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Corporate information The consolidated financial statements of Vistin Pharma for the year ended 31 December 2022 were approved for release by the Board of Directors on 26 April 2023. (\"Vistin Pharma\" or the \"Company\") is awith itsregistered office atVistin Pharma's shares are listed on Oslo B\u00f8rs inunder the ticker VISTIN. The Company was incorporated on 6 March 2015.Note 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements and directors\u2019 report are prepared in English only. 2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the European Union and are mandatory for fiscal years beginning on or after 1 January 2020, their interpretations adopted by the International Accounting Standards Board (IASB) and Norwegian disclosure requirements listed in the Norwegian Accounting Act. Furthermore, the consolidated financial statements have been prepared on a historical cost basis, The functional currency of Vistin Pharma ASA is the Norwegian krone (NOK), and the Company's presentation currency is NOK. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated. 2.2 Basis for consolidation The Company's consolidated financial statements comprise Vistin Pharma ASA, and entities in which Vistin Pharma ASA has a controlling interest. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Non-controlling interest are included in the Company\u2019s equity. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interest in the acquire. Companies which have been bought or sold during the year are included in the consolidated financial statements from the date when control is achieved and until the date when control ceases. Acquisition-related costs are expensed as incurred and included in operating expenses. When the Company acquires a business, it assesses the identifiable assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and relevant conditions as at the acquisition date. The acquirer\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale and recognized at fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as financial income or expense. If the contingent consideration is classified as equity, it will not be remeasured, and subsequent settlement will be accounted for within equity. If the business combination is achieved in stages, the fair value of the Company\u2019s previously held equity interest in the acquire is remeasured to fair value at the acquisition date through the income statement. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit and loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity. 2.3 Revenue recognition In general revenue is measured at the fair value of the consideration received, and represents the amount received for goods supplied, and if applicable stated net of discounts, returns and value added taxes. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met, as described below. Revenue from contract with customers The Company apply IFRS 15 in its accounting for contracts with customers. The Company produce and sell metformin API, the principal ingredient in Diabetes drugs. The product is sold in bulk for further processing into consumer grade products. The Company produce to inventory and the product is then subsequently sold to the customer based on individual orders for the product. Metformin API is a commodity which can be readily sourced world-wide from different producers, however, with different quality and the reliability in supply. Vistin has several customers, but the material part of its production is sold to a limited number of customers (note 4). These customers indicate their needed volume on a rolling forecast basis and Vistin allocate its planned production accordingly. However, a binding performance obligation only arise when an actual purchase order (PO) is placed and accepted. The typical purchasing pattern is several smaller orders throughout the year and normally the binding order length is supply over the next 3-6 months. Metformin API is a commodity widely produced and sold around the world and the price is determined based on overall worldwide supply and demand, product quality and security of supply. The Company typically negotiate price annually with each of its main customers, and order by order with smaller customers. The supply agreements do open for price adjustments throughout the year if specific threshold is met (i.e. significant increased raw materials, freight, FX, etc). The selling price is mainly in EUR and reflects the current market price. Volume discounts, bonus incentives or other variable price elements are not applied. The purchase conditions are normally net 30-45 days, and the Company does not consider any financing elements to the transaction. The Company consider each individual delivery based on individual purchasing orders as delivered when the order is shipped from its warehouse. The Company used widely accepted incoterms for its delivery and recognize the sale in accordance with the individual sales term, normally when the metformin has been shipped from the warehouse, or when the metformin is loaded on-board in departing ships at port. The Company does not consider having any contract assets or liabilities in relation to its customer contracts. Metformin API is produced for inventory, delivered from inventory to the customer, and recognized as revenue when shipped. All balance sheet items are related to normal short-term sales cycles. Government grants Government grants, including SkatteFunn, are recognized when it is reasonably certain that the grant will be received, and all conditions have been complied with. When the grant relates to actual expenses incurred, it is normally recognized as income over the period necessary to match the grant on a systematic basis to the cost that is intended to compensate. Grants are generally recognized in Other Income in the consolidated statement for profit and loss. 2.4 Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency (NOK) of the entity by applying the rate of exchange as of the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange at the balance sheet date. Foreign exchange gain or losses resulting from the settlement of such transactions, as well as unrealized gain or losses on monetary assets and liabilities, are recognized as financial income/cost in the consolidated statement of profit and loss. 2.5 Balance sheet classification Vistin presents assets and liabilities in consolidated statement of financial position on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realized within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to settle in normal operating cycle, it is held for primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. 2.6 Property, plant and equipment Land, buildings and fixtures comprise mainly of the metformin production facility in Krager\u00f8. The production facility is used in production of pharmaceutical products sold by Vistin Pharma AS. Other equipment is mainly made up of machines used in production, as well as office related equipment and vehicles. Property, plant and equipment is stated at historical cost, less depreciation and/or impairment losses, if any. Such cost includes expenditures that are directly attributable to the acquisition of the items. Costs accrued for major replacements and upgrades to equipment are added to cost if it is probable that the costs will generate future economic benefits and if the costs can be reliably measured, and assets replaced are retired. Expenditures for maintenance, repairs and periodic maintenance applicable to production facilities and production equipment are capitalized in accordance with IAS 16. Expenditures that regularly occur at shorter intervals are expensed as incurred. Land is not depreciated. Depreciation on other assets is calculated on a straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Buildings and fixtures: 20 - 25 years Other equipment: 3 - 10 years The residual values, useful lives and methods of depreciation of production and lab equipment and other equipment are reviewed at each financial year end and adjusted, if appropriate. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of an asset's net sales value and its value in use. An item of equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. 2.7 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in-first-out (FIFO) method. The cost of finished goods comprises materials, direct labor, other direct. Costs and related production overheads (based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less variable selling expenses. 2.8 Financial assets IFRS 9 contains three principal classification categories for financial assets; measured at amortized cost, fair value through Other Comprehensive Income and fair value through profit or loss. The classification of financial assets of the Company at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Financial assets at amortized cost The Company measures financial assets at amortized cost if both of the following conditions are met: o the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and o 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 Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company\u2019s financial assets at amortized cost includes trade receivables and other short-term deposit. Accounts receivable that does not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers (see further information on trade receivables below). Financial assets at fair value through OCI The Company measures debt instruments at fair value through OCI if both of the following conditions are met: o the financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling o 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 For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. Financial assets at fair value through profit Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. Cash and cash equivalents Cash and cash equivalents include cash at banks and on hand and other short-term highly liquid investments with original maturities of three months or less. In the consolidated balance sheet, any bank overdrafts are shown within borrowings in current liabilities. Trade receivables and other receivables Trade and other receivables are classified at amortized cost and recognized at the original invoiced amount less an allowance for doubtful receivables. The Company applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company\u2019s consolidated statement of financial position) when: o the rights to receive cash flows from the asset have expired, or o the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a. the Company has transferred substantially all the risks and rewards of the asset, or b. the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The loss is recognized in the consolidated income statement. 2.9 Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities principally include trade and other payables, loans and borrowings including bank overdrafts. Trade and other payables Trade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the Company's trade payables. Interest bearing liabilities Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in profit and loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium and costs that are an integral part of the EIR method. The EIR amortization is included as finance costs in the consolidated statement of profit and loss. 2.10 Financial derivatives The Company may use forward currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. 2.11 Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.12 Current and deferred income tax Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recognized to the extent that is probable that future taxable profit will be available against for which unused tax losses and unused tax credits can be utilized. A deferred tax assets arising from unused tax losses or tax credit are only recognized to the extent that the entity has sufficient taxable temporary differences or there is convincing other evidence supporting the utilization of the tax losses and tax credits. The carrying amount of deferred tax asset is reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority. 2.13 Employee benefits The Company has a mandatory defined contribution plan for all employees. In addition, the Company has an unfunded defined benefit plan for the CEO. A defined contribution plan is a pension plan under which the Company pays fixed contributions to pension insurance plans. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available. Defined benefit plans typically defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. As the Company operates an unfunded defined benefit plan, they have no plan assets. The pension obligation is funded through the Company's operations and changes is incorporated into the P&L. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes and curtailments and settlements. Past-service costs are recognized immediately in income. The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. 2.14 Share-based compensation There were no shared-based compensation plans in 2022. 2.15 Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of the money and the risks specific to the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. 2.16 Leasing Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under any residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company\u2019s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In the cash flow statement, the part of lease payments that relates to repayment of the lease liability is reclassified from cash flows from operations to cash flows from financing. 2.17 Segment reporting Vistin Pharma's activities are currently organized as one operating unit for internal reporting purposes; thus no segment information is presented in these financial statements. 2.18 Events after the balance sheet date New information on the Company\u2019s positions at the balance sheet date is considered in the annual financial statements. Events after the balance sheet date that do not affect the Company's position at the balance sheet date, but which will affect the company's position in the future, are stated if significant. Please refer to the note: Events after the report. New standards, interpretations, and disclosures There are no new standards not yet taken into use that is expected to materially impact the financial statements for Vistin Pharma ASA. Note 3. Critical accounting estimates and judgements in terms of accounting policies The preparation of the Company's consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosures of contingent liabilities. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. 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. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the process of applying the Company's accounting policies, management has made the following estimates and judgements, which have the most significant effect on the amounts recognized in the financial statements: Inventories Inventories include finished goods and work-in-progress produced by the company. The cost of finished goods comprises materials, direct labor, other direct costs and related production overheads. The allocation of labor costs and other direct and indirect production costs are estimated based on a standard cost model assuming normal operating capacity and production volumes, and any changes in these assumptions could result in adjustments to the carrying amount of inventories. Pension The Company operates an unfunded defined benefit early retirement plan for the CEO. The plan is a pension plan, which provides benefits in the form of a certain level of pension payable from the age of 62. The pension plan is funded through the Company's operations, which means that the Company meets the benefit payment obligation as it falls due. Additional information including the calculations and assumptions for the obligation is provided in Note 7. Deferred tax asset The Company is experiencing a strong demand for its Metformin product and is doubling its production capacity to meet demand from both existing and potential new customers. Driven by the expected market growth and the financial forecasts for the Company, the deferred tax asset at 31 December 2022 is expected to be fully utilized, and thus the full amount has been included as carrying value in the balance sheet at year-end. Long-term renewable energy supply agreement with Statkraft In December 2022 Vistin entered into a long-term renewable energy supply agreement with Statkraft. The agreement will secure a significant part of Vistin\u2019s electricity demand on competitive terms from 1st of January 2023 and until 2032. There has been conducted a thorough consideration on how to handle the accounting of the agreement. The agreement can either be treated as a Power Purchase Agreement (\u00abPPA\u00bb) or a Virtual PPA (\u00abVPPA\u00bb). The agreement with Statkraft is physical delivery of electricity, based on a fixed baseload every hour, every day, throughout the year. Vistin operates its manufacturing plant continuously throughout day and night (24/7) and is expected to utilize mainly all of the physical baseload of electricity delivered by Statkraft, with limited ability to settle in cash. Based on interpretation of IFRS 9 and other considerations it has been concluded that the energy supply agreement with Statkraft is entered; with the goal of purchase electricity, only for own use. This means that the agreement should be treated as a PPA, meaning a sales and purchase agreement were Vistin book the electricity cost and any potential sales of the electricity, monthly and on a running base. Accounting considerations in relation to treatment of Liquidated damage (LD) compensation In April 2020 Vistin entered into a turn-key contract with Afry for engineering and installation of a new parallel production line for Metformin HCl, at its current manufacturing Plant at Fikkjebakke in Krager\u00f8. The new production line was assumed to have approximately the same technical set-up and capacity as the existing production line. The project (MEP) has experienced delay in ramp-up of the production volume from the new production line, compared to milestones in the contract. As part of the closure of the contract and final settlement, there was agreed a Liquidated Damages compensation of approx. MNOK 13. There has been considered two different alternatives for how to treat the accounting of the LD; either as reducing the value of the fixed assets in relation to MEP or book it to other income. For the first alternative it was concluded that the assets for the new manufacturing line are delivered according to specifications in the contract and with similar performance as existing production line. Simultaneously it is clear from the contract and the settlement agreement that the LD is based on a true loss of revenue and margin, driven by less volume available for sale in 2022 compared to agreed milestones in the contract. Based on this conclusion and interpretation of IAS 16, the LD was booked to other income. Se also Note 5. War in Ukraine and covid19 pandemic The demand in the market for metformin is still high and has not been affected by the corona epidemic or the situation in Ukraine. The vulnerability for drug supplies during these events has been an eye opener for the authorities and companies, and the need for short-travelled medicines will be high on the agenda going forward. Vistin is strategically well positioned to benefit from the expected increase in local supplies going forward. The company has not experienced any supply chain or production interruptions in 2022 due to the war in Ukraine or the covid19 pandemic. The freight lead times from Asia to Europe has been more stable in 2022 compared to 2021 and has come down to more historical averages when it comes to regularity and number of sailing days. Vistin has however experienced increased raw material costs and extremely high electricity prices, especially in second half of 2022. This has put pressure on the company\u2019s profitability in that period. However price increases to customers and government electricity compensation (in Q4) resulted in that Vistin delivered a positive result in the period of Q2-Q4 2022 (after the production stop in Q1\u201922 due to the MEP installation). In December 2022 Vistin entered into a long-term renewable energy supply agreement with Statkraft, that will secure a significant part of Vistin\u2019s electricity demand on competitive terms from 1st of January 2023 and until 2032. This agreement will be an important competitive advantage for the company going forward, and especially if the Ukraine situation again led to gas and power shortage in Europe that significantly drives increased electricity prices. Based on the information above, neither the war in Ukraine or the pandemic have negatively affected the company\u2019s future financial estimates and other judgements regarding the future. Note 4. Revenue from contracts with customers Geographic information (NOK 000's) 2022 2021 Revenue from contracts with customers: Africa 37 478 57 932 Europe 195 984 170 401 Asia 19 798 23 735 North and South America 34 415 23 744 Total revenue from contracts with customers 287 675 275 812 The information above is based on the location of the customers. Vistin has four customers with sales that amount to 10% or more of the Company's revenue, the customers are typically large global pharmaceutical corporations: (NOK 000's) 2022 2021 Customer A 125 001 123 460 Customer B 50 276 41 500 Customer C 37 478 57 932 Customer D 35 435 17 250 See also note 2.3 for general revenue accounting principles.Note 5. Other income (NOK 000's) 2022 2021 Other income 17 177 2 811 Total 17 177 2 811 Other income in 2022 is mainly a liquidated damage compensation of MNOK 13, in relation to delayed volume ramp-up in the Metformin Expansion Project (MEP). The amount was part of the final settlement agreement with the engineering company, Afry and was agreed in December. The intention of the compensation was to cover actual loss of revenue in the delay period. The remaining balance is related to price compensation from customers for extremely high electricity costs in second half of the year. Other income for 2021 relates to government grants (MNOK 1) and principally to sundry services rendered to customers. Accounting considerations in relation to treatment of Liquidated damage (LD) compensation In April 2020 Vistin entered into a turn-key contract with Afry for engineering and installation of a new parallel production line for Metformin HCl, at its current manufacturing Plant at Fikkjebakke in Krager\u00f8. The new production line was assumed to have approximately the same technical set-up and capacity as the existing production line. The project (MEP) has experienced delay in ramp-up of the production volume from the new production line, compared to milestones in the contract. As part of the closure of the contract and final settlement, there was agreed a Liquidated Damages compensation of approx. MNOK 13. There has been considered two different alternatives for how to treat the accounting of the LD; either as reducing the value of the fixed assets in relation to MEP or book it to other income. For the first alternative it was concluded that the assets for the new manufacturing line are delivered according to specifications in the contract and with similar performance as existing production line. Simultaneously it is clear from the contract and the settlement agreement that the LD is based on a true loss of revenue and margin, driven by less volume available for sale in 2022 compared to agreed milestones in the contract. Based on this conclusion and interpretation of IAS 16, the LD was booked to other income. Note 6. Payroll expenses (NOK 000's) 2022 2021 Salaries 60 948 53 179 Payroll tax 9 246 8 468 Pension costs - defined contribution plans 4 669 4 225 Pension costs - defined benefit plan 301 278 Other payroll costs incl. bonuses 3 809 7 278 Total payroll and payroll related costs 78 972 73 426 Average number of FTE's 75 68 *FTE: Full-time equivalent Vistin Pharma AS are required to have an occupational pension plan (\"tjenestepensjon\"), and the Company has a plan that meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). The Company also has a defined benefit plan for the CEO of Vistin Pharma. Further information on the pension costs related to the defined benefit plan can be found in Note 7. Note 7. Post-employment benefits The Company operates an unfunded defined benefit early retirement plan for the CEO. The plan is a pension plan, which provides benefits in the form of a certain level of pension payable from the age of 62. The pension plan is funded through the Company's operations, which means that the Company meets the benefit payment obligation as it falls due. Additional disclosure is provided in Note 23. The amounts recognized in the balance sheet are determined as follows: (NOK 000's) 2022 2021 Fair value of plan assets - - Present value of unfunded obligations 13 199 15 831 Liability in the balance sheet (including local tax) 13 199 15 831 The movement in the defined benefit liability over the year is as follows: (NOK 000's) 2022 2021 At 1 January 15 831 16 330 Local tax 37 34 Interest expense/(income) 264 243 16 132 16 607 Remeasurements: (Gain)/Loss from changes -2 933 -776 -2 933 -776 At 31 December 13 199 15 831 Net expense recognized in the Income Statement 301 277 The significant actuarial assumptions were as follows: 31.12.2022 31.12.2021 Discount rate 3,00 % 1,90 % Inflation 1,75 % 1,75 % Salary growth rate 3,50 % 2,75 % Pension growth rate 3,25 % 2,50 % Nordea has issued a guarantee of NOK 14.2 million to cover future pension payments under the defined befit plan for the CEO. The guarantee is covered by a pledge over the fixed assets of the Company. Note 8. Other operating expenses (NOK 000's) 2022 2021 Production costs* 61 812 47 838 Sales & marketing costs 6 291 4 496 General & admin. expenses 13 529 12 907 Other operating expenses 81 632 65 241 *Production costs relates mainly to salaries for operators and quality, electricity, waste, water & sewage and other direct costs related to operate Vistin\u2019s production plant at Fikkjebakke. Government compensation for electricity costs in Q4 2022 Vistin has received compensation for electricity costs in Q4 of total MNOK 2.3. The compensation is part of the \u2018str\u00f8mst\u00f8tte ordningen\u2019 that the government launched in November 2022, to support electricity intense businesses. The amount of MNOK 2.3 has been booked as reduction of production costs, based on that it is reasonable sure that the requirements is met to fulfil the full compensation. Remuneration to the Auditors (NOK 000's) 2022 2021 Statutory audit 505 435 Other attestation services 27 - Tax advisory services 104 79 Total remuneration to auditors 636 514 Note 9. Financial items (NOK 000's) 2022 2021 Interest income from bank deposits, money-market funds etc. 28 265 Other financial income 44 56 Net foreign exchange gain 9 482 5 746 Total finance income 9 554 6 067 Interest expenses 2 092 289 Interest expenses leasing 48 68 Other financial expenses 356 91 Net foreign exchange loss 6 971 6 874 Total finance costs 9 466 7 322 Net finance 88 -1 255 Note 10. Tax Income tax calculation: (NOK 000's) 2022 2021 Profit/(loss) before tax from continuing operations -6 008 31 995 Profit/(loss) before taxes -6 008 31 995 Permanent differences 130 408 Permanent differences recognized to equity - - Changes in temporary differences -48 -342 Basis for income tax -5 926 32 061 Income tax payable - - Tax effect of change in net deferred income tax liability/asset 743 -7 269 Income tax expense 743 -7 269 Income tax expense reported in the statement of comprehensive income -1 293 7 129 Income tax attributable to discontinued operations 171 -1 293 7 300 Reconciliation of income tax (NOK 000's) 2022 2021 Profit before tax -6 008 31 995 Tax assessed at the expected tax rate (22%) -1 322 7 039 Tax effect permanent differences, profit & loss 29 90 Income tax -1 293 7 129 Recognized deferred tax assets & liabilities (NOK 000's) 2022 2021 Fixed assets 43 419 16 482 Current assets 4 064 287 Pension liabilities -13 197 -15 830 Derivatives -358 1 231 Tax losses carried forward (1) -163 973 -129 999 Other (2) 40 1 202 Net income tax reduction/increase -130 005 -126 628 Net deferred tax asset/-liability 28 601 27 858 Tax rate applied 22 % 22 % The Company is experiencing a strong demand for its Metformin product and is doubling its production capacity to meet demand from both existing and potential new customers. Driven by the expected market growth and the financial forecasts for the Company, the deferred tax asset at 31 December 2022 is expected to be fully utilized, and thus the full amount has been included as carrying value in the balance sheet at year-end. (1) Mainly related to realized loss for closing the oil derivative contracts in Vistin Trading in 2020. (2) Other items mainly relate to pension costs recognized directly through equity. Note 11. Earnings per share Basic earnings per share (EPS) are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. The following reflects the income and share data used in the basic EPS computations: 2022 2021 Profit attributable to owners of the company -4 716 24 867 Total -4 716 24 867 Weighted average number of ordinary shares (in thousands) 44 345 44 345 Basic earnings per share (NOK) -0.11 0.56 Basic earnings per share from continuing operations (NOK) -0.11 0.56 Note 12. Property, plant and equipment and right-of-use assets Property & plants Constructions in progress Machines & equip-ment etc. Right of use assets Total (NOK 000's) Cost At 1 January 2021 27 536 56 556 87 233 4 519 175 847 Additions 1 164 26 464 4 312 827 32 767 Reclassified - At 31 December 2021 28 700 83 020 91 545 5 346 208 614 Additions 14 040 8 349 37 953 3 948 64 290 Reclassified -81 133 81 133 - At 31 December 2022 42 741 10 236 210 631 9 294 272 904 Depreciation and impairment At 1 January 2021 -6 663 -23 921 -30 585 Depreciation charge for the year -1 492 -8 049 -1 068 -10 609 Reclassified depreciations 2 663 -2 663 - At 31 December 2021 -8 155 - -29 307 -3 731 -41 194 Depreciation charge for the year -1 681 -9 746 -853 -12 280 At 31 December 2022 -9 836 - -39 053 -4 584 -53 474 Net book value At 31 December 2022 32 905 10 236 171 578 4 709 219 430 At 31 December 2021 20 545 83 020 62 238 1 615 167 418 Useful life 20-25 years 3-10 years 3 years Note 13. Financial assets and liabilities Set out below is a comparison by class of carrying amounts and fair values of all financial instruments that are carried in the financial statements. The financial assets principally consist of trade receivables and cash and cash equivalents obtained