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{ "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f1__s4__3__35": { "value": "37285000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f1__s4__4__35": { "value": "38036000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f1__s6__6__8-1": { "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.a) Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__7": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__13": { "value": "2.1 Framework for preparation of the financial statements Navamedic's consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared on the basis of historical cost, except for shares held at fair value through profit and loss. 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 2023. New and amended standards adopted by the group New or amended standards and interpretations issued during the current period, effective from 1 January 2024, are not expected to have material impact on the entity in the current or future periods. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. IFRS 18 is not mandatory for 31 December 2024 reporting period and has not been early adopted by the group. The group is in process of assessing the impact of IFRS 18 on the groups reporting. Other new or amended accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and has not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods. The consolidated financial statements have been prepared on the assumption that the Group is a going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__12": { "value": "2.1 Framework for preparation of the financial statements Navamedic's consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared on the basis of historical cost, except for shares held at fair value through profit and loss. 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 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__15-1": { "value": "New and amended standards adopted by the group New or amended standards and interpretations issued during the current period, effective from 1 January 2024, are not expected to have material impact on the entity in the current or future periods. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. IFRS 18 is not mandatory for 31 December 2024 reporting period and has not been early adopted by the group. The group is in process of assessing the impact of IFRS 18 on the groups reporting. Other new or amended accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and has not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods. The consolidated financial statements have been prepared on the assumption that the Group is a going concern.2.5 Correction of error Navamedic announced on the 28th of April 2025, that the Norwegian Financial Supervisory Authority of Norway (NFSA) has concluded an assessment of the 2023 financial statements and the interim 4th quarter 2024 figures. The NFSA assessment was that there were misstatements in the annual financial statements for 2023 and in the interim financial statements for 2024 related to the Company's accounting of the two loans Navamedic has to Observe Medical ASA, interest on those loans and the information provided in the notes to the accounts. Navamedic has complied with the NFSA assessment and corrected the accounts accordingly. The Group concluded based on an assessment of a variety of instances that the loans to Observe Medical ASA were credit impaired as per 31 December 2023. The Group\u2019s assessment concludes that the loans had defaulted and been assessed as stage 3 for ECL calculations in the second half of 2023. Consequently, the loan receivables, interest income and the profit for the year were overstated in the financial statements for 2023. The errors have been corrected by restating each of the affected financial statement line items for the prior periods as follows: Impact on equity (increase / decrease (-) in equity) (in NOK '1000) 31.12.2023 Non-current loans receivable -16,990 Total non-current assets -16,990 Total assets -16,990 Net impact on equity -16,990 Impact on statement of profit or loss (increase / decrease (-) in profit) (in NOK '1000) 31.12.2023 Impairment -17,402 Financial income 1) 0,412 Net financial income and expenses -16,990 Profit before tax -16,990 Net profit / loss (-) -16,990 Total comprehensive income -16,990 1) Financial income consists of positive effect from loan modification of 1,100 and negative effect from lower interest income of 688. Impact on earnings per share (EPS) (increase / decrease (-) in EPS) (in NOK) 31.12.2023 Basic earnings per share -0.984 Diluted earnings per share -0.984", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__14": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__16": { "value": "2.2 Significant accounting judgements, estimates and assumptions The preparation of the Group\u2019s consolidated financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods. Other disclosures relating to the Group\u2019s exposure to risks and uncertainties include: \u2022 Financial risk management and capital management (Note 3) \u2022 Goodwill and intangible assets (Note 8) \u2022 Loan to Observe Medical (Note 18) 2.2.1 Judgements In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which have the most significant effect on the amounts recognised in the consolidated financial statements: 2.2.1.a) Determining the classification and measurement of loans receivables The Group has issued two loans to Observe Medical ASA, a principal loan from 2019 which is convertible at certain conditions and a new loan from 2023. For both loans, the Group have applied the classification methodology in accordance with IFRS 9 to assess classification and measurement of the loan receivables. The Group has assessed whether the loans should be classified as financial instruments measured at amortised cost or fair value through profit or loss on the basis of both: \u2022 the entity's business model for managing the financial assets and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The Group has evaluated these criteria and concluded to classify the financial instruments at amortised cost. This assessment has been based on the fact that the group\u2019s goal with its business model is solely to receive contractual cash flows, and these cash flows consist only of interests and principal. For the principal loan, the Group has applied judgement in assessing the impact on the conversion opportunity. The Group recognizes the fact that the conversion opportunity can lead to a violation of SPPI requirements. The floor of the conversion price, which is equal to the nominal value of the shares in Observe Medical ASA and volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date) may be considered as criteria that point to a breach of the SPPI test as this can result in cash flows that will not only amount to payment of principal and interests. Conversion right The principal loan has a conversion right where the floor of the conversion price is equal to the nominal value of the shares in Observe Medical ASA and a volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date). The conversion option is subject to approval from the BoD of Observe Medical ASA, which can refuse the conversion to shares and repay the loan instead, which means that no direct conversion is present at the Group's discretion. In assessing that the contractual cash flows are only payment of principal and interests, the Group has considered it essential that the right of conversion functions as a mechanism to force early redemption (early settlement option), and not as a conversion right that has value in itself. Any added value by converting the loans would, based on the Group\u2019s judgment, be random due to the conditions of applying the average share price last 10 trading days before the conversion date. Shares could instead be bought directly in the market. The conversion right has been assessed to in substance represent a security for which the Group can receive shares with the same value as the outstanding loan amount if the conditions of the loans are not met by the loan taker. The conversion right is a security mechanism for the settlement of outstanding debts. The Group\u2019s assessment is that the conversion right is intended to ensure settlement of interest and principal amount, either in the form of cash or in the form of shares with an equivalent value, by which the loan is considered to be satisfy the SPPI criteria in the future. Therefore, the loan receivables have been classified and measured at amortised cost. Refer to Note 18 for more details about the loans and the basis for measurement. 2.2.1.b) Impairment losses on loan receivables In determining the expected credit losses (ECL), the Group makes the following judgments: Significant increase in credit risk (SICR): \u2022 In assessing whether a SICR has occurred for an exposure since initial recognition, the Group considers both quantitative and qualitative information and analysis. In doing so, the Group makes judgements about the appropriate indicators used as SICR triggers. The triggers that the Group has determined as appropriate include movement in probability of default (PD) and other qualitative factors, such as a default or past due event, or the loan becoming forborne. See Note 18 for further details. Multiple economic scenarios: \u2022 The Group in its measurement of ECLs makes judgements about the type and number of scenarios in order to reflect the Group\u2019s exposure to credit risk and the probability for the scenarios to occur. For example, the Group has determined that 3 scenarios are appropriate; going concern, restructuring and liquidation. See Note 16 for further disclosures relating to the different scenarios. Definition of Default: \u2022 Significant judgement exists with regards to assessing when the loan receivables are considered to have defaulted, and in assessing the parameters of ECL model such as probability of default (PD), loss given default (LGD) and exposure at default (EAD). See Note 18. Other judgements in the determination of ECL include the development of the Group\u2019s ECL model, the choice of inputs, for example which inputs are relevant assessing the exposure, see note 18 for further details. 2.2.1.c) Fair value Significant judgement is exercised in the measurement of fair value instruments as level 3 since the valuation of such instruments is driven by significant unobservable inputs. 2.2.2 Estimates and assumptions The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are described below. The Group based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, however, may change due to market changes or circumstances arising that are beyond the control of the Group. Such changes are reflected in the assumptions when they occur. Impairment of non-financial assets Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm\u2019s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculation is based on a DCF model. The cash flows are derived from the forecast for the next five years and do not include restructuring activities the Group is not yet committed to nor significant future investments that will enhance the performance of the assets of the CGU being tested. The recoverable amount is sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 8. Provision for expected credit losses of loan receivable The Group\u2019s ECL calculations are outputs based on a number of underlying assumptions regarding the different inputs and their interdependencies. Elements of the ECL calculation that involve assumptions and estimate uncertainty include: \u2022 The weightings assigned to the multiple economic scenarios in order to reflect the exposure to credit risk \u2022 The value of specific economic inputs included in the assessment, such as the financial risk of Observe Medical and the company\u2019s ability to obtain necessary funding and commercialize their products, and the effect on PDs, EADs and LGDs. See note 18 for an analysis of the inputs to the ECL model \u2022 In addition to the judgements outlined above with regards to SICR triggers, there is also an assessment of qualitative criteria to determine if there has been a significant increase or decrease in credit risk. These factors result in significant estimation uncertainty The Group will regularly review its model in the context of actual loss experience and adjust when necessary. Refer to 18 for further details on ECLs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__17-1": { "value": "2.2.1.a) Determining the classification and measurement of loans receivables The Group has issued two loans to Observe Medical ASA, a principal loan from 2019 which is convertible at certain conditions and a new loan from 2023. For both loans, the Group have applied the classification methodology in accordance with IFRS 9 to assess classification and measurement of the loan receivables. The Group has assessed whether the loans should be classified as financial instruments measured at amortised cost or fair value through profit or loss on the basis of both: \u2022 the entity's business model for managing the financial assets and \u2022 the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding The Group has evaluated these criteria and concluded to classify the financial instruments at amortised cost. This assessment has been based on the fact that the group\u2019s goal with its business model is solely to receive contractual