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"value": "Note 2 \u2013 Summary of signficant accounting policies The most important accounting policies used in the preparation of the consolidated financial statements are described below. These policies are applied consistently in all of the periods presented unless the description states otherwise. 2.1 Framework for preparation of the financial statements Navamedic's consolidated financial statements have been prepared in accordance with international accounting standards (IFRS) and interpretations from the IFRS Interpretations Committee (IFRIC), as established by the EU. The consolidated financial statements have been prepared on the basis of historical cost. The consolidated financial statements have been prepared by applying the same accounting policies to transactions and events that would be similar under otherwise equal conditions. The accounting policies applied, and the presentation of the consolidated financial information are consistent with the previous annual financial statements for the year that ended 31 December 2021. The consolidated financial statements have been prepared on the assumption that the Group is a going concern. 2.2 Consolidation policies A subsidiary is a company over which Navamedic ASA (directly or indirectly) has control. Control is attained when Navamedic is exposed to, or has rights to, variable returns from its engagement in a company in which it has invested and is able to influence this return by exercising power over the Company. Power means existing rights that currently provide Navamedic with the ability to steer relevant activities, i.e. the activities that affect, to a significant degree, the return from the Company that has been invested in. All subsidiaries are owned 100% and there are no minority interests. Subsidiaries are consolidated from the date when the Group attains control and consolidation ceases when control of the subsidiary ceases. The acquisition method is used for acquisitions of business. The consideration is measured at the fair value of the assets transferred, liabilities assumed, and equity instruments issued. The fair value of all assets or liabilities according to the agreement on contingent consideration is also included in the remuneration. Identifiable assets, liabilities, and contingent liabilities are recognized at their fair value on the acquisition date. Acquisitions-related costs linked business combinations are recognized as expenses when they are incurred. Contingent consideration is measured at fair value on the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability and that are not adjustments during the measurement period must be recognized through profit or loss. If the sum of the remuneration, fair value of earlier assets, and any fair value of minority interests exceeds the fair value of identifiable net assets in the acquired company, the difference is capitalized as goodwill. If the sum is lower than the Company's net assets, the difference is recognized through profit or loss. Intra-group revenue, expenses, and balances are eliminated. The gain and loss elements in a capitalized asset that arose due to an intra-group transaction are also eliminated. The accounts of subsidiaries are, if necessary, restated so they correspond with the Group's accounting policies. 2.3 Segment information Navamedic identifies its segments according to the organization and reporting structure as decided and followed up by the chief operating decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision maker, defined as the CEO, for the purpose of assessing performance and allocating resources. Navamedic operating segments represent separately managed business areas with unique products serving different markets. Navamedic currently has only one business segment which is the Pharma and healthcare division. 2.4 Translation of foreign currency Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income. 2.5 Intangible assets All intangible assets are recognized at cost less accumulated amortization and impairments. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the assets carrying amount or recognized as a separate asset. The Group\u2019s intangible assets consist of the following: a) Licenses (product rights) and marketing authorizations Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorizations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. b) Other intangible assets Navamedic invests in information technology assets intended to products and marketing. Furthermore, investments in licenses and marketing authorizations where the products in question have not yet been launched due to regulatory or other reasons, are classified as other intangible assets until launch. 2.6 Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment is recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying value of the other assets in the CGU on a pro rata basis. An impairment in respect of goodwill is not reversed. For other assets, an impairment is reversed only to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment had been recognized. 2.7 Inventories Inventories are measured at the lowest of acquisition cost and net realizable value. Acquisition cost is calculated using the first-in, first-out method (FIFO). Net realizable value is the estimated selling price less cost of sale. 2.8 Financial assets Financial assets are recognized in accordance with IFRS 9 Financial instruments. The Group currently has financial assets within the following categories: a) Financial assets at amortized cost Financial assets at amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s financial assets at amortized cost primarily consist of trade receivables and other receivables, loan receivables and bank deposits. Financial assets at amortized cost are initially recognized at fair value, transaction costs are added to the carrying amount. Financial assets at amortized cost are subsequently carried at amortized cost. Financial assets at fair value through profit and loss Long term investments in other entities, which do not qualify to be recorded under equity method or to be consolidated, are recognized at fair value through profit and loss. Initial recognition is based on the fair value at recognition date and further changes in the fair value are recorded in the statement of profit and loss under financial items. 2.9 Trade receivables Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group has entered into a trade receivable financing agreement with Avida Finans AB. 2.10 Cash and cash equivalents Cash and cash equivalents consist of cash and bank deposits which are readily convertible into cash within a 3-month period. 2.11 Financial liabilities The Group currently has financial liabilities within the following category: a) Financial liabilities at amortized cost Financial liabilities at amortized cost are liabilities that represent a contractual obligation to deliver cash and are classified as current or non-current based on whether the estimated settlement date is less than or more than 12 months in the future. The Group\u2019s financial liabilities at amortized cost consist of interest-bearing liabilities in the form of overdraft facilities and instalment loans, licensing liabilities, trade account payables and other non-interest-bearing liabilities. Financial liabilities at amortized cost are initially recognized at fair value net of directly attributable transaction costs, and subsequently measured at amortized costs applying the effective interest method. 2.12 Income Tax Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if certain criteria are met. 2.13 Employee benefits a) Pensions The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred, see note 15. b) Severance pay Severance payments are recognized when the employment relationship is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in return for such remuneration. The Group recognizes severance pay when it is demonstrably obliged to either end the employment relationship of today's employees in accordance with a formal, detailed plan that the Group cannot withdraw, or to provide severance pay due to an offer made to encourage voluntary redundancies. 2.14 Provisions Provisions for product warranties, onerous contracts, restructuring costs, termination benefits and legal claims are recognized when the Group has a present or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are discounted only when the effect is material and the distribution in time can be reliably estimated. 2.15 Revenue recognition a) Revenue from contracts with customers Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Invoices are issued upon delivery of the goods or based on accumulated monthly sales through a wholesaler. Payment terms for revenue are typically 30 days. b) Interest income Interest income is recognized through profit or loss proportionally over time in accordance with the effective interest rate method. c) Revenue from dividends Dividend revenues are recognized through profit or loss when the right to receive payment arises. 2.16 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right of use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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 assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right of use assets is also subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. 2.17 Dividends Dividend payments to the Company's shareholders are classified as liabilities from and including the moment the dividend is determined by the general meeting and until it is distributed. Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk: market risk (including currency risk, variable interest risk, and price risk), credit risk, and liquidity risk. The Group focuses on minimizing the potential negative effects that unforeseeable movements in the capital markets can have on the Group's financial results. The Group does not use financial derivatives to protect itself from specific risks. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. Market risk Operational risk The Group is exposed to operational risk. The Group believes that such risk will primarily arise in relation to the development of future sales of the Company's products, measured in terms of both price and volume. Factors that can influence market risk include increased competition, instructions to reduce prices from the authorities, and competition from existing and future pharmaceuticals within the Company's range of therapies. The Company depends on supply and distribution from suppliers. The Company has supply and distribution agreements with suppliers in which the term of the agreement varies from one to eight years. The Company is dependent on renewing these agreements at market prices and on market terms and conditions and is therefore in continuous dialogue with the suppliers to ensure they are renewed. The Group is exposed to risk related to pandemic outbreaks like Covid-19. However, based on the existing portfolio of products, the Company is probably less prone to be affected to the same extent as many other companies. The demand for most of the Company\u2019s products, except some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and can not easily stop using them. There is a risk that some products\u2019 production and delivery could be affected in the event of long term shut down. Navamedic is exposed to risk related to outbreak of war, like the current war in Ukraine. Navamedic has no direct business relation with neither Ukraine nor Russia, however, if the war has negative effect on prices of raw material or transportation costs, this would likely have an effect on Navamedic, although it is difficult to assess to what extent. Currency risk The Group is exposed to currency risk. A significant proportion of the Group's revenue and expenses are in currencies other than the functional currency in the individual entities (mostly NOK, SEK, DKK and EUR). Materials are generally paid for in EUR, SEK, GBP, USD, DKK and NOK. Most of the sales in Navamedic AB take place in Nordic currencies and EUR. Payroll and operating expenses are generally incurred in the currency of the country in which the individual company is registered. The Group has not adopted specific currency hedging strategies in relation to operations. Variable interest rate risk The Group is exposed to interest rate risk related to bank deposits. The interest rate on the Group\u2019s loans is fixed. The calculated interest income and expenses, as well as actual interest payments, are affected by rate changes. The Group has not entered into any hedging arrangements to cover fluctuations in the general level of interest rates. Credit risk The Group is exposed to no significant concentrations of credit risk. Routines have been introduced to ensure products are sold to customers with satisfactory creditworthiness. The Company's customers are largely public enterprises and larger pharmacy chains that represent a low credit risk. The level of consumer sales is relatively low. See also note 11, which shows when the Group's receivables fall due. Liquidity risk The Group\u2019s liquidity risk is considered moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2022 is considered to be satisfactory. As at 31 December 2022, the Group had NOK 55.3 million in cash and cash equivalents (NOK 52.6 million as at 31 December 2021). The Group has outstanding loans of SEK 55 million. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2022 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 3-5 Total License liabilities 22 3,982 4,971 221 - 4,750 - 4,971 Liabilities to financial institutions 21 51,992 51,992 13,623 24,467 5,561 8,341 51,992 Interest on liabilities to fin. institutions 21 - 6,087 2,851 1,986 773 477 6,087 Right of use liabilities 10 6,726 7,401 2,195 3,471 1,735 - 7,401 Trade account payables 14 65,574 65,574 65,574 - - - 65,574 Taxes payable 27 4,708 4,708 4,708 - - - 4,708 Other current liabilities 15 40,071 40,071 40,071 - - - 40,071 Total 173,053 180,803 129,242 29,924 12,819 8,818 180,803 Maturity structure of liabilities 2021 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 3-5 Total License liabilities 22 21,329 22,883 13,292 2,643 6,948 - 22,883 Liabilities to financial institutions 21 38,980 38,980 9,745 9,745 9,745 9,745 38,980 Interest on liabilities to fin. institutions 21 - 5,360 2,144 1,608 1,072 536 5,360 Right of use liabilities 10 7,664 8,432 2,142 4,193 2,097 - 8,432 Trade account payables 14 70,532 70,532 70,532 - - - 70,532 Taxes payable 27 10,713 10,713 10,713 - - - 10,713 Other current liabilities 15 29,724 29,724 29,724 - - - 29,724 Total 178,943 186,624 138,293 18,189 19,861 10,281 186,624 Capital structure and capital management goals The Group's goal in relation to capital management is to ensure continued operations to secure returns for its owners, and to maintain an optimal capital structure. The Group continuously strives to have a leverage ratio and an equity ratio adapted to the business\u2019 risk profile. The Group's main financing agreements are between Navamedic AB and Avida Finans AB and consist of i) an accounts receivable financing agreement which carries a fixed interest rate; ii) a loan of SEK 30 million with a fixed interest rate of 5.5% p.a.; iii) a loan for SEK 25 million with a fixed interest rate of 6.5%. Both loan agreements have a covenant that net interest-bearing debt should not exceed 2 times consolidated EBITDA. Note 4 \u2013 Critical accounting estimates and discretionary assessments Estimates and discretionary assessments are evaluated on an ongoing basis and are based on past experience and other factors, including expectations concerning future events regarded as probable under current circumstances. Important accounting estimates and assumptions The Group prepares estimates and makes assumptions about the future. The accounting estimates that follow from these will, by definition, seldom be fully in line with the final outcomes. Estimates and assumptions that represent a risk of material changes to the carrying values for assets and liabilities during the next accounting year are discussed below. a) Measurement of goodwill and intangible assets The most important estimates and assumptions that carry a risk that they will materially affect the carrying values for assets and liabilities during the next accounting year relate to the measurement of goodwill and intangible assets, see note 9. The management uses estimates and assumptions in the determination of the accounting depreciation period and impairment assessments of intangible assets. Capitalization of identifiable intangible assets is based on expectations of future financial benefits. Measurements of future financial benefits are based on the management team's judgment and estimates on balance sheet dates. b) Tax Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2022. the Group has no deferred tax assets recognized for tax losses carry forward as all tax losses were utilized in 2022. There is, however, loss in the Swedish entity for which deferred tax is not recognized. The management performs assessment of deferred tax asset for tax losses carry forward in accordance with the requirements in IAS 12.35 and 12.36, and also taking into consideration the ESMA considerations on recognition of deferred tax assets arising from the carry forward of unused tax losses. Note 5 \u2013 Segment Information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment, the Pharma and Healthcare division. The reporting structure reflects the Company\u2019s business and product composition. The Pharma and healthcare division consists of pharmaceuticals and medical nutrition products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic classifies its products into four product categories: \u2022 Medical nutrition, including a broad portfolio of medical nutrition products. Navamedic is a Nordic distributor of products purchased from the UK based company Vitaflo International ltd, a subsidiary of Nestle. The product range also includes products within carbohydrate metabolism, fat metabolism (MCT products) and renal disease. \u2022 Consumer health, including gastro, oral, dermatology and pain products such as Alflorex\u00ae, ForlaxGo\u00ae, Thermacare\u00ae, Gelorevoice\u00ae, Aftamed\u00ae, Modifast\u00ae and Nyda\u00ae. \u2022 Branded generics, including cardiology products and generics such as Imdur\u00ae (used to prevent angina attacks) and Nitrolingual\u00ae (treatment for angina pectoris). \u2022 Specialty pharma, including obesity and urology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity) and Gepan\u00ae (a product for the treatment of painful bladder syndrome). Operating revenues by major markets* (in NOK '1000) 2022 2021 Norway 198,886 138,050 Sweden 96,742 59,876 Denmark 28,145 27,610 Finland 17,950 13,846 Other countries 40,412 39,057 Total revenue 382,135 278,439 * Markets are defined as the countries in which the products are sold Operating revenues by product categories (in NOK '1000) 2022 2021 Branded generics 89,528 70,605 Specialty pharma 159,136 112,254 Medical nutrition 53,855 51,929 Consumer health 79,616 43,181 Other 0 470 Total revenue 382,135 278,439 Non-current assets by country * (in NOK '1000) 2022 2021 Sweden 96,447 50,612 Norway 41,950 64,910 Total 138,398 115,522 * Other than financial instruments and deferred tax assets The four largest external customers in the Pharma and Healthcare segment contributed to total revenues by 20.6%, 13.6%, 13.0% and 10.2% respectively. The Group has different kinds of rebates. The rebates are mainly standard supplier rebates on OTC products in the Danish and Dutch markets. The supplier rebates are subject to yearly negotiation and typically correspond to 10-15%. Also see note 11 regarding trade receivables. Note 6 \u2013 Business combinations On 5 May 2022, Navamedic entered into a share purchase agreement with Agnvicen AB to acquire 100% of the shares in Impolin AB. Impolin AB (Impolin), a Swedish-based, independent distributor of products that benefit the health and wellbeing of consumers and patients. Impolin's portfolio includes Modifast, a range of diet and meal replacement products, and MedMade, a multivitamin and minerals tablet for post-bariatric surgery supplementation, which are products aimed at supporting patients during weight loss or obesity treatment, including bariatric surgery. Impolin's third product is Absolut Torr/Absolute Dry, extra effective antiperspirants primarily for hyperhidrosis, excessive sweating. The addition of Modifast and MedMade is set to broaden Navamedic's current product offering within the area of obesity treatment and enables Navamedic to support patients throughout the entire weight loss journey. This agreement supports Navamedic's ambition to become a leading Nordic provider of specialized, high-quality products to hospitals and pharmacies. The closing date for the transaction was 1 June 2022. The final purchase price is SEK 55 million and includes the pre-agreed milestone payment of SEK 5 million. Navamedic settled SEK 25 million of the purchase price by issuing new shares to the seller. The remaining portion of the purchase price was settled in cash by drawing up a new loan facility of SEK 25 million. The milestone consideration of SEK 5 million will be paid in 2023 and is currently classified as other current liability. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows. (in NOK '1000) Impolin AB Assets Non-current assets Other intangible assets 7,014 Total non-current assets 7,014 Current assets Inventories 6,515 Trade and other receivables 6,023 Cash 3,865 Total current assets 16,404 Total assets 23,418 Liabilities Non-current liabilities Loans and borrowings 3,845 Total non-current liabilities 3,845 Current liabilities Trade and other payables 7,778 Taxes payable 743 Other current liabilities 1,076 Total current liabilities 9,598 Total liabilities 13,443 Net identifiable assets 9,975 Goodwill 42,128 Total consideration for the shares 52,103 Of which cash 28,070 Of which new shares 24,032 Other intangible assets acquired are related to the estimated brand value of the products MedMade and Absolut Torr. Goodwill is mainly related to expected synergies with Navamedic`s complementary products from consumer health and medical nutrition portfolio, non-contractual customer relationship as well as income from expected expansion to the other markets where Navamedic operates. For the period between the date of acquisition and 31 December 2022, Impolin AB contributed NOK 28 million to the Group\u2019s revenues and NOK 1.9 million to profit before tax. If the business combination had taken place at the beginning of the year, the Group\u2019s revenues would have been NOK 409.8 million and profit before tax for the Group would have been NOK 46.1 million. Note 7 \u2013 Investments in subsidiaries Office location Ownership share 31.12 Navamedic AS* Oslo, Norway 100% Navamedic AB** Gothenburg, Sweden 100% Impolin AB Stockholm, Sweden 100% * Following the merger between Novicus Pharma AS and the Norwegian branch of Navamedic AB in 2022. ** The subsidiary Navamedic AB has branches in Denmark and Finland. Note 8 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Total Accumulated cost Balance at 1 January 2021 432 432 Additions 718 718 Currency translation differences -15 -15 Accumulated cost at 31 December 2021 1,135 1,135 Balance at 1 January 2022 1,135 1,135 Additions 191 191 Disposals -146 -146 Currency translation differences -2 -2 Accumulated cost at 31 December 2022 1,178 1,178 Accumulated depreciation Balance at 1 January 2021 -258 -258 Depreciation -146 -146 Currency translation differences 13 13 Balance as at 31 December 2021 -390 -390 Balance at 1 January 2022 -390 -390 Depreciation -328 -328 Disposals 146 146 Currency translation differences 1 1 Balance as at 31 December 2022 -571 -571 Expected useful economic life 3-5 years Carrying amounts At 1 January 2021 174 174 At 31 December 2021 745 745 At 31 December 2022 607 607 Property, plant & equipment is located in Norway and Sweden. Note 9 \u2013 Goodwill and Intangible assets Intangible assets (in NOK '1000) Goodwill Licenses Other intangible assets Total intangible assets Accumulated cost Balance at 1 January 2021 64,472 31,552 5,243 36,795 Reclassification 0 -863 -963 -1,827 Additions 0 22,358 10 22,368 Currency translation differences -3,441 -483 0 -483 Accumulated cost at 31 December 2021 61,031 52,563 4,289 56,853 Derecognition 0 0 -870 -870 Additions 42,128 8,999 0 8,999 Currency translation differences -2,416 -247 0 -247 Accumulated cost at 31 December 2022 100,743 61,316 3,419 64,735 Accumulated amortization Balance at 1 January 2021 - -27,041 -65 -27,106 Reclassification - 1,827 0 1,827 Amortization - -4,010 -537 -4,547 Currency translation differences - 316 0 316 Balance as at 31 December 2021 - -28,909 -602 -29,511 Reclassification - 0 0 0 Amortization - -3,831 -1,019 -4,850 Currency translation differences - 163 0 163 Balance as at 31 December 2022 - -32,578 -1,621 -34,199 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2021 61,031 23,654 3,688 27,342 At 31 December 2022 100,743 28,738 1,799 30,537 Test for impairment losses for cash generating units that contain goodwill Goodwill originates from the purchase of Vitaflo AB, Impolin AB and other minor acquisitions, including Novicus Pharma AS. For the purpose of impairment testing, goodwill, excluding Impolin, has been allocated to the Group's single cash generating unit ('CGU'), being the Pharma and healthcare division. Impairment test \u2013 Pharma division Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. The test is based on the book value of the goodwill at 31.12.2022 compared to the estimated value calculated on the basis of discounted future cash flows. The 2023-2027 budget is used, with an average revenue growth of 15%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.5% was used to discount future cash flows. The resulting EBITDA margin is, on average, 15%. The estimated value of the CGU exceeded the book value at 31.12.2022, therefore resulting in no write-down of goodwill. In addition to the discounted cash flow estimation, sensitivity analysis showed that even with a significantly more conservative view, the estimated value would still not result in a write-down. Key assumptions include moderate growth in the revenue according to the above-mentioned during the period, together with the estimated EBITDA margin and the level of the discount rate. Additionally, neither reasonably possible negative changes in the growth assumption, nor reasonably possible negative changes in the EBITDA margin would lead to an impairment. Also, a reasonably possible increase in the discount rate after tax would not give rise to impairment. Impairment test \u2013 Impolin Impairment test for Impolin AB is performed based on discounted estimated future cash flows to be generated by this CGU. Cash flows are including planned expansion to the other markets where Navamedic intends to sell the products from Impolin`s portfolio. The 2023-2027 budget assumes the average revenue growth of 13%. It is assumed that by 2027 the steady state will be reached after which the terminal value growth of 2% is estimated. EBITDA margin during the explicit period is, on average, 18% while in the terminal value it is set to 21%. A discount rate of 9.5% is applied to discount the cash flows. The calculated value in use is significantly higher than the book value of Impolin AB. Sensitivity analysis shows that no reasonably possible change in any of the key inputs to the valuation would, in isolation, lead to the impairment of goodwill. Note 10 \u2013 Right of use assets and liabilities Right of use assets (in NOK '1000) 2022 2021 Right of use assets 6,511 7,567 Total Right of use assets 6,511 7,567 (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2021 766 1,121 15 1,903 Depreciation -1,596 -409 -18 -2,023 Additions 8,100 32 25 8,158 Adjustments 0 -373 0 -373 Currency translation differences -52 -46 0 -98 Balance at 31 December 2021 7,219 326 23 7,567 Depreciation -1,691 -364 -8 -2,064 Additions 0 1,126 0 1,126 Adjustments 0 0 0 0 Currency translation differences 21 -140 0 -119 Balance at 31 December 2022 5,549 948 14 6,511 Right of use liabilities (in NOK '1000) 2022 2021 Non-current right of use liabilities 4,861 5,824 Current right of use liabilities 1,865 1,839 Total right of use liabilities 6,726 7,664 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2022 2021 Less than one year 2,195 2,142 Between one and five years 5,206 6,290 Total undiscounted lease liabilities at 31 December 7,401 8,432 Changes in right of use liabilities (in NOK '1000) 2022 2021 At 1 January 7,664 1,920 Payments -2,373 -2,100 Interest 324 157 Additions and adjustments 1,126 7,759 Currency translation -15 -72 At 31 December 6,726 7,664 Amounts recognised in profit or loss (in NOK '1000) 2022 2021 Interest on lease liabilities 324 157 Depreciation right of use assets 2,064 2,023 Other information (in NOK '1000) 2022 2021 Lease payments for short-term leases and low value assets leases 526 412 The weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application is 4,6 %. Note 11 \u2013 Trade and other receivables (in NOK '1000) 2022 2021 Trade receivables 39,464 31,355 Other receivables and prepaid expenses 3,521 6,374 Total trade and other receivables 42,985 37,730 (in NOK '1000) 2022 2021 Gross trade receivables 39,554 31,801 Provision for loss on trade receivables -90 -446 Total trade receivables 39,464 31,355 (in NOK '1000) 2022 2021 Provision for loss on trade receivables at 1 January -446 -42 Net change in provision for loss on trade receivables -45 -403 Loss on trade receivables 401 0 Total provision for loss on trade receivables at 31 December -90 -446 Due date profile trade receivables (in NOK '1000) 2022 2021 Not due 31,625 25,896 0-3 months 4,002 4,653 > 3 months 3,927 1,252 Total trade receivables 39,554 31,801 The Group has had low losses on trade receivables, and considers the risk associated with trade receivables as low. Note 12 \u2013 Inventories (in NOK '1000) 2021 Inventory 81,110 61,933 Provisions for inventory obsolescence -1,468 -51 Total inventory 79,642 61,882 Note 13 \u2013 Financial assets and liabilities (in NOK '1000) Carrying amount as at 31.12.2022 Fair value as at 31.12.2022 Carrying amount as at 