Fiven Annual Report 2020

Note 1 General information and basis of preparation Fiven ASA (“the Company”) was incorporated 5 February 2019 and is the parent company in the Fiven Group, with registered offices in Oslo, Norway. On 14 May 2019 (the “Acquisition date”) the Company completed the acquisition (the “Acquisition”) of 100 per cent of the shares and voting interests in its operating subsidiaries, ref. Note 4 Composition of the Group (the “Acquired Group”) from Saint- Gobain. Following the Acquisition, the Group was formed. The profit and loss from operating subsidiaries were recognized and consolidated from 1 May 2019. Fiven ASA is a public limited liability company located in Norway with a bond listed at Nasdaq Stockholm. Fiven ASA is owned 100 per cent by Tosca Intermediate Holdings Sàrl, a company controlled by OpenGate Capital, a private equity firm specialized in acquiring and optimizing lower middle market businesses throughout North America and Europe. Fiven is a global leader in silicon carbide (“SiC”), a material used in a variety of industrial applications. SiC is recognized for supe- rior hardness and thermal conductivity, making it the preferred material for demanding applications: abrasive, metallurgy, filtration, technical ceramics and other uses. The Fiven Group is headquartered in Oslo (Norway). There are manufacturing entities in Arendal and Lillesand (Norway), Hody (Belgium), Barbacena (Brazil) and Puerto Ordaz (Venezuela). Fiven GmbH located in Cologne (Germany) is a management office. There are also sales representation offices in Shanghai (China) and in Pittsburgh (USA). The consolidated financial statements for Fiven ASA (hereafter Fiven/the Group), including notes, for the year 2020 were approved by the Board of Directors of Fiven ASA on 23 March 2021. Basis for preparation The consolidated financial statements are prepared and based on International Financial Reporting Standards as adopted by the EU (IFRS). The presentation currency of Fiven is Euro. All financial infor- mation is presented in Euro thousand, unless otherwise stated. As a result of rounding adjustments, the figures in one or more columns included in the consolidated financial statements, may not add up to the total. The financial statements have been prepared on a historical cost basis, except for derivative instruments and defined benefit pension plans that are measured at fair value. The consolidated financial statements have been prepared based on the going concern assumption. Fiven Annual Report 2020 Financial statements   31