cash flows, and these cash flows consist only of interests and principal. For the principal loan, the Group has applied judgement in assessing the impact on the conversion opportunity. The Group recognizes the fact that the conversion opportunity can lead to a violation of SPPI requirements. The floor of the conversion price, which is equal to the nominal value of the shares in Observe Medical ASA and volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date) may be considered as criteria that point to a breach of the SPPI test as this can result in cash flows that will not only amount to payment of principal and interests. Conversion right The principal loan has a conversion right where the floor of the conversion price is equal to the nominal value of the shares in Observe Medical ASA and a volume-weighted average in the conversion price (average share price over the last 10 trading days prior to the conversion date). The conversion option is subject to approval from the BoD of Observe Medical ASA, which can refuse the conversion to shares and repay the loan instead, which means that no direct conversion is present at the Group's discretion. In assessing that the contractual cash flows are only payment of principal and interests, the Group has considered it essential that the right of conversion functions as a mechanism to force early redemption (early settlement option), and not as a conversion right that has value in itself. Any added value by converting the loans would, based on the Group\u2019s judgment, be random due to the conditions of applying the average share price last 10 trading days before the conversion date. Shares could instead be bought directly in the market. The conversion right has been assessed to in substance represent a security for which the Group can receive shares with the same value as the outstanding loan amount if the conditions of the loans are not met by the loan taker. The conversion right is a security mechanism for the settlement of outstanding debts. The Group\u2019s assessment is that the conversion right is intended to ensure settlement of interest and principal amount, either in the form of cash or in the form of shares with an equivalent value, by which the loan is considered to be satisfy the SPPI criteria in the future. Therefore, the loan receivables have been classified and measured at amortised cost. Refer to Note 18 for more details about the loans and the basis for measurement.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. a) Market risk Operational 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. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. 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. Over the last two years, the value of NOK vs EUR and SEK has decreased. Although difficult to pinpoint due to several other factors affecting the margin, Navamedic\u2019s Gross Margin of Navamedic has fluctuated up to 1.3 percentage points from the changes in currency. This means that the currency risk, although not zero, is not very significant unless there are very material changes to the currency rates. 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. This means that Navamedic does not bear significant risk related to changes in interest rates. Fluctuations in interest rates also do not pose a significant risk on Navamedic\u2019s bank deposits. b) Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. 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 sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due. c) Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group has established a revolving credit facility to manage its working capital. d) Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2024 is considered to be satisfactory. As at 31 December 2024, the Group had NOK 37 million in cash and cash equivalents (NOK 38 million as at 31 December 2023). The Group has outstanding loans of NOK 94 million as well as an outstanding overdraft facility of NOK 20 million as of 31.12.2024. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 6.9% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2024 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Right of use liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 Maturity structure of liabilities 2023 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount 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 67,827 317,118Note 12 \u2013 Financial assets and liabilities Restated Restated Carrying Fair value Carrying Fair value amount as at as at amount as at as at (in NOK '1000) 31.12.2024 31.12.2024 31.12.2023 31.12.2023 Non-current financial assets Non-current loans receivable 6,196 6,196 32,159 32,159 Total non-current financial assets 6,196 6,196 32,159 32,159 Current financial assets Tax receivables 8,720 8,720 14,858 14,858 Trade and other receivables 55,909 55,909 50,631 50,631 Other current financial assets 16,194 16,194 1,393 1,393 Cash and cash equivalents 37,285 37,285 38,036 38,036 Total current financial assets 118,108 118,108 104,918 104,918 Total financial assets 124,304 124,304 137,078 137,078 Non-current financial liabilities Non-current license liabilities 21,360 21,360 3,988 3,988 Non-current interest-bearing borrowings 78,571 78,571 95,479 95,479 Total non-current financial liabilities 99,931 99,931 99,466 99,466 Current financial liabilities Trade and other payables 50,267 50,267 68,300 68,300 Current interest-bearing borrowings 35,441 35,441 51,067 51,067 Current license liabilities 0 0 16,861 16,861 Other current liabilities 47,045 47,045 42,454 42,454 Total current financial liabilities 132,752 132,752 178,682 178,682 Total financial liabilities 232,683 232,683 278,148 278,148 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 3 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measure 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 2024, 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 2024, 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__19": { "value": "2.3 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:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__18": { "value": "2.3 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__22": { "value": "2.4 Translation of foreign currency a) Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. b) Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. c) Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__25-1": { "value": "2.4 Translation of foreign currencyb) Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. c) Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__23": { "value": "a) Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__28": { "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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__27-1": { "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__31": { "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. a) Market risk Operational 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. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. 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. Over the last two years, the value of NOK vs EUR and SEK has decreased. Although difficult to pinpoint due to several other factors affecting the margin, Navamedic\u2019s Gross Margin of Navamedic has fluctuated up to 1.3 percentage points from the changes in currency. This means that the currency risk, although not zero, is not very significant unless there are very material changes to the currency rates. 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. This means that Navamedic does not bear significant risk related to changes in interest rates. Fluctuations in interest rates also do not pose a significant risk on Navamedic\u2019s bank deposits. b) Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. 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 sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due. c) Capital management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Group\u2019s capital management is to maximise the shareholder value. The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group has established a revolving credit facility to manage its working capital. d) Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2024 is considered to be satisfactory. As at 31 December 2024, the Group had NOK 37 million in cash and cash equivalents (NOK 38 million as at 31 December 2023). The Group has outstanding loans of NOK 94 million as well as an outstanding overdraft facility of NOK 20 million as of 31.12.2024. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 6.9% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2024 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Right of use liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 Maturity structure of liabilities 2023 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount 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", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__33": { "value": "a) Market risk Operational 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. Navamedic owns shares in Observe Medical ASA, a company listed on Oslo Euronext Growth trading exchange. As is the case with any company\u2019s share, the share price and value is subject to fluctuations stemming from one or more of the following factors: Economic down-turns, share trading and speculation, inability to comply to its financial and other obligations, liquidity challenges and more. Hence there is a not insignificant risk, as well as upside potential related to the value of the shares as recorded in the Navamedic accounts. 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. Over the last two years, the value of NOK vs EUR and SEK has decreased. Although difficult to pinpoint due to several other factors affecting the margin, Navamedic\u2019s Gross Margin of Navamedic has fluctuated up to 1.3 percentage points from the changes in currency. This means that the currency risk, although not zero, is not very significant unless there are very material changes to the currency rates. 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. This means that Navamedic does not bear significant risk related to changes in interest rates. Fluctuations in interest rates also do not pose a significant risk on Navamedic\u2019s bank deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__34": { "value": "b) Credit risk The Group is exposed to concentrations of credit risk for non-current loans receivable. For trade receivables and other current receivables the Group is not exposed to significant risk given the short-term nature of these receivables. 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 sales directly to consumers is relatively low. See also note 10, which shows when the Group's receivables fall due.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__35": { "value": "d) Liquidity risk The Group\u2019s liquidity risk is considered low to moderate as at 31 December, and the Group\u2019s liquidity situation as at 31 December 2024 is considered to be satisfactory. As at 31 December 2024, the Group had NOK 37 million in cash and cash equivalents (NOK 38 million as at 31 December 2023). The Group has outstanding loans of NOK 94 million as well as an outstanding overdraft facility of NOK 20 million as of 31.12.2024. The Group continually monitors the liquidity risk associated with the due dates for financial liabilities. Expected cash flows from interests on liabilities to financial institutions are based on an interest rate of 6.9% for all years. The table below illustrates the maturity structure of liabilities: Maturity structure of liabilities 2024 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount amount Year 1 Year 2 Year 3 Year 4 Total License liabilities 21 21,360 21,882 0 17,132 4,750 0 21,882 Liabilities to financial institutions 20 114,012 114,012 35,441 15,714 15,714 47,143 114,012 Interest on liabilities to fin. institutions 20 0 15,993 6,054 4,970 3,885 1,084 15,993 Right of use liabilities 9 4,561 4,699 2,985 1,143 571 0 4,699 Trade account payables 14 50,267 50,267 50,267 0 0 0 50,267 Taxes payable 26 5,198 5,198 5,198 0 0 0 5,198 Other current liabilities 14 47,045 47,045 47,045 0 0 0 47,045 Total 242,442 259,096 146,989 38,959 24,921 48,227 259,096 Maturity structure of liabilities 2023 Expected cash flows Carrying Undiscounted (in NOK '1000) Note amount 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", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__40": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment, the Pharma and healthcare division. The reporting structure reflects the Company\u2019s business and product composition. The Pharma and healthcare division consists of pharmaceuticals and medical nutrition products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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) 2024 2023 Norway 201,650 214,123 Sweden 185,536 158,916 Denmark 38,861 38,065 Finland 36,238 27,706 The Netherlands 34,747 54,009 Other countries 34,404 19,178 Total revenue 531,436 511,997 Operating revenues by product categories (in NOK '1000) 2024 2023 Prescription drugs (Rx) 265,517 300,304 Hospital 112,336 102,824 Consumer health 130,783 108,869 Other \u2013 outlicensing 22,800 0 Total revenue 531,436 511,997 Non-current assets by country * Restated (in NOK '1000) 2024 2023 Sweden 224,950 224,501 Norway 42,530 72,696 Total 267,480 297,197 * Other than financial instruments