31.12.2021 Fair value as at 31.12.2021 Current financial assets Tax receivables 14,909 14,909 15,652 15,652 Trade and other receivables 42,985 42,985 37,730 37,730 Current loans receivable 55,296 55,296 37,606 37,606 Other current financial assets 10,092 10,092 0 0 Cash and cash equivalents 40,615 40,615 52,620 52,620 Total current financial assets 163,897 163,897 143,608 143,608 Total financial assets 163,897 163,897 143,608 143,608 Non-current financial liabilities Non-current license liabilities 3,762 3,762 8,171 8,171 Non-current lilabilities to financial institutions 38,368 38,368 29,235 29,235 Total non-current financial liabilities 42,130 42,130 37,406 37,406 Current financial liabilities Trade and other payables 65,574 65,574 70,532 70,532 Current liabilities to financial institutions 13,623 13,623 9,745 9,745 Current license liabilities 221 221 13,158 13,158 Total current financial liabilities 79,418 79,418 93,435 93,435 Total financial liabilities 121,547 121,547 130,842 130,842 Fair value hierarchy for financial instruments recognized at fair value With an exception of other current financial assets that are valued based on level 1 of inputs in accordance with IFRS 13:81, all the other financial assets are valued based on level 2 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measuer at fair value through profit and loss. Fair value of financial instruments recognized at amortised cost Due to their short term nature, the carrying value of current financial assets and liabilities is deemed a reasonable approximation to the fair value of these financial assets and liabilities. The interest rate on non-current liabilities to financial institutions is considered not to be significantly different from what the Group could achieve as of 31 December 2022, and as such the carrying amount is considered not to be significantly different from the fair value. The discount rate applied to the calculation of amortized cost for non-current license liabilities is considered not to be significantly different from the market cost of capital as of 31 December 2022, and as such the carrying amount is considered not to be significantly different from the fair value. See notes 10 and 21 for information regarding non-cash transactions related to financial liabilities. Note 14 \u2013 Paid in equity and shareholders (in NOK '1000, number of shares in actual figures) Number of shares Share capital Share premium reserve Total paid in equity As of 1 January 2021 15,291,885 11,316 147,610 158,926 Share capital issues 1,053,775 780 18,220 19,000 As of 31 December 2021 16,345,660 12,096 165,830 177,926 As of 1 January 2022 16,345,660 12,096 165,830 177,926 Share capital issues 882,117 653 24,578 25,230 As of 31 December 2022 17,227,777 12,749 190,408 203,156 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2022 Shareholder Number of shares Share of capital Share of votes INGER\u00d8 REITEN INVESTMENT COMPANY AS 3,563,042 20.7 % 20.7 % UBS Switzerland AG* 2,472,301 14.4 % 14.4 % J.P. Morgan SE* 1,456,000 8.5 % 8.5 % Avanza Bank AB* 865,639 5.0 % 5.0 % SOLEGLAD INVEST AS 666,668 3.9 % 3.9 % J.P. Morgan SE* 594,069 3.4 % 3.4 % Carnegie Investment Bank AB 567,757 3.3 % 3.3 % TRANBERGKOLLEN INVEST AS 525,000 3.0 % 3.0 % LEIKERANE AS 500,000 2.9 % 2.9 % SVENSKA HANDELSBANKEN AB 468,045 2.7 % 2.7 % GINKO AS 400,000 2.3 % 2.3 % J.P. Morgan SE* 266,651 1.5 % 1.5 % LARS HJARRAND 260,882 1.5 % 1.5 % SNIPTIND INVEST AS 250,757 1.5 % 1.5 % VPF FIRST OPPORTUNITIES 245,000 1.4 % 1.4 % EIVIND BJ\u00d8RNTVEDT 241,100 1.4 % 1.4 % OMA INVEST AS 220,000 1.3 % 1.3 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % ARTAL AS 160,289 0.9 % 0.9 % Total 17,227,777 81% 81% * Nominee accounts which may include multiple shareholders. See also note 25 for related parties shareholdings. Inger\u00f8 Reiten Inv. Company AS is represented on the Board by Terje Bakken and Narve Reiten. Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2022 Name Role Number of shares Comment Terje Bakken Chairman 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Narve Reiten Board member 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Kathrine Gamborg Andreassen CEO 666,668 Through Soleglad Invest AS Lars Hjarrand CFO 260,882 Ole Henrik Eriksen CBDO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 525,000 Through Tranbergkollen Invest AS Tony Brejke COO 807,117 Through 50% ownership in Agnvicen AB Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Rx 2,400 Grete Hogstad Member of the Nomination Committee 1,493 Bernt Olav R\u00f8ttingsnes Chairman of the Nomination Committee 489 Through BOR Utvikling AS Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2021 Name Role Number of shares Comment Terje Bakken Chairman 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Narve Reiten Board member 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Kathrine Gamborg Andreassen CEO 666,668 Through Soleglad Invest AS Lars Hjarrand CFO 185,882 Ole Henrik Eriksen COO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 525,000 Through Tranbergkollen Invest AS Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Specialty Pharma 2,400 Bernt Olav R\u00f8ttingsnes Chairman of the Nomination Committee 50,000 Grete Hogstad Member of the Nomination Committee 1,493 Note 15 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2022 2021 Total trade accounts payable 65,574 70,532 Accrued salaries and public duties 31,503 25,824 Accrued expenses and other current liabilities 8,568 3,900 Total other current liabilities 40,071 29,724 Note 16 \u2013 Other operating expenses (in NOK '1000) 2022 2021 Consulting, legal and audit fees 8,691 9,695 Travel expenses 2,338 1,010 Insurance 971 580 IR expenses 1,357 1,201 Marketing, freight and commissions 38,798 26,031 Regulatory fees 6,054 5,310 Other expenses 5,536 5,291 Total other operating expenses 63,745 49,118 Auditor expense recognised (in NOK '1000) 2022 2021 Statutory audit 1,110 1,014 Tax consultancy 105 0 Other assurance services 173 24 Due diligence 69 0 Total auditor expense recognised 1,457 1,038 Auditor expense amounts are excluding VAT. Note 17 \u2013 Payroll expenses (in NOK '1000) 2022 2021 Salaries 34,436 30,447 Employer's National insurance contributions 6,198 5,761 Share options for employees 839 1,784 Pension expenses \u2013 defined-contribution scheme 3,306 2,670 Other payroll expenses 3,309 3,792 Total payroll expenses 48,088 44,455 Number of FTEs 34 28 Remuneration executive personell 2022 (in NOK '1000) Salary Bonus ePension xpenses rOther emuneration Total Kathrine Gamborg Andreassen, CEO 2,711 1,874 110 433 5,128 Lars Hjarrand, CFO 1,910 463 110 808 3,291 Total remuneration executive personnell 4,621 2,337 220 1,241 8,419 Remuneration executive personell 2021 (in NOK '1000) Salary Bonus ePension xpenses rOther emuneration Total Kathrine Gamborg Andreassen, CEO 2,478 1,785 112 610 4,985 Lars Hjarrand, CFO 1,814 447 112 462 2,835 Total remuneration executive personnell 4,292 2,232 224 1,072 7,820 Executive personnell is defined as being chief executive officer (CEO) and chief financial officer (CFO). No loans were issued and no assets were pledged to the benefit of employees, shareholders or Board members in 2022 or 2021. . Board fees paid (in NOK '1000) 2022 2021 Terje Bakken 415 400 Narve Reiten 240 205 Jostein Davidsen 200 175 Cheng Lu (until 03.06.2021) 0 175 Annika Maria Kollen (from 03.06.2021) 200 0 Inger Johanne Solhaug (until 03.06.2022) 230 195 Edm\u00e8e Steenken (from 03.06.2022) 0 0 Total Board fees paid 1,285 1,150 c Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration. Quantity at 31.12.2022 Quantity at 31.12.2021 Kathrine Gamborg Andreassen, CEO 105,000 105,000 Lars Hjarrand, CFO 75,000 150,000 Total 180,000 255,000 Statement on the stipulation of salaries and other remuneration for the CEO and other executive personnel Pursuant to Section 6-16a of the Norwegian Public Limited Liability Companies Act, the Board of Navamedic has prepared a statement on the stipulation of salaries and other remuneration for the CEO and executive personnel. All pay and remuneration in the Group are based on the gross pay principle, meaning that any tax consequences of remuneration individuals receive are not the concern of the Group. The main principle in Navamedic's executive pay policy is that executive personnel will be offered competitive terms and conditions. The Group aims to offer a level of pay that reflects an average pay level in small pharmaceutical companies in the Nordic region. As a guideline, executive personnel can be awarded remuneration in addition to their basic salary (bonus), but this is limited to 75% of the annual salary and linked to the achievement of specific targets, and at the same time such that total compensation is within the average. Any bonuses to the CEO must be determined by the Board. Executive personnel can only be awarded options for the acquisition of/subscription to shares in the Company. The Company offers defined contribution-based pensions to all employees. Some executive personnel have been awarded share options. See note 23. The CEO and CFO are subject to notice periods of 6 months. The CEO has a termination payment agreement of 12 months. Note 18 \u2013 Financial income and expenses Financial income (in NOK '1000) 2022 2021 Interest income 3,079 2,787 Other financial income 16,385 1,248 Total financial income 19,464 4,035 Interest expenses -612 -2,501 Other financial expenses -2,804 -1,923 Total financial expenses -3,416 -4,424 Currency gains 37,278 26,497 Currency losses -46,519 -32,020 Total net currency gain/losses -9,242 -5,523 Net change in fair value of financial instruments at FVTPL -17,158 0 Net financial income and expenses -10,351 -5,912 Other financial income in 2022 contains the effects from the derecognition of cancelled license liability. The effects from the derecognition of correlated interest accrued in the previous years are included within interest expense. Note 19\u2013 Shares in associated companies Observ (in NOK '1000) e Medical ASA Carrying amount as of 1 January 2021 22,022 Share of net income (loss) -3,185 Carrying amount as of 31 December 2021 18,837 Share of net income (loss) -1,101 Disposal -17,736 Carrying amount as of 31 December 2022 0 Fair value of recognized financial investment 27,250 Carrying amount as of disposal date -17,736 Gain on disposal of associated companies 9,514 At 31 December 2021 Navamedic ASA held 21,54% of the shares in Observe Medical ASA. During 2022, following the decision not to participate in the share capital issue in Observe Medical ASA, Navamedic ownership share reduced to 7.9%. Based on the new ownership share and since significant influence over Observe medical was lost, the investment was reclassified to other current financial assets. Loan to Observe Medical ASA The Group has an outstanding loan of NOK 40.6 million at 31 December 2022 (NOK 37.6 million at 31 December 2021). Subsequent to the demerger of Observe Medical ASA in 2019, Navamedic ASA (as lender) entered into a loan agreement with Observe Medical ASA (as the borrower) for a loan of an aggregate amount of NOK 32 million. The loan was structured as a bullet loan, with repayment of the entire loan at the maturity date. The loan agreement consists of the two following facilities: \u2022 A subordinated convertible term loan facility in the amount of NOK 19 million; and \u2022 A subordinated convertible term loan facility in the maximum amount of NOK 13 million. The facilities given under the loan agreement constitute direct, unsecured and fully subordinated obligations of Observe Medical ASA, and rank at least pari passu with all other existing and future unsecured and subordinated obligations of Observe Medical ASA (other than in respect of any obligations preferred by mandatory provisions of applicable law) and rank ahead of all amounts payable in respect of the share capital. Each loan given under the facilities accrue interest at a fixed interest rate of 8.00% per annum. The subscription price in a conversion shall be equal to the volume weighted average share price of Observe Medical ASA's shares on the Oslo Axess for the last ten days prior to the conversion date, but in no event be less than the nominal value of each share. The conversion right attached to the loan to Observe Medical ASA is considered to be an embedded derivative within the scope of IFRS 9. However, since the subscription price in the conversion right is linked to the observed share price, this embedded derivative is considered to be of little or no value. Note 20 \u2013 Cash (in NOK '1000) 2022 2021 Cash and cash equivalents 54,298 51,698 Restricted cash 997 922 Total cash 55,296 52,620 Restricted cash consists of tax deduction and other restricted deposit accounts. Note 21 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2022 2021 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 38,368 29,235 Average interest rate, including margin 6.0 % 5.5 % Average remaining duration 2.3 years 2.4 years Current interest-bearing liabilities to financial institutions 2022 2021 Total current interest-bearing liabilities, nominal value (in NOK '1000) 13,623 9,745 Average interest rate, including margin 6.0 % 5.5 % Average remaining duration 1 year 1 year Interest-bearing liabilities in 2021 consisted of SEK 40 million loan with Avida Finance AB from 2020, refinanced in 2021. During 2022, an additional loan of SEK 25 million was taken and the first tranche of 2020 loan of SEK 10 million was paid. Both loans have a covenant that net interest-bearing debt should not exceed 2 times consolidated EBITDA. Net interest-bearing debt is defined as interest-bearing debt adjusted for cash. Changes in total interest-bearing liabilities to financial institutions (in NOK '1000) 2022 2021 At 1 January 38,980 20,870 Cash flow 14,522 19,500 Non-cash changes -1,510 -1,390 At 31 December 51,992 38,980 Note 22 \u2013 License liabilities (in NOK '1000) 2022 2021 Total carrying amount non-current license liabilities 3,762 8,171 Total carrying amount current license liabilities 221 13,158 Total carrying amount license liabilities 3,982 21,329 Total undiscounted amount non-current license liabilities 4,971 22,883 Average discount rate amortized cost calculation 6.0 % 3.0 % Non-current license liabilities consist of the discounted cash flows from product licensing agreements with long-term payment plans. Current license liabilities consist of the short-term part (due in less than 1 year) of the discounted cash flows from product licensing agreements. Expected undiscounted cash flows from license liabilities (in NOK '1000) 2022 2021 Year 1 221 13,292 Year 2 0 2,643 Year 3-5 4,750 6,948 Total expected undiscounted cash flows from license liabilities 4,971 22,883 The discount rate applied to the amortized cost calculations equals the effective interest rate for each agreement. For interest free agreements the estimated cost of debt that the Group could achieve on loans with similar maturity and security is applied. Note 23 \u2013 Options Total costs related to options (in NOK '1000) 2022 2021 Total option cost 839 1,784 Total social security provision 131 1,007 Total costs related to options 971 2,791 Reconciliation outstanding options