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"pp-value-1-1": {
"value": "Note 1 \u2013 General information Navamedic ASA is a Nordic pharma company listed on the Oslo Stock Exchange. The Company is a reliable supplier of high-quality products, delivered to hospitals and through pharmacies, meeting the specific medical needs of patients and consumers. The product portfolio consists of prescription and non-prescription pharmaceuticals as well as other healthcare products registered as medical nutrition, medical devices, food supplements or cosmetics. Navamedic ASA is present in all Nordic countries, the Baltics and Benelux and has sales of specific products in other European countries like the UK and Greece. Through its subsidiaries Navamedic AB in Sweden and Navamedic AS in Norway, the Group distributes more than 40 different product brands from over 20 international partners/brand owners and manufacturers in the Europe. Navamedic\u2019s ambition is to grow by expanding its product portfolio and launching existing products in new markets. Navamedic ASA is registered and based in Norway and is listed on the Oslo Stock Exchange. Its head office is at Solli Plass in Oslo. Its visiting address is Henrik Ibsens gate 100, 0255 Oslo, Norway. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-15-1": {
"value": "Note 2 \u2013 Signficant accounting policies In order to provide users of financial statements with better clarity over important accounting policies and basis for preparation or judgement, Navamedic has included the necessary information about material policies and estimates in the respective notes. This section outlines the significant policies that are not included in the respective notes. 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. b) Transactions and balance sheet itemsTransactions 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.c) Group companiesThe 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.2.3 Translation of foreign currency a) Functional currency and presentation currencyThe 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.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. 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\u2019s chief operating decision maker is the CEO. 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. 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. 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. The Group\u2019s intangible assets consist of the following: 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. Other intangible assets Majority of Group`s other intangible assets relate to the patents for the products that Sensidose AB owns and develops. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization is commenced once the product is ready for market and necessary regulatory approvals are obtained. 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. 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. 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. 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. 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. 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 a trade receivable financing agreement with Avida Finans AB. 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 2023, 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 2023, and as such the carrying amount is considered not to be significantly different from the fair value. See note 20 for information regarding non-cash transactions related to financial liabilities. 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. 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. 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. 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 31.12.2023. the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB of SEK 135 million for which no deferred tax losses are recognized since, as of 31.12.2023, there is no convincing evidence as to what extent these losses can be utilized. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-15-2": {
"value": "Note 2 \u2013 Signficant accounting policies In order to provide users of financial statements with better clarity over important accounting policies and basis for preparation or judgement, Navamedic has included the necessary information about material policies and estimates in the respective notes. This section outlines the significant policies that are not included in the respective notes. 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. b) Transactions and balance sheet itemsTransactions 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.c) Group companiesThe 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.2.3 Translation of foreign currency a) Functional currency and presentation currencyThe 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.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. 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\u2019s chief operating decision maker is the CEO. 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. 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. 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. The Group\u2019s intangible assets consist of the following: 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. Other intangible assets Majority of Group`s other intangible assets relate to the patents for the products that Sensidose AB owns and develops. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization is commenced once the product is ready for market and necessary regulatory approvals are obtained. 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. 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. 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. 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. 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. 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 a trade receivable financing agreement with Avida Finans AB. 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 2023, 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 2023, and as such the carrying amount is considered not to be significantly different from the fair value. See note 20 for information regarding non-cash transactions related to financial liabilities. 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. 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. 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. 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 31.12.2023. the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB of SEK 135 million for which no deferred tax losses are recognized since, as of 31.12.2023, there is no convincing evidence as to what extent these losses can be utilized. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-21-1": {
"value": "2.1 Framework for preparation of the financial statements The consolidated financial statements have been prepared on the basis of historical cost. 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 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-1": {
"value": "Navamedic's consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. Navamedic monitors changes in the IFRS and adopt the changes when and if relevant. For 2023, Navamedic implemented the changes in IFRS 1 to disclose material accounting policies, instead of its significant accounting policies. Amendments to accounting policies Amendments to IAS 1, Presentation of financial statements, and IFRS Practice Statement 2, making materiality Judgements, came into force on 1 January 2023. These amendments are intended to help entities to prepare more valuable disclosures on accounting policies. Information on use of accounting policies shall be regarded as material if the information can reasonably be expected to influence users\u2019 decisions and thus is necessary in order to understand other information provided on material transactions, events or conditions in the consolidated financial statements. As a result, the description of Navamedic\u2019s accounting policies is somewhat shorter, as emphasis has been placed on disclosing important policy choices made by Navamedic. General or generic information has been deleted from the disclosure of policies in the notes. The Group has otherwise made no changes in presentation or accounting policies nor applied any new standards that materially affect its financial reporting or comparisons with previous periods. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f5600": {
"value": "The consolidated financial statements have been prepared on the assumption that the Group is a going concern. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-3": {
