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1 Corporate information
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poLight ASA is a limited liability company, founded in 2005, which is incorporated and domiciled in Norway. The address of its
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registered office is Innlaget 230, N-3185 Skoppum, Norway.
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poLight offers a new autofocus lens which \"replicates\" the human eye for use in devices such as smartphones, wearables, barcode,
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machine vision systems and various medical equipment. poLight's TLens\u00ae enables better system performance and new user
\n
experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and
\n
constant field of view. For more information, visit www.polight.com.
\n
Information on the Group and related parties are presented in Note 18 Related parties.
\n\n
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
\n
December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 28 April 2023, to be approved
\n
by the annual general meeting on 24 May 2023.
\n

\n\n

\n\n\n

\n

\n

\n
2 Significant accounting policies
\n\n

\n

\n
2.1 Basis of preparation
\n\n
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
\n
Standards as issued by the International Accounting Standards Board (IASB) and adopted by the EU (IFRS).
\n

\n\n\n
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
\n
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.
\n

\n\n

\n\n\n

\n
2.2 Basis of consolidation
\n
The consolidated financial statements comprise the financial statements of poLight ASA and its subsidiaries.
\n\n
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of
\n
the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year, are included in the
\n
consolidated financial statements from the date the Group gains control, until the date the Group ceases to control the subsidiary.
\n
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
\n
the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
\n
between members of the Group are eliminated in full on consolidation.
\n

\n\n

\n\n
2.3 Summary of significant accounting policies
\n
The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements:
\n\n

\n\n
Current versus non-current classification
\n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset
\n
is current when it is:
\n
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be realised within twelve months after the reporting period, or
\n
\u2022 Cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after
\n
the reporting period
\n
All other assets are classified as non-current.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
A liability is current when:
\n
\u2022 Expected to be settled in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be settled within twelve months after the reporting period, or
\n
\u2022 The Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the
\n
reporting period
\n
\n
The Group classifies all other liabilities as non-current.
\n
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
\n

\n\n

\n\n\n
Revenue from contracts with customers
\n
During 2022 the group had two revenue streams:
\n
\u2022 Sales of TLenses and related driver ASICs.
\n
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
\n
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
\n
exchange for those goods. Revenue is generally recognised on delivery of the goods.
\n
\u2022 Non-recurring engineering (\u201cNRE\u201d) services related to customer development projects.
\n
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
\n
customer development projects financed by the customer. In general, income is recognised when the project is finalised
\n
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
\n
when one of the following criteria are met:
\n
\u2022 Customer consumes benefits as the Group performs the service
\n
\u2022 Customer controls benefits as the Group performs the service
\n
Earned revenue for the period is earned revenue at the balance sheet date, less earned revenue in prior periods. If the project
\n
is ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
\n
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
\n
according to IFRS 15 is consequently not relevant for these financial statements.
\n

\n\n\n
Foreign currencies
\n
The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company\u2019s
\n
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
\n
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
\n
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
\n
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rate, at the
\n
date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are retranslated
\n
at the functional currency spot rate of exchange at the reporting date.
\n
Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are
\n
measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
\n
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
\n
when the fair value is determined.
\n
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
\n
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
\n
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n
borrowings are included in OCI. At December 31, 2022 and 2021 an intercompany subordinated loan to poLight France SAS of EUR
\n
2,750,000 was regarded as a part of the net investment in poLight France SAS.
\n

\n\n\n
Government grants
\n
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
\n
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
\n
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
\n
the carrying amount of the asset. The grant is then recognised as income over the useful life of the depreciable asset, by way of a
\n
reduced depreciation charge.
\n

\n\n\n

\n
Taxes
\n
Current income tax
\n
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid
\n
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively
\n
enacted at the reporting date in the countries where the Group operates and generates taxable income.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
\n
are subject to interpretation, and it establishes provisions where appropriate.
\n\n
Deferred tax
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
\n
carrying amounts, for financial reporting purposes at the reporting date.
\n
Deferred tax liabilities are recognised for all taxable temporary differences.
\n
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
\n
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
\n
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
\n
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
\n
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
\n
to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
\n
substantively enacted at the end of the reporting period.
\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n

\n\n\n

\n\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\u2022 Leased building: The duration of the lease agreement
\n
\u2022 Equipment: 3 to 5 years
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n

\n\n\n
Leases
\n
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control
\n
the use of an identified asset for a period of time in exchange for consideration.
\n
Group as a lessee
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
\n
underlying assets.
\n
i) Right-of-use assets
\n
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
\n
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
\n
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
\n
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
\n
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
\n
assets, as follows:
\n
\u2022 Office & lab lease, headquarter
\n
The right-of-use assets are also subject to an impairment assessment.
\n
ii) Lease liabilities
\n
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
\n
be made over the lease term. The lease payments include fixed payments (including in substance fixed payments).
\n
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
\n
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
\n
liabilities is reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
\n
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
\n
in an index or rate used to determine such lease payments).
\n
iii) Short-term leases and leases of low-value assets
\n
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
\n
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
\n
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
\n
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\n

\n\n\n
Intangible assets
\n
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
\n
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
\n
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
\n
is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite.
\n
Intangible assets with finite lives are amortised over their useful lives, and assessed for impairment whenever there is an indication
\n
that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite
\n
useful life are reviewed at least at the end of each year. Changes in the expected useful life are accounted for by changing the
\n
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on
\n
intangible assets with finite lives is recognised in the statement of profit or loss.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
\n
and the carrying amount of the asset, and are recognised in the statement of profit or loss when the asset is derecognised.
\n\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development
\n
is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of
\n
development, the asset is tested for impairment annually.
\n

\n\n\n
Software license
\n
The Group made upfront payments to purchase software licenses. Licences for the use of intellectual property are granted for periods
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
Software licence Development costs
\n
Useful lives Finite (3-5 years) Finite (3-7 years)
\n
Amortisation method used Amortised on a straight- line basis
\n
over the lives of the licences
\n
Amortised on a straight- line basis over
\n
the period of expected consumption of
\n
future economic benefits from the
\n
related project
\n
Internally generated or acquired Acquired Internally generated
\n

\n\n

\n\n
\n\n

\n

\n
Financial instruments
\n
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
\n
another entity.
\n\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

\n\n\n
ii) Financial liabilities
\n
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
\n
cost.
\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n

\n\n
\n\n
Inventories
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
\n
Components:
\n
\u2022 Purchase cost on a first-in, first-out basis
\n
Finished goods and work in progress:
\n
\u2022 Cost of direct materials and services from subcontractors
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
\n
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers\u2019
\n
demand and age are parameters that are considered when assessing this provision.
\n

\n\n\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\u2022 Disclosures of significant assumptions Note 3
\n
\u2022 Property, plant and equipment Note 8
\n
\u2022 Intangible assets Note 9
\n
\u2022 Research and development costs Note 10
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n

\n\n\n
Cash and short-term deposits
\n
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
\n
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
\n
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
\n
defined above, as they are considered an integral part of the Group\u2019s cash management.
\n

\n\n

\n\n

\n\n

\n

\n\n

\n

\n

\n\n
Provisions
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is
\n
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable
\n
estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or
\n
loss.
\n
If the effect of the time value of money is material, provisions are discounted, using a current pre-tax rate that reflects, when
\n
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
\n
recognised as a finance cost.
\n

\n\n\n
Pensions and other post-employment benefits
\n
The Group operates one defined contribution plan. Contributions are recognised in the statement of income in the period in which
\n
the contribution amounts are earned by the employee.
\n

\n\n\n
Share option plans
\n
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
\n
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
\n
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
\n
share price at the date of the grant, exercise price (strike), the expected number of share options that will ultimately vest, risk-free
\n
interest rate and the volatility that is deemed based on historic volatility of the poLight share.
\n
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.2 Employee benefits expense), together
\n
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
\n
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
\n
until the vesting date, reflects the extent to which the vesting period has expired, and the Group\u2019s best estimate of the number of
\n
equity instruments that will ultimately vest. The share options expense includes accrued social security expenses that are calculated
\n
based on the number of vested share options and a proportion of share options under vesting multiplied by the difference between
\n
market price and exercise price at the end for the period. The expense in the consolidated statement of income for a period,
\n
represents the movement in cumulative expense recognised as at the beginning and end of that period.
\n
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
\n
(further details are given in Note 7).
\n

\n\n

\n\n\n
3 Significant accounting judgements and key sources of estimation uncertainty
\n
3.1 Significant judgements in applying the Group\u2019s accounting policies
\n
Development costs
\n
Initial capitalisation of costs is based on management\u2019s assessment that technological and economic feasibility is likely, usually when
\n
a product development project has reached a defined milestone, according to an established project management model. Cost of
\n
material used in manufacturing line until status of \u201cmass production\u201d is achieved is recognised as development costs to the extent
\n
that it is not sellable parts. In determining the amounts to be capitalised, management makes assumptions regarding the expected
\n
future cash generation of the project, discount rates to be applied, and the expected period of benefits.
\n
3.2 Key sources of estimation uncertainty \u2013 significant accounting estimates
\n
The preparation of poLight\u2019s consolidated financial statements requires the use of accounting estimates. Management also needs to
\n
exercise judgment in applying poLight\u2019s accounting policies. These estimates and judgments affect the reported amounts of assets,
\n
liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and assumptions, which are continuously
\n
reviewed, are based on historical experience and various other factors that are believed to be reasonable and appropriate under the
\n
circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment
\n

\n\n

\n\n

\n

\n\n

\n
to the carrying amount of assets or liabilities affected in future periods. Changes in accounting estimates and judgments in the
\n
application of accounting policies are recognized in the period in which the estimates and judgments are revised, if the revisions
\n
affect only that period, or in the period of the revisions and future periods if the revisions affect both current and future periods.
\n
The following summarizes the most significant judgments and estimates used in preparing the consolidated financial statements.
\n
Impairment of non-financial assets
\n
Cash-generating units are reviewed for impairment when indicators exists. Judgements are required to determine if impairment
\n
indicators are present. If an impairment test is performed, changes in key assumptions may result in an impairment. See Note 10
\n
Research and development costs for further details.
\n
Share option plans
\n
Estimating fair value for share option plans transactions requires determination of the most appropriate valuation model, which
\n
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the
\n
valuation model, including the expected life of the share option, volatility and dividend yield, and assumptions about the inputs.
\n
For determining the fair value of equity-settled transactions with employees at the grant date, the Group uses the Black-Scholes
\n
option pricing model. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed
\n
in Note 5.2 Employee benefits expense.
\n
Provision for obsolescence
\n
When estimating net realisable value of the inventory the Group assesses the provision for obsolescence. Customers\u2019 demand,
\n
expected sales prices obtainable in the market and age are parameters that are considered when assessing this provision. Customers\u2019
\n
demand for each product and each variant of the products are determined based on feedback from customers using the TLens\u00ae in
\n
released products as well as completed and ongoing PoC\u2019s. Specifically, poLight has made provision on most of the first generation
\n
of the TLenses as it most likely is not addressable to the smart phone market or other mass market products as was intended originally
\n
when the wafers were produced. A provision has also been made for low volume units with high purchase price and lenses that are
\n
yet to be tested are partly written down as it is expected that some items will not pass the pre-test and final quality control. In
\n
addition, a general provision has been made for aging of wafers. As there have been limited sales volumes to date, the provisions
\n
made are subject to significant estimation uncertainty.
\n
The provision is disclosed in Note 12 Inventories.
\n\n
3.3 Measurement of fair values
\n
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial
\n
assets and liabilities.
\n
The Group has an established control framework with respect to the measurement of fair values. Significant valuation issues are reported
\n
to the Group\u2019s Audit and Sustainability Committee.
\n
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are
\n
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\n
prices) or indirectly (i.e. derived from prices).
\n
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value
\n
measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the
\n
entire measurement. IFRS 13.95 The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in
\n
the following notes:
\n
Note 5.2 Employee benefits expense, Share option plans
\n
Note 12 Inventories
\n

\n\n

\n\n\n

\n
4 Segment information
\n
The Group has only one operating segment \u2013 the TLens\u00ae technology platform, consistent with the reporting to the CEO and the
\n
Board.
\n
poLight\u2019s product TLens\u00ae may be used in devices such as smartphones, wearables, barcode, machine vision systems and various
\n
medical equipment. poLight's TLens\u00ae enables better system performance and new user experiences due to benefits such as extremely
\n
fast focus, small footprint, no magnetic interference, low power consumption and constant field of view.
\n

\n\n
Geographical distribution
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenue
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
America
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 198
\n
2 618
\n
Asia
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 222
\n
6 026
\n
Europe
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 943
\n
1 388
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 363
\n
10 032
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Geographical distribution
\n

\n
Right-of-use assets
\n
Machinery & equipment
\n
Development costs
\n
(in NOK 000)
\n

\n

\n

\n

\n
2022
\n
2021
\n
2022
\n
2021
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway
\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
2 689
\n
2 097
\n
24 855
\n
33 377
\n
France
\n

\n

\n

\n

\n

\n
0
\n
0
\n
21
\n
16
\n
0
\n
0
\n
Finland
\n

\n

\n

\n

\n

\n
0
\n
0
\n
50
\n
26
\n
0
\n
0
\n
Taiwan
\n

\n

\n

\n

\n

\n
0
\n
0
\n
1 490
\n
184
\n
0
\n
0
\n
The Philippines
\n

\n

\n

\n
0
\n
0
\n
6 461
\n
0
\n
0
\n
0
\n
China
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
36
\n
34
\n
0
\n
0
\n
Total
\n

\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
10 748
\n
2 356
\n
24 855
\n
33 377
\n

\n
All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
\n
established in China, with a parent holding company in Hong Kong.
\n

\n\n

\n\n\n

\n\n

\n\n

\n\n

\n\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
6 Income tax
\n
The significant components of income tax expense are:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Consolidated statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Deferred tax:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Relating to origination and reversal of temporary differences
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Income tax expense reported in the statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n

\n
A reconciliation between tax expense and the product of accounting profit multiplied by Norway\u2019s domestic tax rate, is as follows:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Calculated income tax at statutory rate of 22%
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-14 882
\n
-11 746
\n
Government grants exempt from tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 015
\n
-1 045
\n
Tax effect of permanent differences
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-41
\n
2 117
\n
Transaction costs share issues
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 657
\n
Change in unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
16 280
\n
12 374
\n
Change in tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
398
\n
Effect of different tax rates compared with Norwegian tax rate
\n

\n

\n

\n

\n

\n

\n
-71
\n
-65
\n
Foreign currency effects
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-28
\n
132
\n
Adjustments previous year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-415
\n
Income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Effective tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.4 %
\n
0.2 %
\n

\n
Movements in deferred tax balances
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Balance at 31 December
\n
2022
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Property, plant and equipment
\n
427
\n
-423
\n
0
\n
4
\n
4
\n
0
\n
Intangible assets
\n

\n

\n
5 301
\n
-135
\n
0
\n
5 166
\n
5 166
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 903
\n
74
\n
0
\n
2 978
\n
2 978
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 070
\n
0
\n
-318
\n
-1 387
\n
0
\n
-1 387
\n
Provisions
\n

\n

\n

\n

\n
110
\n
110
\n
0
\n
220
\n
220
\n
0
\n
Tax losses carried forward
\n
145 452
\n
17 070
\n
0
\n
162 522
\n
162 522
\n
0
\n
Tax assets (liabilities) before set-
\n
off
\n
153 123
\n
16 696
\n
-318
\n
169 502
\n
170 889
\n
-1 387
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 387
\n
1 387
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-169 502
\n
-169 502
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
Balance at 31 December
\n
2021
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred
\n
tax assets
\n
Deferred
\n
tax
\n
liabilities
\n
Property, plant and equipment
\n
501
\n
-74
\n
0
\n
427
\n
427
\n
0
\n
Intangible assets
\n

\n

\n
5 436
\n
-135
\n
0
\n
5 301
\n
5 301
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 788
\n
116
\n
0
\n
2 903
\n
2 903
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 361
\n
0
\n
291
\n
-1 070
\n
0
\n
-1 070
\n
Provisions
\n

\n

\n

\n

\n
102
\n
8
\n
0
\n
110
\n
110
\n
0
\n
Tax losses carried forward
\n
133 283
\n
12 168
\n
0
\n
145 452
\n
145 452
\n
0
\n
Tax assets (liabilities) before set-off
\n
140 749
\n
12 083
\n
291
\n
153 123
\n
154 193
\n
-1 070
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 070
\n
1 070
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-153 123
\n
-153 123
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n
Total unrecognised deferred tax assets net, relate to
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
162 193
\n
146 746
\n
France (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 309
\n
7 038
\n
Total unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
169 502
\n
153 784
\n

\n\n

\n\n

\n\n
7 Earnings per share
\n
Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the
\n
parent, by the weighted average number of shares outstanding during the year.
\n
The following table reflects the income and share data used in the basic and diluted EPS computations:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Weighted average number of ordinary shares for basic EPS
\n

\n

\n

\n

\n

\n

\n

\n
51 939 025
\n
47 341 744
\n
Effect of dilution:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share options in-the-money (average)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 073 867
\n
2 507 374
\n
Anti-dilutive for the periods presented
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 073 867
\n
-2 507 374
\n
Weighted average number of shares adjusted for the effect of dilution
\n

\n

\n

\n

\n

\n
51 939 025
\n
47 341 744
\n

\n
1) Restated following a share split of 1:5 resolution on 31 May 2022
\n

\n
Fully vested and Exercisable share options have no dilution effect on EPS computations, because this would have decreased loss per
\n
share.
\n
There have been no other transactions involving ordinary shares, or potential ordinary shares, between the reporting date and the
\n
date of authorisation of these financial statements.
\n

\n\n

\n\n

\n

\n\n
(in NOK)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Profit / loss (-) attributable to ordinary equity holders of the parent
\n

\n

\n

\n

\n
-67 886
\n
-53 481
\n
Earnings per share for income attributable to equity holders of poLight:
\n

\n

\n

\n

\n

\n
Basic
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1.31
\n
-1.13
\n
Diluted
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1.31
\n
-1.13
\n

\n\n

\n\n

\n\n

\n\n
8 Property, plant and equipment
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
287
\n
12 268
\n
12 554
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
1 016
\n
2 142
\n
Disposals at cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-287
\n
-313
\n
-599
\n
Foreign currency translation effect
\n
0
\n
-110
\n
-110
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Accumulated depreciation and impairment losses at 1 January 2021
\n
-287
\n
-11 428
\n
-11 715
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-113
\n
-512
\n
-625
\n
Accumulated depreciation and impairment losses disposals
\n
287
\n
313
\n
599
\n
Effect of changes in foreign exchange
\n
0
\n
110
\n
110
\n
Accumulated depreciation and impairment losses at 31 December 2021
\n
-113
\n
-11 518
\n
-11 631
\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 013
\n
1 343
\n
2 356
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
106
\n
9 096
\n
9 202
\n
Foreign currency translation effect
\n
0
\n
124
\n
124
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 232
\n
22 081
\n
23 313
\n
Accumulated depreciation and impairment losses at 1 January 2022
\n
-113
\n
-11 518
\n
-11 631
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-236
\n
-482
\n
-717
\n
Impairment losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-94
\n
-94
\n
Effect of changes in foreign exchange
\n
0
\n
-122
\n
-122
\n
Accumulated depreciation and impairment losses at 31 December 2022
\n
-348
\n
-12 217
\n
-12 565
\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
884
\n
9 864
\n
10 748
\n
Estimated useful lives (years)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1)
\n
3-5
\n

\n

\n
1) Modifications and upgrades in leased premises are depreciated over the leasing period that is estimated to 5 years (including an
\n
option to extend the lease with 2 years).
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
9 Intangible assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
242
\n
78 427
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-61
\n
-61
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2021
\n

\n

\n

\n

\n
-34 539
\n
-242
\n
-34 780
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-10 269
\n
0
\n
-10 269
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
61
\n
61
\n
Accumulated amortisation and impairment losses at 31 December
\n
2021
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
33 377
\n
0
\n
33 377
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2022
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-8 522
\n
0
\n
-8 522
\n
Accumulated amortisation and impairment losses at 31 December
\n
2022
\n