Number of instrumets Weighted average strike price Outstanding options 1 January 2022 585,000 18.42 Exercised -75,000 15.97 Total outstanding options 31 December 2022 510,000 18.78 There was no change in the number of outstanding options during 2021. Outstanding options 31 December 2021 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 14,46 75,000 50,000 1.50 Strike price 19,00 510,000 170,000 2.46 Total outstanding options 31 December 2021 585,000 220,000 Outstanding options 31 December 2022 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 14,46 25,000 25,000 0.50 Strike price 19,00 485,000 315,000 1.46 Total outstanding options 31 December 2022 510,000 340,000 Shares received from exercised options are subject to a lock-up period of 12 months. The lock-up obligations shall not prevent the option holders from selling an amount of the option shares necessary to finance the exercise price, as well as the tax payable as a consequence of the exercise of options. Note 24 \u2013 Earnings per share (in NOK '1000) 2022 2021 Net profit / loss (-) 29,431 618 Weighted average shares issued 16,806,720 16,296,580 Dilutive potential ordinary shares 215,693 133,910 Basic earnings per share 1.75 0.0380 Diluted earnings per share 1.73 0.0376 Note 25 \u2013 Transactions with related parties TopRidge Pharma Limited, which owns 1 420 522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 18 710 thousand in 2022 and SEK 57 634 thousand in 2021. ACS Dobfar S.p.A., which owns 1 053 775 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from ACS Dobfar worth EUR 1 904 thousand in 2022 and EUR 638 thousand in 2021. ACS Dobfar became a shareholder in Navamedic in 2021. Note 26 \u2013 Tax expense and deferred tax Tax expense (in NOK '1000) 2022 2021 Profit before tax continuing operations 42,506 2,358 Tax expense Tax payable 15,672 1,740 Corrections related to previous years -124 0 Change in deferred tax for previously not recognized deferred tax asset -2,474 0 Total tax expense 13,074 1,740 Effective tax rate 30.76% 73.77% The effective tax rate in 2022 is higher than the corporate tax rates in the markets where the Group operates (20% - 22%). This is primarily due to non-capitalized deferred tax asset related to the losses in the Swedish branch. Tax payable 2022 Navamedic AB Norwegian entities Danish branch Impolin Profit before tax 61,541 372 1,836 Permanent differences 7,234 - - Changes in temporary differences 312 - - Total basis for tax payable 69,087 372 1,836 Total Tax payable Norway, 22% 15,199 - - 15,199 Tax payable Sweden, 20.6% - - 393 393 Tax payable Denmark, 22% - 80 - 80 Total tax payable 15,199 80 393 15,672 Applied tax losses carry forward -10,807 Tax payable 4,865 During 2022, Norwegian branch of Navamedic AB was demerged and merged with Novicus Pharma AS (which became Navamedic AS after the merger). For the tax year 2022, consolidated Navamedic AS and Navamedic ASA are included under \u201cNorwegian entities\u201d in the table above. In 2022, Navamedic ASA and Navamedic AS utilized the full amount of tax losses carry forward. Reclaimable tax in Sweden incurred in 2022 is limited to the taxes paid for its Danish branch. For the tax year 2021, Norwegian branch was part of Navamedic AB whereby Navamedic AB calculated tax payable in Sweden based on consolidated profit before tax. In addition, tax was paid in Norway and Denmark for the respective branches and these taxes paid were reclaimable in Sweden. The table below summarizes these effects. Tax payable 2021 Navamedic AB Norwegian entities Norwegian branch Swedish entity* Danish branch Profit before tax -3,306 40,223 8,449 302 Permanent differences / Currency exchange differences 544 - -320 - Changes in temporary differences 4,314 - - - Deficit carried forward applied -1,575 - - - Total basis for tax payable -23 40,223 8,129 302 Total Tax payable Norway, 22% - 8,849 - - 8,849 Tax payable Sweden, 21.4% - - 1,740 - 1,740 Tax payable branches reclaimable Sweden - - -8,916 - -8,916 Tax payable Denmark, 22% - - - 66 66 Total tax payable - 8,849 -7,176 66 1,740 * consolidated Deferred tax reconciliation (in NOK '1000) 2022 2021 Property, plant & equipment 35 -64 Provisions for liabilities 3,762 20,816 Tax losses carried forward 0 49,122 Total temporary differences 3,797 69,873 Temporary differences not capitalised 0 -28,199 Total net temporary differences 3,797 41,674 Tax rate 22% 22% Net deferred tax assets (-)/ defererred tax (+) 835 9,168 Total temporary difference is significantly reduced in 2022 following the derecognition of cancelled licence liability and utilization of tax losses carry forward. Since recognized deferred tax asset was limited as of 2021, for the year 2022 additional deferred tax is recognized in the income statement to match the amount of deferred tax asset utilized for the tax losses carry forward. Tax payable (in NOK '1000) 2022 2021 Carrying amount tax payable 1 January 10,713 2,795 Gross income tax payable excluding reclaimable tax 4,805 10,655 Taxes paid during the period -10,967 -2,700 Translation differences 157 -38 Carrying amount tax payable 31 December 4,708 10,713 In addition, tax receivables related to prepaid taxes and reclaimable tax within Navamedic AB amounting to NOK 14 909 thousand (NOK 15 652 thousand in 2021) is recognized on the balance sheet. Note 27 \u2013 Subsequent events On 30 January, Navamedic announced launch of Modifast, a range of low-calorie diet (LCD) meal replacement products, in the Norwegian market. Modifast is part of Navamedic's growing portfolio of products and solutions aimed at tackling obesity and consists of supplements, prescription medications, diet replacements and online patient support portals. On 16 February 2023, based on Navamedic ASA's annual general meeting's resolution to authorize the Board of directors of the Company to issue new options to the executive management and other leaders in the Group under the Company's long-term incentive program, the Board has resolved to issue 1.400.000 new options to the Company's executive management. Each option will upon exercise give the option holder the right to acquire one share in the Company. The options are granted without consideration. The exercise price of each option is NOK 33.0. Options that are not exercised within 12 months after the third anniversary of the date of grant, will subject to certain limitations, lapse without any compensation to the holder. On 29 March 2023 - Navamedic submitted a cash offer to acquire all shares in Sensidose AB, a Sweden-based pharmaceutical company that sells medicines in combination with an innovative device for individual dosing, targeting patients with advanced Parkinson's disease. The Sensidose AB shares are listed on Spotlight Stock Market in Sweden. At the time of issuance of this report the transaction is not closed. ",
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"value": "Note 2 \u2013 Summary of signficant accounting policies The most important accounting policies used in the preparation of the consolidated financial statements are described below. These policies are applied consistently in all of the periods presented unless the description states otherwise. 2.3 Segment information Navamedic identifies its segments according to the organization and reporting structure as decided and followed up by the chief operating decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision maker, defined as the CEO, for the purpose of assessing performance and allocating resources. Navamedic operating segments represent separately managed business areas with unique products serving different markets. Navamedic currently has only one business segment which is the Pharma and healthcare division. 2.4 Translation of foreign currency Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income. 2.5 Intangible assets All intangible assets are recognized at cost less accumulated amortization and impairments. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the assets carrying amount or recognized as a separate asset. The Group\u2019s intangible assets consist of the following: a) Licenses (product rights) and marketing authorizations Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorizations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. b) Other intangible assets Navamedic invests in information technology assets intended to products and marketing. Furthermore, investments in licenses and marketing authorizations where the products in question have not yet been launched due to regulatory or other reasons, are classified as other intangible assets until launch. 2.6 Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment is recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying value of the other assets in the CGU on a pro rata basis. An impairment in respect of goodwill is not reversed. For other assets, an impairment is reversed only to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment had been recognized. 2.7 Inventories Inventories are measured at the lowest of acquisition cost and net realizable value. Acquisition cost is calculated using the first-in, first-out method (FIFO). Net realizable value is the estimated selling price less cost of sale. 2.8 Financial assets Financial assets are recognized in accordance with IFRS 9 Financial instruments. The Group currently has financial assets within the following categories: a) Financial assets at amortized cost Financial assets at amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s financial assets at amortized cost primarily consist of trade receivables and other receivables, loan receivables and bank deposits. Financial assets at amortized cost are initially recognized at fair value, transaction costs are added to the carrying amount. Financial assets at amortized cost are subsequently carried at amortized cost. Financial assets at fair value through profit and loss Long term investments in other entities, which do not qualify to be recorded under equity method or to be consolidated, are recognized at fair value through profit and loss. Initial recognition is based on the fair value at recognition date and further changes in the fair value are recorded in the statement of profit and loss under financial items. 2.9 Trade receivables Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group has entered into a trade receivable financing agreement with Avida Finans AB. 2.10 Cash and cash equivalents Cash and cash equivalents consist of cash and bank deposits which are readily convertible into cash within a 3-month period. 2.11 Financial liabilities The Group currently has financial liabilities within the following category: a) Financial liabilities at amortized cost Financial liabilities at amortized cost are liabilities that represent a contractual obligation to deliver cash and are classified as current or non-current based on whether the estimated settlement date is less than or more than 12 months in the future. The Group\u2019s financial liabilities at amortized cost consist of interest-bearing liabilities in the form of overdraft facilities and instalment loans, licensing liabilities, trade account payables and other non-interest-bearing liabilities. Financial liabilities at amortized cost are initially recognized at fair value net of directly attributable transaction costs, and subsequently measured at amortized costs applying the effective interest method. 2.12 Income Tax Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if certain criteria are met. 2.13 Employee benefits a) Pensions The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred, see note 15. b) Severance pay Severance payments are recognized when the employment relationship is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in return for such remuneration. The Group recognizes severance pay when it is demonstrably obliged to either end the employment relationship of today's employees in accordance with a formal, detailed plan that the Group cannot withdraw, or to provide severance pay due to an offer made to encourage voluntary redundancies. 2.14 Provisions Provisions for product warranties, onerous contracts, restructuring costs, termination benefits and legal claims are recognized when the Group has a present or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are discounted only when the effect is material and the distribution in time can be reliably estimated. 2.15 Revenue recognition a) Revenue from contracts with customers Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Invoices are issued upon delivery of the goods or based on accumulated monthly sales through a wholesaler. Payment terms for revenue are typically 30 days. b) Interest income Interest income is recognized through profit or loss proportionally over time in accordance with the effective interest rate method. c) Revenue from dividends Dividend revenues are recognized through profit or loss when the right to receive payment arises. 2.16 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right of use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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 assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right of use assets is also subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. 2.17 Dividends Dividend payments to the Company's shareholders are classified as liabilities from and including the moment the dividend is determined by the general meeting and until it is distributed. ",
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"value": "2.1 Framework for preparation of the financial statements Navamedic's consolidated financial statements have been prepared in accordance with international accounting standards (IFRS) and interpretations from the IFRS Interpretations Committee (IFRIC), as established by the EU. The consolidated financial statements have been prepared on the basis of historical cost. The consolidated financial statements have been prepared by applying the same accounting policies to transactions and events that would be similar under otherwise equal conditions. The accounting policies applied, and the presentation of the consolidated financial information are consistent with the previous annual financial statements for the year that ended 31 December 2021. The consolidated financial statements have been prepared on the assumption that the Group is a going concern. ",
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"pp-value-35-2": {
