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"ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f7078": { "value": "26204000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2024-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f7082": { "value": "1435000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "s7_notes__6__11": { "value": "Note 1. Corporate information Vistin Pharma ASA (\"Vistin Pharma\" or the \"Company\") is a limited liability company, with its registered office at \u00d8stensj\u00f8veien 27, Oslo, Norway. Vistin Pharma's shares are listed on Oslo B\u00f8rs in Norway under the ticker VISTN. The Company was incorporated on 6 March 2015. The consolidated financial statements of Vistin Pharma for the year ended 31 December 2023 were approved for release by the Board of Directors on 23 April 2024. 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:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__5": { "value": "Vistin Pharma ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__7": { "value": "\u00d8stensj\u00f8veien 27, Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "Oslo", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__12": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "Note 2. Summary of 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 IFRS\u00ae Accounting Standards 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, except for derivative financial instruments that have been measured at fair value. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. The functional currency of Vistin Pharma ASA is the Norwegian krone (NOK), and the Group'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 Group's consolidated financial statements comprise Vistin Pharma ASA, and entities in which Vistin Pharma ASA has a controlling interest. The Group 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. 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 Group 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 Group 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 Note 2. Summary of accounting policies (continued) 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 30-60 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 invoiced 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. Note 2. Summary of accounting policies (continued) 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. 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. Inventories include finished goods and work-in-progress produced by the Group. 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. The Group has in 2023 done quarterly unit cost updates to best reflect the value of inventory at hand. 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 Group at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group 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. Note 2. Summary of accounting policies (continued) Financial assets at amortized cost The Group 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. Financial assets at fair value through OCI The Group 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, 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 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. 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 short-term debt 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 group applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. Note 2. Summary of accounting policies (continued) 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 Group\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. 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. 2.10 Financial derivatives The Group 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. Note 2. Summary of accounting policies (continued) 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 Group 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. 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. 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 The Group has 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 three years of binding time. The 25% discount is earned progressively with 1/36 per month. The cost of the discount is taken through the P&L quarterly and booked to other salary cost. The annual cost of the incentive program is not considered material. The General meeting in May 2023 also approved a loan facility of MNOK 6 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for purchasing of shares in the company. If the finance option is used to purchase shares, the standard interest rate for employee loans determined by the Norwegian Tax Administration, will be used. The potential interest income of the financing element is taken through the P&L and booked as other interest income quarterly. Additional information about compensation for the executive management in 2023 can be found in the Remuneration Report. Note 2. Summary of accounting policies (continued) 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 Leases 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 Events after the balance sheet date New information on the Group\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 Group's position at the balance sheet date, but which will affect the Group's position in the future, are stated if significant. Please refer to the note: Events after the report. 2.18 New standards, interpretations, and disclosures The IASB has amended IAS 1 and PS 2 to add guidance on applying materiality judgment to accounting policy disclosures. Changes are adopted accordingly to this financial report, however, is not considered to have material effect on the reporting for the Group. Except the amendments to IAS 1 and PS 2 mentioned above, there are no new standards not yet taken into use that is expected to materially impact the financial statements for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "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 IFRS\u00ae Accounting Standards 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.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "2.1 Basis of preparation The consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards 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, except for derivative financial instruments that have been measured at fair value. Any change in the fair value of these instruments is recognized in the statement of profit or loss as a finance income or cost. The functional currency of Vistin Pharma ASA is the Norwegian krone (NOK), and the Group's presentation currency is NOK. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__16": { "value": "The functional currency of Vistin Pharma ASA is the Norwegian krone (NOK), and the Group's presentation currency is NOK. All values are rounded to the nearest thousand (NOK 000), except when otherwise indicated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__17": { "value": "2.2 Basis for consolidation The Group's consolidated financial statements comprise Vistin Pharma ASA, and entities in which Vistin Pharma ASA has a controlling interest. The Group 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__18": { "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 Group 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 Group 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 Note 2. Summary of accounting policies (continued) 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 30-60 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 invoiced 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__19": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__20": { "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. Note 2. Summary of accounting policies (continued)", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__21": { "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__23": { "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. Inventories include finished goods and work-in-progress produced by the Group. 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. The Group has in 2023 done quarterly unit cost updates to best reflect the value of inventory at hand.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__25-1": { "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 Group at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group 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. Note 2. Summary of accounting policies (continued) Financial assets at amortized cost The Group 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. Financial assets at fair value through OCI The Group 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, 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 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. 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 short-term debt 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 group applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. Note 2. Summary of accounting policies (continued)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 Group\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. 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.2.10 Financial derivatives The Group 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__24": { "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 Group at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Group 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. Note 2. Summary of accounting policies (continued) Financial assets at amortized cost The Group 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. Financial assets at fair value through OCI The Group 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, 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 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. 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 short-term debt 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 group applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. Note 2. Summary of accounting policies (continued)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__26": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "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 short-term debt in current liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "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 group applies a simplified approach to provide for lifetime Expected Credit Losses (ECL) in accordance with IFRS 9. Note 2. Summary of accounting policies (continued)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__29": { "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 Group\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. 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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__35": { "value": "2.10 Financial derivatives The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__33": { "value": "2.10 Financial derivatives The Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__37": { "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:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__36": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__38": { "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. Note 2. Summary of accounting policies (continued) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__39": { "value": "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. Note 2. Summary of accounting policies (continued) 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:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__40": { "value": "2.13 Employee benefits The Group 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. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__41": { "value": "2.14 Share-based compensation The Group has 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 three years of binding time. The 25% discount is earned progressively with 1/36 per month. The cost of the discount is taken through the P&L quarterly and booked to other salary cost. The annual cost of the incentive program is not considered material. The General meeting in May 2023 also approved a loan facility of MNOK 6 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for purchasing of shares in the company. If the finance option is used to purchase shares, the standard interest rate for employee loans determined by the Norwegian Tax Administration, will be used. The potential interest income of the financing element is taken through the P&L and booked as other interest income quarterly. Additional information about compensation for the executive management in 2023 can be found in the Remuneration Report. Note 2. Summary of accounting policies (continued)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__42": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "2.16 Leases 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "2.18 New standards, interpretations, and disclosures The IASB has amended IAS 1 and PS 2 to add guidance on applying materiality judgment to accounting policy disclosures. Changes are adopted accordingly to this financial report, however, is not considered to have material effect on the reporting for the Group. Except the amendments to IAS 1 and PS 2 mentioned above, there are no new standards not yet taken into use that is expected to materially impact the financial statements for the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__45": { "value": "Note 3. Critical accounting estimates and judgements in terms of accounting policies The preparation of the Group'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 Group'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 Group's accounting policies, management has made the following 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 Group. 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. The Group has in 2023 done quarterly unit cost updates to best reflect the value of inventory at hand. This is driven by volatile raw material prices and a strong increase in production volume which drives economies of scale. Deferred tax asset The group 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 Group, the deferred tax asset at 31 December 2023 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__47": { "value": "Note 4. Revenue Information Geographic information 2023 2022 (NOK 000's) Revenue from contracts with customers: Africa 65 697 37 478 Europe 338 867 195 984 Asia 29 323 19 798 North and South America 1 505 34 415 Total revenue from contracts with customers 435 391 287 675 The information above is based on the location of the receiving Site of the customer. Vistin has four customers with sales that amount to 10% or more of the Group's revenue, the customers are typically large global pharmaceutical corporations: (NOK 000's) 2023 2022 Customer A 179 174 125 001 Customer B 65 697 50 276 Customer C 61 978 37 478 Customer D 47 461 35 435 See also note 2.3 for general revenue accounting principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "Note 4. Revenue Information Geographic information 2023 2022 (NOK 000's) Revenue from contracts with customers: Africa 65 697 37 478 Europe 338 867 195 984 Asia 29 323 19 798 North and South America 1 505 34 415 Total revenue from contracts with customers 435 391 287 675 The information above is based on the location of the receiving Site of the customer. Vistin has four customers with sales that amount to 10% or more of the Group's revenue, the customers are typically large global pharmaceutical corporations: (NOK 000's) 2023 2022 Customer A 179 174 125 001 Customer B 65 697 50 276 Customer C 61 978 37 478 Customer D 47 461 35 435 See also note 2.3 for general revenue accounting principles.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__48": { "value": "Note 5. Other income (NOK 000's) 2023 2022 Other income 2 937 17 177 Total 2 937 17 177 Other income for 2023 mainly relates to sundry services rendered to customers. Other income in 2022 is mainly a liquidated damage compensation of MNOK ~13, in relation to delayed ramp-up of MEP volume. The amount was part of the final settlement agreement with Afry agreed in December \u201822. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__49-1": { "value": "Note 6. Payroll expenses (NOK 000's) 2023 2022 Salaries 67 459 60 948 Payroll tax 11 294 9 246 Pension costs - defined contribution plans 4 981 4 669 Pension costs - defined benefit plan 396 301 Other payroll costs incl. bonuses 9 006 3 809 Total payroll and payroll related costs 93 135 78 972 Average number of FTE's 75 75 *FTE: Full-time equivalent Vistin Pharma 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 Group 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 Group's operations, which means that the Group 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: 2023 2022 (NOK 000's) Fair value of plan assets - - Present value of unfunded obligations 8 864 13 199 Liability in the balance sheet (including local tax) 8 864 13 199 The change in the accrual for the benefit plan for the CEO of Vistin Pharma, who retired 31.12.2023, is based on changes in assumptions for the estimated liability. Note 7. Post-employment benefits (continued) The movement in the defined benefit liability over the year is as follows: (NOK 000's) 2023 2022 At 1 January* 13 199 15 831 Current service cost - - Local tax 49 37 Interest expense/(income) 347 264 13 595 16 132 Remeasurements: (Gain)/Loss from changes -4 731 -2 933 -4 731 -2 933 At 31 December 8 864 13 199 Net expense recognized in the Income Statement 396 301 The significant actuarial assumptions were as follows: 31.12.2023 31.12.2022 Discount rate 3,10 % 3,00 % Inflation 2,25 % 1,75 % Salary growth rate 3,50 % 3,50 % Pension growth rate 0.00 % 3,25 % 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 2023 2022 (NOK 000's) Board fees Other* Board fees Other* \u00d8yvin A. Br\u00f8ymer Chairman** 420 21 400 20 Bettina Banoun 210 21 200 20 \u00d8ystein Stray Spetalen 210 - 200 - Espen Marcussen** 210 - 200 - Kari Krogstad** 210 - 200 - Espen Lia Gregoriussen 210 - 200 - \u00c5se Musum 210 - 200 - Total 1 680 42 1 600 40 *Both Bettina Banoun and \u00d8yvin Br\u00f8ymer received NOK 21 000 in 2023 and 20 000 in 2022 as members of the Remuneration Committee. Executive Management remuneration 2023 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other** Total variable Kjell Erik Nordby, CEO 2 790 - 509 266 3 565 100% / 0% Alexander Karlsen, CFO 1 877 60 164 240 2 341 97% / 3% Hilde Merethe Hagen, VP Quality 1 538 49 165 169 1 921 97% / 3% Magnus Tolleshaug, CCO 1 812 58 162 206 2 238 97% / 3% Vegard Heggem, VP Operations 1 789 58 168 162 2 176 97% / 3% Total Executive Management 9 805 225 1 168 1 043 12 241 - *Bonus paid is related to bonus earned for 2022 and paid out in 2023 **Mainly fixed monthly car allowance 2022 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other**(*) Total variable Kjell Erik Nordby, CEO 2 667 864 415 192 4 138 79% / 21% Alexander Karlsen, CFO 1 765 425 151 172 2 513 83% / 17% Hilde Merethe Hagen, VP Quality 1 462 237 152 145 1 996 88% / 12% Magnus Tolleshaug, CCO 1 638 234 154 477* 2 503 91% / 9% Vegard Heggem, VP Operations 1 707 276 153 148 2 284 88% / 12% Total Executive Management 9 239 2 036 1 025 1 134 13 434 - *Bonus paid is related to bonus earned for 2021 and paid out in 2022 **Mainly fixed monthly car allowance ***Magnus Tolleshaug received a one-time compensation of NOK 300' as interim CEO in 1H of 2022 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. Kjell-Erik Nordby retired 31.12.2023. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "Note 8. Other operating expenses 2023 2022 (NOK 000's) Production costs 56 506 61 812 Sales & marketing costs 7 014 6 291 General & admin. expenses 19 085 13 529 Other operating expenses 82 605 81 632 Remuneration to the Auditors (NOK 000's) 2023 2022 Statutory audit 635 505 Other attestation services 200 27 Tax advisory services 174 104 Total remuneration to auditors 1 099 636", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "Note 8. Other operating expenses 2023 2022 (NOK 000's) Production costs 56 506 61 812 Sales & marketing costs 7 014 6 291 General & admin. expenses 19 085 13 529 Other operating expenses 82 605 81 632 Remuneration to the Auditors (NOK 000's) 2023 2022 Statutory audit 635 505 Other attestation services 200 27 Tax advisory services 174 104 Total remuneration to auditors 1 099 636", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "Remuneration to the Auditors (NOK 000's) 2023 2022 Statutory audit 635 505 Other attestation services 200 27 Tax advisory services 174 104 Total remuneration to auditors 1 099 636", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__59": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__58": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__56": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__55": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__54": { "value": "Note 9. Financial items (NOK 000's) 2023 2022 Interest income from bank deposits 220 28 Other financial income 105 44 Profit on derivative financial instruments Net foreign exchange gain 20 516 9 482 Total finance income 20 841 9 554 Interest expenses 2 098 2 092 Interest expenses leasing 168 48 Other financial expenses 216 356 Net foreign exchange loss 28 437 6 971 Total finance costs 30 920 9 466 Net finance -10 079 88", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__60": { "value": "Note 10. Tax Income tax calculation: (NOK 000's) 2023 2022 Profit/(loss) before tax from operations 58 518 -6 008 Profit/(loss) before taxes 58 518 -6 008 Permanent differences 221 130 Permanent differences recognized to equity - - Changes in temporary differences 141 -48 Basis for income tax 58 880 -5 926 Income tax payable - - Tax effect of change in net deferred income tax liability/asset -13 963 743 Income tax expense -13 963 743 Income tax expense reported in the statement of comprehensive income 12 923 -1 293 Reconciliation of income tax (NOK 000's) 2023 2022 Profit before tax 58 518 -6 008 Tax assessed at the expected tax rate (22%) 12 874 -1 322 Tax effect permanent differences, profit & loss 49 29 Income tax 12 923 -1 293 Recognized deferred tax assets & liabilities (NOK 000's) 2023 2022 Fixed assets 56 306 43 419 Current assets 6 411 4 064 Pension liabilities -8 862 -13 197 Derivatives 3 552 -358 Tax losses carried forward (1) -123 942 -163 973 Other (2) - 40 Net income tax reduction/increase -66 536 -130 005 Net deferred tax asset/-liability 14 638 28 601 Tax rate applied 22 % 22 % Note 10. Tax (continued) The Group 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 Group, the deferred tax asset at 31 December 2023 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__61": { "value": "Recognized deferred tax assets & liabilities (NOK 000's) 2023 2022 Fixed assets 56 306 43 419 Current assets 6 411 4 064 Pension liabilities -8 862 -13 197 Derivatives 3 552 -358 Tax losses carried forward (1) -123 942 -163 973 Other (2) - 40 Net income tax reduction/increase -66 536 -130 005 Net deferred tax asset/-liability 14 638 28 601 Tax rate applied 22 % 22 % Note 10. Tax (continued)", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "Note 11. Earnings per share Basic earnings per share (EPS) are calculated by dividing the profit attributable to equity holders of the Group 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: 2023 2022 Profit attributable to owners of the company 45 596 -4 716 Total 45 596 -4 716 Weighted average number of ordinary shares (in thousands) 44 345 44 345 Basic earnings per share (NOK) 1,03 -0,11", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "Note 12. Property, plant and equipment and right-of-use assets Property Constructions Machines Right of Total & plants in progress & equip-use ment etc. assets (NOK 000's) Cost At 1 January 2022 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 Additions 2 357 - 15 543 - 17 900 Reclassified -366 7 678 -7 376 - -64 At 31 December 2023 44 732 17 914 218 798 9 294 290 740 Depreciation and impairment At 1 January 2022 -8 155 - -29 307 -3 731 -41 194 Depreciation charge for the year -1 681 - -9 746 -853 -12 280 Reclassified depreciations - - - - - At 31 December 2022 -9 836 - -39 053 -4 584 -53 474 Depreciation charge for the year -2 284 - -14 013 -1 051 -17 348 Reclassified depreciations - - 64 - 64 At 31 December 2023 -12 118 - -53 002 -5 635 -70 756 Net book value At 31 December 2023 32 615 17 914 165 796 3 659 219 984 At 31 December 2022 32 905 10 236 171 578 4 710 219 430 Useful life 20-25 years 3-10 years 3 years", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "Property Constructions Machines Right of Total & plants in progress & equip-use ment etc. assets (NOK 000's) Cost At 1 January 2022 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 Additions 2 357 - 15 543 - 17 900 Reclassified -366 7 678 -7 376 - -64 At 31 December 2023 44 732 17 914 218 798 9 294 290 740 Depreciation and impairment At 1 January 2022 -8 155 - -29 307 -3 731 -41 194 Depreciation charge for the year -1 681 - -9 746 -853 -12 280 Reclassified depreciations - - - - - At 31 December 2022 -9 836 - -39 053 -4 584 -53 474 Depreciation charge for the year -2 284 - -14 013 -1 051 -17 348 Reclassified depreciations - - 64 - 64 At 31 December 2023 -12 118 - -53 002 -5 635 -70 756 Net book value At 31 December 2023 32 615 17 914 165 796 3 659 219 984 At 31 December 2022 32 905 10 236 171 578 4 710 219 430 Useful life 20-25 years 3-10 years 3 years", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__65": { "value": "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 Group 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. Note 13. Financial assets and liabilities (continued) Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. 