through the operating business. The financial liabilities principally consist of trade and other payables arising directly from its operations. The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly Note 13. Financial assets and liabilities (continued) Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data As of 31 December 2022: Fair value level Loans and receivables at amortized cost Other financial liabilities at amortized cost Total book value Fair value (NOK 000's) Financial assets Trade receivables 3 66 155 - 66 155 66 155 Other receivables 3 8 146 - 8 146 8 146 Cash at bank 3 1 435 - 1 435 1 435 Total 75 736 - 75 736 75 736 Financial liabilities Trade payables 3 - 25 906 25 906 25 906 Short term debt 3 - 45 141 45 141 45 141 Other payables 3 - 46 748 46 748 46 748 Total - 117 795 117 795 117 795 31 December 2021: Fair value level Loans and receivables at amortized cost Other financial liabilities at amortized cost Total book value Fair value (NOK 000's) Financial assets Trade receivables 3 40 245 - 40 245 40 245 Other receivables 3 18 933 - 18 933 18 933 Cash at bank 3 35 746 - 35 746 35 746 Total 94 925 - 94 925 94 925 Financial liabilities Trade payables 3 - 20 808 20 808 20 808 Other payables 3 - 20 227 20 227 20 227 Total - 41 035 41 035 41 035 For trade receivables, accounts payable and other short-term items, fair values are equal to carrying values due to their short-term nature. Note 14. Financial risk management The Company is exposed to a variety of financial risks, principally credit, currency, price and liquidity risks, which are summarized below. The Company's senior management oversees the management of these risks, which is being reviewed by the Board of Directors on a regular basis. Credit risk Credit risk is the risk that counterparty will not meet its obligations under related to a customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing and financing activities, principally deposits with banks. See also note 16 for mor information. Customer credit risk Customer credit risk is managed by Vistin Pharma AS, which is responsible for the pharmaceutical business, subject to established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed on an individual basis, and outstanding trade receivables are regularly monitored. Sales to customers with an unacceptable credit risk are covered by letter of credits, and all sales are settled in cash. For trade receivables the Company applies a simplified approach to provide for expected credit losses as prescribed by IFRS 9. There are no provisions for losses on trade receivables as of 31 December 2022, and there are no historic losses of significance. The risk of counterparties not meeting their contractual obligations will normally be related to the quality of the goods supplied. Year ended 31.12 2022 2021 Trade receivables (NOK 000's) 66 155 40 245 Number of customers 16 13 Top 5 customers as a % of total trade receivables 83 % 84 % Financial credit risk Cash deposits are principally with Nordea. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. Vistin\u2019s exposure to the risk of changes in foreign exchange rates relates primarily the Company's pharmaceutical business (when revenue or expense is denominated in a different currency from the Company's presentation currency), and the Company's foreign currency denominated cash deposits. The Company's sales and raw material purchases are mainly denominated in EUR and USD respectively. Vistin monitors its foreign currency exposure, both related to outstanding financial assets and liabilities and to future foreign currency denominated operating cash flow, on an ongoing basis. The Company utilizes foreign currency denominated bank accounts to match sales and purchases in the same currency, and thus providing a natural hedge. The Company may enter currency hedging contracts to reduce the foreign exchange risk. Vistin has in 2022 sold EUR hedging contracts for part of its 2023 sales. The fair value of these contracts where negative MNOK 0.36 and is booked to P&L as an unrealized financial loss as of 31.12.2022. Year ended 31.12 2022 2021 (Currency 000's) EUR USD EUR USD Trade Receivables 5 513 115 3 567 523 Bank accounts -48 39 1 384 -312 Trade Payables -156 -709 -205 -63 Net assets in EUR / USD 5 309 -555 4 746 148 Currency rates 31.12 10,51 9,86 9,99 8,82 Net assets/liabilities in NOK 55 797 -5 469 47 413 1 305 Assuming foreign currency to be reduced/increased by 5% Foreign currency (reduction)/increase -10 % -10 % -10 % -10 % Foreign currency rate 9,46 8,87 8,99 7,94 Net assets in NOK 50 217 -4 922 42 671 1 175 Potential gain/(loss) NOK* -5 580 547 -4 741 -131 *Relates to the effect on the result before tax, no OCI effect. Liquidity risk Liquidity risk is the potential loss arising from the Company's inability to meet its contractual obligations when due. Vistin monitors its risk to a shortage of funds using rolling monthly cash flow forecasts. The Company had cash and cash equivalents of MNOK 1.4 at 31 December 2022 (2021: MNOK 36) and short-term debt of MNOK 45.1 (2021: MNOK 0). In 2021 Vistin established a credit facility (bank overdraft) through Nordea at general market terms. There are no specific covenants in relation to the bank overdraft and it has a 12-month duration with an option to renew for another 12 months. The company is expecting the cash flow to improve in 2023 with more volumes available for sale. In addition, Vistin Pharma AS, has additional bank overdraft facilities available if needed. Based on this, the Company assesses the liquidity risk to be low. Year ended 31.12.2022 (NOK 000's) Less than 3 months 3 - 12 months 1 - 5 years > 5 years Total Trade Payables 25 906 - - - 25 906 Short term debt - 45 141 - 45 141 Other Payables 46 748 - - - 46 748 Total 72 654 45 141 - - 117 795 Year ended 31.12.2021 (NOK 000's) Less than 3 months 3 - 12 months 1 - 5 years > 5 years Total Trade Payables 20 808 - - - 20 808 Other Payables 20 227 - - 20 227 Total 41 035 - - - 41 035 Capital Management For the purpose of the Company\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 Company\u2019s capital management is to maximize the shareholder value. It has been the Boards\u2019 strategy to maintain a strong balance sheet in a period with volatile external circumstances (Covid19 & Ukraine war) and a strong growth for the company. It is expected that the annual CAPEX will be significantly lower going forward as the expansion project (MEP) is mainly paid as of 31.12.2022. Working capital requirements is also expected to be stable and reduced with lower safety stocks of raw materials due to more stable freight lead times. The Company established in 2022 a credit facility through Nordea. The Company manages its capital structure and make adjustments in light of changes in the financial performance and development of the Company. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders, sell assets or issue new shares. Note 15. Inventories (NOK 000's) 2022 2021 Raw materials in transit (incl. inventory at 3rd party warehouse) 25 209 10 778 Raw materials 33 924 24 188 Produced finished goods (incl. WIP) 24 541 8 299 Provision for obsolescence -227 -358 Total inventories 83 446 42 907 Cost of materials 138 064 96 097 Table above includes raw materials purchased for production, work in progress (WIP), finished goods ready for shipment/sale, net movements in inventory, and any inventory write-offs or adjustments. Note 16. Trade receivables and other receivables Trade receivables (NOK 000's) 2022 2021 Trade receivables 66 155 40 245 Trade receivables (net) 66 155 40 245 Trade receivables are non-interest bearing and are generally on terms of 30 to 60 days. Note 16. Trade receivables and other receivables (continued) As at 31 December, the ageing analysis of trade receivables is, as follows AGING PAST DUE NOT IMPAIRED (NOK 000's) Total Current < 30 days 30-60 days 60- 90 days > 90 days 2022 66 155 52 053 11 733 2 369 0 0 2021 40 245 32 149 5 536 45 0 0 See Note 14 on credit risk of trade receivables, which explains how the Company manages credit risk. Other receivables (NOK 000's) 2022 2021 Prepayments 3 135 16 087 Other 5 011 2 846 Total other receivables 8 146 18 933 Note 17. Cash and cash equivalents (NOK 000's) 2022 2021 Cash at banks 1 435 35 746 Cash and cash equivalents 1 435 35 746 Cash at banks earns interest at floating rates based on daily bank deposit rates. Note 18. Issued shares and share capital The Company's registered share capital is NOK 44,344,592 divided into 44,344,592 shares. The share capital is fully paid. All shares have the same rights. Number of Share capital shares (thousands) (NOK 000's) At 1 January 2021 44 345 44 345 At 31 December 2021 44 345 44 345 At 1 January 2022 44 345 44 345 At 31 December 2022 44 345 44 345 Each share has a par value of NOK 1 per share. Note 18. Issued shares and share capital 20 largest shareholders as registered as of 31 December 2022: Total no of Ownership Name Note shares share INTERTRADE SHIPPING AS 1 12 575 000 28,36 % HOLMEN SPESIALFOND 3 520 243 7,94 % PACTUM VEKST AS 1 3 519 733 7,94 % MP PENSJON PK 1 719 848 3,88 % FERNCLIFF LISTED DAI AS 1 784 280 1,77 % AUGUST RINGVOLD AGENTUR AS 750 315 1,69 % STORKLEIVEN AS 750 000 1,69 % LUCELLUM AS 711 322 1,50 % DNB BANK ASA 641 955 1,45 % MIKLA INVEST AS 620 874 1,40 % IVAR L\u00d8GES STIFTELSE 560 000 1,26 % TOM RAGNAR PRESTEG\u00c5RD STAAVIE 512 324 1,16 % CORTEX AS 508 989 1,15 % HENRIK MIDTTUN HAAVIE 505 115 1,14 % WEM INVEST AS 500 000 1,13 % SANDEN EQUITY AS 468 947 1,06 % DYVI INVEST AS 455 500 1,03 % DELTA AS 400 000 0,90 % GINKO AS 350 000 0,78 % \u00d8YSTEIN STRAY SPETALEN 1 323 650 0,73 % Other shareholders 14 166 497 31,95 % 44 344 592 100,0 % Shares owned by the Board of Directors and management as of 31 December 2022: Intertrade shipping AS (1) 12 575 000 Pactum Vekst AS (7) 3 519 733 Ferncliff Listed DAI AS (3) 784 280 Nordby Kjell-Erik (4) 100 000 Heggem Vegard (5) 27 360 Tolleshaug Magnus (6) 20 000 \u00c5se Musum (2) 2 201 1. Chairman of the Board of Directors 2. Member of the Board of Directors 3. Controlled by board member \u00d8ystein Stray Spetalen 4. Chief Executive Officer 5. VP Operations 6. Chief Commercial Officer 7. CEO of Pactum Vekst AS: is a member of the Board of Directors Note 19. Share-based payments As per 31 December 2022 the company have no outstanding share-based payments. Note 20. Other payables (NOK 000's) 2022 2021 Withholding tax 3 013 2 634 Social security taxes 1 734 1 403 Allowance for holiday pay 7 883 7 207 Accrued expenses 5 057 8 842 Other liabilities* 29 060 141 Total other payables 46 748 20 227 *Other Liabilities relates mainly to raw materials in transit (Vistin ownership, but not received at local warehouse) Note 21. Borrowings The Company had interest-bearing debt as of 31 December 2022 of MNOK 45.1 (2021: 0). In 2021 Vistin established a credit facility through Nordea at general market terms. There are no specific covenants in relation to the credit facility and it has a 12-month duration with an option to renew for another 12 months. In addition the company has lease liabilities. See note 22 for details regarding leasing liabilities. Nordea has issued a guarantee of MNOK 14.2 to cover future pension payments under the defined benefit plan for the CEO, as well as a guarantee for income tax deducted salaries of MNOK 6.5. The guarantees are covered by a pledge of MNOK 15 in the Property (plant) located in Krager\u00f8 municipality, net book value of the property is approx. MNOK 23. Note 22. Leasing The Company has not applied the two recognition exemptions in the standard, for low value items and short-term leases. There are only a few leasing agreements in total (<10), and all agreements has been incorporated into the balance sheet. Detailed lease commitments divided by category: Detailed Lease commitments at 31 December 2022 (NOK 000's) Property rental 3 380 Cars & trucks 638 Production equipment 208 Other office equipment 323 Future minimum lease payments 4 549 Note 22. Leasing (IFRS 16) and commitments (continued) Maturity profile of lease commitments (NOK 000's) <12 months 12-24 months 24-36 months >48 months Property rental 751 751 751 1 127 Cars & trucks 139 124 83 291 Production equipment 208 Other office equipment 67 67 67 121 Future minimum lease payments 1165 943 902 1539 Details for right of use assets and leasing liabilities: Right of use assets Leasing liabilities Opening balance at 1 Jan 2021 1 855 2 157 Depreciation -1 068 Interest expense 68 Additions 827 Write down Repayment of lease liabilities -836 Value at year end 2021 1 614 1 389 Opening balance at 1 Jan 2022 1 614 1 389 Depreciation -853 Interest expense 48 Additions 3 948 Write down Repayment of lease liabilities 2 589 Value at year end 2022 4 710 4 026 Of which are: Other current liabilities (2022) 1 070 Other non-current liabilities (2022) 2 956 4 026 Other current liabilities (2021) 877 Other non-current liabilities (2021) 512 1 389 There are no residual guaranties or right of termination that have significant effect on any of the lease agreements. The average incremental borrowing rate (estimated at the commencement date) for the current lease agreements is approximately 5%. Note 23. Board of Directors and Executive Management compensation Board of Directors remuneration 2022 2021 (NOK 000's) Board fees Other* Board fees Other* \u00d8yvin A. Br\u00f8ymer Chairman* 400 20 400 20 Bettina Banoun* 200 20 200 20 \u00d8ystein Stray Spetalen 200 - 200 - Espen Marcussen 200 - 200 - Kari Krogstad 200 - 200 - Espen Lia Gregoriussen 200 - 200 - \u00c5se Musum 200 - 200 - Total 1 600 40 1 600 40 *Both Bettina Banoun and \u00d8yvin A. Br\u00f8ymer received NOK 20 000 in 2022 and 2021 as members of the Remuneration Committee. Executive Management remuneration 2022 (NOK 000's) Base salary Bonus paid** Pension Other*** Total Proportion of fixed and variable Kjell-Erik Nordby, CEO 2 667 864 415 192 4 138 76% / 24% Alexander Karlsen, CFO 1 765 425 151 172 2 513 83% / 17% Hilde Merethe Hagen, VP Quality 1 462 237 152 145 1 996 86% / 14% Magnus Tolleshaug*, CCO 1 638 234 154 477 2 503 88% / 12% Vegard Heggem, VP operations 1 707 276 153 148 2 284 85% / 15% Total Executive Management 9 239 2 036 1 025 1 134 13 434 - *Magnus Tolleshaug received a one-time compensation of NOK 300' as interim CEO in 1H of 2022 **Bonus paid is related to bonus earned for 2021 and paid out in 2022. ***Mainly related to fixed monthly car allowance 2021 (NOK 000's) Base salary Bonus paid* Pension Other** Total Proportion of fixed and variable Kjell-Erik Nordby, CEO 2 565 1 003 384 237 4 189 76% / 24% Alexander Karlsen, CFO 1 656 393 141 131 2 321 83% / 17% Hilde Merethe Hagen, VP Quality 1 414 284 141 148 1 987 86% / 14% Magnus Tolleshaug, CCO 1 393 230 140 140 1 903 88% / 12% Vegard Heggem, VP Operations 1 650 330 141 152 2 273 85% / 15% Total Executive Management 8 678 2 240 947 808 12 673 - *Bonus paid is related to bonus earned for 2021 and paid out in 2022. **Mainly related to fixed monthly car allowance Note 23. Board of Directors and Executive Management compensation (continued) The CEO, Kjell-Erik Nordby is tied up to the Company's defined contribution plan. In addition he has the right to retire at the age of 62 and is entitled to a salary equal to 60% of his salary at date of retirement and until he reaches the age of 67, less any public pension entitlements. In addition, he has the right to a certain level of pension from the age of 67. Refer to Note 7 for further details. Mr. Nordby has a 24-month termination benefit in the case of involuntary termination of his employment. According to the Norwegian Public Limited Companies Act section 6-16a, the Board of Directors have prepared a statement on the establishment of wages and other remuneration for the CEO and other senior employees. The annual general meeting in May 2022 approved a long-term incentive plan (LTIP) where the executive management, in total, can purchase shares for up to MNOK 6, at a 25% discount, with a three-year binding period. Note 24. Transactions with related parties Related party relationships are those involving control, joint control or significant influence and key personnel in the reporting entity. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. All transactions within the Company have been based on arm's length principle. The Company's ultimate parent is Vistin Pharma ASA. The shares of Vistin Pharma are listed on Oslo B\u00f8rs. The subsidiary is listed in note 25. Any transactions between the parent company and the subsidiary are shown line by line in the separate statements of the parent company and are eliminated in the company financial statements. See note 23 for more information on remuneration to executive management and the board. Note 25. Subsidiary The following subsidiaries are included in the consolidated financial statements: Company Country of incorporation Main operations Ownership interest 2022 Voting Opower 2022 wnership interest 2021 Voting power 2021 Vistin Pharma AS Norway Pharmaceutical products 100 % 100 % 100 % 100 % The financial figures of Vistin Pharma AS has been included in the consolidated financial statements of the company. Note 26. Climate changes and potential impact on the Company\u2019s financials Vistin consider the short to medium term climate impact on the company\u2019s financials to be rather limited. The production plant at Fikkjebakke is highly automated and following local strict policies in relation of emissions and local environmental impact. The company also have several project\u2019s ongoing that will reduce the climate footprint in the future. Vistin recently signed a 10-year renewable power supply agreement with Statkraft in December 2022, which includes a Guarantee of Origin (GOG) for renewable power. Statkraft is Europe\u2019s largest provider of clean renewable energy. For the long-term the risk is more uncertain. However, Vistin believe it is well prepared for adopting to a future with lower emissions, reduced climate footprint and other environmental changes. The risk of more unpredictable weather phenomena is currently not expected to have any significant impact on Vistin\u2019s supply chain and production facility. It is likely that cost of transportation and usage of fossil transportation sources will increase going forward, however such cost increases and/or cost of transformation to new sustainable substitutions is expected to be compensated by increased sales prices to customers. Based on this there has not been conducted impairments tests of its asset, done accruals for potential commitments in related to climate changes, or similar. Note 27. Events after the reporting date There have not been events subsequent to the closing date of 31 December 2022, that currently affects the financials or the company\u2019s operational activities. The Board of Directors has proposed to get a power of attorney from AGM in May to pay up to NOK 0.75 per share in dividend. The power of attorney should be valid until the 2024 AGM. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-4-1": { "value": "Vistin Pharma ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-1": { "value": " limited liability company,", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-1": { "value": " \u00d8stensj\u00f8veien 27, Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-1": { "value": "Norway ", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "The consolidated financial statements of Vistin Pharma for the year ended 31 December 2022 were approved for release by the Board of Directors on 26 April 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-1": { "value": "Vistin Pharma is principally engaged in the production and sale of metformin active pharmaceutical ingredient (API) and direct compressive granulate (DC) for the international pharmaceutical industry. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-2": { "value": "Note 2. Summary of significant accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. The consolidated financial statements and directors\u2019 report are prepared in English only. 2.3 Revenue recognition In general revenue is measured at the fair value of the consideration received, and represents the amount received for goods supplied, and if applicable stated net of discounts, returns and value added taxes. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met, as described below. Revenue from contract with customers The Company apply IFRS 15 in its accounting for contracts with customers. The Company produce and sell metformin API, the principal ingredient in Diabetes drugs. The product is sold in bulk for further processing into consumer grade products. The Company produce to inventory and the product is then subsequently sold to the customer based on individual orders for the product. Metformin API is a commodity which can be readily sourced world-wide from different producers, however, with different quality and the reliability in supply. Vistin has several customers, but the material part of its production is sold to a limited number of customers (note 4). These customers indicate their needed volume on a rolling forecast basis and Vistin allocate its planned production accordingly. However, a binding performance obligation only arise when an actual purchase order (PO) is placed and accepted. The typical purchasing pattern is several smaller orders throughout the year and normally the binding order length is supply over the next 3-6 months. Metformin API is a commodity widely produced and sold around the world and the price is determined based on overall worldwide supply and demand, product quality and security of supply. The Company typically negotiate price annually with each of its main customers, and order by order with smaller customers. The supply agreements do open for price adjustments throughout the year if specific threshold is met (i.e. significant increased raw materials, freight, FX, etc). The selling price is mainly in EUR and reflects the current market price. Volume discounts, bonus incentives or other variable price elements are not applied. The purchase conditions are normally net 30-45 days, and the Company does not consider any financing elements to the transaction. The Company consider each individual delivery based on individual purchasing orders as delivered when the order is shipped from its warehouse. The Company used widely accepted incoterms for its delivery and recognize the sale in accordance with the individual sales term, normally when the metformin has been shipped from the warehouse, or when the metformin is loaded on-board in departing ships at port. The Company does not consider having any contract assets or liabilities in relation to its customer contracts. Metformin API is produced for inventory, delivered from inventory to the customer, and recognized as revenue when shipped. All balance sheet items are related to normal short-term sales cycles. Government grants Government grants, including SkatteFunn, are recognized when it is reasonably certain that the grant will be received, and all conditions have been complied with. When the grant relates to actual expenses incurred, it is normally recognized as income over the period necessary to match the grant on a systematic basis to the cost that is intended to compensate. Grants are generally recognized in Other Income in the consolidated statement for profit and loss. 2.4 Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency (NOK) of the entity by applying the rate of exchange as of the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange at the balance sheet date. Foreign exchange gain or losses resulting from the settlement of such transactions, as well as unrealized gain or losses on monetary assets and liabilities, are recognized as financial income/cost in the consolidated statement of profit and loss. 2.5 Balance sheet classification Vistin presents assets and liabilities in consolidated statement of financial position on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realized within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to settle in normal operating cycle, it is held for primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. 2.6 Property, plant and equipment Land, buildings and fixtures comprise mainly of the metformin production facility in Krager\u00f8. The production facility is used in production of pharmaceutical products sold by Vistin Pharma AS. Other equipment is mainly made up of machines used in production, as well as office related equipment and vehicles. Property, plant and equipment is stated at historical cost, less depreciation and/or impairment losses, if any. Such cost includes expenditures that are directly attributable to the acquisition of the items. Costs accrued for major replacements and upgrades to equipment are added to cost if it is probable that the costs will generate future economic benefits and if the costs can be reliably measured, and assets replaced are retired. Expenditures for maintenance, repairs and periodic maintenance applicable to production facilities and production equipment are capitalized in accordance with IAS 16. Expenditures that regularly occur at shorter intervals are expensed as incurred. Land is not depreciated. Depreciation on other assets is calculated on a straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Buildings and fixtures: 20 - 25 years Other equipment: 3 - 10 years The residual values, useful lives and methods of depreciation of production and lab equipment and other equipment are reviewed at each financial year end and adjusted, if appropriate. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of an asset's net sales value and its value in use. An item of equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. 2.7 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in-first-out (FIFO) method. The cost of finished goods comprises materials, direct labor, other direct. Costs and related production overheads (based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less variable selling expenses. 2.8 Financial assets IFRS 9 contains three principal classification categories for financial assets; measured at amortized cost, fair value through Other Comprehensive Income and fair value through profit or loss. The classification of financial assets of the Company at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Financial assets at amortized cost The Company measures financial assets at amortized cost if both of the following conditions are met: o the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and o 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 Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company\u2019s financial assets at amortized cost includes trade receivables and other short-term deposit. Accounts receivable that does not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers (see further information on trade receivables below). Financial assets at fair value through OCI The Company measures debt instruments at fair value through OCI if both of the following conditions are met: o the financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling o 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 For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. Financial assets at fair value through profit Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. Cash and cash equivalents Cash and cash equivalents include cash at banks and on hand and other short-term highly liquid investments with original maturities of three months or less. In the consolidated balance sheet, any bank overdrafts are shown within borrowings in current liabilities. Trade receivables and other receivables Trade and other receivables are classified at amortized cost and recognized at the original invoiced amount less an allowance for doubtful receivables. The Company applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company\u2019s consolidated statement of financial position) when: o the rights to receive cash flows from the asset have expired, or o the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a. the Company has transferred substantially all the risks and rewards of the asset, or b. the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The loss is recognized in the consolidated income statement. 2.9 Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities principally include trade and other payables, loans and borrowings including bank overdrafts. Trade and other payables Trade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the Company's trade payables. Interest bearing liabilities Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in profit and loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium and costs that are an integral part of the EIR method. The EIR amortization is included as finance costs in the consolidated statement of profit and loss. 2.10 Financial derivatives The Company may use forward currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. 2.11 Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. 2.12 Current and deferred income tax Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recognized to the extent that is probable that future taxable profit will be available against for which unused tax losses and unused tax credits can be utilized. A deferred tax assets arising from unused tax losses or tax credit are only recognized to the extent that the entity has sufficient taxable temporary differences or there is convincing other evidence supporting the utilization of the tax losses and tax credits. The carrying amount of deferred tax asset is reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority. 2.13 Employee benefits The Company has a mandatory defined contribution plan for all employees. In addition, the Company has an unfunded defined benefit plan for the CEO. A defined contribution plan is a pension plan under which the Company pays fixed contributions to pension insurance plans. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available. Defined benefit plans typically defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. As the Company operates an unfunded defined benefit plan, they have no plan assets. The pension obligation is funded through the Company's operations and changes is incorporated into the P&L. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes and curtailments and settlements. Past-service costs are recognized immediately in income. The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. 2.15 Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of the money and the risks specific to the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. 2.16 Leasing Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under any residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company\u2019s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In the cash flow statement, the part of lease payments that relates to repayment of the lease liability is reclassified from cash flows from operations to cash flows from financing. New standards, interpretations, and disclosures There are no new standards not yet taken into use that is expected to materially impact the financial statements for Vistin Pharma ASA. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-2": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as approved by the European Union and are mandatory for fiscal years beginning on or after 1 January 2020, their interpretations adopted by the International Accounting Standards Board (IASB) and Norwegian disclosure requirements listed in the Norwegian Accounting Act. Furthermore, the consolidated financial statements have been prepared on a historical cost basis, The functional currency of Vistin Pharma ASA is the Norwegian krone (NOK), and the Company's presentation currency is NOK. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated. Note 13. Financial assets and liabilities Set out below is a comparison by class of carrying amounts and fair values of all financial instruments that are carried in the financial statements. The financial assets principally consist of trade receivables and cash and cash equivalents obtained through the operating business. The financial liabilities principally consist of trade and other payables arising directly from its operations. The fair value of the financial assets and liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties. The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique: Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly Note 13. Financial assets and liabilities (continued) Level 3: techniques that use inputs that have a significant effect on the recorded fair value that are not based on observable market data As of 31 December 2022: Fair value level Loans and receivables at amortized cost Other financial liabilities at amortized cost Total book value Fair value (NOK 000's) Financial assets Trade receivables 3 66 155 - 66 155 66 155 Other receivables 3 8 146 - 8 146 8 146 Cash at bank 3 1 435 - 1 435 1 435 Total 75 736 - 75 736 75 736 Financial liabilities Trade payables 3 - 25 906 25 906 25 906 Short term debt 3 - 45 141 45 141 45 141 Other payables 3 - 46 748 46 748 46 748 Total - 117 795 117 795 117 795 31 December 2021: Fair value level Loans and receivables at amortized cost Other financial liabilities at amortized cost Total book value Fair value (NOK 000's) Financial assets Trade receivables 3 40 245 - 40 245 40 245 Other receivables 3 18 933 - 18 933 18 933 Cash at bank 3 35 746 - 35 746 35 746 Total 94 925 - 94 925 94 925 Financial liabilities Trade payables 3 - 20 808 20 808 20 808 Other payables 3 - 20 227 20 227 20 227 Total - 41 035 41 035 41 035 For trade receivables, accounts payable and other short-term items, fair values are equal to carrying values due to their short-term nature. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-31-2": { "value": "2.2 Basis for consolidation The Company's consolidated financial statements comprise Vistin Pharma ASA, and entities in which Vistin Pharma ASA has a controlling interest. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Non-controlling interest are included in the Company\u2019s equity. Business combinations Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interest in the acquire. Companies which have been bought or sold during the year are included in the consolidated financial statements from the date when control is achieved and until the date when control ceases. Acquisition-related costs are expensed as incurred and included in operating expenses. When the Company acquires a business, it assesses the identifiable assets acquired and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and relevant conditions as at the acquisition date. The acquirer\u2019s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition are recognized at their fair values at the acquisition date, except for non-current assets that are classified as held for sale and recognized at fair value less cost to sell, and deferred tax assets and liabilities which are recognized at nominal value. Any contingent consideration to be transferred by the acquirer will be recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration which is deemed to be an asset or liability will be recognized in the income statement as financial income or expense. If the contingent consideration is classified as equity, it will not be remeasured, and subsequent settlement will be accounted for within equity. If the business combination is achieved in stages, the fair value of the Company\u2019s previously held equity interest in the acquire is remeasured to fair value at the acquisition date through the income statement. A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. The consideration is recognized at fair value and the difference between the consideration and the carrying amount of the asset is recognized at the equity attributable to the parent. In cases where changes in the ownership interest of a subsidiary lead to loss of control, the consideration is measured at fair value. Assets and liabilities of the subsidiary and non-controlling interest at their carrying amounts are derecognized at the date when the control is lost. Differences between the consideration and the carrying amount of the asset are recognized as a gain or loss in profit or loss. Investments retained, if any, are recognized at fair value, and surplus or deficits, if any, are recognized in profit and loss as a part of gain/loss on subsidiary disposal. Amounts included in other comprehensive income are recognized in profit or loss or directly as equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-69-3": { "value": "2.3 Revenue recognition In general revenue is measured at the fair value of the consideration received, and represents the amount received for goods supplied, and if applicable stated net of discounts, returns and value added taxes. The Company recognizes revenue when the amount of revenue can be reliably measured; when it is probable that future economic benefits will flow to the entity; and when specific criteria have been met, as described below. Revenue from contract with customers The Company apply IFRS 15 in its accounting for contracts with customers. The Company produce and sell metformin API, the principal ingredient in Diabetes drugs. The product is sold in bulk for further processing into consumer grade products. The Company produce to inventory and the product is then subsequently sold to the customer based on individual orders for the product. Metformin API is a commodity which can be readily sourced world-wide from different producers, however, with different quality and the reliability in supply. Vistin has several customers, but the material part of its production is sold to a limited number of customers (note 4). These customers indicate their needed volume on a rolling forecast basis and Vistin allocate its planned production accordingly. However, a binding performance obligation only arise when an actual purchase order (PO) is placed and accepted. The typical purchasing pattern is several smaller orders throughout the year and normally the binding order length is supply over the next 3-6 months. Metformin API is a commodity widely produced and sold around the world and the price is determined based on overall worldwide supply and demand, product quality and security of supply. The Company typically negotiate price annually with each of its main customers, and order by order with smaller customers. The supply agreements do open for price adjustments throughout the year if specific threshold is met (i.e. significant increased raw materials, freight, FX, etc). The selling price is mainly in EUR and reflects the current market price. Volume discounts, bonus incentives or other variable price elements are not applied. The purchase conditions are normally net 30-45 days, and the Company does not consider any financing elements to the transaction. The Company consider each individual delivery based on individual purchasing orders as delivered when the order is shipped from its warehouse. The Company used widely accepted incoterms for its delivery and recognize the sale in accordance with the individual sales term, normally when the metformin has been shipped from the warehouse, or when the metformin is loaded on-board in departing ships at port. The Company does not consider having any contract assets or liabilities in relation to its customer contracts. Metformin API is produced for inventory, delivered from inventory to the customer, and recognized as revenue when shipped. All balance sheet items are related to normal short-term sales cycles. Government grants Government grants, including SkatteFunn, are recognized when it is reasonably certain that the grant will be received, and all conditions have been complied with. When the grant relates to actual expenses incurred, it is normally recognized as income over the period necessary to match the grant on a systematic basis to the cost that is intended to compensate. Grants are generally recognized in Other Income in the consolidated statement for profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-111-3": { "value": "2.4 Foreign currency translation Transactions in foreign currencies are initially recorded in the functional currency (NOK) of the entity by applying the rate of exchange as of the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the rate of exchange at the balance sheet date. Foreign exchange gain or losses resulting from the settlement of such transactions, as well as unrealized gain or losses on monetary assets and liabilities, are recognized as financial income/cost in the consolidated statement of profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-118-3": { "value": "2.5 Balance sheet classification Vistin presents assets and liabilities in consolidated statement of financial position on current/non-current classification. An asset is current when it is expected to be realized or intended to be sold or consumed in normal operating cycle, held primarily for the purpose of trading, expected to be realized within twelve months after the reporting period, or cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when it is expected to settle in normal operating cycle, it is held for primarily for the purpose of trading, it is due to be settled within twelve months after the reporting period, or there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. New standards, interpretations, and disclosures There are no new standards not yet taken into use that is expected to materially impact the financial statements for Vistin Pharma ASA. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-128-3": { "value": "2.6 Property, plant and equipment Land, buildings and fixtures comprise mainly of the metformin production facility in Krager\u00f8. The production facility is used in production of pharmaceutical products sold by Vistin Pharma AS. Other equipment is mainly made up of machines used in production, as well as office related equipment and vehicles. Property, plant and equipment is stated at historical cost, less depreciation and/or impairment losses, if any. Such cost includes expenditures that are directly attributable to the acquisition of the items. Costs accrued for major replacements and upgrades to equipment are added to cost if it is probable that the costs will generate future economic benefits and if the costs can be reliably measured, and assets replaced are retired. Expenditures for maintenance, repairs and periodic maintenance applicable to production facilities and production equipment are capitalized in accordance with IAS 16. Expenditures that regularly occur at shorter intervals are expensed as incurred. Land is not depreciated. Depreciation on other assets is calculated on a straight-line method to allocate their cost to their residual values over their estimated useful lives as follows: Buildings and fixtures: 20 - 25 years Other equipment: 3 - 10 years The residual values, useful lives and methods of depreciation of production and lab equipment and other equipment are reviewed at each financial year end and adjusted, if appropriate. An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount. The recoverable amount is the higher of an asset's net sales value and its value in use. An item of equipment and any significant part initially recognized is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the income statement when the asset is derecognized. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-154-3": { "value": "2.7 Inventories Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-in-first-out (FIFO) method. The cost of finished goods comprises materials, direct labor, other direct. Costs and related production overheads (based on normal operating capacity). Net realizable value is the estimated selling price in the ordinary course of business, less variable selling expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-159-3": { "value": "2.8 Financial assets IFRS 9 contains three principal classification categories for financial assets; measured at amortized cost, fair value through Other Comprehensive Income and fair value through profit or loss. The classification of financial assets of the Company at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Company\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Company initially measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs. Financial assets at amortized cost The Company measures financial assets at amortized cost if both of the following conditions are met: o the financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows, and o 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 Financial assets at amortized cost are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired. The Company\u2019s financial assets at amortized cost includes trade receivables and other short-term deposit. Accounts receivable that does not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers (see further information on trade receivables below). Financial assets at fair value through OCI The Company measures debt instruments at fair value through OCI if both of the following conditions are met: o the financial asset is held within a business model with the objective of both holding to collect contractual cash flows and selling o 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 For debt instruments at fair value through OCI, interest income, foreign exchange revaluation and impairment losses or reversals are recognized in the statement of profit or loss and computed in the same manner as for financial assets measured at amortized cost. The remaining fair value changes are recognized in OCI. Upon derecognition, the cumulative fair value change recognized in OCI is recycled to profit or loss. Financial assets at fair value through profit Financial assets at fair value through profit or loss include financial assets held for trading, financial assets designated upon initial recognition at fair value through profit or loss, or financial assets mandatorily required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for the purpose of selling or repurchasing in the near term. Derivatives are also classified as held for trading unless they