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Accounting principles 2023
I. General information
The annual accounts for 2023 for Photocure Group (Photocure) comprises Photocure ASA and the four wholly owned subsidiaries; Photocure Inc. registered in U.S, Photocure GmbH registered in Germany, Photocure SAS registered in France and Photocure Canada Inc. registered in Canada. The annual accounts for Photocure were approved for publication by the Board
of Directors on 29 April 2024. Photocure ASA is a public limited company domiciled in Norway. The
business of the Group is associated with research, development, production, distribution, marketing and sales of pharmaceutical products.
The Company\u2019s shares are listed on the Oslo Stock Exchange. The Parent Company\u2019s registered o\ufb03ce is Ho\ufb00sveien 4, NO-0275 Oslo, Norway.
II. Basis for preparation of the annual accounts The annual accounts for the Group and the Parent Company have been prepared on the basis of historical cost, with the exception of money market funds and earnout liability that are valued at fair value.
The Group and the Parent Company\u2019s annual accounts are prepared in accordance with IFRS Accounting Standards (R) as speci\ufb01ed by the International Accounting Standards Board as adopted by the European Union (EU) as per 31 December 2023.
Photocure ASA has NOK (Norwegian kroner) as its functional currency and presentation currency. In the absence of any statement to the contrary, all \ufb01nancial information is reported in whole thousands. As a result of rounding adjustments, the \ufb01gures in the \ufb01nancial statements may not add up to the totals.
Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS) that provide marketing and promotion services. These entities have Euro (EUR) as functional currency. The sales, marketing and distribution in North America is in the U.S. performed through Photocure\u2019s wholly owned subsidiary Photocure Inc. and in Canada thorugh Photocure\u2019s wholly owned
subsidiary Photocure Canada Inc. In both countries sales, marketing and distribution is performed under the trade name Cysview. Photocure Inc. has U.S. dollars (USD) as functional currency while Photocure Canada Inc. has Canadian
dollars (CAD) as functional currency.
III. Changes in signi\ufb01cant accounting policies There are no signi\ufb01cant new IFRS standards made e\ufb00ective in 2023 that e\ufb00ect the group accounts for Photocure. IV. Disclosures regarding new standards not yet e\ufb00ective There are no IFRS or IFRIC interpretations that are not yet e\ufb00ective that would be expected to have a material impact on the Group. The new and amended standards and interpretations from IFRS that were adopted by the EU with e\ufb00ect from 2023 did not have any signi\ufb01cant impact on the reporting for 2023.
V. Use of judgements and estimates In preparation of these consolidated \ufb01nancial statements, management has made judgments, estimates and assumptions that a\ufb00ect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most signi\ufb01cant e\ufb00ects on the amounts recognized, and information about assumptions and estimation uncertainties that have signi\ufb01cant risk of resulting in a material adjustment in the \ufb01nancial statements as of 31 December 2023, are included in the following notes: Note 13 and 22 Goodwill and customer relations: the assumptions in the application of IAS 36 of the annual goodwill impairment analysis, and the remeasurement of the fair value of the earnout liability according to IFRS 9. Note 11 Recognition of deferred tax asset: available future taxable pro\ufb01t against which tax losses carried forward can be used. Note 9 and 10 Long term loan subsidiaries: impairment and key assumptions underlying the balance sheet value in Parent company.
VI. Summary of important guidelines for accounting for the Group
A. Currency Monetary items in foreign currencies are converted at closing rate of exchange. In the absence of any statement to the contrary, realized and unrealized exchange rate gains and losses are included in \ufb01nancial income or expenses. Transactions in foreign currencies are recorded at the exchange rate on the date of transaction. Assets and liabilities in foreign currencies are translated into NOK at the exchange rate applicable on the balance sheet date. Income and expenses in foreign subsidiaries are translated into NOK at the average exchange rate for the \ufb01nancial statement period. The assets and liabilities of the foreign subsidiaries are translated to NOK at exchange rates
at the reporting date.
B. Property, plant, equipment and intangible assets Property, plant and equipment (PPE) are recognized at cost less deductions for accumulated depreciation and accumulated impairment losses. PPE are depreciated over the expected useful life of the assets taking any residual value into consideration. Costs incurred for major replacements and upgrades of PPE are added to cost if it is probable that the costs will generate future economic bene\ufb01ts for the Group and if the costs can be reliably measured. Ordinary maintenance is expensed as incurred.
PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows: Production and test equipment 5 years Furniture and o\ufb03ce equipment 3\u20135 years Intangible development expenditures are amortized on a straight-line basis in the pro\ufb01t and loss over the remaining patent period for the approved product and indication as follows: Product development 4 - 10 years Customer relations 10 years
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash in\ufb02ows from continuing use that are largely independent from the cash in\ufb02ows from other assets or cash generating units (CGU). The recoverable value of the asset is the
greater of value in use and its fair value
less cost of disposal. Value in use is based on estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. An impairment loss is allocated \ufb01rst to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.
D. Research and development costs Research costs are expensed as incurred. Development costs are recognized in the balance sheet as intangible assets only if there is an identi\ufb01able asset that is expected to generate future \ufb01nancial bene\ufb01ts, and when the costs of such an asset can be reliably measured. Development costs that have been expensed in previous accounting periods cannot be recognized in the balance sheet at a later date. Cost-sharing of research and development expenses with license partners is booked as a reduction in costs. The work of the regulatory function and services provided are related to both market expansion and product development. Photocure classi\ufb01es for this reason the regulatory function into the following two categories: Regulatory work and services related to new products or product development based on new clinical trials up to and including phase 3, are classi\ufb01ed as R&D costs. Regulatory work and services for new markets based on existing clinical data are classi\ufb01ed as
marketing costs.
E. Investment in subsidiary companies Shares and investments with the aim of long-term ownership are booked in the balance sheet as long-term investments and are valued at the lower of cost and fair value. Write-downs for permanent declines in value are made on the basis of individual evaluations. Any realized and unrealized pro\ufb01ts/ losses and any write-downs related to these investments will be booked in the income statement as \ufb01nancial items.
F. Inventories Raw materials are valued at the lower of cost and net sales value in accordance with the \ufb01rst-in, \ufb01rst-out principle (FIFO). Semi-\ufb01nished and \ufb01nished goods are valued at production cost including a mark-up for their share of the indirect production costs based on the FIFO principle.
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
H. Revenue recognition The main revenue stream in the company is the sale of pharmaceutical products. The revenue is recognized on the date of delivery, when both control and risk essentially have been transferred to the customer. The license agreements that give the right to a signing fee or achieved milestones are recognized as revenue when the contractual conditions are met. Royalty revenue is booked as Sales revenue in line with the licensee\u2019s sale of licensed products. The core principle in IFRS 15 is revenue
should be recognized dependen
on the transfer of promised goods or services to the customer for an amount that re\ufb02ects the consideration which should be received in exchange for those goods or services. The objective is to provide a \ufb01ve-step approach to revenue recognition that includes identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognizing revenue when or as performance obligations are satis\ufb01ed. In Photocure\u2019s customer contracts which are regarded to be within the scope of IFRS 15, the up-front fees not related to a separate performance obligation will be recognized over the term of the contract upon the delivery of goods. If the promise to grant the license is distinct from other promised goods or services in the contract, the promise to grant the license is a separate performance obligation. A license contract with a customer is a right to use Photocure\u2019s intellectual property as it exists at the point in time at which the license is granted. The total transaction price is allocated between the performance obligations based on the relative stand-alone selling price. The transaction price allocated to the license may consist of up-front fee, di\ufb00erent milestone payments and sales based royalty payments. The part of the transaction price related to variable milestone payments are estimated as the most likely amount but constrained which currently means that these revenues will be recognized if and when the relevant milestone are achieved. Sales based royalty is recognized when the subsequent sales occur.
