownership of shares in the Company, are entitled to participate at general meetings, without any requirement of pre-registration.

Apart from the annual general meeting, extraordinary general meetings of shareholders may be held if the board of directors considers it necessary. An extraordinary general meeting of shareholders shall also be convened if, in order to discuss a specified matter, the auditor or shareholders representing at least 10% of the share capital demands such in writing. The requirements for notice and admission to the annual general meeting also apply to extraordinary general meetings.

6.6.2 Voting rights – amendments to the articles of association

Each Share carries one vote. In general, decisions shareholders are entitled to make under Norwegian law or the articles of association may be made by a simple majority of the votes cast. In the case of elections or appointments (e.g. to the board of directors), the person(s) who receive(s) the greatest number of votes cast is elected. However, as required under Norwegian law, certain decisions, including resolutions to waive preferential rights to subscribe or shares in connection with any share issue in the Company, to approve a merger or demerger of the Company, to amend the articles of association, to authorize an increase or reduction of the share capital, to authorize an issuance of convertible loans or warrants by the Company or to authorize the Board of Directors to purchase Shares and hold them as treasury shares or to dissolve the Company, must receive the approval of at least two-thirds of the aggregate number of votes cast as well as at least two-thirds of the share capital represented at the general meeting in question. Moreover, Norwegian law requires that certain decisions, i.e. decisions that have the effect of substantially altering the rights and preferences of any shares or class of shares, receive the approval by the holders of such shares or class of shares as well as the majority required for amending the articles of association.

Decisions that (i) would reduce the rights of some or all of the Company's shareholders in respect of dividend payments or other rights to assets or (ii) restrict the transferability of the Shares, require that at least 90% of the share capital represented at the general meeting in question vote in favor of the resolution, as well as the majority required for amending the articles of association.

In general, only a shareholder registered in VPS is entitled to vote for such Shares. Beneficial owners of the Shares that are registered in the name of a nominee are generally not entitled to vote under Norwegian law, nor is any person who is designated in the VPS register as the holder of such Shares as nominees.

There are no quorum requirements that apply to the general meetings.

6.6.3 Additional issuances and preferential rights

If the Company issues any new Shares, including bonus share issues, the Company's articles of association must be amended, which requires the same vote as other amendments to the articles of association. In addition, under Norwegian law, the Company's shareholders have a preferential right to subscribe for new Shares issued by the Company. The preferential rights may be deviated from by a resolution in the general meeting passed with the same vote required to amend the articles of association. A deviation of the shareholders' preferential rights in respect of bonus issues requires the approval of all outstanding Shares.

The general meeting may, by the same vote as is required for amending the articles of association, authorize the board of directors to issue new Shares, and to deviate from the preferential rights of shareholders in connection with such issuances. Such authorisation may be effective for a maximum of two years, and the nominal value of the Shares to be issued may not exceed 50% of the registered par share capital when the authorisation is registered with the Norwegian Register of Business Enterprises.

Under Norwegian law, the Company may increase its share capital by a bonus share issue, subject to approval by the Company's shareholders, by transfer from the Company's distributable equity or from the Company's share premium reserve and thus the share capital increase does not require any payment of a subscription price by the shareholders. Any bonus issues may be affected either by issuing new shares to the Company's existing shareholders or by increasing the nominal value of the Company's outstanding Shares.

Issuance of new Shares to shareholders who are citizens or residents of the United States and other jurisdictions upon the exercise of preferential rights may require the Company to file a registration statement or prospectus in the United States under United States securities laws or in such other jurisdictions under the laws of such jurisdictions. Should the Company in such a situation decide not to file a registration statement or prospectus, the Company's U.S. shareholders and shareholders in such other jurisdictions may not be able to exercise their preferential rights. To the extent that shareholders are not able to exercise their rights to subscribe for new shares, the value of their subscription rights will be lost and such shareholders' proportional ownership interests in the Company will be reduced.

6.6.4 Minority rights

Norwegian law sets forth a number of protections for minority shareholders of the Company, including, but not limited to, those described in this paragraph and the description of general meetings as set out above. Any of the Company's shareholders may petition Norwegian courts to have a decision of the board of directors or the Company's shareholders made at the general meeting declared invalid on the grounds that it unreasonably favors certain shareholders or third parties to the detriment of other shareholders or the Company itself. The Company's shareholders may also petition the courts to dissolve the Company as a result of such decisions to the extent particularly strong reasons are considered by the court to make necessary dissolution of the Company.

Minority shareholders holding 10% or more of the Company's share capital have a right to demand in writing that the Board of Directors convenes an extraordinary general meeting to discuss or resolve specific matters. In addition, any of the Company's shareholders may in writing demand that the Company place an item on the agenda for any general meeting as long as the Company is notified in time for such item to be included in the notice of the meeting. If the notice has been issued when such a written demand is presented, a renewed notice must be issued if the deadline for issuing notice of the general meeting has not expired.

6.6.5 Rights of redemption and repurchase of shares

The share capital of the Company may be reduced by reducing the nominal value of the Shares or by cancelling Shares. Such a decision requires the approval of at least two-thirds of the aggregate number of votes cast and at least two-thirds of the share capital represented at a general meeting. Redemption of individual Shares requires the consent of the holders of the Shares to be redeemed.

The Company may purchase its own Shares provided that the Board of Directors has been granted an authorisation to do so by a general meeting with the approval of at least two-thirds of the aggregate number of votes cast and at least two-thirds of the share capital represented at the meeting. The aggregate nominal value of treasury shares so acquired, and held by the Company must not lead to the share capital with deduction of the aggregate nominal of the holding of own shares is less than the minimum allowed share capital of NOK 30,000, and treasury shares may only be acquired if the Company's distributable equity, according to the latest adopted balance sheet, exceeds the consideration to be paid for the shares. The authorisation by the general meeting of the Company's shareholders cannot be granted for a period exceeding two years.

6.6.6 Shareholder vote on certain reorganisations

A decision of the Company's shareholders to merge with another company or to demerge requires a resolution by the general meeting passed by at least two-thirds of the aggregate votes cast and at least two-thirds of the share capital represented at the general meeting. A merger plan, or demerger plan signed by the board of directors along with certain other required documentation, would have to be sent to all the Company's shareholders, or if the articles of association stipulate that, made available to the shareholders on the Company's website, at least two weeks prior to the general meeting to pass upon the matter.

6.6.7 Liability of board members

Board members owe a fiduciary duty to the Company and its shareholders. Such fiduciary duty requires that the board members act in the best interests of the Company when exercising their functions and exercise a general duty of loyalty and care towards the Company. Their principal task is to safeguard the interests of the Company.

Board members may each be held liable for any damage they negligently or wilfully cause the Company. Norwegian law permits the general meeting to discharge any such person from liability, but such discharge is not binding on the Company if substantially correct and complete information was not provided at the general meeting passing upon the matter. If a resolution to discharge the Board Members from liability or not to pursue claims against such a person has been passed by a general meeting with a smaller majority than that required to amend the articles of association, shareholders representing more than 10% of the share capital or, if there are more than 100 shareholders, more than 10% of the shareholders may pursue the claim on the Company's behalf and in its name. The cost of any such action is not the Company's responsibility but can be recovered from any proceeds the Company receives as a result of the action. If the decision to discharge any of the Board Members from liability or not to pursue claims against the Board Members is made by such a majority as is necessary to amend the articles of association, the minority shareholders of the Company cannot pursue such claim in the Company's name.

6.6.8 Indemnification of board members

Neither Norwegian law nor the Articles of Association contain any provision concerning indemnification by the Company of the Board of Directors. The Company is permitted to purchase insurance for the Board members against certain liabilities that they may incur in their capacity as such.

6.6.9 Distribution of assets on liquidation

Under Norwegian law, the Company may be wound-up by a resolution of the Company's shareholders at the general meeting passed by at least two-thirds of the aggregate votes cast and at least two-thirds of the share capital represented at the meeting. In the event of liquidation, the Shares rank equally in the event of a return on capital.

6.7 Takeover bids and forced transfer of shares

The Company is not subject to the takeover regulations, applicable only to companies with shares listed on a Norwegian Regulated Market, set out in the Norwegian Securities Trading Act, or otherwise.

The Shares are, however, subject to the provisions on compulsory transfer of shares as set out in the Norwegian Private Companies Act. If a private limited liability company alone, or through subsidiaries, owns 9/10 or more of the shares in the subsidiary, and may exercise a corresponding part of the votes that may be cast in the general meeting, the board of directors of the parent company may resolve that the parent company shall take over the remaining shares in the company. Each of the other shareholders in the subsidiary have the right to require the parent company to take over the shares. The parent company shall give the shareholders a redemption offer pursuant to the provisions of the Norwegian Private Companies Act. The redemption amount will in the absence of agreement or acceptance of the offer be fixed by a discretionary valuation.

6.8 Insider trading

According to Norwegian law, subscription for, purchase, sale or exchange of financial instruments that are admitted to trading, or subject to an application for admission to trading on a Norwegian Regulated Market, or incitement to such dispositions, must not be undertaken by anyone who has inside information. The same applies in the case of financial instruments that are admitted to trading on a Norwegian multilateral trading facility such as Euronext Growth Oslo. Inside information is defined in the Market Abuse Regulation and refers to precise information about financial instruments issued by the Company admitted to trading, about the Company admitted trading itself or about other circumstances which are likely to have a noticeable effect on the price of financial instruments issued by the Company admitted to trading or related to financial instruments issued by the Company admitted to trading, and which is not publicly available or commonly known in the market. Information that is likely to have a noticeable effect on the price shall be understood to mean information that a rational investor would probably make use of as part of the basis for his investment decision. The same applies to the entry into, purchase, sale or exchange of options or futures/forward contracts or equivalent rights whose value is connected to such financial instruments or incitement to such dispositions. Breach of insider trading obligations may be sanctioned and lead to criminal charges.

7 NORWEGIAN TAXATION

This Section describes certain tax rules in Norway applicable to shareholders who are resident in Norway for tax purposes ("Norwegian Shareholders") and to shareholders who are not resident in Norway for tax purposes ("Foreign Shareholders"). The statements herein regarding taxation are based on the laws in force in Norway as of the date of this Information Document and are subject to any changes in law occurring after such date. Such changes could possibly be made on a retrospective basis. The following summary does not purport to be a comprehensive description of all the tax considerations that may be relevant to a decision to purchase, own or dispose of the Shares. Investors are advised to consult their own tax advisors concerning the overall tax consequences of their ownership of Shares. The statements only apply to shareholders who are beneficial owners of Shares. Please note that for the purpose of the summary below, references to Norwegian Shareholders or Foreign Shareholders refers to the tax residency rather than the nationality of the shareholder.

7.1 Norwegian shareholders

7.1.1 Taxation of dividends

Norwegian corporate shareholders (i.e. limited liability companies and similar entities) ("Norwegian Corporate Shareholders") are comprised by the Norwegian participation exemption. Under the exemption, only 3% of dividend income on shares in Norwegian limited liability companies is subject to tax as ordinary income (22% flat rate as of 2021), implying that such dividends are effectively taxed at a rate of 0.66%.

Dividends distributed to Norwegian individual shareholders (i.e. other shareholders than Norwegian Corporate Shareholders) ("Norwegian Individual Shareholders") are grossed up with a factor of 1.44 before taxed as ordinary income (22% flat rate, resulting in an effective tax rate of 31.68%) to the extent the dividend exceeds a tax-free allowance.

The tax-free allowance is calculated on a share-by-share basis for each individual shareholder on the basis of the cost price of each of the Shares multiplied by a risk-free interest rate. The risk-free interest rate is based on the effective rate of interest on treasury bills (Nw.: statskasseveksler) with three months maturity plus 0.5 percentage points, after tax. The tax-free allowance is calculated for each calendar year and is allocated solely to Norwegian Individual Shareholders holding Shares at the expiration of the relevant calendar year. Norwegian Individual Shareholders who transfer Shares will thus not be entitled to deduct any calculated allowance related to the year of transfer. Any part of the calculated tax-free allowance one year exceeding the dividend distributed on the Share ("unused allowance") may be carried forward and set off against future dividends received on (or gains upon realisation of, see below) the same Share. Any unused allowance will also be added to the basis of computation of the tax-free allowance on the same Share the following year.

The Shares will not qualify for Norwegian share saving accounts (Nw.: aksjesparekonto) for Norwegian Individual Shareholders as the Shares are listed on the Euronext Growth Oslo (and not Oslo Børs/Euronext Expand).

7.1.2 Taxation of capital gains

Sale, redemption or other disposal of Shares is considered as a realisation for Norwegian tax purposes.

Capital gains generated by Norwegian Corporate Shareholders through a realisation of shares in Norwegian limited liability companies, such as the Company, are comprised by the Norwegian participation exemption and therefore tax exempt. Net losses from realisation of Shares and costs incurred in connection with the purchase and realisation of such Shares are not tax deductible for Norwegian Corporate Shareholders.