"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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "a) Functional currency and presentation currencyThe 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "b) Transactions and balance sheet itemsTransactions 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.c) Group companiesThe 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.2.3 Translation of foreign currency ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-47-3": {
"value": "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. The Group\u2019s intangible assets consist of the following: 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. Other intangible assets Majority of Group`s other intangible assets relate to the patents for the products that Sensidose AB owns and develops. The costs are capitalized when they meet the requirements to be considered as the development costs and amortization is commenced once the product is ready for market and necessary regulatory approvals are obtained. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-47-4": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-1": {
"value": "Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk, including, but not limited to 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 unforeseeable movements in the capital markets can have on the Group's financial results. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. Market riskOperational risk The Group is exposed to operational risk. The Group believes that such a 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 three 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 for some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and cannot 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 will 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. Credit riskThe 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 10, which shows when the Group's receivables fall due. Liquidity riskThe Group\u2019s liquidity risk is considered moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2023 is considered to be satisfactory. As at 31 December 2023, the Group had NOK 38 million in cash and cash equivalents (NOK 55 million as at 31 December 2022). The Group has outstanding loans of NOK 110 million as well as an overdraft facility of NOK 35 million as of 31.12.2023. 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 2023 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 20,848 21,611 16,861 0 4,750 0 21,611 Liabilities to financial institutions 20 146,546 146,546 51,067 16,907 15,714 62,857 146,546 Interest on liabilities to fin. institutions 20 0 23,365 7,266 6,160 4,970 4,970 23,365 Right of use liabilities 9 6,345 6,694 2,672 2,681 1,341 0 6,694 Trade account payables 14 68,300 68,300 68,300 0 0 0 68,300 Taxes payable 26 8,149 8,149 8,149 0 0 0 8,149 Other current liabilities 14 42,454 42,454 42,454 0 0 0 42,454 Total 292,641 317,118 196,769 25,748 26,775 67,827 317,118 Maturity structure of liabilities 2022 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 3,982 4,971 221 0 4,750 0 4,971 Liabilities to financial institutions 20 51,992 51,992 13,623 24,467 5,561 8,341 51,992 Interest on liabilities to fin. institutions 20 0 6,087 2,851 1,986 773 477 6,087 Right of use liabilities 9 6,726 7,401 2,195 3,471 1,735 0 7,401 Trade account payables 14 65,574 65,574 65,574 0 0 0 65,574 Taxes payable 26 4,708 4,708 4,708 0 0 0 4,708 Other current liabilities 14 40,071 40,071 40,071 0 0 0 40,071 Total 173,053 180,803 129,242 29,924 12,819 8,818 180,803 Note 4 \u2013 Segment information and revenue from contracts with customers Navamedic classifies its products into three product categories: \u2022 The RX area comprises Navamedic\u2019s prescription products and categories, including obesity, urology,neurology, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris).\u2022 The Consumer Health area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstore (NL only), the area includes obesity (Modifast \u2013products for meal replacement), gastro (brands such as Alflorex, SmectaGo and Forlax), pain (ThermaCare), cough&cold and intimate (female) health.\u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use.Operating revenues by major markets (in NOK '1000) 2023 2022 Norway 214,123 198,886 Sweden 158,916 96,742 Denmark 38,065 28,145 Finland 27,706 17,950 The Netherlands 54,009 26,365 Other countries 19,178 14,047 Total revenue 511,997 382,135 Operating revenues by product categories (in NOK '1000) 2023 2022 Precription drugs (Rx) 300,304 211,667 Hospital 102,824 90,852 Consumer health 108,869 79,616 Total revenue 511,997 382,135 Non-current assets by country * (in NOK '1000) 2023 2022 Sweden 224,501 96,447 Norway 89,686 41,950 Total 314,186 138,398 * Other than financial instruments and deferred tax assets.Note 7 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Medical devices Total Accumulated cost Balance at 1 January 2022 1,135 0 1,135 Additions 191 0 191 Disposals -1460 -146Currency translation differences -20 -2Accumulated cost at 31 December 2022 1,178 0 1,178 Balance at 1 January 2023 1,178 1,178 Additions 198 1,193 1,391 Acquisition 0 2,648 2,648 Disposals 0 0 0 Currency translation differences 5 -38-33Accumulated cost at 31 December 2023 1,381 3,803 5,184 Accumulated depreciation Balance at 1 January 2022 -3900 -390Depreciation -3280 -328Disposals 1460 146Currency translation differences 1 0 1 Balance as at 31 December 2022 -5710 -571Balance at 1 January 2023 -571-571Depreciation -388-520-909Disposals 0 0 0 Currency translation differences -4-9-13Balance as at 31 December 2023 -963-529-1,492Expected useful economic life 3-5 years5 years Carrying amounts At 1 January 2022 745 0 745 At 31 December 2022 607 0 607 At 31 December 2023 418 3,274 3,692 Note 8 \u2013 Goodwill and Intangible assets Test for impairment losses for cash generating units that contain goodwill Goodwill originates from the purchase of Vitaflo AB, Impolin AB, Sensidose AB and other minor acquisitions, including Novicus Pharma AS. For the purpose of impairment testing, goodwill, excluding Impolin and Sensidose that are tested separately, 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 31.12.2023 compared to the estimated value calculated on the basis of discounted future cash flows. The 2024-2028 business plan is used, with an average revenue growth of 13%, 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, 18%. The estimated value of the CGU exceeded the book value at 31.12.2023, 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 2024-2028 budget assumes an average revenue growth of 6%. It is assumed that by 2028 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, 13% while in the terminal value it is set to 19%. 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. From 2024, Impolin AB is merged into Navamedic AB. Impairment test \u2013 Sensidose Impairment testing for Sensidose was based on the value in use calculation that was used during the acquisition process. Updated inputs as of 31.12.2023. show no changes in the value and no impairment indicators. Note 9 \u2013 Right of use assets and liabilitiesRight of use assets (in NOK '1000) 2023 2022 Right of use assets 6,060 6,511 Total Right of use assets 6,060 6,511 (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2022 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 Depreciation -1,698 -700 -8-2,407 Additions 0 305 0 305 Adjustments 547 891 0 1,439 Currency translation differences 2 209 0 211 Balance at 31 December 2023 4,400 1,654 6 6,060 Right of use liabilities (in NOK '1000) 2023 2022 Non-current right of use liabilities 3,892 4,861 Current right of use liabilities 2,453 1,865 Total right of use liabilities 6,345 6,726 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2023 2022 Less than one year 2,672 2,195 Between one and five years 4,022 5,206 Total undiscounted lease liabilities at 31 December 6,694 7,401 Changes in right of use liabilities (in NOK '1000) 2023 2022 At 1 January 6,726 7,664 Payments -2,641-2,373Interest 303324Additions and adjustments 1,7441,126Currency translation 213 -15At 31 December 6,345 6,726 Amounts recognised in profit or loss (in NOK '1000) 2023 2022 Interest on lease liabilities 303 324 Depreciation right of use assets 2,407 2,064 Other information (in NOK '1000) 2023 2022 Lease payments for short-term leases and low value assets leases 606 526 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 10 \u2013 Trade and other receivables(in NOK '1000) 2023 2022 Trade receivables 38,043 39,464 Other receivables and prepaid expenses 12,587 3,521 Total trade and other receivables 50,631 42,985 (in NOK '1000) 2023 2022 Gross trade receivables 38,156 39,554 Provision for