and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__39": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment, the Pharma and healthcare division. The reporting structure reflects the Company\u2019s business and product composition. The Pharma and healthcare division consists of pharmaceuticals and medical nutrition products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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) 2024 2023 Norway 201,650 214,123 Sweden 185,536 158,916 Denmark 38,861 38,065 Finland 36,238 27,706 The Netherlands 34,747 54,009 Other countries 34,404 19,178 Total revenue 531,436 511,997 Operating revenues by product categories (in NOK '1000) 2024 2023 Prescription drugs (Rx) 265,517 300,304 Hospital 112,336 102,824 Consumer health 130,783 108,869 Other \u2013 outlicensing 22,800 0 Total revenue 531,436 511,997 Non-current assets by country * Restated (in NOK '1000) 2024 2023 Sweden 224,950 224,501 Norway 42,530 72,696 Total 267,480 297,197 * Other than financial instruments and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__38": { "value": "Note 4 \u2013 Segment information and revenue from contracts with customers Operating segments are identified based on the reporting the management team uses to evaluate performance and profitability at a strategic level. Navamedic has only one segment, the Pharma and healthcare division. The reporting structure reflects the Company\u2019s business and product composition. The Pharma and healthcare division consists of pharmaceuticals and medical nutrition products that Navamedic markets, sells and distributes to hospitals, pharmacies and patients, bought from product suppliers and manufacturers in Europe and other places. Navamedic\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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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) 2024 2023 Norway 201,650 214,123 Sweden 185,536 158,916 Denmark 38,861 38,065 Finland 36,238 27,706 The Netherlands 34,747 54,009 Other countries 34,404 19,178 Total revenue 531,436 511,997 Operating revenues by product categories (in NOK '1000) 2024 2023 Prescription drugs (Rx) 265,517 300,304 Hospital 112,336 102,824 Consumer health 130,783 108,869 Other \u2013 outlicensing 22,800 0 Total revenue 531,436 511,997 Non-current assets by country * Restated (in NOK '1000) 2024 2023 Sweden 224,950 224,501 Norway 42,530 72,696 Total 267,480 297,197 * Other than financial instruments and deferred tax assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__41": { "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. 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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__37": { "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. 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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__5-1": { "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. 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. Revenues from outlicensing of products owned by Navamedic are recognized when milestones are reached. 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 \u2013 products for meal replacement), gastro (brands such as Alflorex, SmectaGo and ForlaxGo), pain (ThermaCare), cough&cold and intimate 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.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.The Group assesses at contract inception whether a contract is, or contains, a lease. 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 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. 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. Trade receivables are non-interest bearing and are generally on terms of 30 days.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.Note 2 \u2013 Significant 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.2.1 Framework for preparation of the financial statements Navamedic's consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU. The consolidated financial statements have been prepared on the basis of historical cost, except for shares held at fair value through profit and loss. 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 2023. New and amended standards adopted by the group New or amended standards and interpretations issued during the current period, effective from 1 January 2024, are not expected to have material impact on the entity in the current or future periods. New standards and interpretations not yet adopted IFRS 18 Presentation and Disclosure in Financial Statements was issued on 9 April 2024. IFRS 18 is not mandatory for 31 December 2024 reporting period and has not been early adopted by the group. The group is in process of assessing the impact of IFRS 18 on the groups reporting. Other new or amended accounting standards and interpretations have been published that are not mandatory for 31 December 2024 reporting periods and has not been early adopted by the group. These standards are not expected to have a material impact on the entity in the current or future reporting periods. The consolidated financial statements have been prepared on the assumption that the Group is a going concern.2.3 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.2.4 Translation of foreign currency a) Functional currency and presentation currency The accounts of the individual units in the Group are measured in the currency that is mainly used in the economic area in which the unit operates (functional currency). The consolidated financial statements are presented in NOK, which is both the parent company's functional currency and its presentation currency. b) Transactions and balance sheet items Transactions in foreign currency are translated to the functional currency using the transaction's exchange rate. Realized currency gains and losses that arise during the settlement and translation of monetary items in foreign currency at the exchange rate on the balance sheet date are recognized through profit or loss. Currency gains and losses are presented (net) as financial income or financial expenses. c) Group companies The income statements and balance sheets of group companies with functional currencies different from the presentation currency are translated in the following way: a) balance sheets are translated using the exchange rate on the balance sheet date. b) income statements are translated using the average exchange rate for the year. c) translation differences are recognized in other comprehensive income and specified in equity as a separate item. Goodwill and excess values upon the acquisition of a foreign unit are treated as assets and liabilities in the acquired unit and translated at the exchange rate on the balance sheet date. Translation differences that arise are recognized in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__43": { "value": "Note 5 \u2013 Business combinations 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. Business 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 owned 100% of the shares in Sensidose AB. 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. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__44": { "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": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__47": { "value": "Note 6 \u2013 Investments in subsidiaries Ownership Office location share 31.12 Navamedic AS Oslo, Norway 100% Navamedic AB* Gothenburg, Sweden 100% Sensidose AB Stockholm, Sweden 100% * The subsidiary Navamedic AB has branches in Denmark and Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__46": { "value": "Note 6 \u2013 Investments in subsidiaries Ownership Office location share 31.12 Navamedic AS Oslo, Norway 100% Navamedic AB* Gothenburg, Sweden 100% Sensidose AB Stockholm, Sweden 100% * The subsidiary Navamedic AB has branches in Denmark and Finland. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__50-1": { "value": "Note 7 \u2013 Property, plant & equipment Office Medical (in NOK '1000) equipment devices Total Accumulated cost 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 -33 Accumulated cost at 31 December 2023 1,381 3,803 5,184 Balance at 1 January 2024 1,381 3,803 5,184 Additions 0 1,933 1,933 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 2 61 63 Accumulated cost at 31 December 2024 1,383 5,797 7,180 Office Medical (in NOK '1000) equipment devices Total Accumulated depreciation Balance at 1 January 2023 -571 0 -571 Depreciation -388 -520 -909 Disposals 0 0 0 Currency translation differences -4 -9 -13 Balance as at 31 December 2023 -963 -529 -1,492 Balance at 1 January 2024 -963 -529 -1,492 Depreciation -304 -872 -1,175 Disposals 0 0 0 Currency translation differences -1 -18 -19 Balance as at 31 December 2024 -1,268 -1,419 -2,687 Expected useful economic life 3-5 years 5 years Carrying amounts At 1 January 2023 607 0 607 At 31 December 2023 418 3,274 3,692 At 31 December 2024 115 4,378 4,493Note 8 \u2013 Goodwill and Intangible assets 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 commences once the product is ready for market and necessary regulatory approvals are obtained. Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost 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 -90 Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Balance at 1 January 2024 156,729 81,554 59,333 140,687 Acquisition 0 0 0 0 Additions 0 1,605 2,234 3,839 Currency translation differences 2,322 505 1,370 1,875 Accumulated cost at 31 December 2024 159,051 83,665 62,937 146,602 Accumulated amortization Balance at 1 January 2023 0 -32,578 -1,621 -34,199 Amortization 0 -3,954 -4,657 -8,610 Currency translation differences 0 -487 35 -451 Balance as at 31 December 2023 0 -37,018 -6,242 -43,260 Balance at 1 January 2024 0 -37,018 -6,242 -43,260 Amortization 0 -4,006 -6,482 -10,488 Currency translation differences -133 -160 -293 Balance as at 31 December 2024 0 -41,157 -12,884 -54,041 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2023 156,729 44,537 53,091 97,627 At 31 December 2024 159,051 42,508 50,053 92,561 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 has been allocated to the Group's cash generating units ('CGU'), being the Pharma and Sensidose division with the following carrying value at 31.12.2024: \u25aa Pharma division: NOK 109 million \u25aa Sensidose division: NOK 50 million 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 CGUs at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2029 business plan is used, with an average revenue growth of 9%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.6% was used to discount future cash flows. The resulting EBITDA margin is, on average, 11% based on the business plan for 2025-2029. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 Sensidose Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. Cash flows include sales from launch of new products in existing and new markets by distribution from both Navamedic and an exclusive partner in selective markets. The test is based on the book value of the goodwill at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2032 business plan is used, with an average revenue growth of 99%, after which it is assumed a 1.0% growth. A period of seven years is used to reflect that the products are in launch stage and will not reach steady state within a five year period as we expect to launch the products in additional geographies over the next 2-3 years. A discount rate pre-tax of 9.6% was used to discount future cash flows. EBITDA margin during the explicit period is, on average, 40% while in the terminal value it is set to 52% based on the business plan for 2025-2032. The margin of the products is higher than average and will increase gradually during launch / investment stage and reach higher margin in steady state. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 impairments.Note 9 \u2013 Right of use assets and liabilities The Group assesses at contract inception whether a contract is, or contains, a lease. 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 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. 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. Right of use assets (in NOK '1000) 2024 2023 Right of use assets 4,246 6,060 Total Right of use assets 4,246 6,060 Land and Motor Office (in NOK '1000) buildings vehicles equipment Total Balance at 1 January 2023 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 Depreciation -2,163 -925 -6 -3,094 Additions 966 300 0 1,266 Adjustments 0 0 0 0 Currency translation differences 4 10 0 14 Balance at 31 December 2024 3,206 1,039 0 4,246 Right of use liabilities (in NOK '1000) 2024 2023 Non-current right of use liabilities 1,694 3,892 Current right of use liabilities 2,868 2,453 Total right of use liabilities 4,561 6,345 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2024 2023 Less than one year 2,985 2,672 Between one and five years 1,714 4,022 Total undiscounted lease liabilities at 31 December 4,699 6,694 Changes in right of use liabilities (in NOK '1000) 2024 2023 At 1 January 6,345 6,726 Payments -3,314 -2,641 Interest 252 303 Additions and adjustments 1,267 1,744 Currency translation 12 213 At 31 December 4,561 6,345 Amounts recognised in profit or loss (in NOK '1000) 2024 2023 Interest on lease liabilities 252 303 Depreciation right of use assets 3,094 2,407 Other information (in NOK '1000) 2024 2023 Lease payments for short-term leases and low value assets leases 759 606 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:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__49": { "value": "Note 7 \u2013 Property, plant & equipment Office Medical (in NOK '1000) equipment devices Total Accumulated cost 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 -33 Accumulated cost at 31 December 2023 1,381 3,803 5,184 Balance at 1 January 2024 1,381 3,803 5,184 Additions 0 1,933 1,933 Acquisition 0 0 0 Disposals 0 0 0 Currency translation differences 2 61 63 Accumulated cost at 31 December 2024 1,383 5,797 7,180 Office Medical (in NOK '1000) equipment devices Total Accumulated depreciation Balance at 1 January 2023 -571 0 -571 Depreciation -388 -520 -909 Disposals 0 0 0 Currency translation differences -4 -9 -13 Balance as at 31 December 2023 -963 -529 -1,492 Balance at 1 January 2024 -963 -529 -1,492 Depreciation -304 -872 -1,175 Disposals 0 0 0 Currency translation differences -1 -18 -19 Balance as at 31 December 2024 -1,268 -1,419 -2,687 Expected useful economic life 3-5 years 5 years Carrying amounts At 1 January 2023 607 0 607 At 31 December 2023 418 3,274 3,692 At 31 December 2024 115 4,378 4,493", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__55": { "value": "Note 8 \u2013 Goodwill and Intangible assets 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 commences once the product is ready for market and necessary regulatory approvals are obtained. Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost 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 -90 Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Balance at 1 January 2024 156,729 81,554 59,333 140,687 Acquisition 0 0 0 0 Additions 0 1,605 2,234 3,839 Currency translation differences 2,322 505 1,370 1,875 Accumulated cost at 31 December 2024 159,051 83,665 62,937 146,602 Accumulated amortization Balance at 1 January 2023 0 -32,578 -1,621 -34,199 Amortization 0 -3,954 -4,657 -8,610 Currency translation differences 0 -487 35 -451 Balance as at 31 December 2023 0 -37,018 -6,242 -43,260 Balance at 1 January 2024 0 -37,018 -6,242 -43,260 Amortization 0 -4,006 -6,482 -10,488 Currency translation differences -133 -160 -293 Balance as at 31 December 2024 0 -41,157 -12,884 -54,041 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2023 156,729 44,537 53,091 97,627 At 31 December 2024 159,051 42,508 50,053 92,561 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 has been allocated to the Group's cash generating units ('CGU'), being the Pharma and Sensidose division with the following carrying value at 31.12.2024: \u25aa Pharma division: NOK 109 million \u25aa Sensidose division: NOK 50 million 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 CGUs at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2029 business plan is used, with an average revenue growth of 9%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.6% was used to discount future cash flows. The resulting EBITDA margin is, on average, 11% based on the business plan for 2025-2029. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 Sensidose Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. Cash flows include sales from launch of new products in existing and new markets by distribution from both Navamedic and an exclusive partner in selective markets. The test is based on the book value of the goodwill at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2032 business plan is used, with an average revenue growth of 99%, after which it is assumed a 1.0% growth. A period of seven years is used to reflect that the products are in launch stage and will not reach steady state within a five year period as we expect to launch the products in additional geographies over the next 2-3 years. A discount rate pre-tax of 9.6% was used to discount future cash flows. EBITDA margin during the explicit period is, on average, 40% while in the terminal value it is set to 52% based on the business plan for 2025-2032. The margin of the products is higher than average and will increase gradually during launch / investment stage and reach higher margin in steady state. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 impairments.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__54": { "value": "Note 8 \u2013 Goodwill and Intangible assets 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 commences once the product is ready for market and necessary regulatory approvals are obtained. Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost 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 -90 Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Balance at 1 January 2024 156,729 81,554 59,333 140,687 Acquisition 0 0 0 0 Additions 0 1,605 2,234 3,839 Currency translation differences 2,322 505 1,370 1,875 Accumulated cost at 31 December 2024 159,051 83,665 62,937 146,602 Accumulated amortization Balance at 1 January 2023 0 -32,578 -1,621 -34,199 Amortization 0 -3,954 -4,657 -8,610 Currency translation differences 0 -487 35 -451 Balance as at 31 December 2023 0 -37,018 -6,242 -43,260 Balance at 1 January 2024 0 -37,018 -6,242 -43,260 Amortization 0 -4,006 -6,482 -10,488 Currency translation differences -133 -160 -293 Balance as at 31 December 2024 0 -41,157 -12,884 -54,041 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2023 156,729 44,537 53,091 97,627 At 31 December 2024 159,051 42,508 50,053 92,561 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 has been allocated to the Group's cash generating units ('CGU'), being the Pharma and Sensidose division with the following carrying value at 31.12.2024: \u25aa Pharma division: NOK 109 million \u25aa Sensidose division: NOK 50 million 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 CGUs at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2029 business plan is used, with an average revenue growth of 9%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.6% was used to discount future cash flows. The resulting EBITDA margin is, on average, 11% based on the business plan for 2025-2029. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 Sensidose Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. Cash flows include sales from launch of new products in existing and new markets by distribution from both Navamedic and an exclusive partner in selective markets. The test is based on the book value of the goodwill at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2032 business plan is used, with an average revenue growth of 99%, after which it is assumed a 1.0% growth. A period of seven years is used to reflect that the products are in launch stage and will not reach steady state within a five year period as we expect to launch the products in additional geographies over the next 2-3 years. A discount rate pre-tax of 9.6% was used to discount future cash flows. EBITDA margin during the explicit period is, on average, 40% while in the terminal value it is set to 52% based on the business plan for 2025-2032. The margin of the products is higher than average and will increase gradually during launch / investment stage and reach higher margin in steady state. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 impairments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__52": { "value": "Note 8 \u2013 Goodwill and Intangible assets 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 commences once the product is ready for market and necessary regulatory approvals are obtained. Intangible assets Other Total intangible intangible (in NOK '1000) Goodwill Licenses assets assets Accumulated cost 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 -90 Accumulated cost at 31 December 2023 156,729 81,554 59,333 140,887 Balance at 1 January 2024 156,729 81,554 59,333 140,687 Acquisition 0 0 0 0 Additions 0 1,605 2,234 3,839 Currency translation differences 2,322 505 1,370 1,875 Accumulated cost at 31 December 2024 159,051 83,665 62,937 146,602 Accumulated amortization Balance at 1 January 2023 0 -32,578 -1,621 -34,199 Amortization 0 -3,954 -4,657 -8,610 Currency translation differences 0 -487 35 -451 Balance as at 31 December 2023 0 -37,018 -6,242 -43,260 Balance at 1 January 2024 0 -37,018 -6,242 -43,260 Amortization 0 -4,006 -6,482 -10,488 Currency translation differences -133 -160 -293 Balance as at 31 December 2024 0 -41,157 -12,884 -54,041 Expected useful economic life 5-10 years 5-10 years Carrying amounts At 31 December 2023 156,729 44,537 53,091 97,627 At 31 December 2024 159,051 42,508 50,053 92,561 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 has been allocated to the Group's cash generating units ('CGU'), being the Pharma and Sensidose division with the following carrying value at 31.12.2024: \u25aa Pharma division: NOK 109 million \u25aa Sensidose division: NOK 50 million 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 CGUs at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2029 business plan is used, with an average revenue growth of 9%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.6% was used to discount future cash flows. The resulting EBITDA margin is, on average, 11% based on the business plan for 2025-2029. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 Sensidose Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. Cash flows include sales from launch of new products in existing and new markets by distribution from both Navamedic and an exclusive partner in selective markets. The test is based on the book value of the goodwill at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2032 business plan is used, with an average revenue growth of 99%, after which it is assumed a 1.0% growth. A period of seven years is used to reflect that the products are in launch stage and will not reach steady state within a five year period as we expect to launch the products in additional geographies over the next 2-3 years. A discount rate pre-tax of 9.6% was used to discount future cash flows. EBITDA margin during the explicit period is, on average, 40% while in the terminal value it is set to 52% based on the business plan for 2025-2032. The margin of the products is higher than average and will increase gradually during launch / investment stage and reach higher margin in steady state. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 impairments.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__56": { "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 has been allocated to the Group's cash generating units ('CGU'), being the Pharma and Sensidose division with the following carrying value at 31.12.2024: \u25aa Pharma division: NOK 109 million \u25aa Sensidose division: NOK 50 million 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 CGUs at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2029 business plan is used, with an average revenue growth of 9%, after which it is assumed a 1.0% growth. A discount rate pre-tax of 9.6% was used to discount future cash flows. The resulting EBITDA margin is, on average, 11% based on the business plan for 2025-2029. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 Sensidose Impairment testing is based on value-in-use calculations, determined by discounting the estimated future cash flows to be generated by the CGU. Cash flows include sales from launch of new products in existing and new markets by distribution from both Navamedic and an exclusive partner in selective markets. The test is based on the book value of the goodwill at 31.12.2024 compared to the estimated value calculated on the basis of discounted future cash flows. The 2025-2032 business plan is used, with an average revenue growth of 99%, after which it is assumed a 1.0% growth. A period of seven years is used to reflect that the products are in launch stage and will not reach steady state within a five year period as we expect to launch the products in additional geographies over the next 2-3 years. A discount rate pre-tax of 9.6% was used to discount future cash flows. EBITDA margin during the explicit period is, on average, 40% while in the terminal value it is set to 52% based on the business plan for 2025-2032. The margin of the products is higher than average and will increase gradually during launch / investment stage and reach higher margin in steady state. The estimated value of the CGU exceeded the book value at 31.12.2024, 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 impairments.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__59": { "value": "Note 9 \u2013 Right of use assets and liabilities The Group assesses at contract inception whether a contract is, or contains, a lease. 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 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. 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. Right of use assets (in NOK '1000) 2024 2023 Right of use assets 4,246 6,060 Total Right of use assets 4,246 6,060 Land and Motor Office (in NOK '1000) buildings vehicles equipment Total Balance at 1 January 2023 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 Depreciation -2,163 -925 -6 -3,094 Additions 966 300 0 1,266 Adjustments 0 0 0 0 Currency translation differences 4 10 0 14 Balance at 31 December 2024 3,206 1,039 0 4,246 Right of use liabilities (in NOK '1000) 2024 2023 Non-current right of use liabilities 1,694 3,892 Current right of use liabilities 2,868 2,453 Total right of use liabilities 4,561 6,345 Maturity analysis contractual undiscounted cash flows (in NOK '1000) 2024 2023 Less than one year 2,985 2,672 Between one and five years 1,714 4,022 Total undiscounted lease liabilities at 31 December 4,699 6,694 Changes in right of use liabilities (in NOK '1000) 2024 2023 At 1 January 6,345 6,726 Payments -3,314 -2,641 Interest 252 303 Additions and adjustments 1,267 1,744 Currency translation 12 213 At 31 December 4,561 6,345 Amounts recognised in profit or loss (in NOK '1000) 2024 2023 Interest on lease liabilities 252 303 Depreciation right of use assets 3,094 2,407 Other information (in NOK '1000) 2024 2023 Lease payments for short-term leases and low value assets leases 759 606 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__60": { "value": "The Group assesses at contract inception whether a contract is, or contains, a lease. 