"value": "2.2 Consolidation policies A subsidiary is a company over which Navamedic ASA (directly or indirectly) has control. Control is attained when Navamedic is exposed to, or has rights to, variable returns from its engagement in a company in which it has invested and is able to influence this return by exercising power over the Company. Power means existing rights that currently provide Navamedic with the ability to steer relevant activities, i.e. the activities that affect, to a significant degree, the return from the Company that has been invested in. All subsidiaries are owned 100% and there are no minority interests. Subsidiaries are consolidated from the date when the Group attains control and consolidation ceases when control of the subsidiary ceases. The acquisition method is used for acquisitions of business. The consideration is measured at the fair value of the assets transferred, liabilities assumed, and equity instruments issued. The fair value of all assets or liabilities according to the agreement on contingent consideration is also included in the remuneration. Identifiable assets, liabilities, and contingent liabilities are recognized at their fair value on the acquisition date. Acquisitions-related costs linked business combinations are recognized as expenses when they are incurred. Contingent consideration is measured at fair value on the acquisition date. Subsequent changes in the fair value of contingent consideration classified as an asset or liability and that are not adjustments during the measurement period must be recognized through profit or loss. If the sum of the remuneration, fair value of earlier assets, and any fair value of minority interests exceeds the fair value of identifiable net assets in the acquired company, the difference is capitalized as goodwill. If the sum is lower than the Company's net assets, the difference is recognized through profit or loss. Intra-group revenue, expenses, and balances are eliminated. The gain and loss elements in a capitalized asset that arose due to an intra-group transaction are also eliminated. The accounts of subsidiaries are, if necessary, restated so they correspond with the Group's accounting policies. ",
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"pp-value-58-3": {
"value": "2.3 Segment information Navamedic identifies its segments according to the organization and reporting structure as decided and followed up by the chief operating decision maker. Operating segments are components of a business that are evaluated regularly by the chief operating decision maker, defined as the CEO, for the purpose of assessing performance and allocating resources. Navamedic operating segments represent separately managed business areas with unique products serving different markets. Navamedic currently has only one business segment which is the Pharma and healthcare division. ",
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"pp-value-65-3": {
"value": "2.4 Translation of foreign currency Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-87-3": {
"value": "2.5 Intangible assets All intangible assets are recognized at cost less accumulated amortization and impairments. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in the assets carrying amount or recognized as a separate asset. The Group\u2019s intangible assets consist of the following: a) Licenses (product rights) and marketing authorizations Navamedic holds rights to market and sell specific products in defined geographical areas. Investments related to such licenses are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. Navamedic further distributes a number of products through wholesalers on behalf of rights holders. Investments related to obtaining such marketing authorizations are amortized on a straight-line basis over their expected useful economic life, which typically range between five to ten years. For products that are under registration, the amortization of the cost of acquisition commences upon launch and is amortized over the period of the agreement. b) Other intangible assets Navamedic invests in information technology assets intended to products and marketing. Furthermore, investments in licenses and marketing authorizations where the products in question have not yet been launched due to regulatory or other reasons, are classified as other intangible assets until launch. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-105-3": {
"value": "2.6 Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment is recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying value of the other assets in the CGU on a pro rata basis. An impairment in respect of goodwill is not reversed. For other assets, an impairment is reversed only to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment had been recognized. ",
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"pp-value-105-4": {
"value": "2.6 Impairment of non-financial assets At each reporting date, the Group reviews the carrying amounts of its non-financial assets (other than inventories, contract assets and deferred tax assets) to determine whether there is any indication of impairment. If any such indication exists, then the asset\u2019s recoverable amount is estimated. Goodwill is tested annually for impairment. For impairment testing, assets are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or cash generating units (CGUs). Goodwill arising from a business combination is allocated to CGUs or groups of CGUs that are expected to benefit from the synergies of the combination. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. An impairment is recognized if the carrying amount of an asset or CGU exceeds its recoverable amount. Impairment is recognized in profit or loss. They are allocated first to reduce the carrying amount of any goodwill allocated to the CGU, and then to reduce the carrying value of the other assets in the CGU on a pro rata basis. An impairment in respect of goodwill is not reversed. For other assets, an impairment is reversed only to the extent that the asset\u2019s carrying value does not exceed the carrying value that would have been determined, net of depreciation or amortization, if no impairment had been recognized. ",
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"value": "2.7 Inventories Inventories are measured at the lowest of acquisition cost and net realizable value. Acquisition cost is calculated using the first-in, first-out method (FIFO). Net realizable value is the estimated selling price less cost of sale. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-125-3": {
"value": "2.8 Financial assets Financial assets are recognized in accordance with IFRS 9 Financial instruments. The Group currently has financial assets within the following categories: a) Financial assets at amortized cost Financial assets at amortized cost are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets. The Group\u2019s financial assets at amortized cost primarily consist of trade receivables and other receivables, loan receivables and bank deposits. Financial assets at amortized cost are initially recognized at fair value, transaction costs are added to the carrying amount. Financial assets at amortized cost are subsequently carried at amortized cost. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-3": {
"value": "Financial assets at fair value through profit and loss Long term investments in other entities, which do not qualify to be recorded under equity method or to be consolidated, are recognized at fair value through profit and loss. Initial recognition is based on the fair value at recognition date and further changes in the fair value are recorded in the statement of profit and loss under financial items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-136-4": {
"value": "Financial assets at fair value through profit and loss Long term investments in other entities, which do not qualify to be recorded under equity method or to be consolidated, are recognized at fair value through profit and loss. Initial recognition is based on the fair value at recognition date and further changes in the fair value are recorded in the statement of profit and loss under financial items. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-141-3": {
"value": "2.9 Trade receivables Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Group has entered into a trade receivable financing agreement with Avida Finans AB. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-153-3": {
"value": "2.10 Cash and cash equivalents Cash and cash equivalents consist of cash and bank deposits which are readily convertible into cash within a 3-month period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-156-3": {
"value": "2.11 Financial liabilities The Group currently has financial liabilities within the following category: a) Financial liabilities at amortized cost Financial liabilities at amortized cost are liabilities that represent a contractual obligation to deliver cash and are classified as current or non-current based on whether the estimated settlement date is less than or more than 12 months in the future. The Group\u2019s financial liabilities at amortized cost consist of interest-bearing liabilities in the form of overdraft facilities and instalment loans, licensing liabilities, trade account payables and other non-interest-bearing liabilities. Financial liabilities at amortized cost are initially recognized at fair value net of directly attributable transaction costs, and subsequently measured at amortized costs applying the effective interest method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-166-3": {
"value": "2.12 Income Tax Income tax expense comprises current and deferred tax. It is recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income. The Group has determined that interest and penalties related to income taxes, including uncertain tax treatments, do not meet the definition of income taxes, and therefore accounted for them under IAS 37 Provisions, Contingent Liabilities and Contingent Assets. Current tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. Current tax assets and liabilities are offset only if certain criteria are met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-179-3": {
"value": "Deferred tax Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for: \u2013 temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; \u2013 temporary differences related to investments in subsidiaries, associates and joint arrangements to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable that they will not reverse in the foreseeable future; and \u2013 taxable temporary differences arising on the initial recognition of goodwill. Deferred tax assets are recognized for unused tax losses, unused tax credits and deductible temporary differences to the extent that convincing evidence exists that future taxable profits will be available against which they can be used. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plans for individual subsidiaries in the Group. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that convincing evidence no longer that the related tax benefit will be realized; such reductions are reversed when the probability of future taxable profits improves. Unrecognized deferred tax assets are reassessed at each reporting date and recognized to the extent convincing evidence that future taxable profits will be available against which they can be used. Deferred tax is measured at the tax rates expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date, and reflects uncertainty related to income taxes, if any. The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets and liabilities are offset only if certain criteria are met. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-207-3": {
"value": "2.13 Employee benefits a) Pensions The Company has entered into a mandatory defined contribution pension scheme for employees in Norway and Sweden. Under defined contribution plans, the Group pays contributions to public or private organized insurance plans for pensions on a compulsory, contractual, or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The plan in Norway complies with the requirements of the Norwegian Mandatory Occupational Pension Act. The contributions are recognized as payroll expenses as incurred, see note 15. b) Severance pay Severance payments are recognized when the employment relationship is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in return for such remuneration. The Group recognizes severance pay when it is demonstrably obliged to either end the employment relationship of today's employees in accordance with a formal, detailed plan that the Group cannot withdraw, or to provide severance pay due to an offer made to encourage voluntary redundancies. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-221-3": {
"value": "2.14 Provisions Provisions for product warranties, onerous contracts, restructuring costs, termination benefits and legal claims are recognized when the Group has a present or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are discounted only when the effect is material and the distribution in time can be reliably estimated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-226-3": {
"value": "2.15 Revenue recognition a) Revenue from contracts with customers Navamedic distributes and delivers pharmaceuticals and other products to hospitals and pharmacies, mainly in the Nordic region, but also in a number of other countries in Europe. Revenues are measured based on the transaction price specified in a contract with a customer. The Group\u2019s revenues are generated from the sale of goods, and revenue is recognized at the point in time when control of the goods transfers to the customer, typically when the Group has delivered the goods to the customer. Invoices are issued upon delivery of the goods or based on accumulated monthly sales through a wholesaler. Payment terms for revenue are typically 30 days. b) Interest income Interest income is recognized through profit or loss proportionally over time in accordance with the effective interest rate method. c) Revenue from dividends Dividend revenues are recognized through profit or loss when the right to receive payment arises. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-240-3": {
"value": "2.16 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Group as a lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognizes lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right of use assets The Group recognizes right-of-use assets at the commencement date of the lease. Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. 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 assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right of use assets is also subject to impairment. Lease liabilities At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. In calculating the present value of lease payments, the Group uses its estimated incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-272-3": {
"value": "2.17 Dividends Dividend payments to the Company's shareholders are classified as liabilities from and including the moment the dividend is determined by the general meeting and until it is distributed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-275-2": {
"value": "Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk: market risk (including currency risk, variable interest risk, and price risk), credit risk, and liquidity risk. The Group focuses on minimizing the potential negative effects that unforeseeable movements in the capital markets can have on the Group's financial results. The Group does not use financial derivatives to protect itself from specific risks. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-282-2": {
"value": "Market risk Operational risk The Group is exposed to operational risk. The Group believes that such risk will primarily arise in relation to the development of future sales of the Company's products, measured in terms of both price and volume. Factors that can influence market risk include increased competition, instructions to reduce prices from the authorities, and competition from existing and future pharmaceuticals within the Company's range of therapies. The Company depends on supply and distribution from suppliers. The Company has supply and distribution agreements with suppliers in which the term of the agreement varies from one to eight years. The Company is dependent on renewing these agreements at market prices and on market terms and conditions and is therefore in continuous dialogue with the suppliers to ensure they are renewed. The Group is exposed to risk related to pandemic outbreaks like Covid-19. However, based on the existing portfolio of products, the Company is probably less prone to be affected to the same extent as many other companies. The demand for most of the Company\u2019s products, except some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and can not easily stop using them. There is a risk that some products\u2019 production and delivery could be affected in the event of long term shut down. Navamedic is exposed to risk related to outbreak of war, like the current war in Ukraine. Navamedic has no direct business relation with neither Ukraine nor Russia, however, if the war has negative effect on prices of raw material or transportation costs, this would likely have an effect on Navamedic, although it is difficult to assess to what extent. Currency risk The Group is exposed to currency risk. A significant proportion of the Group's revenue and expenses are in currencies other than the functional currency in the individual entities (mostly NOK, SEK, DKK and EUR). Materials are generally paid for in EUR, SEK, GBP, USD, DKK and NOK. Most of the sales in Navamedic AB take place in Nordic currencies and EUR. Payroll and operating expenses are generally incurred in the currency of the country in which the individual company is registered. The Group has not adopted specific currency hedging strategies in relation to operations. Variable interest rate risk The Group is exposed to interest rate risk related to bank deposits. The interest rate on the Group\u2019s loans is fixed. The calculated interest income and expenses, as well as actual interest payments, are affected by rate changes. The Group has not entered into any hedging arrangements to cover fluctuations in the general level of interest rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-315-2": {
"value": "Credit risk The Group is exposed to no significant concentrations of credit risk. Routines have been introduced to ensure products are sold to customers with satisfactory creditworthiness. The Company's customers are largely public enterprises and larger pharmacy chains that represent a low credit risk. The level of consumer sales is relatively low. See also note 11, which shows when the Group's receivables fall due. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-320-2": {
"value": "Liquidity risk The Group\u2019s liquidity risk is considered moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2022 is considered to be satisfactory. As at 31 December 2022, the Group had NOK 55.3 million in cash and cash equivalents (NOK 52.6 million as at 31 December 2021). The Group has outstanding loans of SEK 55 million. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2022 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 3-5 Total License liabilities 22 3,982 4,971 221 - 4,750 - 4,971 Liabilities to financial institutions 21 51,992 51,992 13,623 24,467 5,561 8,341 51,992 Interest on liabilities to fin. institutions 21 - 6,087 2,851 1,986 773 477 6,087 Right of use liabilities 10 6,726 7,401 2,195 3,471 1,735 - 7,401 Trade account payables 14 65,574 65,574 65,574 - - - 65,574 Taxes payable 27 4,708 4,708 4,708 - - - 4,708 Other current liabilities 15 40,071 40,071 40,071 - - - 40,071 Total 173,053 180,803 129,242 29,924 12,819 8,818 180,803 Maturity structure of liabilities 2021 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 3-5 Total License liabilities 22 21,329 22,883 13,292 2,643 6,948 - 22,883 Liabilities to financial institutions 21 38,980 38,980 9,745 9,745 9,745 9,745 38,980 Interest on liabilities to fin. institutions 21 - 5,360 2,144 1,608 1,072 536 5,360 Right of use liabilities 10 7,664 8,432 2,142 4,193 2,097 - 8,432 Trade account payables 14 70,532 70,532 70,532 - - - 70,532 Taxes payable 27 10,713 10,713 10,713 - - - 10,713 Other current liabilities 15 29,724 29,724 29,724 - - - 29,724 Total 178,943 186,624 138,293 18,189 19,861 10,281 186,624 Capital structure and capital management goals The Group's goal in relation to capital management is to ensure continued operations to secure returns for its owners, and to maintain an optimal capital structure. The Group continuously strives to have a leverage ratio and an equity ratio adapted to the business\u2019 risk profile. The Group's main financing agreements are between Navamedic AB and Avida Finans AB and consist of i) an accounts receivable financing agreement which carries a fixed interest rate; ii) a loan of SEK 30 million with a fixed interest rate of 5.5% p.a.; iii) a loan for SEK 25 million with a fixed interest rate of 6.5%. Both loan agreements have a covenant that net interest-bearing debt should not exceed 2 times consolidated EBITDA. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-567-2": {
"value": "Note 4 \u2013 Critical accounting estimates and discretionary assessments Estimates and discretionary assessments are evaluated on an ongoing basis and are based on past experience and other factors, including expectations concerning future events regarded as probable under current circumstances. Important accounting estimates and assumptions The Group prepares estimates and makes assumptions about the future. The accounting estimates that follow from these will, by definition, seldom be fully in line with the final outcomes. Estimates and assumptions that represent a risk of material changes to the carrying values for assets and liabilities during the next accounting year are discussed below. a) Measurement of goodwill and intangible assets The most important estimates and assumptions that carry a risk that they will materially affect the carrying values for assets and liabilities during the next accounting year relate to the measurement of goodwill and intangible assets, see note 9. The management uses estimates and assumptions in the determination of the accounting depreciation period and impairment assessments of intangible assets. Capitalization of identifiable intangible assets is based on expectations of future financial benefits. Measurements of future financial benefits are based on the management team's judgment and estimates on balance sheet dates. b) Tax Assessment of whether a deferred tax asset is recognizable involves a significant degree of judgment in determining the likelihood of utilization against future taxable results within the various tax jurisdictions in which the Group operates. As of 31.12.2022. the Group has no deferred tax assets recognized for tax losses carry forward as all tax losses were utilized in 2022. There is, however, loss in the Swedish entity for which deferred tax is not recognized. The management performs assessment of deferred tax asset for tax losses carry forward in accordance with the requirements in IAS 12.35 and 12.36, and also taking into consideration the ESMA considerations on recognition of deferred tax assets arising from the carry forward of unused tax losses. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-599-2": {
"value": "Note 5 \u2013 Segment Information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment, the Pharma and Healthcare division. The reporting structure reflects the Company\u2019s business and product composition. The Pharma and healthcare division consists of pharmaceuticals and medical nutrition products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic classifies its products into four product categories: \u2022 Medical nutrition, including a broad portfolio of medical nutrition products. Navamedic is a Nordic distributor of products purchased from the UK based company Vitaflo International ltd, a subsidiary of Nestle. The product range also includes products within carbohydrate metabolism, fat metabolism (MCT products) and renal disease. \u2022 Consumer health, including gastro, oral, dermatology and pain products such as Alflorex\u00ae, ForlaxGo\u00ae, Thermacare\u00ae, Gelorevoice\u00ae, Aftamed\u00ae, Modifast\u00ae and Nyda\u00ae. \u2022 Branded generics, including cardiology products and generics such as Imdur\u00ae (used to prevent angina attacks) and Nitrolingual\u00ae (treatment for angina pectoris). \u2022 Specialty pharma, including obesity and urology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity) and Gepan\u00ae (a product for the treatment of painful bladder syndrome). Operating revenues by major markets* (in NOK '1000) 2022 2021 Norway 198,886 138,050 Sweden 96,742 59,876 Denmark 28,145 27,610 Finland 17,950 13,846 Other countries 40,412 39,057 Total revenue 382,135 278,439 * Markets are defined as the countries in which the products are sold Operating revenues by product categories (in NOK '1000) 2022 2021 Branded generics 89,528 70,605 Specialty pharma 159,136 112,254 Medical nutrition 53,855 51,929 Consumer health 79,616 43,181 Other 0 470 Total revenue 382,135 278,439 Non-current assets by country * (in NOK '1000) 2022 2021 Sweden 96,447 50,612 Norway 41,950 64,910 Total 138,398 115,522 * Other than financial instruments and deferred tax assets The four largest external customers in the Pharma and Healthcare segment contributed to total revenues by 20.6%, 13.6%, 13.0% and 10.2% respectively. The Group has different kinds of rebates. The rebates are mainly standard supplier rebates on OTC products in the Danish and Dutch markets. The supplier rebates are subject to yearly negotiation and typically correspond to 10-15%. Also see note 11 regarding trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-716-2": {
"value": "Note 6 \u2013 Business combinations On 5 May 2022, Navamedic entered into a share purchase agreement with Agnvicen AB to acquire 100% of the shares in Impolin AB. Impolin AB (Impolin), a Swedish-based, independent distributor of products that benefit the health and wellbeing of consumers and patients. Impolin's portfolio includes Modifast, a range of diet and meal replacement products, and MedMade, a multivitamin and minerals tablet for post-bariatric surgery supplementation, which are products aimed at supporting patients during weight loss or obesity treatment, including bariatric surgery. Impolin's third product is Absolut Torr/Absolute Dry, extra effective antiperspirants primarily for hyperhidrosis, excessive sweating. The addition of Modifast and MedMade is set to broaden Navamedic's current product offering within the area of obesity treatment and enables Navamedic to support patients throughout the entire weight loss journey. This agreement supports Navamedic's ambition to become a leading Nordic provider of specialized, high-quality products to hospitals and pharmacies. The closing date for the transaction was 1 June 2022. The final purchase price is SEK 55 million and includes the pre-agreed milestone payment of SEK 5 million. Navamedic settled SEK 25 million of the purchase price by issuing new shares to the seller. The remaining portion of the purchase price was settled in cash by drawing up a new loan facility of SEK 25 million. The milestone consideration of SEK 5 million will be paid in 2023 and is currently classified as other current liability. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows. (in NOK '1000) Impolin AB Assets Non-current assets Other intangible assets 7,014 Total non-current assets 7,014 Current assets Inventories 6,515 Trade and other receivables 6,023 Cash 3,865 Total current assets 16,404 Total assets 23,418 Liabilities Non-current liabilities Loans and borrowings 3,845 Total non-current liabilities 3,845 Current liabilities Trade and other payables 7,778 Taxes payable 743 Other current liabilities 1,076 Total current liabilities 9,598 Total liabilities 13,443 Net identifiable assets 9,975 Goodwill 42,128 Total consideration for the shares 52,103 Of which cash 28,070 Of which new shares 24,032 Other intangible assets acquired are related to the estimated brand value of the products MedMade and Absolut Torr. Goodwill is mainly related to expected synergies with Navamedic`s complementary products from consumer health and medical nutrition portfolio, non-contractual customer relationship as well as income from expected expansion to the other markets where Navamedic operates. For the period between the date of acquisition and 31 December 2022, Impolin AB contributed NOK 28 million to the Group\u2019s revenues and NOK 1.9 million to profit before tax. If the business combination had taken place at the beginning of the year, the Group\u2019s revenues would have been NOK 409.8 million and profit before tax for the Group would have been NOK 46.1 million. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-814-2": {
"value": "Note 7 \u2013 Investments in subsidiaries Office location Ownership share 31.12 Navamedic AS* Oslo, Norway 100% Navamedic AB** Gothenburg, Sweden 100% Impolin AB Stockholm, Sweden 100% * Following the merger between Novicus Pharma AS and the Norwegian branch of Navamedic AB in 2022. ** The subsidiary Navamedic AB has branches in Denmark and Finland. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-835-2": {
"value": "Note 8 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Total Accumulated cost Balance at 1 January 2021 432 432 Additions 718 718 Currency translation differences -15 -15 Accumulated cost at 31 December 2021 1,135 1,135 Balance at 1 January 2022 1,135 1,135 Additions 191 191 Disposals -146 -146 Currency translation differences -2 -2 Accumulated cost at 31 December 2022 1,178 1,178 Accumulated depreciation Balance at 1 January 2021 -258 -258 Depreciation -146 -146 Currency translation differences 13 13 Balance as at 31 December 2021 -390 -390 Balance at 1 January 2022 -390 -390 Depreciation -328 -328 Disposals 146 146 Currency translation differences 1 1 Balance as at 31 December 2022 -571 -571 Expected useful economic life 3-5 years Carrying amounts At 1 January 2021 174 174 At 31 December 2021 745 745 At 31 December 2022 607 607 Property, plant & equipment is located in Norway and Sweden. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-962-2": {
"value": "Note 9 \u2013 Goodwill and Intangible assets Intangible assets (in NOK '1000) Goodwill Licenses Other intangible assets Total intangible assets Accumulated cost Balance at 1 January 2021 64,472 31,552 5,243 36,795 Reclassification 0 -863 -963 -1,827 Additions 0 22,358 10 22,368 Currency translation differences -3,441 -483 0 -483 Accumulated cost at 31 December 2021 61,031 52,563 4,289 56,853 Derecognition 0 0 -870 -870 Additions 42,128 8,999 0 8,999 Currency translation differences -2,416 -247 0 -247 Accumulated cost at 31 December 2022 100,743 61,316 3,419 64,735 Accumulated amortization Balance at 1 January 2021 - -27,041 -65 -27,106 Reclassification - 1,827 0 1,827 Amortization - -4,010 -537 -4,547 Currency translation differences - 316 0 316 Balance as at 31 December 2021 - -28,909 -602 -29,511 Reclassification - 0 0 0 Amortization - -3,831 -1,019 -4,850 Currency translation differences - 163 0 163 Balance as at 31 December 2022 - -32,578 -1,621 -34,199 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2021 61,031 23,654 3,688 27,342 At 31 December 2022 100,743 28,738 1,799 30,537 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1166-2": {
"value": "Test for impairment losses for cash generating units that contain goodwill Goodwill originates from the purchase of Vitaflo AB, Impolin AB and other minor acquisitions, including Novicus Pharma AS. For the purpose of impairment testing, goodwill, excluding Impolin, has been allocated to the Group's single cash generating unit ('CGU'), being the Pharma and healthcare division. Impairment test \u2013 Pharma division Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. The test is based on the book value of the goodwill at 31.12.2022 compared to the estimated value calculated on the basis of discounted future cash flows. The 2023-2027 budget is used, with an average revenue growth of 15%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.5% was used to discount future cash flows. The resulting EBITDA margin is, on average, 15%. The estimated value of the CGU exceeded the book value at 31.12.2022, therefore resulting in no write-down of goodwill. In addition to the discounted cash flow estimation, sensitivity analysis showed that even with a significantly more conservative view, the estimated value would still not result in a write-down. Key assumptions include moderate growth in the revenue according to the above-mentioned during the period, together with the estimated EBITDA margin and the level of the discount rate. Additionally, neither reasonably possible negative changes in the growth assumption, nor reasonably possible negative changes in the EBITDA margin would lead to an impairment. Also, a reasonably possible increase in the discount rate after tax would not give rise to impairment. Impairment test \u2013 Impolin Impairment test for Impolin AB is performed based on discounted estimated future cash flows to be generated by this CGU. Cash flows are including planned expansion to the other markets where Navamedic intends to sell the products from Impolin`s portfolio. The 2023-2027 budget assumes the average revenue growth of 13%. It is assumed that by 2027 the steady state will be reached after which the terminal value growth of 2% is estimated. EBITDA margin during the explicit period is, on average, 18% while in the terminal value it is set to 21%. A discount rate of 9.5% is applied to discount the cash flows. The calculated value in use is significantly higher than the book value of Impolin AB. Sensitivity analysis shows that no reasonably possible change in any of the key inputs to the valuation would, in isolation, lead to the impairment of goodwill. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1193-2": {
"value": "Note 10 \u2013 Right of use assets and liabilities Right of use assets (in NOK '1000) 2022 2021 Right of use assets 6,511 7,567 Total Right of use assets 6,511 7,567 (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2021 766 1,121 15 1,903 Depreciation -1,596 -409 -18 -2,023 Additions 8,100 32 25 8,158 Adjustments 0 -373 0 -373 Currency translation differences -52 -46 0 -98 Balance at 31 December 2021 7,219 326 23 7,567 Depreciation -1,691 -364 -8 -2,064 Additions 0 1,126 0 1,126 Adjustments 0 0 0 0 Currency translation differences 21 -140 0 -119 Balance at 31 December 2022 5,549 948 14 6,511 Right of use liabilities (in NOK '1000) 2022 2021 Non-current right of use liabilities 4,861 5,824 Current right of use liabilities 1,865 1,839 Total right of use liabilities 6,726 7,664 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2022 2021 Less than one year 2,195 2,142 Between one and five years 5,206 6,290 Total undiscounted lease liabilities at 31 December 7,401 8,432 Changes in right of use liabilities (in NOK '1000) 2022 2021 At 1 January 7,664 1,920 Payments -2,373 -2,100 Interest 324 157 Additions and adjustments 1,126 7,759 Currency translation -15 -72 At 31 December 6,726 7,664 Amounts recognised in profit or loss (in NOK '1000) 2022 2021 Interest on lease liabilities 324 157 Depreciation right of use assets 2,064 2,023 Other information (in NOK '1000) 2022 2021 Lease payments for short-term leases and low value assets leases 526 412 The weighted average lessee\u2019s incremental borrowing rate applied to lease liabilities recognized in the statement of financial position at the date of initial application is 4,6 %. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1434-2": {
"value": "Note 11 \u2013 Trade and other receivables (in NOK '1000) 2022 2021 Trade receivables 39,464 31,355 Other receivables and prepaid expenses 3,521 6,374 Total trade and other receivables 42,985 37,730 (in NOK '1000) 2022 2021 Gross trade receivables 39,554 31,801 Provision for loss on trade receivables -90 -446 Total trade receivables 39,464 31,355 (in NOK '1000) 2022 2021 Provision for loss on trade receivables at 1 January -446 -42 Net change in provision for loss on trade receivables -45 -403 Loss on trade receivables 401 0 Total provision for loss on trade receivables at 31 December -90 -446 Due date profile trade receivables (in NOK '1000) 2022 2021 Not due 31,625 25,896 0-3 months 4,002 4,653 > 3 months 3,927 1,252 Total trade receivables 39,554 31,801 The Group has had low losses on trade receivables, and considers the risk associated with trade receivables as low. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1532-2": {
"value": " Note 12 \u2013 Inventories (in NOK '1000) 2021 Inventory 81,110 61,933 Provisions for inventory obsolescence -1,468 -51 Total inventory 79,642 61,882 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1548-2": {
"value": "Note 13 \u2013 Financial assets and liabilities (in NOK '1000) Carrying amount as at 31.12.2022 Fair value as at 31.12.2022 Carrying amount as at 31.12.2021 Fair value as at 31.12.2021 Current financial assets Tax receivables 14,909 14,909 15,652 15,652 Trade and other receivables 42,985 42,985 37,730 37,730 Current loans receivable 55,296 55,296 37,606 37,606 Other current financial assets 10,092 10,092 0 0 Cash and cash equivalents 40,615 40,615 52,620 52,620 Total current financial assets 163,897 163,897 143,608 143,608 Total financial assets 163,897 163,897 143,608 143,608 Non-current financial liabilities Non-current license liabilities 3,762 3,762 8,171 8,171 Non-current lilabilities to financial institutions 38,368 38,368 29,235 29,235 Total non-current financial liabilities 42,130 42,130 37,406 37,406 Current financial liabilities Trade and other payables 65,574 65,574 70,532 70,532 Current liabilities to financial institutions 13,623 13,623 9,745 9,745 Current license liabilities 221 221 13,158 13,158 Total current financial liabilities 79,418 79,418 93,435 93,435 Total financial liabilities 121,547 121,547 130,842 130,842 Fair value hierarchy for financial instruments recognized at fair value With an exception of other current financial assets that are valued based on level 1 of inputs in accordance with IFRS 13:81, all the other financial assets are valued based on level 2 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measuer at fair value through profit and loss. Fair value of financial instruments recognized at amortised cost Due to their short term nature, the carrying value of current financial assets and liabilities is deemed a reasonable approximation to the fair value of these financial assets and liabilities. The interest rate on non-current liabilities to financial institutions is considered not to be significantly different from what the Group could achieve as of 31 December 2022, and as such the carrying amount is considered not to be significantly different from the fair value. The discount rate applied to the calculation of amortized cost for non-current license liabilities is considered not to be significantly different from the market cost of capital as of 31 December 2022, and as such the carrying amount is considered not to be significantly different from the fair value. See notes 10 and 21 for information regarding non-cash transactions related to financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1709-2": {
"value": "Note 14 \u2013 Paid in equity and shareholders (in NOK '1000, number of shares in actual figures) Number of shares Share capital Share premium reserve Total paid in equity As of 1 January 2021 15,291,885 11,316 147,610 158,926 Share capital issues 1,053,775 780 18,220 19,000 As of 31 December 2021 16,345,660 12,096 165,830 177,926 As of 1 January 2022 16,345,660 12,096 165,830 177,926 Share capital issues 882,117 653 24,578 25,230 As of 31 December 2022 17,227,777 12,749 190,408 203,156 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2022 Shareholder Number of shares Share of capital Share of votes INGER\u00d8 REITEN INVESTMENT COMPANY AS 3,563,042 20.7 % 20.7 % UBS Switzerland AG* 2,472,301 14.4 % 14.4 % J.P. Morgan SE* 1,456,000 8.5 % 8.5 % Avanza Bank AB* 865,639 5.0 % 5.0 % SOLEGLAD INVEST AS 666,668 3.9 % 3.9 % J.P. Morgan SE* 594,069 3.4 % 3.4 % Carnegie Investment Bank AB 567,757 3.3 % 3.3 % TRANBERGKOLLEN INVEST AS 525,000 3.0 % 3.0 % LEIKERANE AS 500,000 2.9 % 2.9 % SVENSKA HANDELSBANKEN AB 468,045 2.7 % 2.7 % GINKO AS 400,000 2.3 % 2.3 % J.P. Morgan SE* 266,651 1.5 % 1.5 % LARS HJARRAND 260,882 1.5 % 1.5 % SNIPTIND INVEST AS 250,757 1.5 % 1.5 % VPF FIRST OPPORTUNITIES 245,000 1.4 % 1.4 % EIVIND BJ\u00d8RNTVEDT 241,100 1.4 % 1.4 % OMA INVEST AS 220,000 1.3 % 1.3 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % ARTAL AS 160,289 0.9 % 0.9 % Total 17,227,777 81% 81% * Nominee accounts which may include multiple shareholders. See also note 25 for related parties shareholdings. Inger\u00f8 Reiten Inv. Company AS is represented on the Board by Terje Bakken and Narve Reiten. Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2022 Name Role Number of shares Comment Terje Bakken Chairman 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Narve Reiten Board member 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Kathrine Gamborg Andreassen CEO 666,668 Through Soleglad Invest AS Lars Hjarrand CFO 260,882 Ole Henrik Eriksen CBDO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 525,000 Through Tranbergkollen Invest AS Tony Brejke COO 807,117 Through 50% ownership in Agnvicen AB Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Rx 2,400 Grete Hogstad Member of the Nomination Committee 1,493 Bernt Olav R\u00f8ttingsnes Chairman of the Nomination Committee 489 Through BOR Utvikling AS Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2021 Name Role Number of shares Comment Terje Bakken Chairman 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Narve Reiten Board member 3,563,042 Through Inger\u00f8 Reiten Inv. Company AS Kathrine Gamborg Andreassen CEO 666,668 Through Soleglad Invest AS Lars Hjarrand CFO 185,882 Ole Henrik Eriksen COO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 525,000 Through Tranbergkollen Invest AS Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Specialty Pharma 2,400 Bernt Olav R\u00f8ttingsnes Chairman of the Nomination Committee 50,000 Grete Hogstad Member of the Nomination Committee 1,493 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2065-2": {
"value": "Note 15 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2022 2021 Total trade accounts payable 65,574 70,532 Accrued salaries and public duties 31,503 25,824 Accrued expenses and other current liabilities 8,568 3,900 Total other current liabilities 40,071 29,724 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2091-2": {
"value": "Note 16 \u2013 Other operating expenses (in NOK '1000) 2022 2021 Consulting, legal and audit fees 8,691 9,695 Travel expenses 2,338 1,010 Insurance 971 580 IR expenses 1,357 1,201 Marketing, freight and commissions 38,798 26,031 Regulatory fees 6,054 5,310 Other expenses 5,536 5,291 Total other operating expenses 63,745 49,118 Auditor expense recognised (in NOK '1000) 2022 2021 Statutory audit 1,110 1,014 Tax consultancy 105 0 Other assurance services 173 24 Due diligence 69 0 Total auditor expense recognised 1,457 1,038 Auditor expense amounts are excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2091-3": {
"value": "Note 16 \u2013 Other operating expenses (in NOK '1000) 2022 2021 Consulting, legal and audit fees 8,691 9,695 Travel expenses 2,338 1,010 Insurance 971 580 IR expenses 1,357 1,201 Marketing, freight and commissions 38,798 26,031 Regulatory fees 6,054 5,310 Other expenses 5,536 5,291 Total other operating expenses 63,745 49,118 Auditor expense recognised (in NOK '1000) 2022 2021 Statutory audit 1,110 1,014 Tax consultancy 105 0 Other assurance services 173 24 Due diligence 69 0 Total auditor expense recognised 1,457 1,038 Auditor expense amounts are excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2154-2": {
"value": "Note 17 \u2013 Payroll expenses (in NOK '1000) 2022 2021 Salaries 34,436 30,447 Employer's National insurance contributions 6,198 5,761 Share options for employees 839 1,784 Pension expenses \u2013 defined-contribution scheme 3,306 2,670 Other payroll expenses 3,309 3,792 Total payroll expenses 48,088 44,455 Number of FTEs 34 28 Remuneration executive personell 2022 (in NOK '1000) Salary Bonus ePension xpenses rOther emuneration Total Kathrine Gamborg Andreassen, CEO 2,711 1,874 110 433 5,128 Lars Hjarrand, CFO 1,910 463 110 808 3,291 Total remuneration executive personnell 4,621 2,337 220 1,241 8,419 Remuneration executive personell 2021 (in NOK '1000) Salary Bonus ePension xpenses rOther emuneration Total Kathrine Gamborg Andreassen, CEO 2,478 1,785 112 610 4,985 Lars Hjarrand, CFO 1,814 447 112 462 2,835 Total remuneration executive personnell 4,292 2,232 224 1,072 7,820 Executive personnell is defined as being chief executive officer (CEO) and chief financial officer (CFO). No loans were issued and no assets were pledged to the benefit of employees, shareholders or Board members in 2022 or 2021. Statement on the stipulation of salaries and other remuneration for the CEO and other executive personnel Pursuant to Section 6-16a of the Norwegian Public Limited Liability Companies Act, the Board of Navamedic has prepared a statement on the stipulation of salaries and other remuneration for the CEO and executive personnel. All pay and remuneration in the Group are based on the gross pay principle, meaning that any tax consequences of remuneration individuals receive are not the concern of the Group. The main principle in Navamedic's executive pay policy is that executive personnel will be offered competitive terms and conditions. The Group aims to offer a level of pay that reflects an average pay level in small pharmaceutical companies in the Nordic region. As a guideline, executive personnel can be awarded remuneration in addition to their basic salary (bonus), but this is limited to 75% of the annual salary and linked to the achievement of specific targets, and at the same time such that total compensation is within the average. Any bonuses to the CEO must be determined by the Board. Executive personnel can only be awarded options for the acquisition of/subscription to shares in the Company. The Company offers defined contribution-based pensions to all employees. Some executive personnel have been awarded share options. See note 23. The CEO and CFO are subject to notice periods of 6 months. The CEO has a termination payment agreement of 12 months. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2331-2": {
"value": "Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration. Quantity at 31.12.2022 Quantity at 31.12.2021 Kathrine Gamborg Andreassen, CEO 105,000 105,000 Lars Hjarrand, CFO 75,000 150,000 Total 180,000 255,000 Note 23 \u2013 Options Total costs related to options (in NOK '1000) 2022 2021 Total option cost 839 1,784 Total social security provision 131 1,007 Total costs related to options 971 2,791 Reconciliation outstanding options Number of instrumets Weighted average strike price Outstanding options 1 January 2022 585,000 18.42 Exercised -75,000 15.97 Total outstanding options 31 December 2022 510,000 18.78 There was no change in the number of outstanding options during 2021. Outstanding options 31 December 2021 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 14,46 75,000 50,000 1.50 Strike price 19,00 510,000 170,000 2.46 Total outstanding options 31 December 2021 585,000 220,000 Outstanding options 31 December 2022 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 14,46 25,000 25,000 0.50 Strike price 19,00 485,000 315,000 1.46 Total outstanding options 31 December 2022 510,000 340,000 Shares received from exercised options are subject to a lock-up period of 12 months. The lock-up obligations shall not prevent the option holders from selling an amount of the option shares necessary to finance the exercise price, as well as the tax payable as a consequence of the exercise of options. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2368-2": {
"value": "Note 18 \u2013 Financial income and expenses Financial income (in NOK '1000) 2022 2021 Interest income 3,079 2,787 Other financial income 16,385 1,248 Total financial income 19,464 4,035 Interest expenses -612 -2,501 Other financial expenses -2,804 -1,923 Total financial expenses -3,416 -4,424 Currency gains 37,278 26,497 Currency losses -46,519 -32,020 Total net currency gain/losses -9,242 -5,523 Net change in fair value of financial instruments at FVTPL -17,158 0 Net financial income and expenses -10,351 -5,912 Other financial income in 2022 contains the effects from the derecognition of cancelled license liability. The effects from the derecognition of correlated interest accrued in the previous years are included within interest expense. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2429-2": {
"value": "Note 19\u2013 Shares in associated companies Observ (in NOK '1000) e Medical ASA Carrying amount as of 1 January 2021 22,022 Share of net income (loss) -3,185 Carrying amount as of 31 December 2021 18,837 Share of net income (loss) -1,101 Disposal -17,736 Carrying amount as of 31 December 2022 0 Fair value of recognized financial investment 27,250 Carrying amount as of disposal date -17,736 Gain on disposal of associated companies 9,514 At 31 December 2021 Navamedic ASA held 21,54% of the shares in Observe Medical ASA. During 2022, following the decision not to participate in the share capital issue in Observe Medical ASA, Navamedic ownership share reduced to 7.9%. Based on the new ownership share and since significant influence over Observe medical was lost, the investment was reclassified to other current financial assets. Loan to Observe Medical ASA The Group has an outstanding loan of NOK 40.6 million at 31 December 2022 (NOK 37.6 million at 31 December 2021). Subsequent to the demerger of Observe Medical ASA in 2019, Navamedic ASA (as lender) entered into a loan agreement with Observe Medical ASA (as the borrower) for a loan of an aggregate amount of NOK 32 million. The loan was structured as a bullet loan, with repayment of the entire loan at the maturity date. The loan agreement consists of the two following facilities: \u2022 A subordinated convertible term loan facility in the amount of NOK 19 million; and \u2022 A subordinated convertible term loan facility in the maximum amount of NOK 13 million. The facilities given under the loan agreement constitute direct, unsecured and fully subordinated obligations of Observe Medical ASA, and rank at least pari passu with all other existing and future unsecured and subordinated obligations of Observe Medical ASA (other than in respect of any obligations preferred by mandatory provisions of applicable law) and rank ahead of all amounts payable in respect of the share capital. Each loan given under the facilities accrue interest at a fixed interest rate of 8.00% per annum. The subscription price in a conversion shall be equal to the volume weighted average share price of Observe Medical ASA's shares on the Oslo Axess for the last ten days prior to the conversion date, but in no event be less than the nominal value of each share. The conversion right attached to the loan to Observe Medical ASA is considered to be an embedded derivative within the scope of IFRS 9. However, since the subscription price in the conversion right is linked to the observed share price, this embedded derivative is considered to be of little or no value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2502-2": {
"value": "Note 20 \u2013 Cash (in NOK '1000) 2022 2021 Cash and cash equivalents 54,298 51,698 Restricted cash 997 922 Total cash 55,296 52,620 Restricted cash consists of tax deduction and other restricted deposit accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2520-2": {
"value": "Note 21 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2022 2021 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 38,368 29,235 Average interest rate, including margin 6.0 % 5.5 % Average remaining duration 2.3 years 2.4 years Current interest-bearing liabilities to financial institutions 2022 2021 Total current interest-bearing liabilities, nominal value (in NOK '1000) 13,623 9,745 Average interest rate, including margin 6.0 % 5.5 % Average remaining duration 1 year 1 year Interest-bearing liabilities in 2021 consisted of SEK 40 million loan with Avida Finance AB from 2020, refinanced in 2021. During 2022, an additional loan of SEK 25 million was taken and the first tranche of 2020 loan of SEK 10 million was paid. Both loans have a covenant that net interest-bearing debt should not exceed 2 times consolidated EBITDA. Net interest-bearing debt is defined as interest-bearing debt adjusted for cash. Changes in total interest-bearing liabilities to financial institutions (in NOK '1000) 2022 2021 At 1 January 38,980 20,870 Cash flow 14,522 19,500 Non-cash changes -1,510 -1,390 At 31 December 51,992 38,980 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2602-2": {
"value": "Note 22 \u2013 License liabilities (in NOK '1000) 2022 2021 Total carrying amount non-current license liabilities 3,762 8,171 Total carrying amount current license liabilities 221 13,158 Total carrying amount license liabilities 3,982 21,329 Total undiscounted amount non-current license liabilities 4,971 22,883 Average discount rate amortized cost calculation 6.0 % 3.0 % Non-current license liabilities consist of the discounted cash flows from product licensing agreements with long-term payment plans. Current license liabilities consist of the short-term part (due in less than 1 year) of the discounted cash flows from product licensing agreements. Expected undiscounted cash flows from license liabilities (in NOK '1000) 2022 2021 Year 1 221 13,292 Year 2 0 2,643 Year 3-5 4,750 6,948 Total expected undiscounted cash flows from license liabilities 4,971 22,883 The discount rate applied to the amortized cost calculations equals the effective interest rate for each agreement. For interest free agreements the estimated cost of debt that the Group could achieve on loans with similar maturity and security is applied. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2785-2": {
"value": "Note 24 \u2013 Earnings per share (in NOK '1000) 2022 2021 Net profit / loss (-) 29,431 618 Weighted average shares issued 16,806,720 16,296,580 Dilutive potential ordinary shares 215,693 133,910 Basic earnings per share 1.75 0.0380 Diluted earnings per share 1.73 0.0376 ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2813-2": {
"value": "Note 25 \u2013 Transactions with related parties TopRidge Pharma Limited, which owns 1 420 522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 18 710 thousand in 2022 and SEK 57 634 thousand in 2021. ACS Dobfar S.p.A., which owns 1 053 775 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from ACS Dobfar worth EUR 1 904 thousand in 2022 and EUR 638 thousand in 2021. ACS Dobfar became a shareholder in Navamedic in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2820-2": {
"value": "Note 26 \u2013 Tax expense and deferred tax Tax expense (in NOK '1000) 2022 2021 Profit before tax continuing operations 42,506 2,358 Tax expense Tax payable 15,672 1,740 Corrections related to previous years -124 0 Change in deferred tax for previously not recognized deferred tax asset -2,474 0 Total tax expense 13,074 1,740 Effective tax rate 30.76% 73.77% The effective tax rate in 2022 is higher than the corporate tax rates in the markets where the Group operates (20% - 22%). This is primarily due to non-capitalized deferred tax asset related to the losses in the Swedish branch. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-2857-2": {
"value": "Tax payable 2022 Navamedic AB Norwegian entities Danish branch Impolin Profit before tax 61,541 372 1,836 Permanent differences 7,234 - - Changes in temporary differences 312 - - Total basis for tax payable 69,087 372 1,836 Total Tax payable Norway, 22% 15,199 - - 15,199 Tax payable Sweden, 20.6% - - 393 393 Tax payable Denmark, 22% - 80 - 80 Total tax payable 15,199 80 393 15,672 Applied tax losses carry forward -10,807 Tax payable 4,865 During 2022, Norwegian branch of Navamedic AB was demerged and merged with Novicus Pharma AS (which became Navamedic AS after the merger). For the tax year 2022, consolidated Navamedic AS and Navamedic ASA are included under \u201cNorwegian entities\u201d in the table above. In 2022, Navamedic ASA and Navamedic AS utilized the full amount of tax losses carry forward. Reclaimable tax in Sweden incurred in 2022 is limited to the taxes paid for its Danish branch. For the tax year 2021, Norwegian branch was part of Navamedic AB whereby Navamedic AB calculated tax payable in Sweden based on consolidated profit before tax. In addition, tax was paid in Norway and Denmark for the respective branches and these taxes paid were reclaimable in Sweden. The table below summarizes these effects. Tax payable 2021 Navamedic AB Norwegian entities Norwegian branch Swedish entity* Danish branch Profit before tax -3,306 40,223 8,449 302 Permanent differences / Currency exchange differences 544 - -320 - Changes in temporary differences 4,314 - - - Deficit carried forward applied -1,575 - - - Total basis for tax payable -23 40,223 8,129 302 Total Tax payable Norway, 22% - 8,849 - - 8,849 Tax payable Sweden, 21.4% - - 1,740 - 1,740 Tax payable branches reclaimable Sweden - - -8,916 - -8,916 Tax payable Denmark, 22% - - - 66 66 Total tax payable - 8,849 -7,176 66 1,740 * consolidated Tax payable (in NOK '1000) 2022 2021 Carrying amount tax payable 1 January 10,713 2,795 Gross income tax payable excluding reclaimable tax 4,805 10,655 Taxes paid during the period -10,967 -2,700 Translation differences 157 -38 Carrying amount tax payable 31 December 4,708 10,713 In addition, tax receivables related to prepaid taxes and reclaimable tax within Navamedic AB amounting to NOK 14 909 thousand (NOK 15 652 thousand in 2021) is recognized on the balance sheet. ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-3024-2": {
"value": "Deferred tax reconciliation (in NOK '1000) 2022 2021 Property, plant & equipment 35 -64 Provisions for liabilities 3,762 20,816 Tax losses carried forward 0 49,122 Total temporary differences 3,797 69,873 Temporary differences not capitalised 0 -28,199 Total net temporary differences 3,797 41,674 Tax rate 22% 22% Net deferred tax assets (-)/ defererred tax (+) 835 9,168 Total temporary difference is significantly reduced in 2022 following the derecognition of cancelled licence liability and utilization of tax losses carry forward. Since recognized deferred tax asset was limited as of 2021, for the year 2022 additional deferred tax is recognized in the income statement to match the amount of deferred tax asset utilized for the tax losses carry forward. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-3091-2": {
"value": "Note 27 \u2013 Subsequent events On 30 January, Navamedic announced launch of Modifast, a range of low-calorie diet (LCD) meal replacement products, in the Norwegian market. Modifast is part of Navamedic's growing portfolio of products and solutions aimed at tackling obesity and consists of supplements, prescription medications, diet replacements and online patient support portals. On 16 February 2023, based on Navamedic ASA's annual general meeting's resolution to authorize the Board of directors of the Company to issue new options to the executive management and other leaders in the Group under the Company's long-term incentive program, the Board has resolved to issue 1.400.000 new options to the Company's executive management. Each option will upon exercise give the option holder the right to acquire one share in the Company. The options are granted without consideration. The exercise price of each option is NOK 33.0. Options that are not exercised within 12 months after the third anniversary of the date of grant, will subject to certain limitations, lapse without any compensation to the holder. On 29 March 2023 - Navamedic submitted a cash offer to acquire all shares in Sensidose AB, a Sweden-based pharmaceutical company that sells medicines in combination with an innovative device for individual dosing, targeting patients with advanced Parkinson's disease. The Sensidose AB shares are listed on Spotlight Stock Market in Sweden. At the time of issuance of this report the transaction is not closed. ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "Navamedic ASA ",
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"value": "Norway ",
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"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-3109-1": {
"value": "Public limited liability company ",
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"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"f24604": {
"value": "Norway ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"pp-value-3111-1": {
"value": "Henrik Ibsens gate 100, 0255 Oslo ",
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"language": "en",
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"f24620": {
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