Grieg Seafood ASA: Integrated Annual Report 2020
The Board has in a board meeting, 25 March 2021, approved the Grieg Seafood Integrated Annual Report 2020, including the sustainability report and the financial accounts. Profit before tax for the financial year 2020 was NOK -304 million, with a profit after tax of NOK -316 million. Corresponding figures in the published Q4 2020 report was NOK – 301 million and NOK -270 million, respectively. The total equity at year-end 2020 came to NOK 4 371 million (41% equity share), compared to NOK 4 409 million (41% equity share) reported in the Q4 2020 report.
At 15 April 2020, Grieg Seafood completed the acquisition of the Grieg Newfoundland Group. Allocation of the purchase price was reported in Q2 2020. In accordance with IFRS 3.45, the measurement period for the Purchase Price Allocation (PPA) can be up to 12 months from the transaction date. Upon preparation of the annual accounts for 2020, the Company has conducted a reassessment of the preliminary PPA to reflect information obtained about facts and circumstances that existed as of the acquisition date. Due to a special warranty regarding the expected cost overrun on the RAS facility, the seller shall reimburse NOK 40 million to the purchaser. The amount has been recognized in the adjusted PPA as indemnification assets and presented on a separate line item in the Group’s statement of financial position. The preliminary amounts recognized in Q2 2020 have been adjusted retrospectively in accordance with IFRS 3. For more information on the acquisition and business combination, see Note 6 of the Grieg Seafood Group’s financial statements of 2020.
| NOK 1000 | Preliminary balance incl excess values (Q2 2020 Quarterly Report) | Updated balance incl excess values (Annual Report 2020) | Changes |
| Goodwill (on excess values and deferred tax) | 588 083 | 677 255 | 89 171 |
| Licenses | 436 371 | 762 171 | 325 800 |
| Other intangible assets | 44 044 | 44 044 | |
| Property, plant and equipment | 623 933 | 130 702 | -493 230 |
| Indemnification assets | 40 000 | 40 000 | |
| Other receivables | 12 779 | 12 779 | |
| Cash and cash equivalents | 30 628 | 30 628 | |
| Total assets | 1 735 837 | 1 697 579 | -38 258 |
| Equity – contingent consideration | 701 535 | 701 535 | |
| Equity – other equity | 260 700 | 260 700 | |
| Deferred tax | 126 694 | 88 436 | -38 258 |
| Other liabilities | 646 908 | 646 908 | |
| Total equity and liabilities | 1 735 837 | 1 697 579 | -38 258 |
The Integrated Annual Report 2020 is published today and is also available on the Company’s website https://www.griegseafood.no/inverstors/annual-reports/.
The Board has recommended not to accrue for dividend based on the annual financial statements for 2020, due to the uncertainty caused by the current coronavirus situation.
For more information, contact:
Andreas Kvame, CEO, Grieg Seafood ASA
+47 90 77 14 41
andreas.kvame@griegseafood.com
Atle Harald Sandtorv, CFO, Grieg Seafood ASA
+47 90 84 52 52
atle.harald.sandtorv@griegseafood.com
About Grieg Seafood
Grieg Seafood ASA is one of the world’s leading salmon farmers, targeting 130 000 tonnes of harvest (GWT) in 2025. Our farms are in Finnmark and Rogaland in Norway, British Columbia and Newfoundland in Canada, and Shetland in the UK. Our headquarter is located in Bergen, Norway. Grieg Seafood ASA was listed at the Oslo Stock Exchange in June 2007. More than 900 people work in the Company throughout our regions.
Sustainable farming practices are the foundation of Grieg Seafood’s operations. The lowest possible environmental impact and the best possible fish welfare is both and ethical responsibility and drive economic profitability. Towards 2025, we aim for global growth, cost improvements and to evolve from a pure salmon supplier to an innovation partner for selected customers.
To learn more, please visit www.griegseafood.com.
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act. This stock exchange release was published by May Hansen, Executive Administrative Secretary, Grieg Seafood ASA on 26 March 2021 at 06:00 CET.
Attachment
- GSF_AnnualReport_2020