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 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__65-1": { "value": "Note 10 \u2013 Trade and other receivables Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. (in NOK '1000) 2024 2023 Trade receivables 45,592 38,043 Other receivables 1,650 1,968 Prepaid expenses 8,667 10,620 Total trade and other receivables 55,909 50,631 (in NOK '1000) 2024 2023 Gross trade receivables 45,592 38,156 Provision for loss on trade receivables 0 -112 Total trade receivables 45,592 38,043 (in NOK '1000) 2024 2023 Provision for loss on trade receivables at 1 January -112 -90 Net change in provision for loss on trade receivables 105 -97 Loss on trade receivables 8 75 Total provision for loss on trade receivables at 31 December 0 -112 Due date profile trade receivables (in NOK '1000) 2024 2023 Not due 31,585 24,455 0-3 months 9,246 8,930 > 3 months 4,762 4,771 Total trade receivables 45,592 38,156 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 Navamedic has entered into two loan agreements with Observe Medical ASA as borrower for; i) a convertible loan (with specific conditions) with an outstanding principal amount of NOK 32,000,000 plus accrued interest, entered into on 27 September 2019 and ii) a loan with an outstanding principal amount of NOK 5,000,000 plus accrued interest (liquidity loan), entered into on 6 September 2023 secured with collateral in shares in Biim Ultrasound AS (a subsidiary of Observe Medical ASA). The loans are classified as financial assets measured at amortized cost based on judgment, by considering the Group\u2019s business model for managing the financial assets and the contractual terms of the financial assets to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Refer to note 2.2.1 for more information on this judgmental assessment. Assessment of increase in credit risk: When assessing the estimated credit loss, the Group have assessed whether a significant increase in credit risk has occurred and the timing of the facts and circumstances leading to a conclusion that a significant increase in credit risk has occurred, assessing both quantitative and qualitative information and analysis of Observe Medical ASA. Assessment as per 31 December 2023: As a part of a qualitative assessment of whether the loans were credit-impaired as per 31December 2023, the Group considered a variety of instances that indicated that the loans were credit-impaired. The following circumstances indicated that a loan (financial asset) is credit impaired: i. significant financial difficulty; ii. a breach of contract, such as a default or past due event; iii. Amendments to a loan agreement as a result of financial difficulty When such events occur, the Group has considered whether the events should result in treating the borrower as defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 is appropriate. Such events have been: \u2022 Observe Medical initiated in beginning of 2023 discussions with its creditors to enter into agreements to defer payments \u2022 In the first half of 2023, the borrower informed that they failed to meet the growth targets and that there was uncertainty about funding and the ability to meet future obligations \u2022 The financial difficulties of the borrower resulted in the principal loan from 2019 with face value NOK 32 million being forborne and amended in September 2023 with an extended loan terms \u2022 The borrower requested emergency funding by taking out a liquidity loan from the Group in September 2023 \u2022 The borrower executed a rights issue in November 2023 aiming to raise between MNOK 18 to MNOK 55 in gross proceeds to cover short term liquidity needs \u2022 Further delays in commercialization of both Sippi and Biim (the products) resulting in lack of increase of revenues during 2023 \u2022 Significant decrease in market capitalization of Observe Medical ASA during 2023 The Group\u2019s assessment concludes that the loans had defaulted and been assessed as stage 3 for ECL calculations. The renegotiations of the loans in September 2023 resulted in recognition of a modification effect of a net gain of MNOK 1.1 after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. As the calculated effect was below 10%, the loans were not derecognized/recognized. Assessment as per 31 December 2024: The Group continued to assess the development of Observe Medical\u2019s financial situation into 2024 by making the same qualitative assessment of whether the loans still were credit impaired. The Group considered whether the events should result in treating the loans as continued to be defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 would be appropriate. Such events assessed were: \u2022 Observe Medical completed a Private Placement in June 2024 obtaining cash of MNOK 22 in which Navamedic did not participate \u2022 In relation to the \u201csubsequent offering\u201d in November 2024 Observe Medical issued a Prospectus and obtained MNOK 0.9 in cash from new investors. In relation to that process, Navamedic decided to convert MNOK 16.4 to shares in Observe Medical \u2022 Continued financial difficulties of Observe Medical resulted in renegotiations of both the principal loan and accrued interests and the liquidity loan and accrued interests in November 2024. Maturity dates were postponed for both interest and principal payments \u2022 Further delays in commercialization of both Sippi and Biim, and revenues from the Unometer-portfolio had not materialized significantly during 2024 \u2022 Observe Medical reported as per year-end 2024 still significant uncertainty related to the liquidity situation and the assessment of going concern \u2022 Continued decrease in market capitalization of Observe Medical ASA during 2024 The Group\u2019s assessment concludes that Observe Medical\u2019s financial situation worsened during 2024, the loans continued to be in default and were still assessed at stage 3. The renegotiations of the loans in November 2024 resulted in recognition of a modification effect of a net gain of TNOK 693 after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized. The conversion of loan to shares in November 2024 resulted in a reduction of gross carrying amount of MNOK 16.4. Measurement of expected credit loss for credit-impaired financial instruments Based on the fact that Observe Medical have not been able to fulfil their obligations, the Group have assessed that default have occurred, and the loan receivables continue to be credit-impaired, resulting in that probability of default have been assessed to be 100 per cent. The estimated credit loss (ECL) is the allowance for the difference between the contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group have estimated cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. The cash flows that are considered include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The ECL allowance is estimated based on the weighted average of credit losses with from the different scenarios. The scenarios represent the Groups assessment of actual scenarios for the borrowers financial difficulties. The Group has assessed and identified three scenarios considered to be relevant: \u2022 Going concern: All debt is repaid without concessions in the form of debt conversion or write-offs. The credit loss in this scenario is zero. \u2022 Restructuring: The borrower must restructure the capital structure to maintain going concern, and what is the credit loss for the Group in such a restructuring \u2022 Liquidation: The borrower is liquidated through bankruptcy, orderly liquidation etc., and what is the credit loss for the Group in this scenario The credit loss within the restructuring scenario will be dependent on the expected debt level that may be agreed upon with the stakeholders in a restructuring. The credit loss in the liquidation scenario will be dependent on the expected realization value of collateral given a sale of assets for example, as part of bankruptcy or orderly liquidation process. The Group has assessed a scenario where the principal loan with interests is further partly or fully converted to shares in order to reduce the risk of credit loss of the loan receivable. The group consider the investment in Observe Medical to be a financial investment and have no strategic intention of increasing the shareholdings in the company. The conversion right has been assessed to be a security but the purpose and intention is to have the loans repaid. Although conversion to share (if conditions are met) may impact and possibly reduce ECL, the subsequent ownership of the shares post conversion may negatively impact P/L especially in a scenario where the Group does not intend to hold the shares for a longer period of time. For exposures in stage 3 where ECL is measured individually, judgement is applied when determining assumptions for determining the probability and credit loss for the different scenarios. The judgement is mainly related to determination of probabilities of different scenarios. Navamedic has for 2024 measured an expected credit loss of NOK 32.5 million at 31.12.2024, which represents an increase of NOK 14.4 million, compared with the expected credit loss of NOK 18.1 million at 31.12.2023. Non-current receivables 2023 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 50,249 50,249 Total 0 0 50,249 50,249 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying carrying carrying carrying amount ECL amount ECL amount ECL amount ECL 1 January 2023 40,615 40,615 0 New loans 5,000 5,000 0 Accrued interests 3,534 3,534 0 Transfers to stage 3 -49,149 49,149 0 0 Loan modification 1,100 1,100 0 Expected credit loss 18,090 0 18,090 At 31 December 2023 0 0 0 0 50,249 18,090 50,249 18,090 Non-current receivables 2024 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 38,724 38,724 Total 0 0 38,724 38,724 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying carrying carrying carrying amount ECL amount ECL amount ECL amount ECL 1 January 2024 0 0 0 0 50,249 18,090 50,249 18,090 Accrued interests 5,523 5,523 0 Debt conversion -16,355 -16,355 0 Loan modification -693 -693 0 Gain at derecognition -13,738 0 -13,738 Expected credit loss 28,177 0 28,177 At 31 December 2024 0 0 0 0 38,724 32,528 38,724 32,528", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__64-1": { "value": "Note 10 \u2013 Trade and other receivables Trade receivables arise from sales of goods or services within the ordinary business cycle. If settlement is expected within one year or less (or in the ordinary business cycle if this is longer), the receivables are classified as current assets. If this is not the case, the receivables are classified as non-current receivables. Trade receivables are measured at the transaction price upon initial recognition. In subsequent measurements, trade receivables are measured at amortized cost, less provisions for expected credit losses. For trade receivables and contract assets, the Group applies a simplified approach in calculating expected credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. Trade receivables are non-interest bearing and are generally on terms of 30 days. The Group has a trade receivable financing agreement with Avida Finans AB. (in NOK '1000) 2024 2023 Trade receivables 45,592 38,043 Other receivables 1,650 1,968 Prepaid expenses 8,667 10,620 Total trade and other receivables 55,909 50,631 (in NOK '1000) 2024 2023 Gross trade receivables 45,592 38,156 Provision for loss on trade receivables 0 -112 Total trade receivables 45,592 38,043 (in NOK '1000) 2024 2023 Provision for loss on trade receivables at 1 January -112 -90 Net change in provision for loss on trade receivables 105 -97 Loss on trade receivables 8 75 Total provision for loss on trade receivables at 31 December 0 -112 Due date profile trade receivables (in NOK '1000) 2024 2023 Not due 31,585 24,455 0-3 months 9,246 8,930 > 3 months 4,762 4,771 Total trade receivables 45,592 38,156 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 Navamedic has entered into two loan agreements with Observe Medical ASA as borrower for; i) a convertible loan (with specific conditions) with an outstanding principal amount of NOK 32,000,000 plus accrued interest, entered into on 27 September 2019 and ii) a loan with an outstanding principal amount of NOK 5,000,000 plus accrued interest (liquidity loan), entered into on 6 September 2023 secured with collateral in shares in Biim Ultrasound AS (a subsidiary of Observe Medical ASA). The loans are classified as financial assets measured at amortized cost based on judgment, by considering the Group\u2019s business model for managing the financial assets and the contractual terms of the financial assets to give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Refer to note 2.2.1 for more information on this judgmental