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 2023: Fair value Loans and Other Total book Fair value level receivables financial value at amortized liabilities at cost amortized cost (NOK 000's) Financial assets Trade receivables 3 47 023 - 47 023 47 023 Other receivables 3 15 376 - 15 376 15 376 Cash at bank 3 26 204 - 26 204 26 204 Total 88 603 - 88 603 88 603 Financial liabilities Trade payables 3 - 18 916 18 916 18 916 Other payables 3 - 50 558 50 558 50 558 Total - 69 473 69 473 69 473 31 December 2022: Fair Fair value Loans and Other Total book Fair value value through receivables financial value level profit and at amorti-liabilities at loss zed cost amortized cost (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 - 46 526 46 526 46 526 Total - 117 573 117 573 117 573 For trade receivables, accounts payable and other short-term items, fair values are equal to carrying values due to their short-term nature. The short-term debt in 2022 has been paid down in full during 2023 with positive operational cash flow.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "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 Group 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. Note 13. Financial assets and liabilities (continued) Level 2: other techniques for which all inputs that have a significant effect on the recorded fair value are observable, either directly or indirectly. 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 2023: Fair value Loans and Other Total book Fair value level receivables financial value at amortized liabilities at cost amortized cost (NOK 000's) Financial assets Trade receivables 3 47 023 - 47 023 47 023 Other receivables 3 15 376 - 15 376 15 376 Cash at bank 3 26 204 - 26 204 26 204 Total 88 603 - 88 603 88 603 Financial liabilities Trade payables 3 - 18 916 18 916 18 916 Other payables 3 - 50 558 50 558 50 558 Total - 69 473 69 473 69 473 31 December 2022: Fair Fair value Loans and Other Total book Fair value value through receivables financial value level profit and at amorti-liabilities at loss zed cost amortized cost (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 - 46 526 46 526 46 526 Total - 117 573 117 573 117 573 For trade receivables, accounts payable and other short-term items, fair values are equal to carrying values due to their short-term nature. The short-term debt in 2022 has been paid down in full during 2023 with positive operational cash flow.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__67": { "value": "Note 14. Financial risk management The Group is exposed to a variety of financial risks, principally credit, currency, price and liquidity risks, which are summarized below. The Group'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 Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing and financing activities, principally deposits with banks. Customer credit risk Customer credit risk is managed by 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 Group 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 2023, 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 2023 2022 Trade receivables (NOK 000's) 47 023 66 155 Number of customers 19 16 Top 5 customers as a % of total trade receivables 85 % 83 % 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 Group's pharmaceutical business (when revenue or expense is denominated in a different currency from the Group's presentation currency), and the Group's foreign currency denominated cash deposits. The Group'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 Group utilizes foreign currency denominated bank accounts to match sales and purchases in the same currency, and thus providing a natural hedge. The Group may enter currency hedging contracts to reduce the foreign exchange risk. Note 14. Financial risk management (continued) Year ended 31.12 2023 2022 (Currency 000's) EUR USD EUR USD Trade Receivables 3 429 832 5 513 115 Bank accounts 38 203 -48 39 Trade Payables -132 -406 -156 -709 Net assets in EUR / USD 3 336 629 5 309 -555 Currency rates 31.12 11,24 10,17 10,51 9,86 Net assets/liabilities in NOK 37 493 6 400 55 797 -5 469 Assuming foreign currency to be reduced/increased by 5% Foreign currency (reduction)/increase -5 % -5 % -5 % -5 % Foreign currency rate 10,68 9,66 9,98 9,37 Net assets in NOK 35 618 6 080 53 007 -5 195 Potential P&L effect (before tax) NOK -1 875 -320 -2 790 273 No potential effect on OCILiquidity risk Liquidity risk is the potential loss arising from the Group'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 Group had cash and cash equivalents of MNOK 26.2 at 31 December 2023 (2022: MNOK 1.4) and no interest-bearing debt. The Group has sufficient credit facilities available if needed, and the Company assesses the liquidity risk to be low. Year ended 31.12.2023 Less than 3 - 12 (NOK 000's) 3 months months 1 - 5 years > 5 years Total Trade Payables 18 916 - - - 18 916 Other Payables 50 558 - - 50 558 Total 69 473 - - - 69 473 Year ended 31.12.2022 Less than 3 - 12 (NOK 000's) 3 months months 1 - 5 years > 5 years Total Trade Payables 25 906 - - - 25 906 Short-term debt 45 141 - 45 141 Other Payables 46 526 46 526 Total 72 432 45 141 - - 117 573 Capital Management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Groups\u2019 capital management is to maximize the shareholder value. Note 14. Financial risk management (continued) It has been the Boards\u2019 strategy to maintain a strong balance sheet in a period with volatile external circumstances and a strong growth for the Group. It is expected that the annual CAPEX will be lower going forward as the final payments for the MEP project was completed in 2023. Working capital requirements is also expected to stabilize going forward. Vistin has a credit facility available if needed. The Group manages its capital structure and make adjustments in light of changes in the financial performance and development of the Group. To maintain or adjust the capital structure, the Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__68": { "value": "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 Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing and financing activities, principally deposits with banks. Customer credit risk Customer credit risk is managed by 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 Group 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 2023, 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 2023 2022 Trade receivables (NOK 000's) 47 023 66 155 Number of customers 19 16 Top 5 customers as a % of total trade receivables 85 % 83 % Financial credit risk Cash deposits are principally with Nordea.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__70": { "value": "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 Group's pharmaceutical business (when revenue or expense is denominated in a different currency from the Group's presentation currency), and the Group's foreign currency denominated cash deposits. The Group'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 Group utilizes foreign currency denominated bank accounts to match sales and purchases in the same currency, and thus providing a natural hedge. The Group may enter currency hedging contracts to reduce the foreign exchange risk. Note 14. Financial risk management (continued) Year ended 31.12 2023 2022 (Currency 000's) EUR USD EUR USD Trade Receivables 3 429 832 5 513 115 Bank accounts 38 203 -48 39 Trade Payables -132 -406 -156 -709 Net assets in EUR / USD 3 336 629 5 309 -555 Currency rates 31.12 11,24 10,17 10,51 9,86 Net assets/liabilities in NOK 37 493 6 400 55 797 -5 469 Assuming foreign currency to be reduced/increased by 5% Foreign currency (reduction)/increase -5 % -5 % -5 % -5 % Foreign currency rate 10,68 9,66 9,98 9,37 Net assets in NOK 35 618 6 080 53 007 -5 195 Potential P&L effect (before tax) NOK -1 875 -320 -2 790 273 No potential effect on OCI", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__69": { "value": "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 Group's pharmaceutical business (when revenue or expense is denominated in a different currency from the Group's presentation currency), and the Group's foreign currency denominated cash deposits. The Group'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 Group utilizes foreign currency denominated bank accounts to match sales and purchases in the same currency, and thus providing a natural hedge. The Group may enter currency hedging contracts to reduce the foreign exchange risk. Note 14. Financial risk management (continued) Year ended 31.12 2023 2022 (Currency 000's) EUR USD EUR USD Trade Receivables 3 429 832 5 513 115 Bank accounts 38 203 -48 39 Trade Payables -132 -406 -156 -709 Net assets in EUR / USD 3 336 629 5 309 -555 Currency rates 31.12 11,24 10,17 10,51 9,86 Net assets/liabilities in NOK 37 493 6 400 55 797 -5 469 Assuming foreign currency to be reduced/increased by 5% Foreign currency (reduction)/increase -5 % -5 % -5 % -5 % Foreign currency rate 10,68 9,66 9,98 9,37 Net assets in NOK 35 618 6 080 53 007 -5 195 Potential P&L effect (before tax) NOK -1 875 -320 -2 790 273 No potential effect on OCI", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "Liquidity risk Liquidity risk is the potential loss arising from the Group'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 Group had cash and cash equivalents of MNOK 26.2 at 31 December 2023 (2022: MNOK 1.4) and no interest-bearing debt. The Group has sufficient credit facilities available if needed, and the Company assesses the liquidity risk to be low. Year ended 31.12.2023 Less than 3 - 12 (NOK 000's) 3 months months 1 - 5 years > 5 years Total Trade Payables 18 916 - - - 18 916 Other Payables 50 558 - - 50 558 Total 69 473 - - - 69 473 Year ended 31.12.2022 Less than 3 - 12 (NOK 000's) 3 months months 1 - 5 years > 5 years Total Trade Payables 25 906 - - - 25 906 Short-term debt 45 141 - 45 141 Other Payables 46 526 46 526 Total 72 432 45 141 - - 117 573 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "Capital Management For the purpose of the Group\u2019s capital management, capital includes issued capital, share premium and all other equity reserves attributable to the equity holders of the parent. The primary objective of the Groups\u2019 capital management is to maximize the shareholder value. Note 14. Financial risk management (continued) It has been the Boards\u2019 strategy to maintain a strong balance sheet in a period with volatile external circumstances and a strong growth for the Group. It is expected that the annual CAPEX will be lower going forward as the final payments for the MEP project was completed in 2023. Working capital requirements is also expected to stabilize going forward. Vistin has a credit facility available if needed. The Group manages its capital structure and make adjustments in light of changes in the financial performance and development of the Group. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders, sell assets or issue new shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "Note 15. Inventories (NOK 000's) 2023 2022 Raw materials in transit (incl. inventory at 3rd party warehouse) 22 683 25 209 Raw materials 27 159 33 924 Produced finished goods (incl. WIP) 30 329 24 541 Provision for obsolescence - -227 Total inventories 80 171 83 446 Cost of materials 176 644 138 064 Cost of material included in the statement of comprehensive income consists of purchase of raw materials for production, purchase of finished goods for sale, net movements in inventory, and any inventory write-offs or adjustments.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__74": { "value": "Note 16. Trade receivables and other receivables Trade receivables 2023 2022 (NOK 000's) Trade receivables 47 023 66 155 Trade receivables (net) 47 023 66 155 Trade receivables are non-interest bearing and are generally on terms of 30 to 60 days. 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 2023 47 023 45 300 1 339 384 0 0 2022 66 155 52 053 11 733 2 369 0 0 See Note 14 on credit risk of trade receivables, which explains how the Group manages credit risk. Note 16. Trade receivables and other receivables (continued) Other receivables 2023 2022 (NOK 000's) Prepayments 2 812 3 135 Other 12 564 5 011 Total other receivables 15 376 8 146", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "Note 17. Cash and cash equivalents (NOK 000's) 2023 2022 Cash at banks 26 204 1 435 Cash and cash equivalents 26 204 1 435 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__77": { "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 2022 44 345 44 345 At 31 December 2022 44 345 44 345 At 1 January 2023 44 345 44 345 At 31 December 2023 44 345 44 345 Each share has a par value of NOK 1 per share. 20 largest shareholders as registered as of 31 December 2023: Total no Ownership Name Note of shares share 1 12 575 000 INTERTRADE SHIPPING AS* 7,94 % HOLMEN SPESIALFOND 3 842 055 2 3 519 733 PACTUM AS* 3,88 % MP PENSJON PK 1 719 848 3 1 234 280 FERNCLIFF LISTED DAI AS* 1,69 % STORKLEIVEN AS 751 000 1,69 % AUGUST RINGVOLD AGENTUR AS 750 315 1,50 % LUCELLUM AS 720 000 1,45 % HENRIK MIDTTUN HAAVIE 601 516 1,40 % IVAR L\u00d8GES STIFTELSE 550 000 1,26 % TOM RAGNAR PRESTEG\u00c5RD STAAVI 526 324 1,16 % CORTEX AS 508 989 1,15 % WEM INVEST AS 500 000 1,14 % DNB BANK ASA 471 881 1,13 % SANDEN EQUITY AS 468 947 1,06 % DELTA AS 410 000 1,03 % GINKO AS 400 000 3 323 650 \u00d8YSTEIN STRAY SPETALEN* 0,78 % NIELS CATO BECKETT AALL 301 658 0,73 % NICOLAI ANDREAS EGER 284 040 Other shareholders 14 166 497 31,95 % Total number of shares 44 344 592 100,0 % Shares owned by the Board of Directors and management as of 31 December 2023: Intertrade shipping AS (1) 12 575 000 Pactum Vekst AS (2) 3 519 733 Ferncliff Listed DAI AS (3) 1 234 280 Magnus Tolleshaug (4) 75 000 Heggem Vegard (5) 77 360 Alexander Karlsen (6) 50 000 Hilde Hagen (7) 40 000 \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 from 01.01.2024 5. VP Operations 6. Chief Financial Officer 7. VP Quality", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__76": { "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 2022 44 345 44 345 At 31 December 2022 44 345 44 345 At 1 January 2023 44 345 44 345 At 31 December 2023 44 345 44 345 Each share has a par value of NOK 1 per share. 20 largest shareholders as registered as of 31 December 2023: Total no Ownership Name Note of shares share 1 12 575 000 INTERTRADE SHIPPING AS* 7,94 % HOLMEN SPESIALFOND 3 842 055 2 3 519 733 PACTUM AS* 3,88 % MP PENSJON PK 1 719 848 3 1 234 280 FERNCLIFF LISTED DAI AS* 1,69 % STORKLEIVEN AS 751 000 1,69 % AUGUST RINGVOLD AGENTUR AS 750 315 1,50 % LUCELLUM AS 720 000 1,45 % HENRIK MIDTTUN HAAVIE 601 516 1,40 % IVAR L\u00d8GES STIFTELSE 550 000 1,26 % TOM RAGNAR PRESTEG\u00c5RD STAAVI 526 324 1,16 % CORTEX AS 508 989 1,15 % WEM INVEST AS 500 000 1,14 % DNB BANK ASA 471 881 1,13 % SANDEN EQUITY AS 468 947 1,06 % DELTA AS 410 000 1,03 % GINKO AS 400 000 3 323 650 \u00d8YSTEIN STRAY SPETALEN* 0,78 % NIELS CATO BECKETT AALL 301 658 0,73 % NICOLAI ANDREAS EGER 284 040 Other shareholders 14 166 497 31,95 % Total number of shares 44 344 592 100,0 % Shares owned by the Board of Directors and management as of 31 December 2023: Intertrade shipping AS (1) 12 575 000 Pactum Vekst AS (2) 3 519 733 Ferncliff Listed DAI AS (3) 1 234 280 Magnus Tolleshaug (4) 75 000 Heggem Vegard (5) 77 360 Alexander Karlsen (6) 50 000 Hilde Hagen (7) 40 000 \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 from 01.01.2024 5. VP Operations 6. Chief Financial Officer 7. VP Quality", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__78": { "value": "Note 19. Share-based payments The annual general meeting in May 2023 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 three years of binding time. The General meeting also approved a loan facility of MNOK 6 for purchase of shares. The loan facility has a duration of three years and can only be used as financing for purchasing of shares in the company. If the finance option is used to purchase shares, the standard interest rate for employee loans determined by the Norwegian Tax Administration, will be used.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__79": { "value": "Note 20. Other payables (NOK 000's) 2023 2022 Withholding tax 3 203 3 013 Social security taxes 2 013 1 734 Allowance for holiday pay 8 925 7 883 Accrued expenses 5 665 5 057 Other liabilities 30 761 28 838 Total other payables 50 558 46 526 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "Note 21. Borrowings The Group had no interest-bearing debt as of 31 December 2023 (2022: MNOK 45.1). The Group has a revolving credit facility in Nordea which is used when needed. The debt from 2022 has been paid down in full during 2023 with positive operational cash flow. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__80": { "value": "Note 21. Borrowings The Group had no interest-bearing debt as of 31 December 2023 (2022: MNOK 45.1). The Group has a revolving credit facility in Nordea which is used when needed. The debt from 2022 has been paid down in full during 2023 with positive operational cash flow. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__82": { "value": "Note 22. Leasing and commitments The Group 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 2023 (NOK 000's) Property rental 3 115 Cars & trucks 493 Production equipment 53 Other office equipment 256 Future minimum lease payments 3 916 Note 22. Leasing and commitments (continued) Maturity profile of lease commitments (NOK 000's) <12 months 12-24 months 24-36 months >48 months Property rental 930 930 878 376 Cars & trucks 124 83 83 202 Production equipment 53 - - Other office equipment 67 67 67 54 Future minimum lease payments 1 175 1 081 1 029 631 Details for right of use assets and Right of use Leasing leasing liabilities assets liabilities Opening balance at 1 Jan 2022 1 614 1 389 Depreciation -853 Interest expense 48 Additions 3 948 Repayment of lease liabilities 2 589 Value at year end 2022 4 710 4 026 Opening balance at 1 Jan 2023 4 710 4 026 Depreciation -1 051 Interest expense 168 Additions 461 Repayment of lease liabilities -904 Value at year end 2023 4 120 3 290 Of which are: Other current lease liabilities (2023) 1 003 Other non-current lease liabilities (2023) 2 287 3 290 There are no residual guaranties or right of termination that have significant effect on any of the lease agreements. Incremental borrowing rate to estimate leasing interest expense is approximately 5%.