Note 10

Vessels, property, plant and equipment

Movements in vessels, property, plant and equipment for 2015 are shown below:
NOK million	Vessels	Machinery Vehicles	Buildings Housing 1)	Land	Total
Cost as of 01 January 2015	1 705	7	259	2	1 973
Discontinued operations	(142)	(2)			(144)
Other acquisitions	38	1	13		51
Disposals and scrappings			3		3
Cost as of 31 December 2015	1 601	5	275	2	1 883

Cumulative depreciation and impairments as of 01 January 2015	593	5	156	-	755
Depreciation for the year	84	1	10		95
Discontinued operations	(124)	(3)			(127)
Disposals and scrappings			2		2
Cumulative depreciation and impairments as of 31 December 2015	553	3	169	-	725

Book value as of 31 December 2015	1 049	2	106	2	1 158

Economic life	10 - 30 years	2 - 10 years	10 - 25 years
Depreciation plan	Straight line	Straight line	Straight line
In October 2015, an agreement was entered into for the sale of the vessel Stamsund to an Icelandic company. The vessel was handed over to the new owner in January 2016. In the annual accounts for 2015, the book value for Stamsund has been presented under discontinued operations. In autumn 2014, Norway Seafoods decided to move operations from Rypefjord in Hammerfest to Forsøl in the same municipality. The move was approved by the Ministry of Trade, Industry and Fisheries in August 2014. HAVFISK Finnmark AS is the owner of both these facilities and Norway Seafoods is the tenant. As a result of moving the operation from Rypefjord to Forsøl, the facility in Rypefjord is now for sale and in the annual accounts for 2015 it is presented as "discontinued operations held for sale".
The book value of leases comprises: NOK 67 million. This refers to lease of production equipment to Norway Seafoods, ref. note 12.

Impairment loss and reversal of earlier impairment loss:
No charge has been recognised in 2015 as a result of impairment.

Provision of collateral:
Tangible fixed assets with a carried value of NOK 1,203 million were provided as collateral for bank loans at 31 December 2015 (see note 21).

Other acquisitions:
The most important acquisitions during the year were connected with the upgrading and renewal of the present facilities and fleet for a total of NOK 41 million. Also NOK 10 million was invested in upgrading the facility of Forsøl in Hammerfest.

Movements in vessels, property, plant and equipment for 2014 are shown below:
NOK million	Vessels	Machinery Vehicles	Buildings Housing 1)	Land	Total
Cost as of 01 January 2014	1 399	32	355	2	1 788
Discontinued operations	74		(101)		(28)
Other acquisitions	279	-	13		292
Disposals and scrappings	(46)	(25)	(8)		(79)
Cost as of 31 December 2014	1 705	7	259	2	1 973

Cumulative depreciation and impairments as of 01 January 2014	458	30	224	-	712
Depreciation for the year	92	1	9		102
Discontinued operations	50		(72)		(22)
Disposals and scrappings	(7)	(25)	(5)		(37)
Cumulative depreciation and impairments as of 31 December 2014	593	5	156	-	755

Book value as of 31 December 2014	1 112	2	103	2	1 218

Economic life	10 - 30 år	2 - 10 år	10 - 25 år
Depreciation plan	Lineær	Lineær	Lineær
In autumn 2014, Norway Seafoods decided to move operations from Rypefjord in Hammerfest to Forsøl in the same municipality. The move was approved by the Ministry of Trade, Industry and Fisheries in August 2014. HAVFISK Finnmark AS is the owner of both these facilities and Norway Seafoods is the tenant. As a result of moving the operation from Rypefjord to Forsøl, the facility in Rypefjord is now for sale and in the annual accounts for 2014 it is presented as "discontinued operations held for sale".
The book value of leases comprises: NOK 72 million. This refers to lease of production equipment to Norway Seafoods, ref. note 12.

Contribution received from NOX Fund
In connection with the new vessels project, the group has been granted and has received NOK 25 million from the Nox Fund. The contribution is in connection with reduced Nox emissions from the vessels "Gadus Poseidon", "Gadus Njord" and "Gadus Neptun". The contribution was paid in 2014. The amount has been used to offset investment in new vessels and recognised on the income statement in the form of reduced depreciation in line with the economic lifetime of the vessel. In the table above, the contribution has been used for deduction in other acquisitions under the column for vessels.
Impairment loss and reversal of earlier impairment loss:
No charge has been recognised in 2014 as a result of impairment.

Provision of collateral:
Tangible fixed assets with a carried value of NOK 1,247 million were provided as collateral for bank loans at 31 December 2014 (see note 21).

Other acquisitions:
The most important acquisitions during the year were connected with the delivery of the newly built "Gadus Njord" for a total of NOK 265 million.. The new build project has received a contribution of NOK 25 million from the NOX Fund, which is used to offset investment in the new vessel project. Purchase of the facility in Forsøl in Hammerfest amounts to NOK 10 million. In addition there were ongoing investments and upgrades to the existing fleet and plant of approximately NOK 40 million.

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