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Grieg Seafood ASA Integrated Annual Report 2020

Nachrichtenquelle: globenewswire
26.03.2021, 06:00  |  202   |   |   

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/.

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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 …

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