Norwegian Individual Shareholders are taxable in Norway for capital gains derived from realisation of Shares, and have a corresponding right to deduct losses. This applies irrespective of how long the Shares have been owned by the individual shareholder and irrespective of how many Shares that are realized. Gains are taxable as ordinary income in the year of realisation and losses can be deducted from ordinary income in the year of realisation. Any gain or loss is grossed up with a factor of 1.44 before taxed at a rate of 22% (resulting in an effective tax rate of 31.68%). Gain or loss is calculated per Share, as the difference between the consideration received for the Share and the Norwegian Individual Shareholder's cost price for the Share, including costs incurred in connection with the acquisition or realisation of the Share. Any unused tax-free allowance connected to a Share may be deducted from a capital gain on the same Share, but may not lead to or increase a deductible loss. Further, unused tax-free allowance related to a Share cannot be set off against gains from realisation of other Shares.

If a Norwegian shareholder realizes Shares acquired at different points in time, the Shares that were first acquired will be deemed as first sold (the "first in first out"-principle) upon calculating taxable gain or loss. Costs incurred in connection with the purchase and sale of Shares may be deducted in the year of sale.

A shareholder who ceases to be tax resident in Norway due to domestic law or tax treaty provisions may become subject to Norwegian exit taxation of capital gains related to shares in certain circumstances.

7.1.3 Net wealth tax

The value of Shares is taken into account for net wealth tax purposes in Norway. The marginal net wealth tax rate is currently 0.85% of the value assessed. The value for assessment purposes for the Shares is equal to 55% of the total tax value of the Company as of 1 January of the year before the tax assessment year. However, if the share capital in the Company has been increased or reduced by payment from or to shareholders in the year before the tax assessment year, the value for assessment purposes for the Shares is equal to 55% of the total tax value of the Company as of 1 January of the tax assessment year. The value of debt allocated to the Shares (a proportional part of the shareholder's total debt) for Norwegian wealth tax purposes is reduced correspondingly (i.e. to 55%).

Norwegian limited liability companies and similar entities are exempted from net wealth tax.

7.2 Foreign Shareholders

7.2.1 Taxation of dividends

Dividends paid from a Norwegian limited liability company to Foreign Shareholders are subject to Norwegian withholding tax at a rate of 25% unless the recipient qualifies for a reduced rate according to an applicable tax treaty or other specific regulations. The shareholder's country of residence may give credit for the Norwegian withholding tax imposed on the dividend.

If a Foreign Shareholder is carrying on business activities in Norway and the Shares are effectively connected with such activities, the Foreign Shareholder will be subject to the same taxation of dividend as a Norwegian Shareholder, as described above.

Foreign Shareholders that are corporate shareholders (i.e. limited liability companies and similar entities) ("Foreign Corporate Shareholders") resident within the EEA are exempt from Norwegian withholding tax pursuant to the Norwegian participation exemption provided that the Foreign Corporate Shareholder is genuinely established and carries out genuine economic activities within the EEA.

Dividends paid to Foreign Shareholders that are individual shareholders (i.e. other shareholders than Foreign Corporate Shareholders) ("Foreign Individual Shareholders") are as the main rule subject to Norwegian withholding tax at a rate of 25%, unless a lower rate has been agreed in an applicable tax treaty. If the individual shareholder is resident within the EEA, the shareholder may apply to the tax authorities for a refund of an amount corresponding to the Norwegian tax on the calculated tax-free allowance on each individual share, see Section 8.1.1 "Taxation of dividends". However, such deduction for the tax-free allowance does not apply in the event that the withholding tax rate, pursuant to an applicable tax treaty, leads to a lower taxation of the dividends than the withholding tax rate of 25% applied on the gross dividend less the tax-free allowance.

In accordance with the present administrative system in Norway, a distributing company will generally deduct withholding tax at the applicable rate when dividends are paid directly to an eligible Foreign Shareholder, based on information registered with the VPS. Foreign Corporate and Individual Shareholders must document their entitlement to a reduced withholding tax rate by (i) obtaining a certificate of residence issued by the tax authorities in the shareholder's country of residence, confirming that the shareholder is resident in that state and (ii) providing a confirmation from the shareholder that the shareholder is the beneficial owner of the dividend. In addition, Foreign Corporate Shareholders must also present either (i) an approved withholding tax refund application or (ii) an approval from the Norwegian tax authorities confirming that the recipient is entitled to a reduced withholding tax rate or a withholding tax exemption. Such documentation must be provided to either the nominee or the account operator (VPS). Dividends paid to Foreign Shareholders in respect of nominee registered shares are not eligible for reduced treaty withholding tax rate at the time of payment unless the nominee, by agreeing to provide certain information regarding beneficial owner, has obtained approval for reduced treaty withholding tax rate from the Norwegian tax authorities. The withholding obligation lies with the company distributing the dividends and the Company assumes this obligation.

Foreign Individual Shareholders and Foreign Corporate Shareholders who have suffered a higher withholding tax than set out in an applicable tax treaty may apply to the Norwegian tax authorities for a refund of the excess withholding tax deducted. The same will apply to Foreign Corporate Shareholders that have suffered withholding tax although qualifying for the Norwegian participation exemption.

Foreign Shareholders should consult their own advisers regarding the availability of treaty benefits in respect of dividend payments.

7.2.2 Taxation of capital gains

Gains from realisation of Shares by Foreign Shareholders will not be subject to tax in Norway unless the Foreign Shareholders are holding the Shares in connection with business activities carried out in or managed from Norway. Such taxation may be limited according to an applicable tax treaty or other specific regulations.

7.2.3 Net wealth tax

Foreign Shareholders are not subject to Norwegian net wealth tax with respect to the Shares, unless the shareholder is an individual, and the shareholding is effectively connected with a business which the shareholder takes part in or carries out in Norway. Such taxation may be limited according to an applicable tax treaty.

7.2.4 Transfer taxes etc. VAT

No transfer taxes, stamp duty or similar taxes are currently imposed in Norway on purchase, issuance, disposal or redemption of shares. Further, there is no VAT on transfer of shares.

8 ADDITIONAL INFORMATION

8.1 Admission to trading on Euronext Growth Oslo

The Company applied for the Admission to Trading on Euronext Growth Oslo on 9 April 2021. The first day of the Admission to Trading is expected to be 26 April 2021.

8.2 Auditor

The Company's independent auditor is PricewaterhouseCoopers AS, with business registration number 919 641 061 and registered address Dronning Eufemias gate 71, 0194, OSLO, Norway. The partners of Pricewaterhouse-Coopers AS are members of the Norwegian Institute of Public Accountants (Nw.: Den Norske Revisorforeningen).

PricewaterhouseCoopers AS has been the Company's auditor since 2012.

8.3 Advisors

Pareto Securities AS, with business registration number 956 632 374 and registered address Dronning Mauds gate 3, 0250 OSLO, Norway, and SpareBank 1 Markets AS, with business registration number 992 999 101 and registered address Olav Vs gate 5, 0161 Oslo, Norway, are acting as Managers and Euronext Growth Advisors.

Wikborg Rein Advokatfirma AS, with business registration number 916 782 195 and registered address Dronning Mauds gate 11, 0250 Oslo, Norway is acting as Norwegian legal counsel to the Company.

Tenden Advokatfirma ANS, with business registration number 959 704 996 and registered address Anton Jenssens gate 2, 3125 TØNSBERG, Norway, is acting as Norwegian legal counsel to the Euronext Growth Advisors.

9 DEFINITIONS AND GLOSSARY OF TERMS

Admission or Admission to Trading	The admission to trading of the Company's Shares on Euronext Growth Oslo, expected to take place on 26 April 2021
Articles of Association	The articles of association of the Company as of 9 April 2021
Board of Directors or Board Members	The board of directors of the Company
CEO	Chief Executive Officer
CFO	Chief Financial Officer
Company or Nordic Halibut	NORDIC HALIBUT AS, a private limited liability company with business registration number 974 526
	441 and registered address Hendnesveien 124, 6533 AVERØY, Norway
EEA	European Economic Area
EU Prospectus Regulation	Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the
	prospectus to be published when securities are offered to the public or admitted to trading on a
	Regulated Market, as amended, and as implemented in Norway
Euronext Growth Advisor(s) or	Pareto Securities AS and SpareBank 1 Markets AS
Manager(s)
Euronext Growth Oslo	A multilateral trading facility operated by Oslo Børs ASA as one of several Euronext Growth Markets
	under Euronext
Euronext Growth Rule Book	The Euronext Rule Book I and the Euronext Rule Book II for Euronext Growth Oslo, collectively
Financial Statements	The audited financial statements for Nordic Halibut AS of and for the years ended 31 December 2020
	and 31 December 2019, prepared in accordance with NGAAP enclosed hereto as Appendices B and
	C
Foreign Corporate Shareholders	Foreign Shareholders that are corporate shareholders (i.e. limited liability companies and similar entities)
Foreign Individual Shareholders	Foreign Shareholders that are individual shareholders (i.e. other shareholders than Foreign Corporate
	Shareholders)
Foreign Shareholders	Shareholders who are not resident in Norway for tax purposes
FSMA	The Financial Services and Markets Act 2000
Information Document	This Information Document dated 22 April 2021
IP	Intellectual property
ISIN	International Securities Identification Number
Management	The members of the Company's executive management
NGAAP	Accounting principles generally accepted in Norway
NOK	Norwegian Kroner, the lawful currency of Norway
Norwegian Code of Practice	The Norwegian Code of Practice for Corporate Governance last updated on 17 October 2018
Norwegian Corporate Shareholders	Shareholders who are limited liability companies (and certain similar entities) domiciled in Norway
	for tax purposes
Norwegian Individual Shareholders	Norwegian Shareholders other than Norwegian Corporate Shareholders
Norwegian Private Companies Act	The Norwegian Private Limited Liability Companies Act of 13 June 1997 no. 44, as amended
	(Nw.: aksjeloven)
Norwegian Securities Trading Act	The Norwegian Securities Trading Act of 29 June 2007 no. 75, as amended (Nw.: verdipapirhandelloven)
Norwegian Securities Trading	The Norwegian Securities Trading Regulations of 29 June 2007 no. 876, as amended
Regulation	(Nw.: verdipapirforskriften)
Norwegian Shareholders	Shareholders who are resident in Norway for tax purposes
Private Placement	The private placement of 5,111,112 new Shares, each with a par value of NOK 5, at a subscription price of NOK 22.50 per Share raising gross proceeds of NOK 115 million, completed on 22 April 2021
Regulated Market	A market for financial instruments within the scope of Article 4(1)(21) of the Directive 2014/65/EU of
	the European Parliament and of the Council of 15 May 2014 on markets in financial instruments
Relevant Member State	Each Member State of the European Economic Area which has implemented the EU Prospectus Regulation
Share(s)	The shares of the Company, consisting as of the date of this Information Document of 22,987,392
	ordinary shares, each with a par value of NOK 5
Sterling	STERLING WHITE HALIBUT AS, a private limited liability company with business registration number
	983 356 494 and registered address Hundsnesvegen 205, 4130 Hjelmland, Norway
United States or US	The United States of America
VPS Registrar	DNB Bank ASA
VPS	The Norwegian Central Securities Depository (Nw.: Verdipapirsentralen ASA)

NORDIC HALIBUT AS Hendnesveien 124 6533 AVERØY www.nordichalibut.com

Pareto Securities AS Dronning Mauds gate 3 0250 OSLO Norway www.paretosec.no

SpareBank 1 Markets AS Olav Vs gate 5 0161 OSLO Norway www.sb1markets.no

Tenden Advokatfirma ANS Anton Jenssens gate 2 3101 TØNSBERG Norway www.tendenadvokat.no

Wikborg Rein Advokatfirma AS Dronning Mauds gate 11 0250 OSLO Norway www.wr.no

Appendix A – Articles of Association

VEDTEKTER

FOR

NORDIC HALIBUT AS - 974 526 441

Fastsatt i konstituerende generalforsamling 21. juni 1995, med senere endringer,

sist 9. april 2021

• § 1 Selskapets foretaksnavn er Nordic Halibut AS. Selskapet er et aksjeselskap.
• § 2 Selskapets virksomhet er oppdrett av fisk og omsetning av fisk og fiskeprodukter og alt annet i samsvar med dette, her under deltagelse i lignende virksomhet.
• § 3 Aksjekapitalen er NOK 114 936 960,- fordelt på 22 987 392 aksjer hver pålydende NOK 5. Selskapets aksjer skal være registrert i en verdipapirsentral.
• § 4 Selskapets aksjer er fritt omsettelige. Erverv av aksjer er ikke betinget av selskapets samtykke. Aksjeeiere har ikke forkjøpsrett ved overdragelse av aksjer.
• § 5 Selskapets styre skal ha fra 3-7 medlemmer. Styret velges for ett år om gangen. Styremedlemmer kan ta gjenvalg. Dersom stemmelikhet ved avstemminger i styret skal styreleder ha dobbeltstemme.
• § 6 Selskapets firma tegnes av styreleder og ett styremedlem eller administrerende direktør i fellesskap. Styret kan meddele prokura.
• § 7 Den ordinære generalforsamling skal:
  • 1. godkjenne årsregnskap og årsberetning, herunder utdeling av utbytte;
  • 1. behandle andre saker som etter loven eller vedtekter hører under generalforsamlingen.
• § 8 Når dokumenter som gjelder saker som skal behandles på generalforsamlingen er gjort tilgjengelig for aksjeeierne på selskapets internettsider, gjelder ikke lovens krav om at dokumentene skal sendes til aksjeeierne. Dette gjelder også dokumenter som etter lov skal inntas i eller vedlegges innkallingen til generalforsamlingen.

Appendix B – Financial statements for 2020

Innhold

Om Nordic Halibut

Viktige hendelser i 2020	2
Styrets beretning	4
Virksomheten	4
Redegjørelse for årsregnskapet og foretakets utsikter	5
Forsknings- og utviklingsaktiviteter	7
Finansiell risiko	7
Fortsatt drift	7
Arbeidsmiljø, likestilling og ikke-diskriminering	7
Ytre miljø	8

Resultat

9	Note 11 Finansinntekter og finanskostnader	27
10	Note 12 Valutaterminkontrakter	28
12	Note 13 Hendelser etter balansedag og fortsatt drift	28

Noter

Noter. Regnskapsprinsipper	13
Noter til regnskapet for 2020	17
Note 1 Anleggsmidler	17
Note 2 Varer	18
Note 3 Fordringer og gjeld	19
Note 4 Offentlige tilskudd	21
Note 5 Bundne bankinnskudd, trekkrettigheter	22
Note 6 Egenkapital	22
Note 7 Aksjekapital og aksjonærinformasjon	23
Note 8 Skatt	24
Note 9 Driftsinntekter	25
Note 10 Lønnskostnader, antall ansatte, godtgjørelser,
lån til ansatte mm.	26
Note 11 Finansinntekter og finanskostnader	27
Note 12 Valutaterminkontrakter	28
Note 13 Hendelser etter balansedag og fortsatt drift	28

Viktige hendelser i 2020

Finansiell kalender 2021

Årsrapport 2020	Generalforsamling	Tredjekvartalsrapport
09.04.2021	28.05.2021	29.11.2021
Førstekvartalsrapport 28.05.2021	Andrekvartalsrapport 24.08.2021

Kontaktpersoner

Edvard Henden

Adm. direktør Mobil: +47 91 14 11 65 Epost: edvard.henden@nordichalibut.no Odd Weidel

Finansdirektør Mobil: +47 90 68 59 20 Epost: odd.weidel@nordichalibut.no

Kenneth Meyer

Business Controller Mobil: +47 45 21 24 24 Epost: kenneth.meyer@nordichalibut.no

Styrets beretning

Virksomheten

Nordic Halibut driver oppdrett av kveite og er totalintegrert i sin virksomhet fra stamfisk til produksjon og salg av matfisk.

Selskapet har forretningskontor på Averøy med avdelinger på Midsund, Askøy, Eide og Bergen.

All produksjon på land foregår innendørs. Selskapet har to sjølokaliteter og det arbeides med etablering av en tredje lokalitet. I tillegg til det norske markedet er Storbritannia og Nord Amerika sentrale markeder. Salget er i hovedsak konsentrert mot hotell, restaurant og catering («HoReCa») segmentet.

Redegjørelse for årsregnskapet og foretakets utsikter

Utarbeidelse av regnskapet i samsvar med regnskapsloven krever bruk av estimater. Det vesentligste estimatet i regnskapet er knyttet til selskapets biomasse.

Covid-19 pandemien har medført at estimatene generelt er mer usikre enn tidligere år. Det skyldes i hovedsak at selskapets salg er konsentrert mot HoReCa segmentet. Risikoen knyttet til selskapets tilgang til- og utviklingen av biomasse vurderes derimot uendret eller lavere enn tidligere. Selskapet har også tilfredsstillende tilgang til arbeidskraft og andre innsatsfaktorer.

Selskapets salgsinntekter var i 2020 på 34,67 NOKm mot 54,13 NOKm i 2019. Salgsnedgangen på 36% år over år er i hovedsak relatert til HoReCa segmentet som i stor grad har vært stengt i 2020. Gjennom 2020 har effekten av utbruddet vært merkbar først og fremst i form av at etterspørselen etter selskapets produkt har vært vesentlig lavere enn normalt. Nordic Halibut solgte i 2020 totalt 301.107 kg (HOG) kveite med en gjennomsnittlig slaktevekt på 6,1 kg. Styret har en for ventning om at markedet vil normaliseres i løpet av andre halvår 2021 både når det gjelder etterspørsel og prisnivå, men det er fortsatt betydelig usikkerhet knyttet til denne forventningen. For å ivareta egen drift og begrense spredning av viruset følger selskapet helsemyndighetenes til enhver tid gjeldende råd.

På tross av pandemien er derimot ut viklingen i selskapets biomasse tilfredsstillende. I løpet av 2020 produserte selskapet 871.277 yngel, og satte 300.517 fisk i sjø – historisk det beste produksjonsåret så langt. Kveite har som oppdrettsfisk ikke biologiske eller driftsmessige utfordringer med å ligge lengre i sjø enn

bærende gjeld er økt med 11,3 NOKm fra 2019 og selska pets egenkapitalprosent er 56% mot 51% i 2019 som følge av kapitalforhøyelser i 2020.

Selskapets kontantstrøm ble i 2020 positiv med 47,4 NOKm etter innbetaling av ny egen kapital og opptak av nye lån. Kontantstrøm fra operasjonelle aktiviteter var på -28,7 NOKm. Forskjellen mot driftsresultatet skyldes primært avskrivninger og endringer i arbeidskapital. Selskapet har ved utgangen av 2020 en ubenyttet kassekreditt ramme på 6,45 NOKm.

den estimerte produksjonstiden på tre år. Noe forenklet kan en derfor si at den globale pande mien gjør at selskapet utsetter slakt og heller bygger biomasse i perioden hvor HoReCa markedet er stengt. Ved utgangen av 2020 hadde selskapet 1.211 tonn stående biomasse i sjø.

Selskapets modeller for kalkulering og verdivurdering er under kontinuerlig utvikling. I løpet av 2020 ble Fishtalk Controller im plementert og det planlegges å implementere Fishtalk Planning og Finance modulene i løpet av 2021. Det vil gjøre det mulig for selskapet å følge kostnadene ba sert på generasjoner framover.

Driftsresultatet for 2020 ble -17,50 NOKm, opp 6,6 NOKm fra -24,16 NOKm i 2019. Mye av endringen er knyttet til en posi tiv utvikling i biomasse, tilvekst, kostnadsbildet og bedre verktøy for datafangst og vurdering av biomassen.

Totalkapitalen økte fra 285,66 NOKm til 357,11 NOKm fra 2019 til 2020. Investeringer i varige driftsmidler var på 8,6 NOKm, mens selskapets avskrivninger var på 12,6 NOKm. Invester ingsnivået var lavere enn året før og skyldes likviditetssituasjonen på starten av året. Total rentePandemien gir en høyere usikkerhet enn normalt knyttet til fremtidige forhold. Ledelsens forventninger og prognoser tilsier imidlertid at selskapet på sikt vil gi positive resultat og kontant strøm. De viktigste forutsetnin gene for dette er at pandemien etterhvert får begrenset negativ påvirkning og en fortsatt positiv utvikling i selskapets biomasse der selskapet har opplevd en god

6 | Årsrapport 2020

utvikling i flere kjerneparame tere i 2020.

Forsknings- og utviklingsaktiviteter

Selskapet har i 2020 hatt flere forsknings- og utviklingsaktivi teter der hovedfokus har vært å forbedre produksjon av kveite, herunder å sikre en ytterligere bærekraftig produksjon.

Sentralt for selskapet har vært å ytterligere forbedre prosessen for selektering av stamfisk med kjent opphav og egenskaper. Prosessen søkes verifisert gjen nom forskning på rognkvalitet og melkekvalitet, samt ved fokus på ernæring i stamfiskprosessen.

Det er videre en ide at bedre strykeprotokoll og bedre fiske velferd oppnådd ved kontrollert selektering og færre fisk i stam fiskbestanden, kan gi en drama tisk effektivisering i hele yngel produksjonen, og at dette også er viktig strategi for å redusere forekomst av virus i rognpro duksjonen.

Finansiell risiko

Selskapets finansielle risiko er knyttet til markedspris på kveite, samt valuta- og renteutvikling. I tillegg til inntekter ved eksport, påvirker valuta indirekte kost naden til fiskefôr. Selskapet vur derer behovet for valutasikring fortløpende, og har i 2020 posisjoner med solgte USD på termin med forfall jan/feb 2021 og 2022. Urealisert disagio knyttet til dette er vist i note 12. Selskapets lån er i norske kroner til flytende renter. Størrelsen på selskapets lån tilsier at renteendringer vil ha vesentlig betydning for selskapet. Kredittrisikoen til selskapet anses begrenset basert på selskapets kredittforsikring og rutiner rundt etablering og oppfølging av kunder. Likviditetsrisiko vurderes som begrenset basert på de avtaler som er inngått med sel skapets bankforbindelser og planlagt ny egenkapital.

Fortsatt drift

Selskapet fikk likviditetsmessige utfordringer i 2020. Dette skjedde i stor grad som en følge av pandemien. Selskapets kapitalbehov ble dekket av en kassakreditt under Statens garantiordning etter Covid-19, lån og tilskudd fra Innovasjon Norge, en kapitalforhøyelse i november på 66 NOKm og et konvertibelt lån på 11,5 NOKm fra selskapets største aksjonær, Kontrari. Sistnevnte lån ble 19. november 2020 konvertert til egenkapital. Selskapets bankforbindelser har i tillegg gitt selskapet avdragsutsettelser på alle lån ut 2021, samt waivet alle finansielle cove nants for samme periode.

Etter balansedato har selskapet gjennomført en emisjon på 115 NOKm og planlegger å søke om notering på Euronext Growth. Etter emisjonen er det styrets vurdering at selskapets egen kapital og likviditet er forsvarlig og tilfredsstillende i den neste 12 måneders perioden. Som følge av ny egenkapital og innhentet avdragsutsettelse og waiver på lån ut 2021 er årsregnskapet av lagt under forutsetning om fort satt drift.

For å nå selskapets målsetning om å oppnå et slaktevolum på 4500 tonn i 2026 og 9000 tonn i 2030 vil det være et behov for ytterligere egenkapitalfinansier ing i løpet av av 2022.

Arbeidsmiljø, likestilling og ikke-diskriminering

Selskapet har i alt 35 fast ansatte, hvorav 4 kvinner og sysselsetter 35 årsverk. Det har ikke vært skader eller ulykker av betydning i 2020. Sykefraværet var i 2020 4,0%.

Selskapets ledelse består av 4 menn og en kvinne. Styret består utelukkende av menn.

Selskapets arbeidsmiljø vur deres som godt. Selskapet har en policy om ikke å forulemper eller forskjellsbehandler per soner, eller ved ansettelse, på grunn av kjønn, etnisitet, nasjonal opprinnelse, avstamning, hud farge, språk, religion eller livssyn.

Ytre miljø

Selskapet innehar i alt 11 konsesjoner med utslippstillatelser for oppdrett av marine arter på land og sjø.

Virksomheten innebærer aktiviteter som virker belastende på det ytre miljø. Selskapet driver imidlertid kontinuerlig og omfattende utvikling og forbedringer av virksomheten for å oppnå redusert miljøpåvirkning parallelt med bedre produksjonsprosesser og kostnadseffektivisering. Selskapet opererer sin virksomhet innenfor sine utslippstillatelser.

09.04.2021 Styret i Nordic Halibut AS

Jan Erik Sivertsen Styreleder

Knut Nesse

Odd Strøm Styremedlem

Tore Hopen Styremedlem Styremedlem

Kristian Falnes Styremedlem

Øyvind Schanke Styremedlem

Vegard Gjerde Styremedlem

Edvard Henden CEO

8| Årsrapport 2020

Dokumentet er signert digitalt, med AdminControl

Resultatregnskap

	Note	2020	2019
Driftsinntekter og driftskostnader
Salgsinntekt	9	34 669 402	54 133 981
Annen driftsinntekt		182 197	282 014
Sum driftsinntekter		34 851 599	54 415 995
Varekostnad		34 309 709	35 361 517
End. beh. varer u.tilv. og ferdigvarer		−29 474 709	−1 392 289
Lønnskostnad	4, 10	23 559 733	18 502 313
Avskrivning av driftsmidler	1	12 600 945	12 052 903
Andre driftskostnader	4, 10	11 360 985	14 052 333
Sum driftskostnader		52 356 663	78 576 777
Driftsresultat		−17 505 064	−24 160 782
Finansinntekter og finanskostnader
Finansinntekter	11, 12	2 693 763	283 933
Finanskostnader	11, 12	6 450 996	6 873 827
Resultat av finansposter		−3 757 233	−6 589 894
Resultat før skattekostnad		−21 262 297	−30 750 676
Skattekostnad	8	0	0
Årsresultat		−21 262 297	−30 750 676
Overføringer
Overført fra annen egenkapital		21 262 297	30 750 676
Sum overføringer	6	−21 262 297	−30 750 676

Balanse

	Note	2020	2019
EIENDELER Anleggsmidler
Immaterielle eiendeler Konsesjoner, patenter o.l. Sum immaterielle eiendeler	1	21 888 21 888	43 776 43 776
Varige driftsmidler Tomter, bygninger og produksjonsanlegg Båter Driftsløsøre, inventar o.a. utstyr Sum varige driftsmidler	1, 3, 4	71 702 224 12 166 980 35 810 702 119 679 906	69 711 409 13 154 615 40 757 374 123 623 398
Finansielle anleggsmidler Derivater Sum finansielle anleggsmidler Sum anleggsmidler	12	1 106 208 1 106 208 120 808 002	0 0 123 667 174
Omløpsmidler Lager av varer og annen beholdning	2	170 393 739	140 564 931
Fordringer Kundefordringer Andre kortsiktige fordringer Sum fordringer Bankinnskudd, kontanter o.l. Sum omløpsmidler	3 3, 4, 12 5	6 410 015 6 397 215 12 807 230 53 106 074 236 307 043	9 748 659 6 025 373 15 774 032 5 659 555 161 998 518
Sum eiendeler		357 115 045	285 665 692

	Note	2020	2019
EGENKAPITAL OG GJELD
Innskutt egenkapital Aksjekapital Overkurs Annen innskutt egenkapital Sum innskutt egenkapital Sum egenkapital	7 6	89 381 400 40 613 686 69 557 703 199 552 789 199 552 789	55 700 250 0 90 820 000 146 520 250 146 520 250
Gjeld
Langsiktig gjeld Gjeld til kredittinstitusjoner Øvrig langsiktig gjeld Sum langsiktig gjeld	3 3, 4	91 402 228 15 440 679 106 842 907	91 402 228 16 177 056 107 579 284
Kortsiktig gjeld Gjeld til kredittinstitusjoner Leverandørgjeld Skyldig offentlige avgifter Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld	3 12	22 199 016 23 665 759 1 287 185 3 567 389 50 719 349 157 562 256	10 124 600 15 388 441 1 092 926 4 960 190 31 566 158 139 145 442
Sum egenkapital og gjeld		357 115 045	285 665 692

09.04.2021

Styret i Nordic Halibut AS

Jan Erik Sivertsen Styreleder

Knut Nesse Styremedlem

Tore Hopen Styremedlem

Odd Strøm Styremedlem Kristian Falnes Styremedlem

Øyvind Schanke Styremedlem

Vegard Gjerde Styremedlem

Edvard Henden CEO

11| Årsrapport 2020

Dokumentet er signert digitalt, med AdminControl

Kontantstrømoppstilling

	2020	2019
Kontantstrøm fra operasjonelle aktiviteter
Resultat før skattekostnad	−21 262 297	−30 750 675
Periodens betalte skatt	0	0
Tap/gevinst ved salg av eiendeler	0	0
Avskrivninger	12 600 945	12 052 903
Nedskrivning / reversering fordringer	0	0
Endring varelager	−29 828 808	−1 372 695
Endring i kundefordringer	3 338 644	2 166 359
Endring i vareleverandørgjeld	8 277 318	1 669 271
Endring i andre tidsavgrensningsposter	−1 841 589	−337 442
Netto kontantstrøm fra operasjonelle aktiviteter	−28 715 787	−16 572 279
Kontantstrøm fra investeringsaktiviteter
Utbetalinger ved kjøp av varige driftsmidler	−6 466 169	−13 866 947
Utbetaling på lånefordring konsern	0	0
Utbetalinger ved kjøp av aksjer	0	0
Netto kontantstrøm fra investeringsaktiviteter	−6 466 169	−13 866 947
Kontstrøm fra finansieringsaktiviteter
Innbetaling ved opptak av nytt langsiktig lån	11 500 000	10 300 951
Utbetaling ved nedbetaling av langsiktig lån	−3 740 777	−6 916 131
Netto endring kassekreditt	12 074 416	1 538 418
Innbetaling av egenkapital	62 794 836	30 000 017
Innbetaling ved opptak av nytt langsiktig lån	0	0
Netto kontantstrøm fra finansieringsaktiviteter	82 628 475	34 923 255
Netto kontantstrøm for perioden	47 446 519	4 484 029
Kontanter og kontantekvivalenter
Periodens start	5 659 555	1 175 526
Periodens slutt	53 106 074	5 659 555

Noter. Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Bruk av estimater

I utarbeidelse av årsregnskapet har man brukt estimater og forutsetninger som har påvirket resultatregnskapet og verdsettelsen av eiendeler og gjeld, samt usikre eiendeler og forpliktelser på balansedagen i henhold til god regnskapsskikk. Områder som i stor grad inneholder slike skjønnsmessige vurderinger, høy grad av kompleksitet, eller områder hvor forutsetninger og estimater er vesentlige for årsregn skapet, er beskrevet i notene.

Inntekter

Inntekter ved salg av varer og tjenest er vurderes til virkelig verdi av veder laget, netto etter fradrag for merver diavgift, returer, rabatter og andre avslag. Salg av varer resultatføres når selskapet har levert sine produkter til kunden og det ikke er uoppfylte for -

pliktelser som kan påvirke kundens aksept av leveringen. Levering er ikke foretatt før produktene er sendt til avtalt sted og risiko for tap og ukurans er overført til kunden.

Skatt

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt beregnes på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skatte messige verdier, samt eventuelt lign ingsmessig underskudd til fremføring ved utgangen av regnskapsåret.

Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet. Oppføring av utsatt skattefordel på netto skattereduserende for-

skjeller som ikke er utlignet og un derskudd til fremføring, begrunnes med antatt fremtidig inntjening. Utsatt skatt og skattefordel som kan bal anseføres oppføres netto i balansen til nominelt beløp.

Klassifisering av balanseposter

Eiendeler bestemt til varig eie eller bruk klassifiseres som anleggsmidler. Eiendeler som er tilknyttet varekretsløpet klassifiseres som omløpsmidler. Fordringer for øvrig klassifiseres som omløpsmidler hvis de skal tilbakebetales innen ett år. For gjeld legges analoge kriterier til grunn. Første års avdrag på langsiktige fordringer og langsiktig gjeld klassifiseres likevel ikke som omløpsmiddel og kortsiktig gjeld.

Varige driftsmidler

Varige driftsmidler balanseføres og avskrives lineært til restverdi over driftsmidlenes forventede utnyttbare levetid. Ved endring i avskrivningsplan fordeles virkningen over gjenværende avskrivningstid ("knekkpunktmetoden"). Vedlikehold av driftsmidler kostnadsføres løpende under driftskostnader. Påkostninger og forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet. Skillet mellom vedlikehold og påkostning/forbedring regnes i forhold til driftsmidlets stand på an skaffelsestidspunktet.

Leide (leasede) driftsmidler balanse føres som driftsmidler hvis leiekon trakten anses som finansiell. For leieavtaler som representerer finansiering, er beregnet anskaffelseskost aktivert og avskrevet over forventet økonomisk levetid. Tilsvarende er forpliktelsen ført opp som annen langsiktig gjeld og renter er belastet finanskostnader.

Operasjonell leasing kostnadsføres som driftskostnad basert på fakturert leasingleie.

Nedskrivning av anleggsmidler

Ved indikasjon om at balanseført verdi av et anleggsmiddel er høyere enn virkelig verdi, foretas det test for verdifall. Testen foretas for det laveste

nivå av anleggsmidler som har selvstendige kontantstrømmer.

Hvis balanseført verdi er høyere enn både salgsverdi og gjenvinnbart beløp (nåverdi ved fortsatt bruk/eie), foretas det nedskrivning til det høyeste av salgsverdi og gjenvinnbart beløp.

Tidligere nedskrivninger reverseres hvis forutsetningene for nedskriv ningen ikke lenger er til stede.

Forskning og utvikling

Utgifter til utvikling balanseføres i den grad man kan identifisere en fremtidig økonomisk fordel kny ttet til utvikling av en identifiser bar immaterielle eiendel og hvor anskaffelseskostnaden kan måles pålitelig. I motsatt fall kostnads føres slike utgifter løpende. Bal anseført utvikling avskrives lineært over økonomisk levetid.

Utgifter til forskning kostnadsføres i tråd med NRS (F) Immaterielle eiendeler.

Varer

Selskapets varebeholdning er vurdert til det laveste av anskaffelseskost og virkelig verdi.

Stamfisk er vurdert til anskaffelseskost oppad begrenset til estimert salgsverdi som har ligget fast over flere år. Det foreligger ikke et vel fungerende marked for denne typen biologiske eiendeler. Stam fisken er estimert ut fra nåverdien av fremtidig rognproduksjon.

Rogn fra stamfisk, og yngel som ikke er leveringsklar fra klekkeriet, er av forsiktighetshensyn ned skrevet til null på grunn av stor biologisk usikkerhet på dette stadiet. Yngel som er overført fra klekkeriet og matfisk opp til 1 kilo er vurdert til anskaffelseskost som består av direkte og indirekte produksjonskostnader. Det beregnes en livpris og legges til kostnader pr gram tilvekst. Denne verdien vurderes også å være en tilnærming til en virkelig verdi for yngel og fisk i tidlig fase.

Anskaffelseskost for matfisk i sjø beregnes som en enhetspris for utsatt fisk (livpris) med tillegg for kostnader pr kilo tilvekst. Virkelig verdi er beregnet med utgangspunkt i estimert inntekt når fisken forventes å være slaktemoden redusert med salgskostnader og gjenværende tilvirkningskost frem til den er slaktemoden. Verdien er neddiskontert. Slaktemoden fisk er fisk som har en estimert vekt tilsvarende det selskapet legger til grunn i sine planer. Estimert slaktemoden biomasse beregnes basert på antall individ i biomassen på balansedagen redusert med antall individ som forventes å gå tapt før den oppnår slaktemoden vekt multiplisert med slaktemoden vekt pr individ. Kostnader for individer som forventes å gå tapt er hensyntatt i beregningen av kostnader for fisk som forventes å bli slaktemoden (gjenværende tilvirkningskost). Som følge av at anskaffelseskost overstiger

virkelig verdi er all matfisk nedskrevet til virkelig verdi.

Selskapets modeller for kalkulering og verdivurdering er under kontinuerlig utvikling.

Fordringer

Kundefordringer føres opp i balansen etter fradrag for avsetning til forventede tap. Avsetning til tap gjøres på grunnlag av individuell vurdering av fordringene og en tilleggsavsetning som skal dekke øvrige påregnelige tap. Vesentlige økonomiske problemer hos kunden, sannsynligheten for at kunden vil gå konkurs eller gjennomgå økonomisk restrukturering, og utsettelser og mangler ved betalinger anses som indikatorer på at kundefordringer må nedskrives.

Andre fordringer, både omløpsfordringer og anleggsfordringer, føres opp til det laveste av pålydende og virkelig verdi. Virkelig verdi er nåverdien av forventede framtidige innbetalinger. Det foretas likevel ikke neddiskontering når effekten av neddiskontering er uvesentlig for regnskapet. Avsetning til tap vurderes på samme måte som for kundefordringer.

Valuta

Transaksjoner i utenlandsk valuta omregnes til kursen på transaksjonstidspunktet. Pengeposter i utenlandsk valuta omregnes til norske kroner ved å benytte balansedagens kurs. Ikke-pengeposter som måles til historisk kurs uttrykt i utenlandsk valuta, omregnes til norske kroner ved å benytte valutakursen på transaksjonstidspunktet. Ikkepengeposter som måles til virkelig verdi uttrykt i utenlandsk valuta, omregnes til valutakursen fastsatt på måletidspunktet. Valutakursendringer resultatføres løpende i regnskapsperioden under andre finansposter.

Pensjoner

Selskapet har pensjonsordning som tilfredsstiller krav om obligatorisk tjenestepensjon. Pensjonsordningen er finansiert gjennom innbetalinger til forsikringsselskap. Ved innskuddsplaner betaler selskapet innskudd til et forsikringsselskap. Selskapet har ingen ytterligere betalingsforpliktelse etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad. Eventuelle forskuddsbetalte innskudd balanseføres som eiendel (pensjonsmidler) i den grad innskuddet kan refunderes eller redusere framtidige innbetalinger.

Kontantstrømoppstilling

Kontantstrømoppstillingen utarbeides etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd og andre kortsiktige likvide plasseringer.

Noter til regnskapet for 2020

Note 1. Anleggsmidler

	Tomt	Patenter ol.	Produksjons- anlegg	Båter	Driftsløsøre	Sum
Anskaffelseskost 01.01.	1 742 000	109 440	95 872 386	20 160 630	96 401 544	214 286 000
Tilgang	50 000	0	5 803 698	98 067	2 683 801	8 635 566
Avgang	0	0	0	0	0	0
Anskaffelseskost 31.12.	1 792 000	109 440	101 676 084	20 258 697	99 085 345	222 921 566
Akkumulerte avskrivninger 31.12.	0	87 552	31 765 861	8 091 717	63 274 642	103 219 772
Balanseført verdi 31.12.	1 792 000	21 888	69 910 223	12 166 980	35 810 703	119 701 794
Årets avskrivninger	0	21 888	3 862 793	987 636	7 728 628	12 600 945
Forventet økonomisk levetid		5 år	10- 50 år	5-25 år	5-20 år
Avskrivningsplan		Lineær	Lineær	Lineær	Lineær
Leasede driftsmidler inngår i oppstillingen ovenfor
					2020	2019
Bokført verdi leasede driftsmidler					29 667 043	32 917 226
Bokført verdi leasinggjeld					12 875 679	14 467 056
Årlig leie av ikke balanseførte driftsmidler
Driftsmiddel					Leieperiode	Årlig leie
Bygninger					1-5 år	514 981
Maskiner					1-5 år	155 245

Note 2. Varer

Fôr	2020	2019
Fiskefòr vurdert til anskaffelseskost	1 786 526	1 432 427
Biomasse
Stamfisk vurdert til nedskrevet verdi	23 000 000	23 000 000
Yngel og matfisk på opptil 1 kg vurdert til anskaffelseskost	40 760 595	27 001 396
Matfisk fra og med vekst på 1 kg vurdert til estimert virkelig verdi	104 846 618	89 131 108
Sum biomasse	168 607 213	139 132 504
Sum varelager	2020	2019
Sum	170 393 739	140 564 931

Nordic Halibut solgte i 2020 totalt 301.107 kg (HOG) kveite med en gjennomsnittlig slaktevekt på 6,1 kg. I løpet av 2020 produserte selskapet 871.277 yngel, og satte 300.517 fisk i sjø.

Ved utgangen av 2020 hadde selskapet 1.211 tonn stående biomasse i sjø. I verdsettelse av biomasse per 31.12.20 er det lagt til grunn en gjennomsnittlig salgspris på kr 115 per kg.

Note 3. Fordringer og gjeld

Kundefordringer	2020	2019
Kundefordringer til pålydende	6 952 821	9 768 659
Avsetning til tap på kundefordringer	−542 806	−20 000
Kundefordringer i balansen	6 410 015	9 748 659
Andre fordringer	2020	2019
Merverdiavgift til gode	2 431 018	2 007 969
Opptjent tilskudd	2 231 260	2 193 937
Periodiseringsposter	1 734 937	1 823 467
Andre fordringer i balansen	6 397 215	6 025 373
Langsiktig gjeld sikret ved pant	2020	2019
Langsiktig gjeld til kredittinstitusjoner	91 402 228	91 402 228
Øvrig langsiktig gjeld	12 875 679	14 467 056
Kortsiktig gjeld til kredittinstitusjoner	22 199 016	10 124 600
Sum	126 476 923	115 993 884
Kortsiktig gjeld til finansinstitusjoner	2020	2019
Ordinær driftskreditt	8 544 724	10 124 600
Statsgarantert kreditt under covid-19 tiltakspakke	13 654 292	0
Sum	22 199 016	10 124 600
Ramme på ordinær driftskreditt	15 000 000	15 000 000
Balanseført verdi av varige driftsmidler	2020	2019
Varige driftsmidler	119 701 794	123 667 174
Fordringer	12 807 230	15 774 032
Fisk og forbeholdning	170 393 739	140 564 931
Sum	302 902 763	280 006 137

Selskapet inngikk i 2017 en låneavtale med Sparebanken Vest på NOK 64 million. Låne-profilen var på 40 år, med løpetid på 2 år med ballongforfall i november 2019. Selskapet ble i juni 2019 imidlertid innvilget avdragsfrihet ut 2021 på lånet.

Banken og selskapet vil innen utgangen av 2021 enes om ny løpetid, låneprofil og øvrige lånevilkår gjeldende fra gjenopptaking av avdragsbetjening i 2022. Utestående på lånet per

31.12.2020 er NOK 62 million.

Selskapet har videre langsiktig finansiering hos Innovasjon Norge. Utestående gjeld til Innovasjon Norge per 31.12.2020 består av 5 forskjellige lån med samlet utestående per 31.12.20 på NOK 29,4 million. Selskapet ble i juni 2019 innvilget avdragsfrihet på lånene ut 2021. Lånenes løpetid ble forlenget tilsvarende. Gjeld som forfaller senere enn fem år etter balansedagen utgjør NOK 12,7 million.

Selskapet har finansielle covenants på lånene hos Sparebanken Vest og Innovasjon Norge knyttet til omsetning, egenproduksjon av yngel, utsett fisk i sjø og borrowing base beregnet ut fra gitte kriterier. Videre har Innovasjon Norge en covenant knyttet til leasinggjeld. Selskapet er i brudd med enkelte av lånevilkårene per 31.12.2020 og har mottatt formell waiver fra långiverne på dette.

Selskapet har i 2020 fått tilsagn på en statsgarantert kreditt under covid-19 tiltakspakken. Lånet forfaller i juni 2021. Kreditten har en covenant knyttet til eierskap av selskapet. Covenanten er waivet i forbindelse med at selskapet planlegger notering på Euronext Growth i 2021.

Gjeld til leasingselskap forfaller i sin helhet innen 5 år etter balansedagen.

Note 4. Offentlige tilskudd

Selskapet har i 2020 hatt 2 prosjekter med offentlige tilskudd. Begge er godkjente Skattefunnsprosjekter, og i tillegg har ett av de mottatt tilskudd fra Havbruk2 hos Norges Forskningsråd.

Opptjent tilskudd i balanse per 31.12.2020 består av følgende poster:	2020
Tilgode skattefunn	1 371 260
Opptjent ikke mottatt tilskudd Havbruk2	860 000
Opptjent tilskudd	2 231 260

Tilskudd er bokført som reduksjon av påløpte kostnader. Foruten tilskuddene over har ikke selskapet inntektsført tilskudd i 2020.

Investeringstilskudd

Selskapet har i 2020 mottatt et investeringstilskudd fra Innovasjon Norge på NOK 1 million. Tilskuddet balanseføres som langsiktig gjeld og inntektsføres i tråd med, og som reduksjon av, avskrivninger på tilhørende driftsmiddel.

Note 5. Bundne bankinnskudd, trekkrettigheter

Bundne bankinnskudd	2020	2019
Skattetrekksmidler	976 688	699 644

Note 6. Egenkapital

Egenkapital 31.12.	89 381 400	40 613 686	69 557 703	199 552 789
Emisjonskostnader	0	−3 304 991	0	−3 304 991
Kapitalforhøyelse ved kontantinnskudd	22 181 150	43 918 677	0	66 099 827
Kapitalforhøyelse ved gjeldskonvertering	11 500 000	0	0	11 500 000
Årets resultat	0	0	−21 262 297	−21 262 297
Egenkapital 01.01	55 700 250	0	90 820 000	146 520 250
Egenkapital	Aksjekapital	Overkurs	Annen EK	Sum

Note 7. Aksjekapital og aksjonærinformasjon

Nordic Halibut AS har forretningskontor i Hendnesveien 124, 6533 Averøy. Aksjekapitalen er på kr. 89 381 400, og består av 1 787 628 aksjer á kr 50. Alle aksjer har lik stemmerett.

Oversikt over de 20 største aksjonærene 31.12.

Navn	Antall	Eierandel	Egenkapital	Antall
Kontari AS	670 052	37,5 %	Jan Erik Sivertsen (Holmodden AS)	10 000
Kontrazi AS	528 953	29,6 %	Vegard Gjerde (Have Holding AS)	10 000
Farvatn Private Equity AS	201 342	11,3 %	Olav Kristian Falnes	10 000
T.D. Veen AS	134 228	7,5 %	Knut Nesse	6 500
Jakob Hatteland Holding AS	67 114	3,8 %	Tore Hopen	01
Aino AS	26 845	1,5 %	Odd Lorentz Strøm	02
Caiano Invest AS	17 948	1,0 %	Øyvind Gjærevoll Schanke	03
Farvatn Medinvestering 2 AS	14 094	0,8 %
Rolfs Holding AS	13 283	0,7 %
Oroblanco Invest AS	10 875	0,6 %	1 Tore Hopen representerer Farvatn Private Equity AS og Farvatn Medinvestering 2 AS, som tilsammen eier 215 436 aksjer i selskapet.
Kiwano Invest AS	10 875	0,6 %
Tamarillo Invest AS	10 875	0,6 %	2 Odd Lorentz Strøm representerer Aino AS i styret til Nordic Halibut AS.
Babaco Invest AS	10 875	0,6 %	Aino AS eier 26 845 aksjer i selskapet.
Have Holding AS	10 000	0,6 %	3 Øyvind Schanke representerer T.D. Veen AS i styret til Nordic Halibut AS. T.D Veen AS eier 134 228 aksjer i selskapet.
Holmodden AS	10 000	0,6 %
Kristian Falnes AS	10 000	0,6 %
Nesse & CO AS	6 500	0,4 %
Tyrihans Invest AS	3 383	0,2 %
Skareide AS	2 700	0,2 %
Frankplads	2 161	0,1 %
Sum	1 762 103	98,6 %
Øvrige	25 525	1,4 %
Totalt antall aksjer	1 787 628	100,0 %

23| Årsrapport 2020

Note 8. Skatt

Skatteeffekten av midlertidige forskjeller og underskudd til fremføring som har gitt opphav til utsatt skatt og utsatte skattefordeler, spesifisert på typer av midlertidige forskjeller:

Beregning av utsatt skatt/utsatt skattefordel
Midlertidige forskjeller Varige driftsmidler Varebeholdning Fordringer Balanseførte leieavtaler og leasinggjeld Gevinst- og tapskonto	Endring 2 201 310 −29 474 709 522 806 1 658 806 −48 686	2020 25 476 492 168 607 213 −542 806 16 791 364 −194 744	2019 27 677 802 139 132 504 −20 000 18 450 170 −243 430
Sum midlertidige forskjeller	−25 140 473	210 137 519	184 997 046
Akkumulert fremførbart underskudd Avskåret rentefradrag	51 086 618 0	−464 721 680 −16 247 705	−413 635 063 −16 247 705
Inngår ikke i beregningen av utsatt skatt	−25 946 145	−270 831 866	−244 885 722
Utsatt skattefordel (22%)		0	0
Årets skattekostnad Ordinært resultat før skatt Permanente forskjeller Endring i midlertidige forskjeller		2020 −21 262 297 −4 683 848 −25 140 473	2019 −30 750 676 −1 438 866 −1 110 298
Skattepliktig inntekt		−51 086 618	−33 299 840
Resultatført skatt på ordinært resultat Betalbar skatt Endring i utsatt skattefordel		2020 0 0	2019 0 0
Skattepliktig inntekt		0	0
Betalbar skatt i balansen Betalbar skatt på årets resultat		2020 0	2019 0
Sum betalbar skatt i balansen		0	0

Note 9. Driftsinntekter

Sum	34 851 599	54 415 995
Andre driftsinntekter	182 197	282 014
Salgsinntekter	34 669 402	54 133 981
Driftsinntekter	2020	2019

Sum	34 669 402	54 133 981
Øvrige markeder	23 372 592	36 726 528
Norge	11 296 810	17 407 453
Geografisk fordeling av salgsinntekter	2020	2019

Note 10. Lønnskostnader, antall ansatte, godtgjørelser, lån til ansatte mm.

Lønnskostnader	2020	2019
Lønninger	19 817 280	15 152 726
Arbeidsgiveravgift	2 579 675	2 257 770
Pensjonskostnader	727 948	599 366
Andre ytelser 434 830		492 451
Sum	23 559 733	18 502 313
Sysselsatte årsverk	35	35
Ytelser til ledende personer	Daglig leder	Styret
Lønn	1 391 724	0
Annen godtgjørelse	13 077	0
Sum	1 404 801	0

Daglig leder har rett til etterlønn i 6 måneder dersom selskapet anmoder om han fratrer. Daglig leder har en bonusavtale som gjør at han kan få utbetalt en engangsbonus på NOK 900 000 dersom selskapet gjennomfører en vellykket børsnotering i 2021.

Selskapets pensjonsordninger tilfredsstiller kravene i lov om obligatorisk tjenestepensjon.

Det er ikke gitt lån/sikkerhetsstillelse til daglig leder, styrets leder eller andre nærstående parter.

Kostnadsført godgjørelse revisor (eks mva)	2020	2019
Lovpålagt revisjon	356 052	344 696
Andre attestasjonstjenester	28 942	40 170
Skatterådgivning (inkl. teknisk bistand med ligningspapirer)	18 376	21 320
Annen bistand	54 911	0
Sum godtgjørelse til revisor	458 281	406 186

Note 11. Finansinntekter og finanskostnader

Finansinntekter	2020	2019
Renteinntekter	13 566	5 062
Valutagevinst (agio)	2 674 778	278 871
Annen finansinntekt	5 419	0
Sum finansinntekter	2 693 763	283 933
Finanskostnader	2020	2019
Rentekostnader	5 569 549	6 114 231
Valutatap (disagio)	771 250	628 420
Annen finanskostnad	110 196	131 177
Sum finanskostnader	6 450 995	6 873 828

Valutaposter inkluderer endringen i verdi på valutaterminkontrakter omtalt i note 12.

Note 12. Valutaterminkontrakter

−678 627
−678 627
2019

Virkelig verdi av valutaterminkontrakter er beregnet av konsernets bankforbindelse, og utgjør den diskonterte forskjellen mellom den avtalte terminkursen og terminkursen pr. 31.12 for en terminkontrakt med tilsvarende løpetid. Terminkontraktene utløper i 2021 og 2022.

Selskapet anvender ikke sikringsbokføring og endring i virkelig verdi på valutaterminkontrakter er bokført som valutagevinst/valutatap i resultatregnskapet.

Note 13. Hendelser etter balansedag og fortsatt drift

Selskapet fikk likviditetsmessige utfordringer i første kvartal 2020 som ble forsterket som følge av covid-19 utbruddet. Selskapet styrket sin likviditet gjennom denne perioden med å inngå en låneavtale under statens garantiordning etter covid-19 lån, et lån fra Kontrari AS (senere konvertert til egenkapital) og lån/tilskudd fra Innovasjon Norge. I løpet av 2020 har selskapet også styrket likviditeten gjennom en kapitalforhøyelse på NOK 66 million.

Etter balansedato har selskapet gjennomført en emisjon på 115 NOKm og planlegger å søke om notering på Euronext Growth. Etter emisjonen er det styrets vurdering at selskapets egenkapital og likviditet er forsvarlig og tilfredsstillende i den neste 12 måneders perioden. Som følge av ny egenkapital og innhentet avdragsutsettelse og waiver på lån ut 2021 er årsregnskapet avlagt under forutsetning om fortsatt drift.

For å nå selskapets målsetning om å oppnå et slaktevolum på 4500 tonn i 2026 og 9000 tonn i 2030 vil det være et behov for ytterligere egenkapitalfinansiering i løpet av av 2022.

Sushi-grade Atlantic halibut Superior, safe to eat, stress-free Farmed in Norway

31| Årsrapport 2020

Til generalforsamlingen i Nordic Halibut AS

Uavhengig revisors beretning

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert Nordic Halibut AS' årsregnskap som består av balanse per 31. desember 2020, resultatregnskap og kontantstrømoppstilling for regnskapsåret avsluttet per denne datoen og noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.

Etter vår mening er det medfølgende årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2020, og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Øvrig informasjon

Ledelsen er ansvarlig for øvrig informasjon. Øvrig informasjon omfatter informasjon i årsrapporten bortsett fra årsregnskapet og den tilhørende revisjonsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke øvrig informasjon, og vi attesterer ikke den øvrige informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese øvrig informasjon med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom øvrig informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi konkluderer med at den øvrige informasjonen inneholder vesentlig feilinformasjon er vi pålagt å rapportere det. Vi har ingenting å rapportere i så henseende.

Styrets og daglig leders ansvar for årsregnskapet

Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik internkontroll som den finner nødvendig for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

PricewaterhouseCoopers AS, Langelandsvegen 35, NO-6010 Ålesund T: 02316, org. no.: 987 009 713 MVA, www.pwc.no Statsautoriserte revisorer, medlemmer av Den norske Revisorforening og autorisert regnskapsførerselskap

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Vårt mål med revisjonen er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om årsberetningen

Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, mener vi at opplysningene i årsberetningen om årsregnskapet og forutsetningen om fortsatt drift er konsistente med årsregnskapet og i samsvar med lov og forskrifter.

Konklusjon om registrering og dokumentasjon

Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Ålesund, 9. april 2021 PricewaterhouseCoopers AS

Terje Honningsvåg Statsautorisert revisor (elektronisk signert)

Revisjonsberetning

Signers:
Name	Method	Date
Honningsvåg, Terje	BANKID_MOBILE	2021-04-09 13:28

This document package contains:

- Closing page (this page) - The original document(s) - The electronic signatures. These are not visible in the document, but are electronically integrated.

This file is sealed with a digital signature. The seal is a guarantee for the authenticity of the document.

Appendix C – Financial statements for 2019

Årsregnskap 2019 Nordic Halibut AS

Styrets årsberetning Resultatregnskap Balanse Kontantstrøm

www.nordichalibut.no

Nordic Halibut – Årsberetning 2019

Virksomhetens art og hvor den drives

Nordic Halibut driver oppdrett av kveite og er totalintegrert i sin virksomhet fra stamfisk til produksjon og salg av matfisk. Nordic Halibut AS har forretningskontor i Bergen og virksomhetsområdene er stamfiskhold/rognproduksjon, yngelproduksjon, settefiskproduksjon, matfiskproduksjon og salg. Produksjonen er organisert i ulike avdelinger i Midsund, Askøy, Eide, Averøy og Bergen.

All produksjon på land foregår innendørs. Selskapet har to sjølokaliteter. Det arbeides med etablering av en tredje sjølokalitet.

I tillegg til det norske markedet er Storbritannia og Nord Amerika sentrale markeder. Hovedfokuset når det gjelder salg, er konsentrasjon på HoReCa segmentet.

Redegjørelse for årsregnskapet og foretakets utsikter

Selskapets salgsinntekter var i 2019 på MNOK 54,4 mot MNOK 64,9 i 2018. Dette er i hovedsak relatert til lavere slaktevolum tilgjengelig for salg. Utviklingen i selskapets biomasse er tilfredsstillende.

Kvantifisering og verdsettelse av biomasse innebærer bruk av estimat og forutsetninger som representerer en viss risiko ved regnskapsavleggelsen. Metoden vurderes imidlertid som å være forsiktig innenfor et beste estimat, og den er konsistent brukt de siste årene.

Totalkapitalen er ikke endret vesentlig fra 2018. Investeringer i varige driftsmidler var på MNOK 13,9, mens selskapets avskrivinger var på MNOK 12,1. En vesentlig del av investeringene er gjort for å kunne effektivisere produksjonen. Total rentebærende gjeld er økt med MNOK 4,9 fra 2018, og selskapets egenkapitalprosent er 51% mot 53% i 2018. Styret vurderer selskapets soliditet som tilfredsstillende.

Selskapets kontantstrøm var i 2019 positiv med MNOK 4,5. Selskapet har ved utgangen av 2019 en ubenyttet kassekredittramme på MNOK 4,9. Selskapet er i overenstemmelse med lånebetingelsene per 31.12.19.

Styret vurderer selskapets likviditet som tilfredsstillende.

Resultatdisponeringen er vist i note 6 i regnskapet.

Selv om det er usikkerhet knyttet til vurdering av fremtidige forhold er det styrets oppfatning at selskapet vil oppnå ytterligere forbedring av produksjonen som vil gi lønnsom drift, og på sikt avkastning for eierne.

Hendelser etter balansedag av betydning for selskapet er pandemien Covid-19. Ved avleggelse av årsregnskapet merkes effekten av dette først og fremst i markedet, der etterspørselen etter selskapets produkt er vesentlig lavere enn normalt. Styret har en forventning om at markedet vil normaliseres både når det gjelder etterspørsel

Org.nr.: 974 526 441

og prisnivå, men tidsaspektet knyttet til dette er vanskelig å forutse på nåværende tidspunkt.

For å ivareta egen drift og begrense spredning av viruset følger selskapet helsemyndighetenes råd.

Forsknings- og utviklingsaktiviteter

Selskapet har i 2019 hatt forsknings- og utviklingsaktiviteter med hovedfokus å forbedre produksjon av kveite, herunder å sikre en ytterligere bærekraftig produksjon.

Finansiell risiko

Selskapets finansielle risiko er knyttet til markedspris på kveite, samt valuta- og renteutvikling. I tillegg til inntekter ved eksport, påvirker valuta indirekte kostnaden til fiskefôr. Selskapet vurderer behovet for valutasikring fortløpende, og har i 2019 posisjoner med solgte USD på termin med forfall i jan/feb 2020 og jan/feb 2021. Urealisert disagio knyttet til dette er vist i note 13. Selskapets lån er i norske kroner til flytende renter. Størrelsen på selskapets lån tilsier at renteendringer vil ha vesentlig betydning for selskapet. Kredittrisikoen til selskapet anses begrenset i det fordringer er forsikret.

Fortsatt drift

Selskapet fikk likviditetsmessige utfordringer i første kvartal 2020. Disse ble forsterket som følge av Covid-19. Selskapets stipulerte kapitalbehov vil bli dekket av en kassekreditt under Statens garantiordning etter Covid-19, lån fra Kontrari AS som er forutsatt konvertert til egenkapital og lån/tilskudd fra Innovasjon Norge. Med dette kapitalbehovet dekket og waiver ut 2020 knyttet til borrowing-base er usikkerheten knyttet til fortsatt drift på et nivå som etter ledelsens- og styrets vurdering ikke kan skape tvil av betydning knyttet til fortsatt drift.

Styret og CEO bekrefter at forutsetningen om fortsatt drift er lagt til grunn ved avleggelse av årsregnskapet. Selskapet har hatt en tilfredsstillende utvikling i 2019.

Selv om det er usikkerhet knyttet til vurdering av fremtidige forhold tilsier selskapets prognoser at selskapet på sikt vil gi positive resultat og kontantstrømmer. De viktigste forutsetningene for dette er en fortsatt positiv utvikling av selskapets biomasse, samt at pandemien knyttet til Covid-19 ikke får uforutsette og langvarige konsekvenser.

Arbeidsmiljø, likestilling og ikke-diskriminering

Selskapet har i alt 31 fast ansatte, hvorav 4 kvinner og sysselsetter 33,6 årsverk. Selskapets arbeidsmiljø vurderes som godt og har en policy som ikke forulemper eller forskjellsbehandler personer på grunn av kjønn, religion eller etnisk tilhørighet. Det har ikke vært skader eller ulykker av betydning i 2019. Sykefraværet var i 2019 3,5%.

Org.nr.: 974 526 441

ytre miljø

Selskapet innehar i alt ll konsegoner med utslippstillatelser for oppdrett av marine arter på land og sjø. Selskapet driver omfattende og kontinuerlig FoU virksomhet

laus'XS%EHiiiUSSTHii l:=Hszzu:" konsekvenserfordetytremiljø. '' ' ''

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eder styremedlem

CEO

ib.06.2020

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Drg.nr.: 9?4 S26 441

www.nordichalibut.no

RESULTATREGNSKAP

NORDIC HALIBUT AS

DRIFTSINNTEKTER OG DRIFTSKOSTNADER	Note	2019	2018
Salgsinntekt		54 133 981	64 642 180
Annen driftsinntekt		282 014	219 051
Sum driftsinntekter	10	54 415 996	64 861 231
Varekostnad		35 361 517	37 460 207
End. beh. varer u.tilv. og ferdigvarer		-1 392 289	3 160 792
Lønnskostnad	4, 8, 11	18 502 313	15 945 476
Avskrivning av driftsmidler	1	12 052 903	13 197 819
Andre driftskostnader	11	14 052 333	12 352 327
Sum driftskostnader		78 576 777	82 116 623
Driftsresultat		-24 160 781	-17 255 391
FINANSINNTEKTER OG FINANSKOSTNADER
Renteinntekter	13	5 062	1 638
Finansinntekter	13	278 871	407 008
Rentekostnader	13	6 088 887	5 206 014
Finanskostnader	13	784 940	1 949 921
Ordinært resultat før skattekostnad	9	-30 750 675	-24 002 680
Ordinært resultat		-30 750 675	-24 002 680
Årsresultat		-30 750 675	-24 002 680
OVERFØRINGER
Overført fra annen egenkapital		30 750 675	24 002 680

Sum overføringer -30 750 675 -24 002 680

BALANSE

NORDIC HALIBUT AS

EIENDELER	Note	2019	2018
ANLEGGSMIDLER
Konsesjoner, patenter o.l.	1	43 776	65 664
Sum immaterielle eiendeler		43 776	65 664
VARIGE DRIFTSMIDLER
Tomter, bygninger og produksjonsanlegg	1	69 711 409	72 944 271
Båter	1	13 154 615	8 023 771
Driftsløsøre, inventar o.a. utstyr	1	40 757 374	40 819 424
Sum varige driftsmidler	1, 3	123 623 398	121 787 466
Sum anleggsmidler		123 667 174	121 853 130
OMLØPSMIDLER
Lager av varer og annen beholdning	2, 3	140 564 931	139 192 236
FORDRINGER
Kundefordringer	3	9 748 659	11 955 018
Andre kortsiktige fordringer	3	6 025 373	4 540 746
Sum fordringer		15 774 032	16 495 764
Bankinnskudd, kontanter o.l.	3, 5	5 659 555	1 175 526
Sum omløpsmidler		161 998 518	156 863 526
Sum eiendeler		285 665 692	278 716 656

BALANSE

NORDIC HALIBUTAS

EGENKAPITAL OG GJELD	Note	2019	2018
INNSKUTT EGENKAPITAL
Aksjekapital	6, 7	55 700 250	128 S01 166
Egne aksjer		0	255 000
Overkurs		0	19 024 742
Annen innskutt egenkapital		90 820000	0
Sum innskutt egenkapital		146 520250	147 270 908
OPPTJENT EGENKAPITAL
Sum egenkapital	6	146 520 250	147 270 908
GJELD
LANGSIKTIG GJELD
Gjeld til kredittinstitusjoner	3	91 402 228	92 207 291
Øvrig langsiktig gjeld	1, 3	16 177 056	12 082 173
Sum langsiktig gjeld		107 579 284	104 289 463
KORTSIKTIG GJELD
Gjeld til kredittinstitusjoner	3	lO 124 600	8 586 182
Leverandørgjeld		15 388 441	13 719 170
Annen kortsiktig gjeld		4 960 190	3 970 836
Sum kortsiktig gjeld		31 566 158	27 1S6 284
Sum gjeld		139 145 442	131 445 747
Sum egenkapital og gjeld

SiQerts8' eleder :K'Eri

Edvard Henden

16.06.2020 Styret i Nordic Halibut

styremedlem

CEO styremedlem

NORDICHALIBUTAS SIDE 3

Nordic Halibut AS

Kontantstrømsoppstilling

	Noter	2019	2018
Kontantstrømmer fra operasjonelle aktiviteter
Resultat før skattekostnad		-30 750 675	-24 002 680
Avskrivninger	1	12 052 903	13 197 819
Gevinst aksjesalg		0	0
Endring i varelager	2	-1 372 695	2 726 487
Endring i kundefordringer	3	2 166 359	1 549 329
Endring i leverandørgjeld		1 669 271	3 372 341
Endring i andre tidsavgrensningsposter		-337 442	1 789 600
Netto kontantstrøm fra operasjonelle aktiviteter		-16 572 279	-1 367 104
Kontantstrømmer fra investeringsaktiviteter
Utbetalinger ved kjøp av varige driftsmidler	1	-13 866 947	-10 602 814
Salg av aksjer		0	0
Netto kontantstrøm fra investeringsaktiviteter		-13 866 947	-10 602 814
Kontantstrømmer fra finansieringsaktiviteter
Netto kontantstrøm endring langsiktig gjeld	3	3 384 820	61 546 921
Netto kontantstrøm kassekreditt	3	1 538 418	-61 105 708
Innbetaling av egenkapital	6	30 000 017	12 000 000
Netto kontantstrøm fra finansieringsaktiviteter		34 923 255	12 441 213
Netto endring i kontanter og kontantekvivalenter		4 484 029	471 296
Beholdning av kontanter og kontantekvivalenter ved
periodens begynnelse	5	1 175 526	704 230
Beholdning av kontanter og kontantekvivalenter ved
periodens slutt	5	5 659 555	1 175 526

Nordic Halibut AS Noter til regnskapet for 2019

Regnskapsprinsipper

Årsregnskapet er satt opp i samsvar med regnskapsloven og god regnskapsskikk.

Bruk av estimater

Utarbeidelse av regnskaper i samsvar med regnskapsloven krever bruk av estimater. Videre krever anvendelse av selskapets regnskapsprinsipper at ledelsen må utøve skjønn. Områder som i stor grad inneholder slike skjønnsmessige vurderinger, høy grad av kompleksitet, eller områder hvor forutsetninger og estimater er vesentlige for årsregnskapet, er beskrevet i notene.

Salgsinntekter

Inntekter ved salg av varer og tjenester vurderes til virkelig verdi av vederlaget, netto etter fradrag for merverdiavgift, returer, rabatter og andre avslag. Salg av varer resultatføres når selskapet har levert sine produkter til kunden og det ikke er uoppfylte forpliktelser som kan påvirke kundens aksept av leveringen. Levering er ikke foretatt før produktene er sendt til avtalt sted og risiko for tap og ukurans er overført til kunden.

Tjenester inntektsføres i takt med utførelsen.

Klassifisering av balanseposter

Eiendeler bestemt til varig eie eller bruk klassifiseres som anleggsmidler. Eiendeler som er tilknyttet varekretsløpet klassifiseres som omløpsmidler. Fordringer for øvrig klassifiseres som omløpsmidler hvis de skal tilbakebetales innen ett år. For gjeld legges analoge kriterier til grunn. Første års avdrag på langsiktige fordringer og langsiktig gjeld klassifiseres likevel ikke som omløpsmiddel og kortsiktig gjeld.

Varige driftsmidler

Varige driftsmidler balanseføres og avskrives lineært til restverdi over driftsmidlenes forventede utnyttbare levetid. Ved endring i avskrivningsplan fordeles virkningen over gjenværende avskrivningstid ("knekkpunktmetoden"). Vedlikehold av driftsmidler kostnadsføres løpende under driftskostnader. Påkostninger og forbedringer tillegges driftsmidlets kostpris og avskrives i takt med driftsmidlet. Skillet mellom vedlikehold og påkostning/forbedring regnes i forhold til driftsmidlets stand på anskaffelsestidspunktet.

Leide (leasede) driftsmidler balanseføres som driftsmidler hvis leiekontrakten anses som finansiell.

For leieavtaler som representerer finansiering, er beregnet anskaffelseskost aktivert og avskrevet over forventet økonomisk levetid. Tilsvarende er forpliktelsen ført opp som annen langsiktig gjeld og renter er belastet finanskostnader.

Nedskrivning av anleggsmidler

Ved indikasjon om at balanseført verdi av et anleggsmiddel er høyere enn virkelig verdi, foretas det test for verdifall. Testen foretas for det laveste nivå av anleggsmidler som har selvstendige kontantstrømmer. Hvis balanseført verdi er høyere enn både salgsverdi og gjenvinnbart beløp (nåverdi ved fortsatt bruk/eie), foretas det nedskrivning til det høyeste av salgsverdi og gjenvinnbart beløp.

Tidligere nedskrivninger reverseres hvis forutsetningene for nedskrivningen ikke lenger er til stede.

Varelager

Selskapets varebeholdning av yngel og fisk er vurdert til full tilvirkningskost, men nedvurdert til virkelig verdi dersom den er lavere. Virkelig verdi er estimert salgspris fratrukket nødvendige utgifter til ferdigstillelse og salg. Beholdning av fiskefor er vurdert til innkjøpspris.

Fordringer

Kundefordringer føres opp i balansen etter fradrag for avsetning til forventede tap. Avsetning til tap gjøres på grunnlag av individuell vurdering av fordringene og en tilleggsavsetning som skal dekke øvrige påregnelige tap. Vesentlige økonomiske problemer hos kunden, sannsynligheten for at kunden vil gå konkurs eller gjennomgå økonomisk restrukturering, og utsettelser og mangler ved betalinger anses som indikatorer på at kundefordringer må nedskrives.

Nordic Halibut AS Noter til regnskapet for 2019

Andre fordringer, både omløpsfordringer og anleggsfordringer, føres opp til det laveste av pålydende og virkelig verdi. Virkelig verdi er nåverdien av forventede framtidige innbetalinger. Det foretas likevel ikke neddiskontering når effekten av neddiskontering er uvesentlig for regnskapet. Avsetning til tap vurderes på samme måte som for kundefordringer.

Utenlandsk valuta

Fordringer og gjeld i utenlandsk valuta vurderes etter kursen ved regnskapsårets slutt. Kursgevinster og kurstap knyttet til varesalg og varekjøp i utenlandsk valuta føres som agio og disagio.

Gjeld

Gjeld balanseføres til nominelt gjeldsbeløp.

Forskning og utvikling

Utgifter til utvikling balanseføres i den grad det kan identifiseres en fremtidig økonomisk fordel knyttet til utvikling av en identifiserbar immateriell eiendel og utgiftene kan måles pålitelig. I motsatt fall kostnadsføres slike utgifter løpende. Balanseført utvikling avskrives lineært over økonomisk levetid.

Pensjoner

Selskapet har pensjonsordning som tilfredsstiller krav om obligatorisk tjenestepensjon. Pensjonsordningen er finansiert gjennom innbetalinger til forsikringsselskap.

Innskuddsplaner

Ved innskuddsplaner betaler selskapet innskudd til et forsikringsselskap. Selskapet har ingen ytterligere betalingsforpliktelse etter at innskuddene er betalt. Innskuddene regnskapsføres som lønnskostnad. Eventuelle forskuddsbetalte innskudd balanseføres som eiendel (pensjonsmidler) i den grad innskuddet kan refunderes eller redusere framtidige innbetalinger.

Skatt

Skattekostnaden i resultatregnskapet omfatter både periodens betalbare skatt og endring i utsatt skatt. Utsatt skatt beregnes på grunnlag av de midlertidige forskjeller som eksisterer mellom regnskapsmessige og skattemessige verdier, samt eventuelt ligningsmessig underskudd til fremføring ved utgangen av regnskapsåret. Skatteøkende og skattereduserende midlertidige forskjeller som reverserer eller kan reversere i samme periode er utlignet. Oppføring av utsatt skattefordel på netto skattereduserende forskjeller som ikke er utlignet og underskudd til fremføring, begrunnes med antatt fremtidig inntjening. Utsatt skatt og skattefordel som kan balanseføres oppføres netto i balansen til nominelt beløp.

Kontantstrømoppstilling

Kontantstrømoppstillingen utarbeides etter den indirekte metoden. Kontanter og kontantekvivalenter omfatter kontanter, bankinnskudd og andre kortsiktige likvide plasseringer, som umiddelbart og med uvesentlig kursrisiko kan konverteres til kjente kontantbeløp og med gjenværende løpetid mindre enn tre måneder fra anskaffelsesdato.

Note 1 Anleggsmidler

	Produksjons
patenter ol.	anlegg	Båter	Driftsløsøre	Sum
109 440	95 271 035	14 137 630	89 158 948	200 419 053
0	601 351	6 023 000	7 242 596	13 866 947
0	0	0	0	0
109 440	95 872 386	20 160 630	96 401 544	214 286 000
65 664	27 902 978	7 006 015	55 644 170	90 618 826
43 776	67 969 409	13 154 615	40 757 374	123 667 174
21 888	3 813 788	892 157	7 325 070	12 052 903
5 år	10- 50 år	5-25 år	5-20 år
	Lineær	Lineær	Lineær	Lineær

Avskrivningsplan er iht det som selskapet regner som økonomisk levetid for driftsmiddelet. Leieavtaler som er inngått i 2009 - 2019 er behandlet som finansiell leasing og inngår i oppstillingen ovenfor med kr 32 917 226 . Beregnet gjeld knyttet til disse driftsmidlene inngår i posten annen langsiktig gjeld med kr 14 467 056

Note 2 Fisk og fòr i beholdning

	2019	2018
Fiskefòr	1 432 427	1 452 021
Fisk, stamfisk, settefisk og matfisk (biomasse)	139 132 504	137 740 215
Sum	140 564 931	139 192 236

Kvantum og verdi av selskapets biomasse inneholder komplekse skjønnsmessige vurderinger der forutsetninger og estimat er vesentlig for årsregnskapet.

Biomasse i form av produktiv stamfisk er på et nivå som skal sikre en løpende normalproduksjon av rogn til god kvalitet. Verdien er fast i den forstand at den ikke er gjenstand for endring med mindre det kan påvises at produksjonskapasiteten er på et lavere eller høyere nivå enn det som kreves for å oppnå normalproduksjon.

Biomasse i form av rogn er satt til kr 0. Yngel verdsettes til estimert normal tilvirkningskost når yngel blir settefisk eller er klar til å settes ut. Kvantum/vekt er i henhold til telling og er i begrenset grad gjenstand for estimat. Settefisk verdsettes til estimert normal tilvirkningskost. Kvantum/vekt er i henhold til løpende registrering der estimert tilvekst, samt registrert og estimert uregistrert dødelighet er ivaretatt i estimatet. Matfisk verdsettes til estimert normal tilvirkningskost. Kvantum/vekt er i henhold til utsatt kvantum justert for estimert tilvekst, samt registrert og estimert uregistrert dødelighet.

Note 3 Fordringer og gjeld

Kundefordringer

	2019	2018
Kundefordringer til pålydende	9 768 659	11 975 018
Avsetning til tap på kundefordringer	20 000	20 000
Kundefordringer i balansen	9 748 659	11 955 018

Andre fordringer

	2019	2018
Merverdiavgift til gode	2 007 969	1 225 330
Opptjent tilskudd	2 193 937	2 001 326
Periodiseringsposter	1 823 467	1 314 090
Andre fordringer i balansen	6 025 373	4 540 746

Balanseført verdi av pantsatte eiendeler

	2019	2018
Varige driftsmidler	123 667 174	121 853 130
Fordringer	15 774 032	16 495 764
Fisk og fòr i beholdning	140 564 931	139 192 236
Sum	280 006 137	277 541 130

Leieavtaler som er inngått i 2009 - 2019 er behandlet som finansiell leasing og inngår i varige driftsmidler ovenfor med kr 32 917 226 .

I tillegg er bankkonti i valuta og NOK pantsatt med bokført beløp 4 959 910

Eiendelene er i tillegg stillet som sikkerhet for

Kortsiktig gjeld til kredittinstitusjoner	10 124 600	8 586 182
Langsiktig gjeld til kredittinstitusjoner	91 402 228	92 207 291
Øvrig langsiktig gjeld	14 467 056	10 277 173
Sum	115 993 884	111 070 646
Langsiktig restgjeld etter 5 år (2024) er kr 74 050 837
Selskapet har per 31.12 en ubenyttet kreditt på kassekredittkonto med kr.	4 875 400	6 413 818

Note 4 Offentlige tilskudd

Selskapet har i 2019 hatt 2 prosjekter med offentlige tilskudd. Begge er godkjente Skattefunnsprosjekter, og i tillegg har ett av de mottatt tilskudd fra Havbruk2 hos Norges Forskningsråd. Selskapet har bokført 739 766 som andre fordringer, opptjent, ikke mottatt tilskudd fra HAVBRUK2 hos Norges Forskningsråd.

Note 5 Bundne bankinnskudd, trekkrettigheter

Bundne bankinnskudd	2019	2018
Skattetrekksmidler	699 644	554 794

Selskapet har kr 4 875 400 i ubenyttet del av kassekreditt pr 31.12

Nordic Halibut AS Noter til regnskapet for 2019

Note 6 Egenkapital

Årets endring i egenkapital	Aksjekapital	Egne aksjer	Overkurs	Annen innskutt egenkapital	Annen egenkapital	Sum
Egenkapital 01.01	128 501 166	-255 000	19 024 742	0	0	147 270 908
Emisjon	30 000 017	0	0	0	0	30 000 017
Aksjesplitt	-102 800 933	0	0	102 800 933	0	0
Korreksjon	0	255 000	0	-255 000	0	0
Årets resultat	0	0	-19 024 742	-11 725 933	0	-30 750 675
Egenkapital 31.12.	55 700 250	0	0	90 820 000	0	146 520 250

Note 7 Aksjekapital og aksjonærinformasjon

Nordic Halibut AS har forretningskontor i Strandgaten 223, 5004 Bergen. Aksjekapitalen på kr. 55 700 250, og består av 1 114 005 aksjer á kr. 50. Alle aksjer har lik stemmerett.

Oversikt over de 20 største aksjonærene 31.12.

	Antall	Eierandel
KONTRARI AS	540 052	48,5 %
KONTRAZI AS	448 953	40,3 %
CAMY HOLDING AS	60 000	5,4 %
CAIANO INVEST AS	17 948	1,6 %
ROLFS HOLDING AS	13 283	1,2 %
TYRIHANS INVEST AS	3 383	0,3 %
SKAREIDE AS	2 700	0,2 %
FRANKPLADS, JON OLA	2 161	0,2 %
FALKUM INVEST A/S	2 048	0,2 %
ODD LUNDE AS	1 909	0,2 %
HELSETH, ANNE BIRKEDAL	1 667	0,1 %
CAKA AS	1 500	0,1 %
TUVENG, GRETHE BIRKEDAL	1 226	0,1 %
OTTERLEI, DAG	1 115	0,1 %
NIMECO AS	1 023	0,1 %
HENDVARDEN AS	1 000	0,1 %
GAMMA FINANS AS	942	0,1 %
RINNAN, OVE PETTER	722	0,1 %
SALGSUTVIKLING AS	672	0,1 %
FRIBERG, HILDE MARIE BJERKNES	626	0,1 %
Sum	1 102 930	99,0 %
Øvrige (eierandel < 0,1%)	11 075	1,0 %
Totalt antall aksjer	1 114 005	100,0 %

Det har vært lite omsetning i aksjen i 2019.

Verv Rolle Jan Erik Sivertsen Styrets leder Frode Teigen Styremedlem (eier av Kontrari AS) Vegard Gjerde Styremedlem Edvard Henden CEO

Note 8 Pensjoner

Selskapet har pensjonsordning som omfatter alle ansatte. Selskapets pensjonsordninger tilfredsstiller kravene i lov om obligatorisk tjenestepensjon.

Note 9 Skatt

Beregning av utsatt skatt/utsatt skattefordel

Midlertidige forskjeller	2019	2018
Anleggsmidler	27 677 802	28 536 740
Omløpsmidler	139 112 504	137 720 215
Andre forskjeller	18 206 740	17 629 793
Netto midlertidige forskjeller	184 997 046	183 886 748
Underskudd til fremføring	-413 635 063	-380 335 224
Avskåret rentefradrag til fremføring	-16 247 705	-16 247 705
Forskjell skattefunn	0	0
Grunnlag for utsatt skatt	-244 885 722	-212 696 181
Utsatt skattefordel 22 % (22 %)	-53 874 859	-46 793 160
Herav ikke balanseført utsatt skattefordel	53 874 859	46 793 160
Utsatt skatt i balansen	0	0

Utsatt skattefordel er ikke balanseført i regnskapet som følge av usikkert dokumenterbart grunnlag.

Grunnlag for skattekostnad, endring i utsatt skatt og betalbar skatt

Grunnlag for betalbar skatt	2019	2018
Resultat før skattekostnad	-30 750 675	-24 002 680
Permanente forskjeller	-1 438 866	-1 219 734
Grunnlag for skattekostnad på årets resultat	-32 189 541	-25 222 414
Endring i midlertidige forskjeller	-1 110 298	6 082 395
Underskudd til fremføring	33 299 839	19 140 019
Gr.lag for bet.bar skatt i res.regnskapet	0	0

Nordic Halibut AS Noter til regnskapet for 2019

Fordeling av skattekostnaden
	2019	2018
Betalbar skatt (22 % av grunnlag for betalbar skatt i resultatregnskapet)
For mye, for lite avsatt i fjor	0	0
Sum betalbar skatt	0	0
Endring i utsatt skatt	0	0
Skattekostnad	0	0
Avstemming av årets skattekostnad
	2019	2018
Regnskapsmessig resultat før skattekostnad	-30 750 675	-24 002 680
Beregnet skatt 22 %(23%)	-6 765 149	-5 520 616
Skattekostnad i resultatregnskapet	0	0
Differanse	6 765 149	5 520 616
Differansen består av følgende:
	2019	2018
Permanente forskjeller 22 % (23 %)	-316 551	-280 539
Endring utsatt skatt/fordel	0	0
Andre forskjeller 22 % (23%) Ikke oppført utsatt skattefordel	7 081 699	5 801 155
Sum forklart differanse	6 765 149	5 520 616
Betalbar skatt i balansen
	2019	2018
Betalbar skatt i skattekostnaden	0	0
Betalbar skatt i balansen	0	0
Note 10 Driftsinntekter
	2019	2018

Sum	54 415 996	64 861 231
Andre driftsinntekter	282 015	219 051
Salgsinntekter	54 133 981	64 642 180

Nordic Halibut AS Noter til regnskapet for 2019

Note 11 Lønnskostnader, antall ansatte, godtgjørelser, lån til ansatte mm.

Lønnskostnader

	2019	2018
Lønninger	16 346 245	15 209 344
Arbeidsgiveravgift	2 257 770	2 145 433
Pensjonskostnader	599 366	518 105
Tilskudd	-1 193 519	-2 512 635
Andre ytelser	492 451	585 230
Sum	18 502 313	15 945 476
Sysselsatte årsverk i regnskapsåret har vært	33,6	35,2
Ytelser til ledende personer
	Daglig leder	Styret
Lønn	939 698	0
Annen godtgjørelse Daglig leder har ikke krav på bonus eller lignende.	29 809	0
Daglig leder inngår i selskapets pensjonsordning på samme vilkår som andre ansatte.
Kostnadsført godtgjørelse til revisor
	2019	2018
Lovpålagt revisjon (inkl. teknisk bistand med årsregnskap)	344 696	164 177
Andre attestasjonstjenester	40 170	5 000
Honorar for annen bistand samarbeidene selskap revisor	0	0
Skatterådgivning (inkl. teknisk bistand med ligningspapirer)	21 320	0
Annen bistand	0	0

Sum godtgjørelse til revisor 406 186 169 177

Note 12 Transaksjoner med nærstående parter

Ytelser til ledende ansatte er omtalt i note 11.

Note 13 Spesifikasjon av finansinntekter og finanskostnader

Finansinntekter

	2019	2018
Agio	278 871	407 008
Annen finansinntekt	0	0
Sum finansinntekter	278 871	407 008

Finanskostnader

	2019	2018
Disagio	-44 658	552 869
Urealisert disagio	673 078	1 286 180
Annen finanskostnad	156 520	110 872
Sum finanskostnader	784 940	1 949 921

Note 14 Hendelser etter balansedag

Hendelser etter balansedag av betydning for selskapet er pandemien Covid-19. Ved avleggelse av årsregnskapet merkes effekten av dette først og fremst i markedet, der etterspørselen etter selskapets produkt er vesentlig lavere enn normalt. Styret har en forventning om at markedet vil normaliseres både når det gjelder etterspørsel og prisnivå, men tidsaspektet knyttet til dette er vanskelig å forutse på nåværende tidspunkt. For å ivareta egen drift og begrense spredning av viruset følger selskapet helsemyndighetenes råd.

Note 15 Fortsatt drift

Selskapet fikk likviditetsmessige utfordringer i første kvartal 2020. Disse ble forsterket som følge av Covid-19. Selskapets stipulerte kapitalbehov vil bli dekket av en kassekreditt under Statens garantiordning etter Covid-19, lån fra Kontrari AS som er forutsatt konvertert til egenkapital og lån/tilskudd fra Innovasjon Norge. Med dette kapitalbehovet dekket og waiver ut 2020 knyttet til borrowing-base er usikkerheten knyttet til fortsatt drift på et nivå som etter ledelsens- og styrets vurdering ikke kan skape tvil av betydning knyttet til fortsatt drift.

Til generalforsamlingen i Nordic Halibut AS

Uavhengig revisors beretning

Uttalelse om revisjonen av årsregnskapet

Konklusjon

Vi har revidert Nordic Halibut AS' årsregnskap som består av balanse per 31. desember 2019, resultatregnskap og kontantstrømoppstilling for regnskapsåret avsluttet per denne datoen og noter til årsregnskapet, herunder et sammendrag av viktige regnskapsprinsipper.

Etter vår mening er det medfølgende årsregnskapet avgitt i samsvar med lov og forskrifter og gir et rettvisende bilde av selskapets finansielle stilling per 31. desember 2019, og av dets resultater og kontantstrømmer for regnskapsåret avsluttet per denne datoen i samsvar med regnskapslovens regler og god regnskapsskikk i Norge.

Grunnlag for konklusjonen

Vi har gjennomført revisjonen i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder de internasjonale revisjonsstandardene International Standards on Auditing (ISA-ene). Våre oppgaver og plikter i henhold til disse standardene er beskrevet i Revisors oppgaver og plikter ved revisjon av årsregnskapet. Vi er uavhengige av selskapet slik det kreves i lov og forskrift, og har overholdt våre øvrige etiske forpliktelser i samsvar med disse kravene. Etter vår oppfatning er innhentet revisjonsbevis tilstrekkelig og hensiktsmessig som grunnlag for vår konklusjon.

Øvrig informasjon

Ledelsen er ansvarlig for øvrig informasjon. Øvrig informasjon omfatter informasjon i årsrapporten bortsett fra årsregnskapet og den tilhørende revisjonsberetningen.

Vår uttalelse om revisjonen av årsregnskapet dekker ikke øvrig informasjon, og vi attesterer ikke den øvrige informasjonen.

I forbindelse med revisjonen av årsregnskapet er det vår oppgave å lese øvrig informasjon med det formål å vurdere hvorvidt det foreligger vesentlig inkonsistens mellom øvrig informasjon og årsregnskapet, kunnskap vi har opparbeidet oss under revisjonen, eller hvorvidt den tilsynelatende inneholder vesentlig feilinformasjon.

Dersom vi konkluderer med at den øvrige informasjonen inneholder vesentlig feilinformasjon er vi pålagt å rapportere det. Vi har ingenting å rapportere i så henseende.

Styrets og daglig leders ansvar for årsregnskapet

Styret og daglig leder (ledelsen) er ansvarlig for å utarbeide årsregnskapet i samsvar med lov og forskrifter, herunder for at det gir et rettvisende bilde i samsvar med regnskapslovens regler og god regnskapsskikk i Norge. Ledelsen er også ansvarlig for slik internkontroll som den finner nødvendig

for å kunne utarbeide et årsregnskap som ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil.

Ved utarbeidelsen av årsregnskapet må ledelsen ta standpunkt til selskapets evne til fortsatt drift og opplyse om forhold av betydning for fortsatt drift. Forutsetningen om fortsatt drift skal legges til grunn for årsregnskapet så lenge det ikke er sannsynlig at virksomheten vil bli avviklet.

Revisors oppgaver og plikter ved revisjonen av årsregnskapet

Vårt mål med revisjonen er å oppnå betryggende sikkerhet for at årsregnskapet som helhet ikke inneholder vesentlig feilinformasjon, verken som følge av misligheter eller utilsiktede feil, og å avgi en revisjonsberetning som inneholder vår konklusjon. Betryggende sikkerhet er en høy grad av sikkerhet, men ingen garanti for at en revisjon utført i samsvar med lov, forskrift og god revisjonsskikk i Norge, herunder ISA-ene, alltid vil avdekke vesentlig feilinformasjon som eksisterer. Feilinformasjon kan oppstå som følge av misligheter eller utilsiktede feil. Feilinformasjon blir vurdert som vesentlig dersom den enkeltvis eller samlet med rimelighet kan forventes å påvirke økonomiske beslutninger som brukerne foretar basert på årsregnskapet.

For videre beskrivelse av revisors oppgaver og plikter vises det til: https://revisorforeningen.no/revisjonsberetninger

Uttalelse om andre lovmessige krav

Konklusjon om registrering og dokumentasjon

Basert på vår revisjon av årsregnskapet som beskrevet ovenfor, og kontrollhandlinger vi har funnet nødvendig i henhold til internasjonal standard for attestasjonsoppdrag (ISAE) 3000 «Attestasjonsoppdrag som ikke er revisjon eller forenklet revisorkontroll av historisk finansiell informasjon», mener vi at ledelsen har oppfylt sin plikt til å sørge for ordentlig og oversiktlig registrering og dokumentasjon av selskapets regnskapsopplysninger i samsvar med lov og god bokføringsskikk i Norge.

Ålesund, 17. juni 2020 PricewaterhouseCoopers AS

Nils-Kristian Synes Statsautorisert revisor (elektronisk signert)

Revisjonsberetning

Signers:
Name	Method	Date
Synes, Nils-Kristian	BANKID_MOBILE	2020-06-17 15:39
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