Note 7 Segment information

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A B C D E F G H I J K L M
Note 7 Segment information                        
                         
The operational segments are identified on the basis of the reports which the Group management (senior decision-maker) uses to assess performance and profitability at strategic level.

The Group management assess our business activities from a geographical standpoint, based on the location of assets. The Group has only one production segment: the production of farmed salmon and trout. Geographically, the management assess the results of production in Rogaland – Norway, Finnmark – Norway, BC – Canada and Shetland – UK.

The Group management assess the results from the segments based on the adjusted operating result (EBIT) before value adjustment. The method of measurement excludes the effect of one-time costs, such as restructuring costs, legal costs on acquisition and amortisation of goodwill and intangible assets when amortisation is a result of an isolated event which is not expected to recur. The measurement method also excludes the effect of share options which are settled in shares, as well as unrealised gains and losses on financial instruments.

The column "Other/eliminations" contains the results of activities carried out by the parent company and other Group companies which are not geared to production, and eliminations of intra-group transactions.

The Group’s customers are divided into different geographical markets. All sales in Norway are channelled through the sales company Ocean Quality AS which has been established in collaboration with Bremnes Fryseri AS. Grieg Seafood ASA owns 60% of Ocean Quality AS (see note 13 for further information). All sales in Norway are channelled through Ocean Quality AS. Norway therefore shows the aggregate figures for the Norwegian market. As from Q2 2014 Ocean Quality LTD assumed all sales from GSF UK. Ocean Quality LTD is a recently founded company in 2014 which is owned 100% by Ocean Quality AS in Norway. Sales in BC are carried out by its own sales department and distributor.

Geographical market     UK Norway BC Total 2014 Total 2013  
EU     84 134 1 207 938   1 292 073 48% 1 297 618 54%  
UK     735 104 24 670   759 773 29% 316 930 13%  
USA     25 457 13 144 270 693 309 295 12% 363 347 15%  
Canada     785 1 686 7 064 9 534 0.0 % 12 426 1%  
Russia     0 0   0 0% 170 373 7%  
Asia     3 163 237 668   240 831 9% 232 996 10%  
Other markets     3 812 49 966   53 776 2%   10 525 0%  
Total     852 455 1 535 072 277 757 2 665 284 100% 10 525 100%  
                         
Segment information sent to the group management for the segments with a reporting requirement:
                         
  Norway Norway Canada UK Other/ eliminations *)    
Geographical segments Rogaland Finmark BC Shetland Total
  2014 2013 2014 2013 2014 2013 2014 2013 2014 2013 2014 2013
Sales revenues 572 550 640 584 975 291 870 081 277 757 330 682 852 455 567 432 -12 769 -4 564 2 665 284 2 404 215
Other income 1 430 10 305 7 137 7 972 -2 261 -1 032 2 629 3 127 1 008 455 9 943 20 827
Gain and loss on sale of tangible assets 0 0 0 0 0 0 0 0 0 0 0 0
Gain/loss from sale of shares (see note 13) 0 0 3 489 0 0 0 0 0 60 326 0 63 815 0
Share of results from joint ventures/associated companies 3 367 4 646 6 955 3 208 0 0 0 0 -320 -2 209 10 002 5 645
Operating costs before depreciation -471 159 -483 367 -738 267 -617 875 -300 445 -312 183 -739 074 -508 889 -18 633 -21 743 -2 267 578 -1 946 357
Operating result before depreciation 106 188 172 168 254 605 263 386 -24 949 17 467 116 010 61 670 29 612 -28 061 481 466 484 330
Depreciation -28 353 -27 374 -48 671 -46 593 -22 861 -25 244 -34 923 -34 391 -5 801 -2 435 -140 609 -136 037
Operating result before fair value adjustment 77 835 144 794 205 934 216 793 -47 810 -7 777 81 087 27 279 23 811 -30 496 340 857 350 593
Verdijustering biologiske eiendeler 32 747 32 747 16 131 16 131 20 187 20 187 46 211 46 211 0 0 115 276 115 276
Driftsresultat 98 177 98 177 84 784 84 784 56 814 56 814 41 796 41 796 -12 771 -12 771 268 801 268 801
Resultat fra tilknyttede selskaper 0 0 0 0 0 0 0 0 1 896 1 896 1 896 1 896
                         
Assets (excl. associated companies) 1 074 770 937 404 1 363 728 1 491 531 829 963 535 055 1 690 186 1 495 420 41 588 89 993 5 000 235 4 549 403
Associated companies 5 272 6 430 9 326 10 480 0 0 0 0 27 339 24 280 41 937 41 190
Total assets – Group 1 080 042 943 834 1 373 054 1 502 011 829 963 535 055 1 690 186 1 495 420 68 927 114 273 5 042 172 4 590 593
                         
Liabilities 506 808 385 491 584 171 766 978 581 841 310 906 1 194 508 1 053 936 -47 074 84 725 2 820 253 2 602 035
Total liabilities – Group 506 808 385 491 584 171 766 978 581 841 310 906 1 194 508 1 053 936 -47 074 84 725 2 820 253 2 602 035
                         
Kontantstrøm operasjonelle aktiviteter 47 229 -81 209 8 527 7 766 24 767 65 431 -49 371 61 151 23 851 24 794 55 003 77 933
Kontantstrøm investeringsaktiviteter -22 646 17 466 -67 874 -104 120 -36 400 -55 571 -57 998 -77 415 23 091 -101 483 -161 827 -321 123
Kontantstrøm finansieringsaktiviteter -23 597 66 508 59 109 105 312 -4 011 11 822 111 813 17 037 36 779 86 297 180 093 286 976
      0                  
Investeringer i varige driftsmidler og immaterielle eiendeler 27 514 48 211 66 135 104 120 36 818 60 885 57 998 94 721 -18 879 -97 169 586 307 840
                         
                         
Adjusted operational result for segments     2014 2013                
                         
Adjusted operational result before fair value adjustment     340 857 350 593                
Write-down for special occurrences     0 -2 300                
Fair value adjustment of biological assets     -127 108 267 450                
Operating profit     213 749 615 743                
Share of results from associated companies (see note 13)     2 865 2 244                
Net financial items (specification in note 12)     -55 722 -73 056                
Profit before tax     160 892 544 930                
Estimated taxes     -22 806 -113 945                
Profit for the year     138 086 430 985                
                         
*) Others/eliminations                        
Other items include the results of activities conducted by the parent company and other Group companies that are not geared for production.                        
There is elimination of internal transactions between subsidiaries and parent company and other items belonging to the parent company.                        
Gains and losses on the sale of shares relate to sale of shares in SalmoBreed AS and ISOPRO AS. (See note 13)                        
Other income is mainly the settlement of insurance and other services not directly related to production.                        
The parent company owns software and other office equipment and has accounts payable and other current payables.                        
                         

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