I. Share remuneration and other bene\ufb01ts related to share based remuneration Employees have been o\ufb00ered share options to the Company\u2019s shares as an element of the Group\u2019s employee incentive policy. If the Group has own shares, the Group may allot own shares instead of issuing new shares when share options are exercised. All share options are o\ufb00ered at strike prices that re\ufb02ect the market price +10% of the shares at the time of allotment of the rights. The fair value is expensed over the share options vesting period and
the Company\u2019s equity is increased correspondingly. The fair value of share options is calculated according to the Black-Scholes model. Each program is calculated separately with the actual strike price and duration of the program. The share options cease to be valid when the employee\u2019s is leaving the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on the intrinsic value of the rights.
J. Tax The tax expense in the income statement includes both the income tax payable for the period and changes in deferred tax. Deferred tax in Norway is calculated at rate of 22% and in the USA at a total rate of 28% on the basis of the temporary di\ufb00erences that exist between the tax value of the assets and liabilities, and their book value. Liabilities for deferred tax are included for all temporary di\ufb00erences that increase tax, except when the asset in connection with deferred tax arises as a result of the \ufb01rst-time inclusion of an asset or liability in a transaction that is not in a business combination and a\ufb00ects neither the accounting nor the taxable pro\ufb01t or loss at the time of the transaction. Assets in connection with deferred tax are included for all tax-reducing temporary di\ufb00erences, carry forward of tax deductions and tax losses in the extent that there is objective proof that there will be su\ufb03cient taxable pro\ufb01ts against which to o\ufb00set tax-reducing temporary di\ufb00erences, and carry forward of unused tax deductions and tax losses. The book value of assets in connection with deferred tax is reviewed on every balance sheet date and is reduced to the degree that there is no longer any objective proof that there will be su\ufb03cient taxable pro\ufb01ts to utilize all or parts of assets in connection with deferred tax. Non-recognized assets in connection with deferred tax are reviewed every balance sheet date and are included to the degree that it is probable that future taxable pro\ufb01ts will allow the recovery of assets in connection with deferred tax. Each taxable entity in the Group is treated separately.
K. Contingent liabilities and assets Contingent liabilities are de\ufb01ned as: Possible liabilities as a result of earlier events where their existence depends on future events; Liabilities that are not included because it is not probable that they will lead to an out\ufb02ow of resources from the Group; Liabilities that cannot be measured with su\ufb03cient reliability. Contingent liabilities are not included in the annual accounts. Notes on signi\ufb01cant contingent liabilities are provided, with the exception of contingent liabilities with little probability of occurring. Contingent assets are not included in the annual accounts but are reported in cases in which there is a certain likelihood of their resulting in a bene\ufb01t to the Group.
L. Cash \ufb02ow statement The cash \ufb02ow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments
like money market funds.
M. Lease agreements The main rule is that the leased assets are recognized in the balance sheet as a \ufb01xed asset or in a disclosure note for \ufb01xed assets. Leased assets are shown separately from other \ufb01xed assets owned by the company as \u201cRight of use assets\u201d in the related disclosure note. Although a lease is a right to use an asset and not a purchase of an asset, the classi\ufb01cation in the balance sheet follows the leased asset. The net present value of the lease liability is calculated by discounting the rental payments with the implicit interest rate of the lease, or the business\u2019s marginal borrowing rate if the implicit interest rate is unknown. According to IFRS 16 depreciation is calculated for the right of use assets. Depreciation is presented together with other depreciation, while interest cost is included in \ufb01nancial expenses in the income statement. The leased assets are depreciated over their useful lives. This is the shorter of the rental period and the assets economic life.
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I. General information
The annual accounts for 2023 for Photocure Group (Photocure) comprises Photocure ASA and the four wholly owned subsidiaries; Photocure Inc. registered in U.S, Photocure GmbH registered in Germany, Photocure SAS registered in France and Photocure Canada Inc. registered in Canada. The annual accounts for Photocure were approved for publication by the Board
of Directors on 29 April 2024. Photocure ASA is a public limited company domiciled in Norway. The
business of the Group is associated with research, development, production, distribution, marketing and sales of pharmaceutical products.
The Company\u2019s shares are listed on the Oslo Stock Exchange. The Parent Company\u2019s registered o\ufb03ce is Ho\ufb00sveien 4, NO-0275 Oslo, Norway.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4136": { "value": "
The annual accounts for 2023 for Photocure Group (Photocure) comprises Photocure ASA and the four wholly owned subsidiaries; Photocure Inc. registered in U.S, Photocure GmbH registered in Germany, Photocure SAS registered in France and Photocure Canada Inc. registered in Canada. The annual accounts for Photocure were approved for publication by the Board
of Directors on 29 April 2024", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4140": { "value": "Photocure", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4142": { "value": "Photocure ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4143": { "value": "Photocure ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4154": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4157": { "value": "The
business of the Group is associated with research, development, production, distribution, marketing and sales of pharmaceutical products.
", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4168": { "value": "Ho\ufb00sveien 4, NO-0275 Oslo, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4169": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4170": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4171": { "value": "
II. Basis for preparation of the annual accounts The annual accounts for the Group and the Parent Company have been prepared on the basis of historical cost, with the exception of money market funds and earnout liability that are valued at fair value.
The Group and the Parent Company\u2019s annual accounts are prepared in accordance with IFRS Accounting Standards (R) as speci\ufb01ed by the International Accounting Standards Board as adopted by the European Union (EU) as per 31 December 2023.
Photocure ASA has NOK (Norwegian kroner) as its functional currency and presentation currency. In the absence of any statement to the contrary, all \ufb01nancial information is reported in whole thousands. As a result of rounding adjustments, the \ufb01gures in the \ufb01nancial statements may not add up to the totals.
Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS) that provide marketing and promotion services. These entities have Euro (EUR) as functional currency. The sales, marketing and distribution in North America is in the U.S. performed through Photocure\u2019s wholly owned subsidiary Photocure Inc. and in Canada thorugh Photocure\u2019s wholly owned
subsidiary Photocure Canada Inc. In both countries sales, marketing and distribution is performed under the trade name Cysview. Photocure Inc. has U.S. dollars (USD) as functional currency while Photocure Canada Inc. has Canadian
dollars (CAD) as functional currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4173": { "value": "
II. Basis for preparation of the annual accounts The annual accounts for the Group and the Parent Company have been prepared on the basis of historical cost, with the exception of money market funds and earnout liability that are valued at fair value.
The Group and the Parent Company\u2019s annual accounts are prepared in accordance with IFRS Accounting Standards (R) as speci\ufb01ed by the International Accounting Standards Board as adopted by the European Union (EU) as per 31 December 2023.
