Note 1 General information Fiven ASA is a limited liability company incorporated in Oslo, Norway, and whose bonds are publicly traded at the Stockholm and Frankfurt stock exchanges. Fiven ASA’s registered office is at Apotekergata 10, Oslo, Norway. Fiven ASA is owned 100 percent 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 superior 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), and has significant manufacturing operations in Arendal and Lillesand (Norway), Hody (Belgium), and Barbacena (Brazil). The consolidated financial statements of Fiven ASA and its subsidiaries (hereafter Fiven or the Group), including notes, for the year 2022 were approved by the Board of Directors of Fiven ASA on 22 March 2023. Note 2 Significant accounting policies Note 2.1 Basis of preparation The consolidated financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU (IFRS). The presentation currency of Fiven is Euro, which is the functional currency of Fiven ASA. All financial information 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 2022 Financial statements 33
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