Fiven Annual Report 2020

A worldwide leader	4
Succeeding in a challenging market environment	6
Board and Management	9
Mission, Vision and Values	10
We shape industries	11
Corporate Social Responsibility	12
Board of Directors’ Report	16
Financial statements	24
Consolidated statement of income	25
Consolidated statement of comprehensive income	25
Consolidated statement of financial position	26
Consolidated statement of changes in equity	28
Consolidated statement of cash flows	29
Notes to the consolidated financial statements	30
Note 1 General information and basis of preparation	31
Note 2 Significant accounting policies	32
Note 3 Accounting estimates and judgements	40
Note 4 Composition of the group (including acquisition)	41
Note 5 Operating segments	43
Note 6 Revenue	45
Note 7 Grants	46
Note 8 Employee benefit expenses	47
Note 9 Employee benefit obligations (pensions)	48
Note 10 Management remuneration	48
Note 11 Other operating expenses	49
Note 12 Leasing	50
Note 13 Finance income and expenses	51
Note 14 Taxes	52
Note 15 Property, plant and equipment	54
Note 16 Other Intangible assets and goodwill	55
Note 17 Impairment assessments	56
Note 18 Other receivables	58
Note 19 Inventories	58
Note 20 Trade receivables	59
Note 21 Cash and cash equivalents	60
Note 22 Interest bearing liabilities	60
Note 23 Financial assets and liabilities	63
Note 24 Provisions	66
Note 25 Financial risk	67
Note 26 Capital management	69
Note 27 Number of shares	69
Note 28 Supplementary information to the consolidated statement of cash flows	70
Note 29 Transactions and balances with related parties	71
Note 30 Pledge of assets and guarantees	71
Note 31 Contingent liabilities	71
Note 32 Events after the reporting period	71
Fiven ASA financial statements	72
Statement of income	73
Statement of financial position	74
Statement of cash flows	76
Notes to Fiven ASA financial statements	78
Note 1 General information and basis of preparation	79
Note 2 Significant accounting policies	79
Note 3 Share capital and statement of changes in equity	81
Note 4 Employee benefit expenses	81
Note 5 Employee benefit obligations (pensions)	81
Note 6 Other operating expenses	82
Note 7 Shares in subsidiaries	82
Note 8 Finance income and expenses	83
Note 9 Taxes	83
Note 10 Cash and cash equivalents	84
Note 11 Interest bearing liabilities	84
Note 12 Financial risk	86
Note 13 Intercompany items	87
Note 14 Events after the reporting period	87
Appendix to Fiven 2020 Annual report	88
Auditor’s report	90

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