\n

\n

\n

\n
-53 329
\n
-181
\n
-53 511
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
24 855
\n
0
\n
24 855
\n

\n
Intangible assets with finite useful lives, are amortised systematically over their estimated economic lives, ranging between 3 and 7
\n
years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver and the related ASIC driver in the second quarter of 2019
\n
as they became ready for commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining
\n
number of years of the first patent.
\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
\n

\n\n

\n\n\n
10 Research and development costs
\n
The part of poLight\u2019s IP (intellectual property) that is recognised as an intangible asset, is the fundamental TLens\u00ae technology, which
\n
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
\n
industrial applications, such as barcode readers and machine vision/sensor applications.
\n

\n\n

\n\n

\n

\n\n
Carrying amount
\n
before
\n
impairment
\n
Carrying amount
\n
after impairment
\n
Accumulated net
\n
impairment loss
\n
CGU: TLens\u00ae technology platform
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
51 657
\n

\n
33 377
\n

\n
18 280
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
43 135
\n

\n
24 855
\n

\n
18 280
\n

\n
The TLens\u00ae technology platform is poLight\u2019s major asset. In January 2020, the first product using TLens Silver was launched within
\n
the consumer market segment. A smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
\n
delivered by poLight. Since then, additional 9 design-wins have been achieved. Additional three in consumer products, one web cam
\n
a second smartwatch and in January 2023 the first design-win in smartphone. poLight has also achieve several design wins in industrial
\n
products like barcode, augmented reality (AR) and medical.
\n
The company has one major asset, the TLens\u00ae technology platform and the management has evaluated that the group as a whole is
\n
one CGU for impairment testing. The remaining carrying value of development costs are NOK 24.9 million and are related to TLens\u00ae
\n
technology platform, that includes the ASIC driver. Indicators of impairment of the TLens \u00ae technology platform have been reviewed,
\n
and none identified.
\n
TLens\u00ae Platinum, that is a larger version of the TLens\u00ae is still under development. Engineering samples have been produced and have
\n
already been tested by some potential customers. However, activity to prepare TLens\u00ae Platinum for mass production has been put
\n
on hold until the product is closer to the anticipated market breakthrough. In December 2019 a management assessment was made
\n
and an impairment charge of NOK 18.3 million was recognised related to this product. The recognition of impairment for accounting
\n
purposes does not imply that the assets have no commercial value.
\n
In addition, management has evaluated that the equity value of the company is an indication of the fair value of the CGU. The
\n
company\u2019s shares are listed on Oslo Stock exchange, and fair value is estimated based on the observed share price. The fair value
\n
measurement is categorized within level 2 of the fair value hierarchy in accordance with IFRS 13. It is considerable headroom between
\n
the carrying value and the fair value less cost of disposal.
\n

\n\n\n
11 Lease agreements
\n
poLight has entered into commercial leases with regards to premises and office equipment used in its operations. In Norway, the
\n
company leases lab facilities, including a clean room, and offices are leased in Norway, Finland and China. The premises in Norway
\n
comprises 852 square meters. The contract expires in July 2024 with an option to extend the lease agreement with additional 2 years.
\n
The option is assumed to be utilised determining the lease period, increasing the lease assets and liabilities.
\n
The office lease terms in Finland and China are terminable by both lessee and lessor with twelve months\u2019 notice or less. The leases
\n
of office equipment are with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition
\n
exemptions for these leases.
\n
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
\n
Building
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 778
\n
964
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
158
\n
5 309
\n
Termination of contract
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-465
\n
Depreciation expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 066
\n
-1 029
\n
At 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Set out below are the carrying amounts of lease liabilities and the movements during the period:
\n

\n\n

\n\n

\n

\n

\n\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 876
\n
1 048
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
159
\n
5 309
\n
Termination of contract
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-522
\n
Interest expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
243
\n
Payments
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 295
\n
-1 202
\n
At 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 070
\n
4 876
\n
Current, < 1 year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 100
\n
942
\n
Non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 970
\n
3 934
\n

\n
The maturity analysis of lease liabilities are disclosed in Note 13.2 Financial liabilities.
\n
The following are the amounts recognised in profit or loss:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Depreciation expense of right-of-use assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 066
\n
1 029
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
243
\n
Expense relating to short-term leases (included in research and development expenses)
\n
407
\n
389
\n
Expense relating to short-term leases (included in sales and marketing expenses)
\n
769
\n
202
\n
Expense relating to leases of low-value assets (included in administrative expenses)
\n
46
\n
40
\n
Total amount recognised in profit or loss
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 617
\n
1 904
\n

\n
The Group had total cash outflows for leases of NOK 2 516 in 2022 (2021: NOK 1 833). The Group also had non-cash additions to
\n
right-of-use assets and lease liabilities of NOK 159 in 2022 (2021: NOK 5 309). The addition is attributable to the yearly adjustment
\n
in lease payment for the company\u2019s headquarters in Horten.
\n

\n\n\n

\n\n
12 Inventories
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Components; mainly wafers (at cost)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
50 143
\n
25 304
\n
Finished goods; lenses and driver ASICs (at cost)
\n

\n

\n

\n

\n

\n
8 968
\n
4 730
\n
Obsolescence provision (expensed as cost of sales)
\n

\n

\n

\n

\n
-13 534
\n
-13 198
\n
Total inventories at the lower of cost and net realisable value
\n

\n

\n

\n
45 577
\n
16 836
\n

\n
During 2022, NOK 0.3 million (2021: NOK 0.5 million) was recognised as an obsolescence expense for inventories carried at net
\n
realisable value. This is recognised in cost of sales.
\n

\n\n

\n\n\n

\n\n

\n\n

\n\n
13 Financial assets and financial liabilities
\n
poLight\u2019s principal financial liabilities comprise trade and other payables, lease liabilities and provisions. poLight\u2019s principal financial
\n
assets include trade and other receivables, and cash.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n\n

\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n

\n\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n\n

\n\n

\n\n

\n\n

\n\n\n
14 Government grants
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Receivable at 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 280
\n
5 014
\n
Received during the year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-7 558
\n
-9 621
\n
Grants recognised as reduction of research and development expenses in the consolidated
\n
statement of income
\n
4 892
\n
11 886
\n
Receivable at 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n

\n
The group have received grants for development of next generation optical components based on TLens\u00ae technology and analyses
\n
and testing activities to understand better relations between micro failure in optical components and mechanical, physical and
\n

\n\n

\n\n

\n

\n

\n\n
electric testing. The group has in addition received Tax Refund grants related to project for application reference design enabled by
\n
poLight technology, autofocus lens and ASIC projects.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
Non-current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n

\n\n

\n\n

\n\n
15 Cash and short-term deposits\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cash at banks \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
82\u00a0936\u00a0
\n
156\u00a0365
\n
Restricted cash, taxes withheld\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 313\u00a0
\n
1 263\u00a0
\n
Restricted cash, deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
181\u00a0
\n
Cash and short-term deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
84 249
\n
157\u00a0810
\n

\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. \u00a0\u00a0\u00a0
\n

\n\n

\n\n\n

\n\n
16 Issued capital and reserves\u00a0\u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Ordinary shares \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
51 952 700
\n
51\u00a0925\u00a0480
\n
1
\n

\n

\n
2)\u00a0\u00a0Restated following a\u00a0share split of 1:5 resolution on 31 May 2022 \u00a0
\n
The \u00a0shareholders \u00a0are \u00a0presented \u00a0in \u00a0Note \u00a016 Share \u00a0capital\u00a0\u00a0and \u00a0shareholder \u00a0information, \u00a0in \u00a0the \u00a0financial \u00a0statement of \u00a0the parent
\n
company, poLight ASA.\u00a0\u00a0
\n
Shares issued and fully paid\u00a0
\n
Number of shares\u00a0
\n
Issued share capital \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n
At 1 January 2021 of NOK 0.20 each\u00a0
\n
9 048\u00a0822
\n
1 810\u00a0
\n

\n

\n

\n
Exercise of share options on 3 March 2021 each with a par value of NOK 0.20\u00a0
\n
79 378\u00a0
\n
16\u00a0
\n
Private placement on 13 September 2021 each with a par value of NOK 0.20\u00a0
\n
1 136 363\u00a0
\n
227\u00a0
\n
Exercise of share options on 29 September 2021 each with a par value of NOK 0.20\u00a0
\n
4 137\u00a0
\n
1
\n
Subsequent offering on 21 October 2021 each with a par value of\u00a0NOK 0.20\u00a0
\n
116 396\u00a0
\n
23\u00a0
\n
At 31 December\u00a02021 of NOK 0.20 each\u00a0
\n
10\u00a0385 096\u00a0
\n
2 077
\n

\n

\n

\n
Exercise of share options on 1 March 2022 each with a par value of NOK 0.20\u00a0
\n
777\u00a0
\n
0
\n
Exercise of share options on 25 May 2022 each with a par value of NOK 0.20\u00a0
\n
4 667
\n
1
\n
Share split of 1:5 on 31 May 2022, par value of NOK 0.04\u00a0
\n
41\u00a0562 160
\n

\n
At 31 December 2022 of NOK 0.04 each\u00a0
\n
51 952 700
\n
2 078
\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n
Share premium\u00a0
\n
At 1 January 2021
\n

\n

\n

\n

\n
125\u00a0753\u00a0
\n
Exercise of share options on 3 March 2021 average of\u00a0NOK 40.36\u00a0(NOK 8.07 after
\n
spilt)\u00a0
\n

\n

\n

\n

\n
3 188\u00a0
\n
Private placement on 13 September 2021 of\u00a0NOK 110 each\u00a0(NOK 22 after split)\u00a0
\n

\n

\n

\n

\n
124 773\u00a0
\n
Exercise of share options on 29 September 2021 average of NOK 46.57\u00a0(NOK 9.31
\n
after split)\u00a0
\n

\n
192\u00a0
\n
Subsequent offering on 21 October 2021 of NOK 110 each\u00a0(NOK 22\u00a0after split)\u00a0
\n

\n
12 780\u00a0
\n
Decrease due to transaction costs for issued share capital \u00a0
\n

\n
-7 530
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-49\u00a0836
\n
At\u00a031 December 2021\u00a0
\n

\n

\n

\n

\n
209\u00a0320
\n
Exercise of share options on 1 March 2022 average of NOK 8.41 after split\u00a0
\n

\n

\n

\n

\n
33
\n
Exercise of share options on 25\u00a0May 2022 average of NOK 9.54 after split\u00a0
\n

\n

\n

\n

\n
221\u00a0
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-63\u00a0788
\n
At\u00a031 December 2022
\n

\n

\n

\n

\n
145\u00a0785\u00a0
\n

\n
To improve the consistency between the presented equity components in the Group and the parent company\u2019s statement of financial
\n
position, \u00a0historical \u00a0accumulated \u00a0losses \u00a0have \u00a0been \u00a0offset \u00a0against \u00a0share \u00a0premium \u00a0also \u00a0in \u00a0the \u00a0consolidated \u00a0statement \u00a0of \u00a0financial
\n
position. Comparative figures have been restated\u00a0for 2021. \u00a0
\n
The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK\u00a0415\u00a0434\u00a0(10 385\u00a0850
\n
shares at par value of NOK 0.04) that is approximately 20 per cent of shares outstanding, in addition to shares through share option
\n
schemes.\u00a0
\n

\n
Share option schemes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The board is authorised to issue shares through share option schemes up to a total\u00a0nominal value of NOK 207\u00a0717\u00a0(5 192\u00a0925 shares
\n
at par value of NOK 0.04), that is approximately 10\u00a0per cent of shares outstanding. The company\u2019s share option schemes, with the
\n
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.2\u00a0Employee benefits expense).
\n

\n\n

\n\n\n
17 Provisions\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Warranty
\n
provision \u00a0
\n
Claims\u00a0
\n
Total\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
1 189\u00a0
\n
1 189
\n
New or increased provisions\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
500\u00a0
\n
0
\n
500\u00a0
\n
Unused reversed as administrative \u00a0expenses\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 189
\n
-1 189
\n
At\u00a031 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
500
\n
0
\n
500\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
New or increased provisions\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
500\u00a0
\n
0
\n
500\u00a0
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n

\n\n

\n\n

\n

\n\n

\n
Expected timing of cash flow\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Warranty
\n
provision \u00a0
\n
Claims\u00a0
\n
Total\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current, < 1 year\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n
Non-current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
0
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n

\n
Warranty provision\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
A general provision to meet potential\u00a0claims under the warranty clause.\u00a0
\n

\n\n
Claims\u00a0\u00a0\u00a0\u00a0\u00a0
\n
On 14\u00a0September 2018, the Norwegian Tax Administration for\u00a0South Norway (Skatteetaten S\u00f8r-Norge) excluded\u00a0poLight ASA from
\n
the Norwegian VAT Register and claimed repayment of refunded VAT, with\u00a0effect\u00a0from 1 January 2013, totalling NOK 13.6 million.
\n
The Norwegian Tax Administration claimed that the company was not capable of\u00a0being profitable and did not therefore qualify as a
\n
\"business\" pursuant to the Norwegian laws and\u00a0regulations regarding VAT. In September 2018, the decision was appealed to the Tax
\n
Appeals Board (Skatteklagenemda). The entire claim was\u00a0paid in 2018,\u00a0except the additional\u00a0associated taxes of NOK 1.2 million, that
\n
was accrued for as a\u00a0provision. \u00a0
\n
On 28 August\u00a02020, the\u00a0tax authorities decided to re-register poLight ASA in the VAT Register with effect from July 2020 on ordinary
\n
terms. \u00a0The \u00a0receivable \u00a0of \u00a0NOK \u00a08.2 \u00a0million was \u00a0recognised \u00a0in \u00a0the \u00a0third \u00a0quarter 2020, \u00a0whereof \u00a0NOK \u00a07.6 \u00a0million \u00a0as a \u00a0reduction \u00a0of
\n
administrative expenses. The cash proceeds from this ruling were received in the fourth quarter 2020. \u00a0
\n
On 16 December 2021,\u00a0Norway\u2019s Tax Appeals Board issued a final decision and upheld\u00a0the appeal filed\u00a0by poLight giving full refund
\n
of \u00a0the \u00a0VAT \u00a0claim. \u00a0NOK \u00a012.4 \u00a0million \u00a0was \u00a0recognised \u00a0in \u00a0the \u00a0fourth \u00a0quarter \u00a02021, \u00a0whereof \u00a0NOK \u00a011.6 \u00a0million \u00a0as\u00a0\u00a0a \u00a0reduction \u00a0of
\n
administrative expenses and NOK 0.8 as financial income. The outstanding amount was received in January 2022.\u00a0
\n

\n\n

\n\n\n

\n\n

\n
18\u00a0Related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:\u00a0
\n

\n
Name\u00a0
\n
Principal activities\u00a0
\n
Country of
\n
incorporation\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
poLight ASA\u00a0
\n
R&D, Sales and
\n
management\u00a0
\n
Norway\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight France SAS\u00a0
\n
R&D\u00a0
\n
France\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Finland Oy\u00a0
\n
R&D\u00a0
\n
Finland\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Hong Kong Limited \u00a0
\n
Holding company\u00a0
\n
HK, China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight (Shenzhen) Technical\u00a0
\n
Service Company Limited\u00a0
\n
Sales\u00a0
\n
China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n

\n
poLight ASA\u00a0is the ultimate parent. None of the shareholders of poLight ASA has control of the company. As of 31 December 2022,
\n
the largest shareholder was\u00a0Investinor Direkte AS, with an ownership of 17.13%. \u00a0
\n

\n\n
Transactions between group companies\u00a0\u00a0\u00a0
\n
Intercompany agreements are \u00a0entered with \u00a0all the subsidiaries in the \u00a0Group. All \u00a0sales in the \u00a0subsidiaries are \u00a0made with \u00a0parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.\u00a0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Purchases from subsidiaries\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 248
\n
11 532
\n

\n
Outstanding balances\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
Currency\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Subordinated loan agreement\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
EUR 000\u00a0
\n
2 750\u00a0
\n
2 750\u00a0
\n
Trade and other payables\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 000\u00a0
\n
1 217
\n
511\u00a0
\n

\n
A subordinated loan agreement was concluded on\u00a029 December 2016,\u00a0between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2022, the entire principal\u00a0is considered\u00a0as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in\u00a0poLight\u00a0France\u00a0SAS, the currency translation effect is recognised in OCI.\u00a0In the parent
\n
company an impairment loss of NOK 27 112\u00a0950 related to the subordinated loan have been recognised, whereof NOK 643 \u00a0750\u00a0
\n
recognised in 2022. \u00a0
\n

\n\n

\n
Transactions with other related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
No transactions have been made with other\u00a0related parties for\u00a0the relevant financial years.\u00a0
\n

\n
Compensation to management personnel\u00a0and board of director\u2019s\u00a0
\n
A separate remuneration report will be published on poLight's website as a part\u00a0of the notification of the Annual General Meeting.\u00a0
\n\n
Management remuneration\u00a0
\n
In accordance with the Norwegian \u00a0public Limited Companies \u00a0Act \u00a76-16 a, the board \u00a0of \u00a0directors prepares a separate \u00a0statement
\n
related to the determination \u00a0of \u00a0salary \u00a0and other benefits for \u00a0the \u00a0corporate \u00a0management. The \u00a0statement shall \u00a0be subject to \u00a0an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2022 will be submitted\u00a0for approval in
\n
the annual general meeting 24 May 2023 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders. \u00a0
\n
The total remuneration to the management consists \u00a0of \u00a0fixed\u00a0\u00a0salary, \u00a0bonus, benefits \u00a0in-kind, \u00a0share \u00a0option program\u00a0and \u00a0pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
terms shall be based on a review by the CEO and the Board each year, taking into account trends in local labour\u00a0markets, the results
\n
achieved, and individual\u00a0contributions to the development of the Company.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n
Salaries\u00a0
\n
Bonus\u00a0
\n
Pension
\n
costs\u00a0
\n
Other
\n
benefits\u00a0
\n
Value
\n
1)
\n

\n
share
\n
options\u00a0
\n
Total 2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n

\n

\n
3 274
\n
791
\n
160\u00a0
\n
377\u00a0
\n
415\u00a0
\n
5 016\u00a0
\n
5 653\u00a0
\n
Pierre Craen - CTO
\n
2)
\n

\n

\n

\n

\n
2 075\u00a0
\n
474\u00a0
\n
0
\n
0
\n
111
\n
2 660\u00a0
\n
2 747
\n
Alf Henning Bekkevik - CFO \u00a0
\n
1 363\u00a0
\n
35
\n
152\u00a0
\n
18\u00a0
\n
0
\n
1 569\u00a0
\n
1 661\u00a0
\n
Marianne Sandal - COO\u00a0
\n

\n

\n
1 714
\n
387
\n
178
\n
47\u00a0
\n
111
\n
2 438\u00a0
\n
2 354\u00a0
\n
Total management team\u00a0
\n

\n

\n
8 427
\n
1 688\u00a0
\n
489
\n
442
\n
638\u00a0
\n
11\u00a0683\u00a0
\n
12 416
\n

\n
1)\u00a0\u00a0Fair value of the share options\u00a0vested in 2022 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. No share options\u00a0were\u00a0exercised\u00a0in 2022.\u00a0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
2)\u00a0\u00a0Pierre Craen has for the period 1.1.2022-31.12.2022 invoiced NOK 2,549\u00a0(2021:\u00a0NOK 2,172) thousand of\u00a0the remuneration
\n
through Tilia-Blue SRL as a consultant,\u00a0included in the above figure.\u00a0
\n
If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period. \u00a0\u00a0
\n
Below is an overview of poLight management's and board members' granted share options: \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
Opening
\n
balance\u00a0
\n
Forfeited
\n
options\u00a0
\n
Exercised
\n
options\u00a0
\n
Granted
\n
options\u00a0
\n
Ending \u00a0
\n
balance\u00a0
\n
Exercisable\u00a0
\n
options\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n
1 683\u00a0746\u00a0
\n
0
\n
0
\n
0
\n
1 683\u00a0746\u00a0
\n
1 605\u00a0968\u00a0
\n
Pierre Craen - CTO\u00a0
\n
310\u00a0615\u00a0
\n
0
\n
0
\n
0
\n
310\u00a0615\u00a0
\n
289\u00a0712\u00a0
\n
Alf Henning Bekkevik - CFO\u00a0
\n
251\u00a0115\u00a0
\n
0
\n
0
\n
0
\n
251\u00a0115\u00a0
\n
251\u00a0115\u00a0
\n
Marianne Sandal - COO\u00a0
\n
358 615
\n
0
\n
0
\n
0
\n
358 615
\n
337 712\u00a0
\n
Total management team\u00a0
\n
2 604\u00a0091\u00a0
\n
0
\n
0
\n
0
\n
2 604\u00a0091\u00a0
\n
2 484\u00a0507\u00a0
\n

\n
The\u00a0exercise price on exercisable share options\u00a0for the management\u2019s balance\u00a0at 31 December 2022 was\u00a0NOK 9.88\u00a0per share in
\n
average. No\u00a0share options were exercised in 2022. \u00a0
\n
In the case of an offeror becoming the owner of at least 9/10 of the issued shares of poLight, all of the unvested\u00a0share options
\n
becomes immediately vested\u00a0and exercisable. \u00a0
\n

\n\n
Remuneration members of the board\u00a0
\n

\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Grethe Viksaas\u00a0- chair of the board\u00a0
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n
338\u00a0
\n
213
\n
Ann-Tove Kongsnes\u00a0
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
325
\n
288\u00a0
\n
Svenn Tore Larsen \u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Juha Alakarhu \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Thomas G\u00f6rling
\n
3)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250\u00a0
\n
125\u00a0
\n
Total Board of Directors\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 413\u00a0
\n
1 050\u00a0
\n
1)\u00a0\u00a0Chair of the board from May 25, 2022
\n
2)\u00a0\u00a0Chair of the board to\u00a0May 25, 2022
\n
3)\u00a0\u00a0Member from May 26, 2021\u00a0
\n

\n
There are no loans from poLight\u00a0to the management or members of\u00a0the board.
\n

\n
Remuneration of the\u00a0nomination committee\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Thomas S. Wrede-Holm - chair\u00a0
\n

\n

\n

\n

\n

\n

\n
40\u00a0
\n
20\u00a0
\n
Jan-Erik H\u00e6reid\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Anne E. H. Wors\u00f8e\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Total Nomination Committee\u00a0
\n

\n

\n

\n

\n

\n

\n
100\u00a0
\n
60\u00a0
\n

\n\n

\n\n

\n\n

\n

\n\n
19 Events after the end of the reporting period\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
No \u00a0events \u00a0have \u00a0occurred \u00a0after \u00a0the \u00a0end \u00a0of\u00a0\u00a0the \u00a0reporting \u00a0period\u00a0\u00a0that \u00a0requires \u00a0disclosure\u00a0except \u00a0that \u00a0in\u00a0April \u00a02023 \u00a0the company
\n
launched\u00a0an underwritten preferential rights issue. The rights issue is fully underwritten and will, when it completed at the\u00a0beginning
\n
of May, raise NOK 135 million in gross proceeds. All the conditions for the obligations of the underwriters have been met.\u00a0\u00a0
\n

\n\n\n

\n\n
20 Standards issued, but not yet effective
\n
Issued new standards and amendments are\u00a0either not applicable for the Group\u00a0or are not considered to have a significant impact\u00a0on
\n
the financial statements.\u00a0\u00a0\u00a0\u00a0\u00a0
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag226": { "value": "\n

\n
1 Corporate information
\n
poLight ASA is a limited liability company, founded in 2005, which is incorporated and domiciled in Norway. The address of its
\n
registered office is Innlaget 230, N-3185 Skoppum, Norway.
\n
poLight offers a new autofocus lens which \"replicates\" the human eye for use in devices such as smartphones, wearables, barcode,
\n
machine vision systems and various medical equipment. poLight's TLens\u00ae enables better system performance and new user
\n
experiences due to benefits such as extremely fast focus, small footprint, no magnetic interference, low power consumption and
\n
constant field of view. For more information, visit www.polight.com.
\n
Information on the Group and related parties are presented in Note 18 Related parties.
\n\n
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
\n
December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 28 April 2023, to be approved
\n
by the annual general meeting on 24 May 2023.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag227": { "value": "poLight ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag216": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag232": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag230": { "value": "Innlaget 230, N-3185 Skoppum, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag217": { "value": "poLight offers a new autofocus lens which \"replicates\" the human eye for use in devices such as smartphones, wearables, barcode,machine vision systems and various medical equipment.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag234": { "value": "\n
The consolidated financial statements of poLight ASA and its subsidiaries (collectively, poLight or the Group) for the year ended 31
\n
December 2022 were authorised for issue in accordance with a resolution of the Board of Directors on 28 April 2023, to be approved
\n
by the annual general meeting on 24 May 2023.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag215": { "value": "\n

\n

\n

\n
2 Significant accounting policies
\n\n

\n

\n
2.1 Basis of preparation
\n\n
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
\n
Standards as issued by the International Accounting Standards Board (IASB) and adopted by the EU (IFRS).
\n

\n\n\n
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
\n
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.
\n

\n\n

\n\n\n

\n
2.2 Basis of consolidation
\n
The consolidated financial statements comprise the financial statements of poLight ASA and its subsidiaries.
\n\n
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of
\n
the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year, are included in the
\n
consolidated financial statements from the date the Group gains control, until the date the Group ceases to control the subsidiary.
\n
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
\n
the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
\n
between members of the Group are eliminated in full on consolidation.
\n

\n\n

\n\n
2.3 Summary of significant accounting policies
\n
The following are the significant accounting policies applied by the Group in preparing its consolidated financial statements:
\n\n

\n\n
Current versus non-current classification
\n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset
\n
is current when it is:
\n
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be realised within twelve months after the reporting period, or
\n
\u2022 Cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after
\n
the reporting period
\n
All other assets are classified as non-current.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
A liability is current when:
\n
\u2022 Expected to be settled in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be settled within twelve months after the reporting period, or
\n
\u2022 The Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the
\n
reporting period
\n
\n
The Group classifies all other liabilities as non-current.
\n
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
\n

\n\n

\n\n\n
Revenue from contracts with customers
\n
During 2022 the group had two revenue streams:
\n
\u2022 Sales of TLenses and related driver ASICs.
\n
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
\n
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
\n
exchange for those goods. Revenue is generally recognised on delivery of the goods.
\n
\u2022 Non-recurring engineering (\u201cNRE\u201d) services related to customer development projects.
\n
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
\n
customer development projects financed by the customer. In general, income is recognised when the project is finalised
\n
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
\n
when one of the following criteria are met:
\n
\u2022 Customer consumes benefits as the Group performs the service
\n
\u2022 Customer controls benefits as the Group performs the service
\n
Earned revenue for the period is earned revenue at the balance sheet date, less earned revenue in prior periods. If the project
\n
is ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
\n
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
\n
according to IFRS 15 is consequently not relevant for these financial statements.
\n

\n\n\n
Foreign currencies
\n
The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company\u2019s
\n
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
\n
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
\n
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
\n
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rate, at the
\n
date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are retranslated
\n
at the functional currency spot rate of exchange at the reporting date.
\n
Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are
\n
measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
\n
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
\n
when the fair value is determined.
\n
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
\n
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
\n
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
\n

\n\n

\n\n

\n

\n

\n

\n\n
borrowings are included in OCI. At December 31, 2022 and 2021 an intercompany subordinated loan to poLight France SAS of EUR
\n
2,750,000 was regarded as a part of the net investment in poLight France SAS.
\n

\n\n\n
Government grants
\n
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
\n
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
\n
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
\n
the carrying amount of the asset. The grant is then recognised as income over the useful life of the depreciable asset, by way of a
\n
reduced depreciation charge.
\n

\n\n\n

\n
Taxes
\n
Current income tax
\n
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid
\n
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively
\n
enacted at the reporting date in the countries where the Group operates and generates taxable income.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
\n
are subject to interpretation, and it establishes provisions where appropriate.
\n\n
Deferred tax
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
\n
carrying amounts, for financial reporting purposes at the reporting date.
\n
Deferred tax liabilities are recognised for all taxable temporary differences.
\n
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
\n
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
\n
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
\n
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
\n
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
\n
to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
\n
substantively enacted at the end of the reporting period.
\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n

\n\n\n

\n\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\u2022 Leased building: The duration of the lease agreement
\n
\u2022 Equipment: 3 to 5 years
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n

\n\n\n
Leases
\n
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control
\n
the use of an identified asset for a period of time in exchange for consideration.
\n
Group as a lessee
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
\n
underlying assets.
\n
i) Right-of-use assets
\n
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
\n
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
\n
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
\n
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
\n
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
\n
assets, as follows:
\n
\u2022 Office & lab lease, headquarter
\n
The right-of-use assets are also subject to an impairment assessment.
\n
ii) Lease liabilities
\n
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
\n
be made over the lease term. The lease payments include fixed payments (including in substance fixed payments).
\n
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
\n
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
\n
liabilities is reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
\n
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
\n
in an index or rate used to determine such lease payments).
\n
iii) Short-term leases and leases of low-value assets
\n
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
\n
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
\n
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
\n
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\n

\n\n\n
Intangible assets
\n
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
\n
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
\n
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
\n
is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite.
\n
Intangible assets with finite lives are amortised over their useful lives, and assessed for impairment whenever there is an indication
\n
that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite
\n
useful life are reviewed at least at the end of each year. Changes in the expected useful life are accounted for by changing the
\n
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on
\n
intangible assets with finite lives is recognised in the statement of profit or loss.
\n

\n\n

\n\n

\n

\n\n

\n

\n
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
\n
and the carrying amount of the asset, and are recognised in the statement of profit or loss when the asset is derecognised.
\n\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development
\n
is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of
\n
development, the asset is tested for impairment annually.
\n

\n\n\n
Software license
\n
The Group made upfront payments to purchase software licenses. Licences for the use of intellectual property are granted for periods
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
Software licence Development costs
\n
Useful lives Finite (3-5 years) Finite (3-7 years)
\n
Amortisation method used Amortised on a straight- line basis
\n
over the lives of the licences
\n
Amortised on a straight- line basis over
\n
the period of expected consumption of
\n
future economic benefits from the
\n
related project
\n
Internally generated or acquired Acquired Internally generated
\n

\n\n

\n\n
\n\n

\n

\n
Financial instruments
\n
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
\n
another entity.
\n\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

\n\n\n
ii) Financial liabilities
\n
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
\n
cost.
\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n\n

\n\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n

\n\n
\n\n
Inventories
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
\n
Components:
\n
\u2022 Purchase cost on a first-in, first-out basis
\n
Finished goods and work in progress:
\n
\u2022 Cost of direct materials and services from subcontractors
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
\n
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers\u2019
\n
demand and age are parameters that are considered when assessing this provision.
\n

\n\n\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\u2022 Disclosures of significant assumptions Note 3
\n
\u2022 Property, plant and equipment Note 8
\n
\u2022 Intangible assets Note 9
\n
\u2022 Research and development costs Note 10
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n

\n\n\n
Cash and short-term deposits
\n
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
\n
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
\n
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
\n
defined above, as they are considered an integral part of the Group\u2019s cash management.
\n

\n\n

\n\n

\n

\n

\n\n
Provisions
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is
\n
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable
\n
estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or
\n
loss.
\n
If the effect of the time value of money is material, provisions are discounted, using a current pre-tax rate that reflects, when
\n
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
\n
recognised as a finance cost.
\n

\n\n\n
Pensions and other post-employment benefits
\n
The Group operates one defined contribution plan. Contributions are recognised in the statement of income in the period in which
\n
the contribution amounts are earned by the employee.
\n

\n\n\n
Share option plans
\n
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
\n
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
\n
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
\n
share price at the date of the grant, exercise price (strike), the expected number of share options that will ultimately vest, risk-free
\n
interest rate and the volatility that is deemed based on historic volatility of the poLight share.
\n
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.2 Employee benefits expense), together
\n
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
\n
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
\n
until the vesting date, reflects the extent to which the vesting period has expired, and the Group\u2019s best estimate of the number of
\n
equity instruments that will ultimately vest. The share options expense includes accrued social security expenses that are calculated
\n
based on the number of vested share options and a proportion of share options under vesting multiplied by the difference between
\n
market price and exercise price at the end for the period. The expense in the consolidated statement of income for a period,
\n
represents the movement in cumulative expense recognised as at the beginning and end of that period.
\n
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
\n
(further details are given in Note 7).
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag233": { "value": "\n

\n

\n
2.1 Basis of preparation
\n\n
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
\n
Standards as issued by the International Accounting Standards Board (IASB) and adopted by the EU (IFRS).
\n

\n\n\n
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
\n
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag218": { "value": "\n
The consolidated financial statements of the Group have been prepared in accordance with International Financial Reporting
\n
Standards as issued by the International Accounting Standards Board (IASB) and adopted by the EU (IFRS).
\n

\n", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag221": { "value": "\n
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial statements are
\n
presented in Norwegian kroner (NOK), and all values are rounded off to the nearest thousand (NOK 000), unless otherwise indicated.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag229": { "value": "\n

\n
2.2 Basis of consolidation
\n
The consolidated financial statements comprise the financial statements of poLight ASA and its subsidiaries.
\n\n
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of
\n
the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year, are included in the
\n
consolidated financial statements from the date the Group gains control, until the date the Group ceases to control the subsidiary.
\n
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
\n
the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
\n
between members of the Group are eliminated in full on consolidation.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag225": { "value": "\n
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group loses control of
\n
the subsidiary. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year, are included in the
\n
consolidated financial statements from the date the Group gains control, until the date the Group ceases to control the subsidiary.
\n
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with
\n
the Group\u2019s accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions
\n
between members of the Group are eliminated in full on consolidation.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag213": { "value": "\n

\n\n
Current versus non-current classification
\n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset
\n
is current when it is:
\n
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be realised within twelve months after the reporting period, or
\n
\u2022 Cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after
\n
the reporting period
\n
All other assets are classified as non-current.
\n

\n\n

\n\n

\n\n
A liability is current when:
\n
\u2022 Expected to be settled in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be settled within twelve months after the reporting period, or
\n
\u2022 The Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the
\n
reporting period
\n
\n
The Group classifies all other liabilities as non-current.
\n
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
\n

\n\n

\n", "dimensions": { "concept": "plt:DescriptionOfAccountingPolicyForCurrentVersusNonCurrentClassificationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag231": { "value": "\n
Current versus non-current classification
\n
The Group presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset
\n
is current when it is:
\n
\u2022 Expected to be realised or intended to be sold or consumed in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be realised within twelve months after the reporting period, or
\n
\u2022 Cash or cash equivalent, unless restricted from being exchanged or used to settle a liability for at least twelve months after
\n
the reporting period
\n
All other assets are classified as non-current.
\n

\n\n
A liability is current when:
\n
\u2022 Expected to be settled in the normal operating cycle
\n
\u2022 Held primarily for the purpose of trading
\n
\u2022 Expected to be settled within twelve months after the reporting period, or
\n
\u2022 The Group does not have an unconditional right to defer settlement of the liability for at least twelve months after the
\n
reporting period
\n
\n
The Group classifies all other liabilities as non-current.
\n
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag235": { "value": "\n
Revenue from contracts with customers
\n
During 2022 the group had two revenue streams:
\n
\u2022 Sales of TLenses and related driver ASICs.
\n
The Group recognizes revenue from sale of TLenses and other components at the point in time when the control of goods is
\n
transferred to the customer at an amount that reflects the consideration to which the Group expects to be entitled in
\n
exchange for those goods. Revenue is generally recognised on delivery of the goods.
\n
\u2022 Non-recurring engineering (\u201cNRE\u201d) services related to customer development projects.
\n
In certain cases, when the counterparty to the contract is a customer or a potential customer, the Group will engage in
\n
customer development projects financed by the customer. In general, income is recognised when the project is finalised
\n
according to the contract and the customer can obtain the benefits from the project. Revenue may be recognised over time
\n
when one of the following criteria are met:
\n
\u2022 Customer consumes benefits as the Group performs the service
\n
\u2022 Customer controls benefits as the Group performs the service
\n
Earned revenue for the period is earned revenue at the balance sheet date, less earned revenue in prior periods. If the project
\n
is ongoing, income will be recognized continuously in accordance with the agreement, based on actual deliveries.
\n
The Group has for the periods presented limited sales and revenues. Further information on revenue recognition or disclosures
\n
according to IFRS 15 is consequently not relevant for these financial statements.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag228": { "value": "\n
Foreign currencies
\n
The Group\u2019s consolidated financial statements are presented in Norwegian kroner (NOK), which is also the parent company\u2019s
\n
functional currency. For each entity, the Group determines the functional currency, and items included in the financial statements of
\n
each entity are measured using that functional currency. The Group uses the direct method of consolidation, and on disposal of a
\n
foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.
\n
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency spot rate, at the
\n
date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are retranslated
\n
at the functional currency spot rate of exchange at the reporting date.
\n
Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are
\n
measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial
\n
transactions. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date
\n
when the fair value is determined.
\n
On consolidation, the assets and liabilities of foreign operations are translated into NOK at the rate of exchange prevailing at the
\n
reporting date, and the statement of profit or loss are translated at average monthly exchange rates. The exchange differences arising
\n
on the translation are recognised in OCI. Exchange differences arising from the translation of net investment in subsidiaries and
\n

\n\n
borrowings are included in OCI. At December 31, 2022 and 2021 an intercompany subordinated loan to poLight France SAS of EUR
\n
2,750,000 was regarded as a part of the net investment in poLight France SAS.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag214": { "value": "\n
Government grants
\n
Government grants are recognised when there is reasonable assurance that the grant will be received, and that all attached
\n
conditions will be complied with. When the grant relates to an expense item, it is deducted from the related expense on a systematic
\n
basis over the periods that the costs, which it is intended to compensate, are expensed. Where the grant relates to an asset, it reduces
\n
the carrying amount of the asset. The grant is then recognised as income over the useful life of the depreciable asset, by way of a
\n
reduced depreciation charge.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag222": { "value": "\n

\n
Taxes
\n
Current income tax
\n
Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid
\n
to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted, or substantively
\n
enacted at the reporting date in the countries where the Group operates and generates taxable income.
\n
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations
\n
are subject to interpretation, and it establishes provisions where appropriate.
\n\n
Deferred tax
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
\n
carrying amounts, for financial reporting purposes at the reporting date.
\n
Deferred tax liabilities are recognised for all taxable temporary differences.
\n
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
\n
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
\n
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
\n
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
\n
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
\n
to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
\n
substantively enacted at the end of the reporting period.
\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag223": { "value": "\n
Deferred tax
\n
Deferred tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities, and their
\n
carrying amounts, for financial reporting purposes at the reporting date.
\n
Deferred tax liabilities are recognised for all taxable temporary differences.
\n
Deferred tax assets are recognised for: all deductible temporary differences: the carry forward of unused tax credits and unused tax
\n
losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences.
\n
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable
\n
that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Unrecognised deferred tax
\n
assets are reassessed at each reporting date, and are recognised, to the extent that it has become probable that future taxable profits
\n
will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected
\n
to apply in the year when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or
\n
substantively enacted at the end of the reporting period.
\n
Deferred tax relating to items recognised outside profit or loss is recognised outside profit or loss. Deferred tax items are recognised
\n
in correlation to the underlying transaction, either in other comprehensive income or directly in equity.
\n
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against
\n
current income tax liabilities, and the deferred taxes relate to the same taxable entity and the same taxation authority.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag219": { "value": "\n

\n\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\u2022 Leased building: The duration of the lease agreement
\n
\u2022 Equipment: 3 to 5 years
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n

\n\n

\n\n

\n\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag224": { "value": "\n
Property, plant and equipment
\n
Office/lab upgrades and equipment are stated at cost, net of accumulated depreciation and/or accumulated impairment losses, if
\n
any. Such cost includes the cost of replacing parts of the facility upgrades and equipment. Repair and maintenance costs are
\n
recognised in the profit or loss as incurred. Refer to Significant accounting judgements, estimates and assumptions (Note 3).
\n
Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets, as follows:
\n
\u2022 Leased building: The duration of the lease agreement
\n
\u2022 Equipment: 3 to 5 years
\n
An item of office/lab upgrade and equipment is derecognised upon disposal, or when no future economic benefits are expected from
\n
its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal
\n
proceeds and the carrying amount of the asset) is included in the statement of profit or loss when the asset is derecognised.
\n

\n\n
The residual values, useful lives and methods of depreciation of office/lab upgrade and equipment are reviewed at each financial
\n
year end, and adjusted prospectively, if appropriate.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag313": { "value": "\n
Leases
\n
The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control
\n
the use of an identified asset for a period of time in exchange for consideration.
\n
Group as a lessee
\n
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value
\n
assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the
\n
underlying assets.
\n
i) Right-of-use assets
\n
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for
\n
use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
\n
remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct
\n
costs incurred, and lease payments made at or before the commencement date less any lease incentives received.
\n
Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the
\n
assets, as follows:
\n
\u2022 Office & lab lease, headquarter
\n
The right-of-use assets are also subject to an impairment assessment.
\n
ii) Lease liabilities
\n
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
\n
be made over the lease term. The lease payments include fixed payments (including in substance fixed payments).
\n
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
\n
because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease
\n
liabilities is reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
\n
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
\n
in an index or rate used to determine such lease payments).
\n
iii) Short-term leases and leases of low-value assets
\n
The Group applies the short-term lease recognition exemption to its short-term leases of office leases in Finland and China (i.e., those
\n
leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also
\n
applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease
\n
payments on short-term leases and leases of low value assets are recognised as expense on a straight-line basis over the lease term.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag288": { "value": "\n
Intangible assets
\n
Intangible assets acquired separately, are measured on initial recognition at cost. Following initial recognition, intangible assets are
\n
carried at cost less accumulated amortisation and accumulated impairment losses, if any. Internally generated intangible assets,
\n
excluding capitalised development costs, are not capitalised, and expenditure is recognised in the statement of profit or loss when it
\n
is incurred.
\n
The useful lives of intangible assets are assessed as either finite or indefinite.
\n
Intangible assets with finite lives are amortised over their useful lives, and assessed for impairment whenever there is an indication
\n
that the intangible asset may be impaired. The amortisation period and the amortisation method for an intangible asset with a finite
\n
useful life are reviewed at least at the end of each year. Changes in the expected useful life are accounted for by changing the
\n
amortisation period or method, as appropriate, and are treated as changes in accounting estimates. The amortisation expense on
\n
intangible assets with finite lives is recognised in the statement of profit or loss.
\n

\n\n

\n

\n
Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds
\n
and the carrying amount of the asset, and are recognised in the statement of profit or loss when the asset is derecognised.
\n\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development
\n
is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of
\n
development, the asset is tested for impairment annually.
\n

\n\n\n
Software license
\n
The Group made upfront payments to purchase software licenses. Licences for the use of intellectual property are granted for periods
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
Software licence Development costs
\n
Useful lives Finite (3-5 years) Finite (3-7 years)
\n
Amortisation method used Amortised on a straight- line basis
\n
over the lives of the licences
\n
Amortised on a straight- line basis over
\n
the period of expected consumption of
\n
future economic benefits from the
\n
related project
\n
Internally generated or acquired Acquired Internally generated
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag309": { "value": "\n
Development costs
\n
Research costs are expensed as incurred. Development expenditures on an individual project are recognised as an intangible asset
\n
when the Group can demonstrate:
\n
\u2022 The technical feasibility of completing the intangible asset, so that it will be available for use or sale
\n
\u2022 Its intention to complete and its ability to use or sell the asset
\n
\u2022 How the asset will generate future economic benefits
\n
\u2022 The availability of resources to complete the asset
\n
\u2022 The ability to measure reliably the expenditure during development
\n
Following initial recognition of the development expenditure as an asset, the cost model is applied, requiring the asset to be carried
\n
at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development
\n
is complete, and the asset is available for use. It is amortised over the period of expected future benefit. During the period of
\n
development, the asset is tested for impairment annually.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag300": { "value": "\n
Software license
\n
The Group made upfront payments to purchase software licenses. Licences for the use of intellectual property are granted for periods
\n
A summary of the policies applied to the Group\u2019s intangible assets is as follows:
\n
Software licence Development costs
\n
Useful lives Finite (3-5 years) Finite (3-7 years)
\n
Amortisation method used Amortised on a straight- line basis
\n
over the lives of the licences
\n
Amortised on a straight- line basis over
\n
the period of expected consumption of
\n
future economic benefits from the
\n
related project
\n
Internally generated or acquired Acquired Internally generated
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProgrammingAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag290": { "value": "\n

\n

\n
Financial instruments
\n
A financial instrument is any contract that gives rise to a financial asset of one entity, and a financial liability or equity instrument of
\n
another entity.
\n\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

\n\n\n
ii) Financial liabilities
\n
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
\n
cost.
\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag304": { "value": "\n
i) Financial assets
\n
The Group\u00b4s financial assets are trade receivables, government grant receivables, accruals and cash.
\n
Trade receivables are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers. The
\n
other financial assets are measured initially at fair value plus transaction costs.
\n
Subsequently the assets are measured at amortised cost. Gains and losses are recognised in profit or loss when the asset is
\n
derecognised, modified or impaired.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag297": { "value": "\n
ii) Financial liabilities
\n
Financial liabilities are recognised initially at net of directly attributable transaction costs and subsequently measured at amortised
\n
cost.
\n
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag303": { "value": "\n

\n\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag293": { "value": "\n
Impairment of financial assets
\n
For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs).
\n
Therefore, the Group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each
\n
reporting date.
\n
\n
A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows.
\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\u2022 Disclosures of significant assumptions Note 3
\n
\u2022 Property, plant and equipment Note 8
\n
\u2022 Intangible assets Note 9
\n
\u2022 Research and development costs Note 10
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag289": { "value": "\n
Inventories
\n
Inventories are valued at the lower of cost and net realisable value.
\n
Costs incurred in bringing each product to its present location and condition, are accounted for as follows:
\n
Components:
\n
\u2022 Purchase cost on a first-in, first-out basis
\n
Finished goods and work in progress:
\n
\u2022 Cost of direct materials and services from subcontractors
\n
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the
\n
estimated costs to sell. When determining the net realisable value, the Group assesses the provision for obsolescence. Customers\u2019
\n
demand and age are parameters that are considered when assessing this provision.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag299": { "value": "\n

\n\n
Impairment of non-financial assets
\n
Disclosures relating to impairment of non-financial assets are summarised in the following notes:
\n
\u2022 Disclosures of significant assumptions Note 3
\n
\u2022 Property, plant and equipment Note 8
\n
\u2022 Intangible assets Note 9
\n
\u2022 Research and development costs Note 10
\n
The Group assesses at each reporting date whether there is an indication that an asset may be impaired. If any indication exists, or
\n
when annual impairment testing for an asset is required, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable
\n
amount is the higher of an asset\u2019s or Cash-Generating Unit (CGU)\u2019s fair value less costs of disposal and its value in use. The recoverable
\n
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those
\n
from other assets, or groups of assets. Where the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is
\n
considered impaired, and is written down to its recoverable amount.
\n
In assessing value in use, the estimated future cash flows are discounted to their present value, using a discount rate that reflects
\n
current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of
\n
disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model
\n
is used.
\n
Value in use impairment calculation is based on detailed budgets and forecasts and with use of scenario analyses. These budgets and
\n
forecast calculations are generally covering a period of five years. A long-term growth rate is calculated and applied to project future
\n
cash flows after the fifth year.
\n
Impairment losses are recognised in the consolidated statement of comprehensive income.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag307": { "value": "\n
Cash and short-term deposits
\n
Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand, and short-term deposits
\n
with a maturity of three months or less, which are subject to an insignificant risk of changes in value.
\n
For the purpose of the consolidated statement cash flows, cash and cash equivalents consist of cash and short-term deposits as
\n
defined above, as they are considered an integral part of the Group\u2019s cash management.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag295": { "value": "\n
Provisions
\n
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, when it is
\n
probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and when a reliable
\n
estimate can be made of the amount of the obligation. The expense relating to a provision is presented in the statement of profit or
\n
loss.
\n
If the effect of the time value of money is material, provisions are discounted, using a current pre-tax rate that reflects, when
\n
appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is
\n
recognised as a finance cost.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag310": { "value": "\n
Pensions and other post-employment benefits
\n
The Group operates one defined contribution plan. Contributions are recognised in the statement of income in the period in which
\n
the contribution amounts are earned by the employee.
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag302": { "value": "\n
Share option plans
\n
Employees (including senior executives) of the Group have received remuneration in the form of share options in poLight ASA (equity-
\n
settled transactions). The fair value of share options that are granted has been calculated using the Black-Scholes option pricing
\n
model. The basis for the valuation comprises several factors that affect the calculated fair value of granted share options like the
\n
share price at the date of the grant, exercise price (strike), the expected number of share options that will ultimately vest, risk-free
\n
interest rate and the volatility that is deemed based on historic volatility of the poLight share.
\n
The cost of equity-settled transactions is recognised in employee benefits expense (Note 5.2 Employee benefits expense), together
\n
with a corresponding increase in equity (other equity) over the period in which the service and, where applicable, the performance
\n
conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date
\n
until the vesting date, reflects the extent to which the vesting period has expired, and the Group\u2019s best estimate of the number of
\n
equity instruments that will ultimately vest. The share options expense includes accrued social security expenses that are calculated
\n
based on the number of vested share options and a proportion of share options under vesting multiplied by the difference between
\n
market price and exercise price at the end for the period. The expense in the consolidated statement of income for a period,
\n
represents the movement in cumulative expense recognised as at the beginning and end of that period.
\n
The dilutive effect of outstanding options is reflected as additional share dilution in the computation of diluted earnings per share
\n
(further details are given in Note 7).
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag292": { "value": "\n
3 Significant accounting judgements and key sources of estimation uncertainty
\n
3.1 Significant judgements in applying the Group\u2019s accounting policies
\n
Development costs
\n
Initial capitalisation of costs is based on management\u2019s assessment that technological and economic feasibility is likely, usually when
\n
a product development project has reached a defined milestone, according to an established project management model. Cost of
\n
material used in manufacturing line until status of \u201cmass production\u201d is achieved is recognised as development costs to the extent
\n
that it is not sellable parts. In determining the amounts to be capitalised, management makes assumptions regarding the expected
\n
future cash generation of the project, discount rates to be applied, and the expected period of benefits.
\n
3.2 Key sources of estimation uncertainty \u2013 significant accounting estimates
\n
The preparation of poLight\u2019s consolidated financial statements requires the use of accounting estimates. Management also needs to
\n
exercise judgment in applying poLight\u2019s accounting policies. These estimates and judgments affect the reported amounts of assets,
\n
liabilities, income and expenses, and the accompanying disclosures. Accounting estimates and assumptions, which are continuously
\n
reviewed, are based on historical experience and various other factors that are believed to be reasonable and appropriate under the
\n
circumstances. Uncertainty about these estimates and assumptions could result in outcomes that require a material adjustment
\n

\n\n

\n
to the carrying amount of assets or liabilities affected in future periods. Changes in accounting estimates and judgments in the
\n
application of accounting policies are recognized in the period in which the estimates and judgments are revised, if the revisions
\n
affect only that period, or in the period of the revisions and future periods if the revisions affect both current and future periods.
\n
The following summarizes the most significant judgments and estimates used in preparing the consolidated financial statements.
\n
Impairment of non-financial assets
\n
Cash-generating units are reviewed for impairment when indicators exists. Judgements are required to determine if impairment
\n
indicators are present. If an impairment test is performed, changes in key assumptions may result in an impairment. See Note 10
\n
Research and development costs for further details.
\n
Share option plans
\n
Estimating fair value for share option plans transactions requires determination of the most appropriate valuation model, which
\n
depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the
\n
valuation model, including the expected life of the share option, volatility and dividend yield, and assumptions about the inputs.
\n
For determining the fair value of equity-settled transactions with employees at the grant date, the Group uses the Black-Scholes
\n
option pricing model. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed
\n
in Note 5.2 Employee benefits expense.
\n
Provision for obsolescence
\n
When estimating net realisable value of the inventory the Group assesses the provision for obsolescence. Customers\u2019 demand,
\n
expected sales prices obtainable in the market and age are parameters that are considered when assessing this provision. Customers\u2019
\n
demand for each product and each variant of the products are determined based on feedback from customers using the TLens\u00ae in
\n
released products as well as completed and ongoing PoC\u2019s. Specifically, poLight has made provision on most of the first generation
\n
of the TLenses as it most likely is not addressable to the smart phone market or other mass market products as was intended originally
\n
when the wafers were produced. A provision has also been made for low volume units with high purchase price and lenses that are
\n
yet to be tested are partly written down as it is expected that some items will not pass the pre-test and final quality control. In
\n
addition, a general provision has been made for aging of wafers. As there have been limited sales volumes to date, the provisions
\n
made are subject to significant estimation uncertainty.
\n
The provision is disclosed in Note 12 Inventories.
\n\n
3.3 Measurement of fair values
\n
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial
\n
assets and liabilities.
\n
The Group has an established control framework with respect to the measurement of fair values. Significant valuation issues are reported
\n
to the Group\u2019s Audit and Sustainability Committee.
\n
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are
\n
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\n
prices) or indirectly (i.e. derived from prices).
\n
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value
\n
measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the
\n
entire measurement. IFRS 13.95 The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
\n

\n\n

\n\n

\n\n
period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in
\n
the following notes:
\n
Note 5.2 Employee benefits expense, Share option plans
\n
Note 12 Inventories
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag308": { "value": "\n
3.3 Measurement of fair values
\n
A number of the Group\u2019s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial
\n
assets and liabilities.
\n
The Group has an established control framework with respect to the measurement of fair values. Significant valuation issues are reported
\n
to the Group\u2019s Audit and Sustainability Committee.
\n
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. Fair values are
\n
categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
\n
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as
\n
prices) or indirectly (i.e. derived from prices).
\n
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
\n
If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value
\n
measurement is categorised in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the
\n
entire measurement. IFRS 13.95 The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting
\n

\n\n
period during which the change has occurred. Further information about the assumptions made in measuring fair values is included in
\n
the following notes:
\n
Note 5.2 Employee benefits expense, Share option plans
\n
Note 12 Inventories
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag312": { "value": "\n

\n
4 Segment information
\n
The Group has only one operating segment \u2013 the TLens\u00ae technology platform, consistent with the reporting to the CEO and the
\n
Board.
\n
poLight\u2019s product TLens\u00ae may be used in devices such as smartphones, wearables, barcode, machine vision systems and various
\n
medical equipment. poLight's TLens\u00ae enables better system performance and new user experiences due to benefits such as extremely
\n
fast focus, small footprint, no magnetic interference, low power consumption and constant field of view.
\n

\n\n
Geographical distribution
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenue
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
America
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 198
\n
2 618
\n
Asia
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 222
\n
6 026
\n
Europe
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 943
\n
1 388
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 363
\n
10 032
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Geographical distribution
\n

\n
Right-of-use assets
\n
Machinery & equipment
\n
Development costs
\n
(in NOK 000)
\n

\n

\n

\n

\n
2022
\n
2021
\n
2022
\n
2021
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway
\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
2 689
\n
2 097
\n
24 855
\n
33 377
\n
France
\n

\n

\n

\n

\n

\n
0
\n
0
\n
21
\n
16
\n
0
\n
0
\n
Finland
\n

\n

\n

\n

\n

\n
0
\n
0
\n
50
\n
26
\n
0
\n
0
\n
Taiwan
\n

\n

\n

\n

\n

\n
0
\n
0
\n
1 490
\n
184
\n
0
\n
0
\n
The Philippines
\n

\n

\n

\n
0
\n
0
\n
6 461
\n
0
\n
0
\n
0
\n
China
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
36
\n
34
\n
0
\n
0
\n
Total
\n

\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
10 748
\n
2 356
\n
24 855
\n
33 377
\n

\n
All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
\n
established in China, with a parent holding company in Hong Kong.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag291": { "value": "\n
Geographical distribution
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Revenue
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
America
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 198
\n
2 618
\n
Asia
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 222
\n
6 026
\n
Europe
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 943
\n
1 388
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 363
\n
10 032
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Geographical distribution
\n

\n
Right-of-use assets
\n
Machinery & equipment
\n
Development costs
\n
(in NOK 000)
\n

\n

\n

\n

\n
2022
\n
2021
\n
2022
\n
2021
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway
\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
2 689
\n
2 097
\n
24 855
\n
33 377
\n
France
\n

\n

\n

\n

\n

\n
0
\n
0
\n
21
\n
16
\n
0
\n
0
\n
Finland
\n

\n

\n

\n

\n

\n
0
\n
0
\n
50
\n
26
\n
0
\n
0
\n
Taiwan
\n

\n

\n

\n

\n

\n
0
\n
0
\n
1 490
\n
184
\n
0
\n
0
\n
The Philippines
\n

\n

\n

\n
0
\n
0
\n
6 461
\n
0
\n
0
\n
0
\n
China
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
36
\n
34
\n
0
\n
0
\n
Total
\n

\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n
10 748
\n
2 356
\n
24 855
\n
33 377
\n

\n
All patents and most of the economic IP (intellectual property) is owned by parent company based in Norway. A sales office has been
\n
established in China, with a parent holding company in Hong Kong.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag286": { "value": "\n

\n\n

\n\n

\n\n

\n\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag296": { "value": "\n

\n\n

\n\n

\n\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag294": { "value": "\n

\n\n

\n\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag301": { "value": "\n

\n\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n\n

\n

\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag298": { "value": "\n
5 Other income/expenses
\n
5.1 Specification of operating expenses by nature
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Note
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
5.2
\n
45 614
\n
46 866
\n
Depreciation and amortisation
\n

\n

\n

\n

\n

\n
10 400
\n
11 923
\n
Other operating expenses
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
21 663
\n
1 726
\n
Total operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
77 676
\n
60 514
\n

\n
1) Including consultants engaged on long-term contracts
\n

\n\n

\n

\n

\n
2) The positive outcome of the VAT appeal resulted in approximately NOK 12 million being recognised as a cost reduction in
\n
2021
\n

\n

\n\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n\n\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
5.4 Sales and marketing expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 457
\n
6 176
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 666
\n
1 048
\n
Total Sales and marketing expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
13 122
\n
7 224
\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n
5.5 Operational/supply chain expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
6 182
\n
6 381
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 997
\n
2 758
\n
Total Operational / supply chain expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
9 179
\n
9 139
\n\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n\n\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n\n

\n\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag305": { "value": "\n

\n\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag306": { "value": "\n
5.2 Employee benefits expense
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Included in Research and development expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 533
\n
10 495
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 540
\n
3 979
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 935
\n
2 190
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
554
\n
374
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
422
\n
511
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
893
\n
1 951
\n
Grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-802
\n
-2 162
\n

\n
Included in Sales and marketing expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 354
\n
2 929
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 292
\n
1 509
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
616
\n
611
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
176
\n
104
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
135
\n
143
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 883
\n
880
\n
Included in Operational / supply chain expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 679
\n
1 940
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 574
\n
2 342
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
308
\n
405
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
88
\n
69
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
67
\n
95
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
466
\n
1 530
\n
Included in Administrative expenses:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Wages and salaries
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 770
\n
7 808
\n
Consultants engaged on long-term contracts
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
80
\n
0
\n
Social security costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 611
\n
1 630
\n
Pension costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
461
\n
278
\n
Other benefits and social costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
352
\n
380
\n
Share based compensation costs (share options)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 375
\n
6 875
\n
Total employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
45 614
\n
46 866
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Average number of full-time equivalents, employees
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23
\n
21
\n
Average number of full-time equivalents, total including long-term contractors
\n