assessment. Assessment of increase in credit risk: When assessing the estimated credit loss, the Group have assessed whether a significant increase in credit risk has occurred and the timing of the facts and circumstances leading to a conclusion that a significant increase in credit risk has occurred, assessing both quantitative and qualitative information and analysis of Observe Medical ASA. Assessment as per 31 December 2023: As a part of a qualitative assessment of whether the loans were credit-impaired as per 31December 2023, the Group considered a variety of instances that indicated that the loans were credit-impaired. The following circumstances indicated that a loan (financial asset) is credit impaired: i. significant financial difficulty; ii. a breach of contract, such as a default or past due event; iii. Amendments to a loan agreement as a result of financial difficulty When such events occur, the Group has considered whether the events should result in treating the borrower as defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 is appropriate. Such events have been: \u2022 Observe Medical initiated in beginning of 2023 discussions with its creditors to enter into agreements to defer payments \u2022 In the first half of 2023, the borrower informed that they failed to meet the growth targets and that there was uncertainty about funding and the ability to meet future obligations \u2022 The financial difficulties of the borrower resulted in the principal loan from 2019 with face value NOK 32 million being forborne and amended in September 2023 with an extended loan terms \u2022 The borrower requested emergency funding by taking out a liquidity loan from the Group in September 2023 \u2022 The borrower executed a rights issue in November 2023 aiming to raise between MNOK 18 to MNOK 55 in gross proceeds to cover short term liquidity needs \u2022 Further delays in commercialization of both Sippi and Biim (the products) resulting in lack of increase of revenues during 2023 \u2022 Significant decrease in market capitalization of Observe Medical ASA during 2023 The Group\u2019s assessment concludes that the loans had defaulted and been assessed as stage 3 for ECL calculations. The renegotiations of the loans in September 2023 resulted in recognition of a modification effect of a net gain of MNOK 1.1 after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. As the calculated effect was below 10%, the loans were not derecognized/recognized. Assessment as per 31 December 2024: The Group continued to assess the development of Observe Medical\u2019s financial situation into 2024 by making the same qualitative assessment of whether the loans still were credit impaired. The Group considered whether the events should result in treating the loans as continued to be defaulted and therefore assessed as stage 3 for ECL calculations or whether Stage 2 would be appropriate. Such events assessed were: \u2022 Observe Medical completed a Private Placement in June 2024 obtaining cash of MNOK 22 in which Navamedic did not participate \u2022 In relation to the \u201csubsequent offering\u201d in November 2024 Observe Medical issued a Prospectus and obtained MNOK 0.9 in cash from new investors. In relation to that process, Navamedic decided to convert MNOK 16.4 to shares in Observe Medical \u2022 Continued financial difficulties of Observe Medical resulted in renegotiations of both the principal loan and accrued interests and the liquidity loan and accrued interests in November 2024. Maturity dates were postponed for both interest and principal payments \u2022 Further delays in commercialization of both Sippi and Biim, and revenues from the Unometer-portfolio had not materialized significantly during 2024 \u2022 Observe Medical reported as per year-end 2024 still significant uncertainty related to the liquidity situation and the assessment of going concern \u2022 Continued decrease in market capitalization of Observe Medical ASA during 2024 The Group\u2019s assessment concludes that Observe Medical\u2019s financial situation worsened during 2024, the loans continued to be in default and were still assessed at stage 3. The renegotiations of the loans in November 2024 resulted in recognition of a modification effect of a net gain of TNOK 693 after assessing the expected cash flows before and after negotiations discounted by the initial effective interest rate. Due to that the calculated effect was below 10%, the loans were not derecognized/recognized. The conversion of loan to shares in November 2024 resulted in a reduction of gross carrying amount of MNOK 16.4. Measurement of expected credit loss for credit-impaired financial instruments Based on the fact that Observe Medical have not been able to fulfil their obligations, the Group have assessed that default have occurred, and the loan receivables continue to be credit-impaired, resulting in that probability of default have been assessed to be 100 per cent. The estimated credit loss (ECL) is the allowance for the difference between the contractual cash flows that are due to the Group in accordance with the contract and the cash flows that the entity expects to receive, discounted at the original effective interest rate. The Group have estimated cash flows by considering all contractual terms of the financial instrument through the expected life of that financial instrument. The cash flows that are considered include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. The ECL allowance is estimated based on the weighted average of credit losses with from the different scenarios. The scenarios represent the Groups assessment of actual scenarios for the borrowers financial difficulties. The Group has assessed and identified three scenarios considered to be relevant: \u2022 Going concern: All debt is repaid without concessions in the form of debt conversion or write-offs. The credit loss in this scenario is zero. \u2022 Restructuring: The borrower must restructure the capital structure to maintain going concern, and what is the credit loss for the Group in such a restructuring \u2022 Liquidation: The borrower is liquidated through bankruptcy, orderly liquidation etc., and what is the credit loss for the Group in this scenario The credit loss within the restructuring scenario will be dependent on the expected debt level that may be agreed upon with the stakeholders in a restructuring. The credit loss in the liquidation scenario will be dependent on the expected realization value of collateral given a sale of assets for example, as part of bankruptcy or orderly liquidation process. The Group has assessed a scenario where the principal loan with interests is further partly or fully converted to shares in order to reduce the risk of credit loss of the loan receivable. The group consider the investment in Observe Medical to be a financial investment and have no strategic intention of increasing the shareholdings in the company. The conversion right has been assessed to be a security but the purpose and intention is to have the loans repaid. Although conversion to share (if conditions are met) may impact and possibly reduce ECL, the subsequent ownership of the shares post conversion may negatively impact P/L especially in a scenario where the Group does not intend to hold the shares for a longer period of time. For exposures in stage 3 where ECL is measured individually, judgement is applied when determining assumptions for determining the probability and credit loss for the different scenarios. The judgement is mainly related to determination of probabilities of different scenarios. Navamedic has for 2024 measured an expected credit loss of NOK 32.5 million at 31.12.2024, which represents an increase of NOK 14.4 million, compared with the expected credit loss of NOK 18.1 million at 31.12.2023. Non-current receivables 2023 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 50,249 50,249 Total 0 0 50,249 50,249 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying carrying carrying carrying amount ECL amount ECL amount ECL amount ECL 1 January 2023 40,615 40,615 0 New loans 5,000 5,000 0 Accrued interests 3,534 3,534 0 Transfers to stage 3 -49,149 49,149 0 0 Loan modification 1,100 1,100 0 Expected credit loss 18,090 0 18,090 At 31 December 2023 0 0 0 0 50,249 18,090 50,249 18,090 Non-current receivables 2024 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Risk grade based on probability of default Performing Low risk Medium risk High risk Non-performing Credit impaired 38,724 38,724 Total 0 0 38,724 38,724 (in NOK '1000) Stage 1 Stage 2 Stage 3 Total Gross Gross Gross Gross carrying carrying carrying carrying amount ECL amount ECL amount ECL amount ECL 1 January 2024 0 0 0 0 50,249 18,090 50,249 18,090 Accrued interests 5,523 5,523 0 Debt conversion -16,355 -16,355 0 Loan modification -693 -693 0 Gain at derecognition -13,738 0 -13,738 Expected credit loss 28,177 0 28,177 At 31 December 2024 0 0 0 0 38,724 32,528 38,724 32,528", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__63": { "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. Trade receivables are non-interest bearing and are generally on terms of 30 days.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__68": { "value": "Note 11 \u2013 Inventories Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for on a first-in/first-out basis. (in NOK '1000) 2024 2023 Inventory 79,672 104,661 Work in progress 157 539 Provisions for inventory obsolescence 2,060 0 Total inventory 81,888 105,200", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__67": { "value": "Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for on a first-in/first-out basis.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__71": { "value": "Note 12 \u2013 Financial assets and liabilities Restated Restated Carrying Fair value Carrying Fair value amount as at as at amount as at as at (in NOK '1000) 31.12.2024 31.12.2024 31.12.2023 31.12.2023 Non-current financial assets Non-current loans receivable 6,196 6,196 32,159 32,159 Total non-current financial assets 6,196 6,196 32,159 32,159 Current financial assets Tax receivables 8,720 8,720 14,858 14,858 Trade and other receivables 55,909 55,909 50,631 50,631 Other current financial assets 16,194 16,194 1,393 1,393 Cash and cash equivalents 37,285 37,285 38,036 38,036 Total current financial assets 118,108 118,108 104,918 104,918 Total financial assets 124,304 124,304 137,078 137,078 Non-current financial liabilities Non-current license liabilities 21,360 21,360 3,988 3,988 Non-current interest-bearing borrowings 78,571 78,571 95,479 95,479 Total non-current financial liabilities 99,931 99,931 99,466 99,466 Current financial liabilities Trade and other payables 50,267 50,267 68,300 68,300 Current interest-bearing borrowings 35,441 35,441 51,067 51,067 Current license liabilities 0 0 16,861 16,861 Other current liabilities 47,045 47,045 42,454 42,454 Total current financial liabilities 132,752 132,752 178,682 178,682 Total financial liabilities 232,683 232,683 278,148 278,148 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 3 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measure 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 2024, 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 2024, 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:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__72": { "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 3 inputs. Other current financial assets are representing the fair value of Navamedic`s investment in Observe medical ASA that is measure 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 2024, 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 2024, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__75": { "value": "Note 13 \u2013 Paid in equity and shareholders Share Number of Share premium Total paid (in NOK '1000, number of shares in actual figures) shares capital reserve in equity 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 As of 1 January 2024 17,352,777 12,841 192,577 205,418 Share capital issues 310,000 229 5,661 5,890 As of 31 December 2024 17,662,777 13,070 198,238 211,308 Each share has a nominal value of NOK 0,74 kr. Number of Share of Share of Largest shareholders as of 31 December 2024 shares capital votes SKANDINAVISKA ENSKILDA BANKEN AB* 2,210,624 12.5 % 12.5 % UBS Switzerland AG* 1,972,390 11.2 % 11.2 % J.P. Morgan SE* 1,933,887 10.9 % 10.9 % HAUSTA INVESTOR AS 912,624 5.2 % 5.2 % SOLEGLAD INVEST AS 771,668 4.4 % 4.4 % Skandinaviska Enskilda Banken AB* 650,000 3.7 % 3.7 % TRANBERGKOLLEN INVEST AS 600,000 3.4 % 3.4 % VI \u00d8NSKER STYREPLASS AS 566,061 3.2 % 3.2 % LEIKERANE AS 500,000 2.8 % 2.8 % GINKO AS 500,000 2.8 % 2.8 % J.P. Morgan SE* 450,000 2.5 % 2.5 % CACEIS Bank* 406,507 2.3 % 2.3 % CMDC AS 356,425 2.0 % 2.0 % HJARRAND LARS 355,882 2.0 % 2.0 % OMA INVEST AS 250,000 1.4 % 1.4 % BJ\u00d8RNTVEDT EIVIND 219,168 1.2 % 1.2 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % Skandinaviska Enskilda Banken AB* 175,000 1.0 % 1.0 % NORDNET LIVSFORSIKRING AS 162,618 0.9 % 0.9 % Other shareholders 4,455,073 25.2 % 25.2 % Total 17,662,777 100% 100% * Nominee accounts which may include multiple shareholders. See also note 24 for related parties\u2019 shareholdings. Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2024 Number of Name Role shares Comment Kathrine Gamborg Andreassen CEO 771,668 Through Soleglad Invest AS Astrid T Bratvedt CSO 600,000 Through Tranbergkollen Invest AS Ole Henrik Eriksen CBDO 575,000 Through Leikerane AS Lars Hjarrand CFO 355,882 Alexander Lidmejer COO 67,133 Rune Wahl Board member 50,000 Commercial Karianne Femtehjell Olsen 27,775 Director CH Edm\u00e9e Steenken Board member 10,000 Phillip Sl\u00e4tis Commercial Director Rx 10,000 \u00c5sa Kornfeld Board member 3,979 Astrid T Bratvedt CSO 2,000 Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2023 Number of Name Role 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 Tony Brejke COO 807,117 Through 50% ownership in Agnvicen AB 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 Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Rx 2,400 Grete Hogstad Member of the Nomination Committee 1,493", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__74": { "value": "Note 13 \u2013 Paid in equity and shareholders Share Number of Share premium Total paid (in NOK '1000, number of shares in actual figures) shares capital reserve in equity 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 As of 1 January 2024 17,352,777 12,841 192,577 205,418 Share capital issues 310,000 229 5,661 5,890 As of 31 December 2024 17,662,777 13,070 198,238 211,308 Each share has a nominal value of NOK 0,74 kr. Number of Share of Share of Largest shareholders as of 31 December 2024 shares capital votes SKANDINAVISKA ENSKILDA BANKEN AB* 2,210,624 12.5 % 12.5 % UBS Switzerland AG* 1,972,390 11.2 % 11.2 % J.P. Morgan SE* 1,933,887 10.9 % 10.9 % HAUSTA INVESTOR AS 912,624 5.2 % 5.2 % SOLEGLAD INVEST AS 771,668 4.4 % 4.4 % Skandinaviska Enskilda Banken AB* 650,000 3.7 % 3.7 % TRANBERGKOLLEN INVEST AS 600,000 3.4 % 3.4 % VI \u00d8NSKER STYREPLASS AS 566,061 3.2 % 3.2 % LEIKERANE AS 500,000 2.8 % 2.8 % GINKO AS 500,000 2.8 % 2.8 % J.P. Morgan SE* 450,000 2.5 % 2.5 % CACEIS Bank* 406,507 2.3 % 2.3 % CMDC AS 356,425 2.0 % 2.0 % HJARRAND LARS 355,882 2.0 % 2.0 % OMA INVEST AS 250,000 1.4 % 1.4 % BJ\u00d8RNTVEDT EIVIND 219,168 1.2 % 1.2 % KRAEBER Verwaltung GMBH 214,850 1.2 % 1.2 % Skandinaviska Enskilda Banken AB* 175,000 1.0 % 1.0 % NORDNET LIVSFORSIKRING AS 162,618 0.9 % 0.9 % Other shareholders 4,455,073 25.2 % 25.2 % Total 17,662,777 100% 100% * Nominee accounts which may include multiple shareholders. See also note 24 for related parties\u2019 shareholdings. Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2024 Number of Name Role shares Comment Kathrine Gamborg Andreassen CEO 771,668 Through Soleglad Invest AS Astrid T Bratvedt CSO 600,000 Through Tranbergkollen Invest AS Ole Henrik Eriksen CBDO 575,000 Through Leikerane AS Lars Hjarrand CFO 355,882 Alexander Lidmejer COO 67,133 Rune Wahl Board member 50,000 Commercial Karianne Femtehjell Olsen 27,775 Director CH Edm\u00e9e Steenken Board member 10,000 Phillip Sl\u00e4tis Commercial Director Rx 10,000 \u00c5sa Kornfeld Board member 3,979 Astrid T Bratvedt CSO 2,000 Shares owned by the Board and executive personnel in Navamedic ASA as at 31 December 2023 Number of Name Role 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 Tony Brejke COO 807,117 Through 50% ownership in Agnvicen AB 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 Astrid T Bratvedt CSO 2,000 Alexander Lidmejer Commercial Director Rx 2,400 Grete Hogstad Member of the Nomination Committee 1,493", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__79": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2024 2023 Total trade accounts payable 50,267 68,300 Accrued VAT and public duties 14,249 14,018 Accrued salaries and holiday pay 13,000 12,768 Accrued expenses and other current liabilities 19,797 15,668 Total other current liabilities 47,045 42,454 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__78": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2024 2023 Total trade accounts payable 50,267 68,300 Accrued VAT and public duties 14,249 14,018 Accrued salaries and holiday pay 13,000 12,768 Accrued expenses and other current liabilities 19,797 15,668 Total other current liabilities 47,045 42,454 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__77": { "value": "Note 14 \u2013 Trade accounts payable and other current liabilities (in NOK '1000) 2024 2023 Total trade accounts payable 50,267 68,300 Accrued VAT and public duties 14,249 14,018 Accrued salaries and holiday pay 13,000 12,768 Accrued expenses and other current liabilities 19,797 15,668 Total other current liabilities 47,045 42,454 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__83": { "value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2024 2023 Consulting, legal and audit fees 9,949 9,023 Transaction cost 0 16,061 Maintenance of PP&E 3,363 683 Travel expenses 3,312 2,816 Insurance 1,764 1,759 IR expenses 1,199 1,292 Marketing, freight, and commissions 47,881 47,101 Regulatory fees 12,544 9,592 Other expenses 12,055 11,549 Total other operating expenses 92,067 99,876 Auditor expense recognised (in NOK '1000) 2024 2023 Statutory audit 1,498 1,591 Tax consultancy 102 102 Other assurance services 117 202 Total auditor expense recognised 1,717 1,895 Auditor expense amounts are excluding VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__81": { "value": "Note 15 \u2013 Other operating expenses (in NOK '1000) 2024 2023 Consulting, legal and audit fees 9,949 9,023 Transaction cost 0 16,061 Maintenance of PP&E 3,363 683 Travel expenses 3,312 2,816 Insurance 1,764 1,759 IR expenses 1,199 1,292 Marketing, freight, and commissions 47,881 47,101 Regulatory fees 12,544 9,592 Other expenses 12,055 11,549 Total other operating expenses 92,067 99,876 Auditor expense recognised (in NOK '1000) 2024 2023 Statutory audit 1,498 1,591 Tax consultancy 102 102 Other assurance services 117 202 Total auditor expense recognised 1,717 1,895 Auditor expense amounts are excluding VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__82": { "value": "Auditor expense recognised (in NOK '1000) 2024 2023 Statutory audit 1,498 1,591 Tax consultancy 102 102 Other assurance services 117 202 Total auditor expense recognised 1,717 1,895 Auditor expense amounts are excluding VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__85": { "value": "Note 16 \u2013 Payroll expenses 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. (in NOK '1000) 2024 2023 Salaries 50,413 40,065 Employer's National insurance contributions 8,301 9,254 Share options for employees 3,352 6,603 Pension expenses \u2013 defined-contribution scheme 5,599 4,603 Other payroll expenses 2,595 3,147 Total payroll expenses 70,260 63,673 Number of FTEs 42 44Executive 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 2024 or 2023. Kathrine Kathrine Gamborg Lars Gamborg Lars Andreassen Hjarrand Total Andreassen Hjarrand Total (in NOK '1000) CEO CFO 2024 CEO CFO 2023 Salary and holiday pay paid 3,444 2,378 5,822 3,068 2,111 5,179 Variable remuneration paid 2,250 532 2,782 1,874 463 2,337 Benefits in kind and other 223 123 346 222 107 329 Option expenses 424 538 962 214 327 541 Pension expenses 138 138 276 131 131 262 Total paid salary and 6,479 3,709 10,188 5,509 3,139 8,648 remuneration Variable remuneration 619 147 766 2,250 531 2,781 earned in 2024/2023 Executive personnel 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 2024 or 2023. Board fees paid (in NOK '1000) 2024 2023 Terje Bakken 520 495 Narve Reiten 275 250 Jostein Davidsen 250 235 Annika Maria Kollen 225 210 \u00c5sa Kornfeld (from 22.08.2023) 225 0 Edm\u00e8e Steenken 225 210 Total Board fees paid 1,720 1,400 Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration. Quantity at Quantity at 31.12.2024 31.12.2023 Kathrine Gamborg Andreassen, CEO 200,000 280,000 Lars Hjarrand, CFO 200,000 250,000 Total 400,000 530,000Statement on the stipulation of salaries and other remuneration for the CEO and other executive personnel Pursuant to Section 6-16a of the Norwegian Public Limited Liability Companies Act, the Board of Navamedic has prepared a statement on the stipulation of salaries and other remuneration for the CEO and executive personnel. All pay and remuneration in the Group are based on the gross pay principle, meaning that any tax consequences of remuneration individuals receive are not the concern of the Group. The main principle in Navamedic's executive pay policy is that executive personnel will be offered competitive terms and conditions. The Group aims to offer a level of pay that reflects an average pay level in small pharmaceutical companies in the Nordic region. As a guideline, executive personnel can be awarded remuneration in addition to their basic salary (bonus), but this is limited to 75% of the annual salary and linked to the achievement of specific targets, and at the same time such that total compensation is within the average. Any bonuses to the CEO must be determined by the Board. Executive personnel can only be awarded options for the acquisition of/subscription to shares in the Company. The Company offers defined contribution-based pensions to all employees. Some executive personnel have been awarded share options. See note 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:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__86-1": { "value": "Note 16 \u2013 Payroll expensesExecutive 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 2024 or 2023. Kathrine Kathrine Gamborg Lars Gamborg Lars Andreassen Hjarrand Total Andreassen Hjarrand Total (in NOK '1000) CEO CFO 2024 CEO CFO 2023 Salary and holiday pay paid 3,444 2,378 5,822 3,068 2,111 5,179 Variable remuneration paid 2,250 532 2,782 1,874 463 2,337 Benefits in kind and other 223 123 346 222 107 329 Option expenses 424 538 962 214 327 541 Pension expenses 138 138 276 131 131 262 Total paid salary and 6,479 3,709 10,188 5,509 3,139 8,648 remuneration Variable remuneration 619 147 766 2,250 531 2,781 earned in 2024/2023 Executive personnel 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 2024 or 2023. Board fees paid (in NOK '1000) 2024 2023 Terje Bakken 520 495 Narve Reiten 275 250 Jostein Davidsen 250 235 Annika Maria Kollen 225 210 \u00c5sa Kornfeld (from 22.08.2023) 225 0 Edm\u00e8e Steenken 225 210 Total Board fees paid 1,720 1,400 Share-based remuneration Key management personnel in Navamedic ASA receive parts of their salary as share-based remuneration. Quantity at Quantity at 31.12.2024 31.12.2023 Kathrine Gamborg Andreassen, CEO 200,000 280,000 Lars Hjarrand, CFO 200,000 250,000 Total 400,000 530,000Statement on the stipulation of salaries and other remuneration for the CEO and other executive personnel Pursuant to Section 6-16a of the Norwegian Public Limited Liability Companies Act, the Board of Navamedic has prepared a statement on the stipulation of salaries and other remuneration for the CEO and executive personnel. All pay and remuneration in the Group are based on the gross pay principle, meaning that any tax consequences of remuneration individuals receive are not the concern of the Group. The main principle in Navamedic's executive pay policy is that executive personnel will be offered competitive terms and conditions. The Group aims to offer a level of pay that reflects an average pay level in small pharmaceutical companies in the Nordic region. As a guideline, executive personnel can be awarded remuneration in addition to their basic salary (bonus), but this is limited to 75% of the annual salary and linked to the achievement of specific targets, and at the same time such that total compensation is within the average. Any bonuses to the CEO must be determined by the Board. Executive personnel can only be awarded options for the acquisition of/subscription to shares in the Company. The Company offers defined contribution-based pensions to all employees. Some executive personnel have been awarded share options. See note 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__89": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__87": { "value": "(in NOK '1000) 2024 2023 Salaries 50,413 40,065 Employer's National insurance contributions 8,301 9,254 Share options for employees 3,352 6,603 Pension expenses \u2013 defined-contribution scheme 5,599 4,603 Other payroll expenses 2,595 3,147 Total payroll expenses 70,260 63,673 Number of FTEs 42 44", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__94": { "value": "Note 17 \u2013 Financial income and expenses Financial income Restated (in NOK '1000) 2024 2023 Interest income 3,103 4,626 Other financial income 0 137 Total financial income 3,103 4,763 Gain at derecognition 13,738 0 Impairment -25,587 -17,402 Interest expenses -10,008 -7,771 Other financial expenses -6,825 -6,566 Total financial expenses -16,833 -14,337 Currency gains 497 43,736 Currency losses -6,779 -37,797 Total net currency gain/losses -6,282 5,939 Net change in fair value of financial instruments at FVTPL 1) -1,554 -8,699 Net financial income and expenses -33,415 -29,736 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__93": { "value": "Note 17 \u2013 Financial income and expenses Financial income Restated (in NOK '1000) 2024 2023 Interest income 3,103 4,626 Other financial income 0 137 Total financial income 3,103 4,763 Gain at derecognition 13,738 0 Impairment -25,587 -17,402 Interest expenses -10,008 -7,771 Other financial expenses -6,825 -6,566 Total financial expenses -16,833 -14,337 Currency gains 497 43,736 Currency losses -6,779 -37,797 Total net currency gain/losses -6,282 5,939 Net change in fair value of financial instruments at FVTPL 1) -1,554 -8,699 Net financial income and expenses -33,415 -29,736 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__92": { "value": "Note 17 \u2013 Financial income and