Fiven Annual Report 2021

Independent Auditor's Report - Fiven ASA (2) Basis for Opinion We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company and the Group as required by laws and regulations and the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation (537/2014) Article 5.1 have been provided. We have been the auditor of the Company for three years from the election by the general meeting of the shareholders on 15 October 2019 for the accounting year 2019. Key Audit Matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. The Groups business operations are largely the same as last year. Impairment assessment of goodwill and other intangible assets carries the same characteristics and risks this year and has consequently been in our focus for the 2021 audit. Key Audit Matter How our audit addressed the Key Audit Matter Impairment assessment of goodwill and other intangible assets At 31 December 2021, the Group had goodwill with a carrying value of EUR 5 390 thousand and other intangible assets with a carrying value of EUR 14 675 thousand. The impairment assessment involves significant managements judgements, and a potential impairment may have material impact on the carrying value of the Group’s assets. The use of judgement is particularly related to discount rate (WACC), future revenues from sales of products, EBITDA ratios and capital expenditures. See note 3 «Accounting estimates and judgements» and «Note 17 Impairment assessments» where the impairment model and key assumptions are explained and disclosed. We obtained management’s impairment review. The review includes documentation of management’s identification of cash generating units (CGU’s). We challenged management’s key assumptions used in the cash flow forecasts included within the impairment model. We challenged specifically future revenues, EBITDA ratios and capital expenditures. We tested the mathematical accuracy of cash flow models, and assessed relevant data to historical financial data, future budget approved by management and other obtainable market information such as relevant benchmarks for growth estimates. We evaluated the discount rate used by management by comparing its composition to empirical data for future interest rates, relevant risk premium and debt ratio. Key assumptions used were benchmarked against external data and our own internal data. We found the applied discount rate to be within a range of reasonable outcomes. Fiven Annual Report 2021 Auditor’s report 99

RkJQdWJsaXNoZXIy NTYyMDE=