loss on trade receivables -112-90Total trade receivables 38,043 39,464 (in NOK '1000) 2023 2022 Provision for loss on trade receivables at 1 January -90-446Net change in provision for loss on trade receivables -97-45Loss on trade receivables 75401Total provision for loss on trade receivables at 31 December -112-90Due date profile trade receivables (in NOK '1000) 2023 2022 Not due 24,455 31,625 0-3 months8,930 4,002 > 3 months4,771 3,927 Total trade receivables 38,156 39,554 The Group has had low losses on trade receivables, and considers the risk associated with trade receivables as low. Note 11 \u2013 Inventories(in NOK '1000) 2023 2022 Inventory 104,661 81,110 Work in progress 539 0 Provisions for inventory obsolescence 0 -1,468Total inventory 105,200 79,642 Note 13 \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 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 As of 1 January 2023 17,227,777 12,749 190,408 203,156 Share capital issues 125,000 93 2,169 2,262 As of 31 December 2023 17,352,777 12,841 192,577 205,418 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2023 Shareholder Number of shares Share of capital Share of votes INGER\u00d8 REITEN INVESTMENT COMPANY A 3,563,042 20.5 % 20.5 % UBS Switzerland AG* 1,972,306 11.4 % 11.4 % J.P. Morgan SE* 1,456,000 8.4 % 8.4 % Avanza Bank AB* 937,778 5.4 % 5.4 % HAUSTA INVESTOR AS 782,913 4.5 % 4.5 % SOLEGLAD INVEST AS 691,668 4.0 % 4.0 % J.P. Morgan SE* 405,152 2.3 % 2.3 % TRANBERGKOLLEN INVEST AS 600,000 3.5 % 3.5 % LEIKERANE AS 500,000 2.9 % 2.9 % SKANDINAVISKA ENSKILDA BANKEN AB 500,000 2.9 % 2.9 % GINKO AS 500,000 2.9 % 2.9 % VI \u00d8NSKER STYREPLASS AS 455,400 2.6 % 2.6 % J.P. Morgan SE* 200,000 1.2 % 1.2 % LARS HJARRAND 285,882 1.6 % 1.6 % VPF FIRST OPPORTUNITIES 230,165 1.3 % 1.3 % EIVIND BJ\u00d8RNTVEDT 245,000 1.4 % 1.4 % OMA INVEST AS 250,000 1.4 % 1.4 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % CMDC AS 200,000 1.2 % 1.2 % Other shareholders 3,362,621 19.4 % 19.4 % Total 17,352,777 100% 100% * Nominee accounts which may include multiple shareholders. See also note 24 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 2023 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 691,668 Through Soleglad Invest AS Lars Hjarrand CFO 285,882 Ole Henrik Eriksen CBDO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 600,000 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 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 Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2023 2022 Total trade accounts payable 68,300 65,574 Accrued VAT and public duties 14,018 17,108 Accrued salaries and holiday pay 12,768 14,395 Accrued expenses and other current liabilities 15,668 8,568 Total other current liabilities 42,453 40,071 Note 15 \u2013 Other operating expenses (in NOK '1000) 2023 2022 Consulting, legal and audit fees 9,023 8,691 Transaction cost 16,061 0 Maintenance of PP&E 683 0 Travel expenses 2,816 2,338 Insurance 1,759 971 IR expenses 1,292 1,357 Marketing, freight, and commissions 47,101 38,798 Regulatory fees 9,592 6,054 Other expenses 11,549 5,536 Total other operating expenses 99,876 63,745 Note 16 \u2013 Payroll expenses (in NOK '1000) 2022 2023 34,436 Salaries 6,198 40,065 839 Employer's National insurance contributions 3,306 9,254 3,309 Share options for employees 48,088 6,603 28 Pension expenses \u2013 defined-contribution scheme 4,603 Other payroll expenses 3,147 Total payroll expenses 63,673 Number of FTEs 44 Board fees paid (in NOK '1000) 2023 2022 Terje Bakken 495 415 Narve Reiten 250 240 Jostein Davidsen 235 200 Annika Maria Kollen (from 03.06.2021) 210 200 Inger Johanne Solhaug (until 03.06.2022) 0 230 Edm\u00e8e Steenken (from 03.06.2022) 210 0 Total Board fees paid 1,400 1,285 Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2023 2022 Interest income 4,214 3,079 Other financial income 137 16,385 Total financial income 4,351 19,464 Interest expenses -7,771-612Other financial expenses -6,566-2,804Total financial expenses -14,337-3,416Currency gains 43,736 37,278 Currency losses -37,797-46,519Total net currency gain/losses 5,939 -9,242Net change in fair value of financial instruments at FVTPL -8,699-17,158 Net financial income and expenses -12,746-10,351Other 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 18\u2013 Loan to Observe Medical ASA The Group has an outstanding loan to Observe Medical ASA of NOK 49.1 million (of which NOK 5.3 million related to the new loan from 2023) at 31 December 2023 (NOK 40.6 million at 31 December 2022). In addition to the original loan from 2019, during 2023 Navamedic lent Observe Medical an additional NOK 5 million as Observe Medical was in an urgent liquidity crisis. Navamedic decided to do this to not risk the entire loan being defaulted on and with the expectation that Observe Medical would be able to get other short-/mid-term financing in place over the next few months. Observe Medical ASA subsequently succeeded with a rights issue to raise capital. As part of this issue, all creditors, including Navamedic, were asked to convert or renegotiate the current loan terms. As a result, the due dates for the Navamedic loans were extended to 31 January 2025. There were no other changes to the terms. Based on new capital structure in place and the assessment of future prospects of Observe Medical ASA business, Navamedic concluded that the recoverable amount of the loan is the same as the book value. Note 19 \u2013 Cash (in NOK '1000) 2023 2022 Cash and cash equivalents 36,901 54,298 Restricted cash 1,135 997 Total cash 38,036 55,296 Restricted cash consists of tax deduction and other restricted deposit accounts. Note 20 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2023 2022 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 95,479 38,368 Average interest rate, including margin 6.8 % 6.0 % Average remaining duration 3.45 years 2.34 years Current interest-bearing liabilities to financial institutions 2023 2022 Current interest-bearing borrowings, nominal value (in NOK '1000) 16,068 13,623 Average interest rate, including margin 6.8 % 6.0 % Average remaining duration 0.58 years 1.0 year Revolving credit facility, nominal value (in NOK '1000) 35,000 0 Average interest rate, including margin 6.9 % -Interest-bearing liabilities in 2022 consisted of SEK 55 million loan with Avida Finance AB which was fully repaid in 2023. In April 2023, Navamedic received a loan of NOK 110 million from Nordea. Nordea loan has a covenant that net interest-bearing debt should not exceed 2.75 x LTM consolidated EBITDA. Net interest-bearing debt is defined as interest-bearing debt adjusted for cash. The loan is to be partly repaid through 8 half-yearly installments of NOK 7.9 million each, starting in April 2024, with the remaining amount of NOK 47.1 million due in April 2028. In addition, Navamedic secured a revolving credit facility of up to NOK 35 million. Changes in total interest-bearing liabilities to financial institutions (in NOK '1000) 2023 2022 At 1 January 51,992 38,980 Cash flow 90,842 14,522 Acquisition 2,413 0 Currency and other changes 1,300 -1,510At 31 December 146,546 51,992 Note 21 \u2013 License liabilities (in NOK '1000) 2023 2022 Total carrying amount non-current license liabilities 3,988 3,762 Total carrying amount current license liabilities 16,861 221 Total carrying amount license liabilities 20,848 3,982 Total undiscounted amount non-current license liabilities 21,611 4,971 Average discount rate amortized cost calculation 6.0 % 6.0 % 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) 2023 2022 Year 1 16,861 221 Year 2 0 0 Year 3-5 4,750 4,750 Total expected undiscounted cash flows from license liabilities 21,611 4,971 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 22 \u2013 Options Total costs related to options (in NOK '1000) 2023 2022 Total option cost 6,603 839 Total social security provision 274 131 Total costs related to options 6,878 971 Reconciliation outstanding options Number of instrumets Weighted average strike price Outstanding options 1 January 2022 585,000 18.42 Exercised -75,00015.97 Total outstanding options 31 December 2022 510,000 18.78 Outstanding options 1 January 2023 510,000 18.78 Exercised -25,00014.46 Exercised -100,00019.00 Granted 1,400,00033.00 Total outstanding options 31 December 2023 1,785,000 29.98 Granted options 2023 Number of options granted 1,400,000 Weighted average strike price 33.00 Weighted average share price at grant time 32.70 Estimated weighted average fair value at grant time 9.29 Simulation model Monte carlo Estimated volatility 37.1 % Interest rate 3.27 % Expected dividend 0 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 Outstanding options 31 December 2023 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 19,00 385,000 385,000 0.46 Strike price 33,00 1,400,000 0 3.13 Total outstanding options 31 December 2023 1,785,000 385,000 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 23 \u2013 Earnings per share (in NOK '1000) 2023 2022 Net profit / loss (-) 3,304 29,432 Weighted average shares issued 17,274,352 16,806,720 Dilutive potential ordinary shares 338,536 215,693 Basic earnings per share 0.1913 1.7511 Diluted earnings per share 0.1876 1.7290 Note 24 \u2013Transaction with related partiesTopRidge Pharma Limited, which owns 917 522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 55 465 thousand in 2023 and SEK 18 579 thousand in 2022. 