Review of financial reporting – DOF Group ASA

22 Jan 2025 16:35 CET

Finanstilsynet has reviewed certain matters related to the financial reporting
of DOF Group ASA ("the company"). It is Finanstilsynet’s assessment that the
principles applied to measure the recoverable amount of the company's vessels
were not in accordance with the requirements of IAS 36 Impairment of Assets in
the annual financial statements for 2022, as well as in the comparative amounts
as at 30.9.2022 presented in the interim financial statements for the third
quarter of 2023. DOF Group ASA has informed Finanstilsynet that the company has
made new value in use calculations as at 31.12.2022, which according to the
company result in increased net carrying amounts of the Company's vessels of 266
million kroner. The company will correct this error by restating the opening
balance as at 1.1.2023 in accordance with IAS 8 Accounting Policies, Changes in
Accounting Estimates and Errors in the interim financial statements for the
fourth quarter 2024 and in the annual financial statements for 2024.
The review is hereby considered closed.
Finanstilsynet ́s letter is available in Norwegian only.
If you have any questions, please contact: Lars Jacob Braarud, Head of section,
+47 22 93 97 53/+47 91 34 52 73 (mobile).

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636952_Kontroll av finansiell rapportering DOF Group ASA.pdf