\n

\n

\n

\n
35
\n
27
\n
All employees are included in a cash bonus programme, with identical bonus criteria for all employees except the CEO. The bonus is
\n
calculated based on fixed salary, with maximum 50% for the CEO, 30% for management, 20% for department managers and 10% for
\n
other employees.
\n
Pensions
\n
poLight ASA (the Group\u2019s Norwegian company) is subject to the requirements of the Mandatory Occupational Pensions Act, and the
\n
company\u2019s pension scheme follows the requirements of the Act. As the subsidiaries in France, Finland and China are not subject to
\n
mandatory pension schemes in addition to the national insurance schemes, no pension scheme has been established there.
\n
The pension scheme in Norway is based on a defined contribution plan, and the premium is calculated on the basis of the employees\u2019
\n
income. In 2022 7% of the salary between 0G (1G=NOK 111,477) and 7.1G, and 15% of the salary between 7.1G and 12G was
\n

\n\n

\n\n

\n\n

\n

\n

\n

\n

\n\n

\n

\n
calculated. In 2021 5.55% of the salary between 1G (1G=NOK 106,399) and 7.1G, and 8% of the salary between 7.1G and 12G was
\n
calculated. The period\u2019s contributions are recognised in the Consolidated statement of income as pension cost for the period.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Defined contribution plan
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 195
\n
734
\n
Social security tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
168
\n
104
\n
Total pension cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 363
\n
838
\n

\n\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag287": { "value": "\n
Share option plans (equity-settled)
\n
Share options in the parent company are granted to all employees. The exercise price of the share options is equal to, or higher than,
\n
the market price of the underlying shares on the date of grant. The company have two programs.
\n
Program 1: The share options in each agreement are vested over 3 years, and exercisable with 1/36 each month over 3 years,
\n
at the expiry of each calendar month, starting at the date of grant. The company is liable for corporate taxes including National
\n
Insurance up to 20%.
\n
Program 2: The share options in each agreement are vested over 3 years, and exercisable when fully vested. The employee
\n
covers all corporate taxes including National Insurance.
\n
Both programs are conditional on the employee\u2019s continued employment in poLight.
\n
The share options can be exercised up to two years after the three-year vesting period. Exercisable share options may as a general
\n
rule, be exercised and shares issued once per quarter each following the release of poLight ASA\u2019s quarterly reports.
\n

\n
Share option expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share based compensation costs
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 821
\n
4 385
\n
Accrued social security
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 953
\n
6 852
\n
Recognised as employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-133
\n
11 236
\n

\n
The share options expense includes accrued social security expenses that are calculated based on the number of vested share options
\n
and a proportion of share options under vesting multiplied by the difference between market price and exercise price at the end for
\n
the period.
\n
The board is authorised to issue additional shares - in share option scheme - up to total par value of NOK 207 717 (5,192,925 shares
\n
at par value of NOK 0.04).
\n

\n\n
Outstanding share options at December 31, 2022
\n
Year issued
\n
Exercise
\n
price
\n
(NOK)
\n
Outstanding no. of
\n
share options
\n
Exercisable no. of
\n
share options
\n
Remaining
\n
contractual life
\n
(years)
\n
Total expensed
\n
(in NOK 000)
\n
Remaining
\n
estimated expense
\n
(in NOK 000)
\n
2018
\n
10.00
\n
1 617 296
\n
1 617 296
\n
0,80
\n
6 320
\n
0
\n
2019
\n
3.78
\n
202 210
\n
202 210
\n
1,47
\n
375
\n
0
\n
2019
\n
5.40
\n
248 875
\n
248 875
\n
1,47
\n
303
\n
0
\n
2019
\n
6.75
\n
331 930
\n
331 930
\n
1,47
\n
262
\n
0
\n
2020
\n
14.98
\n
948 335
\n
755 835
\n
2,67
\n
6 333
\n
149
\n
2021
\n
22.80
\n
670 000
\n
107 083
\n
3,45
\n
4 844
\n
3 773
\n
2022
\n
21.00
\n
220 000
\n
12 083
\n
4,83
\n
364
\n
1 443
\n
Total
\n

\n
4 238 646
\n
3 275 312
\n

\n
18 801
\n
5 365
\n

\n

\n
Reconciliation of outstanding share options
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n
Number of share
\n
options
\n
WAEP
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Outstanding at 1 January
\n

\n

\n

\n

\n

\n

\n
4 045 865
\n
12.4
\n

\n

\n
3 820 660
\n
10.1
\n
Granted during the year
\n

\n

\n

\n

\n

\n

\n
220 000
\n
21.0
\n

\n

\n
670 000
\n
22.8
\n
Forfeited during the year
\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
-27 220
\n
8.3
\n
Exercised during the year
\n

\n

\n

\n

\n

\n

\n
-27 221
\n
9.4
\n

\n

\n
-417 575
\n
8.1
\n
Expired during the year
\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
0
\n

\n
Outstanding at 31 December
\n

\n

\n

\n

\n

\n

\n
4 238 646
\n
12.9
\n

\n

\n
4 045 865
\n
12.4
\n
In % of outstanding shares
\n

\n

\n

\n

\n

\n

\n
8.16 %
\n

\n

\n

\n
7.79 %
\n

\n
Exercisable at 31 December
\n

\n

\n

\n

\n

\n
3 275 312
\n
10.6
\n

\n

\n
2 734 115
\n
9.8
\n

\n
The weighted average exercise price (WAEP) for the share options exercised during 2022 was NOK 9.4 (2021: NOK 8.1), and the
\n
average market price at the exercise dates was NOK 25.1 (2021: NOK 26.42).
\n
The weighted average exercise price for the share options outstanding as at 31 December 2022, was NOK 12.9 (2021: NOK 12.4) with
\n
a range from NOK 3.78 to NOK 22.80. The weighted average remaining contractual life for the share options outstanding as at 31
\n
December 2022 was 2.01 years (2021: 2.85 years).
\n
At the end of the year, the weighted average exercise price was NOK 10.6 (2021: NOK 9.8) on exercisable options.
\n
In the case of an offeror becomes the owner of at least 9/10 of the issued shares of poLight, all of the unvested share options becomes
\n
immediately vested.
\n

\n
Share option valuation
\n
The fair value of the options granted in 2022 has been calculated to NOK 1.8 million excluding social security expenses (2021: NOK
\n
5.8 million), by using the Black-Scholes option pricing model.
\n
The basis for the valuation comprises several factors that affect the calculated fair value of granted options. The assumptions used
\n
in the calculation was:
\n

\n\n
2022
\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Program 1
\n
Program 2
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Price at grant date
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 20.05
\n
NOK 20.05
\n

\n

\n

\n

\n
NOK 22.88
\n
Exercise price
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 21
\n
NOK 21
\n

\n

\n

\n

\n
NOK 22.80
\n
Maximum
\n
1)
\n
option life
\n

\n

\n

\n

\n

\n

\n

\n

\n
5 years
\n
5 years
\n

\n

\n

\n

\n
5 years
\n
Assumed option life
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2.5 years
\n
4 years
\n

\n

\n

\n

\n
4 years
\n
Risk-free interest rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3.26%
\n
3.26%
\n

\n

\n

\n

\n
1.15%
\n
Volatility
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
60 %
\n
60 %
\n

\n

\n

\n

\n
80 %
\n
Fair value per share option
\n

\n

\n

\n

\n

\n

\n

\n
NOK 7.5
\n
NOK 9.5
\n

\n

\n

\n

\n
NOK 13.42
\n

\n
1) The share options expire 5 years from the date of the grant, but any vested options shall be exercised no later than 6
\n
months after last day of service.
\n
2) The option life reflects the vesting time plus one year.
\n

\n
Expected vesting is estimated based on employee turnover, and volatility is deemed based on historic volatility.
\n
Sensitivity analysis
\n
The fair value of the share options granted in 2022 of NOK 1.8 million was determined based on an assumption of a volatility of 60%.
\n
At a volatility of 80%, holding other assumptions constants, would have increased the fair value with NOK 0.5 million over the three-
\n
year vesting period. A decrease in the assumed lifetime of the share options with 1 year, would have decreased the fair value with
\n
NOK 0.4 million over the vesting period.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag311": { "value": "\n
5.3 Research and development expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense (incl. consultants)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
22 878
\n
19 500
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 922
\n
17 747
\n
Less government grants
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-4 892
\n
-11 886
\n
Capitalized
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total Research and development expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
32 907
\n
25 360
\n

\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
as Research and development expenses. None of the development projects were eligible for capitalisation during 2022 and 2021.
\n
R&D costs that are expensed, includes R&D management, patents, improvements of the TLens (see Note 14 Government grants),
\n
feasibility study of new concepts, software applications and costs related to integration of TLens in new customer
\n
applications/products.
\n

\n\n
10 Research and development costs
\n
The part of poLight\u2019s IP (intellectual property) that is recognised as an intangible asset, is the fundamental TLens\u00ae technology, which
\n
can become a component in smartphones, wearables, augmented reality and various medical equipment, as well as a wide range of
\n
industrial applications, such as barcode readers and machine vision/sensor applications.
\n

\n\n
Carrying amount
\n
before
\n
impairment
\n
Carrying amount
\n
after impairment
\n
Accumulated net
\n
impairment loss
\n
CGU: TLens\u00ae technology platform
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
51 657
\n

\n
33 377
\n

\n
18 280
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
43 135
\n

\n
24 855
\n

\n
18 280
\n

\n
The TLens\u00ae technology platform is poLight\u2019s major asset. In January 2020, the first product using TLens Silver was launched within
\n
the consumer market segment. A smartwatch phone for children, with a main camera with an advanced autofocus (AF) function
\n
delivered by poLight. Since then, additional 9 design-wins have been achieved. Additional three in consumer products, one web cam
\n
a second smartwatch and in January 2023 the first design-win in smartphone. poLight has also achieve several design wins in industrial
\n
products like barcode, augmented reality (AR) and medical.
\n
The company has one major asset, the TLens\u00ae technology platform and the management has evaluated that the group as a whole is
\n
one CGU for impairment testing. The remaining carrying value of development costs are NOK 24.9 million and are related to TLens\u00ae
\n
technology platform, that includes the ASIC driver. Indicators of impairment of the TLens \u00ae technology platform have been reviewed,
\n
and none identified.
\n
TLens\u00ae Platinum, that is a larger version of the TLens\u00ae is still under development. Engineering samples have been produced and have
\n
already been tested by some potential customers. However, activity to prepare TLens\u00ae Platinum for mass production has been put
\n
on hold until the product is closer to the anticipated market breakthrough. In December 2019 a management assessment was made
\n
and an impairment charge of NOK 18.3 million was recognised related to this product. The recognition of impairment for accounting
\n
purposes does not imply that the assets have no commercial value.
\n
In addition, management has evaluated that the equity value of the company is an indication of the fair value of the CGU. The
\n
company\u2019s shares are listed on Oslo Stock exchange, and fair value is estimated based on the observed share price. The fair value
\n
measurement is categorized within level 2 of the fair value hierarchy in accordance with IFRS 13. It is considerable headroom between
\n
the carrying value and the fair value less cost of disposal.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag242": { "value": "\n
5.6 Administrative expenses
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Employee benefits expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 900
\n
16 971
\n
Refund of VAT claim
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-11 624
\n
Other operating expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 168
\n
1 521
\n
Total Administrative expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
12 068
\n
6 868
\n
On 16 December 2021, the Tax Appeals Board issued a final decision and upheld the appeal, giving poLight full refund of the VAT
\n
claim. NOK 12.4 million was recognised in the fourth quarter 2021, whereof NOK 11.6 million as a reduction of administrative
\n
expenses and NOK 0.8 as financial income (see Note 17 Provisions).
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag259": { "value": "\n
5.7 Auditor's remuneration
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Statutory audit fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
798
\n
689
\n
Audit related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
34
\n
55
\n
Tax related fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
30
\n
30
\n
Other service fee
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
68
\n
41
\n
Total Auditor's remuneration
\n
(excluding VAT)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
930
\n
814
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag283": { "value": "\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag284": { "value": "\n

\n\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag246": { "value": "\n

\n\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag258": { "value": "\n
\n

\n\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag285": { "value": "\n
\n\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n\n
887
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag240": { "value": "\n
5.8 Financial items
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange gain
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 391
\n
465
\n
Interest income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 249
\n
585
\n
Interest income VAT appeal case
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
780
\n
Finance income
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 640
\n
1 830
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Foreign exchange losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 776
\n
599
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
203
\n
Finance expenses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
38
\n
84
\n
Finance cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 145
\n
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag238": { "value": "\n

\n\n
6 Income tax
\n
The significant components of income tax expense are:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Consolidated statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Deferred tax:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Relating to origination and reversal of temporary differences
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Income tax expense reported in the statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n

\n
A reconciliation between tax expense and the product of accounting profit multiplied by Norway\u2019s domestic tax rate, is as follows:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Calculated income tax at statutory rate of 22%
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-14 882
\n
-11 746
\n
Government grants exempt from tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 015
\n
-1 045
\n
Tax effect of permanent differences
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-41
\n
2 117
\n
Transaction costs share issues
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 657
\n
Change in unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
16 280
\n
12 374
\n
Change in tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
398
\n
Effect of different tax rates compared with Norwegian tax rate
\n

\n

\n

\n

\n

\n

\n
-71
\n
-65
\n
Foreign currency effects
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-28
\n
132
\n
Adjustments previous year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-415
\n
Income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Effective tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.4 %
\n
0.2 %
\n

\n
Movements in deferred tax balances
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Balance at 31 December
\n
2022
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Property, plant and equipment
\n
427
\n
-423
\n
0
\n
4
\n
4
\n
0
\n
Intangible assets
\n

\n

\n
5 301
\n
-135
\n
0
\n
5 166
\n
5 166
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 903
\n
74
\n
0
\n
2 978
\n
2 978
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 070
\n
0
\n
-318
\n
-1 387
\n
0
\n
-1 387
\n
Provisions
\n

\n

\n

\n

\n
110
\n
110
\n
0
\n
220
\n
220
\n
0
\n
Tax losses carried forward
\n
145 452
\n
17 070
\n
0
\n
162 522
\n
162 522
\n
0
\n
Tax assets (liabilities) before set-
\n
off
\n
153 123
\n
16 696
\n
-318
\n
169 502
\n
170 889
\n
-1 387
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 387
\n
1 387
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-169 502
\n
-169 502
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n
Balance at 31 December
\n
2021
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred
\n
tax assets
\n
Deferred
\n
tax
\n
liabilities
\n
Property, plant and equipment
\n
501
\n
-74
\n
0
\n
427
\n
427
\n
0
\n
Intangible assets
\n

\n

\n
5 436
\n
-135
\n
0
\n
5 301
\n
5 301
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 788
\n
116
\n
0
\n
2 903
\n
2 903
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 361
\n
0
\n
291
\n
-1 070
\n
0
\n
-1 070
\n
Provisions
\n

\n

\n

\n

\n
102
\n
8
\n
0
\n
110
\n
110
\n
0
\n
Tax losses carried forward
\n
133 283
\n
12 168
\n
0
\n
145 452
\n
145 452
\n
0
\n
Tax assets (liabilities) before set-off
\n
140 749
\n
12 083
\n
291
\n
153 123
\n
154 193
\n
-1 070
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 070
\n
1 070
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-153 123
\n
-153 123
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n
Total unrecognised deferred tax assets net, relate to
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
162 193
\n
146 746
\n
France (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 309
\n
7 038
\n
Total unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
169 502
\n
153 784
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag251": { "value": "\n
6 Income tax
\n
The significant components of income tax expense are:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Consolidated statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Deferred tax:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Relating to origination and reversal of temporary differences
\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Income tax expense reported in the statement of profit or loss
\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n

\n
A reconciliation between tax expense and the product of accounting profit multiplied by Norway\u2019s domestic tax rate, is as follows:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Calculated income tax at statutory rate of 22%
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-14 882
\n
-11 746
\n
Government grants exempt from tax
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 015
\n
-1 045
\n
Tax effect of permanent differences
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-41
\n
2 117
\n
Transaction costs share issues
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 657
\n
Change in unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
16 280
\n
12 374
\n
Change in tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
398
\n
Effect of different tax rates compared with Norwegian tax rate
\n

\n

\n

\n

\n

\n

\n
-71
\n
-65
\n
Foreign currency effects
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-28
\n
132
\n
Adjustments previous year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-415
\n
Income tax expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
242
\n
93
\n
Effective tax rate
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0.4 %
\n
0.2 %
\n

\n
Movements in deferred tax balances
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Balance at 31 December
\n
2022
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred tax
\n
assets
\n
Deferred tax
\n
liabilities
\n
Property, plant and equipment
\n
427
\n
-423
\n
0
\n
4
\n
4
\n
0
\n
Intangible assets
\n

\n

\n
5 301
\n
-135
\n
0
\n
5 166
\n
5 166
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 903
\n
74
\n
0
\n
2 978
\n
2 978
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 070
\n
0
\n
-318
\n
-1 387
\n
0
\n
-1 387
\n
Provisions
\n

\n

\n

\n

\n
110
\n
110
\n
0
\n
220
\n
220
\n
0
\n
Tax losses carried forward
\n
145 452
\n
17 070
\n
0
\n
162 522
\n
162 522
\n
0
\n
Tax assets (liabilities) before set-
\n
off
\n
153 123
\n
16 696
\n
-318
\n
169 502
\n
170 889
\n
-1 387
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 387
\n
1 387
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-169 502
\n
-169 502
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n\n
Balance at 31 December
\n
2021
\n
(in NOK 000)
\n

\n

\n

\n

\n
Net balance
\n
at 1 January
\n
Recognised
\n
in profit or
\n
loss
\n
Recognised
\n
in OCI
\n
Net
\n
Deferred
\n
tax assets
\n
Deferred
\n
tax
\n
liabilities
\n
Property, plant and equipment
\n
501
\n
-74
\n
0
\n
427
\n
427
\n
0
\n
Intangible assets
\n

\n

\n
5 436
\n
-135
\n
0
\n
5 301
\n
5 301
\n
0
\n
Inventories
\n

\n

\n

\n

\n
2 788
\n
116
\n
0
\n
2 903
\n
2 903
\n
0
\n
Group loan
\n

\n

\n

\n

\n
-1 361
\n
0
\n
291
\n
-1 070
\n
0
\n
-1 070
\n
Provisions
\n

\n

\n

\n

\n
102
\n
8
\n
0
\n
110
\n
110
\n
0
\n
Tax losses carried forward
\n
133 283
\n
12 168
\n
0
\n
145 452
\n
145 452
\n
0
\n
Tax assets (liabilities) before set-off
\n
140 749
\n
12 083
\n
291
\n
153 123
\n
154 193
\n
-1 070
\n
Set-off of tax
\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 070
\n
1 070
\n
Unrecognised deferred tax assets
\n

\n

\n

\n
-153 123
\n
-153 123
\n

\n
Net tax assets (liabilities)
\n

\n

\n

\n
0
\n
0
\n
0
\n

\n
Total unrecognised deferred tax assets net, relate to
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Norway (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
162 193
\n
146 746
\n
France (no expiry date)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 309
\n
7 038
\n
Total unrecognised deferred tax assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
169 502
\n
153 784
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag267": { "value": "\n
7 Earnings per share
\n
Basic earnings per share (EPS) is calculated by dividing the profit or loss for the year attributable to ordinary equity holders of the
\n
parent, by the weighted average number of shares outstanding during the year.
\n
The following table reflects the income and share data used in the basic and diluted EPS computations:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Weighted average number of ordinary shares for basic EPS
\n

\n

\n

\n

\n

\n

\n

\n
51 939 025
\n
47 341 744
\n
Effect of dilution:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Share options in-the-money (average)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 073 867
\n
2 507 374
\n
Anti-dilutive for the periods presented
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-3 073 867
\n
-2 507 374
\n
Weighted average number of shares adjusted for the effect of dilution
\n

\n

\n

\n

\n

\n
51 939 025
\n
47 341 744
\n

\n
1) Restated following a share split of 1:5 resolution on 31 May 2022
\n

\n
Fully vested and Exercisable share options have no dilution effect on EPS computations, because this would have decreased loss per
\n
share.
\n
There have been no other transactions involving ordinary shares, or potential ordinary shares, between the reporting date and the
\n
date of authorisation of these financial statements.
\n

\n\n
(in NOK)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Profit / loss (-) attributable to ordinary equity holders of the parent
\n

\n

\n

\n

\n
-67 886
\n
-53 481
\n
Earnings per share for income attributable to equity holders of poLight:
\n

\n

\n

\n

\n

\n
Basic
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1.31
\n
-1.13
\n
Diluted
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1.31
\n
-1.13
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag260": { "value": "\n

\n\n

\n\n
8 Property, plant and equipment
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
287
\n
12 268
\n
12 554
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
1 016
\n
2 142
\n
Disposals at cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-287
\n
-313
\n
-599
\n
Foreign currency translation effect
\n
0
\n
-110
\n
-110
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Accumulated depreciation and impairment losses at 1 January 2021
\n
-287
\n
-11 428
\n
-11 715
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-113
\n
-512
\n
-625
\n
Accumulated depreciation and impairment losses disposals
\n
287
\n
313
\n
599
\n
Effect of changes in foreign exchange
\n
0
\n
110
\n
110
\n
Accumulated depreciation and impairment losses at 31 December 2021
\n
-113
\n
-11 518
\n
-11 631
\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 013
\n
1 343
\n
2 356
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
106
\n
9 096
\n
9 202
\n
Foreign currency translation effect
\n
0
\n
124
\n
124
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 232
\n
22 081
\n
23 313
\n
Accumulated depreciation and impairment losses at 1 January 2022
\n
-113
\n
-11 518
\n
-11 631
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-236
\n
-482
\n
-717
\n
Impairment losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-94
\n
-94
\n
Effect of changes in foreign exchange
\n
0
\n
-122
\n
-122
\n
Accumulated depreciation and impairment losses at 31 December 2022
\n
-348
\n
-12 217
\n
-12 565
\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
884
\n
9 864
\n
10 748
\n
Estimated useful lives (years)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1)
\n
3-5
\n

\n

\n
1) Modifications and upgrades in leased premises are depreciated over the leasing period that is estimated to 5 years (including an
\n
option to extend the lease with 2 years).
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag266": { "value": "\n

\n\n
8 Property, plant and equipment
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
287
\n
12 268
\n
12 554
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
1 016
\n
2 142
\n
Disposals at cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-287
\n
-313
\n
-599
\n
Foreign currency translation effect
\n
0
\n
-110
\n
-110
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Accumulated depreciation and impairment losses at 1 January 2021
\n
-287
\n
-11 428
\n
-11 715
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-113
\n
-512
\n
-625
\n
Accumulated depreciation and impairment losses disposals
\n
287
\n
313
\n
599
\n
Effect of changes in foreign exchange
\n
0
\n
110
\n
110
\n
Accumulated depreciation and impairment losses at 31 December 2021
\n
-113
\n
-11 518
\n
-11 631
\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 013
\n
1 343
\n
2 356
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
106
\n
9 096
\n
9 202
\n
Foreign currency translation effect
\n
0
\n
124
\n
124
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 232
\n
22 081
\n
23 313
\n
Accumulated depreciation and impairment losses at 1 January 2022
\n
-113
\n
-11 518
\n
-11 631
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-236
\n
-482
\n
-717
\n
Impairment losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-94
\n
-94
\n
Effect of changes in foreign exchange
\n
0
\n
-122
\n
-122
\n
Accumulated depreciation and impairment losses at 31 December 2022
\n
-348
\n
-12 217
\n
-12 565
\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
884
\n
9 864
\n
10 748
\n
Estimated useful lives (years)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1)
\n
3-5
\n

\n

\n
1) Modifications and upgrades in leased premises are depreciated over the leasing period that is estimated to 5 years (including an
\n
option to extend the lease with 2 years).
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag263": { "value": "\n
8 Property, plant and equipment
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
287
\n
12 268
\n
12 554
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
1 016
\n
2 142
\n
Disposals at cost
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-287
\n
-313
\n
-599
\n
Foreign currency translation effect
\n
0
\n
-110
\n
-110
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Accumulated depreciation and impairment losses at 1 January 2021
\n
-287
\n
-11 428
\n
-11 715
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-113
\n
-512
\n
-625
\n
Accumulated depreciation and impairment losses disposals
\n
287
\n
313
\n
599
\n
Effect of changes in foreign exchange
\n
0
\n
110
\n
110
\n
Accumulated depreciation and impairment losses at 31 December 2021
\n
-113
\n
-11 518
\n
-11 631
\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 013
\n
1 343
\n
2 356
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Building
\n
Equipment
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 126
\n
12 861
\n
13 987
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
106
\n
9 096
\n
9 202
\n
Foreign currency translation effect
\n
0
\n
124
\n
124
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 232
\n
22 081
\n
23 313
\n
Accumulated depreciation and impairment losses at 1 January 2022
\n
-113
\n
-11 518
\n
-11 631
\n
Depreciation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-236
\n
-482
\n
-717
\n
Impairment losses
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-94
\n
-94
\n
Effect of changes in foreign exchange
\n
0
\n
-122
\n
-122
\n
Accumulated depreciation and impairment losses at 31 December 2022
\n
-348
\n
-12 217
\n
-12 565
\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
884
\n
9 864
\n
10 748
\n
Estimated useful lives (years)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1)
\n
3-5
\n

\n

\n
1) Modifications and upgrades in leased premises are depreciated over the leasing period that is estimated to 5 years (including an
\n
option to extend the lease with 2 years).
\n

\n\n
9 Intangible assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
242
\n
78 427
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-61
\n
-61
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2021
\n

\n

\n

\n

\n
-34 539
\n
-242
\n
-34 780
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-10 269
\n
0
\n
-10 269
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
61
\n
61
\n
Accumulated amortisation and impairment losses at 31 December
\n
2021
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
33 377
\n
0
\n
33 377
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2022
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-8 522
\n
0
\n
-8 522
\n
Accumulated amortisation and impairment losses at 31 December
\n
2022
\n

\n

\n

\n

\n
-53 329
\n
-181
\n
-53 511
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
24 855
\n
0
\n
24 855
\n

\n
Intangible assets with finite useful lives, are amortised systematically over their estimated economic lives, ranging between 3 and 7
\n
years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver and the related ASIC driver in the second quarter of 2019
\n
as they became ready for commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining
\n
number of years of the first patent.
\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag261": { "value": "\n

\n\n
9 Intangible assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
242
\n
78 427
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-61
\n
-61
\n
Cost at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2021
\n

\n

\n

\n

\n
-34 539
\n
-242
\n
-34 780
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-10 269
\n
0
\n
-10 269
\n
Disposals
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
61
\n
61
\n
Accumulated amortisation and impairment losses at 31 December
\n
2021
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
33 377
\n
0
\n
33 377
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Development costs
\n
and TLens patents
\n
Software
\n
license
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cost at 1 January 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Cost at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
78 184
\n
181
\n
78 365
\n
Accumulated amortisation and impairment losses at 1 January 2022
\n

\n

\n

\n

\n
-44 807
\n
-181
\n
-44 988
\n
Amortisation
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-8 522
\n
0
\n
-8 522
\n
Accumulated amortisation and impairment losses at 31 December
\n
2022
\n

\n

\n

\n

\n
-53 329
\n
-181
\n
-53 511
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Net book value at 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
24 855
\n
0
\n
24 855
\n

\n
Intangible assets with finite useful lives, are amortised systematically over their estimated economic lives, ranging between 3 and 7
\n
years.
\n
In 2008/2009, poLight acquired the core patents of the TLens\u00ae technology for NOK 5 million. The patents were granted in 10 different
\n
countries in 2006. poLight has since invested substantial resources in research and product development of the TLens\u00ae.
\n
poLight started amortising capitalised development costs for TLens Silver and the related ASIC driver in the second quarter of 2019
\n
as they became ready for commercial shipments. The useful lives are deemed to be 7 years which correlates with the remaining
\n
number of years of the first patent.
\n
Research and development costs that are not eligible for capitalisation have been expensed in the period incurred and are recognised
\n
in Research and development expenses net of government grants received.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag252": { "value": "\n
11 Lease agreements
\n
poLight has entered into commercial leases with regards to premises and office equipment used in its operations. In Norway, the
\n
company leases lab facilities, including a clean room, and offices are leased in Norway, Finland and China. The premises in Norway
\n
comprises 852 square meters. The contract expires in July 2024 with an option to extend the lease agreement with additional 2 years.
\n
The option is assumed to be utilised determining the lease period, increasing the lease assets and liabilities.
\n
The office lease terms in Finland and China are terminable by both lessee and lessor with twelve months\u2019 notice or less. The leases
\n
of office equipment are with low value. The Group applies the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition
\n
exemptions for these leases.
\n
Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period:
\n
Building
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 778
\n
964
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
158
\n
5 309
\n
Termination of contract
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-465
\n
Depreciation expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 066
\n
-1 029
\n
At 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 871
\n
4 778
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Set out below are the carrying amounts of lease liabilities and the movements during the period:
\n

\n\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 876
\n
1 048
\n
Additions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
159
\n
5 309
\n
Termination of contract
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-522
\n
Interest expense
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
243
\n
Payments
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-1 295
\n
-1 202
\n
At 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 070
\n
4 876
\n
Current, < 1 year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 100
\n
942
\n
Non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 970
\n
3 934
\n

\n
The maturity analysis of lease liabilities are disclosed in Note 13.2 Financial liabilities.
\n
The following are the amounts recognised in profit or loss:
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Depreciation expense of right-of-use assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 066
\n
1 029
\n
Interest expense on lease liabilities
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
330
\n
243
\n
Expense relating to short-term leases (included in research and development expenses)
\n
407
\n
389
\n
Expense relating to short-term leases (included in sales and marketing expenses)
\n
769
\n
202
\n
Expense relating to leases of low-value assets (included in administrative expenses)
\n
46
\n
40
\n
Total amount recognised in profit or loss
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2 617
\n
1 904
\n

\n
The Group had total cash outflows for leases of NOK 2 516 in 2022 (2021: NOK 1 833). The Group also had non-cash additions to
\n
right-of-use assets and lease liabilities of NOK 159 in 2022 (2021: NOK 5 309). The addition is attributable to the yearly adjustment
\n
in lease payment for the company\u2019s headquarters in Horten.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag250": { "value": "\n

\n\n
12 Inventories
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Components; mainly wafers (at cost)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
50 143
\n
25 304
\n
Finished goods; lenses and driver ASICs (at cost)
\n

\n

\n

\n

\n

\n
8 968
\n
4 730
\n
Obsolescence provision (expensed as cost of sales)
\n

\n

\n

\n

\n
-13 534
\n
-13 198
\n
Total inventories at the lower of cost and net realisable value
\n

\n

\n

\n
45 577
\n
16 836
\n

\n
During 2022, NOK 0.3 million (2021: NOK 0.5 million) was recognised as an obsolescence expense for inventories carried at net
\n
realisable value. This is recognised in cost of sales.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag237": { "value": "\n
12 Inventories
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Components; mainly wafers (at cost)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
50 143
\n
25 304
\n
Finished goods; lenses and driver ASICs (at cost)
\n

\n

\n

\n

\n

\n
8 968
\n
4 730
\n
Obsolescence provision (expensed as cost of sales)
\n

\n

\n

\n

\n
-13 534
\n
-13 198
\n
Total inventories at the lower of cost and net realisable value
\n

\n

\n

\n
45 577
\n
16 836
\n

\n
During 2022, NOK 0.3 million (2021: NOK 0.5 million) was recognised as an obsolescence expense for inventories carried at net
\n
realisable value. This is recognised in cost of sales.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag245": { "value": "\n

\n\n

\n\n

\n\n
13 Financial assets and financial liabilities
\n
poLight\u2019s principal financial liabilities comprise trade and other payables, lease liabilities and provisions. poLight\u2019s principal financial
\n
assets include trade and other receivables, and cash.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n\n

\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n

\n\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag257": { "value": "\n

\n\n

\n\n
13 Financial assets and financial liabilities
\n
poLight\u2019s principal financial liabilities comprise trade and other payables, lease liabilities and provisions. poLight\u2019s principal financial
\n
assets include trade and other receivables, and cash.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n\n

\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n

\n\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag241": { "value": "\n

\n\n
13 Financial assets and financial liabilities
\n
poLight\u2019s principal financial liabilities comprise trade and other payables, lease liabilities and provisions. poLight\u2019s principal financial
\n
assets include trade and other receivables, and cash.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk.
\n

\n\n

\n\n

\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n\n

\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n

\n\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesHeldForTradingExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag239": { "value": "\n
13 Financial assets and financial liabilities
\n
poLight\u2019s principal financial liabilities comprise trade and other payables, lease liabilities and provisions. poLight\u2019s principal financial
\n
assets include trade and other receivables, and cash.
\n
poLight is exposed to foreign currency risk, credit risk and liquidity risk.
\n

\n\n

\n

\n

\n\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n\n

\n\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n\n

\n\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag236": { "value": "\n

\n\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag249": { "value": "\n
Foreign currency risk
\n
Trade receivables, trade payables and inventory; poLight\u2019s contracts with the suppliers of the actuator and the assembly of the
\n
TLens\u00ae, are in USD. Foreign currency risk will be mitigated by entering sales contracts in USD or using hedging instruments. The group
\n
had not entered into any hedging instruments as at 31 December 2022.
\n
Research and development (\u201cR&D\u201d); a significant part of the R&D expenses is in foreign currency. Services from subsidiaries are
\n
invoiced in EUR and development programs at manufacturing partners are invoiced in USD. These activities have not been hedged
\n
as of today.
\n
The following tables demonstrate the sensitivity to a reasonably possible change in EUR and USD exchange rates, with all other
\n
variables held constant. The impact on the profit before tax is due to changes in the value of monetary assets and liabilities measured
\n
in NOK. The impact on the equity is due to the effect on operating activities.
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in EUR
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)
\n

\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-796
\n

\n
-428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
796
\n

\n
428
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-800
\n

\n
-576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
800
\n

\n
576
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Change in USD
\n
rate
\n
Effect on profit
\n
before tax
\n
Effect on equity
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-1 151
\n

\n
-2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
1 151
\n

\n
2 605
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
+5%
\n

\n
-893
\n

\n
-893
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-5%
\n

\n
893
\n

\n
893
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag264": { "value": "\n
Credit risk
\n
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a
\n
financial loss. poLight is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing
\n
activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
\n
Historically, no bad debt has been recognised and since most receivables are current, no provision is made.
\n
Credit quality of a customer is assessed based on D&B\u2019s credit rating scorecard and are regularly monitored. As at 31 December 2022,
\n
most of the receivables consisted of government grants with low credit risk.
\n
Credit risk from balances with banks are mitigated using 5 different Norwegian banks with a deposit limit of NOK 40 million each.
\n
Credit quality is assessed and regularly monitored.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag256": { "value": "\n
Liquidity risk
\n
At year-end, poLight had cash deposits of NOK 84 million. In April 2023 the company launched an underwritten preferential rights
\n
issue. The rights issue is fully underwritten and will, when it completed at the beginning of May, raise NOK 135 million in gross
\n
proceeds. All the conditions for the obligations of the underwriters have been met.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag255": { "value": "\n

\n\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag253": { "value": "\n

\n\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag243": { "value": "\n
13.1 Financial assets
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Financial assets at amortised cost:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
3 026
\n
2 506
\n
Grants recognised, not received
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
VAT receivables, VAT claim (note 17)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n

\n

\n

\n
11 215
\n
Other receivables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
747
\n
1 078
\n
Total financial assets
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
8 386
\n
22 078
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
Trade receivables are non-interest bearing and generally on 30 day terms.
\n
As at 31 December, the ageing analysis of the receivables is as follows:
\n

\n

\n

\n

\n

\n

\n

\n

\n
Not past
\n
due
\n
Past due
\n
(in NOK 000)
\n
Total
\n
< 30 days
\n
30\u201360 days
\n
61\u201390 days
\n
91\u2013120 days
\n
> 120 days
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
8 386
\n
6 512
\n
1 874
\n
0
\n
0
\n
0
\n
0
\n
2021
\n
22 078
\n
21 721
\n
322
\n
35
\n
0
\n
0
\n
0
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag254": { "value": "\n

\n\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag262": { "value": "\n

\n\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag247": { "value": "\n

\n\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n

\n\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag244": { "value": "\n
13.2 Financial liabilities
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Financial liabilities at amortised cost, other than interest-bearing loans and
\n
borrowings:
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Trade payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
10 612
\n
4 518
\n
Other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 923
\n
6 490
\n
Accrued employer\u2019s NICs on share option plan (note 5.2)
\n

\n

\n

\n

\n

\n

\n

\n
3 945
\n
8 898
\n
Provisions
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000
\n
500
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Total non-current
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n

\n
For all the financial liabilities the carry amounts represent a reasonable approximation of fair value.
\n
Terms and conditions of the above financial liabilities
\n
\u2022 Trade payables are non-interest bearing, and are settled on 15\u201345 day terms
\n
\u2022 Other payables are non-interest bearing, and have an average term of 2.6 months
\n
\u2022 Accrued employer\u2019s NICs on exercisable share options with remaining contractual life of 2.01 years as at 31 December
\n
2022. See Note 5.2 Employee benefits expense for additional information.
\n

\n\n
Maturity analysis
\n
The maturity analysis below shows the remaining contractual maturity of financial liability. The analysis shows contractual
\n
undiscounted cash-flows (i.e., includes interest), and thus differs from the amounts recognised in the statement of financial position.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
346
\n
1 015
\n
3 232
\n
0
\n
4 593
\n
Trade and other payables
\n

\n
20 679
\n
1 801
\n
0
\n
0
\n
22 480
\n
Total
\n

\n
21 025
\n
2 816
\n
3 232
\n
0
\n
27 073
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n
< 3 months
\n
3 to 12
\n
months
\n
1 to 5 years
\n
> 5 years
\n
Total
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
As at 31. December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Lease liabilities
\n

\n

\n

\n

\n
317
\n
952
\n
4 445
\n
0
\n
5 715
\n
Trade and payables
\n

\n
18 256
\n
1 650
\n
0
\n
0
\n
19 906
\n
Total
\n

\n
18 574
\n
2 603
\n
4 445
\n
0
\n
25 621
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag248": { "value": "\n
Capital Management
\n
The primary objective of the Group\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital
\n
ratios in order to support its business and maximise shareholder value.
\n
The Group manages its capital structure and makes adjustments to it in light of changes in economic conditions. To maintain or adjust
\n
the capital structure, the Group may issue new shares and/or debt.
\n
The Group monitors cash monthly towards 5-year budgets and forecasts.
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n
Trade and other payables
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
23 480
\n
20 406
\n
Less: cash and short-term deposits
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-84 249
\n
-157 810
\n
Net debt
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-60 769
\n
-137 403
\n
The Group's capital structure is primarily based on deposits.
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag265": { "value": "\n
14 Government grants
\n
(in NOK 000)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Receivable at 1 January
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
7 280
\n
5 014
\n
Received during the year
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
-7 558
\n
-9 621
\n
Grants recognised as reduction of research and development expenses in the consolidated
\n
statement of income
\n
4 892
\n
11 886
\n
Receivable at 31 December
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n

\n
The group have received grants for development of next generation optical components based on TLens\u00ae technology and analyses
\n
and testing activities to understand better relations between micro failure in optical components and mechanical, physical and
\n

