Note 17 Related parties

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A B C D E F G H I J
Note 17 Related parties                  
                   
Amounts in NOK 1000                  
2016 Operating income Operating expenses Financial income Financial expenses Long-term receivables Accounts receivable Current receivables Accounts payable Other current liabilities
Grieg Seafood Rogaland AS 14 856   4     16 523 373 301   -339 363
Grieg Seafood Finnmark AS 15 954   611     20 996 340 000   -293 325
Grieg Seafood Canada AS 38     -6         -887
Grieg Seafood BC Ltd 9 759   17 489   186 032   211 509    
Grieg Seafood Shetland Ltd. 9 090   28 813   348 109   315 769 -353  
Ocean Quality AS 4 294             -33 830  
Ocean Quality UK Ltd. 957             -17  
Ocean Quality North America Inc. 1 048                
Unrealised gains – non-current loans         66 891        
Total related parties – group companies 55 997 0 46 916 -6 601 032 37 520 1 240 578 -34 201 -633 576
                   
                   
Grieg Gaarden AS   2 502              
Grieg Group Resources AS   4 824             -283
Grieg Holdings AS                  
Grieg Holdings AS   30       19      
Total related parties – shareholders 0 7 356 0 0 0 19 0 0 -283
                   
Total 55 997 7 356 46 916 -6 601 032 37 539 1 240 578 -34 201 -633 859
                   
2015 Operating income Operating expenses Financial income Financial expenses Long-term receivables Accounts receivable Current receivables Accounts payable Other current liabilities
Grieg Seafood Rogaland AS 12 183   4 646     1 894 85 673 -19 501  
Grieg Seafood Finnmark AS 15 384 782 3 008     2 681 54 475 -601  
Grieg Seafood Canada AS 14     -10     -915    
Grieg Seafood BC Ltd 8 143   18 237   186 032   264 562    
Grieg Seafood Hjaltland UK Ltd. 9 328   29 932   348 109   534 021    
Erfjord Stamfisk AS 1 987     -519     -34 471 -3 332  
Ocean Quality AS 3 439             -3 077  
Ocean Quality UK Ltd. 805         50      
Ocean Quality North America Inc. 1 068         201      
Unrealised gains – non-current loans         157 118        
Total related parties – group companies 52 351 782 55 823 -529 691 259 4 827 903 345 -26 511 0
Grieg Gaarden AS   1 995             -1
Grieg Group Resources AS   3 378             -491
Grieg Holdings AS                  
Grieg Holdings AS                  
Total related parties – shareholders 0 5 373 0 0 0 0 0 0 -492
                   
Total 52 351 6 155 55 823 -529 691 259 4 827 903 345 -26 511 -492
                   
The company purchases services from companies controlled by Grieg Seafood ASA´s majority shareholder, Grieg Holdings AS. These services include:
– Services related to ICT and other functions such as book-keeping, canteen, reception etc., provided by Grieg Group Resources AS on an arm’s length basis.
– Grieg Seafood ASA rents its offices from Grieg Gaarden AS, based on an arm’s length.
The parent company provides a range of services to the subsidiaries. The services include administrative services and services related to the parent provision of non-current loans and short-term credit facilities to the subsidiaries. The interest is on an arm´s length basis.
As from 2015, Ocean Quality AS is classified as a subsidiary of Grieg Seafood ASA. Grieg Seafood ASA enters into hedging contracts on behalf of Grieg Seafood Rogaland AS and Grieg Seafood Finnmark AS. The arrangement is intended to reduce these companies´ exposure to salmon prices. The agreements with the subsidiaries are priced on the basis of a "back to back" arrangement.
                   
                   

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