Note 4 Composition of the group Fiven ASA and the following subsidiaries make up the composition of the group and are included in the consolidated financial statements. Company Functional currency Country of incorporation 31 Dec 2021 Equity interests 31 Dec 2020 Equity interests Owner Fiven Norge AS NOK Norway 100% 100% Fiven ASA Fiven GmbH EUR Germany 100% 100% Fiven ASA Materiaux Ceramiques SA EUR Belgium 100% 100% Fiven ASA Carbeto de Silício Sika Brasil Ltda BRL Brazil 100% 100% Fiven ASA Fiven North America Inc USD US 100% - Fiven ASA The Group’s operations in Venezuela are integrated cost centers under the current business model of the Belgian production facility. The two Venezuelan subsidiaries are controlled by the Group as defined in IFRS 10. Based on a thorough assessment Fiven Group has however concluded not to consolidate the two subsidiaries, as this will have no material impact on the financial information being relevant and faithfully represented. The following subsidiaries are not included in the consolidated financial statements. Company Functional currency Country of incorporation 31 Dec 2021 Equity interests 31 Dec 2020 Equity interests Owner Materials Ceramicos CA USD Venezuela 100% 100% Fiven Norge AS Curburo del Caroni CA VEF Venezuela 100% 100% Materials Ceramicos CA Changes in composition of the Group The only change in composition of the group in 2021 was in February 2021, when the sales representation office operating in Pittsburgh (USA) was established as a wholly owned subsidiary, Fiven North America Inc, at zero cost. Fiven Annual Report 2021 Financial statements 43
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