expenses Financial income Restated (in NOK '1000) 2024 2023 Interest income 3,103 4,626 Other financial income 0 137 Total financial income 3,103 4,763 Gain at derecognition 13,738 0 Impairment -25,587 -17,402 Interest expenses -10,008 -7,771 Other financial expenses -6,825 -6,566 Total financial expenses -16,833 -14,337 Currency gains 497 43,736 Currency losses -6,779 -37,797 Total net currency gain/losses -6,282 5,939 Net change in fair value of financial instruments at FVTPL 1) -1,554 -8,699 Net financial income and expenses -33,415 -29,736 1) Net change in fair value of financial instruments at FVTPL (fair value through profit and loss) is related to shares owned in the listed company Observe Medical ASA", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__100": { "value": "Note 19 \u2013 Cash (in NOK '1000) 2024 2023 Bank deposits 36,081 36,901 Restricted cash 1,204 1,135 37,285 38,036 Total cash and cash equivalents Restricted cash consists of tax deduction and other restricted deposit accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__99": { "value": "Note 19 \u2013 Cash (in NOK '1000) 2024 2023 Bank deposits 36,081 36,901 Restricted cash 1,204 1,135 37,285 38,036 Total cash and cash equivalents Restricted cash consists of tax deduction and other restricted deposit accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__102": { "value": "Note 20 \u2013 Interest-bearing liabilities to financial institutions Non-current interest-bearing liabilities to financial institutions 2024 2023 Total non-current interest-bearing liabilities, nominal value (in NOK '1000) 78,571 95,479 Average interest rate, including margin 7.9 % 6.8 % Average remaining duration 2.78 years 3.45 years Current interest-bearing liabilities to financial institutions 2024 2023 Current interest-bearing borrowings, nominal value (in NOK '1000) 15,714 16,068 Average interest rate, including margin 7.9 % 6.8 % Average remaining duration 0.58 years 0.58 years Revolving credit facility, nominal value (in NOK '1000) 19,726 35,000 Average interest rate, including margin 8.3 % 6.9 % Navamedic received a secured loan of NOK 110 million from Nordea in April 2023. Navamedic has provided the following collaterals: \u25aa Pledge in shares of the subsidiaries and inventories \u25aa Second priority pledge in factoring receivables The Nordea loan is subject to the following covenants: \u25aa Net interest-bearing debt should not exceed 2.75 x consolidated LTM EBITDA \u25aa Capital expenditure should not exceed NOK 10 million on an annual basis Both covenants are tested quarterly. The Group has no indication that it will have difficulty complying with these covenants for the next 12 months. 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) 2024 2023 At 1 January 146,546 51,992 Cash flow -32,534 90,842 Acquisition 0 2,413 Currency and other changes 0 1,300 At 31 December 114,012 146,546", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__104": { "value": "Note 21 \u2013 License liabilities (in NOK '1000) 2024 2023 Total carrying amount non-current license liabilities 21,360 3,988 Total carrying amount current license liabilities 0 16,861 Total carrying amount license liabilities 21,360 20,848 Total undiscounted amount non-current license liabilities 21,882 21,611 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) 2024 2023 Year 1 0 16,861 Year 2 17,132 0 Year 3-5 4,750 4,750 Total expected undiscounted cash flows from license liabilities 21,882 21,611 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__106": { "value": "Note 22 \u2013 Options Share options in the parent company (Navamedic ASA) are granted to senior executives, including members of key management personnel. The exercise price of the share options is equal to the market price of the underlying shares on the date of grant. The share options consist of 3 tranches, the first vesting after 12 months of grant date, tranche 2 vesting after 24 months and the last tranche vesting after 36 months. The options must be exercised within 12 months following the vesting of the last tranche, after which they expire (i.e. they expire 48 months after grant date). Additionally the options program includes a 12 month lock-up period on the shares once exercised. The share options are settled as equity. Total costs related to options (in NOK '1000) 2024 2023 Total option cost 3,352 6,603 Total social security provision -1,530 274 Total costs related to options 1,821 6,878 Reconciliation outstanding options Weighted Number of average strike instrumets price Outstanding options 1 January 2023 510,000 18.8 Exercised -25,000 14.46 Exercised -100,000 19.00 Granted 1,400,000 33.00 Total outstanding options 31 December 2023 1,785,000 29.98 Outstanding options 1 January 2024 1,785,000 29.98 Exercised -310,000 19.00 Expired -75,000 19.00 Cancelled -133,334 33.00 Total outstanding options 31 December 2024 1,266,666 33.00 Outstanding options 31 December 2023 Weighted Average remaining Number of contractual life options Of which vested (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 Outstanding options 31 December 2024 Weighted Average remaining Number of contractual life options Of which vested (years) Strike price 33,00 1,266,666 466,662 2.13 Total outstanding options 31 December 2024 1,266,666 466,662 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__108": { "value": "Note 23 \u2013 Earnings per share Restated (in NOK '1000) 2024 2023 Net profit / loss (-) -5,485 -13,685 Weighted average shares issued 17,488,613 17,274,352 Dilutive potential ordinary shares 0 338,536 Basic earnings per share (in NOK) -0.3136 -0.792 Diluted earnings per share (in NOK) -0.3136 -0.792 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__110": { "value": "Note 24 \u2013Transaction with related parties TopRidge Pharma Limited, which owns 917 522 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from TopRidge worth SEK 50 481 thousand in 2024 and SEK 55 465 thousand in 2023. InfoRLife SA, which owns 1 053 775 shares in Navamedic ASA, is also a supplier to Navamedic. The Group purchased goods from InfoRLife worth EUR 2 169 thousand in 2024 and EUR 1 821 thousand in 2023. InfoRlife SA became a shareholder in Navamedic in 2021.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__112": { "value": "Note 25 \u2013 Subsequent events The European Medicines Agency's (EMA) human medicines committee (CHMP) concluded its review of Mysimba (naltrexone/bupropion), affirming that the benefits of the medicine continue to outweigh its risks for weight management in adults with obesity or overweight. Navamedic ASA announced on April 10, 2025 that the company has entered into an agreement in principle regarding the outstanding loans to Observe Medical ASA. The agreement reduces the loans by 50% with an adjustment to the payment plan as long as certain conditions are met. The Norwegian Financial Supervisory Authority (the \"NFSA\") has assessed that there are misstatements in the annual financial statements for 2023 and in the interim financial statements for 2024 related to the Company's accounting of the two loans Navamedic has to Observe Medical ASA, interest on those loans and the information provided in the notes to the accounts. Navamedic has complied with the imposition from the NFSA and both the 2023 financial statements and the 2024 financial statements in this report reflect these changes. In the beginning of April 2025, the United States announced the imposition of significant increased tariffs on a wide variety of goods and services imported to the USA from most of its trading partners, leading to uncertainty and world-wide negative effects on most stock exchanges. At the time of the publishing of this report, Navamedic\u2019s operations has not been affected by this and the company does not believe it will have significant negative impact in the foreseeable future for a couple of reasons: The Navamedic supply chain is for the most part situated in Europe, requiring no assembly or parts crossing into the USA borders. The demand for Navamedic\u2019s products is not very elastic nor does it correlates strongly with a cyclical downturn in economic conditions in its core markets.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__115": { "value": "Note 26 \u2013 Tax expense and deferred tax Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the tax amount expected to be paid or received that reflects uncertainty related to income taxes, if any. It is measured using tax rates enacted or substantively enacted at the reporting date. 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 31.12.2024 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 31.12.2024, there is no convincing evidence as to what extent these losses can be utilized. Tax expense Restated (in NOK '1000) 2024 2023 -1,620 -6,156 Profit before tax continuing operations Tax expense Tax payable 4,801 7,858 Corrections related to previous years 118 261 Change in deferred tax -1,054 -590 Total tax expense 3,865 7,529 Effective tax rate -238.6% -122.3% Reconciliation of effective tax rate Restated (in NOK '1000) 2024 2023 -1,620 -6,156 Profit before tax continuing operations Tax expense at Norwegian tax rate Tax expense at Norwegian tax rate (22%) -356 -1,354 Permanent differences (22%) 4,249 9,319 Corrections related to previous years 118 261 Differences related to different corporate tax rate subsidiaries -146 -697 At the effective income tax rate of 75% (2023 69%) 3,865 7,529 The effective tax rate in 2024 is higer than the corporate income tax rate in the markets where the Group operates (20%-22%) primarily due to non-dedcutible impairment loss and expense related to the change in fair value of financial investment. The effective tax rate in 2023 is higher primarily due to non-deductible transactions cost, expense related to the change in fair value of financial investment and the reported loss in Sensidose AB. Deferred tax reconciliation (in NOK '1000) 2024 2024 2023 2023 Deferred Deferred Deferred Deferred tax tax tax Basis for deferred tax asset/liability tax asset liability asset liability Property, plant & equipment 20 0 239 0 Intangible assets (Sensidose) 0 40,590 0 45,006 Provisions for liabilities 4,227 0 3,988 0 Tax losses carried forward 0 0 0 0 Total temporary differences 4,247 40,590 4,226 45,006 Tax rate 22% 20.6% 22% 20.6% Deferred tax assets/ defererred tax liability 934 8,361 930 9,271 (in NOK '1000) 2024 2023 Carrying amount of net DTA/(DTL) 1 January -8,342 930 Acquisition (DTL) 0 -10,007 Recognized in income statement 1,054 590 Translation difference -140 145 Carrying amount of net deferred tax asset/liability (-) at 31 December -7,427 -8,342Tax payable (in NOK '1000) 2024 2023 Carrying amount tax payable 1 January 8,149 4,708 Income tax payable excl. reclaimable tax 4,801 7,858 Taxes paid during the period -3,118 -5,129 Settlement against tax receivable in Sweden -4,428 0 Translation differences and other efects -207 712 Carrying amount tax payable 31 December 5,198 8,149 In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 7 600 thousand (NOK 14 909 thousand in 2023) is recognized on the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__114": { "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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__116": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__117": { "value": "Deferred tax reconciliation (in NOK '1000) 2024 2024 2023 2023 Deferred Deferred Deferred Deferred tax tax tax Basis for deferred tax asset/liability tax asset liability asset liability Property, plant & equipment 20 0 239 0 Intangible assets (Sensidose) 0 40,590 0 45,006 Provisions for liabilities 4,227 0 3,988 0 Tax losses carried forward 0 0 0 0 Total temporary differences 4,247 40,590 4,226 45,006 Tax rate 22% 20.6% 22% 20.6% Deferred tax assets/ defererred tax liability 934 8,361 930 9,271 (in NOK '1000) 2024 2023 Carrying amount of net DTA/(DTL) 1 January -8,342 930 Acquisition (DTL) 0 -10,007 Recognized in income statement 1,054 590 Translation difference -140 145 Carrying amount of net deferred tax asset/liability (-) at 31 December -7,427 -8,342", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__118": { "value": "Tax payable (in NOK '1000) 2024 2023 Carrying amount tax payable 1 January 8,149 4,708 Income tax payable excl. reclaimable tax 4,801 7,858 Taxes paid during the period -3,118 -5,129 Settlement against tax receivable in Sweden -4,428 0 Translation differences and other efects -207 712 Carrying amount tax payable 31 December 5,198 8,149 In addition, tax receivables related to prepaid taxes and reclaimable tax (for the tax paid abroad) within Navamedic AB amounting to NOK 7 600 thousand (NOK 14 909 thousand in 2023) is recognized on the balance sheet.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__120": { "value": "Navamedic ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__121": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__122": { "value": "Public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__123": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__124": { "value": "Henrik Ibsens gate 100, 0255 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__125": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__126": { "value": "Navamedic ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f1__s6__6__127": { "value": "Navamedic ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:529900LKVQOR2SRUJU71", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }