Fiven Annual Report 2021

A worldwide leader	4
Key financials	5
2021 Highlights	6
Strong commercial performance amid dynamic market developments	8
Board and Management	11
Mission, Vision and Values	12
Corporate Social Responsibility	14
Board of Directors’ Report	18
Consolidated financial statements	26
Consolidated statement of income	27
Consolidated statement of comprehensive income	27
Consolidated statement of financial position	28
Consolidated statement of changes in equity	30
Consolidated statement of cash flows	31
Notes to the consolidated financial statements	32
Note 1 General information	33
Note 2 Significant accounting policies	33
Note 3 Accounting estimates and judgements	42
Note 4 Composition of the group	43
Note 5 Operating segments	44
Note 6 Revenue	46
Note 7 Grants	47
Note 8 Employee benefit expenses	48
Note 9 Employee benefit obligations (pensions)	49
Note 10 Management remuneration	49
Note 11 Other operating expenses	51
Note 12 Leasing	51
Note 13 Finance income and expenses	53
Note 14 Taxes	54
Note 15 Property, plant and equipment	56
Note 16 Intangible assets	57
Note 17 Impairment assessments	58
Note 18 Other receivables	60
Note 19 Inventories	60
Note 20 Trade receivables	61
Note 21 Cash and cash equivalents	62
Note 22 Interest bearing liabilities	62
Note 23 Financial assets and liabilities	66
Note 24 Provisions	70
Note 25 Financial risk	71
Note 26 Capital management	74
Note 27 Equity	74
Note 28 Trade and other payables	75
Note 29 Transactions and balances with related parties	76
Fiven ASA financial statements	78
Statement of income	79
Statement of financial position	80
Statement of cash flows	82
Notes to Fiven ASA financial statements	84
Note 1 General information and basis of preparation	85
Note 2 Significant accounting policies	85
Note 3 Share capital and statement of changes in equity	87
Note 4 Employee benefit expenses	87
Note 5 Employee benefit obligations (pensions)	87
Note 6 Other operating expenses	88
Note 7 Shares in subsidiaries	88
Note 8 Finance income and expenses	89
Note 9 Taxes	89
Note 10 Cash and cash equivalents	90
Note 11 Interest bearing liabilities	90
Note 12 Financial risk	93
Note 13 Intercompany items	94
Note 14 Events after the reporting period	94
Appendix to Fiven 2021 Annual report - Alternative Performance Measures (APMs)	96
Auditor’s report	98
Sustainability Linked Bond Progress reporting	103

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