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 1 821 thousand in 2023 and EUR 1 904 thousand in 2022. ACS Dobfar became a shareholder in Navamedic in 2021. Note 25 \u2013 Subsequent events In February of 2024, Navamedic launched Eroxon, a breakthrough treatment of erectile dysfunction disorder in Norway. The product will be launched successively in the other Nordic countries during 2024. Note 26 \u2013 Tax expense and deferred tax Tax expense(in NOK '1000) 2023 2022 Profit before tax continuing operations 10,833 42,506 Tax expense Tax payable 7,858 15,672 Corrections related to previous years 261 -124Change in deferred tax -590-2,474Total tax expense 7,529 13,074 Effective tax rate 69.49% 30.76% The effective tax rate in 2023 is higer than the corporate income tax rate in the markets where the Group operates (20%-22%) primarily due to the non-deductible transaction cost, expense related to the change in fair value of financial investment and the reported loss in Sensidose AB. The effective tax rate in 2022 is higher primarily due to non-capitalized deferred tax asset related to the losses in the Swedish branch. Tax payable 2023 Navamedic AB Navamedic Navamedic (in NOK '1000) ASA AS Sweden Denmark Finland Impolin Profit before tax (not consolidated) -61,67154,133 22,919 -341,531 1,314 Group contribution 41,567-41,567 0 0 0 0 Permanent differences / Currency translation 21,685 0 -1,494431-62134 Changes in temporary differences 0 0 0 0 0 0 Total basis for tax payable 1,579 12,566 21,426 396 1,469 1,448 Total Tax payable Norway, 22% 347 2,765 0 0 0 0 2,765 Utilized tax losses carry forward -347 0 0 0 0 0 0 Tax payable Finland, 20% 0 0 0 0 294 0 294 Tax payable Sweden, 20.6% 0 0 4,414 0 0 298 4,712 Tax payable Denmark, 22% 0 0 0 87 0 0 87 Total tax payable 0 2,765 4,414 87 294 298 7,858 Tax payable 2022 Navamedic AB (in NOK '1000) Norwegian entities Danish branch Impolin Profit before tax (not consolidated) 61,541 372 1,836 Permanent differences / Currency exchange differences 7,234 0 0 Changes in temporary differences 312 0 0 Total basis for tax payable 69,087 372 1,836 Total Tax payable Norway, 22% 15,199 0 0 15,199 Tax payable Sweden, 20.6% 0 0 393 393 Tax payable Denmark, 22% 0 80 0 80 Total tax payable 15,199 80 393 15,672 Applied tax losses carry forward -10,807Tax payable 4,865 Deferred tax reconciliation (in NOK '1000) 2023 2023 2022 Deferred tax asset Deferred tax liability Deferred tax asset Property, plant & equipment 239 0 35 Intangible assets (Sensidose) 0 45,006 0 Provisions for liabilities 3,988 0 3,762 Tax losses carried forward 0 0 0 Total temporary differences 4,226 45,006 3,797 Tax rate 22% 20.6% 22% Deferred tax assets/ defererred tax liability 930 9,271 835 (in NOK '1000) 2023 2022 Carrying amount of net DTA/(DTL) 1 January 835 9,168 Acquisition (DTL) -10,0070 Utilized tax losses carry forward 0 -10,807Recognized in income statement 590 2,474Translation difference 240 0 Carrying amount of net deferred tax asset/liability (-) at 31 December -8,342835 Tax payable (in NOK '1000) 2023 2022 Carrying amount tax payable 1 January 4,708 10,713 Income tax payable excl. reclaimable tax 7,858 4,865 Taxes paid during the period -5,129 -10,967Translation differences and other efects 712 97 Carrying amount tax payable 31 December 8,149 4,708 In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 14 909 thousand (NOK 14 858 thousand in 2022) is recognized on the balance sheet. ",
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"value": "Note 3 \u2013 Financial risk management and capital management The Group's operations expose it to various types of financial risk, including, but not limited to 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 unforeseeable movements in the capital markets can have on the Group's financial results. The Group's risk management is performed by the management team in accordance with company risk policy approved by the Board. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-55-2": {
"value": "Market riskOperational risk The Group is exposed to operational risk. The Group believes that such a 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 three 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 for some Consumer Health products, is less likely to be affected since the end users typically use the products based on needs and cannot 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 will 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. ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-83-1": {
"value": "Variable interest rate risk The interest rate on the Group\u2019s loans is variable. The Group manages the variable interest rates risk by entering into the interest rate hedge agreement with Nordea. Please refer to note 20 for more details about the loan terms and interest rate hedging. Note 12 \u2013 Financial assets and liabilities (in NOK '1000) Carrying amount as at 31.12.2023 Fair value as at 31.12.2023 Carrying amount as at 31.12.2022 Fair value as at 31.12.2022 Non-current financial assets Non-current loans receivable 49,149 49,149 0 0 Total non-current financial assets 49,149 49,149 0 0 Current financial assets Tax receivables 14,858 14,858 14,909 14,909 Trade and other receivables 50,631 50,631 42,985 42,985 Current loans receivable 0 0 40,615 40,615 Other current financial assets 1,393 1,393 10,092 10,092 Cash and cash equivalents 38,036 38,036 55,296 55,296 Total current financial assets 104,918 104,918 163,897 163,897 Total financial assets 154,067 154,067 163,897 163,897 Non-current financial liabilities Non-current license liabilities 3,988 3,988 3,762 3,762 Non-current interest-bearing borrowings 95,479 95,479 38,368 38,368 Total non-current financial liabilities 99,466 99,466 42,130 42,130 Current financial liabilities Trade and other payables 68,300 68,300 65,574 65,574 Current interest-bearing borrowings 51,067 51,067 13,623 13,623 Current license liabilities 16,861 16,861 221 221 Other current liabilities 42,454 42,454 40,071 40,071 Total current financial liabilities 178,682 178,682 119,489 119,489 Total financial liabilities 278,148 278,148 161,619 161,619 ",
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"pp-value-87-2": {
"value": "Credit riskThe 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 10, which shows when the Group's receivables fall due. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-92-2": {
"value": "Liquidity riskThe Group\u2019s liquidity risk is considered moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2023 is considered to be satisfactory. As at 31 December 2023, the Group had NOK 38 million in cash and cash equivalents (NOK 55 million as at 31 December 2022). The Group has outstanding loans of NOK 110 million as well as an overdraft facility of NOK 35 million as of 31.12.2023. 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 2023 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 20,848 21,611 16,861 0 4,750 0 21,611 Liabilities to financial institutions 20 146,546 146,546 51,067 16,907 15,714 62,857 146,546 Interest on liabilities to fin. institutions 20 0 23,365 7,266 6,160 4,970 4,970 23,365 Right of use liabilities 9 6,345 6,694 2,672 2,681 1,341 0 6,694 Trade account payables 14 68,300 68,300 68,300 0 0 0 68,300 Taxes payable 26 8,149 8,149 8,149 0 0 0 8,149 Other current liabilities 14 42,454 42,454 42,454 0 0 0 42,454 Total 292,641 317,118 196,769 25,748 26,775 67,827 317,118 Maturity structure of liabilities 2022 Expected cash flows (in NOK '1000) Note Carrying amount Undiscounted amount Year 1 Year 2 Year 3 Year 4-5 Total License liabilities 21 3,982 4,971 221 0 4,750 0 4,971 Liabilities to financial institutions 20 51,992 51,992 13,623 24,467 5,561 8,341 51,992 Interest on liabilities to fin. institutions 20 0 6,087 2,851 1,986 773 477 6,087 Right of use liabilities 9 6,726 7,401 2,195 3,471 1,735 0 7,401 Trade account payables 14 65,574 65,574 65,574 0 0 0 65,574 Taxes payable 26 4,708 4,708 4,708 0 0 0 4,708 Other current liabilities 14 40,071 40,071 40,071 0 0 0 40,071 Total 173,053 180,803 129,242 29,924 12,819 8,818 180,803 ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-332-2": {
"value": "Note 4 \u2013 Segment information and revenue from contracts with customers Navamedic classifies its products into three product categories: \u2022 The RX area comprises Navamedic\u2019s prescription products and categories, including obesity, urology,neurology, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris).\u2022 The Consumer Health area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstore (NL only), the area includes obesity (Modifast \u2013products for meal replacement), gastro (brands such as Alflorex, SmectaGo and Forlax), pain (ThermaCare), cough&cold and intimate (female) health.\u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use.Operating revenues by major markets (in NOK '1000) 2023 2022 Norway 214,123 198,886 Sweden 158,916 96,742 Denmark 38,065 28,145 Finland 27,706 17,950 The Netherlands 54,009 26,365 Other countries 19,178 14,047 Total revenue 511,997 382,135 Operating revenues by product categories (in NOK '1000) 2023 2022 Precription drugs (Rx) 300,304 211,667 Hospital 102,824 90,852 Consumer health 108,869 79,616 Total revenue 511,997 382,135 Non-current assets by country * (in NOK '1000) 2023 2022 Sweden 224,501 96,447 Norway 89,686 41,950 Total 314,186 138,398 * Other than financial instruments and deferred tax assets.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-336-3": {
"value": "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\u2019s chief operating decision maker is the CEO. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-337-3": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-338-3": {
"value": "Navamedic classifies its products into three product categories: \u2022 The RX area comprises Navamedic\u2019s prescription products and categories, including obesity, urology,neurology, and cardiology products such as Mysimba\u00ae (prescription pharmaceutical for treatment of obesity), Elmiron\u00ae/Gepan\u00ae (products for the treatment of painful bladder syndrome), Flexilev (microtablets for the treatment of Parkinson\u2019s disease) and cardiology products such as Imdur\u00ae (used to prevent angina pectoris), Nitrolingual (acute relief of angina pectoris).\u2022 The Consumer Health area comprises Navamedic\u2019s over-the-counter products, available to patients without a prescription in the pharmacies or drugstore (NL only), the area includes obesity (Modifast \u2013products for meal replacement), gastro (brands such as Alflorex, SmectaGo and Forlax), pain (ThermaCare), cough&cold and intimate (female) health.\u2022 Hospital products included in tenders such as a broad portfolio of niched medical nutrition products for rare diseases such as Phenylketonuria, and intravenous antibiotics for hospital use.Operating revenues by major markets (in NOK '1000) 2023 2022 Norway 214,123 198,886 Sweden 158,916 96,742 Denmark 38,065 28,145 Finland 27,706 17,950 The Netherlands 54,009 26,365 Other countries 19,178 14,047 Total revenue 511,997 382,135 Operating revenues by product categories (in NOK '1000) 2023 2022 Precription drugs (Rx) 300,304 211,667 Hospital 102,824 90,852 Consumer health 108,869 79,616 Total revenue 511,997 382,135 Non-current assets by country * (in NOK '1000) 2023 2022 Sweden 224,501 96,447 Norway 89,686 41,950 Total 314,186 138,398 * Other than financial instruments and deferred tax assets.",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-339-1": {
"value": "Note 5 \u2013 Business combinationsBusiness combinations in 2023 On 29 March 2023, Navamedic submitted a cash offer to acquire all shares in Sensidose AB, a Sweden-based pharmaceutical company that sells drugs in combination with an innovative device for individual dosing, targeting patients with advanced Parkinson's disease. By 22 April, Navamedic acquired 57.2% of the shares and launched a mandatory public tender offer (MTO) for the remaining outstanding shares. Following the expiry of MTO on 26 May, Navamedic acquired 96.33% of the shares in Sensidose AB as well as 93.16% of the series T01 warrants. By the end of 2023, Navamedic owns 100% of the shares in Sensidose AB. IFRS is not specifically addressing the accounting for an acquisition where, in the first transaction, the acquirer gains control over another entity, and which is followed by acquisition of an additional ownership interest shortly after. Since the MTO was part of the same transactions in which Navamedic gained control over Sensidose AB, and Navamedic had no discretion to reject acceptances of the offer, Navamedic considered the initial acquisition of 57.8% and the acquisition of the additional 38.53% under the MTO as one transaction as of the acquisition date 22 April 2023. The total transaction price for 100% of the shares was NOK 102.5 million. Acquisition-related cost (transaction cost) of NOK 16.1 million is reported as other operating expense. For the period between the date of acquisition and 31 December 2023, Sensidose AB contributed NOK 5.7 million to the Group\u2019s revenues and negative NOK 6.8 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 514 million and profit before tax would have been NOK 3.4 million. Following the final purchase price allocation (PPA), the fair value of other intangible assets is measured to NOK 48.6 million established and is based on estimated royalty relief incurred by owning the intellectual property rights related to the patents Sensidose owns. Correlated deferred tax liability recognized is measured at NOK 10 million. The residual amount of NOK 49.8 million is allocated to goodwill which is primarily related to the expected benefits from geographical expansion and future sale as well as expected economic benefits from the further products development. The fair value of the identifiable assets and liabilities of the business as of acquisition date is presented in the table below. (in NOK '1000) Sensidose AB Assets Non-current assets Other intangible assets 56,757 Property, plant and equipment 2,648 Total non-current assets 59,405 Current assets Inventories 1,803 Trade and other receivables 2,661 Cash 9,467 Total current assets 13,931 Total assets 73,336 Liabilities Non-current liabilities Loans and borrowings 1,810 Total non-current liabilities 1,810 Current liabilities Loans and borrowings 602 Trade and other payables 1,961 Other current liabilities 6,251 Deferred tax liability 10,007 Total current liabilities 18,821 Total liabilities 20,632 Net identifiable assets 52,705 Goodwill 49,840 Total consideration for the shares 102,544 Business combinations in 2022 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 milestone consideration of SEK 5 million was paid out in 2023. 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. ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-356-3": {
"value": "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. 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. ",
"dimensions": {
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-356-4": {
"value": "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. 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. ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-539-1": {
"value": "Note 6 \u2013 Investments in subsidiariesOwnership Office location share 31.12 Navamedic AS* Oslo, Norway 100% Navamedic AB** Gothenburg, Sweden 100% Impolin AB*** Stockholm, Sweden 100% Sensidose 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. *** Merged with Navamedic AB from 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-539-2": {
"value": "Note 6 \u2013 Investments in subsidiariesOwnership Office location share 31.12 Navamedic AS* Oslo, Norway 100% Navamedic AB** Gothenburg, Sweden 100% Impolin AB*** Stockholm, Sweden 100% Sensidose 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. *** Merged with Navamedic AB from 2024",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-540-2": {
"value": "Note 7 \u2013 Property, plant & equipment (in NOK '1000) Office equipment Medical devices Total Accumulated cost Balance at 1 January 2022 1,135 0 1,135 Additions 191 0 191 Disposals -1460 -146Currency translation differences -20 -2Accumulated cost at 31 December 2022 1,178 0 1,178 Balance at 1 January 2023 1,178 1,178 Additions 198 1,193 1,391 Acquisition 0 2,648 2,648 Disposals 0 0 0 Currency translation differences 5 -38-33Accumulated cost at 31 December 2023 1,381 3,803 5,184 Accumulated depreciation Balance at 1 January 2022 -3900 -390Depreciation -3280 -328Disposals 1460 146Currency translation differences 1 0 1 Balance as at 31 December 2022 -5710 -571Balance at 1 January 2023 -571-571Depreciation -388-520-909Disposals 0 0 0 Currency translation differences -4-9-13Balance as at 31 December 2023 -963-529-1,492Expected useful economic life 3-5 years5 years Carrying amounts At 1 January 2022 745 0 745 At 31 December 2022 607 0 607 At 31 December 2023 418 3,274 3,692 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-722-2": {
"value": "Note 8 \u2013 Goodwill and Intangible assets Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost Balance at 1 January 2022 61,031 52,563 4,289 56,853 Derecognition 0 0 -870-870Additions 42,128 8,999 0 8,999Currency translation differences -2,416-247 0 -247Accumulated cost at 31 December 2022 100,743 61,316 3,419 64,735 Balance at 1 January 2023 100,743 61,316 3,419 64,735 Acquisition 49,840 0 56,757 56,757 Additions 0 18,927 558 19,486 Currency translation differences 6,147 1,311 -1,402-90Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Accumulated amortization Balance at 1 January 2022 0 -28,909-602-29,511Amortization 0 -3,831-1,019-4,850Currency translation differences 0 163163Balance as at 31 December 2022 0 -32,578-1,621-34,199Balance at 1 January 2023 0 -32,578-1,621-34,199Amortization 0 -3,954-4,657-8,610Currency translation differences 0 -48735 -451Balance as at 31 December 2023 0 -37,018-6,242-43,260Expected useful economic life 5-10 years 5-10 yearsCarrying amounts At 31 December 2022 100,743 28,738 1,799 30,537 At 31 December 2023 156,729 44,537 53,091 97,627 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-723-2": {
"value": "Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost Balance at 1 January 2022 61,031 52,563 4,289 56,853 Derecognition 0 0 -870-870Additions 42,128 8,999 0 8,999Currency translation differences -2,416-247 0 -247Accumulated cost at 31 December 2022 100,743 61,316 3,419 64,735 Balance at 1 January 2023 100,743 61,316 3,419 64,735 Acquisition 49,840 0 56,757 56,757 Additions 0 18,927 558 19,486 Currency translation differences 6,147 1,311 -1,402-90Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Accumulated amortization Balance at 1 January 2022 0 -28,909-602-29,511Amortization 0 -3,831-1,019-4,850Currency translation differences 0 163163Balance as at 31 December 2022 0 -32,578-1,621-34,199Balance at 1 January 2023 0 -32,578-1,621-34,199Amortization 0 -3,954-4,657-8,610Currency translation differences 0 -48735 -451Balance as at 31 December 2023 0 -37,018-6,242-43,260Expected useful economic life 5-10 years 5-10 yearsCarrying amounts At 31 December 2022 100,743 28,738 1,799 30,537 At 31 December 2023 156,729 44,537 53,091 97,627 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-723-3": {
"value": "Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost Balance at 1 January 2022 61,031 52,563 4,289 56,853 Derecognition 0 0 -870-870Additions 42,128 8,999 0 8,999Currency translation differences -2,416-247 0 -247Accumulated cost at 31 December 2022 100,743 61,316 3,419 64,735 Balance at 1 January 2023 100,743 61,316 3,419 64,735 Acquisition 49,840 0 56,757 56,757 Additions 0 18,927 558 19,486 Currency translation differences 6,147 1,311 -1,402-90Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Accumulated amortization Balance at 1 January 2022 0 -28,909-602-29,511Amortization 0 -3,831-1,019-4,850Currency translation differences 0 163163Balance as at 31 December 2022 0 -32,578-1,621-34,199Balance at 1 January 2023 0 -32,578-1,621-34,199Amortization 0 -3,954-4,657-8,610Currency translation differences 0 -48735 -451Balance as at 31 December 2023 0 -37,018-6,242-43,260Expected useful economic life 5-10 years 5-10 yearsCarrying amounts At 31 December 2022 100,743 28,738 1,799 30,537 At 31 December 2023 156,729 44,537 53,091 97,627 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-726-2": {
"value": "Test for impairment losses for cash generating units that contain goodwill Goodwill originates from the purchase of Vitaflo AB, Impolin AB, Sensidose AB and other minor acquisitions, including Novicus Pharma AS. For the purpose of impairment testing, goodwill, excluding Impolin and Sensidose that are tested separately, 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 31.12.2023 compared to the estimated value calculated on the basis of discounted future cash flows. The 2024-2028 business plan is used, with an average revenue growth of 13%, 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, 18%. The estimated value of the CGU exceeded the book value at 31.12.2023, 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 2024-2028 budget assumes an average revenue growth of 6%. It is assumed that by 2028 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, 13% while in the terminal value it is set to 19%. 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. From 2024, Impolin AB is merged into Navamedic AB. Impairment test \u2013 Sensidose Impairment testing for Sensidose was based on the value in use calculation that was used during the acquisition process. Updated inputs as of 31.12.2023. show no changes in the value and no impairment indicators. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-763-2": {
"value": "Note 9 \u2013 Right of use assets and liabilitiesRight of use assets (in NOK '1000) 2023 2022 Right of use assets 6,060 6,511 Total Right of use assets 6,060 6,511 (in NOK '1000) Land and buildings Motor vehicles Office equipment Total Balance at 1 January 2022 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 Depreciation -1,698 -700 -8-2,407 Additions 0 305 0 305 Adjustments 547 891 0 1,439 Currency translation differences 2 209 0 211 Balance at 31 December 2023 4,400 1,654 6 6,060 Right of use liabilities (in NOK '1000) 2023 2022 Non-current right of use liabilities 3,892 4,861 Current right of use liabilities 2,453 1,865 Total right of use liabilities 6,345 6,726 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2023 2022 Less than one year 2,672 2,195 Between one and five years 4,022 5,206 Total undiscounted lease liabilities at 31 December 6,694 7,401 Changes in right of use liabilities (in NOK '1000) 2023 2022 At 1 January 6,726 7,664 Payments -2,641-2,373Interest 303324Additions and adjustments 1,7441,126Currency translation 213 -15At 31 December 6,345 6,726 Amounts recognised in profit or loss (in NOK '1000) 2023 2022 Interest on lease liabilities 303 324 Depreciation right of use assets 2,407 2,064 Other information (in NOK '1000) 2023 2022 Lease payments for short-term leases and low value assets leases 606 526 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-765-3": {
"value": "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. 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. 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. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-995-2": {
"value": "Note 10 \u2013 Trade and other receivables(in NOK '1000) 2023 2022 Trade receivables 38,043 39,464 Other receivables and prepaid expenses 12,587 3,521 Total trade and other receivables 50,631 42,985 (in NOK '1000) 2023 2022 Gross trade receivables 38,156 39,554 Provision for loss on trade receivables -112-90Total trade receivables 38,043 39,464 (in NOK '1000) 2023 2022 Provision for loss on trade receivables at 1 January -90-446Net change in provision for loss on trade receivables -97-45Loss on trade receivables 75401Total provision for loss on trade receivables at 31 December -112-90Due date profile trade receivables (in NOK '1000) 2023 2022 Not due 24,455 31,625 0-3 months8,930 4,002 > 3 months4,771 3,927 Total trade receivables 38,156 39,554 The Group has had low losses on trade receivables, and considers the risk associated with trade receivables as low. Note 18\u2013 Loan to Observe Medical ASA The Group has an outstanding loan to Observe Medical ASA of NOK 49.1 million (of which NOK 5.3 million related to the new loan from 2023) at 31 December 2023 (NOK 40.6 million at 31 December 2022). In addition to the original loan from 2019, during 2023 Navamedic lent Observe Medical an additional NOK 5 million as Observe Medical was in an urgent liquidity crisis. Navamedic decided to do this to not risk the entire loan being defaulted on and with the expectation that Observe Medical would be able to get other short-/mid-term financing in place over the next few months. Observe Medical ASA subsequently succeeded with a rights issue to raise capital. As part of this issue, all creditors, including Navamedic, were asked to convert or renegotiate the current loan terms. As a result, the due dates for the Navamedic loans were extended to 31 January 2025. There were no other changes to the terms. Based on new capital structure in place and the assessment of future prospects of Observe Medical ASA business, Navamedic concluded that the recoverable amount of the loan is the same as the book value. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-999-3": {
"value": "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 a trade receivable financing agreement with Avida Finans AB. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1096-2": {
"value": "Note 11 \u2013 Inventories(in NOK '1000) 2023 2022 Inventory 104,661 81,110 Work in progress 539 0 Provisions for inventory obsolescence 0 -1,468Total inventory 105,200 79,642 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1300-3": {
"value": "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 2023, 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 2023, and as such the carrying amount is considered not to be significantly different from the fair value. See note 20 for information regarding non-cash transactions related to financial liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1302-2": {
"value": "Note 13 \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 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 As of 1 January 2023 17,227,777 12,749 190,408 203,156 Share capital issues 125,000 93 2,169 2,262 As of 31 December 2023 17,352,777 12,841 192,577 205,418 Each share has a nominal value of NOK 0,74 kr. Largest shareholders as of 31 December 2023 Shareholder Number of shares Share of capital Share of votes INGER\u00d8 REITEN INVESTMENT COMPANY A 3,563,042 20.5 % 20.5 % UBS Switzerland AG* 1,972,306 11.4 % 11.4 % J.P. Morgan SE* 1,456,000 8.4 % 8.4 % Avanza Bank AB* 937,778 5.4 % 5.4 % HAUSTA INVESTOR AS 782,913 4.5 % 4.5 % SOLEGLAD INVEST AS 691,668 4.0 % 4.0 % J.P. Morgan SE* 405,152 2.3 % 2.3 % TRANBERGKOLLEN INVEST AS 600,000 3.5 % 3.5 % LEIKERANE AS 500,000 2.9 % 2.9 % SKANDINAVISKA ENSKILDA BANKEN AB 500,000 2.9 % 2.9 % GINKO AS 500,000 2.9 % 2.9 % VI \u00d8NSKER STYREPLASS AS 455,400 2.6 % 2.6 % J.P. Morgan SE* 200,000 1.2 % 1.2 % LARS HJARRAND 285,882 1.6 % 1.6 % VPF FIRST OPPORTUNITIES 230,165 1.3 % 1.3 % EIVIND BJ\u00d8RNTVEDT 245,000 1.4 % 1.4 % OMA INVEST AS 250,000 1.4 % 1.4 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % CMDC AS 200,000 1.2 % 1.2 % Other shareholders 3,362,621 19.4 % 19.4 % Total 17,352,777 100% 100% * Nominee accounts which may include multiple shareholders. See also note 24 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 2023 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 691,668 Through Soleglad Invest AS Lars Hjarrand CFO 285,882 Ole Henrik Eriksen CBDO 500,000 Through Leikerane AS Astrid T Bratvedt CSO 600,000 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 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 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1661-2": {
"value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2023 2022 Total trade accounts payable 68,300 65,574 Accrued VAT and public duties 14,018 17,108 Accrued salaries and holiday pay 12,768 14,395 Accrued expenses and other current liabilities 15,668 8,568 Total other current liabilities 42,453 40,071 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1689-2": {
"value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2023 2022 Consulting, legal and audit fees 9,023 8,691 Transaction cost 16,061 0 Maintenance of PP&E 683 0 Travel expenses 2,816 2,338 Insurance 1,759 971 IR expenses 1,292 1,357 Marketing, freight, and commissions 47,101 38,798 Regulatory fees 9,592 6,054 Other expenses 11,549 5,536 Total other operating expenses 99,876 63,745 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1689-3": {
"value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2023 2022 Consulting, legal and audit fees 9,023 8,691 Transaction cost 16,061 0 Maintenance of PP&E 683 0 Travel expenses 2,816 2,338 Insurance 1,759 971 IR expenses 1,292 1,357 Marketing, freight, and commissions 47,101 38,798 Regulatory fees 9,592 6,054 Other expenses 11,549 5,536 Total other operating expenses 99,876 63,745 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1728-1": {
"value": "Auditor expense recognised (in NOK '1000) 2023 2022 Statutory audit 1,591 1,110 Tax consultancy 102 105 Other assurance services 202 242 Total auditor expense recognised 1,895 1,457 Auditor expense amounts are excluding VAT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1757-2": {
"value": "Note 16 \u2013 Payroll expenses (in NOK '1000) 2022 2023 34,436 Salaries 6,198 40,065 839 Employer's National insurance contributions 3,306 9,254 3,309 Share options for employees 48,088 6,603 28 Pension expenses \u2013 defined-contribution scheme 4,603 Other payroll expenses 3,147 Total payroll expenses 63,673 Number of FTEs 44 Kathrine Kathrine Gamborg Lars Gamborg Lars Andreassen Hjarrand Total Andreassen Hjarrand Total (in NOK '1000) CEO CFO 2023 CEO CFO 2022* Salary and holiday pay paid 3,068 2,111 5,179 2,611 1,871 4,482 Variable remuneration paid 1,874 463 2,337 1,784 557 2,341 Benefits in kind and other 436 434 870 273 646 919 benefits 220 Pension expenses 131 131 262 110 110 Total paid salary and 5,509 3,139 8,648 4,778 3,074 7,852 remuneration Variable remuneration 2,250 531 2,781 1,874 463 2,337 earned in 2023/2022 *Figures for 2022 are restatedExecutive 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 2023 or 2022. Board fees paid (in NOK '1000) 2023 2022 Terje Bakken 495 415 Narve Reiten 250 240 Jostein Davidsen 235 200 Annika Maria Kollen (from 03.06.2021) 210 200 Inger Johanne Solhaug (until 03.06.2022) 0 230 Edm\u00e8e Steenken (from 03.06.2022) 210 0 Total Board fees paid 1,400 1,285 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1797-3": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1796-1": {
"value": "(in NOK '1000) 2022 2023 34,436 Salaries 6,198 40,065 839 Employer's National insurance contributions 3,306 9,254 3,309 Share options for employees 48,088 6,603 28 Pension expenses \u2013 defined-contribution scheme 4,603 Other payroll expenses 3,147 Total payroll expenses 63,673 Number of FTEs 44 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1798-2": {
"value": "Kathrine Kathrine Gamborg Lars Gamborg Lars Andreassen Hjarrand Total Andreassen Hjarrand Total (in NOK '1000) CEO CFO 2023 CEO CFO 2022* Salary and holiday pay paid 3,068 2,111 5,179 2,611 1,871 4,482 Variable remuneration paid 1,874 463 2,337 1,784 557 2,341 Benefits in kind and other 436 434 870 273 646 919 benefits 220 Pension expenses 131 131 262 110 110 Total paid salary and 5,509 3,139 8,648 4,778 3,074 7,852 remuneration Variable remuneration 2,250 531 2,781 1,874 463 2,337 earned in 2023/2022 *Figures for 2022 are restatedExecutive 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 2023 or 2022. Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration. 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. Quantity at Quantity at31.12.2023 31.12.2022Kathrine Gamborg Andreassen, CEO 280,000 105,000 Lars Hjarrand, CFO 250,000 75,000 Total 530,000 180,000 The Company offers defined contribution-based pensions to all employees. Some executive personnel have been awarded share options. See note 22. 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:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1856-2": {
"value": "Quantity at Quantity at31.12.2023 31.12.2022Kathrine Gamborg Andreassen, CEO 280,000 105,000 Lars Hjarrand, CFO 250,000 75,000 Total 530,000 180,000 Note 22 \u2013 Options Total costs related to options (in NOK '1000) 2023 2022 Total option cost 6,603 839 Total social security provision 274 131 Total costs related to options 6,878 971 Reconciliation outstanding options Number of instrumets Weighted average strike price Outstanding options 1 January 2022 585,000 18.42 Exercised -75,00015.97 Total outstanding options 31 December 2022 510,000 18.78 Outstanding options 1 January 2023 510,000 18.78 Exercised -25,00014.46 Exercised -100,00019.00 Granted 1,400,00033.00 Total outstanding options 31 December 2023 1,785,000 29.98 Granted options 2023 Number of options granted 1,400,000 Weighted average strike price 33.00 Weighted average share price at grant time 32.70 Estimated weighted average fair value at grant time 9.29 Simulation model Monte carlo Estimated volatility 37.1 % Interest rate 3.27 % Expected dividend 0 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 Outstanding options 31 December 2023 Number of options Of which vested Weighted Average remaining contractual life (years) Strike price 19,00 385,000 385,000 0.46 Strike price 33,00 1,400,000 0 3.13 Total outstanding options 31 December 2023 1,785,000 385,000 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1862-2": {
"value": "Note 17 \u2013 Financial income and expenses Financial income (in NOK '1000) 2023 2022 Interest income 4,214 3,079 Other financial income 137 16,385 Total financial income 4,351 19,464 Interest expenses -7,771-612Other financial expenses -6,566-2,804Total financial expenses -14,337-3,416Currency gains 43,736 37,278 Currency losses -37,797-46,519Total net currency gain/losses 5,939 -9,242Net change in fair value of financial instruments at FVTPL -8,699-17,158 Net financial income and expenses -12,746-10,351Other 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1938-2": {
"value": "Note 19 \u2013 Cash (in NOK '1000) 2023 2022 Cash and cash equivalents 36,901 54,298 Restricted cash 1,135 997 Total cash 38,036 55,296 Restricted cash consists of tax deduction and other restricted deposit accounts. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-1956-2": {
"value": "Note 20 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2023 2022 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 95,479 38,368 Average interest rate, including margin 6.8 % 6.0 % Average remaining duration 3.45 years 2.34 years Current interest-bearing liabilities to financial institutions 2023 2022 Current interest-bearing borrowings, nominal value (in NOK '1000) 16,068 13,623 Average interest rate, including margin 6.8 % 6.0 % Average remaining duration 0.58 years 1.0 year Revolving credit facility, nominal value (in NOK '1000) 35,000 0 Average interest rate, including margin 6.9 % -Interest-bearing liabilities in 2022 consisted of SEK 55 million loan with Avida Finance AB which was fully repaid in 2023. In April 2023, Navamedic received a loan of NOK 110 million from Nordea. Nordea loan has a covenant that net interest-bearing debt should not exceed 2.75 x LTM consolidated EBITDA. Net interest-bearing debt is defined as interest-bearing debt adjusted for cash. The loan is to be partly repaid through 8 half-yearly installments of NOK 7.9 million each, starting in April 2024, with the remaining amount of NOK 47.1 million due in April 2028. In addition, Navamedic secured a revolving credit facility of up to NOK 35 million. Changes in total interest-bearing liabilities to financial institutions (in NOK '1000) 2023 2022 At 1 January 51,992 38,980 Cash flow 90,842 14,522 Acquisition 2,413 0 Currency and other changes 1,300 -1,510At 31 December 146,546 51,992 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2051-2": {
"value": "Note 21 \u2013 License liabilities (in NOK '1000) 2023 2022 Total carrying amount non-current license liabilities 3,988 3,762 Total carrying amount current license liabilities 16,861 221 Total carrying amount license liabilities 20,848 3,982 Total undiscounted amount non-current license liabilities 21,611 4,971 Average discount rate amortized cost calculation 6.0 % 6.0 % 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) 2023 2022 Year 1 16,861 221 Year 2 0 0 Year 3-5 4,750 4,750 Total expected undiscounted cash flows from license liabilities 21,611 4,971 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": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2421-2": {
"value": "Note 23 \u2013 Earnings per share (in NOK '1000) 2023 2022 Net profit / loss (-) 3,304 29,432 Weighted average shares issued 17,274,352 16,806,720 Dilutive potential ordinary shares 338,536 215,693 Basic earnings per share 0.1913 1.7511 Diluted earnings per share 0.1876 1.7290 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2451-2": {
"value": "Note 24 \u2013Transaction with related partiesTopRidge Pharma Limited, which owns 917 522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 55 465 thousand in 2023 and SEK 18 579 thousand in 2022. 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 1 821 thousand in 2023 and EUR 1 904 thousand in 2022. ACS Dobfar became a shareholder in Navamedic in 2021. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2458-2": {
"value": "Note 25 \u2013 Subsequent events In February of 2024, Navamedic launched Eroxon, a breakthrough treatment of erectile dysfunction disorder in Norway. The product will be launched successively in the other Nordic countries during 2024. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2463-2": {
"value": "Note 26 \u2013 Tax expense and deferred tax Tax expense(in NOK '1000) 2023 2022 Profit before tax continuing operations 10,833 42,506 Tax expense Tax payable 7,858 15,672 Corrections related to previous years 261 -124Change in deferred tax -590-2,474Total tax expense 7,529 13,074 Effective tax rate 69.49% 30.76% The effective tax rate in 2023 is higer than the corporate income tax rate in the markets where the Group operates (20%-22%) primarily due to the non-deductible transaction cost, expense related to the change in fair value of financial investment and the reported loss in Sensidose AB. The effective tax rate in 2022 is higher 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2464-3": {
"value": "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. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2465-3": {
"value": "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. 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 31.12.2023. the Group has no deferred tax assets recognized for tax losses carry forward. There are, however tax losses carry forward in Sensidose AB of SEK 135 million for which no deferred tax losses are recognized since, as of 31.12.2023, there is no convincing evidence as to what extent these losses can be utilized. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2508-2": {
"value": "Tax payable 2023 Navamedic AB Navamedic Navamedic (in NOK '1000) ASA AS Sweden Denmark Finland Impolin Profit before tax (not consolidated) -61,67154,133 22,919 -341,531 1,314 Group contribution 41,567-41,567 0 0 0 0 Permanent differences / Currency translation 21,685 0 -1,494431-62134 Changes in temporary differences 0 0 0 0 0 0 Total basis for tax payable 1,579 12,566 21,426 396 1,469 1,448 Total Tax payable Norway, 22% 347 2,765 0 0 0 0 2,765 Utilized tax losses carry forward -347 0 0 0 0 0 0 Tax payable Finland, 20% 0 0 0 0 294 0 294 Tax payable Sweden, 20.6% 0 0 4,414 0 0 298 4,712 Tax payable Denmark, 22% 0 0 0 87 0 0 87 Total tax payable 0 2,765 4,414 87 294 298 7,858 Tax payable 2022 Navamedic AB (in NOK '1000) Norwegian entities Danish branch Impolin Profit before tax (not consolidated) 61,541 372 1,836 Permanent differences / Currency exchange differences 7,234 0 0 Changes in temporary differences 312 0 0 Total basis for tax payable 69,087 372 1,836 Total Tax payable Norway, 22% 15,199 0 0 15,199 Tax payable Sweden, 20.6% 0 0 393 393 Tax payable Denmark, 22% 0 80 0 80 Total tax payable 15,199 80 393 15,672 Applied tax losses carry forward -10,807Tax payable 4,865 Tax payable (in NOK '1000) 2023 2022 Carrying amount tax payable 1 January 4,708 10,713 Income tax payable excl. reclaimable tax 7,858 4,865 Taxes paid during the period -5,129 -10,967Translation differences and other efects 712 97 Carrying amount tax payable 31 December 8,149 4,708 In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 14 909 thousand (NOK 14 858 thousand in 2022) is recognized on the balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2586-2": {
"value": "Deferred tax reconciliation (in NOK '1000) 2023 2023 2022 Deferred tax asset Deferred tax liability Deferred tax asset Property, plant & equipment 239 0 35 Intangible assets (Sensidose) 0 45,006 0 Provisions for liabilities 3,988 0 3,762 Tax losses carried forward 0 0 0 Total temporary differences 4,226 45,006 3,797 Tax rate 22% 20.6% 22% Deferred tax assets/ defererred tax liability 930 9,271 835 (in NOK '1000) 2023 2022 Carrying amount of net DTA/(DTL) 1 January 835 9,168 Acquisition (DTL) -10,0070 Utilized tax losses carry forward 0 -10,807Recognized in income statement 590 2,474Translation difference 240 0 Carrying amount of net deferred tax asset/liability (-) at 31 December -8,342835 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2697-1": {
"value": "Navamedic ASA ",
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"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
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},
"f18294": {
"value": "Norway ",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2699-1": {
"value": "Public limited liability company ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f18307": {
"value": "Norway ",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:529900LKVQOR2SRUJU71",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-2701-1": {
"value": "Henrik Ibsens gate 100, 0255 Oslo ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-2702-1": {
"value": " Norway ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
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"entity": "scheme:529900LKVQOR2SRUJU71",
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"f18324": {
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