Photocure ASA has NOK (Norwegian kroner) as its functional currency and presentation currency. In the absence of any statement to the contrary, all \ufb01nancial information is reported in whole thousands. As a result of rounding adjustments, the \ufb01gures in the \ufb01nancial statements may not add up to the totals.
Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS) that provide marketing and promotion services. These entities have Euro (EUR) as functional currency. The sales, marketing and distribution in North America is in the U.S. performed through Photocure\u2019s wholly owned subsidiary Photocure Inc. and in Canada thorugh Photocure\u2019s wholly owned
subsidiary Photocure Canada Inc. In both countries sales, marketing and distribution is performed under the trade name Cysview. Photocure Inc. has U.S. dollars (USD) as functional currency while Photocure Canada Inc. has Canadian
dollars (CAD) as functional currency", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4183": { "value": "
The Group and the Parent Company\u2019s annual accounts are prepared in accordance with IFRS Accounting Standards (R) as speci\ufb01ed by the International Accounting Standards Board as adopted by the European Union (EU) as per 31 December 2023.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4200": { "value": "
Photocure performs the sales and distribution of Hexvix in the European markets. Photocure has established wholly owned subsidiaries in Germany (Photocure GmbH) and France (Photocure SAS) that provide marketing and promotion services. These entities have Euro (EUR) as functional currency. The sales, marketing and distribution in North America is in the U.S. performed through Photocure\u2019s wholly owned subsidiary Photocure Inc. and in Canada thorugh Photocure\u2019s wholly owned
subsidiary Photocure Canada Inc", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4236": { "value": "
III. Changes in signi\ufb01cant accounting policies There are no signi\ufb01cant new IFRS standards made e\ufb00ective in 2023 that e\ufb00ect the group accounts for Photocure. IV. Disclosures regarding new standards not yet e\ufb00ective There are no IFRS or IFRIC interpretations that are not yet e\ufb00ective that would be expected to have a material impact on the Group. The new and amended standards and interpretations from IFRS that were adopted by the EU with e\ufb00ect from 2023 did not have any signi\ufb01cant impact on the reporting for 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4256": { "value": "
V. Use of judgements and estimates In preparation of these consolidated \ufb01nancial statements, management has made judgments, estimates and assumptions that a\ufb00ect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most signi\ufb01cant e\ufb00ects on the amounts recognized, and information about assumptions and estimation uncertainties that have signi\ufb01cant risk of resulting in a material adjustment in the \ufb01nancial statements as of 31 December 2023, are included in the following notes: Note 13 and 22 Goodwill and customer relations: the assumptions in the application of IAS 36 of the annual goodwill impairment analysis, and the remeasurement of the fair value of the earnout liability according to IFRS 9. Note 11 Recognition of deferred tax asset: available future taxable pro\ufb01t against which tax losses carried forward can be used. Note 9 and 10 Long term loan subsidiaries: impairment and key assumptions underlying the balance sheet value in Parent company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4258": { "value": "
V. Use of judgements and estimates In preparation of these consolidated \ufb01nancial statements, management has made judgments, estimates and assumptions that a\ufb00ect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most signi\ufb01cant e\ufb00ects on the amounts recognized, and information about assumptions and estimation uncertainties that have signi\ufb01cant risk of resulting in a material adjustment in the \ufb01nancial statements as of 31 December 2023, are included in the following notes: Note 13 and 22 Goodwill and customer relations: the assumptions in the application of IAS 36 of the annual goodwill impairment analysis, and the remeasurement of the fair value of the earnout liability according to IFRS 9. Note 11 Recognition of deferred tax asset: available future taxable pro\ufb01t against which tax losses carried forward can be used. Note 9 and 10 Long term loan subsidiaries: impairment and key assumptions underlying the balance sheet value in Parent company.
", "dimensions": { "concept": "ifrs-full:ExplanationOfMethodMainParametersAndAssumptionsUnderlyingInformationProvidedSensitivityAnalysisOtherThanSpecifiedInParagraph128aOfIFRS17Explanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4260": { "value": "
V. Use of judgements and estimates In preparation of these consolidated \ufb01nancial statements, management has made judgments, estimates and assumptions that a\ufb00ect the application of the Group\u2019s accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may di\ufb00er from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively. Information about judgements made in applying accounting policies that have the most signi\ufb01cant e\ufb00ects on the amounts recognized, and information about assumptions and estimation uncertainties that have signi\ufb01cant risk of resulting in a material adjustment in the \ufb01nancial statements as of 31 December 2023, are included in the following notes: Note 13 and 22 Goodwill and customer relations: the assumptions in the application of IAS 36 of the annual goodwill impairment analysis, and the remeasurement of the fair value of the earnout liability according to IFRS 9. Note 11 Recognition of deferred tax asset: available future taxable pro\ufb01t against which tax losses carried forward can be used. Note 9 and 10 Long term loan subsidiaries: impairment and key assumptions underlying the balance sheet value in Parent company.
Performance obligation license Photocure entered a license agreement with Asieris for the pipeline product Cevira in July 2019. The agreement wasis based on a \u201cready for Phase 3 study\u201d concept and this study was carried out by Asieris in China from 2020 until July 2023. The Phase III Hexvix trial in China successfully met the primary endpoints, and in October 2023 the results were presented at the SIU Congress. In November 2023, Asieris announced that the NMPA (Chinese FDA) has accepted the new drug application (NDA) for Hexvix in China, beginning the review process for a potential market authorization Photocure has in the agreement with Asieris promised to transfer the rights for Cevira (license) and deliver the active substance for the phase 3 study and later potential commercialization. Asieris will be responsible for the remaining development of Cevira and pay all the costs. The license is a right to use Photocure\u2019s intellectual property as it existed at the contract date. The active substance will not be further developed or changed by Photocure for use by Asieris. The transfer of the license and the delivery of the active substance are by Photocure regarded as two separate performance obligations. Asieris has in 2023 paid two milestones of USD 2.5 million each related to the phase 3 study and accumulated paid USD 15 million in milestones for Cevira. The agreement include additional milestones and potential sales royalty if a commercial product is approved, this will depend on the outcome of the ongoing phase 3 study. The transaction price allocated to the license consist of signing fee, di\ufb00erent milestone payments and sales based royalty payments. The part of the transaction price related to milestone payments are estimated as the most likely amount, but constrained which currently means that these revenues will be recognized if and when the relevant milestone are achieved. Revenue for the sale of active substance is recognized when the customer takes control of the goods, which is at the time of shipment. Photocure entered in January 2021 into a partnership agreement with Asieris whereby Asieris has obtained exclusive rights to register and commercialize Hexvix[ \u00ae ] in Mainland China and Taiwan. Based on the agreement, Photocure received an upfront payment of USD 750,000 from Asieris for the rights to Hexvix in the designated territories as a non-refundable payment. Asieris fund all costs to secure required clinical studies and to regulatory approvals of Hexvix in Mainland China and Taiwan. The license of the Groups intellectual property are under all current licensing agreement considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore the licenses are considered to be a right to use the company\u2019s intellectual property as is, and therefore revenue allocated to the license is recognized at point in time taking into consideration the variable constraint for milestone payments that have not yet occurred and sales based royalty. Milestone payments related to future
events and sales based royalties are recognized when the events and sales actually occur", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4304": { "value": "
A. Currency Monetary items in foreign currencies are converted at closing rate of exchange. In the absence of any statement to the contrary, realized and unrealized exchange rate gains and losses are included in \ufb01nancial income or expenses. Transactions in foreign currencies are recorded at the exchange rate on the date of transaction. Assets and liabilities in foreign currencies are translated into NOK at the exchange rate applicable on the balance sheet date. Income and expenses in foreign subsidiaries are translated into NOK at the average exchange rate for the \ufb01nancial statement period. The assets and liabilities of the foreign subsidiaries are translated to NOK at exchange rates
at the reporting date", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4328": { "value": "
B. Property, plant, equipment and intangible assets Property, plant and equipment (PPE) are recognized at cost less deductions for accumulated depreciation and accumulated impairment losses. PPE are depreciated over the expected useful life of the assets taking any residual value into consideration. Costs incurred for major replacements and upgrades of PPE are added to cost if it is probable that the costs will generate future economic bene\ufb01ts for the Group and if the costs can be reliably measured. Ordinary maintenance is expensed as incurred.
PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows: Production and test equipment 5 years Furniture and o\ufb03ce equipment 3\u20135 years Intangible development expenditures are amortized on a straight-line basis in the pro\ufb01t and loss over the remaining patent period for the approved product and indication as follows: Product development 4 - 10 years Customer relations 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4346": { "value": "
PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows: Production and test equipment 5 years Furniture and o\ufb03ce equipment 3\u20135 years Intangible development expenditures are amortized on a straight-line basis in the pro\ufb01t and loss over the remaining patent period for the approved product and indication as follows: Product development 4 - 10 years Customer relations 10 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4366": { "value": "
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash in\ufb02ows from continuing use that are largely independent from the cash in\ufb02ows from other assets or cash generating units (CGU). The recoverable value of the asset is the
greater of value in use and its fair value
less cost of disposal. Value in use is based on estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. An impairment loss is allocated \ufb01rst to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4368": { "value": "
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash in\ufb02ows from continuing use that are largely independent from the cash in\ufb02ows from other assets or cash generating units (CGU). The recoverable value of the asset is the
less cost of disposal. Value in use is based on estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. An impairment loss is allocated \ufb01rst to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4370": { "value": "
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash in\ufb02ows from continuing use that are largely independent from the cash in\ufb02ows from other assets or cash generating units (CGU). The recoverable value of the asset is the
less cost of disposal. Value in use is based on estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. An impairment loss is allocated \ufb01rst to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4372": { "value": "
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
Goodwill is tested annually for impairment. For impairment testing, assets are grouped that generate cash in\ufb02ows from continuing use that are largely independent from the cash in\ufb02ows from other assets or cash generating units (CGU). The recoverable value of the asset is the
less cost of disposal. Value in use is based on estimated future cash \ufb02ows, discounted to their present value using a pre-tax discount rate that re\ufb02ects current market assessments of the time value of money and the risks speci\ufb01c to the asset. An impairment loss is allocated \ufb01rst to reduce the book value of the goodwill related to the CGU and then to reduce the carrying amount of the other assets in the CGU on a pro rata basis. An impairment loss in respect of goodwill is not reversed.
mpairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4374": { "value": "
C. Impairment Non-current & intangible assets that are recognized in the balance sheet, are tested for impairment if there are indications of a loss in value. If the book value of an asset is higher than the recoverable value of the asset, the loss in value is recognized in pro\ufb01t and loss. The recoverable value is the highest of net sales value and the value in use of the asset. Assets are grouped and measured at the lowest level for determining loss in value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4430": { "value": "
D. Research and development costs Research costs are expensed as incurred. Development costs are recognized in the balance sheet as intangible assets only if there is an identi\ufb01able asset that is expected to generate future \ufb01nancial bene\ufb01ts, and when the costs of such an asset can be reliably measured. Development costs that have been expensed in previous accounting periods cannot be recognized in the balance sheet at a later date. Cost-sharing of research and development expenses with license partners is booked as a reduction in costs. The work of the regulatory function and services provided are related to both market expansion and product development. Photocure classi\ufb01es for this reason the regulatory function into the following two categories: Regulatory work and services related to new products or product development based on new clinical trials up to and including phase 3, are classi\ufb01ed as R&D costs. Regulatory work and services for new markets based on existing clinical data are classi\ufb01ed as
marketing costs", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4464": { "value": "
E. Investment in subsidiary companies Shares and investments with the aim of long-term ownership are booked in the balance sheet as long-term investments and are valued at the lower of cost and fair value. Write-downs for permanent declines in value are made on the basis of individual evaluations. Any realized and unrealized pro\ufb01ts/ losses and any write-downs related to these investments will be booked in the income statement as \ufb01nancial items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4479": { "value": "
F. Inventories Raw materials are valued at the lower of cost and net sales value in accordance with the \ufb01rst-in, \ufb01rst-out principle (FIFO). Semi-\ufb01nished and \ufb01nished goods are valued at production cost including a mark-up for their share of the indirect production costs based on the FIFO principle.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4490": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4492": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4494": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4496": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4498": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4500": { "value": "
G. Financial assets and liabilities
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method.
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
Impairment
The Group recognizes loss allowances for expected credit losses (ECLs) on \ufb01nancial assets measured at amortized cost. The Group measures loss allowances at an amount equal to lifetime ECLs, except for the following, which are measured at 12-month ECLs: debt securities that are determined to have low credit risk at the reporting date; and other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected life of the \ufb01nancial instrument) has not increased signi\ufb01cantly since initial recognition. The Group assumes that the credit risk on a \ufb01nancial asset has increased if it is more than 60 days past due. Loss allowances for trade receivables and contract assets are always measured at an amount equal to lifetime ECLs. The Group uses an allowance matrix based on historical losses adjusted for forward-looking
information", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4504": { "value": "
All \ufb01nancial assets not classi\ufb01ed as measured at amortized cost or fair Value over comprehensive income are subsequently measured at fair value through pro\ufb01t and loss. Photocure\u2019s investments in money market funds are measured at fair value through pro\ufb01t and loss. The earnout liability is measured at fair value at the date of acquisition and remeasured at fair value at each reporting date and subsequent changes in the fair value are recognized in pro\ufb01t or loss. Interest bearing liabilities are recognized at fair value at the time of recognition. In subsequent periods, interest-bearing liabilities are booked at amortized cost according to the
e\ufb00ective interest rate method", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4528": { "value": "
Financial income consists of interest income on bank balances and money market fund as well as exchange rate gains from currency items. Financial expense consists of interest expense on borrowing and exchange rate losses from currency items.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4571": { "value": "
H. Revenue recognition The main revenue stream in the company is the sale of pharmaceutical products. The revenue is recognized on the date of delivery, when both control and risk essentially have been transferred to the customer. The license agreements that give the right to a signing fee or achieved milestones are recognized as revenue when the contractual conditions are met. Royalty revenue is booked as Sales revenue in line with the licensee\u2019s sale of licensed products. The core principle in IFRS 15 is revenue
should be recognized dependent
on the transfer of promised goods or services to the customer for an amount that re\ufb02ects the consideration which should be received in exchange for those goods or services. The objective is to provide a \ufb01ve-step approach to revenue recognition that includes identifying contracts with customers, identifying performance obligations, determining transaction prices, allocating transaction prices to performance obligations, and recognizing revenue when or as performance obligations are satis\ufb01ed. In Photocure\u2019s customer contracts which are regarded to be within the scope of IFRS 15, the up-front fees not related to a separate performance obligation will be recognized over the term of the contract upon the delivery of goods. If the promise to grant the license is distinct from other promised goods or services in the contract, the promise to grant the license is a separate performance obligation. A license contract with a customer is a right to use Photocure\u2019s intellectual property as it exists at the point in time at which the license is granted. The total transaction price is allocated between the performance obligations based on the relative stand-alone selling price. The transaction price allocated to the license may consist of up-front fee, di\ufb00erent milestone payments and sales based royalty payments. The part of the transaction price related to variable milestone payments are estimated as the most likely amount but constrained which currently means that these revenues will be recognized if and when the relevant milestone are achieved. Sales based royalty is recognized when the subsequent sales occur.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4647": { "value": "
I. Share remuneration and other bene\ufb01ts related to share based remuneration Employees have been o\ufb00ered share options to the Company\u2019s shares as an element of the Group\u2019s employee incentive policy. If the Group has own shares, the Group may allot own shares instead of issuing new shares when share options are exercised. All share options are o\ufb00ered at strike prices that re\ufb02ect the market price +10% of the shares at the time of allotment of the rights. The fair value is expensed over the share options vesting period and
the Company\u2019s equity is increased correspondingly. The fair value of share options is calculated according to the Black-Scholes model. Each program is calculated separately with the actual strike price and duration of the program. The share options cease to be valid when the employee\u2019s is leaving the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on the intrinsic value of the rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4649": { "value": "
I. Share remuneration and other bene\ufb01ts related to share based remuneration Employees have been o\ufb00ered share options to the Company\u2019s shares as an element of the Group\u2019s employee incentive policy. If the Group has own shares, the Group may allot own shares instead of issuing new shares when share options are exercised. All share options are o\ufb00ered at strike prices that re\ufb02ect the market price +10% of the shares at the time of allotment of the rights. The fair value is expensed over the share options vesting period and
the Company\u2019s equity is increased correspondingly. The fair value of share options is calculated according to the Black-Scholes model. Each program is calculated separately with the actual strike price and duration of the program. The share options cease to be valid when the employee\u2019s is leaving the Company. Employer\u2019s social security contributions on outstanding share options are accrued as personnel costs based on the intrinsic value of the rights.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4692": { "value": "
J. Tax The tax expense in the income statement includes both the income tax payable for the period and changes in deferred tax. Deferred tax in Norway is calculated at rate of 22% and in the USA at a total rate of 28% on the basis of the temporary di\ufb00erences that exist between the tax value of the assets and liabilities, and their book value. Liabilities for deferred tax are included for all temporary di\ufb00erences that increase tax, except when the asset in connection with deferred tax arises as a result of the \ufb01rst-time inclusion of an asset or liability in a transaction that is not in a business combination and a\ufb00ects neither the accounting nor the taxable pro\ufb01t or loss at the time of the transaction. Assets in connection with deferred tax are included for all tax-reducing temporary di\ufb00erences, carry forward of tax deductions and tax losses in the extent that there is objective proof that there will be su\ufb03cient taxable pro\ufb01ts against which to o\ufb00set tax-reducing temporary di\ufb00erences, and carry forward of unused tax deductions and tax losses. The book value of assets in connection with deferred tax is reviewed on every balance sheet date and is reduced to the degree that there is no longer any objective proof that there will be su\ufb03cient taxable pro\ufb01ts to utilize all or parts of assets in connection with deferred tax. Non-recognized assets in connection with deferred tax are reviewed every balance sheet date and are included to the degree that it is probable that future taxable pro\ufb01ts will allow the recovery of assets in connection with deferred tax. Each taxable entity in the Group is treated separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4694": { "value": "
J. Tax The tax expense in the income statement includes both the income tax payable for the period and changes in deferred tax. Deferred tax in Norway is calculated at rate of 22% and in the USA at a total rate of 28% on the basis of the temporary di\ufb00erences that exist between the tax value of the assets and liabilities, and their book value. Liabilities for deferred tax are included for all temporary di\ufb00erences that increase tax, except when the asset in connection with deferred tax arises as a result of the \ufb01rst-time inclusion of an asset or liability in a transaction that is not in a business combination and a\ufb00ects neither the accounting nor the taxable pro\ufb01t or loss at the time of the transaction. Assets in connection with deferred tax are included for all tax-reducing temporary di\ufb00erences, carry forward of tax deductions and tax losses in the extent that there is objective proof that there will be su\ufb03cient taxable pro\ufb01ts against which to o\ufb00set tax-reducing temporary di\ufb00erences, and carry forward of unused tax deductions and tax losses. The book value of assets in connection with deferred tax is reviewed on every balance sheet date and is reduced to the degree that there is no longer any objective proof that there will be su\ufb03cient taxable pro\ufb01ts to utilize all or parts of assets in connection with deferred tax. Non-recognized assets in connection with deferred tax are reviewed every balance sheet date and are included to the degree that it is probable that future taxable pro\ufb01ts will allow the recovery of assets in connection with deferred tax. Each taxable entity in the Group is treated separately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4742": { "value": "
K. Contingent liabilities and assets Contingent liabilities are de\ufb01ned as: Possible liabilities as a result of earlier events where their existence depends on future events; Liabilities that are not included because it is not probable that they will lead to an out\ufb02ow of resources from the Group; Liabilities that cannot be measured with su\ufb03cient reliability. Contingent liabilities are not included in the annual accounts. Notes on signi\ufb01cant contingent liabilities are provided, with the exception of contingent liabilities with little probability of occurring. Contingent assets are not included in the annual accounts but are reported in cases in which there is a certain likelihood of their resulting in a bene\ufb01t to the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4767": { "value": "
L. Cash \ufb02ow statement The cash \ufb02ow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments
like money market funds.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4769": { "value": "
L. Cash \ufb02ow statement The cash \ufb02ow statement has been prepared in accordance with the indirect method. Cash and cash equivalents consist of cash, bank deposits and other current investments
like money market funds", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4779": { "value": "
M. Lease agreements The main rule is that the leased assets are recognized in the balance sheet as a \ufb01xed asset or in a disclosure note for \ufb01xed assets. Leased assets are shown separately from other \ufb01xed assets owned by the company as \u201cRight of use assets\u201d in the related disclosure note. Although a lease is a right to use an asset and not a purchase of an asset, the classi\ufb01cation in the balance sheet follows the leased asset. The net present value of the lease liability is calculated by discounting the rental payments with the implicit interest rate of the lease, or the business\u2019s marginal borrowing rate if the implicit interest rate is unknown. According to IFRS 16 depreciation is calculated for the right of use assets. Depreciation is presented together with other depreciation, while interest cost is included in \ufb01nancial expenses in the income statement. The leased assets are depreciated over their useful lives. This is the shorter of the rental period and the assets economic life.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4893": { "value": "
0. CURRENCY RATES CHANGES Photocure revenues and costs are to a large degree in EUR and USD currencies while functional currency is NOK. Due to the strengthening of the EUR and the USD currency against the NOK during 2023, the revenues and costs reported in NOK have been materially a\ufb00ected. This is illustrated by the following table containing the average currency rates between NOK and USD/EUR in 2023 compared to 2022. Currency rates development 2023 vs 2022 2023 2022 % 23 vs 22 Avr currency rate NOK/USD 10.57 9.62 10% Avr currency rate NOK/EUR 11.43 10.11 13% 1. PARTNERSHIPS Photocure entered in July 2019 into a license agreement providing Asieris MediTech Co with a world-wide license to develop and commercialize Cevira\u00ae for the treatment of HPV induced cervical precancerous lesions. Under the agreement, Photocure will receive signing fees, development- and approval milestones, in addition to sales royalties. Photocure entered in January 2021 into a license agreement providing Asieris MediTech Co with a license to commercialize Hexvix in mainland China and Taiwan. Under this agreement, Photocure will receive signing fees and approval milestones, in addition to sales
royalties", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4921": { "value": "
2. OPERATING SEGMENTS Photocure has two segments: Commercial Franchise and Development Portfolio. Commercial Franchise includes Hexvix/Cysview by geography (North America and Europe) and other sales (partners and other products). Development Portfolio includes development of pipeline products. Sales revenue Europe in the Commercial segment consists of Hexvix direct sale to hospitals, wholesalers and pharmacies. The Development segment is split by development of Cevira and other pipeline products. Operating costs are charged directly to the respective segment involved if directly related. Indirect manufacturing costs are allocated based on sales within the commercial segment and other indirect costs are allocated based on time and resources utilized within the di\ufb00erent subsegments. Segments are reported similarly as the internal reporting to the Group\u2019s Chief Operating Decision Maker (CODM) s. CODM are de\ufb01ned as the Group\u2019s Senior management. Segment assets and liabilities are not reported to the Chief Operating Decision Makers (CODM) and therefore not allocated to reportable segments. 1 Jan - 31 December 2023 Commercial Franchise Development Portfolio (Amounts in NOK 1,000) North Am. Europe Other Markets Total Sales Cevira PDT & Explorativ Total R&D Grand Total Revenues from contract with customers 178 630 263 547 4 037 446 214 - - - 446 214 Signing fees and milestone revenues - - - - 54 443 - 54 443 54 443 Cost of goods sold -5 866 -19 286 -986 -26 137 - - - -26 137 Gross pro\ufb01t 172 764 244 262 3 051 420 077 54 443 - 54 443 474 520 Gross pro\ufb01t of sales % 97 % 93 % 76 % 94 % 94 % R&D -245 -867 - -1 113 -818 -139 -957 -2 070 Sales & marketing -164 622 -147 079 -3 621 -315 322 -941 - -941 -316 262 Other & allocations -37 369 -43 947 -5 009 -86 325 -1 693 -12 677 -14 370 -100 695 Operating expenses -202 237 -191 893 -8 630 -402 760 -3452 -12 816 -16 268 -419 028 EBITDA 29 473 52 369 -5 579 17 317 50 991 -12 816 38 175 55 492 Depreciation and Amortization -27 541 -146 -27 687 EBIT -10 224 38 029 27 806
1 Jan - 31 December 2022 Commercial Franchise Development Portfolio (Amounts in NOK 1,000) North Am. Europe Other Markets Total Sales Cevira PDT & Explorativ Total R&D Grand Total Revenues from contract with customers 150 784 221 826 1 863 374 474 - - - 374 474 Signing fees and milestone revenues - - 152 152 18 506 - 18 506 18 506 Cost of goods sold -4 835 -16 810 -1 052 -22 697 - - - -22 697 Gross pro\ufb01t 145 950 205 016 963 351 929 18 506 - 18 506 370 435 Gross pro\ufb01t of sales % 97 % 92 % 44 % 94 % 94 % R&D -322 -1 211 - -1 533 -739 -1 070 -1 809 -3 342 Sales & marketing -163 706 -118 563 -3619 -285 888 -645 - -645 -286 533 Other & allocations -38 214 -52 758 -8 177 -99 149 -1 933 -4 106 -6 038 -105 187 Operating expenses -202 242 -172 532 -11 795 -386 570 -3 317 -5 176 -8 492 -395 062 EBITDA -56 292 32 484 -10 832 -34 641 15 189 -5 176 10 013 -24 627 Depreciation and Amortization -24 231 -147 -24 378 EBIT -58 872 9 866 -49 005 The de\ufb01nition of EBITDA is \u201cEarnings Before Interest, Tax, Depreciation and Amortization.
Geographical information (Amounts in NOK 1,000) Group revenues from contract with customers 2023 2022 Nordic countries 22 390 22 647 Germany 182 199 148 936 France 31 404 27 032 Austria 12 070 9 500 UK 2 411 2 147 BeNeLux 5 804 4 597 Italy 5 057 4 368 Other European countries 3 025 3 905 United States 175 845 149 045 Canada 2 785 1 740 Own sales 442 990 373 917 Partner countries rest of world 3 224 557 446 214 374 474 The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above. Revenue recognition by segments 1 Jan - 31 December 2023 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 1 700 1 524 3 224 0 3 224 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 0 54 443 54 443 54 443 Sales order revenue at point in time 442 177 813 442 990 0 442 990 442 177 1 700 2 337 446 214 54 443 54 443 500 656 Revenue recognition by segments 1 Jan - 31 December 2022 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 430 128 558 0 0 558 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 152 152 18 506 18 506 18 658 Sales order revenue at point in time 372 611 1 306 373 917 0 373 917 372 611 582 1 434 374 627 18 506 18 506 393 132
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3. REVENUES FROM CONTRACT WITH CUSTOMERS Performance obligation product deliveries For the general supply of products Photocure satisfy the contractual performance obligation upon delivery of products according to the delivery terms agreed. Invoices are issued at that point in time and the payment term is usually within 30 days. No discounts were provided to the customers and no return of products were accepted within the expiry of the products.
Performance obligation license Photocure entered a license agreement with Asieris for the pipeline product Cevira in July 2019. The agreement wasis based on a \u201cready for Phase 3 study\u201d concept and this study was carried out by Asieris in China from 2020 until July 2023. The Phase III Hexvix trial in China successfully met the primary endpoints, and in October 2023 the results were presented at the SIU Congress. In November 2023, Asieris announced that the NMPA (Chinese FDA) has accepted the new drug application (NDA) for Hexvix in China, beginning the review process for a potential market authorization Photocure has in the agreement with Asieris promised to transfer the rights for Cevira (license) and deliver the active substance for the phase 3 study and later potential commercialization. Asieris will be responsible for the remaining development of Cevira and pay all the costs. The license is a right to use Photocure\u2019s intellectual property as it existed at the contract date. The active substance will not be further developed or changed by Photocure for use by Asieris. The transfer of the license and the delivery of the active substance are by Photocure regarded as two separate performance obligations. Asieris has in 2023 paid two milestones of USD 2.5 million each related to the phase 3 study and accumulated paid USD 15 million in milestones for Cevira. The agreement include additional milestones and potential sales royalty if a commercial product is approved, this will depend on the outcome of the ongoing phase 3 study. The transaction price allocated to the license consist of signing fee, di\ufb00erent milestone payments and sales based royalty payments. The part of the transaction price related to milestone payments are estimated as the most likely amount, but constrained which currently means that these revenues will be recognized if and when the relevant milestone are achieved. Revenue for the sale of active substance is recognized when the customer takes control of the goods, which is at the time of shipment. Photocure entered in January 2021 into a partnership agreement with Asieris whereby Asieris has obtained exclusive rights to register and commercialize Hexvix[ \u00ae ] in Mainland China and Taiwan. Based on the agreement, Photocure received an upfront payment of USD 750,000 from Asieris for the rights to Hexvix in the designated territories as a non-refundable payment. Asieris fund all costs to secure required clinical studies and to regulatory approvals of Hexvix in Mainland China and Taiwan. The license of the Groups intellectual property are under all current licensing agreement considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore the licenses are considered to be a right to use the company\u2019s intellectual property as is, and therefore revenue allocated to the license is recognized at point in time taking into consideration the variable constraint for milestone payments that have not yet occurred and sales based royalty. Milestone payments related to future
events and sales based royalties are recognized when the events and sales actually occur
Geographical information (Amounts in NOK 1,000) Group revenues from contract with customers 2023 2022 Nordic countries 22 390 22 647 Germany 182 199 148 936 France 31 404 27 032 Austria 12 070 9 500 UK 2 411 2 147 BeNeLux 5 804 4 597 Italy 5 057 4 368 Other European countries 3 025 3 905 United States 175 845 149 045 Canada 2 785 1 740 Own sales 442 990 373 917 Partner countries rest of world 3 224 557 446 214 374 474 The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above. Revenue recognition by segments 1 Jan - 31 December 2023 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 1 700 1 524 3 224 0 3 224 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 0 54 443 54 443 54 443 Sales order revenue at point in time 442 177 813 442 990 0 442 990 442 177 1 700 2 337 446 214 54 443 54 443 500 656 Revenue recognition by segments 1 Jan - 31 December 2022 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 430 128 558 0 0 558 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 152 152 18 506 18 506 18 658 Sales order revenue at point in time 372 611 1 306 373 917 0 373 917 372 611 582 1 434 374 627 18 506 18 506 393 132
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5174": { "value": "
3. REVENUES FROM CONTRACT WITH CUSTOMERS Performance obligation product deliveries For the general supply of products Photocure satisfy the contractual performance obligation upon delivery of products according to the delivery terms agreed. Invoices are issued at that point in time and the payment term is usually within 30 days. No discounts were provided to the customers and no return of products were accepted within the expiry of the products.
Performance obligation license Photocure entered a license agreement with Asieris for the pipeline product Cevira in July 2019. The agreement wasis based on a \u201cready for Phase 3 study\u201d concept and this study was carried out by Asieris in China from 2020 until July 2023. The Phase III Hexvix trial in China successfully met the primary endpoints, and in October 2023 the results were presented at the SIU Congress. In November 2023, Asieris announced that the NMPA (Chinese FDA) has accepted the new drug application (NDA) for Hexvix in China, beginning the review process for a potential market authorization Photocure has in the agreement with Asieris promised to transfer the rights for Cevira (license) and deliver the active substance for the phase 3 study and later potential commercialization. Asieris will be responsible for the remaining development of Cevira and pay all the costs. The license is a right to use Photocure\u2019s intellectual property as it existed at the contract date. The active substance will not be further developed or changed by Photocure for use by Asieris. The transfer of the license and the delivery of the active substance are by Photocure regarded as two separate performance obligations. Asieris has in 2023 paid two milestones of USD 2.5 million each related to the phase 3 study and accumulated paid USD 15 million in milestones for Cevira. The agreement include additional milestones and potential sales royalty if a commercial product is approved, this will depend on the outcome of the ongoing phase 3 study. The transaction price allocated to the license consist of signing fee, di\ufb00erent milestone payments and sales based royalty payments. The part of the transaction price related to milestone payments are estimated as the most likely amount, but constrained which currently means that these revenues will be recognized if and when the relevant milestone are achieved. Revenue for the sale of active substance is recognized when the customer takes control of the goods, which is at the time of shipment. Photocure entered in January 2021 into a partnership agreement with Asieris whereby Asieris has obtained exclusive rights to register and commercialize Hexvix[ \u00ae ] in Mainland China and Taiwan. Based on the agreement, Photocure received an upfront payment of USD 750,000 from Asieris for the rights to Hexvix in the designated territories as a non-refundable payment. Asieris fund all costs to secure required clinical studies and to regulatory approvals of Hexvix in Mainland China and Taiwan. The license of the Groups intellectual property are under all current licensing agreement considered distinct from the delivery of goods and thus a separate performance obligation. Furthermore the licenses are considered to be a right to use the company\u2019s intellectual property as is, and therefore revenue allocated to the license is recognized at point in time taking into consideration the variable constraint for milestone payments that have not yet occurred and sales based royalty. Milestone payments related to future
events and sales based royalties are recognized when the events and sales actually occur