\n\n
electric testing. The group has in addition received Tax Refund grants related to project for application reference design enabled by
\n
poLight technology, autofocus lens and ASIC projects.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n
Non-current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
Total \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
4 614
\n
7 280
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag281": { "value": "\n

\n\n
15 Cash and short-term deposits\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cash at banks \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
82\u00a0936\u00a0
\n
156\u00a0365
\n
Restricted cash, taxes withheld\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 313\u00a0
\n
1 263\u00a0
\n
Restricted cash, deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
181\u00a0
\n
Cash and short-term deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
84 249
\n
157\u00a0810
\n

\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. \u00a0\u00a0\u00a0
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag282": { "value": "\n
15 Cash and short-term deposits\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Cash at banks \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
82\u00a0936\u00a0
\n
156\u00a0365
\n
Restricted cash, taxes withheld\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 313\u00a0
\n
1 263\u00a0
\n
Restricted cash, deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
181\u00a0
\n
Cash and short-term deposits\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
84 249
\n
157\u00a0810
\n

\n
Cash at banks earns interest at floating rates based on daily bank deposit rates. \u00a0\u00a0\u00a0
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag271": { "value": "\n

\n\n
16 Issued capital and reserves\u00a0\u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Ordinary shares \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
51 952 700
\n
51\u00a0925\u00a0480
\n
1
\n

\n

\n
2)\u00a0\u00a0Restated following a\u00a0share split of 1:5 resolution on 31 May 2022 \u00a0
\n
The \u00a0shareholders \u00a0are \u00a0presented \u00a0in \u00a0Note \u00a016 Share \u00a0capital\u00a0\u00a0and \u00a0shareholder \u00a0information, \u00a0in \u00a0the \u00a0financial \u00a0statement of \u00a0the parent
\n
company, poLight ASA.\u00a0\u00a0
\n
Shares issued and fully paid\u00a0
\n
Number of shares\u00a0
\n
Issued share capital \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n
At 1 January 2021 of NOK 0.20 each\u00a0
\n
9 048\u00a0822
\n
1 810\u00a0
\n

\n

\n

\n
Exercise of share options on 3 March 2021 each with a par value of NOK 0.20\u00a0
\n
79 378\u00a0
\n
16\u00a0
\n
Private placement on 13 September 2021 each with a par value of NOK 0.20\u00a0
\n
1 136 363\u00a0
\n
227\u00a0
\n
Exercise of share options on 29 September 2021 each with a par value of NOK 0.20\u00a0
\n
4 137\u00a0
\n
1
\n
Subsequent offering on 21 October 2021 each with a par value of\u00a0NOK 0.20\u00a0
\n
116 396\u00a0
\n
23\u00a0
\n
At 31 December\u00a02021 of NOK 0.20 each\u00a0
\n
10\u00a0385 096\u00a0
\n
2 077
\n

\n

\n

\n
Exercise of share options on 1 March 2022 each with a par value of NOK 0.20\u00a0
\n
777\u00a0
\n
0
\n
Exercise of share options on 25 May 2022 each with a par value of NOK 0.20\u00a0
\n
4 667
\n
1
\n
Share split of 1:5 on 31 May 2022, par value of NOK 0.04\u00a0
\n
41\u00a0562 160
\n

\n
At 31 December 2022 of NOK 0.04 each\u00a0
\n
51 952 700
\n
2 078
\n

\n\n

\n\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n
Share premium\u00a0
\n
At 1 January 2021
\n

\n

\n

\n

\n
125\u00a0753\u00a0
\n
Exercise of share options on 3 March 2021 average of\u00a0NOK 40.36\u00a0(NOK 8.07 after
\n
spilt)\u00a0
\n

\n

\n

\n

\n
3 188\u00a0
\n
Private placement on 13 September 2021 of\u00a0NOK 110 each\u00a0(NOK 22 after split)\u00a0
\n

\n

\n

\n

\n
124 773\u00a0
\n
Exercise of share options on 29 September 2021 average of NOK 46.57\u00a0(NOK 9.31
\n
after split)\u00a0
\n

\n
192\u00a0
\n
Subsequent offering on 21 October 2021 of NOK 110 each\u00a0(NOK 22\u00a0after split)\u00a0
\n

\n
12 780\u00a0
\n
Decrease due to transaction costs for issued share capital \u00a0
\n

\n
-7 530
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-49\u00a0836
\n
At\u00a031 December 2021\u00a0
\n

\n

\n

\n

\n
209\u00a0320
\n
Exercise of share options on 1 March 2022 average of NOK 8.41 after split\u00a0
\n

\n

\n

\n

\n
33
\n
Exercise of share options on 25\u00a0May 2022 average of NOK 9.54 after split\u00a0
\n

\n

\n

\n

\n
221\u00a0
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-63\u00a0788
\n
At\u00a031 December 2022
\n

\n

\n

\n

\n
145\u00a0785\u00a0
\n

\n
To improve the consistency between the presented equity components in the Group and the parent company\u2019s statement of financial
\n
position, \u00a0historical \u00a0accumulated \u00a0losses \u00a0have \u00a0been \u00a0offset \u00a0against \u00a0share \u00a0premium \u00a0also \u00a0in \u00a0the \u00a0consolidated \u00a0statement \u00a0of \u00a0financial
\n
position. Comparative figures have been restated\u00a0for 2021. \u00a0
\n
The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK\u00a0415\u00a0434\u00a0(10 385\u00a0850
\n
shares at par value of NOK 0.04) that is approximately 20 per cent of shares outstanding, in addition to shares through share option
\n
schemes.\u00a0
\n

\n
Share option schemes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The board is authorised to issue shares through share option schemes up to a total\u00a0nominal value of NOK 207\u00a0717\u00a0(5 192\u00a0925 shares
\n
at par value of NOK 0.04), that is approximately 10\u00a0per cent of shares outstanding. The company\u2019s share option schemes, with the
\n
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.2\u00a0Employee benefits expense).
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag275": { "value": "\n
16 Issued capital and reserves\u00a0\u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Ordinary shares \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
51 952 700
\n
51\u00a0925\u00a0480
\n
1
\n

\n

\n
2)\u00a0\u00a0Restated following a\u00a0share split of 1:5 resolution on 31 May 2022 \u00a0
\n
The \u00a0shareholders \u00a0are \u00a0presented \u00a0in \u00a0Note \u00a016 Share \u00a0capital\u00a0\u00a0and \u00a0shareholder \u00a0information, \u00a0in \u00a0the \u00a0financial \u00a0statement of \u00a0the parent
\n
company, poLight ASA.\u00a0\u00a0
\n
Shares issued and fully paid\u00a0
\n
Number of shares\u00a0
\n
Issued share capital \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
(in NOK 000)\u00a0
\n
At 1 January 2021 of NOK 0.20 each\u00a0
\n
9 048\u00a0822
\n
1 810\u00a0
\n

\n

\n

\n
Exercise of share options on 3 March 2021 each with a par value of NOK 0.20\u00a0
\n
79 378\u00a0
\n
16\u00a0
\n
Private placement on 13 September 2021 each with a par value of NOK 0.20\u00a0
\n
1 136 363\u00a0
\n
227\u00a0
\n
Exercise of share options on 29 September 2021 each with a par value of NOK 0.20\u00a0
\n
4 137\u00a0
\n
1
\n
Subsequent offering on 21 October 2021 each with a par value of\u00a0NOK 0.20\u00a0
\n
116 396\u00a0
\n
23\u00a0
\n
At 31 December\u00a02021 of NOK 0.20 each\u00a0
\n
10\u00a0385 096\u00a0
\n
2 077
\n

\n

\n

\n
Exercise of share options on 1 March 2022 each with a par value of NOK 0.20\u00a0
\n
777\u00a0
\n
0
\n
Exercise of share options on 25 May 2022 each with a par value of NOK 0.20\u00a0
\n
4 667
\n
1
\n
Share split of 1:5 on 31 May 2022, par value of NOK 0.04\u00a0
\n
41\u00a0562 160
\n

\n
At 31 December 2022 of NOK 0.04 each\u00a0
\n
51 952 700
\n
2 078
\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n
Share premium\u00a0
\n
At 1 January 2021
\n

\n

\n

\n

\n
125\u00a0753\u00a0
\n
Exercise of share options on 3 March 2021 average of\u00a0NOK 40.36\u00a0(NOK 8.07 after
\n
spilt)\u00a0
\n

\n

\n

\n

\n
3 188\u00a0
\n
Private placement on 13 September 2021 of\u00a0NOK 110 each\u00a0(NOK 22 after split)\u00a0
\n

\n

\n

\n

\n
124 773\u00a0
\n
Exercise of share options on 29 September 2021 average of NOK 46.57\u00a0(NOK 9.31
\n
after split)\u00a0
\n

\n
192\u00a0
\n
Subsequent offering on 21 October 2021 of NOK 110 each\u00a0(NOK 22\u00a0after split)\u00a0
\n

\n
12 780\u00a0
\n
Decrease due to transaction costs for issued share capital \u00a0
\n

\n
-7 530
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-49\u00a0836
\n
At\u00a031 December 2021\u00a0
\n

\n

\n

\n

\n
209\u00a0320
\n
Exercise of share options on 1 March 2022 average of NOK 8.41 after split\u00a0
\n

\n

\n

\n

\n
33
\n
Exercise of share options on 25\u00a0May 2022 average of NOK 9.54 after split\u00a0
\n

\n

\n

\n

\n
221\u00a0
\n
Allocated to retain\u00a0earnings\u00a0
\n

\n
-63\u00a0788
\n
At\u00a031 December 2022
\n

\n

\n

\n

\n
145\u00a0785\u00a0
\n

\n
To improve the consistency between the presented equity components in the Group and the parent company\u2019s statement of financial
\n
position, \u00a0historical \u00a0accumulated \u00a0losses \u00a0have \u00a0been \u00a0offset \u00a0against \u00a0share \u00a0premium \u00a0also \u00a0in \u00a0the \u00a0consolidated \u00a0statement \u00a0of \u00a0financial
\n
position. Comparative figures have been restated\u00a0for 2021. \u00a0
\n
The board is authorised to increase the share capital issuing new shares up to a total nominal value of NOK\u00a0415\u00a0434\u00a0(10 385\u00a0850
\n
shares at par value of NOK 0.04) that is approximately 20 per cent of shares outstanding, in addition to shares through share option
\n
schemes.\u00a0
\n

\n
Share option schemes\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The board is authorised to issue shares through share option schemes up to a total\u00a0nominal value of NOK 207\u00a0717\u00a0(5 192\u00a0925 shares
\n
at par value of NOK 0.04), that is approximately 10\u00a0per cent of shares outstanding. The company\u2019s share option schemes, with the
\n
opportunity to subscribe for shares in poLight, have been offered all employees (Note 5.2\u00a0Employee benefits expense).
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag276": { "value": "\n
17 Provisions\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Warranty
\n
provision \u00a0
\n
Claims\u00a0
\n
Total\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
At 1 January 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
1 189\u00a0
\n
1 189
\n
New or increased provisions\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
500\u00a0
\n
0
\n
500\u00a0
\n
Unused reversed as administrative \u00a0expenses\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
-1 189
\n
-1 189
\n
At\u00a031 December 2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
500
\n
0
\n
500\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
New or increased provisions\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
500\u00a0
\n
0
\n
500\u00a0
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n

\n\n

\n
Expected timing of cash flow\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Warranty
\n
provision \u00a0
\n
Claims\u00a0
\n
Total\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Current, < 1 year\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n
Non-current\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
0
\n
0
\n
0
\n
At 31 December 2022
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 000\u00a0
\n
0
\n
1 000\u00a0
\n

\n
Warranty provision\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
A general provision to meet potential\u00a0claims under the warranty clause.\u00a0
\n

\n\n
Claims\u00a0\u00a0\u00a0\u00a0\u00a0
\n
On 14\u00a0September 2018, the Norwegian Tax Administration for\u00a0South Norway (Skatteetaten S\u00f8r-Norge) excluded\u00a0poLight ASA from
\n
the Norwegian VAT Register and claimed repayment of refunded VAT, with\u00a0effect\u00a0from 1 January 2013, totalling NOK 13.6 million.
\n
The Norwegian Tax Administration claimed that the company was not capable of\u00a0being profitable and did not therefore qualify as a
\n
\"business\" pursuant to the Norwegian laws and\u00a0regulations regarding VAT. In September 2018, the decision was appealed to the Tax
\n
Appeals Board (Skatteklagenemda). The entire claim was\u00a0paid in 2018,\u00a0except the additional\u00a0associated taxes of NOK 1.2 million, that
\n
was accrued for as a\u00a0provision. \u00a0
\n
On 28 August\u00a02020, the\u00a0tax authorities decided to re-register poLight ASA in the VAT Register with effect from July 2020 on ordinary
\n
terms. \u00a0The \u00a0receivable \u00a0of \u00a0NOK \u00a08.2 \u00a0million was \u00a0recognised \u00a0in \u00a0the \u00a0third \u00a0quarter 2020, \u00a0whereof \u00a0NOK \u00a07.6 \u00a0million \u00a0as a \u00a0reduction \u00a0of
\n
administrative expenses. The cash proceeds from this ruling were received in the fourth quarter 2020. \u00a0
\n
On 16 December 2021,\u00a0Norway\u2019s Tax Appeals Board issued a final decision and upheld\u00a0the appeal filed\u00a0by poLight giving full refund
\n
of \u00a0the \u00a0VAT \u00a0claim. \u00a0NOK \u00a012.4 \u00a0million \u00a0was \u00a0recognised \u00a0in \u00a0the \u00a0fourth \u00a0quarter \u00a02021, \u00a0whereof \u00a0NOK \u00a011.6 \u00a0million \u00a0as\u00a0\u00a0a \u00a0reduction \u00a0of
\n
administrative expenses and NOK 0.8 as financial income. The outstanding amount was received in January 2022.\u00a0
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag273": { "value": "\n
Claims\u00a0\u00a0\u00a0\u00a0\u00a0
\n
On 14\u00a0September 2018, the Norwegian Tax Administration for\u00a0South Norway (Skatteetaten S\u00f8r-Norge) excluded\u00a0poLight ASA from
\n
the Norwegian VAT Register and claimed repayment of refunded VAT, with\u00a0effect\u00a0from 1 January 2013, totalling NOK 13.6 million.
\n
The Norwegian Tax Administration claimed that the company was not capable of\u00a0being profitable and did not therefore qualify as a
\n
\"business\" pursuant to the Norwegian laws and\u00a0regulations regarding VAT. In September 2018, the decision was appealed to the Tax
\n
Appeals Board (Skatteklagenemda). The entire claim was\u00a0paid in 2018,\u00a0except the additional\u00a0associated taxes of NOK 1.2 million, that
\n
was accrued for as a\u00a0provision. \u00a0
\n
On 28 August\u00a02020, the\u00a0tax authorities decided to re-register poLight ASA in the VAT Register with effect from July 2020 on ordinary
\n
terms. \u00a0The \u00a0receivable \u00a0of \u00a0NOK \u00a08.2 \u00a0million was \u00a0recognised \u00a0in \u00a0the \u00a0third \u00a0quarter 2020, \u00a0whereof \u00a0NOK \u00a07.6 \u00a0million \u00a0as a \u00a0reduction \u00a0of
\n
administrative expenses. The cash proceeds from this ruling were received in the fourth quarter 2020. \u00a0
\n
On 16 December 2021,\u00a0Norway\u2019s Tax Appeals Board issued a final decision and upheld\u00a0the appeal filed\u00a0by poLight giving full refund
\n
of \u00a0the \u00a0VAT \u00a0claim. \u00a0NOK \u00a012.4 \u00a0million \u00a0was \u00a0recognised \u00a0in \u00a0the \u00a0fourth \u00a0quarter \u00a02021, \u00a0whereof \u00a0NOK \u00a011.6 \u00a0million \u00a0as\u00a0\u00a0a \u00a0reduction \u00a0of
\n
administrative expenses and NOK 0.8 as financial income. The outstanding amount was received in January 2022.\u00a0
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfClaimsAndBenefitsPaidExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag280": { "value": "\n

\n\n

\n
18\u00a0Related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:\u00a0
\n

\n
Name\u00a0
\n
Principal activities\u00a0
\n
Country of
\n
incorporation\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
poLight ASA\u00a0
\n
R&D, Sales and
\n
management\u00a0
\n
Norway\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight France SAS\u00a0
\n
R&D\u00a0
\n
France\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Finland Oy\u00a0
\n
R&D\u00a0
\n
Finland\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Hong Kong Limited \u00a0
\n
Holding company\u00a0
\n
HK, China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight (Shenzhen) Technical\u00a0
\n
Service Company Limited\u00a0
\n
Sales\u00a0
\n
China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n

\n
poLight ASA\u00a0is the ultimate parent. None of the shareholders of poLight ASA has control of the company. As of 31 December 2022,
\n
the largest shareholder was\u00a0Investinor Direkte AS, with an ownership of 17.13%. \u00a0
\n

\n\n
Transactions between group companies\u00a0\u00a0\u00a0
\n
Intercompany agreements are \u00a0entered with \u00a0all the subsidiaries in the \u00a0Group. All \u00a0sales in the \u00a0subsidiaries are \u00a0made with \u00a0parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.\u00a0
\n

\n\n

\n\n

\n\n

\n\n

\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Purchases from subsidiaries\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 248
\n
11 532
\n

\n
Outstanding balances\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
Currency\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Subordinated loan agreement\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
EUR 000\u00a0
\n
2 750\u00a0
\n
2 750\u00a0
\n
Trade and other payables\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 000\u00a0
\n
1 217
\n
511\u00a0
\n

\n
A subordinated loan agreement was concluded on\u00a029 December 2016,\u00a0between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2022, the entire principal\u00a0is considered\u00a0as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in\u00a0poLight\u00a0France\u00a0SAS, the currency translation effect is recognised in OCI.\u00a0In the parent
\n
company an impairment loss of NOK 27 112\u00a0950 related to the subordinated loan have been recognised, whereof NOK 643 \u00a0750\u00a0
\n
recognised in 2022. \u00a0
\n

\n\n

\n
Transactions with other related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
No transactions have been made with other\u00a0related parties for\u00a0the relevant financial years.\u00a0
\n

\n
Compensation to management personnel\u00a0and board of director\u2019s\u00a0
\n
A separate remuneration report will be published on poLight's website as a part\u00a0of the notification of the Annual General Meeting.\u00a0
\n\n
Management remuneration\u00a0
\n
In accordance with the Norwegian \u00a0public Limited Companies \u00a0Act \u00a76-16 a, the board \u00a0of \u00a0directors prepares a separate \u00a0statement
\n
related to the determination \u00a0of \u00a0salary \u00a0and other benefits for \u00a0the \u00a0corporate \u00a0management. The \u00a0statement shall \u00a0be subject to \u00a0an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2022 will be submitted\u00a0for approval in
\n
the annual general meeting 24 May 2023 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders. \u00a0
\n
The total remuneration to the management consists \u00a0of \u00a0fixed\u00a0\u00a0salary, \u00a0bonus, benefits \u00a0in-kind, \u00a0share \u00a0option program\u00a0and \u00a0pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
terms shall be based on a review by the CEO and the Board each year, taking into account trends in local labour\u00a0markets, the results
\n
achieved, and individual\u00a0contributions to the development of the Company.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n
Salaries\u00a0
\n
Bonus\u00a0
\n
Pension
\n
costs\u00a0
\n
Other
\n
benefits\u00a0
\n
Value
\n
1)
\n

\n
share
\n
options\u00a0
\n
Total 2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n

\n

\n
3 274
\n
791
\n
160\u00a0
\n
377\u00a0
\n
415\u00a0
\n
5 016\u00a0
\n
5 653\u00a0
\n
Pierre Craen - CTO
\n
2)
\n

\n

\n

\n

\n
2 075\u00a0
\n
474\u00a0
\n
0
\n
0
\n
111
\n
2 660\u00a0
\n
2 747
\n
Alf Henning Bekkevik - CFO \u00a0
\n
1 363\u00a0
\n
35
\n
152\u00a0
\n
18\u00a0
\n
0
\n
1 569\u00a0
\n
1 661\u00a0
\n
Marianne Sandal - COO\u00a0
\n

\n

\n
1 714
\n
387
\n
178
\n
47\u00a0
\n
111
\n
2 438\u00a0
\n
2 354\u00a0
\n
Total management team\u00a0
\n

\n

\n
8 427
\n
1 688\u00a0
\n
489
\n
442
\n
638\u00a0
\n
11\u00a0683\u00a0
\n
12 416
\n

\n
1)\u00a0\u00a0Fair value of the share options\u00a0vested in 2022 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. No share options\u00a0were\u00a0exercised\u00a0in 2022.\u00a0
\n

\n\n

\n\n

\n\n

\n\n

\n\n
2)\u00a0\u00a0Pierre Craen has for the period 1.1.2022-31.12.2022 invoiced NOK 2,549\u00a0(2021:\u00a0NOK 2,172) thousand of\u00a0the remuneration
\n
through Tilia-Blue SRL as a consultant,\u00a0included in the above figure.\u00a0
\n
If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period. \u00a0\u00a0
\n
Below is an overview of poLight management's and board members' granted share options: \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
Opening
\n
balance\u00a0
\n
Forfeited
\n
options\u00a0
\n
Exercised
\n
options\u00a0
\n
Granted
\n
options\u00a0
\n
Ending \u00a0
\n
balance\u00a0
\n
Exercisable\u00a0
\n
options\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n
1 683\u00a0746\u00a0
\n
0
\n
0
\n
0
\n
1 683\u00a0746\u00a0
\n
1 605\u00a0968\u00a0
\n
Pierre Craen - CTO\u00a0
\n
310\u00a0615\u00a0
\n
0
\n
0
\n
0
\n
310\u00a0615\u00a0
\n
289\u00a0712\u00a0
\n
Alf Henning Bekkevik - CFO\u00a0
\n
251\u00a0115\u00a0
\n
0
\n
0
\n
0
\n
251\u00a0115\u00a0
\n
251\u00a0115\u00a0
\n
Marianne Sandal - COO\u00a0
\n
358 615
\n
0
\n
0
\n
0
\n
358 615
\n
337 712\u00a0
\n
Total management team\u00a0
\n
2 604\u00a0091\u00a0
\n
0
\n
0
\n
0
\n
2 604\u00a0091\u00a0
\n
2 484\u00a0507\u00a0
\n

\n
The\u00a0exercise price on exercisable share options\u00a0for the management\u2019s balance\u00a0at 31 December 2022 was\u00a0NOK 9.88\u00a0per share in
\n
average. No\u00a0share options were exercised in 2022. \u00a0
\n
In the case of an offeror becoming the owner of at least 9/10 of the issued shares of poLight, all of the unvested\u00a0share options
\n
becomes immediately vested\u00a0and exercisable. \u00a0
\n

\n\n
Remuneration members of the board\u00a0
\n

\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Grethe Viksaas\u00a0- chair of the board\u00a0
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n
338\u00a0
\n
213
\n
Ann-Tove Kongsnes\u00a0
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
325
\n
288\u00a0
\n
Svenn Tore Larsen \u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Juha Alakarhu \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Thomas G\u00f6rling
\n
3)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250\u00a0
\n
125\u00a0
\n
Total Board of Directors\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 413\u00a0
\n
1 050\u00a0
\n
1)\u00a0\u00a0Chair of the board from May 25, 2022
\n
2)\u00a0\u00a0Chair of the board to\u00a0May 25, 2022
\n
3)\u00a0\u00a0Member from May 26, 2021\u00a0
\n

\n
There are no loans from poLight\u00a0to the management or members of\u00a0the board.
\n

\n
Remuneration of the\u00a0nomination committee\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Thomas S. Wrede-Holm - chair\u00a0
\n

\n

\n

\n

\n

\n

\n
40\u00a0
\n
20\u00a0
\n
Jan-Erik H\u00e6reid\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Anne E. H. Wors\u00f8e\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Total Nomination Committee\u00a0
\n

\n

\n

\n

\n

\n

\n
100\u00a0
\n
60\u00a0
\n

\n\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag279": { "value": "\n

\n
18\u00a0Related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
The financial statements include the financial statements of the Group and the subsidiaries listed in the following table:\u00a0
\n

\n
Name\u00a0
\n
Principal activities\u00a0
\n
Country of
\n
incorporation\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
poLight ASA\u00a0
\n
R&D, Sales and
\n
management\u00a0
\n
Norway\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight France SAS\u00a0
\n
R&D\u00a0
\n
France\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Finland Oy\u00a0
\n
R&D\u00a0
\n
Finland\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight Hong Kong Limited \u00a0
\n
Holding company\u00a0
\n
HK, China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n
poLight (Shenzhen) Technical\u00a0
\n
Service Company Limited\u00a0
\n
Sales\u00a0
\n
China\u00a0
\n
100 %\u00a0
\n
100 %\u00a0
\n

\n
poLight ASA\u00a0is the ultimate parent. None of the shareholders of poLight ASA has control of the company. As of 31 December 2022,
\n
the largest shareholder was\u00a0Investinor Direkte AS, with an ownership of 17.13%. \u00a0
\n

\n\n
Transactions between group companies\u00a0\u00a0\u00a0
\n
Intercompany agreements are \u00a0entered with \u00a0all the subsidiaries in the \u00a0Group. All \u00a0sales in the \u00a0subsidiaries are \u00a0made with \u00a0parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.\u00a0
\n

\n\n

\n\n

\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Purchases from subsidiaries\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 248
\n
11 532
\n

\n
Outstanding balances\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
Currency\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Subordinated loan agreement\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
EUR 000\u00a0
\n
2 750\u00a0
\n
2 750\u00a0
\n
Trade and other payables\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 000\u00a0
\n
1 217
\n
511\u00a0
\n

\n
A subordinated loan agreement was concluded on\u00a029 December 2016,\u00a0between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2022, the entire principal\u00a0is considered\u00a0as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in\u00a0poLight\u00a0France\u00a0SAS, the currency translation effect is recognised in OCI.\u00a0In the parent
\n
company an impairment loss of NOK 27 112\u00a0950 related to the subordinated loan have been recognised, whereof NOK 643 \u00a0750\u00a0
\n
recognised in 2022. \u00a0
\n

\n\n

\n
Transactions with other related parties\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
No transactions have been made with other\u00a0related parties for\u00a0the relevant financial years.\u00a0
\n

\n
Compensation to management personnel\u00a0and board of director\u2019s\u00a0
\n
A separate remuneration report will be published on poLight's website as a part\u00a0of the notification of the Annual General Meeting.\u00a0
\n\n
Management remuneration\u00a0
\n
In accordance with the Norwegian \u00a0public Limited Companies \u00a0Act \u00a76-16 a, the board \u00a0of \u00a0directors prepares a separate \u00a0statement
\n
related to the determination \u00a0of \u00a0salary \u00a0and other benefits for \u00a0the \u00a0corporate \u00a0management. The \u00a0statement shall \u00a0be subject to \u00a0an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2022 will be submitted\u00a0for approval in
\n
the annual general meeting 24 May 2023 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders. \u00a0
\n
The total remuneration to the management consists \u00a0of \u00a0fixed\u00a0\u00a0salary, \u00a0bonus, benefits \u00a0in-kind, \u00a0share \u00a0option program\u00a0and \u00a0pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
terms shall be based on a review by the CEO and the Board each year, taking into account trends in local labour\u00a0markets, the results
\n
achieved, and individual\u00a0contributions to the development of the Company.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n
Salaries\u00a0
\n
Bonus\u00a0
\n
Pension
\n
costs\u00a0
\n
Other
\n
benefits\u00a0
\n
Value
\n
1)
\n

\n
share
\n
options\u00a0
\n
Total 2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n

\n

\n
3 274
\n
791
\n
160\u00a0
\n
377\u00a0
\n
415\u00a0
\n
5 016\u00a0
\n
5 653\u00a0
\n
Pierre Craen - CTO
\n
2)
\n

\n

\n

\n

\n
2 075\u00a0
\n
474\u00a0
\n
0
\n
0
\n
111
\n
2 660\u00a0
\n
2 747
\n
Alf Henning Bekkevik - CFO \u00a0
\n
1 363\u00a0
\n
35
\n
152\u00a0
\n
18\u00a0
\n
0
\n
1 569\u00a0
\n
1 661\u00a0
\n
Marianne Sandal - COO\u00a0
\n

\n

\n
1 714
\n
387
\n
178
\n
47\u00a0
\n
111
\n
2 438\u00a0
\n
2 354\u00a0
\n
Total management team\u00a0
\n

\n

\n
8 427
\n
1 688\u00a0
\n
489
\n
442
\n
638\u00a0
\n
11\u00a0683\u00a0
\n
12 416
\n

\n
1)\u00a0\u00a0Fair value of the share options\u00a0vested in 2022 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. No share options\u00a0were\u00a0exercised\u00a0in 2022.\u00a0
\n

\n\n

\n\n

\n\n
2)\u00a0\u00a0Pierre Craen has for the period 1.1.2022-31.12.2022 invoiced NOK 2,549\u00a0(2021:\u00a0NOK 2,172) thousand of\u00a0the remuneration
\n
through Tilia-Blue SRL as a consultant,\u00a0included in the above figure.\u00a0
\n
If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period. \u00a0\u00a0
\n
Below is an overview of poLight management's and board members' granted share options: \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
Opening
\n
balance\u00a0
\n
Forfeited
\n
options\u00a0
\n
Exercised
\n
options\u00a0
\n
Granted
\n
options\u00a0
\n
Ending \u00a0
\n
balance\u00a0
\n
Exercisable\u00a0
\n
options\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n
1 683\u00a0746\u00a0
\n
0
\n
0
\n
0
\n
1 683\u00a0746\u00a0
\n
1 605\u00a0968\u00a0
\n
Pierre Craen - CTO\u00a0
\n
310\u00a0615\u00a0
\n
0
\n
0
\n
0
\n
310\u00a0615\u00a0
\n
289\u00a0712\u00a0
\n
Alf Henning Bekkevik - CFO\u00a0
\n
251\u00a0115\u00a0
\n
0
\n
0
\n
0
\n
251\u00a0115\u00a0
\n
251\u00a0115\u00a0
\n
Marianne Sandal - COO\u00a0
\n
358 615
\n
0
\n
0
\n
0
\n
358 615
\n
337 712\u00a0
\n
Total management team\u00a0
\n
2 604\u00a0091\u00a0
\n
0
\n
0
\n
0
\n
2 604\u00a0091\u00a0
\n
2 484\u00a0507\u00a0
\n

\n
The\u00a0exercise price on exercisable share options\u00a0for the management\u2019s balance\u00a0at 31 December 2022 was\u00a0NOK 9.88\u00a0per share in
\n
average. No\u00a0share options were exercised in 2022. \u00a0
\n
In the case of an offeror becoming the owner of at least 9/10 of the issued shares of poLight, all of the unvested\u00a0share options
\n
becomes immediately vested\u00a0and exercisable. \u00a0
\n

\n\n
Remuneration members of the board\u00a0
\n

\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Grethe Viksaas\u00a0- chair of the board\u00a0
\n
1)
\n

\n

\n

\n

\n

\n

\n

\n
338\u00a0
\n
213
\n
Ann-Tove Kongsnes\u00a0
\n
2)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
325
\n
288\u00a0
\n
Svenn Tore Larsen \u00a0\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Juha Alakarhu \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250
\n
213\u00a0
\n
Thomas G\u00f6rling
\n
3)
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
250\u00a0
\n
125\u00a0
\n
Total Board of Directors\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
1 413\u00a0
\n
1 050\u00a0
\n
1)\u00a0\u00a0Chair of the board from May 25, 2022
\n
2)\u00a0\u00a0Chair of the board to\u00a0May 25, 2022
\n
3)\u00a0\u00a0Member from May 26, 2021\u00a0
\n

\n
There are no loans from poLight\u00a0to the management or members of\u00a0the board.
\n

\n
Remuneration of the\u00a0nomination committee\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n
Thomas S. Wrede-Holm - chair\u00a0
\n

\n

\n

\n

\n

\n

\n
40\u00a0
\n
20\u00a0
\n
Jan-Erik H\u00e6reid\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Anne E. H. Wors\u00f8e\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
35\u00a0
\n
20\u00a0
\n
Total Nomination Committee\u00a0
\n

\n

\n

\n

\n

\n

\n
100\u00a0
\n
60\u00a0
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag278": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag269": { "value": "poLight ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag268": { "value": "\n
Transactions between group companies\u00a0\u00a0\u00a0
\n
Intercompany agreements are \u00a0entered with \u00a0all the subsidiaries in the \u00a0Group. All \u00a0sales in the \u00a0subsidiaries are \u00a0made with \u00a0parent
\n
company. All transactions are considered to be on an arm\u2019s length basis.\u00a0
\n

\n\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Purchases from subsidiaries\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
14 248
\n
11 532
\n

\n
Outstanding balances\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
Currency\u00a0
\n
2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
Subordinated loan agreement\u00a0
\n

\n

\n

\n

\n

\n

\n

\n
EUR 000\u00a0
\n
2 750\u00a0
\n
2 750\u00a0
\n
Trade and other payables\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
NOK 000\u00a0
\n
1 217
\n
511\u00a0
\n

\n
A subordinated loan agreement was concluded on\u00a029 December 2016,\u00a0between poLight ASA and poLight France SAS. Only the part
\n
that exceeds a prudent level, with regards to both equity and subordinated loan combined, shall be regarded as loan in respect to
\n
interest accrual. For the financial year 2022, the entire principal\u00a0is considered\u00a0as equity, and not interest-bearing. Since the loan is
\n
considered to be a part of the net investment in\u00a0poLight\u00a0France\u00a0SAS, the currency translation effect is recognised in OCI.\u00a0In the parent
\n
company an impairment loss of NOK 27 112\u00a0950 related to the subordinated loan have been recognised, whereof NOK 643 \u00a0750\u00a0
\n
recognised in 2022. \u00a0
\n

\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag270": { "value": "\n
Management remuneration\u00a0
\n
In accordance with the Norwegian \u00a0public Limited Companies \u00a0Act \u00a76-16 a, the board \u00a0of \u00a0directors prepares a separate \u00a0statement
\n
related to the determination \u00a0of \u00a0salary \u00a0and other benefits for \u00a0the \u00a0corporate \u00a0management. The \u00a0statement shall \u00a0be subject to \u00a0an
\n
advisory vote by the annual general meeting in accordance with \u00a75-6 (3). The statement for 2022 will be submitted\u00a0for approval in
\n
the annual general meeting 24 May 2023 and will be available on poLight ASA\u2019s website at the time the notice of the meeting is sent
\n
to the shareholders. \u00a0
\n
The total remuneration to the management consists \u00a0of \u00a0fixed\u00a0\u00a0salary, \u00a0bonus, benefits \u00a0in-kind, \u00a0share \u00a0option program\u00a0and \u00a0pension
\n
schemes. The fixed salary is subject to an annual evaluation, and any salary increases and other amendments to the employments
\n
terms shall be based on a review by the CEO and the Board each year, taking into account trends in local labour\u00a0markets, the results
\n
achieved, and individual\u00a0contributions to the development of the Company.\u00a0
\n
(in NOK 000)\u00a0
\n

\n

\n

\n

\n

\n
Salaries\u00a0
\n
Bonus\u00a0
\n
Pension
\n
costs\u00a0
\n
Other
\n
benefits\u00a0
\n
Value
\n
1)
\n

\n
share
\n
options\u00a0
\n
Total 2022
\n
2021
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n

\n

\n
3 274
\n
791
\n
160\u00a0
\n
377\u00a0
\n
415\u00a0
\n
5 016\u00a0
\n
5 653\u00a0
\n
Pierre Craen - CTO
\n
2)
\n

\n

\n

\n

\n
2 075\u00a0
\n
474\u00a0
\n
0
\n
0
\n
111
\n
2 660\u00a0
\n
2 747
\n
Alf Henning Bekkevik - CFO \u00a0
\n
1 363\u00a0
\n
35
\n
152\u00a0
\n
18\u00a0
\n
0
\n
1 569\u00a0
\n
1 661\u00a0
\n
Marianne Sandal - COO\u00a0
\n

\n

\n
1 714
\n
387
\n
178
\n
47\u00a0
\n
111
\n
2 438\u00a0
\n
2 354\u00a0
\n
Total management team\u00a0
\n

\n

\n
8 427
\n
1 688\u00a0
\n
489
\n
442
\n
638\u00a0
\n
11\u00a0683\u00a0
\n
12 416
\n

\n
1)\u00a0\u00a0Fair value of the share options\u00a0vested in 2022 are calculated using the Black-Scholes option pricing model at the date of the
\n
grant. No share options\u00a0were\u00a0exercised\u00a0in 2022.\u00a0
\n

\n\n
2)\u00a0\u00a0Pierre Craen has for the period 1.1.2022-31.12.2022 invoiced NOK 2,549\u00a0(2021:\u00a0NOK 2,172) thousand of\u00a0the remuneration
\n
through Tilia-Blue SRL as a consultant,\u00a0included in the above figure.\u00a0
\n
If the company terminates the CEO\u2019s employment, the CEO is entitled to nine months\u2019 salary, in addition to a three months\u2019 notice
\n
period. \u00a0\u00a0
\n
Below is an overview of poLight management's and board members' granted share options: \u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n
Opening
\n
balance\u00a0
\n
Forfeited
\n
options\u00a0
\n
Exercised
\n
options\u00a0
\n
Granted
\n
options\u00a0
\n
Ending \u00a0
\n
balance\u00a0
\n
Exercisable\u00a0
\n
options\u00a0
\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n

\n
\u00d8yvind Isaksen - CEO\u00a0
\n
1 683\u00a0746\u00a0
\n
0
\n
0
\n
0
\n
1 683\u00a0746\u00a0
\n
1 605\u00a0968\u00a0
\n
Pierre Craen - CTO\u00a0
\n
310\u00a0615\u00a0
\n
0
\n
0
\n
0
\n
310\u00a0615\u00a0
\n
289\u00a0712\u00a0
\n
Alf Henning Bekkevik - CFO\u00a0
\n
251\u00a0115\u00a0
\n
0
\n
0
\n
0
\n
251\u00a0115\u00a0
\n
251\u00a0115\u00a0
\n
Marianne Sandal - COO\u00a0
\n
358 615
\n
0
\n
0
\n
0
\n
358 615
\n
337 712\u00a0
\n
Total management team\u00a0
\n
2 604\u00a0091\u00a0
\n
0
\n
0
\n
0
\n
2 604\u00a0091\u00a0
\n
2 484\u00a0507\u00a0
\n

\n
The\u00a0exercise price on exercisable share options\u00a0for the management\u2019s balance\u00a0at 31 December 2022 was\u00a0NOK 9.88\u00a0per share in
\n
average. No\u00a0share options were exercised in 2022. \u00a0
\n
In the case of an offeror becoming the owner of at least 9/10 of the issued shares of poLight, all of the unvested\u00a0share options
\n
becomes immediately vested\u00a0and exercisable. \u00a0
\n

\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138007ZPDNUIHX6Z659", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "Tag277": { "value": "\n
19 Events after the end of the reporting period\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0
\n
No \u00a0events \u00a0have \u00a0occurred \u00a0after \u00a0the \u00a0end \u00a0of\u00a0\u00a0the \u00a0reporting \u00a0period\u00a0\u00a0that \u00a0requires \u00a0disclosure\u00a0except \u00a0that \u00a0in\u00a0April \u00a02023 \u00a0the company
\n
launched\u00a0an underwritten preferential rights issue. The rights issue is fully underwritten and will, when it completed at the\u00a0beginning
\n
of May, raise NOK 135 million in gross proceeds. All the conditions for the obligations of the underwriters have been met.\u00a0\u00a0
\n

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20 Standards issued, but not yet effective
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20 Standards issued, but not yet effective
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