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__85": { "value": "Board of Directors remuneration 2023 2022 (NOK 000's) Board fees Other* Board fees Other* \u00d8yvin A. Br\u00f8ymer Chairman** 420 21 400 20 Bettina Banoun 210 21 200 20 \u00d8ystein Stray Spetalen 210 - 200 - Espen Marcussen** 210 - 200 - Kari Krogstad** 210 - 200 - Espen Lia Gregoriussen 210 - 200 - \u00c5se Musum 210 - 200 - Total 1 680 42 1 600 40 *Both Bettina Banoun and \u00d8yvin Br\u00f8ymer received NOK 21 000 in 2023 and 20 000 in 2022 as members of the Remuneration Committee. Executive Management remuneration 2023 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other** Total variable Kjell Erik Nordby, CEO 2 790 - 509 266 3 565 100% / 0% Alexander Karlsen, CFO 1 877 60 164 240 2 341 97% / 3% Hilde Merethe Hagen, VP Quality 1 538 49 165 169 1 921 97% / 3% Magnus Tolleshaug, CCO 1 812 58 162 206 2 238 97% / 3% Vegard Heggem, VP Operations 1 789 58 168 162 2 176 97% / 3% Total Executive Management 9 805 225 1 168 1 043 12 241 - *Bonus paid is related to bonus earned for 2022 and paid out in 2023 **Mainly fixed monthly car allowance 2022 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other**(*) Total variable Kjell Erik Nordby, CEO 2 667 864 415 192 4 138 79% / 21% Alexander Karlsen, CFO 1 765 425 151 172 2 513 83% / 17% Hilde Merethe Hagen, VP Quality 1 462 237 152 145 1 996 88% / 12% Magnus Tolleshaug, CCO 1 638 234 154 477* 2 503 91% / 9% Vegard Heggem, VP Operations 1 707 276 153 148 2 284 88% / 12% Total Executive Management 9 239 2 036 1 025 1 134 13 434 - *Bonus paid is related to bonus earned for 2021 and paid out in 2022 **Mainly fixed monthly car allowance ***Magnus Tolleshaug received a one-time compensation of NOK 300' as interim CEO in 1H of 2022 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. Kjell-Erik Nordby retired 31.12.2023. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__84": { "value": "Board of Directors remuneration 2023 2022 (NOK 000's) Board fees Other* Board fees Other* \u00d8yvin A. Br\u00f8ymer Chairman** 420 21 400 20 Bettina Banoun 210 21 200 20 \u00d8ystein Stray Spetalen 210 - 200 - Espen Marcussen** 210 - 200 - Kari Krogstad** 210 - 200 - Espen Lia Gregoriussen 210 - 200 - \u00c5se Musum 210 - 200 - Total 1 680 42 1 600 40 *Both Bettina Banoun and \u00d8yvin Br\u00f8ymer received NOK 21 000 in 2023 and 20 000 in 2022 as members of the Remuneration Committee. Executive Management remuneration 2023 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other** Total variable Kjell Erik Nordby, CEO 2 790 - 509 266 3 565 100% / 0% Alexander Karlsen, CFO 1 877 60 164 240 2 341 97% / 3% Hilde Merethe Hagen, VP Quality 1 538 49 165 169 1 921 97% / 3% Magnus Tolleshaug, CCO 1 812 58 162 206 2 238 97% / 3% Vegard Heggem, VP Operations 1 789 58 168 162 2 176 97% / 3% Total Executive Management 9 805 225 1 168 1 043 12 241 - *Bonus paid is related to bonus earned for 2022 and paid out in 2023 **Mainly fixed monthly car allowance 2022 Proportion of fixed and Base Bonus (NOK 000's) salary paid* Pension Other**(*) Total variable Kjell Erik Nordby, CEO 2 667 864 415 192 4 138 79% / 21% Alexander Karlsen, CFO 1 765 425 151 172 2 513 83% / 17% Hilde Merethe Hagen, VP Quality 1 462 237 152 145 1 996 88% / 12% Magnus Tolleshaug, CCO 1 638 234 154 477* 2 503 91% / 9% Vegard Heggem, VP Operations 1 707 276 153 148 2 284 88% / 12% Total Executive Management 9 239 2 036 1 025 1 134 13 434 - *Bonus paid is related to bonus earned for 2021 and paid out in 2022 **Mainly fixed monthly car allowance ***Magnus Tolleshaug received a one-time compensation of NOK 300' as interim CEO in 1H of 2022 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. Kjell-Erik Nordby retired 31.12.2023. 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.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__86": { "value": "Note 24. Transactions with related parties Related party relationships are those involving control, joint control or significant influence. Related parties are in a position to enter into transactions with the Group that would not be undertaken between unrelated parties. All transactions within the Group have been based on arm's length principle. The Group's ultimate parent is Vistin Pharma ASA. The shares of Vistin Pharma ASA 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 group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__88": { "value": "Note 25. Subsidiary The following subsidiaries are included in the consolidated financial statements: Ownership Voting Ownership Voting Country of Main interest power interest power Company incorporation operations 2023 2023 2022 2022 Pharmaceutical Vistin Pharma AS Norway 100 % 100 % 100 % 100 % products The financial figures of Vistin Pharma AS has been included in the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__87": { "value": "Note 25. Subsidiary The following subsidiaries are included in the consolidated financial statements: Ownership Voting Ownership Voting Country of Main interest power interest power Company incorporation operations 2023 2023 2022 2022 Pharmaceutical Vistin Pharma AS Norway 100 % 100 % 100 % 100 % products The financial figures of Vistin Pharma AS has been included in the consolidated financial statements of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__89": { "value": "Note 26. Events after the reporting date There have not been events subsequent to the closing date of 31 December 2023, that currently affects the financials or the Group\u2019s operational activities. Additional dividend of NOK 0.75 per share approved and paid in January 2024. The Board of Directors will propose for the Annual General Meeting an ordinary dividend of total NOK 1 per share, to be paid partly with NOK 0.5 in June and NOK 0.5 in November 2024. thVistin Pharma announced on the 4 of March 2024 an acquisition of a 15% share in CF Pharma Kft. CF Pharma is an API CDMO located in Budapest, Hungary with a broad customer base of recognized international pharmaceutical companies. CF Pharma has a proven track record in developing and commercializing Active Pharmaceutical Ingredients (APIs). The group/company currently has five commercial APIs on the market, with another eight APIs under development. The transaction price consists of a base price and an earn-out- element, with an agreed cap of MEUR 1.6. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXFQY092", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }