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/.