are designated as effective hedging instruments. Financial assets with cash flows that are not solely payments of principal and interest are classified and measured at fair value through profit or loss, irrespective of the business model. Notwithstanding the criteria for debt instruments to be classified at amortized cost or at fair value through OCI, as described above, debt instruments may be designated at fair value through profit or loss on initial recognition if doing so eliminates, or significantly reduces, an accounting mismatch. Financial assets at fair value through profit or loss are carried in the statement of financial position at fair value with net changes in fair value recognized in the statement of profit or loss. Cash and cash equivalents Cash and cash equivalents include cash at banks and on hand and other short-term highly liquid investments with original maturities of three months or less. In the consolidated balance sheet, any bank overdrafts are shown within borrowings in current liabilities. Trade receivables and other receivables Trade and other receivables are classified at amortized cost and recognized at the original invoiced amount less an allowance for doubtful receivables. The Company applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. The invoiced amount is considered to be approximately equal to the value which would be derived under the amortized cost method. Derecognition of financial assets A financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized (i.e., removed from the Company\u2019s consolidated statement of financial position) when: o the rights to receive cash flows from the asset have expired, or o the Company has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either a. the Company has transferred substantially all the risks and rewards of the asset, or b. the Company has neither transferred nor retained substantially all the risks and rewards of the asset but has transferred control of the asset. Impairment of financial assets The Company recognizes an allowance for expected credit losses (ECLs) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The loss is recognized in the consolidated income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-233-3": { "value": "2.9 Financial liabilities Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans and borrowings, or payables, as appropriate. All financial liabilities are recognized initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs. The Company\u2019s financial liabilities principally include trade and other payables, loans and borrowings including bank overdrafts. Trade and other payables Trade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the Company's trade payables. Interest bearing liabilities Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortized cost using the effective interest rate (EIR) method. Gains and losses are recognized in profit and loss when the liabilities are derecognized as well as through the EIR amortization process. Amortized cost is calculated by considering any discount or premium and costs that are an integral part of the EIR method. The EIR amortization is included as finance costs in the consolidated statement of profit and loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-251-3": { "value": "2.10 Financial derivatives The Company may use forward currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-251-4": { "value": "2.10 Financial derivatives The Company may use forward currency contracts to hedge its foreign currency risks. Such derivative financial instruments are initially recognized at fair value on the date on which a derivative contract is entered into and are subsequently remeasured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-258-3": { "value": "2.11 Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-261-3": { "value": "2.12 Current and deferred income tax Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Deferred income tax Deferred income tax is provided using the liability method on temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax liabilities are recognized for all taxable temporary differences except where the deferred income tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss. A deferred tax asset is recognized to the extent that is probable that future taxable profit will be available against for which unused tax losses and unused tax credits can be utilized. A deferred tax assets arising from unused tax losses or tax credit are only recognized to the extent that the entity has sufficient taxable temporary differences or there is convincing other evidence supporting the utilization of the tax losses and tax credits. The carrying amount of deferred tax asset is reviewed at the end of each reporting period. Unrecognized deferred tax assets are reassessed at each balance sheet date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity or taxation authority. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-285-3": { "value": "2.13 Employee benefits The Company has a mandatory defined contribution plan for all employees. In addition, the Company has an unfunded defined benefit plan for the CEO. A defined contribution plan is a pension plan under which the Company pays fixed contributions to pension insurance plans. The Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefit relating to employee service in the current and prior periods. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent that a cash refund or reduction in future payments is available. Defined benefit plans typically defines an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation. The liability recognized in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. As the Company operates an unfunded defined benefit plan, they have no plan assets. The pension obligation is funded through the Company's operations and changes is incorporated into the P&L. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The current service cost of the defined benefit plan, recognized in the income statement in employee benefit expense, reflects the increase in the defined benefit obligation resulting from employee service in the current year, benefit changes and curtailments and settlements. Past-service costs are recognized immediately in income. The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the income statement. Actuarial gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-313-2": { "value": "2.14 Share-based compensation There were no shared-based compensation plans in 2022. Note 19. Share-based payments As per 31 December 2022 the company have no outstanding share-based payments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-315-3": { "value": "2.15 Provisions General Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of the money and the risks specific to the obligation. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-325-3": { "value": "2.16 Leasing Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 fixed payments (including in-substance fixed payments), less any lease incentives receivable \u2022 variable lease payment that are based on an index or a rate \u2022 amounts expected to be payable by the lessee under any residual value guarantees \u2022 the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and \u2022 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company\u2019s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In the cash flow statement, the part of lease payments that relates to repayment of the lease liability is reclassified from cash flows from operations to cash flows from financing. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-341-2": { "value": "2.17 Segment reporting Vistin Pharma's activities are currently organized as one operating unit for internal reporting purposes; thus no segment information is presented in these financial statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-344-2": { "value": "2.18 Events after the balance sheet date New information on the Company\u2019s positions at the balance sheet date is considered in the annual financial statements. Events after the balance sheet date that do not affect the Company's position at the balance sheet date, but which will affect the company's position in the future, are stated if significant. Please refer to the note: Events after the report. Note 27. Events after the reporting date There have not been events subsequent to the closing date of 31 December 2022, that currently affects the financials or the company\u2019s operational activities. The Board of Directors has proposed to get a power of attorney from AGM in May to pay up to NOK 0.75 per share in dividend. The power of attorney should be valid until the 2024 AGM. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-352-2": { "value": "Note 3. Critical accounting estimates and judgements in terms of accounting policies The preparation of the Company's consolidated financial statements in conformity with IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of revenue, expenses, assets and liabilities, and the accompanying disclosures, and the disclosures of contingent liabilities. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. 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. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the process of applying the Company's accounting policies, management has made the following estimates and judgements, which have the most significant effect on the amounts recognized in the financial statements: Inventories Inventories include finished goods and work-in-progress produced by the company. The cost of finished goods comprises materials, direct labor, other direct costs and related production overheads. The allocation of labor costs and other direct and indirect production costs are estimated based on a standard cost model assuming normal operating capacity and production volumes, and any changes in these assumptions could result in adjustments to the carrying amount of inventories. Pension The Company operates an unfunded defined benefit early retirement plan for the CEO. The plan is a pension plan, which provides benefits in the form of a certain level of pension payable from the age of 62. The pension plan is funded through the Company's operations, which means that the Company meets the benefit payment obligation as it falls due. Additional information including the calculations and assumptions for the obligation is provided in Note 7. Deferred tax asset The Company is experiencing a strong demand for its Metformin product and is doubling its production capacity to meet demand from both existing and potential new customers. Driven by the expected market growth and the financial forecasts for the Company, the deferred tax asset at 31 December 2022 is expected to be fully utilized, and thus the full amount has been included as carrying value in the balance sheet at year-end. Long-term renewable energy supply agreement with Statkraft In December 2022 Vistin entered into a long-term renewable energy supply agreement with Statkraft. The agreement will secure a significant part of Vistin\u2019s electricity demand on competitive terms from 1st of January 2023 and until 2032. There has been conducted a thorough consideration on how to handle the accounting of the agreement. The agreement can either be treated as a Power Purchase Agreement (\u00abPPA\u00bb) or a Virtual PPA (\u00abVPPA\u00bb). The agreement with Statkraft is physical delivery of electricity, based on a fixed baseload every hour, every day, throughout the year. Vistin operates its manufacturing plant continuously throughout day and night (24/7) and is expected to utilize mainly all of the physical baseload of electricity delivered by Statkraft, with limited ability to settle in cash. Based on interpretation of IFRS 9 and other considerations it has been concluded that the energy supply agreement with Statkraft is entered; with the goal of purchase electricity, only for own use. This means that the agreement should be treated as a PPA, meaning a sales and purchase agreement were Vistin book the electricity cost and any potential sales of the electricity, monthly and on a running base. Accounting considerations in relation to treatment of Liquidated damage (LD) compensation In April 2020 Vistin entered into a turn-key contract with Afry for engineering and installation of a new parallel production line for Metformin HCl, at its current manufacturing Plant at Fikkjebakke in Krager\u00f8. The new production line was assumed to have approximately the same technical set-up and capacity as the existing production line. The project (MEP) has experienced delay in ramp-up of the production volume from the new production line, compared to milestones in the contract. As part of the closure of the contract and final settlement, there was agreed a Liquidated Damages compensation of approx. MNOK 13. There has been considered two different alternatives for how to treat the accounting of the LD; either as reducing the value of the fixed assets in relation to MEP or book it to other income. For the first alternative it was concluded that the assets for the new manufacturing line are delivered according to specifications in the contract and with similar performance as existing production line. Simultaneously it is clear from the contract and the settlement agreement that the LD is based on a true loss of revenue and margin, driven by less volume available for sale in 2022 compared to agreed milestones in the contract. Based on this conclusion and interpretation of IAS 16, the LD was booked to other income. Se also Note 5. War in Ukraine and covid19 pandemic The demand in the market for metformin is still high and has not been affected by the corona epidemic or the situation in Ukraine. The vulnerability for drug supplies during these events has been an eye opener for the authorities and companies, and the need for short-travelled medicines will be high on the agenda going forward. Vistin is strategically well positioned to benefit from the expected increase in local supplies going forward. The company has not experienced any supply chain or production interruptions in 2022 due to the war in Ukraine or the covid19 pandemic. The freight lead times from Asia to Europe has been more stable in 2022 compared to 2021 and has come down to more historical averages when it comes to regularity and number of sailing days. Vistin has however experienced increased raw material costs and extremely high electricity prices, especially in second half of 2022. This has put pressure on the company\u2019s profitability in that period. However price increases to customers and government electricity compensation (in Q4) resulted in that Vistin delivered a positive result in the period of Q2-Q4 2022 (after the production stop in Q1\u201922 due to the MEP installation). In December 2022 Vistin entered into a long-term renewable energy supply agreement with Statkraft, that will secure a significant part of Vistin\u2019s electricity demand on competitive terms from 1st of January 2023 and until 2032. This agreement will be an important competitive advantage for the company going forward, and especially if the Ukraine situation again led to gas and power shortage in Europe that significantly drives increased electricity prices. Based on the information above, neither the war in Ukraine or the pandemic have negatively affected the company\u2019s future financial estimates and other judgements regarding the future. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-435-2": { "value": "Note 4. Revenue from contracts with customers Geographic information (NOK 000's) 2022 2021 Revenue from contracts with customers: Africa 37 478 57 932 Europe 195 984 170 401 Asia 19 798 23 735 North and South America 34 415 23 744 Total revenue from contracts with customers 287 675 275 812 The information above is based on the location of the customers. Vistin has four customers with sales that amount to 10% or more of the Company's revenue, the customers are typically large global pharmaceutical corporations: (NOK 000's) 2022 2021 Customer A 125 001 123 460 Customer B 50 276 41 500 Customer C 37 478 57 932 Customer D 35 435 17 250 See also note 2.3 for general revenue accounting principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-435-3": { "value": "Note 4. Revenue from contracts with customers Geographic information (NOK 000's) 2022 2021 Revenue from contracts with customers: Africa 37 478 57 932 Europe 195 984 170 401 Asia 19 798 23 735 North and South America 34 415 23 744 Total revenue from contracts with customers 287 675 275 812 The information above is based on the location of the customers. Vistin has four customers with sales that amount to 10% or more of the Company's revenue, the customers are typically large global pharmaceutical corporations: (NOK 000's) 2022 2021 Customer A 125 001 123 460 Customer B 50 276 41 500 Customer C 37 478 57 932 Customer D 35 435 17 250 See also note 2.3 for general revenue accounting principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-479-2": { "value": "Note 5. Other income (NOK 000's) 2022 2021 Other income 17 177 2 811 Total 17 177 2 811 Other income in 2022 is mainly a liquidated damage compensation of MNOK 13, in relation to delayed volume ramp-up in the Metformin Expansion Project (MEP). The amount was part of the final settlement agreement with the engineering company, Afry and was agreed in December. The intention of the compensation was to cover actual loss of revenue in the delay period. The remaining balance is related to price compensation from customers for extremely high electricity costs in second half of the year. Other income for 2021 relates to government grants (MNOK 1) and principally to sundry services rendered to customers. Accounting considerations in relation to treatment of Liquidated damage (LD) compensation In April 2020 Vistin entered into a turn-key contract with Afry for engineering and installation of a new parallel production line for Metformin HCl, at its current manufacturing Plant at Fikkjebakke in Krager\u00f8. The new production line was assumed to have approximately the same technical set-up and capacity as the existing production line. The project (MEP) has experienced delay in ramp-up of the production volume from the new production line, compared to milestones in the contract. As part of the closure of the contract and final settlement, there was agreed a Liquidated Damages compensation of approx. MNOK 13. There has been considered two different alternatives for how to treat the accounting of the LD; either as reducing the value of the fixed assets in relation to MEP or book it to other income. For the first alternative it was concluded that the assets for the new manufacturing line are delivered according to specifications in the contract and with similar performance as existing production line. Simultaneously it is clear from the contract and the settlement agreement that the LD is based on a true loss of revenue and margin, driven by less volume available for sale in 2022 compared to agreed milestones in the contract. Based on this conclusion and interpretation of IAS 16, the LD was booked to other income. Note 8. Other operating expenses (NOK 000's) 2022 2021 Production costs* 61 812 47 838 Sales & marketing costs 6 291 4 496 General & admin. expenses 13 529 12 907 Other operating expenses 81 632 65 241 *Production costs relates mainly to salaries for operators and quality, electricity, waste, water & sewage and other direct costs related to operate Vistin\u2019s production plant at Fikkjebakke. Government compensation for electricity costs in Q4 2022 Vistin has received compensation for electricity costs in Q4 of total MNOK 2.3. The compensation is part of the \u2018str\u00f8mst\u00f8tte ordningen\u2019 that the government launched in November 2022, to support electricity intense businesses. The amount of MNOK 2.3 has been booked as reduction of production costs, based on that it is reasonable sure that the requirements is met to fulfil the full compensation. Remuneration to the Auditors (NOK 000's) 2022 2021 Statutory audit 505 435 Other attestation services 27 - Tax advisory services 104 79 Total remuneration to auditors 636 514 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-479-3": { "value": "Note 5. Other income (NOK 000's) 2022 2021 Other income 17 177 2 811 Total 17 177 2 811 Other income in 2022 is mainly a liquidated damage compensation of MNOK 13, in relation to delayed volume ramp-up in the Metformin Expansion Project (MEP). The amount was part of the final settlement agreement with the engineering company, Afry and was agreed in December. The intention of the compensation was to cover actual loss of revenue in the delay period. The remaining balance is related to price compensation from customers for extremely high electricity costs in second half of the year. Other income for 2021 relates to government grants (MNOK 1) and principally to sundry services rendered to customers. Accounting considerations in relation to treatment of Liquidated damage (LD) compensation In April 2020 Vistin entered into a turn-key contract with Afry for engineering and installation of a new parallel production line for Metformin HCl, at its current manufacturing Plant at Fikkjebakke in Krager\u00f8. The new production line was assumed to have approximately the same technical set-up and capacity as the existing production line. The project (MEP) has experienced delay in ramp-up of the production volume from the new production line, compared to milestones in the contract. As part of the closure of the contract and final settlement, there was agreed a Liquidated Damages compensation of approx. MNOK 13. There has been considered two different alternatives for how to treat the accounting of the LD; either as reducing the value of the fixed assets in relation to MEP or book it to other income. For the first alternative it was concluded that the assets for the new manufacturing line are delivered according to specifications in the contract and with similar performance as existing production line. Simultaneously it is clear from the contract and the settlement agreement that the LD is based on a true loss of revenue and margin, driven by less volume available for sale in 2022 compared to agreed milestones in the contract. Based on this conclusion and interpretation of IAS 16, the LD was booked to other income. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-512-2": { "value": "Note 6. Payroll expenses (NOK 000's) 2022 2021 Salaries 60 948 53 179 Payroll tax 9 246 8 468 Pension costs - defined contribution plans 4 669 4 225 Pension costs - defined benefit plan 301 278 Other payroll costs incl. bonuses 3 809 7 278 Total payroll and payroll related costs 78 972 73 426 Average number of FTE's 75 68 *FTE: Full-time equivalent Vistin Pharma AS are required to have an occupational pension plan (\"tjenestepensjon\"), and the Company has a plan that meets the Norwegian requirements for mandatory occupational pension (\"obligatorisk tjenestepensjon\"). The Company also has a defined benefit plan for the CEO of Vistin Pharma. Further information on the pension costs related to the defined benefit plan can be found in Note 7. Note 7. Post-employment benefits The Company operates an unfunded defined benefit early retirement plan for the CEO. The plan is a pension plan, which provides benefits in the form of a certain level of pension payable from the age of 62. The pension plan is funded through the Company's operations, which means that the Company meets the benefit payment obligation as it falls due. Additional disclosure is provided in Note 23. The amounts recognized in the balance sheet are determined as follows: (NOK 000's) 2022 2021 Fair value of plan assets - - Present value of unfunded obligations 13 199 15 831 Liability in the balance sheet (including local tax) 13 199 15 831 The movement in the defined benefit liability over the year is as follows: (NOK 000's) 2022 2021 At 1 January 15 831 16 330 Local tax 37 34 Interest expense/(income) 264 243 16 132 16 607 Remeasurements: (Gain)/Loss from changes -2 933 -776 -2 933 -776 At 31 December 13 199 15 831 Net expense recognized in the Income Statement 301 277 The significant actuarial assumptions were as follows: 31.12.2022 31.12.2021 Discount rate 3,00 % 1,90 % Inflation 1,75 % 1,75 % Salary growth rate 3,50 % 2,75 % Pension growth rate 3,25 % 2,50 % Nordea has issued a guarantee of NOK 14.2 million to cover future pension payments under the defined befit plan for the CEO. The guarantee is covered by a pledge over the fixed assets of the Company. Note 23. Board of Directors and Executive Management compensation Board of Directors remuneration 2022 2021 (NOK 000's) Board fees Other* Board fees Other* \u00d8yvin A. Br\u00f8ymer Chairman* 400 20 400 20 Bettina Banoun* 200 20 200 20 \u00d8ystein Stray Spetalen 200 - 200 - Espen Marcussen 200 - 200 - Kari Krogstad 200 - 200 - Espen Lia Gregoriussen 200 - 200 - \u00c5se Musum 200 - 200 - Total 1 600 40 1 600 40 *Both Bettina Banoun and \u00d8yvin A. Br\u00f8ymer received NOK 20 000 in 2022 and 2021 as members of the Remuneration Committee. Executive Management remuneration 2022 (NOK 000's) Base salary Bonus paid** Pension Other*** Total Proportion of fixed and variable Kjell-Erik Nordby, CEO 2 667 864 415 192 4 138 76% / 24% Alexander Karlsen, CFO 1 765 425 151 172 2 513 83% / 17% Hilde Merethe Hagen, VP Quality 1 462 237 152 145 1 996 86% / 14% Magnus Tolleshaug*, CCO 1 638 234 154 477 2 503 88% / 12% Vegard Heggem, VP operations 1 707 276 153 148 2 284 85% / 15% Total Executive Management 9 239 2 036 1 025 1 134 13 434 - *Magnus Tolleshaug received a one-time compensation of NOK 300' as interim CEO in 1H of 2022 **Bonus paid is related to bonus earned for 2021 and paid out in 2022. ***Mainly related to fixed monthly car allowance 2021 (NOK 000's) Base salary Bonus paid* Pension Other** Total Proportion of fixed and variable Kjell-Erik Nordby, CEO 2 565 1 003 384 237 4 189 76% / 24% Alexander Karlsen, CFO 1 656 393 141 131 2 321 83% / 17% Hilde Merethe Hagen, VP Quality 1 414 284 141 148 1 987 86% / 14% Magnus Tolleshaug, CCO 1 393 230 140 140 1 903 88% / 12% Vegard Heggem, VP Operations 1 650 330 141 152 2 273 85% / 15% Total Executive Management 8 678 2 240 947 808 12 673 - *Bonus paid is related to bonus earned for 2021 and paid out in 2022. **Mainly related to fixed monthly car allowance Note 23. Board of Directors and Executive Management compensation (continued) The CEO, Kjell-Erik Nordby is tied up to the Company's defined contribution plan. In addition he has the right to retire at the age of 62 and is entitled to a salary equal to 60% of his salary at date of retirement and until he reaches the age of 67, less any public pension entitlements. In addition, he has the right to a certain level of pension from the age of 67. Refer to Note 7 for further details. Mr. Nordby has a 24-month termination benefit in the case of involuntary termination of his employment. According to the Norwegian Public Limited Companies Act section 6-16a, the Board of Directors have prepared a statement on the establishment of wages and other remuneration for the CEO and other senior employees. The annual general meeting in May 2022 approved a long-term incentive plan (LTIP) where the executive management, in total, can purchase shares for up to MNOK 6, at a 25% discount, with a three-year binding period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-635-3": { "value": "Note 8. Other operating expenses (NOK 000's) 2022 2021 Production costs* 61 812 47 838 Sales & marketing costs 6 291 4 496 General & admin. expenses 13 529 12 907 Other operating expenses 81 632 65 241 *Production costs relates mainly to salaries for operators and quality, electricity, waste, water & sewage and other direct costs related to operate Vistin\u2019s production plant at Fikkjebakke. Government compensation for electricity costs in Q4 2022 Vistin has received compensation for electricity costs in Q4 of total MNOK 2.3. The compensation is part of the \u2018str\u00f8mst\u00f8tte ordningen\u2019 that the government launched in November 2022, to support electricity intense businesses. The amount of MNOK 2.3 has been booked as reduction of production costs, based on that it is reasonable sure that the requirements is met to fulfil the full compensation. Remuneration to the Auditors (NOK 000's) 2022 2021 Statutory audit 505 435 Other attestation services 27 - Tax advisory services 104 79 Total remuneration to auditors 636 514 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-683-2": { "value": "Note 9. Financial items (NOK 000's) 2022 2021 Interest income from bank deposits, money-market funds etc. 28 265 Other financial income 44 56 Net foreign exchange gain 9 482 5 746 Total finance income 9 554 6 067 Interest expenses 2 092 289 Interest expenses leasing 48 68 Other financial expenses 356 91 Net foreign exchange loss 6 971 6 874 Total finance costs 9 466 7 322 Net finance 88 -1 255 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-726-2": { "value": "Note 10. Tax Income tax calculation: (NOK 000's) 2022 2021 Profit/(loss) before tax from continuing operations -6 008 31 995 Profit/(loss) before taxes -6 008 31 995 Permanent differences 130 408 Permanent differences recognized to equity - - Changes in temporary differences -48 -342 Basis for income tax -5 926 32 061 Income tax payable - - Tax effect of change in net deferred income tax liability/asset 743 -7 269 Income tax expense 743 -7 269 Income tax expense reported in the statement of comprehensive income -1 293 7 129 Income tax attributable to discontinued operations 171 -1 293 7 300 Reconciliation of income tax (NOK 000's) 2022 2021 Profit before tax -6 008 31 995 Tax assessed at the expected tax rate (22%) -1 322 7 039 Tax effect permanent differences, profit & loss 29 90 Income tax -1 293 7 129 Recognized deferred tax assets & liabilities (NOK 000's) 2022 2021 Fixed assets 43 419 16 482 Current assets 4 064 287 Pension liabilities -13 197 -15 830 Derivatives -358 1 231 Tax losses carried forward (1) -163 973 -129 999 Other (2) 40 1 202 Net income tax reduction/increase -130 005 -126 628 Net deferred tax asset/-liability 28 601 27 858 Tax rate applied 22 % 22 % The Company is experiencing a strong demand for its Metformin product and is doubling its production capacity to meet demand from both existing and potential new customers. Driven by the expected market growth and the financial forecasts for the Company, the deferred tax asset at 31 December 2022 is expected to be fully utilized, and thus the full amount has been included as carrying value in the balance sheet at year-end. (1) Mainly related to realized loss for closing the oil derivative contracts in Vistin Trading in 2020. (2) Other items mainly relate to pension costs recognized directly through equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-841-2": { "value": "Note 11. Earnings per share Basic earnings per share (EPS) are calculated by dividing the profit attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. The following reflects the income and share data used in the basic EPS computations: 2022 2021 Profit attributable to owners of the company -4 716 24 867 Total -4 716 24 867 Weighted average number of ordinary shares (in thousands) 44 345 44 345 Basic earnings per share (NOK) -0.11 0.56 Basic earnings per share from continuing operations (NOK) -0.11 0.56 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-873-2": { "value": "Note 12. Property, plant and equipment and right-of-use assets Property & plants Constructions in progress Machines & equip-ment etc. Right of use assets Total (NOK 000's) Cost At 1 January 2021 27 536 56 556 87 233 4 519 175 847 Additions 1 164 26 464 4 312 827 32 767 Reclassified - At 31 December 2021 28 700 83 020 91 545 5 346 208 614 Additions 14 040 8 349 37 953 3 948 64 290 Reclassified -81 133 81 133 - At 31 December 2022 42 741 10 236 210 631 9 294 272 904 Depreciation and impairment At 1 January 2021 -6 663 -23 921 -30 585 Depreciation charge for the year -1 492 -8 049 -1 068 -10 609 Reclassified depreciations 2 663 -2 663 - At 31 December 2021 -8 155 - -29 307 -3 731 -41 194 Depreciation charge for the year -1 681 -9 746 -853 -12 280 At 31 December 2022 -9 836 - -39 053 -4 584 -53 474 Net book value At 31 December 2022 32 905 10 236 171 578 4 709 219 430 At 31 December 2021 20 545 83 020 62 238 1 615 167 418 Useful life 20-25 years 3-10 years 3 years ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1230-2": { "value": "Note 14. Financial risk management The Company is exposed to a variety of financial risks, principally credit, currency, price and liquidity risks, which are summarized below. The Company's senior management oversees the management of these risks, which is being reviewed by the Board of Directors on a regular basis. Credit risk Credit risk is the risk that counterparty will not meet its obligations under related to a customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing and financing activities, principally deposits with banks. See also note 16 for mor information. Customer credit risk Customer credit risk is managed by Vistin Pharma AS, which is responsible for the pharmaceutical business, subject to established policy, procedures and control relating to customer credit risk management. Credit quality of a customer is assessed on an individual basis, and outstanding trade receivables are regularly monitored. Sales to customers with an unacceptable credit risk are covered by letter of credits, and all sales are settled in cash. For trade receivables the Company applies a simplified approach to provide for expected credit losses as prescribed by IFRS 9. There are no provisions for losses on trade receivables as of 31 December 2022, and there are no historic losses of significance. The risk of counterparties not meeting their contractual obligations will normally be related to the quality of the goods supplied. Year ended 31.12 2022 2021 Trade receivables (NOK 000's) 66 155 40 245 Number of customers 16 13 Top 5 customers as a % of total trade receivables 83 % 84 % Financial credit risk Cash deposits are principally with Nordea. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign currency rates. Vistin\u2019s exposure to the risk of changes in foreign exchange rates relates primarily the Company's pharmaceutical business (when revenue or expense is denominated in a different currency from the Company's presentation currency), and the Company's foreign currency denominated cash deposits. The Company's sales and raw material purchases are mainly denominated in EUR and USD respectively. Vistin monitors its foreign currency exposure, both related to outstanding financial assets and liabilities and to future foreign currency denominated operating cash flow, on an ongoing basis. The Company utilizes foreign currency denominated bank accounts to match sales and purchases in the same currency, and thus providing a natural hedge. The Company may enter currency hedging contracts to reduce the foreign exchange risk. Vistin has in 2022 sold EUR hedging contracts for part of its 2023 sales. The fair value of these contracts where negative MNOK 0.36 and is booked to P&L as an unrealized financial loss as of 31.12.2022. Year ended 31.12 2022 2021 (Currency 000's) EUR USD EUR USD Trade Receivables 5 513 115 3 567 523 Bank accounts -48 39 1 384 -312 Trade Payables -156 -709 -205 -63 Net assets in EUR / USD 5 309 -555 4 746 148 Currency rates 31.12 10,51 9,86 9,99 8,82 Net assets/liabilities in NOK 55 797 -5 469 47 413 1 305 Assuming foreign currency to be reduced/increased by 5% Foreign currency (reduction)/increase -10 % -10 % -10 % -10 % Foreign currency rate 9,46 8,87 8,99 7,94 Net assets in NOK 50 217 -4 922 42 671 1 175 Potential gain/(loss) NOK* -5 580 547 -4 741 -131 *Relates to the effect on the result before tax, no OCI effect. Liquidity risk Liquidity risk is the potential loss arising from the Company's inability to meet its contractual obligations when due. Vistin monitors its risk to a shortage of funds using rolling monthly cash flow forecasts. The Company had cash and cash equivalents of MNOK 1.4 at 31 December 2022 (2021: MNOK 36) and short-term debt of MNOK 45.1 (2021: MNOK 0). In 2021 Vistin established a credit facility (bank overdraft) through Nordea at general market terms. There are no specific covenants in relation to the bank overdraft and it has a 12-month duration with an option to renew for another 12 months. The company is expecting the cash flow to improve in 2023 with more volumes available for sale. In addition, Vistin Pharma AS, has additional bank overdraft facilities available if needed. Based on this, the Company assesses the liquidity risk to be low. Year ended 31.12.2022 (NOK 000's) Less than 3 months 3 - 12 months 1 - 5 years > 5 years Total Trade Payables 25 906 - - - 25 906 Short term debt - 45 141 - 45 141 Other Payables 46 748 - - - 46 748 Total 72 654 45 141 - - 117 795 Year ended 31.12.2021 (NOK 000's) Less than 3 months 3 - 12 months 1 - 5 years > 5 years Total Trade Payables 20 808 - - - 20 808 Other Payables 20 227 - - 20 227 Total 41 035 - - - 41 035 Capital Management For the purpose of the Company\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 Company\u2019s capital management is to maximize the shareholder value. It has been the Boards\u2019 strategy to maintain a strong balance sheet in a period with volatile external circumstances (Covid19 & Ukraine war) and a strong growth for the company. It is expected that the annual CAPEX will be significantly lower going forward as the expansion project (MEP) is mainly paid as of 31.12.2022. Working capital requirements is also expected to be stable and reduced with lower safety stocks of raw materials due to more stable freight lead times. The Company established in 2022 a credit facility through Nordea. The Company manages its capital structure and make adjustments in light of changes in the financial performance and development of the Company. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders, sell assets or issue new shares. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1481-2": { "value": "Note 15. Inventories (NOK 000's) 2022 2021 Raw materials in transit (incl. inventory at 3rd party warehouse) 25 209 10 778 Raw materials 33 924 24 188 Produced finished goods (incl. WIP) 24 541 8 299 Provision for obsolescence -227 -358 Total inventories 83 446 42 907 Cost of materials 138 064 96 097 Table above includes raw materials purchased for production, work in progress (WIP), finished goods ready for shipment/sale, net movements in inventory, and any inventory write-offs or adjustments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1509-2": { "value": "Note 16. Trade receivables and other receivables Trade receivables (NOK 000's) 2022 2021 Trade receivables 66 155 40 245 Trade receivables (net) 66 155 40 245 Trade receivables are non-interest bearing and are generally on terms of 30 to 60 days. Note 16. Trade receivables and other receivables (continued) As at 31 December, the ageing analysis of trade receivables is, as follows AGING PAST DUE NOT IMPAIRED (NOK 000's) Total Current < 30 days 30-60 days 60- 90 days > 90 days 2022 66 155 52 053 11 733 2 369 0 0 2021 40 245 32 149 5 536 45 0 0 See Note 14 on credit risk of trade receivables, which explains how the Company manages credit risk. Other receivables (NOK 000's) 2022 2021 Prepayments 3 135 16 087 Other 5 011 2 846 Total other receivables 8 146 18 933 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1579-2": { "value": "Note 17. Cash and cash equivalents (NOK 000's) 2022 2021 Cash at banks 1 435 35 746 Cash and cash equivalents 1 435 35 746 Cash at banks earns interest at floating rates based on daily bank deposit rates. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1590-2": { "value": "Note 18. Issued shares and share capital The Company's registered share capital is NOK 44,344,592 divided into 44,344,592 shares. The share capital is fully paid. All shares have the same rights. Number of Share capital shares (thousands) (NOK 000's) At 1 January 2021 44 345 44 345 At 31 December 2021 44 345 44 345 At 1 January 2022 44 345 44 345 At 31 December 2022 44 345 44 345 Each share has a par value of NOK 1 per share. Note 18. Issued shares and share capital 20 largest shareholders as registered as of 31 December 2022: Total no of Ownership Name Note shares share INTERTRADE SHIPPING AS 1 12 575 000 28,36 % HOLMEN SPESIALFOND 3 520 243 7,94 % PACTUM VEKST AS 1 3 519 733 7,94 % MP PENSJON PK 1 719 848 3,88 % FERNCLIFF LISTED DAI AS 1 784 280 1,77 % AUGUST RINGVOLD AGENTUR AS 750 315 1,69 % STORKLEIVEN AS 750 000 1,69 % LUCELLUM AS 711 322 1,50 % DNB BANK ASA 641 955 1,45 % MIKLA INVEST AS 620 874 1,40 % IVAR L\u00d8GES STIFTELSE 560 000 1,26 % TOM RAGNAR PRESTEG\u00c5RD STAAVIE 512 324 1,16 % CORTEX AS 508 989 1,15 % HENRIK MIDTTUN HAAVIE 505 115 1,14 % WEM INVEST AS 500 000 1,13 % SANDEN EQUITY AS 468 947 1,06 % DYVI INVEST AS 455 500 1,03 % DELTA AS 400 000 0,90 % GINKO AS 350 000 0,78 % \u00d8YSTEIN STRAY SPETALEN 1 323 650 0,73 % Other shareholders 14 166 497 31,95 % 44 344 592 100,0 % Shares owned by the Board of Directors and management as of 31 December 2022: Intertrade shipping AS (1) 12 575 000 Pactum Vekst AS (7) 3 519 733 Ferncliff Listed DAI AS (3) 784 280 Nordby Kjell-Erik (4) 100 000 Heggem Vegard (5) 27 360 Tolleshaug Magnus (6) 20 000 \u00c5se Musum (2) 2 201 1. Chairman of the Board of Directors 2. Member of the Board of Directors 3. Controlled by board member \u00d8ystein Stray Spetalen 4. Chief Executive Officer 5. VP Operations 6. Chief Commercial Officer 7. CEO of Pactum Vekst AS: is a member of the Board of Directors ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1595-2": { "value": "Note 20. Other payables (NOK 000's) 2022 2021 Withholding tax 3 013 2 634 Social security taxes 1 734 1 403 Allowance for holiday pay 7 883 7 207 Accrued expenses 5 057 8 842 Other liabilities* 29 060 141 Total other payables 46 748 20 227 *Other Liabilities relates mainly to raw materials in transit (Vistin ownership, but not received at local warehouse) ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1621-2": { "value": "Note 21. Borrowings The Company had interest-bearing debt as of 31 December 2022 of MNOK 45.1 (2021: 0). In 2021 Vistin established a credit facility through Nordea at general market terms. There are no specific covenants in relation to the credit facility and it has a 12-month duration with an option to renew for another 12 months. In addition the company has lease liabilities. See note 22 for details regarding leasing liabilities. Nordea has issued a guarantee of MNOK 14.2 to cover future pension payments under the defined benefit plan for the CEO, as well as a guarantee for income tax deducted salaries of MNOK 6.5. The guarantees are covered by a pledge of MNOK 15 in the Property (plant) located in Krager\u00f8 municipality, net book value of the property is approx. MNOK 23. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1632-2": { "value": "Note 22. Leasing The Company has not applied the two recognition exemptions in the standard, for low value items and short-term leases. There are only a few leasing agreements in total (<10), and all agreements has been incorporated into the balance sheet. Detailed lease commitments divided by category: Detailed Lease commitments at 31 December 2022 (NOK 000's) Property rental 3 380 Cars & trucks 638 Production equipment 208 Other office equipment 323 Future minimum lease payments 4 549 Note 22. Leasing (IFRS 16) and commitments (continued) Maturity profile of lease commitments (NOK 000's) <12 months 12-24 months 24-36 months >48 months Property rental 751 751 751 1 127 Cars & trucks 139 124 83 291 Production equipment 208 Other office equipment 67 67 67 121 Future minimum lease payments 1165 943 902 1539 Details for right of use assets and leasing liabilities: Right of use assets Leasing liabilities Opening balance at 1 Jan 2021 1 855 2 157 Depreciation -1 068 Interest expense 68 Additions 827 Write down Repayment of lease liabilities -836 Value at year end 2021 1 614 1 389 Opening balance at 1 Jan 2022 1 614 1 389 Depreciation -853 Interest expense 48 Additions 3 948 Write down Repayment of lease liabilities 2 589 Value at year end 2022 4 710 4 026 Of which are: Other current liabilities (2022) 1 070 Other non-current liabilities (2022) 2 956 4 026 Other current liabilities (2021) 877 Other non-current liabilities (2021) 512 1 389 There are no residual guaranties or right of termination that have significant effect on any of the lease agreements. The average incremental borrowing rate (estimated at the commencement date) for the current lease agreements is approximately 5%. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1975-2": { "value": "Note 24. Transactions with related parties Related party relationships are those involving control, joint control or significant influence and key personnel in the reporting entity. Related parties are in a position to enter into transactions with the Company that would not be undertaken between unrelated parties. All transactions within the Company have been based on arm's length principle. The Company's ultimate parent is Vistin Pharma ASA. The shares of Vistin Pharma are listed on Oslo B\u00f8rs. The subsidiary is listed in note 25. Any transactions between the parent company and the subsidiary are shown line by line in the separate statements of the parent company and are eliminated in the company financial statements. See note 23 for more information on remuneration to executive management and the board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1985-2": { "value": "Note 25. Subsidiary The following subsidiaries are included in the consolidated financial statements: Company Country of incorporation Main operations Ownership interest 2022 Voting Opower 2022 wnership interest 2021 Voting power 2021 Vistin Pharma AS Norway Pharmaceutical products 100 % 100 % 100 % 100 % The financial figures of Vistin Pharma AS has been included in the consolidated financial statements of the company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }