Review of financial reporting – Grieg Seafood ASA

30 Jan 2025 16:35 CET

Finanstilsynet has reviewed certain accounting matters in the financial
reporting of Grieg Seafood ASA. Finanstilsynet has concluded that there are
material errors and deficiencies in the company's financial reporting related
to: i) Lack of provisions for and note information concerning closure and
rehabilitation obligations in accordance with IAS 37 Provisions, contingent
liabilities and contingent assets, related to the company's aquaculture
activities at sea, and ii ) Lack of note information concerning expected quality
distribution (the proportion of superior quality salmon) in accordance with the
requirements in IFRS 13 Fair value measurement to disclose significant
unobservable inputs used in the measurements of the fair value of biological
assets.

The Company has taken note of Finanstilsynet's assessment and changed its
practice. As from the interim financial statements for the 3rd quarter of 2024,
the Company has included note information on both the expected quality
distribution and price deviations (quality discount) which have been applied in
the fair value estimate on the balance sheet date for salmon of non-superior
quality. Provision for decommissioning and restoration obligations with
associated disclosures will be included in the annual accounts for 2024.

Finanstilsynet has taken note of the company's measures to correct the errors.

If you have any questions, please contact:

Lars Jacob Braarud, Head of section, +47 22 93 97 53 / +47 91 34 52 73 (mobile)

More information:
Access the news on Oslo Bors NewsWeb site

637469_Kontroll av finansiell rapportering Grieg Seafood ASA.pdf