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Statt Torsk ASA
Annual / Quarterly Financial Statement • Dec 21, 2023
3765_rns_2023-12-21_39f41fd5-34f6-4ab7-a656-29884dc68380.pdf
Annual / Quarterly Financial Statement
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ÅRSREGNSKAPET FOR REGNSKAPSÅRET 2021 - GENERELL INFORMASJON
| Enheten | |
|---|---|
| Organisasjonsnummer: | 913 769 104 |
| Organisasjonsform: | Allmennaksjeselskap |
| Foretaksnavn: | STATT TORSK ASA |
| Forretningsadresse: | Leikanger 76 |
| 6750 STADLANDET | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2021 - 31.12.2021 |
| Konsern | |
| Morselskap i konsern: | Ja |
| Konsernregnskap lagt ved: | Ja |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Nei |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | IFRS |
| Benyttet ved utarbeidelsen av årsregnskapet til konsernet: | IFRS |
| Årsregnskapet fastsatt av kompetent organ |
| Bekreftet av representant for selskapet: | Bjug Anders Borgund |
|---|---|
| Dato for fastsettelse av årsregnskapet: | 25.05.2022 |
Grunnlag for avgivelse
År 2021: Årsregnskapet er elektronisk innlevert År 2020: Tall er hentet fra elektronisk innlevert årsregnskap fra 2021
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 14.11.2023
Resultatregnskap
| Beløp i: NOK | Note | 2021 | 2020 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Salgsinntekt | 8 905 000 | 5 081 000 | |
| Sum inntekter | 8 905 000 | 5 081 000 | |
| Kostnader | |||
| Varekostnad | 18 187 000 | 7 491 000 | |
| Lønnskostnad | 14,20 | 7 930 000 | 1 211 000 |
| Avskrivning på varige driftsmidler og immaterielle eiendeler | 2,3 | 2 230 000 | 756 000 |
| Annen driftskostnad | 15 | 9 511 000 | 1 179 000 |
| Sum kostnader | 37 858 000 | 10 637 000 | |
| Driftsresultat | -28 953 000 | -5 556 000 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 18,22 | 198 000 | 0 |
| Annen renteinntekt | 22 | 55 000 | 1 000 |
| Sum finansinntekter | 253 000 | 1 000 | |
| Annen rentekostnad | 22 | 233 000 | 351 000 |
| Sum finanskostnader | 233 000 | 351 000 | |
| Netto finans | 20 000 | -350 000 | |
| Ordinært resultat før skattekostnad | -28 933 000 | -5 906 000 | |
| Ordinært resultat etter skattekostnad | -28 933 000 | -5 906 000 | |
| Årsresultat | -28 933 000 | -5 906 000 | |
| Overføringer og disponeringer | |||
| Overføringer til/fra annen egenkapital | -28 933 000 | -5 906 000 | |
| Sum overføringer og disponeringer | -28 933 000 | -5 906 000 |
Balanse
| Beløp i: NOK | Note | 2021 | 2020 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Maskiner og anlegg | 2,3 | 28 303 000 | 5 734 000 |
| Sum varige driftsmidler | 28 303 000 | 5 734 000 | |
| Finansielle anleggsmidler | |||
| Investering i datterselskap | 11 | 2 000 000 | 2 000 000 |
| Lån til foretak i samme konsern | 12,18 | 21 510 000 | 2 912 000 |
| Investeringer i tilknyttet selskap | 4 | 35 000 | 0 |
| Lån til tilknyttet selskap og felles kontrollert virksomhet | 4 | 900 000 | 0 |
| Investeringer i aksjer og andeler | 1 023 000 | 0 | |
| Andre fordringer | 3 055 000 | ||
| Sum finansielle anleggsmidler | 28 523 000 | 4 912 000 | |
| Sum anleggsmidler | 56 826 000 | 10 646 000 | |
| Omløpsmidler | |||
| Varer | |||
| Varer | 6,7 | 46 514 000 | 8 007 000 |
| Sum varer | 46 514 000 | 8 007 000 | |
| Fordringer | |||
| Kundefordringer | 8 | 9 073 000 | 3 138 000 |
| Andre fordringer | 9 | 19 867 000 | 10 584 000 |
| Sum fordringer | 28 940 000 | 13 722 000 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 10 | 32 174 000 | 33 023 000 |
| Sum bankinnskudd, kontanter og lignende | 32 174 000 | 33 023 000 | |
| Sum omløpsmidler | 107 628 000 | 54 752 000 | |
| SUM EIENDELER | 164 454 000 | 65 398 000 |
Balanse
| Beløp i: NOK | Note | 2021 | 2020 |
|---|---|---|---|
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Selskapskapital | 12 | 16 611 000 | 9 880 000 |
| Overkurs | 12 | 123 756 000 | 11 261 000 |
| Ikke registrert kapitalforhøyelse | 12 | 40 000 000 | |
| Sum innskutt egenkapital | 140 367 000 | 61 141 000 | |
| Sum egenkapital | 140 367 000 | 61 141 000 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 3 | 5 013 000 | 2 718 000 |
| Sum annen langsiktig gjeld | 5 013 000 | 2 718 000 | |
| Sum langsiktig gjeld | 5 013 000 | 2 718 000 | |
| Kortsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 3 | 913 000 | 508 000 |
| Leverandørgjeld | 13 | 18 161 000 | 1 031 000 |
| Sum kortsiktig gjeld | 19 074 000 | 1 539 000 | |
| Sum gjeld | 24 087 000 | 4 257 000 | |
| SUM EGENKAPITAL OG GJELD | 164 454 000 | 65 398 000 |
Konsernets resultatregnskap
| Beløp i: NOK | Note | 2021 | 2020 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Salgsinntekt | 8 905 000 | 5 081 000 | |
| Sum inntekter | 8 905 000 | 5 081 000 | |
| Kostnader | |||
| Varekostnad | 7 | 18 187 000 | 7 491 000 |
| Lønnskostnad | 14,20 | 7 930 000 | 1 211 000 |
| Avskrivning på varige driftsmidler og immaterielle eiendeler | 2,3 | 2 147 000 | 1 042 000 |
| Annen driftskostnad | 15 | 9 516 000 | 760 000 |
| Sum kostnader | 37 780 000 | 10 504 000 | |
| Driftsresultat | -28 875 000 | -5 423 000 | |
| Finansinntekter og finanskostnader | |||
| Annen renteinntekt | 22 | 55 000 | 1 000 |
| Sum finansinntekter | 55 000 | 1 000 | |
| Annen rentekostnad | 22 | 84 000 | 532 000 |
| Sum finanskostnader | 84 000 | 532 000 | |
| Netto finans | -29 000 | -531 000 | |
| Ordinært resultat før skattekostnad | -28 904 000 | -5 954 000 | |
| Skattekostnad på ordinært resultat | 5 | 0 | 0 |
| Ordinært resultat etter skattekostnad | -28 904 000 | -5 954 000 | |
| Årsresultat | -28 904 000 | -5 954 000 | |
| Overføringer og disponeringer | |||
| Overføringer til/fra annen egenkapital | -28 904 000 | -5 954 000 | |
| Sum overføringer og disponeringer | -28 904 000 | -5 954 000 |
Konsernets balanse
| Beløp i: NOK | Note | 2021 | 2020 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Maskiner og anlegg | 2,3,17, 19 |
91 008 000 | 7 522 000 |
| Sum varige driftsmidler | 91 008 000 | 7 522 000 | |
| Finansielle anleggsmidler | |||
| Investeringer i tilknyttet selskap | 4 | 35 000 | 0 |
| Lån til tilknyttet selskap og felles kontrollert virksomhet | 4 | 900 000 | 0 |
| Investeringer i aksjer og andeler | 1 023 000 | ||
| Andre fordringer | 3 055 000 | 0 | |
| Sum finansielle anleggsmidler | 5 013 000 | 0 | |
| Sum anleggsmidler | 96 021 000 | 7 522 000 | |
| Omløpsmidler | |||
| Varer | |||
| Varer | 6,7 | 46 514 000 | 8 007 000 |
| Sum varer | 46 514 000 | 8 007 000 | |
| Fordringer | |||
| Kundefordringer | 8 | 9 073 000 | 3 138 000 |
| Andre fordringer | 9 | 19 867 000 | 10 584 000 |
| Sum fordringer | 28 940 000 | 13 722 000 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 10 | 33 601 000 | 33 030 000 |
| Sum bankinnskudd, kontanter og lignende | 33 601 000 | 33 030 000 | |
| Sum omløpsmidler | 109 055 000 | 54 759 000 | |
| SUM EIENDELER | 205 076 000 | 62 281 000 |
Konsernets balanse
| Beløp i: NOK | Note | 2021 | 2020 | |
|---|---|---|---|---|
| BALANSE - EGENKAPITAL OG GJELD | ||||
| Egenkapital | ||||
| Innskutt egenkapital | ||||
| Selskapskapital | 12,17 | 16 611 000 | 9 880 000 | |
| Overkurs | 12 | 123 707 000 | 11 179 000 | |
| Ikke registrert kapitalforhøyelse | 12 | 40 000 000 | ||
| Sum innskutt egenkapital | 140 318 000 | 61 059 000 | ||
| Sum egenkapital | 140 318 000 | 61 059 000 | ||
| Gjeld | ||||
| Langsiktig gjeld | ||||
| Annen langsiktig gjeld | ||||
| Gjeld til kredittinstitusjoner | 3,17 | 37 649 000 | 137 000 | |
| Sum annen langsiktig gjeld | 37 649 000 | 137 000 | ||
| Sum langsiktig gjeld | 37 649 000 | 137 000 | ||
| Kortsiktig gjeld | ||||
| Gjeld til kredittinstitusjoner | 3 | 8 673 000 | 53 000 | |
| Leverandørgjeld | 13 | 18 435 000 | 1 031 000 | |
| Sum kortsiktig gjeld | 27 108 000 | 1 084 000 | ||
| Sum gjeld | 64 757 000 | 1 221 000 | ||
| SUM EGENKAPITAL OG GJELD | 205 075 000 | 62 280 000 |
| A Word from our CEO | ર્સ |
|---|---|
| Part 1 This is Statt Torsk | ব |
| Part 2 The Board of Directors Report | 8 |
| Part 3 Financial Report | 16 |
| Part 4 Notes to the Financial Report | 21 |
| Part 5 Independent Auditors Review | 72 |
A Word from our CEO
Statt-Torsk is based on the business idea that the world needs more fresh, healthy and sustainable food. Wild Cod is a fresh, delicate and healthy product, but is highly seasonable, variable in size and quality, creating planning challenges for the whole value chain. Farmed cod, like Statt Cod, represents a new product that meets all these challenges. That's why we truly believe we have fantastic product in pipeline.
In the deep, clean fjords along the Stad peninsula, Statt Torsk will forge a new frontier for Norwegian aquaculture by farming cod. We will lead the way in developing a new, sustainable industry based on selling high-quality products to markets in Norway and the world.
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Our aim is that "Statt Torsk" will become a premium brand for leading grocery stores.
Statt-Torsk reached several milestones in 2021:
- · We raised MNOK 115 in equity from a range of solid, strategic investors in April
- · We went public on Euronext Growth (ticker STATT) in April
- · We strengthened the organization with several new, key positions
- · Site 2; Rekvika was set in full operation
- · We applied for a third production site and surveyed for more
- · We ordered 5 new vessels; 3 feed barges and 2 work boats
And most important:
We finished our third pilot and harvested almost 420 tons of fresh, delicate and healthy cod, in a sustainable way, all delivered to our customers in the European market at reasonable prices.
Through these 3 pilots, we have become more knowledgeable and experienced, preparing the company for future development.
All these achievements combined, reassures us that we are well on our way to develop a sustainable and profitable business.
We are now in the position where we can start to prepare for a full industrial production, with steady and even deliveries all year round. That will be a major gamechanger for the cod industry.
We hope 2022 will bring us the following achievements:
- · 1 new site, and 2 more applications
- · Pilot deliveries May-August
- Hiring Marketing manager
- · Big increase in biomass longer production cycles
- · Delivery of 1.500 ton starting in September
- · Funding of biomass building and site 3 both through capital raise and debt financing
- · Regularly and frequently year round deliveries from September
- · Implement environment reporting
- · Continue to build organization
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· Continue to build a larger company and widen in the value chain
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Gustove
| Fish | Protein, g | kj | Kcal | Fat, g | Carbohydrates | Fiber | Omega3, g |
|---|---|---|---|---|---|---|---|
| Statt cod, farmed | 21.5 | 389 | 93 | 0.55 | 0 | 0 | 0.27 |
| Wild cod | 17.9 | 343 | 81 - | 1.1 - | 0 | 0 | 0.26 |
| Salmon farmed, raw | 19,7 | 938 | 226 | 16.3 | 0 | 0 | 2.73 |
A decisive competitive advantage
Tasty and healthy
Chef-endorsed, mild-tasting, quality cod, filled to the brim with important nutrients.
Consistent quality
State of the art production and logistics, ensures consistent quality in all deliveries, to the delight of your customers' healthy habits.
Sustainable production
Ocean farmed food is one of the most sustainable production methods, with a feed conversion rate nearing 1. The production is aligned with several of the UN sustainability goals.
Continuous deliveries
The predictable supply year round provides a unique opportunity for a long-term, strategic investment.
High quality, high profits
Norwegian seafood is an exclusive and high-end product category, with long traditions of high profit margins.
Unique freshness
Delivery 2-4 days ahead of wild cod, results in an increased shelf life and less food waste.
cod. With the new harvest plan, Statt expects to start delivering fresh, healthy and sustainable farmed cod to our clients on a consistent weekly basis from 2H 2022, more than a year earlier than originally planned.
The Group is in process of strengthening its sales and marketing organization to develop products and brands in cooperation with our clients.
In parallel the company will continue its gradual build-up of a sustainable, efficient production cluster and value chain at Stad, targeting harvest volumes of 12.000 tons per year by 2025. In 2021 the group set its first full-scale production at site number 2, Rekvika.
The group's assets and biomass are properly insured.
Our product
Farmed cod is a unique and distinctive product that is quite different from wild and coastal cod. Its genes have been developed for about 20 years and has now reached the 7th and 8th generation of fry. Farmed cod from Statt will be a sustainable product, high on proteins, no parasites, low on fat and calories, and we will make our products easy to buy and use for our customers.
The board expects that the new production and harvesting plan will bring out the unique properties of farmed cod and position the company for the best possible price achievement for the company's products in the coming years.
Comments related to the financial statements
The Group's revenues in 2021 and previous years have been low due to small scale pilots. In 2021 all revenue was in December, totaling to NOK 8,9 mill. In 2020 revenues was NOK 5,1 mill. Increased losses are due to a significantly larger pilot than in 2020 and generally a large upscale of the company through 2021. NOK 12 mill of the loss in 2021 are estimated to be indirect costs related to biomass in Rekvika.
During 2021 the group has invested NOK 127,4 mill in biomass, sites, barges, boats and in associated companies. The investments in 2021 was financed with cash in hand and a capital increase by NOK 115 mill in April, at the same time as the company was admitted to trading on Euronext Growth.
Total cash flow for the group was NOK 0,6 mill in 2021. Net cashflow from operating activities was negative NOK 62,3 mill.
The Group's liquidity reserve as of 31.12.2021 amounted to NOK 33,6. According to plan,
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the company will issue new shares and increase long term debt to implement its strategi on sales, to build biomass and establishing new sites.
The Group's short-term debt as of 31.12.2021 constituted 42 % of the Group's total debt, compared to 89 % as of 31.12.2020. This decrease is attributable to low debt in prior years to 2021. The Group's financial position is sound and adequate to settle short-term debt as of 31.12.2021 with the Group's most liquid assets.
Total assets at year-end amounted to NOK 205,1 mill, compared to NOK 62,3 mill last year. The equity ratio was 68 % as of 31.12.2021, compared to 98 % in 2020.
The major activity in the Group is in the parent company. The statement of profit and loss is covered by the comments related to the Group above. For the statement of financial position, the total assets are NOK 164 compared to NOK 65 mill last year. The equity ratio at year end 2021 is 85%, compared to 93% at year-end 2020. The short-term debt is NOK 19 mill, which equals 79% of total debt, compared to 36% last year. The liquidity reserve at year end was NOK 32,1 mill, compared to NOK 33,0 mill last year.
Future challenges
The market expectations over the next few years are uncertain due to the Covid19 virus and the war in Ukraine.
Throughout 2021, the corona pandemic has to some extent affected our business, especially through instability in logistics outside Norway. This picture continues into 2022 and seems to be reinforced by the war in Ukraine. We have not seen any direct consequence on costs in 2022 as a result of Ukraine or the corona.
What we, like everyone else, see is that the price picture for food is rising and that delivery ability will be essential for prices in the future. We have good logistics and do not see that deliveries to customers will be significantly affected based on the current situation. There will certainly be changes, especially due to the war in Ukraine.
The board however does not expect the group to have significant problems with deliveries to production in 2022 or 2023 due to these conditions.
Further licenses are necessary for the company and the industry to be able to grow. The authorities have so far been restrained with new allocation, which reduces some of the flexibility the industry need in order to have a proper and predictable start up. The group has made plans that are conservative in the allocation of sites and expects that over time the necessary number of licenses will be achieved for our planned production in the Statt cluster.
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Financial risk
Overall view on objectives and strategy
The company is exposed to financial risk in different areas. The goal is to reduce the financial risk as much as possible. The company's current strategy does not include the use of financial instruments for hedging purposes. This is however, continuously being assessed by the Board of Directors.
Market risk
Fluctuations in EURO and USD is a risk, as approximately 40% of the company's acquisitions have countries of origin in areas with these currencies. The Group has not entered into derivative or other agreements to reduce the exchange rate risk and the related market risk. The Group is also exposed to changes in the interest rate, as the company debt has a floating interest rate. Changes in the interest rate can also affect future investment opportunities.
Credit risk
The risk for losses on receivables is considered to be low. The Group has not yet experienced significant losses on receivables. Gross credit risk exposure per 31.12.2021 is NOK 9,1 mill for the Group and the parent company. The Group has not made any setoff or other derivative agreements to reduce the credit risk.
Liquidity risk
The group's liquidity has developed as planned through 2021. As previously stated, in order to be able to implement its plans by 2025, the company will obtain the necessary liquidity by issuing new shares in combination with debt financing. The boards intention is that the parent company will carry out a share issue in Q2 2022 to carry out its investment in the market as well as to increase biomass in order to deliver every week from September 2022.
Going concern
Aquaculture is a capital intensive business and we are in an expansion phase. Our funding policy is based on the company seeking new working capital, by accessing capital markets, obtaining lines of credit, and/or a combination thereof, to finance the expansion.
Our working capital forecast indicates a temporary shortfall of NOK 30 mill up to the intended harvest begins in September 2022, based on our present requirements for the current biomass in sea, of which in excess of NOK 10 million will be provided from affiliates of certain of our PDMRs as a short-term credit facility aimed at partly financing the projected cash shortfall. The credit facility is market based, available up to
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31.12.2022, and has an interest rate of 5% p.a.
We are confident in obtaining the required working capital in the short term by pursuing financing alternatives. However, terms and pricing will be dependent on prevailing capital markets conditions. Hence, we can provide no assurance as to when subscribed capital will be available to us on acceptable terms.
Current capital market conditions, with increased interest rates, military actions in Ukraine and sanctions implemented in response together with general market fluctuations, are presently impacting these options and this impact may continue.
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared under the assumption of going concern. This assumption is based on profit forecasts for the year 2022, the above described funding processes and the Group's long-term strategic forecasts.
Coverage of loss
The Board of Directors has proposed to cover the loss of 2021 by transfer from share premiums.
The working environment and the employees
Leave of absence due to illness is close to zero, totaled 10 hours in 2021 (7,5 hours in 2020), which equals approximately 0 % in both years of the total working hours in the Group.
No incidences or reporting of work related accidents resulting in significant material damage or personal injury occurred during the year.
The working environment is considered to be good, and efforts for improvements are made on an ongoing basis. The cooperation with employees has been constructive and contributed positively to operations. The Board of director's is proud of consisting of an extremely dedicated and capable team, making all efforts to make our company and products a success.
Equal opportunities and discrimination
Equal opportunity in the workplace plays a key part in protecting human rights. To give everyone equal opportunities in the group, regarding education and possibilities is in focus at Statt Torsk ASA. Every person can participate freely and equally in areas wherever possible.
| January - 31. December | (NOK 1000) | |||||
|---|---|---|---|---|---|---|
| Parent | Group | |||||
| 2020 | 2021 | Note | Note | 2021 | 2020 | |
| Continuing operations | ||||||
| 5081 0 |
8905 0 |
Revenue from contracts with customers Other operating income |
8905 0 |
5981 0 |
||
| 5 081 | 8 995 | Total revenue | 8 995 | 5 081 | ||
| -7 491 | -18 187 | Cost of goods sold | 7 | -18 187 | -7 491 | |
| -1 211 | -7 930 | 14,20 | Salary and personell costs | 14 ,20 | -7 930 | -1 211 |
| -1 179 | -9 511 | 15 | Other operating expenses | 15 | -9 516 | -760 |
| -756 | -2 230 | -2 147 | -1 042 | |||
| 2,3 | Depreciation, amortizations and write downs | 2,3 | ||||
| -5 556 | -28 953 | Operating profit | -28 875 | -5 423 | ||
| 1 | 55 | 22 | Finance income | 22 | 55 | 1 |
| 0 | 198 | 18,22 | Finance income group | 0 | 0 | |
| -351 | -233 | 22 | Finance costs | 22 | -84 | -532 |
| -5 906 | -28 933 | Profit before tax from continuing operations | -28 904 | -5 954 | ||
| 0 | 0 | 5 | Income tax expense | 5 | 0 | 0 |
| -5 906 | -28 933 | Profit for the year from total operations | -28 904 | -5 954 | ||
| Attributable to: | ||||||
| Equity holders of the parent company | -28 904 | -5 954 | ||||
| Non-controlling interests | 0 | 0 | ||||
| 0 | 0 | 13 | -28 904 | -5 954 | ||
| Earnings per share | 2021 | 2020 | ||||
| Continued operation | ||||||
| - Basic | 16 | -0 , 194 | -0.098 | |||
| - Diluted | 16 | -0,194 | -0,098 | |||
| 2021 | 2020 | |||||
| Other comprehensive income | ||||||
| Other comprehensive income | 0 | 0 | ||||
| Total comprehensive income for the year | -28 904 | -5 954 | ||||
| Total comprehensive income for attributable to | ||||||
| Equity holders of the parent company | 12 | -28 904 | -5 954 | |||
| Non-controlling interests | 12 | 0 | 0 | |||
| -78 994 | -5 954 |
| 11 1 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Parent | Group | |||||||||
| 31.12.2020 | 31.12.2021 | Note | Note | 31.12.2021 | 31.12.2020 | |||||
| ASSETS | ||||||||||
| Non-current assets | ||||||||||
| 2 508 | 22 470 | 2 | Property, plant and equipment | 2,17,19 | 87 881 | 7 336 | ||||
| 3 226 | 5 833 | 3 | Right-of-use assets | 3 | 3 127 | 186 | ||||
| 2 000 | 2 000 | 11 | Shares in subsidiaries | 0 | 0 | |||||
| 2 912 | 21 510 | 12,18 | Loan to subsidiaries | 0 | ರಿ | |||||
| 0 | 1 023 | Financial assets | 1 023 | 0 | ||||||
| ರಿ | ਤੇ ਦੇ | 4 | Shares in associated companies and joint ventures | 4 | 35 | ರಿ | ||||
| 0 | 900 | 4 | Loan to associated companies and joint ventures | 4 | 900 | 0 | ||||
| 0 | 3 055 | Other non-current assets | 3 055 | ರಿ | ||||||
| 0 | 0 | 5 | Deferred tax assets | 5 | 0 | ರಿ | ||||
| 10 646 | 56 826 | Total non-current assets | 96 021 | 7 522 | ||||||
| Current assets | ||||||||||
| 8 007 | 46 514 | 6,7 | Inventories | 6,7 | 46 514 | 8 007 | ||||
| 3 138 | 9 073 | 8 | Accounts receivable | 8 | 9 073 | 3 138 | ||||
| 10 584 | 19 867 | 9 | Prepayments | 9 | 19 867 | 10 584 | ||||
| 33 023 | 32 174 | 10 | Cash and cash equivalents | 10 | 33 601 | 33 030 | ||||
| 54 752 | 107 628 | Total current assets | 109 055 | 54 759 | ||||||
| 65 398 | 164 454 | TOTAL ASSETS | 205 076 | 62 281 | ||||||
| EQUITY AND LIABILITIES Equity |
||||||||||
| Paid in capital | ||||||||||
| 9 880 | 16 611 | 12 | Issued capital | 12,17 | 16 611 | 9 880 | ||||
| 11 261 | 123 756 | 12 | Share premium | 12 | 123 707 | 11 179 | ||||
| 40 000 | 12 | Other paid in capital | 12 | 40 000 | ||||||
| 61 141 | 140 367 | Total paid in capital | 140 318 | 61 059 | ||||||
| 61 141 | 140 367 | Total equity | 140 318 | 61 059 | ||||||
| Non-current liabilities | ||||||||||
| 2 718 | 5 013 | د | Lease liabilities | 3,17 | 37 649 | 137 | ||||
| 2 718 | 5 013 | Total non-current liabilities | 37 649 | 137 | ||||||
| Current liabilities | ||||||||||
| 508 | 913 | ਤ | Current lease liabilities | د | 8 673 | 53 | ||||
| 1 031 | 18 161 | 13 | Accounts payable and other current liabilities | 13 | 18 435 | 1 031 | ||||
| 1 539 | 19 074 | Total current liabilities | 27 108 | 1 084 | ||||||
| 4 257 | 24 087 | Total liabilities | 64 757 | 1 221 | ||||||
| 65 398 | 164 454 | TOTAL EQUITY AND LIABILITIES | 205 075 | 62 281 |
| (NOK 1000) | |||||||
|---|---|---|---|---|---|---|---|
| Parent | Group | ||||||
| 2020 | 2021 | 2021 | 2020 | ||||
| Cashflow from operating activities | |||||||
| -5 906 | -28 933 | Net profit before tax | -28 904 | -5 954 | |||
| 756 | 2 230 | Depreciation | 2 147 | 988 | |||
| -3 107 | -38 507 | Change in inventory and biological assets | -38 507 | -3 107 | |||
| -12 914 | -15 218 | Change in receivables | -15 218 | -12 914 | |||
| ಲೆಕಿಕಿ | 17 130 | Change in accounts payable | 17 404 | ୧୫୪ | |||
| 316 | -472 | Change in other items | 729 | 139 | |||
| -20 166 | -63 770 | = Net cashflow from operating activities | -62 349 | -20 159 | |||
| Cashflow from investing activities | |||||||
| -6 883 | -22 129 | Purchase of plant and equipment | -83 | 887 | -6 883 | ||
| 0 | -23 611 | Investments in assosiated companies | -5 013 | 0 | |||
| -6 883 | -45 740 | = Net cashflow from investing activities | -88 990 | -6 883 | |||
| Cashflow from financing activities | |||||||
| 0 | 0 | New interest-bearing debt/downpayment | 43 160 | 0 | |||
| 55 | 570 | 108 660 | Proceeds from issuing of share capital | 108 660 | 55 570 | ||
| ਟ ਦ | 570 | 108 660 | = Net cashflow from financing activities | 151 820 | 55 570 | ||
| 28 521 | -850 Net change in cash and cash equivalents | 571 | 28 528 | ||||
| 4 | 502 | 33 023 Cash and cash equivalents (opening balance) | 33 030 | 4 502 | |||
| 33 023 | 32 173 = Cash and cash equivalents (closing balance) | 33 601 | 33 030 |
| Note | Share capital | reserve | Share premium Treasury shares Other paid-in | capital | Fair value reserve of debt instruments at FVOCI |
Other comprehensive income from associates |
Retained earnings |
Total other equity |
|
|---|---|---|---|---|---|---|---|---|---|
| Equity as at 01.01 2020: 21 Effect of implementing IFRS |
3 328 | -6 383 | -6 383 0 |
-3 055 0 |
|||||
| Equity adjusted as at 01.01 2020 | 3 328 | છ | 0 | છ | 0 | છ | -6 383 | -6 383 | -3 055 |
| 12 Issue of share capital 12 Transaction costs 12 Dividends Profit for the period |
6 552 | 25 431 -1 915 -5 954 -6 383 |
40 000 | 0 0 0 0 |
71 983 -1 915 0 -5 954 |
||||
| Transfer Other comprehensive income |
6 383 | 0 | � | ||||||
| Equity as at 31.12 2020 | 9 880 | 11 179 | 0 | 40 000 | 0 | 0 | 0 | 0 | 61 059 |
| Adjusted equity as at 01.01 2021 | 9 880 | 11 179 | 0 | 40 000 | 0 | 0 | ರಿ | 0 | 61 062 |
| Profit for the period Other comprehensive income |
-28 904 | 0 0 |
-28 904 0 |
||||||
| 12 Issue of share capital 12 Transaction costs 12 Dividends |
6 731 | 148 768 -7 316 |
40 000 | 0 0 0 |
115 499 -7 336 0 |
||||
| Change in equity 2021 | 6 731 | 112 528 | 0 | -40 000 | 0 | 0 | છ | 0 | 79 259 |
| Equity as at 31.12 2021 | 16 611 | 123 707 | 0 | છ | 0 | 0 | છ | 0 | 140 318 |
| rarent | Other Equity | Total equity | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Note | Share capital | reserve | Share premium Treasury shares Other paid-in | capital | Fair value reserve of debt instruments at FVOCI |
Other comprehensive income from associates |
Retained earnings |
Total other equity |
Total other equity |
|
| Equity as at 01.01 2020: 21 Effect of implementing IFRS |
3 328 | -6 383 | -6 383 0 |
-3 055 0 |
||||||
| Equity adjusted as at 01.01 2020 | 3 328 | 0 | 0 | 0 | 0 | 0 | -6 383 | 0 | -6 383 | 3 055 |
| 12 Issue of share capital 12 Transaction costs 12 Dividends Profit for the period Transfer |
6 552 | 25 431 -1 880 -5 907 -6 383 |
40 000 | 6 383 | 0 0 0 రి |
71 983 -1 880 0 -5 907 |
||||
| Other comprehensive income | రి | 0 | ||||||||
| Equity as at 31.12 2020 | 9 880 | 11 182 | 0 | 40 000 | 0 | 0 | 0 | છ | 0 | 61 141 |
| Adjusted equity as at 01.01 2021 | 9 880 | 11 182 | 0 | 40 000 | 0 | 0 | 0 | 0 | 0 | 61 141 |
| Profit for the period Other comprehensive income 12 Issue of share capital 12 Transaction costs 12 Dividends |
6 731 | -28 934 148 768 -7 339 |
40 000 | 0 0 రి 0 లి |
-28 934 0 115 499 -7 339 0 |
|||||
| Change in equity 2021 | 6 731 | 112 495 | છ | -40 000 | 0 | 0 | 0 | છ | 0 | 79 226 |
| Equity as at 31.12 2021 | 16 611 | 123 756 | છ | છ | 0 | 0 | 0 | 0 | 0 | 140 367 |
| Note | ltem | Page |
|---|---|---|
| 1 | Note Summary of significant accounting policies | રુડ |
| 2 | Property, plant and equipment | રેક |
| 3 | Leases | 40 |
| ਪ | Investments in associated companies | 43 |
| 5 | Income tax | 43 |
| 6 | Fair value | 46 |
| 7 | Inventories | 49 |
| 8 | Accounts receivables and contract assets | 50 |
| ਰੇ | Other current assets | 50 |
| 10 | Cash and cash equivalents | 51 |
| 11 | List of subsidiaries | 52 |
| 12 | Share capital, shareholder information and dividend | ર્ટર |
| ીરે | Account payables and other current liabilities | 54 |
| 14 | Salary and personnel expense and management remuneration | 55 |
| 15 | Other Operating Expenses | 56 |
| 16 | Earnings per share | 5/ |
| 17 | Changes in the Group's structure | રેકે |
| 18 | Transactions with related parties | 59 |
| 19 | Contractual obligations | 60 |
| 20 | Pensions and other long-term employee benefits | റോ |
| 21 | Explanation of transition to IFRS | 61 |
| 22 | Finance cost, finance income and other income | 62 |
| 23 | Financial instruments - Financial risk and management objectives and policies | ୧ ર |
| 24 | Categories of financial assets and financial liabilities | 68 |
| 25 | Reconciliation for liabilities arising from financing activities | 70 |
| 26 | Short-term loans and other loan relationships | 71 |
| 27 | Going concern | 71 |
| 28 | Events after the balance sheet date | 71 |
Note 1: Summary of significant accounting policies
Statt Torsk ASA is a public limited liability company, incorporated in Norway, headquartered in Stadlandet and listed on the Euronext Growth Oslo, Address headquarter: Stokkeneset, 6750 Stadlandet.
The consolidated financial statements of Statt Torsk ASA for the fiscal year 2021 were approved in the board meeting at 10.05.2022.
The Group's activities are described in the Board of Directors Report.
Basis for preparation of the annual accounts
The Statt Torsk ASA's consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) which have been adopted by the EU and are mandatory for financial years beginning on or after 1 January 2021, and Norwegian disclose requirements listed in the Norwegian Accounting Act as of 31.12.2021.
The consolidated financial statements are based on historical cost, except for biomass which is measured at fair value.
The consolidated financial statements have been prepared on the basis of uniform accounting principles for similar transactions and events under otherwise similar circumstances.
Changes in accounting policies and disclosures
No changes in IFRS effective for the 2021 financial statements are relevant this financial year.
Functional currency and presentation currency
Functional currency
The functional currency is determined in each entity in the Group based on the currency within the entity's primary economic environment. Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated using the closing rate and the difference is recognised in profit or loss, non-monetary items that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction and non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the
24
fair value was measured.
Presentation currency
The Group's presentation currency is NOK. This is also the functional currency for all companies in The Group.
When a partial disposal of a subsidiary (not loss of control) is present the proportionate share of the accumulated exchange differences is allocated to non-controlling interests.
Consolidation principles
The Group's consolidated financial statements comprise the parent company and it's subsidiaries as of December 31, 2021. An entity has been assessed as being controlled by the Group when the Group is exposed for or have the rights to variable returns from its involvement with the entity, and has the ability to use its power over the entity to affect the amount of the Group's returns.
Thus, the Group controls an entity if and only if the Group has all the following:
- · power over the entity;
- exposure, or rights, to variable returns from its involvement with the entity; and
- the ability to use its power over the entity to affect the amount of the Group's returns
There is a presumption that if the Group has the majority of the voting rights in an entity, the entity is considered as a subsidiary.
The assessments are done for each individual investment.
The Group re-assesses whether or not it controls an entity if facts and circumstances indicate that there are changes to one or more of the three elements of control.
Business combinations are accounted for by using the acquisition method, see note 18. Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary.
Loss of control
In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets (including goodwill) and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost.
The fair value of the consideration received is recognised and any investment retained is recognised at fair value. Gain or loss is recognised in profit and loss at the date when
25
the control is lost.
Investment in associates and joint ventures
The Group has investments in associates. Associates are entities over which the Group has significant influence, but not control or joint control over the financial and operating management.
The considerations made in determining whether the Group has significant influence over an entity are similar to those necessary to determine control over subsidiaries.
Associates are accounted for using the equity method from the date when significant influence is achieved until such influence ceases.
Investments in an associate are initially recognised at cost. The carrying amount of the investment is adjusted to recognise changes in the Group's share of net assets of the associate or joint venture since the acquisition date. Goodwill relating to the associate is included in the carrying amount of the investment and is not tested for impairment individually.
The statement of profit or loss reflects the Group's share of the results of operations of the associate. Any change in OCI of those investees is presented as part of the Group's OCl. In addition, when there has been a change recognised directly in the equity of the associate or joint venture, the Group recognises its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Group and the associate are eliminated to the extent of the interest in the associate.
If there are indication of that the investment in the associate is impaired, the Group will perform an impairment test of the carrying amount of the investment. Any impairment losses are recognised as share of profit of an associate in the statement of profit or loss.
If the Group's share of the loss surpasses the carrying amount of the associate, the carrying amount is set to zero and further loss is not recognised unless the Group has an obligation to make up for the loss.
Upon loss of significant influence over the associate or joint control over the joint venture, and as such the equity method ceases, the Group measures and recognises any retained investment at its fair value. It will not be performed a new measurement of remaining ownership interests if the equity method is still applicable, for example by transition from an associate to a joint venture.
26
The use of estimates and assessment of accounting policies when preparing the annual accounts
Estimates and assumptions
The management has used estimates and assumptions that have affected assets, liabilities, incomes, expenses and information on potential liabilities. This particularly applies to the depreciation of tangible fixed assets. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience. Changes in accounting estimates are recognised during the period when the changes take place. If the changes also apply to future periods, the effect is divided among the present and future periods.
Judgments
The management has, when preparing the financial statements; made certain significant assessments based on critical judgment when it comes to application of the accounting principles. The following notes include the Group's assessments regarding:
- Fair value of biological assets, note 7
- · Leases, note 3
- · Financial instruments, note 23 and 24
Current versus non-current classification
The Group presents assets and liabilities in the consolidated statement of financial position as either current or non-current.
The Group classifies an asset as current when it:
- · Expects to realise the asset, or intends to sell or consume it, in its normal operating cycle
- · Holds the asset primarily for the purpose of trading
- Expects to realise the asset within twelve months after the reporting period
Or
• The asset is cash or a cash equivalent, unless the asset is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period
All other assets are classified as non-current, including deferred tax assets.
The Group classifies a liability as current when it:
· Expects to settle the liability in its normal operating cycle
27
- · Holds the liability primarily for the purpose of trading
- Is due to be settled within twelve months after the reporting period
Or
· It does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period.
All other liabilities are classified as non-current, including deferred tax liabilities.
Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in exchange for those goods or services. The Group has generally concluded that it is the principal in its revenue arrangements, because it typically controls the goods or services before transferring them to the customer.
Revenue from the sale of goods
The Group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all of the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term 30 days upon delivery.
The Group considers whether there are other promises in the contract that are separate performance obligations to which a portion of the transaction price needs to be allocated.
Revenue from sale of services
The Group recognises revenue from rendering of services over time, because the customer simultaneously receives and consumes the benefits provided by the Group. The Group recognises revenue over time by measuring the progress towards complete satisfaction of the services, using either an input or output method. The method applied is the one that most faithfully depicts our progress towards complete satisfaction of the performance obligation.
Segments
For management reporting purposes, the Group is reporting on one segment, fish
28
farming of cods. All activity takes place in Norway, so far one Norwegian customer has purchased nearly the entire production. Based on this only one segment is identified, and no segment information is prepared for management reporting or other purposes.
Borrowing costs
Borrowing costs are recognised in the statement of comprehensive income when they arise. Borrowing costs are capitalised to the extent that they are directly related to the purchase, construction or production of a non-current asset. The interest costs accrued during the construction period until the non-current asset is capitalised. Borrowing costs are capitalised until the date when the non-current asset is ready for its intended use. If the cost price exceeds the non-current asset's fair value, an impairment loss is recognised.
Income tax
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/ tax assets are calculated on all differences between the book value and tax value of assets and liabilities, with the exception of:
- · temporary differences linked to goodwill that are not tax deductible
- · temporary differences related to investments in subsidiaries, associates or joint ventures when the Group controls when the temporary differences are to be reversed and this is not expected to take place in the foreseeable future.
Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset.
Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates applicable to the companies in the Group where temporary differences have arisen.
Deferred tax and deferred tax assets are recognised at their nominal value and classified as non-current asset investments (long-term liabilities) in the balance sheet.
Taxes payable and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
29
Tangible assets
Tangible assets, with the exception of investment property and buildings, are valued at their cost less accumulated depreciation and impairment losses. When assets are sold or disposed of, the carrying amount is derecognised and any gain or loss is recognised in the statement of comprehensive income.
Depreciation is calculated using the straight-line method over the following useful life:
| Sites | 12,5 years |
|---|---|
| Vessels and Barges | 20 years |
| Equipment and machinery | 5 years |
The depreciation period and method are assessed each year. A residual value is estimated at each year-end, and changes to the estimated residual value are recognised as a change in an estimate impacting future depreciations.
Assets under construction are classified as non-current assets and recognised at cost until the production or development process is completed. Assets under construction are not depreciated until the asset is taken into use.
Leases
Significant accounting policies
ldentifying a lease
At the inception of a contract, The Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.
The Group as a lessee
Recognition of leases and exemptions
At the lease commencement date, the Group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied:
- · Short-term leases (defined as 12 months or less)
- Low value assets
For these leases, the Group recognises the lease payments as other operating expenses in the statement of profit or loss when they incur.
Lease liabilities
The lease liability is recognised at the commencement date of the lease. The Group
30
measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the Group is reasonably certain to exercise this option.
The lease payments included in the measurement comprise of:
- · Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable
- Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date
- · Amount expected to be payable by the Group under residual value guarantees
• The exercise price of a purchase option, if the Group is reasonably certain to exercise that option
· Payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease.
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate.
The Group does not include variable lease payments in the lease liability. Instead, the Group recognises these variable lease expenses in profit or loss.
The Group presents its lease liabilities as separate line items in the statement of financial position.
Right-of-use assets
The Group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The cost of the right-of-use asset comprise:
- The amount of the initial measurement of the lease liability recognised
- Any lease payments made at or before the commencement date, less any incentives received
· Any initial direct costs incurred by the Group. An estimate of the costs to be incurred by the Group in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease
The Group applies the depreciation requirements in IAS 16 Property, Plant and
31
Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset.
The Group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified.
Business combinations and goodwill
Business combinations are accounted for using the acquisition method. For description of the measurement of non-controlling interest, see below. Acquisition-related costs are expensed in the periods in which the costs are incurred and the services are received.
The consideration paid in a business combination is measured at fair value at the acquisition date and consist of cash, stocks issued in Statt Torsk ASA and contingent consideration.
The contingent consideration is classified as a liability in accordance with IFRS 9. Subsequent changes in the fair value are recognized in profit or loss.
When acquiring a business all financial assets and liabilities assumed are assessed for appropriate classification and designation in accordance with contractual terms, economic circumstances and pertinent conditions at the acquisition date. The acquired assets and liabilities are accounted for by using fair value in the opening group balance (unless other measurement principles should be applied in accordance with IFRS 3).
The initial accounting for a business combination can be changed if new information about the fair value at the acquisition date is present. The allocation can be amended within 12 months of the acquisition date [provided that the initial accounting at the acquisition date was determined provisionally]. The non-controlling interest is set to the non-controlling interest's share of identifiable assets and liabilities. The measurement principle is done for each business combination separately.
When the business combination is achieved in stages, the previously held equity interest is re-measured at its acquisition-date fair value and the resulting gain or loss, if any, is recognised in profit or loss.
Goodwill is recognised as the aggregate of the consideration transferred and the amount of any non-controlling interest and deducted by the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Goodwill is not depreciated but is tested at least annually for impairment. In connection with this, goodwill is allocated to cash-generating units or groups of cash-generating units that are expected to benefit from synergies from the business combination.
32
If the fair value of the equity exceeds the acquisition cost in a business combination, the difference is recognised as income immediately on the acquisition date.
Government grants
Government grants are recognised when it is reasonably certain that the company will meet the conditions stipulated for the grants and that the grants will be received. Operating grants are recognised systematically during the grant period. Grants are deducted from the cost which the grant is meant to cover. Investment grants are capitalised and recognised systematically over the asset's useful life. Investment grants are recognised either as deferred income or as a deduction of the asset's carrying amount.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.
Financial assets
The Group's financial assets are: derivatives, non-listed equity instruments, quoted debt instruments, trade receivables and cash and cash equivalents.
The classification of financial assets at initial recognition depends on the financial asset's contractual cash flow characteristics and the Group's business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs.
The Group classified its financial assets in four categories:
- · Financial assets at amortised cost
- Financial assets at fair value through OCI with recycling of cumulative gains and losses
- Equity instruments designated at fair value through OCl with no recycling of
- cumulative gains and losses upon derecognition
- · Derivatives at fair value designated as hedging instruments
Financial assets at amortised cost
The Group measures financial assets at amortised cost if both of the following conditions are met:
33
· The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows and,
• The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or impaired.
The Groups financial assets at amortised cost includes trade receivables and other short-term deposit. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.
Derecognition of financial assets
A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognised (i.e., removed from the Group's consolidated statement of financial position) when:
- · The rights to receive cash flows from the asset have expired, or
- · The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement; and either
- a. the Group has transferred substantially all the risks and rewards of the asset, or
- b. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. Derivatives are recognised initially at fair value. Loans, borrowings and payables are recognised at fair value net of directly attributable transaction costs.
Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.
Loans, borrowings and payables
After initial recognition, interest-bearing loans and borrowings are subsequently
35
value is the cost of the biological assets. Further considerable uncertainty attaches to the estimated remaining production costs to harvest.
Cash and cash equivalents
Cash includes cash in hand and at bank. Cash equivalents are short-term liquid investments that can be immediately converted into a known amount of cash and have a maximum term to maturity of three months.
Equity
Equity and liabilities
Financial instruments are classified as liabilities or equity in accordance with the underlying economic realities.
Interest, dividend, gains and losses relating to a financial instrument classified as a liability are presented as an expense or income. Amounts distributed to holders of financial instruments that are classified as equity are recorded directly in equity.
Treasury shares
When treasury shares are repurchased, the purchase price including directly attributable costs is recognised in equity. Treasury shares are presented as a reduction in equity. Losses or gains on transactions involving treasury shares are not recognised in the statement of comprehensive income.
Costs of equity transactions
Transaction costs directly related to an equity transaction are recognised directly in equity after deducting tax expenses.
Employee benefits
Defined contribution plans
The Group companies have made contributions to local pension plans. These contributions have been made to the pension plan for full-time employees and equal 4% of the employee's salary limited to 12G. The pension premiums are charged to expenses as they are incurred.
Provisions
A provision is recognised when the Group has an obligation (legal or self-imposed) as a result of a previous event, it is probable (more likely than not) that a financial
36
settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market's pricing of the time value of money and, if relevant, risks specifically linked to the obligation.
Onerous contracts: If the Group has a contract that is onerous, the present obligation under the contract is recognised and measured as a provision. However, before a separate provision for an onerous contract is established, the Group recognises any impairment loss that has occurred on assets dedicated to that contract.
Contingent liabilities and assets
Contingent liabilities are not recognised in the annual accounts. Significant contingent liabilities are disclosed, with the exception of contingent liabilities that are unlikely to be incurred.
Contingent assets are not recognised in the annual accounts.
Events after the reporting period
New information on the company's financial position on the end of the reporting period which becomes known after the reporting period is recorded in the annual accounts. Events after the reporting period that do not affect the company's financial position on the end of the reporting period but which will affect the company's financial position in the future are disclosed if significant.
Amendments to standards and interpretations with a future effective date
There is a number of standards and interpretations that are issued up to the date of issuance of the consolidated financial statements, but not yet effective. The Group's intention is to adopt the relevant new and amended standards and interpretations when they become effective, subject to EU approval before the consolidated financial statements are issued.
We do not anticipate that any of the proposed amendments will have a significant impact on the company's financial statements.
37
Estimation uncertainty
In the process of applying the Group's accounting policies in according to IFRS, management has made several judgements and estimates. All estimates are assessed to the most probable outcome based on the managements best knowledge. Changes in key assumptions may have significant effect and may cause material adjustments to the carrying amounts of assets and liabilities, equity and the profit for the year.
The company's most important accounting estimates are the following items:
- · Fair value inventory
- · Depreciation of tangible fixed assets
- · Provision for expected credit losses Accounts receivables and contract assets
Fair value biomass
Fair value of the biomass Biological assets held at the Group's sea farms are measured in accordance with IAS 41. The principles for calculating fair value are described in Note 7 Inventory.The valuation is based on a number of assumptions that require considerable discretionary judgement. The key assumptions relate to volume, costs, price and the discount rate. The estimated volume at harvest is based on the number of fish held at sea farms, adjusted for estimated growth and mortality from the time the fish were transferred to the sea until they have actually been harvested. The actual volume harvested may deviate from the estimated volume as a result of biological developments. Uncertainty with regard to biological developments may affect the date of harvest and therefore the discounting period in the model. Due to the cod farming industy beeing in an early phase, without a mature market and llisted prices, which is the case for salmon farming, our best estimate for fair value is the cost of the biological assets, held at the Group's sea farms. Further considerable uncertainty attaches to the estimated remaining production costs to harvest
Production Equipment
The estimated useful life of the company's production equipment is to a large extent affected by technological developments. This applies to the depreciation of tangible fixed assets. Future events may lead to these estimates being changed. Estimates and their underlying assumptions are reviewed on a regular basis and are based on best estimates and historical experience.
| Group | (NOK 1000) | ||||
|---|---|---|---|---|---|
| Sites | Vessels and Barges |
Machinery and equipment |
Construction in progress |
2021 Total | |
| Accumulated cost 1 January 2021 Additions |
5 128 15 024 |
4 938 | 61 ୧ ୧୦୦ |
60 835 | 10 127 82 459 |
| Disposals, and assets classified as held for sale Additions from acquisition of companies |
6 0 |
||||
| Write downs Reversal of previous write downs |
-34 | - 34 0 |
|||
| Depreciation 2021 | -1 524 -2 669 |
- 252 -110 |
-104 -12 |
-1 880 -2 791 |
|
| Depreciation accumulated January 1 Exchange differences |
0 | ||||
| Carrying value 31 December 2021 | 15 925 | 4 576 | 6 545 | 60 835 | 87 881 |
| As at January 1 2021 | |||||
| Acquisition cost Accumulated depreciation and write downs |
5 128 -2 669 |
4 938 -110 |
e J -12 |
10 127 -2 791 |
|
| Carrying value | 2 459 | 4 828 | 49 | ರಿ | 7 336 |
| As at December 31 2021 Acquisition cost |
20 152 | 4 938 | 6 661 | 60 835 | 92 586 |
| Accumulated depreciation and write downs | -4 227 | -362 | -116 | -4 705 | |
| Carrying value | 15 925 | 4 576 | 6 545 | 60 835 | 87 881 |
| Sites | Vessels and Barges |
Machinery and equipment |
Construction in progress |
2020 Total | |
| Accumulated cost 1 January 2020 | 3 366 | 0 | 3 366 | ||
| Additions Disposals, and assets classified as held for sale |
1 762 | 4 938 | ୧1 | 6 761 0 |
|
| Additions from acquisition of companies Write downs |
0 0 |
||||
| Reversal of previous write downs | 0 | ||||
| Depreciation Depreciation accumulated January 1 |
-744 -1 925 |
-110 0 |
-12 0 |
-866 -1 925 |
|
| Exchange differences | 0 | ||||
| Carrying value 31 December 2020 | 2 459 | 4 828 | 49 | 0 | 7 336 |
| As at January 1 2020 | |||||
| Acquisition cost | 3 366 | 0 | 3 366 | ||
| Accumulated depreciation and write downs | -1 925 | 0 | -1 925 | ||
| Carrying value | 1 441 | 0 | 0 | 0 | 1 441 |
| As at December 31 2020 | |||||
| Acquisition cost Accumulated depreciation and write downs |
5 128 -2 669 |
4 938 -110 |
el -12 |
10 127 -2 791 |
|
| Carrying value | 2 459 | 0 | 49 | 0 | 7 336 |
| Economic life | 12,5 years | 20 years | 5 years | ||
| Depreciation method | linear | linear | linear |
| Parent | (NOK 1000) | ||||
|---|---|---|---|---|---|
| Sites | Vessels and Barges |
Machinery and equipment |
Construction in progress |
2021 Total | |
| Accumulated cost 1 January 2021 | 5 128 | 61 | 2 189 | ||
| Additions | 15 024 | 6 600 | 21 624 | ||
| Disposals, and assets classified as held for sale | 0 | ||||
| Additions from acquisition of companies | 0 | ||||
| Write downs | - 34 | - 34 0 |
|||
| Reversal of previous write downs Depreciation 2021 |
-1 524 | -104 | -1 628 | ||
| Depreciation accumulated January 1 | -2 669 | -12 | -2 681 | ||
| Exchange differences | 0 | ||||
| Carrying value 31 December 2021 | 15 925 | 0 | 6 545 | 0 | 22 470 |
| As at January 1 2021 | |||||
| Acquisition cost | 5 128 | ୧ । | 5 189 | ||
| Accumulated depreciation and write downs | -2 669 | -12 | -2 681 | ||
| Carrying value | 2 459 | 0 | 49 | 0 | 2 508 |
| As at December 31 2021 | |||||
| Acquisition cost | 20 152 | 6 661 | 0 | 26 813 | |
| Accumulated depreciation and write downs | -4 227 | -116 | -4 343 | ||
| Carrying value | 15 925 | 0 | 6 545 | 0 | 22 470 |
| Sites | Vessels and Barges |
Machinery and equipment |
Construction in progress |
2020 Total | |
| Accumulated cost 1 January 2020 | 3 366 | 3 366 | |||
| Additions | 1 762 | ୧୮ | 1 823 | ||
| Disposals, and assets classified as held for sale | 0 | ||||
| Additions from acquisition of companies | 0 | ||||
| Write downs | 0 0 |
||||
| Reversal of previous write downs Depreciation |
-2 681 | ||||
| Depreciation accumulated January 1 | -2 669 | -12 | 0 | ||
| Exchange differences | |||||
| Carrying value 31 December 2020 | 2 459 | 0 | 49 | 0 | 2 508 |
| As at January 1 2020 | |||||
| Acquisition cost | 3 366 | 3 366 | |||
| Accumulated depreciation and write downs | -1 925 | -1 925 | |||
| Carrying value | 1 441 | 0 | 0 | 0 | 1 441 |
| As at December 31 2020 | |||||
| Acquisition cost | 5 128 | 61 | 2 189 | ||
| Accumulated depreciation and write downs | -2 669 | -12 | -2 681 |
| Group | (NOK 1000) | |||
|---|---|---|---|---|
| Right-of-use assets | Land | Vessels and barges Under Construction |
Machinery and equipment |
Total |
| Acquisition cost 1 January 2021 Addition of right-of-use assets Disposals Transfers and reclassifications Currency exchange differences |
186 | 0 3 208 |
186 3 208 0 0 0 |
|
| Acquisition cost 31 December 2021 | 0 | 0 | 3 208 | 3 394 |
| Accumulated depreciation and impairment 1 January 2021 Depreciation Impairment losses in the period Disposals Transfers and reclassifications Currency exchange differences |
53 | 53 | 0 267 0 0 0 0 |
|
| Accumulated depreciation and impairment 31 December 2021 | ટે રે | 0 | 214 | 267 |
| Carrying amount of right-of-use assets 31 December 2021 | 133 | 0 | 2 994 | 3 127 |
| Lower of remaining lease term or economic life Depreciation method |
2,5 years Linear |
8 years Linear |
4,5 years Linear |
|
| Undiscounted lease liabilities and maturity of cash outflows | Total | |||
| Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years |
8 673 12 732 12 702 12 672 12 412 2 091 |
|||
| Total undiscounted lease liabilities at 31 December 2021 | 61 192 |
| Summary of the lease liabilities | Total |
|---|---|
| At initial application 01.01.2021 | 199 |
| New lease liabilities recognised in the year | 46 445 |
| Cash payments for the principal portion of the lease liability | -313 |
| Cash payments for the interest portion of the lease liability | |
| Interest expense on lease liabilities | |
| Currency exchange differences | |
| Total undiscounted lease liabilities at 31 December 2021 | 46 322 |
| Current lease liabilities (note 27) | 8 673 |
| Total cash outflows for leases | 61 192 |
| Parent | (NOK 1000) | |||
|---|---|---|---|---|
| Right-of-use assets | Land | Vessels ad barges | Machinery and equipment |
Total |
| Acquisition cost 1 January 2021 Addition of right-of-use assets Disposals Transfers and reclassifications Currency exchange differences |
186 | 3 040 | 0 3 208 |
3 226 3 208 0 0 0 |
| Acquisition cost 31 December 2021 | 0 | 3 040 | 3 208 | 6 434 |
| Accumulated depreciation and impairment 1 January 2021 Depreciation Impairment losses in the period Disposals Transfers and reclassifications Currency exchange differences |
ਦੇ ਤੋ | 335 | 214 | 0 602 0 0 0 0 |
| Accumulated depreciation and impairment 31 December 2021 | ટે રે | 335 | 214 | 214 |
| Carrying amount of right-of-use assets 31 December 2021 | 133 | 2 795 | 2 994 | 5 832 |
| Lower of remaining lease term or economic life Depreciation method |
2,5 years Linear |
8 years Linear |
4,5 years Linear |
|
| Undiscounted lease liabilities and maturity of cash outflows | Total | |||
| Less than 1 year 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years |
1 266 1 266 1 236 1 206 946 1 278 |
|||
| Total undiscounted lease liabilities at 31 December 2021 | 7 198 |
| Summary of the lease liabilities | Total |
|---|---|
| At initial application 01.01.2021 | 3 226 |
| New lease liabilities recognised in the year | 3 208 |
| Cash payments for the principal portion of the lease liability | -508 |
| Cash payments for the interest portion of the lease liability | |
| Interest expense on lease liabilities | |
| Currency exchange differences | |
| Total undiscounted lease liabilities at 31 December 2021 | 5 926 |
| Current lease liabilities (note 27) | d J 3 |
| Total cash outflows for leases | 7 198 |
| (NOK 1000) | |||||
|---|---|---|---|---|---|
| Entity | Country | Industry Ownership Voting rights interest |
|||
| Statt Sjømat AS | Norway | Seafood | 33 % - 33 % |
||
| . |
| Note 5: Income tax | ||
|---|---|---|
| Group | (NOK 1000) | |
| Income tax expense: | ||
| 2021 | 2020 | |
| Current tax: Tax payable Correction of previous years current income taxes Deferred tax Changes in deferred tax |
0 0 0 |
0 ರಿ ರಿ |
| Changes in tax rate | 0 | 0 |
| Tax expense | 0 | 0 |
| A reconciliation of the effective rate of tax and the tax rate in Statt torsk ASA's country of registration: |
||
| Income tax expense: | ||
| 2021 | 2020 | |
| Pre-tax profit Income taxes calculated at 22% Adjustment in respect of current income tax of previous years |
-28 995 -6 359 |
-5 954 -1 309 |
| Changes in unrecognised deferred tax asset Non deductible expenses Non-taxable income Effect of other tax rates in subsidiaries Effect of change in tax rate* |
6 287 72 |
1 309 |
| Other | ||
| Tax expense | 0 | ರಿ |
| Income tax expense reported in consolidated income statement | 0 | ರಿ |
| Income tax expense | 0 | 0 |
| Consolidated balance sheet |
Consolidated income statement |
Other comprehesive income |
|||||
|---|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||
| Deferred tax assets Pensions Tax losses carried forward Other |
55 349 | 19 320 | |||||
| Deferred tax assets - gross | 55 349 | 19 320 | ക | 0 | છ | 0 | |
| Deferred tax liabilities Property, plant and equipment Buildings at revalued value |
-3 505 | 523 | |||||
| Investment property Leasing |
୧୫ | ||||||
| Other Inventory | 3 913 | ||||||
| Deferred tax liabilities - gross | 468 | 523 | 0 | 0 | 0 | 0 | |
| Net unrecognised deferred tax asset gross | 55 817 | 19 843 |
| Parent Income tax expense: |
(NOK 1000) | |
|---|---|---|
| 2021 | 2020 | |
| Current tax: Tax payable Correction of previous years current income taxes Deferred tax Changes in deferred tax Changes in tax rate |
0 0 0 0 |
ರಿ 0 0 ರಿ |
| Tax expense | 0 | 0 |
| A reconciliation of the effective rate of tax and the tax rate in Statt torsk ASA's country of registration: |
||
| Income tax expense: | ||
| Pre-tax profit Income taxes calculated at 22% |
2021 -28 934 -6 365 |
2020 -5 906 -1 299 |
| Adjustment in respect of current income tax of previous years Changes in unrecognised deferred tax asset Non deductible expenses Non-taxable income |
6 293 72 |
1 299 |
| Effect of other tax rates in subsidiaries Effect of change in tax rate* Other |
||
| Tax expense | 0 | 0 |
| Income tax expense reported in consolidated income statement | 0 | 0 |
| Income tax expense | 0 | 0 |
46
Deferred tax and deferred tax assets:
| Balance sheet | Income statement | Other comprehesive income |
||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | |
| Deferred tax assets Pensions Tax losses carried forward Other |
54 410 | 18 766 | ||||
| Deferred tax assets - gross | 54 410 | 18 766 | ക | 0 | છ | 0 |
| Deferred tax liabilities Property, plant and equipment Buildings at revalued value Investment property |
-2 672 | વેવે વેવે છે | ||||
| Leasing | 69 | |||||
| Other Inventory | 3 913 | |||||
| Deferred tax liabilities - gross | 1 301 | ਰੇਰੇਰੇ | 0 | 0 | 0 | 0 |
| Net unrecognised deferred tax asset gross | 55 711 | 19 765 |
The company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
The Group has a total loss carried forward of MNOK 54,4 as at 31 December 2021 (2020: 19), of which MNOK 0 are recognised as an asset in the balance sheet as at 31.12.2021, due to uncertaincy related to utilisation for the tax losses carried froward.
Note 6: Fair value
Determination of fair value
The following of the Group's financial instruments are not measured at fair value: cash and cash equivalents, accounts receivables, other current receivables and payables and bank loans.
The carrying anount of cash and cash equivately equal to fair value since these instruments have a short tern to maturity. Similarly, the carrying amount of account receivables and other current receivables is approximately equal to fair value since they are short term and entered into on "normal" terms and conditions. The carrying anount of bank loans are assessed to be approximately equal to fair value because the floating interest rate are adjusted to reflect current conditions.
The fair value of financial assets and liabilities recognised at the present value of estimated ash flows discounted by the interest rate that applies to corresponding liabilities and assets at the end of the reporting period. This applies to:
- Deposits to lessors under operating leases, refer to Note 3.
- · Liabilities resulting from leases, refer to Note 3.
Set out below is a comparison by category of carrying amounts and fair values of all of the Group's financial instruments:
| 2021 | 2020 | |||||||
|---|---|---|---|---|---|---|---|---|
| Book value | Fair value | Book value | Fair value | |||||
| Derivatives | ||||||||
| Foreign exchange forward contracts | 0 | 0 | 0 | 0 | ||||
| Equity instruments | ||||||||
| Non-listed equity instruments | 1 023 | 1 023 | 0 | 0 | ||||
| Debt instruments | ||||||||
| Prepayments | 19 867 | 19 867 | 10 584 | 10 584 | ||||
| Accounts receivable | 9 073 | 9 073 | 3 138 | 3 138 | ||||
| Other receivables | 3 | 055 | 3 055 | 0 | 0 | |||
| Cash and cash equivalents | 33 601 | 33 601 | 33 030 | 33 030 | ||||
| Total financial assets | 65 596 | 65 596 | 46 752 | 46 752 | ||||
| Interest bearing loans and borrowings | ||||||||
| Bank loans | 0 | 0 | 0 | ರಿ | ||||
| Derivatives | ||||||||
| Foreign exchange forward contracts | 0 | 0 | 0 | 0 | ||||
| Interest rate swap | 0 | 0 | 0 | 0 | ||||
| Other financial liabilities | ||||||||
| Liabilities from leasing | 46 322 | 46 322 | 180 | 80 | ||||
| Trade and other payables | 18 435 | 18 435 | 1 031 | 1 031 | ||||
| Total financial liabilities | 64 757 | 64 757 | 1 211 | 1 111 |
| Fair value measurement using | ||||||||
|---|---|---|---|---|---|---|---|---|
| 31.12.2021 | Total | Quoted prices in active markets (Level 1) |
Significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
||||
| Assets measured at fair value: Derivative financial assets |
0 | 0 | 0 | 0 | ||||
| Foreign exchange forward contracts Equity instruments Non-listed equity instruments |
0 | 0 | ರಿ | 1 023 | ||||
| Debt instruments Quoted debt instruments |
||||||||
| Total financial assets | 0 | 0 | ರಿ | 1 023 | ||||
| Liabilities measured at fair value: Derivative financial liabilities |
||||||||
| Foreign exchange forward contracts Interest rate swap |
0 0 |
0 0 |
0 0 |
ರಿ 0 |
||||
| Total financial liabilities | 0 | 0 | 0 | 0 |
| Reconciliation of recurring level 3 measurements | 31.12.2021 |
|---|---|
| Balance sheet as of 01.01.2021 | 0 |
| Gains and losses recognised in the current profit and loss statement | |
| Purchase, sale, issue and settlement | 1 023 |
| Amounts transferred to and from level 3 | 0 |
| Unrealised profit (loss) recognised in other comprehensive income (OCI) | 0 |
| Balance sheet as of 31.12.2021 | 1 923 |
40
Note 7: Inventories (NOK 1000) 2021 2020 Finished goods: Raw material Finished goods 757 Fish at sea (biological assets) 757 0 Total finished goods Fish at sea (Biomas) 41 644 7 840 Raw materials, at cost 4 113 167 Finished goods 757 8 007 Total 46 514 Fish at sea tons Fair value NOK Cost NOK Fair value adjustment Biomas 2021 2020 2021 2020 2021 2020 2021 2020 Fish at sea 01.01.2021 199 65 7 840 4 661 7 840 4 661 Fish at sea 31.12.2021 1 051 199 41 644 7 840 41 644 7 840
VALUATION OF BIOLOGICAL ASSETS
IAS 41 requires biomass to be accounted for at the estimated fair value net of sales costs and harvesting costs. The calculation of the estimated fair value is based on market prices for harvested fish. In the change in estimated fair value is entered to the Income Statement on a continuous basis.
The Group's biological assets are cod at all stages of the fish are divided into two main groups, depending on the stage of the life cycle. The first group is fingerlings, which are kept at second is, when the fish has reached a certain size and are transported to the sea-farms.
For the first group, historical cost is deemed a proach to fair value, as there is little biological transformation. This assessment must be seen in the light of the fact that fingerlings are moved to the sea-farms when the weight is still relatively low.
For the second group, the fair value is would normally be calculated by applying a present value model at level 3 in the fair value hierchy in IFRS 13
The valuation model
The valuation model calculates the net present value of expected cash flow from biological assets.
Changes to estimated fair value of biological assets are presented on the line Fair value adjustments of biological assets in the Income Statement.
The measurement unit is the individual fish. However, for practical reasons, cash flows and estimates are performed for the entire population.
Main components in the model are:
- · Volume
- · Production costs
- · Sales price · Discount rate
Volume
Estimated harvest volume is based on the actual number of fish in the sea on the balance sheet date, minus estimated future mortality from balance sheet date and multiplied by optimal harvest weight per fish. Future monthly mortality is estimated to be 0.6 % of the number of incoming fish per month.
50
Cost
Estimated future costs are based on the Group's prognoses. Cost comprises mainly fry, feed, production and harvest.
Price
Unlike for Salmon, there are no observable market prices for farmed cod available. The market for farmed cod is in an early phase, and the uncertainty regarding the sales prices is high. There are no future prices listed on Fish Pool for farmed cod will be sold as a different product and in a different market than wild cod, and the pricing will be different.
As there are no reliable indication on future sales prices our best estimate for fair value of the biological assets is currently historical cost. The marked will be monitored closely, and we will adjust our estimates for sales prices becomes available.
The estimate of fair value of biomass will always be based on uncertain assumptions.
Note 8: Accounts receivables and contract assets
| (NOK 1000) | ||
|---|---|---|
| 31.12.2021 | 31.12.2020 | |
| Accounts recievables Receivables related to revenue from contracts with customers - external Receivables related to other income - external Receivables from an associate Receivables from other related parties |
9 073 | 3 138 |
| Total accounts recievables (Gross) | 9 073 | 3 138 |
Accounts receivables are non-interest bearing.
See note 3 for a description of allowance for expected credit losses. Note 3 also provides a description of the changes in accounts recievables and a description of the Group's credit risk management.
Note 9: Other current assets
| (NOK 1000) | ||
|---|---|---|
| 2021 | 2020t | |
| Prepayment equipment | 6 700 | 3 982 |
| Prepayment fingerlings | 5 250 | 6 001 |
| Prepayment other | 365 | 691 |
| Receivable VAT | 6 928 | |
| Other current assets | 624 | |
| Total other current assets | 19 867 | 10 584 |
| ============================================================================================================================================================================== |
|---|
| Note 10. Gash and cash equivalents | ||
|---|---|---|
| (NOK 1000) | ||
| Group | 2021 | 2020 |
| Cash Short-term bank deposits |
0 33 601 |
ರಿ 33 030 |
| Cash and cash equivalents in the balance sheet | 33 601 | 33 030 |
| For the purpose of the statement of cash and cash equivalents comprise the following at 31 December: | ||
| Group | 2021 | 2020 |
| Cash at banks and on hand | 33 601 | 33 030 |
| Cash and cash equivalents | 33 601 | 33 030 |
| Restricted funds 580 at December 31 2021 | ||
| (NOK 1000) | ||
| Parent | 2021 | 2020 |
| Cash Short-term bank deposits |
0 32 173 |
ರಿ 33 023 |
| Cash and cash equivalents in the balance sheet | 32 173 | |
| For the purpose of the statement of cash and cash equivalents comprise the following at 31 December: | ||
| Parent | 2021 | 2020 |
| Cash at banks and on hand | 32 173 | 33 023 |
| Cash and cash equivalents | 32 173 | 33 023 |
| Note 11: List of subsidiaries | ||||||
|---|---|---|---|---|---|---|
| The following subsidiaries are included in the consolidated financial statements: | (NOK 1000) | |||||
| Company | Country of incorporation |
Main operations | Ownership Voting power 2021 interest 2021 |
Ownership interest 2020 |
Voting power 2020 |
|
| Stokkeneset Reiarlag AS | Norway | Vessels and barges |
100 % | 100 % | 100 % | 100 % |
| (NOK 1000) | |||||
|---|---|---|---|---|---|
| 2021 | 2020 | ||||
| Ordinary shares, nominal amount NOK | 0,10 | 0.10 | |||
| Total number of shares | 166 112 707 | 98 797 149 |
| No. of shares | Share capital | Premium | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Biomas | 2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||
| Ordinary shares | ||||||||||||||||||
| lssued and fully paid 1 January | 98 797 149 | 33 275 079 | 9 879 715 | 3 327 508 | 29 130 565 | 5 611 514 | ||||||||||||
| Issued new share capital | 67 315 558 | 65 522 070 | 6 731 556 | 6 552 207 | 148 768 004 | 25 431 311 | ||||||||||||
| Transaction cost | -7 307 347 | -1 912 260 | ||||||||||||||||
| 31 December 2021 | 166 112 707 | 98 797 149 | 16 611 271 - 1 | 9 879 715 170 591 222 29 130 565 |
| Biomas Number of shares: |
Ownership interest: | ||||
|---|---|---|---|---|---|
| Ordinary shares | |||||
| Orinoco AS | 37 | 400 000 | 22,51 % | ||
| T.D. Veen AS | 16 | 525 000 | 9,95 % | ||
| Medvode AS | 15 | 080 000 | 9,08 % | ||
| Techbridge AS | 14 | 600 000 | 8,79 % | ||
| Borgund Brygge AS | 10 | 089 735 | 6,07 % | ||
| DnB NOR Bank ASA | 8 | 135 862 | 4,90 % | ||
| Bjug A. Borgund AS | 6 | 000 000 | 3,61 % | ||
| Bypass Consulting AS | ব | 646 750 | 2,80 % | ||
| Alden AS | ব | 000 000 | 2,41 % | ||
| Tigerstaden Marine AS | א | 000 000 | 1,81 % | ||
| Brekke Holding AS | 2 760 000 | 1,66 % | |||
| Frode Borgund | 2 | 514 188 | 1,51 % | ||
| Secom AS | 2 500 000 | 1,51 % | |||
| Ervik Havfiske AS | 2 | 320 000 | 1,40 % | ||
| Lindvard Invest AS | 2 314 258 | 1,39 % | |||
| Nersnæs AS | 2 100 571 | 1,26 % | |||
| Mami Holding AS | 1 | 820 000 | 1,10 % | ||
| Fjellseter Utvikling AS | 1 | 560 000 | 0,94 % | ||
| Forte Norge | 1 | 532 366 | 0,92 % | ||
| Ervik Capital AS | 1 240 000 | 0,75 % |
| 2021 | 2020 | |
|---|---|---|
| Ordinary shares | ||
| NOK 0,00 per share in 2021 NOK 0,00 per share in 2020 |
છ | 0 |
| Total | 0 | 0 |
| Proposed dividends to be approved at annual general meeting (not recorded as a liability as at 31 December 2021). |
||
| 2021 | 2020 | |
| Ordinary shares NOV 0 00 more charge |
C | C |
| Group | (NOK 1000) | |
|---|---|---|
| 2021 | 2020 | |
| Trade accounts payables Debt to associates and joint ventures Liabilities to associated companies |
15 894 | 735 |
| Government taxes, tax deductions etc. Other current liabilities Accrued interest expenses |
947 1 594 |
151 145 |
| Total | 18 435 | 1 031 |
| Trade payables are non-interest bearing and are normally settled on 30-day terms. |
| Parent | (NOK 1000) | |||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| Trade accounts payables Debt to associates and joint ventures Liabilities to associated companies Government taxes, tax deductions etc. Other current liabilities |
15 638 929 1 594 |
735 151 145 |
||||
| Accrued interest expenses | ||||||
| Total | 18 161 | 1 031 |
55
Note 14: Salary and personnel expense and management remuneration
| (NOK 1000) | |||
|---|---|---|---|
| 2021 | 2020 | ||
| Salaries and holiday pay | 9 145 | 1 572 | |
| Bonuses | 125 | 0 | |
| Social security | 1 082 | 164 | |
| Other personnel costs | 1 35 | 31 | |
| Pension costs defined contribution plans (Note 21) | 412 | 75 | |
| Transfer | -2 969 | -631 | |
| Total salaries and personnel expense | 7 930 | 1 211 |
The number of man-years that has been employed during the financial year: 10
The line item transfer above includes salary and personell expenses that are included in the cost of the biomass (fish at sea)
Management remuneration
The Group Management consists of the Group Directors are the CEO, the VP Development, the CFO and the COO that are all employed by the parent company.
| Biomas | Board | Salary | Bonus | Pension | Total |
|---|---|---|---|---|---|
| remuneration | cost | remuneration | |||
| Management | |||||
| Gustave Brun-Lie (CEO) | 1 030 | 41 | 1 071 | ||
| Leif Ronny Rætta (COO) | 1 180 | 47 | 1 227 | ||
| Arild Borgund Iversen (VP Development) | 572 | 23 | ਦੇ ਹੋ ਦੇ | ||
| Bjug Borgund (CFO) | 1 030 | 41 | 1 071 | ||
| Board members | |||||
| Nicolas Brun-Lie (Chairman) | 0 | ||||
| Marianne Kveldstad (Member) | 0 | ||||
| Øyvind Schanke (Member) | 0 | ||||
| Total remuneration | 0 | 3 812 | 152 | 3 964 |
For information regarding the pension see note 20 regarding pension costs
The CEO has an agreement which gives him the right to a compensation after termination of employment that equals 100% of the salary for six months.
No member of the Group Management has received remuneration or economical benefits from other companies in the Group, other than what is stated above. No additional remuneration has been given for services outside the normal functions as a Director.
No loans or guarantees have been given to any members of the Group Management, the Board of directors or other corporate bodies.
Shares held by Group Management and board members:
| Management | |
|---|---|
| Gustave Brun-Lie (CEO) | 15 080 000 |
| Leif Ronny Rætta (COO) | 521 250 |
| Arild Borgund Iversen (VP Development) | 10 089 735 |
| Bjug Borgund (CFO) | 6 000 000 |
| Management | |
| Nicolas Brun-Lie (Chairman) | 37 400 000 |
| Marianne Kveldstad (Member) | 1 820 000 |
| Øyvind Schanke (Member) | |
| Note 15: Other Operating Expenses | ||
|---|---|---|
| Group Other operating expenses |
(NOK 1000) | |
| 2021 | 2020 | |
| Energy costs | 357 | ਤੋਂ ਕੇ |
| Advertising | ୧ ସ | 16 |
| Repair and maintenance costs | 1 789 | 50 |
| Rental and leasing costs | 1 363 279 |
54 134 |
| Travel costs Consultancy fees and external personnel |
2 200 | 166 |
| Bad debts | ക | ರಿ |
| Insurance | 746 | 191 |
| Licensrelated costs | 1 487 | 105 |
| Other operating costst | 689 | 5 |
| Total operating expenses | 9 516 | 760 |
| Parent | ||
| Other operating expenses | ||
| 2021 | 2020 | |
| Energy costs | 357 | ਤੇ ਰੇ |
| Advertising | 615 | 16 |
| Repair and maintenance costs | 1 769 | 278 |
| Rental and leasing costs | 1 362 | 154 |
| Travel and entertainment costs | 279 | 134 |
| Consultancy fees and external personnel Bad debts |
2 200 ക |
266 0 |
| Insurance | 746 | 185 |
| Licensrelated costs | 1 487 | 105 |
| Other operating costs | ર્સ્વર | 2 |
| Total operating expenses | 9 511 | 1 179 |
| Group/Parent | ||
| Specification auditor's fee | 2021 | 2020 |
| Statutory audit | 42 | 21 |
| Other assurance services | 32 | 23 |
| Other non-assurance services Tax consultant services |
||
| Total | 74 | 44 |
| 202 | 2020 | |||||
|---|---|---|---|---|---|---|
| Profit for the year due to holders of ordinary shares Profit for the year from continuing operations Loss from discontinued operations |
-28 904 | -5 954 | ||||
| Profit for the year due to the holders of ordinary shares | -28 904 | -5 954 | ||||
| 2021 | 2020 | |||||
| Diluted profit | ||||||
| The profit for the year due to the holders of ordinary shares The effect of interest on convertible bonds (before tax) |
-28 904 | -5 954 | 3 30 | |||
| Diluted profit for the year due to the holders of ordinary shares | -28 904 | -5 624 | ||||
| 2021 | 2020 | |||||
| Average number of shares outstanding Effect of dilutive potential ordinary shares: |
149 003 077 | 57 295 942 | ||||
| Convertible bonds Share options |
27 | 651 207 | ||||
| Diluted average number of shares outstanding | 149 003 077 | 84 947 149 | ||||
| Earnings per share Earnings per share diluted |
(0,194) | (0,194) | (0,098) (0,098) |
| Fair value recognised on acquisition | |
|---|---|
| Assets | |
| Property, plants and equipment (note x) | 4938 |
| Cash and cash equivalents | 6 |
| Trade accounts receivable | |
| Inventories | |
| Patents and licenses (note x) | |
| 4 944 | |
| Liabilities | |
| Trade creditors | ರಿ |
| Debt | -2 944 |
| Provisions | |
| Deferred tax liability | |
| -2 944 | |
| Net identifiable assets and liabilities at fair value | 2 000 |
| Non-controlling interest measured at fair value | |
| Goodwill | |
| 2 000 | |
| Purchase consideration transferred | 2 000 |
| Shares issued, at fair value | 2000 |
| Cash | |
| Total consideration | 2 000 |
| Paid in cash | |
| Cash received | 6 |
| Net decrease/(increase) in cash | б |
| Ownership interest | ||||
|---|---|---|---|---|
| Name of company | Country | Main operations | Ownership interest 2021 | |
| Stokkeneset Reiarlag AS | Norway | Vessels and barges | 100 % | |
| Transactions with associated companies The Group has various transactions with associated companies. All the transactions have been carried out as part of the ordinary operations and at arms -length prices. The most significant transactions are as follows: |
||||
| Stokkeneset Reiarlag AS | ||||
| Sales to related parties | Purchases from related parties Receivables from related parties | |||
| 2021 | 446 | 21510 | ||
| 2020 | 372 | 291 2 | ||
| Stokkeneset Reiarlag AS | ||||
| Interest | Amounts owed by/ to related parties | |||
| 2021 | 198 | |||
| 2020 | 0 | |||
| The balance sheet includes the following receivables resulting from transactions with associated companies: |
||||
| 2021 | 2020 |
| Loan to subsidiaries | |
|---|---|
| Account payables |
| Total |
|---|
| ------- |
| 2021 | ||
|---|---|---|
| 2022 | Barge under construction, site development | 20 000 |
| 2023 | । | |
| 2024 | ﺍ | |
| 2025 | । | |
| 2026 | ﺍ | |
| After 2026 | । | |
| Total | 20 000 | |
| Reconciliation of transitional effects | (NOK 1000) | |||
|---|---|---|---|---|
| Note | 01.01.2020 | |||
| Effect of transition to |
||||
| Finance income | NGAAP | IFRS | IFRS | |
| Assets | ||||
| Non - current assets | 1 441 | 1 441 | ||
| Tangible assets | 3 | 239 | 239 | |
| Right-of-use asset | ||||
| Total non - current assets | 1 441 | 1 680 | ||
| Cash | 4 502 | 4 502 | ||
| Stocks | 4 900 | 4 900 | ||
| Other current receivables | 808 | 808 | ||
| Total current assets | 10 210 | 10 210 | ||
| Assets held for sale | ||||
| Total assets | 11 651 | 11 899 | ||
| Equity and liabilities | ||||
| Share capital | 3 328 | 3 328 | ||
| Other equity | (6 384) | (6 384) | ||
| Non-controlling interests | ||||
| Total equity | (3 056) | -3 056 | ||
| Non current liabilities | ||||
| Interest-bearing debt | 191 | 191 | ||
| Lease liaiblities Current Liabilities |
||||
| Interest-bearing loans | ||||
| Current lease liabilities | 48 | 48 | ||
| Trade creditors | 174 | 174 | ||
| Convertible loan | 14 533 | 14 533 | ||
| Total liabilities | 14 707 | 239 | 14 946 | |
| Liabilities relating to assets held for sale | ||||
| Total equity and liabilities | 11 651 | 239 | 11 899 | |
| Note 22: Finance cost, finance income and other income | ||
|---|---|---|
| Group | (NOK 1000) | |
| Finance income | 2021 | 2020 |
| Gain on financial instrument at fair value through OCl Interest on loans and receivable Interest income from quoted debt instruments at fair value through OCI Foreign exchange gains |
ટ ટ | |
| Total financial income | 55 | 0 |
| Finance expenses | 2021 | 2020 |
| Interest on debts and borrowings Interest arising from revenue contracts Foreign exchange losses Other financial expenses |
84 | 532 |
| Total financial expenses | 84 | 532 |
| Parent | (NOK 1000) | |
| Finance income | 2021 | 2020 |
| Gain on financial instrument at fair value through OCl Interest on loans and receivable group companies Interest on loans and receivable Foreign exchange gains |
198 55 |
1 |
| Total financial income | 253 | 1 |
| Finance expenses | 2021 | 2020 |
| Interest on debts and borrowings | 232 | 351 |
| Interest arising from revenue contracts Foreign exchange losses Other financial expenses |
1 | |
| Total financial expenses | 233 | 351 |
63
Note 23: Financial instruments - Financial risk and management objectives and policies
The Group's principal financial liabilities, comprise loans and borrowings, and trade and other payables. The main purpose of these financial liabilities is to finance the Group's operations The Group's principal financial assets include trade requivalents that derive directly from its operations. In addition, the Group holds investments in debt and equity instruments.
The Group is exposed to market risk, liquidity risk and equity price risk. The Group's senior management of these risks. The Board of Directors reviews and agrees policies for managing market risk, credit risk and equity price risk.
Market risk
Market risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk includes interest risk and currency risk. Finance the trisk include loans and borrowings, deposits, debt and equity investments.
Interest rate risk:
Interest rate risk is the risk that the future of a financial instrument will fluctuate because of changes in market interest rates. The Group's exposure to the risk of changes intes relates primarily to the Group's long-term debt obligations with floating rates.
The objective for the interest rate management is to minimize interest costs and at the same time keep the volutility of future interest payments within acceptable limits.
Foreign currency risk
Foreign currency risk is the risk that the future of an exposure will fluctuate because of changes in foreign exchange rates. The Group is exposed to changes in the value of NOK relative to other currencies, primarily to the Group's operating activities (i.e. when revenue or expense is dominated in a foreign currency). As of today all income and the major part of the expenses are in NOK.
The following tables demonstrate the sensonably possible change in USD exchange rates, with all other variables held constant.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to fulfill its financial obligation as they fall due. The Groups approach to managing liquidty is to ensure, as far as possible, that it will always have sufficient liquidty to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Groups reputation.
The table below sets out the maturity profile of the Groups for financial undiscounted payments. When a counterparty has a choice of when an amount is paid, the lability is included on the basis of the earliest date on which the entity can be required to pay. Financial liabilities that can be required to be repaid on demand are included in the "within 1 year" column.
| Group | Period left | |||||
|---|---|---|---|---|---|---|
| Less than 1 | More | |||||
| year | 1-2 | 2-3 | 3-4 | than 5 | ||
| 31/12/2021 | 1 år | years | years | years | years | Total |
| Financial liabilities | ||||||
| (non-derivatives) Lease liabilities |
8 673 | 12 732 | 12 702 | 25 084 | 2 001 | 61 192 |
| Trade and other payables | 18 435 | 18 435 | ||||
| Derivatives Forward exchange contracts |
0 0 |
|||||
| Interest rate swaps | 0 | |||||
| Total | 27 108 | 12 732 | 12 702 | 25 084 | 2 001 | 79 627 |
| Group | ||||||
| Period left | ||||||
| Less than 1 | More | |||||
| 31/12/2020 | year 1 år |
1-2 years |
2-3 years |
3-4 years |
than 5 years |
Total |
| Financial liabilities (non-derivatives) |
ರಿ | |||||
| Lease liabilities | 53 | 60 | 60 | 30 | 203 | |
| Trade and other payables | 1 031 | 1 031 0 |
||||
| Derivatives Forward exchange contracts |
0 | |||||
| Interest rate swaps | 0 | |||||
| Total | 1 084 | ୧୫ | ୧୫ | 30 | ರಿ | 1 234 |
| Parent | ||||||
| Period left | ||||||
| Less than 1 | 1-2 | 2-3 | 3-4 | More | ||
| 31/12/2021 | year 1 år |
years | years | years | than 5 years |
Total |
| Financial liabilities | ||||||
| (non-derivatives) | ||||||
| Lease liabilities | ਰੇ ਹੋ ਤੋ | 1266 | 1236 | 2152 | 1278 | 6 845 |
| Trade and other payables Derivatives |
18161 | 18 161 0 |
||||
| Forward exchange contracts | 0 | |||||
| Interest rate swaps | 0 | |||||
| Total | 19 074 | 1 266 | 1 236 | 2 152 | 1 278 | 25 006 |
| Parent | Period left | |||||
| Less than 1 year |
1-2 | 2-3 | 3-4 | More than 5 |
||
| 31/12/2020 | 1 år | years | years | years | years | Total |
| Financial liabilities | ||||||
| (non-derivatives) | 0 | |||||
| Lease liabilities | 508 1 031 |
488 | 488 | 426 | 1 704 | 3 614 1 031 |
| Trade and other payables Derivatives |
0 | |||||
| Forward exchange contracts | 0 | |||||
| Interest rate swaps | 0 | |||||
| Total | 1 539 | 488 | 488 | 426 | 1 704 | 4 645 |
| Group | الادي ايري ايري ايري اي ويورو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو ويو Days past due |
||||||
|---|---|---|---|---|---|---|---|
| December 2021 |
Contract assets |
Current | <30 days |
30-60 days |
61-90 days |
>91 days |
Total |
| Expected credit loss rate "Estimated total gross carrying amount at default" Expected credit loss |
0 | 0 | 0 | 0 | 0 | 0 0 |
|
| Group | Trade receivables Days past due |
||||||
| December 2020 |
Contract assets |
Current | <30 days |
30-60 days |
61-90 days |
>91 days |
Total |
| Expected credit loss rate "Estimated total gross carrying amount at default" Expected credit loss |
0 | 0 | 0 | 0 | 0 | 0 | 0 0 |
| Parent | Trade receivables Days past due |
||||||
| December 2021 |
Contract assets |
Current | <30 days |
30-60 days |
61-90 days |
>91 days |
Total |
| Expected credit loss rate "Estimated total gross carrying amount at default" Expected credit loss |
0 | 0 | 0 | 0 | 0 | ರಿ 0 |
|
| Parent | Trade receivables Days past due |
||||||
| December 2020 |
Contract assets |
Current | <30 days |
30-60 days |
દ્ય-તેવ days |
>91 days |
Total |
| Expected credit loss rate "Estimated total gross carrying amount at default" Expected credit loss |
0 | ರಿ | 0 | 0 | 0 | ರಿ | 0 0 |
| 2021 | 2020 | |
|---|---|---|
| Interest-bearing loans and borrowings | 0 | |
| Lease liabilities | 46 322 | 1 ਰੇਲ |
| Trade and other payables | 18 435 | 1 031 |
| Less: cash and cash equivalents | 33 601 | 33 030 |
| Net debt | 31 156 | (31 809) |
| Equity | 140 318 | 61 069 |
| Total capital | 140 318 | 61 059 |
| 2021 | 2020 | |
|---|---|---|
| Interest-bearing loans and borrowings | 0 | |
| Lease liabilities | 5 926 | 3 226 |
| Trade and other payables | 18 161 | 1 031 |
| Less: cash and cash equivalents | 32 174 | 33 023 |
| Net debt | -8 087 | (28 766) |
| Equity Total capital |
140 367 140 367 |
61 141 61 059 |
| 31/12/2021 | Derivatives designated as hedging instruments through profit or loss |
Equity instruments designated at fair value through OCI |
Financial instruments at fair value through OCI |
Financial instruments at amortised cost |
Total |
|---|---|---|---|---|---|
| Assets | |||||
| Equity instruments | 1 023 | ||||
| Non-listed equity instruments | 1 023 | ||||
| Debt instruments | 0 | ||||
| Other receivables Accounts receivable |
3 055 | 3 055 | |||
| 9 073 | 9 073 | ||||
| Cash and cash equivalents | 33 601 | 33 601 | |||
| Total Financial assets | 0 | 0 | 1 023 | 45 729 | 46 752 |
| Liabilities | |||||
| Interest bearing loans and borrowings | 46 322 | 46 322 | |||
| Lease liabilities | |||||
| Other financial liabilities | 18 435 | 18 435 | |||
| Trade and other payables | |||||
| Total Financial assets | 0 | 0 | 0 | 64 757 | 64 757 |
| Derivatives | |||||
| designated | Equity | ||||
| as hedging | instruments | Financia | Financial | ||
| instruments | designated | instruments | instruments | ||
| through | at fair value | at fair value | at amortised | ||
| 31/12/2020 | profit or loss | through OCI | through OCI | cost | Total |
| Assets Equity instruments Non-listed equity instruments Debt instruments Accounts receivable Cash and cash equivalents |
0 | 3 138 33 030 |
0 0 3 138 33 030 |
||
|---|---|---|---|---|---|
| Total Financial assets | 0 | 0 | 0 | 36 168 | 3 138 |
| Liabilities Interest bearing loans and borrowings Lease liabilities Other financial liabilities Trade and other payables |
190 1 031 |
199 1 031 |
| Derivatives designated as hedging instruments through 31/12/2021 profit or loss |
Equity instruments designated at fair value through OCI |
Financia instruments at fair value through OCI |
Financial instruments at amortised cost |
Total | |
|---|---|---|---|---|---|
| Assets | |||||
| Equity instruments | |||||
| Non-listed equity instruments | 2 935 | 2 935 | |||
| Debt instruments | |||||
| Accounts receivable | 9 073 | 9 073 | |||
| Cash and cash equivalents | 32 174 | 32 174 | |||
| Total Financial assets | 0 | 0 | 2 935 | 41 247 | 12 008 |
| Liabilities | |||||
| Interest bearing loans and borrowings | |||||
| Lease liabilities | 5 926 | 5 926 | |||
| Other financial liabilities | |||||
| Trade and other payables | 18 161 | 18 161 | |||
| Total financial liabilities | 0 | છ | 0 | 24 087 | 24 087 |
| 31/12/2020 | 100 1 1 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 designated as hedging instruments through profit or loss |
Equity instruments designated at fair value through OCI |
Financial instruments at fair value through OCI |
Financial instruments at amortised cost |
Tota |
|---|---|---|---|---|---|
| Assets | |||||
| Equity instruments | |||||
| Non-listed equity instruments | 0 | 0 | |||
| Debt instruments | |||||
| Accounts receivable | 3 138 | 3 138 | |||
| Cash and cash equivalents | 33 023 | 33 023 | |||
| Total Financial assets | 0 | 0 | 0 | 36 161 | 3 138 |
| Liabilities | |||||
| Interest bearing loans and borrowings | |||||
| Lease liabilities | 3 226 | 3 226 | |||
| Other financial liabilities | |||||
| Trade and other payables | 1 031 | 1 031 | |||
| Total Financial assets | 0 | 0 | 0 | 4 257 | 4 257 |
| Group | Non-cash changes | ||||||
|---|---|---|---|---|---|---|---|
| 01.01.2021 | Cash flows |
Foreign exchange movement |
Fair values changes |
New eases |
Other | 31.12.2021 | |
| Long-term borrowings | 0 | 0 | |||||
| Short-term borrowings | 0 | 0 | |||||
| Lease liabilities | 199 | - 230 | 46 362 | 46 322 | |||
| Total liabilities from financing activities | 199 | -239 | 0 | 9 | 46 362 | ഗ്ഗ | 46 322 |
| Non-cash changes | |||||||
|---|---|---|---|---|---|---|---|
| 01.01.2020 | Cash flows |
Foreign exchange movement |
Fair values changes |
New eases |
Other | 31.12.2020 | |
| Long-term borrowings | 0 | ତ | |||||
| Short-term borrowings | 0 | 0 | |||||
| Lease liabilities | 0 | - 25 | 215 | 190 | |||
| Total liabilities from financing activities | 0 | - 25 | 0 | 0 | 215 | 0 | 190 |
| Parent | Non-cash changes | ||||||
|---|---|---|---|---|---|---|---|
| 01.01.2021 | Cash flows |
Foreign exchange movement |
Fair values changes |
New eases |
Other | 31.12.2021 | |
| Long-term borrowings | 0 | 0 | |||||
| Short-term borrowings | 0 | ത | |||||
| Lease liabilities | 3 226 | -508 | 3 208 | 5 926 | |||
| Total liabilities from financing activities | 3 226 | -508 | 0 | ળ | 3 208 | 0 | 5 926 |
| 01.01.2020 | Cash flows |
Foreign exchange movement |
Fair values changes |
New eases |
Other | 31.12.2020 | |
|---|---|---|---|---|---|---|---|
| Long-term borrowings | 0 | 0 | |||||
| Short-term borrowings | 0 | 0 | |||||
| Lease liabilities | 0 | - 292 | 3 518 | 3 226 | |||
| Total liabilities from financing activities | ତ | -292 | ଜ | 0 | 3 518 | 0 | 3 226 |
| Group |
|---|
| Interest rate | Due date | 2021 | 2020 | |
|---|---|---|---|---|
| Secured debt | 0 | ഗ | ||
| Unsecured debt | 0 | ഗ | ||
| First year's repayments on long-term debt | 0 | 0 | ||
| Current lease liabilities | 8 673 | 53 | ||
| Total | 8 673 | 53 | ||
| Parent | ||||
| Interest rate | Due date | 2021 | 2020 | |
| Secured debt | 0 | 0 | ||
| Unsecured debt | 0 | 0 | ||
| First year's repayments on long-term debt | 0 | 0 | ||
| Current lease liabilities | 913 | 508 | ||
| Total | 913 | 508 |
Statsautoriserte revisorer Ernst & Young AS
Thormøhlens gate 53 D. 5006 Bergen Postboks 6163, 5892 Bergen
Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00
www.ey.no Medlemmer av Den norske Revisorforening
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Statt Torsk ASA
Opinion
We have audited the financial statements of Statt Torsk ASA (the Company), which comprise the financial statements of the Company and the consolidated financial statements of the Company and its subsidiaries (the Group). The financial statements of the Group comprise the balance sheet as at 31 December 2021, the income statement of comprehensive income, statement of cash flows and statement of changes in equity for the year then ended, and notes to the financial statements, including a summary of significant accounting policies.
In our opinion the financial statements comply with applicable legal requirements and give a true and fair view of the financial position of the Company and the Group as at 31 December 2021 and their financial performance and cash flows for the year then ended in accordance with the International Financial Reporting Standards as adopted by the EU.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Company and the Group in accordance with the requirements of the relevant laws and regulations in Norway and the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Emphasis of matter
We draw attention to note 27 in the financial statements, which describes that the Company is dependent on new loans and issuance of new equity up until September 2022. Our opinion is not modified in respect of this matter.
Other matters
The financial statements for the year ended 31. December 2020, were audited by another auditor who expressed an unmodified opinion on those statements on 12. February 2021.
Other information
Other information consists of the information included in the annual report other than the financial statements and our auditor's report thereon. Management (the board of directors and the general manager) is responsible for the other information. Our opinion on the financial statements does not cover the other information, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing so, consider whether the board of directors' report contains the information required by legal requirements and whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information on that the information required by legal requirements is not included, we are required to report that fact.
We have nothing to report in this regard, and in our opinion, the board of directors' report, and the statement on corporate social responsibility are consistent with the financial statements and contain the information required by applicable legal requirements.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company's and the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or the Group, or to cease operations, or has no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:
- · Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- · Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control.
- · Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- · Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.
- · Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- . Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial
Independent auditor's report - Statt Torsk ASA 2021
2
Vår dato 26.04.2022
Org.nr
974761076
Din/Deres dato 05.04.2022
Saksbehandler Lars Waaltorp
Telefon
90833418
800 80 000 Skatteetaten.no
Din/Deres referanse AR483832366
Vår referanse 2022/5329887
Postadresse Postboks 9200 Grønland 0134 OSLO
STATT TORSK AS c/o Leif-Ronny Rætta 6143 FISKÅ
Att. Bjug Ander Borgund
Tillatelse til å utarbeide årsregnskap og årsberetning på engelsk for Statt Torsk ASA, org.nr. 913 769 104
Vi viser til deres henvendelse av 5. april 2022 der det søkes om dispensasjon fra kravet til å utarbeide årsregnskap og årsberetning på norsk for Statt Torsk ASA.
Skattekontoret gir på bakgrunn av en konkret helhetsvurdering Statt Torsk ASA dispensasjon fra kravet til å utarbeide årsregnskap og årsberetning på norsk, jf. regnskapsloven § 3-4 tredje ledd. Dispensasjonen gjelder så lenge opplysningene som danner grunnlaget for vedtaket ikke endres vesentlig.
Kopi av dette brevet må sendes til Regnskapsregisteret i Brønnøysund sammen med årsregnskapet. Den regnskapspliktige må selv dokumentere ved dette brev at tillatelse er gitt.
Bakgrunn
Statt Torsk ASA er notert på Euronext Growth og har i stor grad profesjonelle investorer. Selskapet driver med oppdrett av torsk, og kunder og marked er store butikkjeder i Europa og Asia. Arbeids- og rapporteringsspråket i selskapet er engelsk.
Skattekontorets vurdering
Etter regnskapsloven § 3-4 tredje ledd skal "årsregnskapet og årsberetningen [ ...] være på norsk. Departementet kan ved […] enkeltvedtak bestemme at årsregnskapet og/eller årsberetningen kan være på et annet språk."
l Ot. prp. nr. 42 (1997-1998) Om lov om årsregnskap mv., er det uttalt følgende om regnskapslovens formål, jf. pkt. 1.1:
"Regjeringen har som siktemål at regnskapsloven skal bidra til informative regnskaper for ulike grupper av regnskapsbrukere. Regnskapsbrukerne er dels investorer og kreditorer som tilfører kapital til foretakene, og dels andre grupper som har interesse av å vite hvordan foretaket drives, f.eks. de ansatte og lokalsamfunnet. Informasjonen til kapitalmarkedet skal gi grunnlag for riktig prising av finansielle objekter. Riktig prisdannelse på aksjer er en forutsetning for at ressursbruken i samfunnsøkonomien skal bli best mulig. Gode regnskaper vil også gjøre det vanskeligere for markedsdeltakere å ta ut spekulasjonsgevinster med basis i skjevt fordelt informasjon."
Side 1 / 2
