Contact information
Marine Farms ASA
Postboks 2032, Nordnes
5817 Bergen
Norway
Phone: +47 55 90 44 70
Fax: +47 55 23 46 45
NO 930 501 778 MVA
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| MAFA - FSA decision: Change in valuation of live fish |
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The Norwegian Ministry of Finance has now concluded on an appeal by Pan Fish ASA and other fish farming companies (the industry) against a decision by the Financial Supervisory Authority (Kredittilsynet) regulating the valuation of live inventory. The appeal was mainly related to the use of IAS 41 for valuation of immature live fish.
The Ministry upheld Kredittilsynet`s decision with some modifications. Marine Farms ASA is now reviewing the decision from the ministry, investigating how to implement it. Any changes in the reporting will be reflected from fourth quarter of 2006. The changes have an impact on unrealised fair value adjustments on biomass only, i.e. there is no cash effect. Given today's salmon prices, the company does not expect any negative effect on the equity book value from these changes. For further information please contact:
Pål Angell-Hansen |
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