Note 13 Investments in Associated Companies – Joint Ventures

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Ocean Quality AS is a joint venture with Grieg Seafood ASA and Bremnes Fryseri AS as shareholders. Grieg Seafood ASA has a 60% stake. Ocean Quality AS was established ultimo 2010 with an objective to coordinate the sales efforts of the shareholders. Ocean Quality AS is responsible for marketing and distribution of salmon and other seafood products that the owners produce in Norway, as well as Grieg Seafood ASA´s production in the UK. In addition, the company handles some trading of seafood products from third parties. Participation in the jointly controlled entity is recorded on the basis of the equity method of accounting. The key factor in the classification of investments in the joint venture is that the profit distribution is not based on ownership percentage, but in proportion to turnover generated from their separate harvested volumes. Moreover, Grieg Seafood ASA does not control or make decisions that significantly affect returns from Ocean Quality overall, only their own delivered volume. The cooperation terms between the parties are recorded in a shareholder agreement.Associated companies and joint ventures closely related to the Group operation and included in the Group´s value chain, are classified on a separate line in the operating results.

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Note 13 Investments in Associated Companies – Joint Ventures
2014 Owner share Book value at 01.01.2014 Share of the result for the year Transfers from the company (dividends) Changes during the period Book value at 31.12.2014
Associated companies classified as operations
Bokn Sjøservice AS 50 % 6 431 -1 159 5 272
Finnmark Brønnbåtrederi AS 49,9 % 9 490 4 326 -4 491 9 325
SalmoBreed AS (Solgt 2014) 27,5 % 6 231 409 -6 640
Isopro AS (Solgt i 2014) 20 % 991 -991
Total associated companies classified as operations 23 143 3 575 -4 491 -7 631 14 596
Joint ventures classified as operations
Ocean Quality AS 60 % 13 132 6 426 19 558
Total joint ventures classified as operations 13 132 6 426 19 558
Associated companies classified on separate line in operating results
Salten Stamfisk AS 34 % 4 915 2 865 7 780
Total associated companies classified on separate line in operating results 4 915 2 865 7 780
Total investments in associated companies and joint ventures 41 190 12 867 -4 491 -7 631 41 937
2013 Owner share Book value at 01.01.2013 Share of the result for the year Transfers from the company (dividends) Changes during the period Book value at 31.12.2013
Associated companies classified as operations
Bokn Sjøservice AS 50 % 6 284 147 6 431
Finnmark Brønnbåtrederi AS 49,9 % 7 924 1 566 9 490
SalmoBreed AS 27,5 % 6 011 220 6 231
Isopro AS 20 % 646 345 991
Total associated companies classified as operations 20 865 2 277 23 143
Joint ventures classified as operations
Ocean Quality AS 60 % 25 693 3 368 -15 929 13 132
Total joint ventures classified as operations 25 693 3 368 -15 929 13 132
Associated companies classified on separate line in operating results
Salten Stamfisk AS 27,5 % 2 671 2 244 4 915
Total associated companies classified on separate line in operating results 2 671 2 244 4 915
Total investments in associated companies and joint ventures 49 231 7 889 -15 929 41 190
Summarised preliminary financial information on individual associated companies, on 100% basis. All companies have the same financial year as the Group. SalmoBreed AS and Isopro AS are sold and removed from the list.
2014 Total assets at 31.12.2014 Total liabilities at 31.12.2014 Total equity at 31.12.2014 Operating income Pre-tax profit/loss
Bokn Sjøservice AS 14 409 3 839 10 570 -2 318
Finnmark Brønnbåtrederi AS 48 687 27 100 21 587 15 887 4 303
Salten Stamfisk AS 56 711 39 892 16 819 55 784 9 246
Ocean Quality AS 171 475 145 119 26 355 2 989 984 15 781
2013 Total assets at 31.12.2013 Total liabilities at 31.12.2013 Total equity at 31.12.2013 Operating income Pre-tax profit/loss
Bokn Sjøservice AS 14 409 1 521 12 888 9 253 101
Finnmark Brønnbåtrederi AS 48 687 27 100 21 587 15 887 4 303
SalmoBreed AS 31 922 13 261 18 661 28 299 2 438
Isopro AS 27 533 21 938 5 595 49 622 2 390
Salten Stamfisk AS 56 711 39 892 16 819 55 784 9 246
Ocean Quality AS 171 475 145 119 26 355 2 989 984 15 781
Sale of shares in associated companies SalmoBreed AS Isopro AS Total
Sales amount after expenses 66 966 4 480 71 446
Book value at sales date -6 640 -991 -7 631
Recognised gains/losses 60 326 3 489 63 815
All shares were sold in 2014. Recognised gains in the Group are included in other gains/losses in the Income statement.
Associated companies – condensed financial information
All associated companies are accounted for using the NGaap.
The accounts for 2014 use preliminary figures, except for Finnmark Brønnbåtrederi AS, where accounts are approved by the General Assembly.
(Figures in TNOK) Bokn Sjøservice AS Finnmark Brønnbåtrederi AS Salten Stamfisk AS
Condensed balance sheet 2 014 2 013 2 014 2 013 2 014 2 013
Property, plant and equipment 8 186 9 113 36 270 38 099 20 115 19 649
Current assets 6 632 5 350 17 029 10 991 40 447 38 398
Total assets 14 818 14 463 53 299 49 090 60 562 58 047
Non-current liabilities 546 546 22 311 24 778 9 468 11 137
Current liabilities 2 749 1 010 12 300 2 839 28 618 32 850
Equity 11 523 12 907 18 689 21 473 22 476 14 060
Condensed profit and loss account
Operating revenues 4 982 9 352 17 408 15 887 60 461 55 787
Operating expenses -7 302 -9 231 -10 283 -10 566 -49 393 -46 354
Profit before tax -2 319 121 7 125 5 321 11 068 9 433
Net financial items 1 18 -950 -1 147 -322 -1 089
Tax -19 41 -15 -2 617 -2 488
Profit after tax -2 318 121 6 215 4 160 8 130 5 856
Transfers from associated companies (dividend) 4 491
Joint ventures – condensed financial information
Ocean Quality AS Group is accounted for using NGaap. In 2013 the company was not a Group.
The account for 2014 is preliminary. The difference between NGAAP og IFRS is considered insignificant.
Ocean Quality
Condensed balance sheet Konsern AS
(Figures in TNOK) 2014 2013
Current items
Cash and cash equivalents 37 495 18 344
Other current assets 271 804 152 710
Total current assets 309 299 171 054
Financial liabilities 5 152
Other current liabilities (incl. trade payables) 266 199 144 946
Total current items 37 949 26 108
Long-term items
Assets 1 616 420
Financial liabilities
Other liabilities 172
Total long-term items 1 616 248
Net assets 39 565 26 356
Condensed profit and loss account 2 014 2 013
Sales revenues 3 564 545 2 989 984
Depreciation -108 -228
Operating expenses -3 551 743 -2 981 406
Financial revenues 13 815 14 247
Financial expenses -8 369 -6 816
Profit before taxes 18 140 15 781
Taxes -4 930 -4 467
Profit after taxes 13 210 11 314
Comprehensive income
Total comprehensive income 13 210 11 314
Dividend received from joint ventures 15 929

 

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