Geographical information (Amounts in NOK 1,000) Group revenues from contract with customers 2023 2022 Nordic countries 22 390 22 647 Germany 182 199 148 936 France 31 404 27 032 Austria 12 070 9 500 UK 2 411 2 147 BeNeLux 5 804 4 597 Italy 5 057 4 368 Other European countries 3 025 3 905 United States 175 845 149 045 Canada 2 785 1 740 Own sales 442 990 373 917 Partner countries rest of world 3 224 557 446 214 374 474 The geographical revenue in all countries except North America are in the parent company. The geographical revenue information is based on the location of the end customers. The signing fees and milestone revenue are not included in the table above. Revenue recognition by segments 1 Jan - 31 December 2023 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 1 700 1 524 3 224 0 3 224 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 0 54 443 54 443 54 443 Sales order revenue at point in time 442 177 813 442 990 0 442 990 442 177 1 700 2 337 446 214 54 443 54 443 500 656 Revenue recognition by segments 1 Jan - 31 December 2022 Commercial Franchise Development Portfolio Grand Total Hexvix/Cysview (Amounts in NOK 1,000) Own sales Partner Other Sales Total Sales Pipeline Total R&D Contract revenue at point in time 430 128 558 0 0 558 Contract revenue over time 0 0 0 Signing fees and milestone revenues at point in time 152 152 18 506 18 506 18 658 Sales order revenue at point in time 372 611 1 306 373 917 0 373 917 372 611 582 1 434 374 627 18 506 18 506 393 132
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5379": { "value": "
4. COST OF GOODS SOLD Total cost of goods sold includes direct materials, services provided by contract manufacturers and packaging suppliers, products
freights and distribution costs", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5385": { "value": "
5. INCOME STATEMENT CLASSIFIED BY NATURE (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Revenues from contract with customers 2 446 214 374 474 280 281 236 550 Signing fees and milestone revenues 2 54 443 18 658 54 443 18 658 Cost of goods sold -26 137 -22 697 -25 389 -23 269 Gross pro\ufb01t 474 521 370 435 309 335 231 939 Other income 0 0 504 899 Payroll expenses 6, 7 -276 192 -244 881 -117 117 -102 315 R&D costs excluding payroll expenses/other operating expenses -964 -1 809 -964 -1 809 Ordinary depreciation and amortisation 13, 14 -27 687 -24 378 -20 803 -20 051 Other operating expenses -141 871 -148 370 -156 165 -158 016 Total operating expenses -446 714 -419 438 -294 545 -281 292 Operating pro\ufb01t / loss (-) 27 807 -49 003 14 790 -49 353
Speci\ufb01cation of Other operating expenses: 2023 2022 2023 2022 Marketing expenses 37 493 45 162 15 691 16 087 Pro\ufb01t split coverage US and Canada - - 158 17 888 Sales and marketing costs Europe - - 79 484 54 719 Travel expenses 21 152 19 108 5 028 5 308 Patent costs, legal and other fees 47 464 55 848 32 840 41 317 Other expenses 35 763 28 253 22 965 22 698 Total other operating expenses 141 871 148 370 156 165 158 016
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5387": { "value": "
5. INCOME STATEMENT CLASSIFIED BY NATURE (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Revenues from contract with customers 2 446 214 374 474 280 281 236 550 Signing fees and milestone revenues 2 54 443 18 658 54 443 18 658 Cost of goods sold -26 137 -22 697 -25 389 -23 269 Gross pro\ufb01t 474 521 370 435 309 335 231 939 Other income 0 0 504 899 Payroll expenses 6, 7 -276 192 -244 881 -117 117 -102 315 R&D costs excluding payroll expenses/other operating expenses -964 -1 809 -964 -1 809 Ordinary depreciation and amortisation 13, 14 -27 687 -24 378 -20 803 -20 051 Other operating expenses -141 871 -148 370 -156 165 -158 016 Total operating expenses -446 714 -419 438 -294 545 -281 292 Operating pro\ufb01t / loss (-) 27 807 -49 003 14 790 -49 353
Speci\ufb01cation of Other operating expenses: 2023 2022 2023 2022 Marketing expenses 37 493 45 162 15 691 16 087 Pro\ufb01t split coverage US and Canada - - 158 17 888 Sales and marketing costs Europe - - 79 484 54 719 Travel expenses 21 152 19 108 5 028 5 308 Patent costs, legal and other fees 47 464 55 848 32 840 41 317 Other expenses 35 763 28 253 22 965 22 698 Total other operating expenses 141 871 148 370 156 165 158 016
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5389": { "value": "
5. INCOME STATEMENT CLASSIFIED BY NATURE (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Revenues from contract with customers 2 446 214 374 474 280 281 236 550 Signing fees and milestone revenues 2 54 443 18 658 54 443 18 658 Cost of goods sold -26 137 -22 697 -25 389 -23 269 Gross pro\ufb01t 474 521 370 435 309 335 231 939 Other income 0 0 504 899 Payroll expenses 6, 7 -276 192 -244 881 -117 117 -102 315 R&D costs excluding payroll expenses/other operating expenses -964 -1 809 -964 -1 809 Ordinary depreciation and amortisation 13, 14 -27 687 -24 378 -20 803 -20 051 Other operating expenses -141 871 -148 370 -156 165 -158 016 Total operating expenses -446 714 -419 438 -294 545 -281 292 Operating pro\ufb01t / loss (-) 27 807 -49 003 14 790 -49 353
Speci\ufb01cation of Other operating expenses: 2023 2022 2023 2022 Marketing expenses 37 493 45 162 15 691 16 087 Pro\ufb01t split coverage US and Canada - - 158 17 888 Sales and marketing costs Europe - - 79 484 54 719 Travel expenses 21 152 19 108 5 028 5 308 Patent costs, legal and other fees 47 464 55 848 32 840 41 317 Other expenses 35 763 28 253 22 965 22 698 Total other operating expenses 141 871 148 370 156 165 158 016
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5391": { "value": "
5. INCOME STATEMENT CLASSIFIED BY NATURE (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Revenues from contract with customers 2 446 214 374 474 280 281 236 550 Signing fees and milestone revenues 2 54 443 18 658 54 443 18 658 Cost of goods sold -26 137 -22 697 -25 389 -23 269 Gross pro\ufb01t 474 521 370 435 309 335 231 939 Other income 0 0 504 899 Payroll expenses 6, 7 -276 192 -244 881 -117 117 -102 315 R&D costs excluding payroll expenses/other operating expenses -964 -1 809 -964 -1 809 Ordinary depreciation and amortisation 13, 14 -27 687 -24 378 -20 803 -20 051 Other operating expenses -141 871 -148 370 -156 165 -158 016 Total operating expenses -446 714 -419 438 -294 545 -281 292 Operating pro\ufb01t / loss (-) 27 807 -49 003 14 790 -49 353
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5461": { "value": "
Speci\ufb01cation of Other operating expenses: 2023 2022 2023 2022 Marketing expenses 37 493 45 162 15 691 16 087 Pro\ufb01t split coverage US and Canada - - 158 17 888 Sales and marketing costs Europe - - 79 484 54 719 Travel expenses 21 152 19 108 5 028 5 308 Patent costs, legal and other fees 47 464 55 848 32 840 41 317 Other expenses 35 763 28 253 22 965 22 698 Total other operating expenses 141 871 148 370 156 165 158 016
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5503": { "value": "
6. PERSONNEL EXPENSES (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Salaries 208 298 175 991 83 636 66 879 Employer\u2019s social security contributions on salaries, etc. 23 885 20 855 9 662 8 144 Option costs incl employer's social security contributions 19 368 21 674 13 843 16 406 Pension costs 8 13 976 13 101 5 988 5 682 Other bene\ufb01ts 10 665 13 260 3 989 5 205 Total payroll expenses 276 192 244 881 117 117 102 315 No. of full-time equivalent positions 102 106 36 37
Share-based remuneration As part of the company\u2019s incentive policy, employees have been o\ufb00ered share options to the company\u2019s shares (the term \u2018options\u2019 is also used). Allocated share options are vested over three years, 25% after \ufb01rst year, 25% second year and 50% third year. The rights
are no longer valid after \ufb01ve years or on termination of the employee.
The number of employee share options and average exercise prices for Photocure, and developments during the year: 2023 2022 Number Average exercise price (NOK) Number Average exercise price (NOK) Outstanding at start of year 1 922 778 116.04 1 355 750 109.61 Granted during the year 1 180 900 61.03 716 028 114.90 Cancelled during the year 798 000 128.69 - 0.00 Become invalid during the year 229 500 110.11 2 000 87.39 Exercised during the year - 0.00 147 000 51.49 Expired during the year - 0.00 - 0.00 Outstanding at end of year 2 076 178 80.55 1 922 778 116.04 Exercisable options as per 31 December 586 653 95.41 448 000 101.30 The average weighted life of outstanding share options was 3.6 years at 31 December 2023 and 3.7 years at 31 December 2022. The exercise prices and the average life of outstanding share options as per 31 December 2023 were as follows: Average remaining life No. of options Exercise price NOK 1 year 69 000 50.72-56.83 2 years 316 250 78.65-81,41 3 years 272 000 87.39-145.27 4 years 243 500 114.89 5 years 1 175 428 59.91-115.70 Total 2 076 178 Calculation method for market value of employee share options: The market value of share options is calculated according to the Black-Scholes method. Volatility is calculated on the basis of the development in the historical share price equal to the lifetime of the options. This assumes that historical volatility indicates future volatility, which is not necessarily the case. Strike prices are set as the listed price plus 10% at the time of allocation. Risk-free interest is based on the interest for Norwegian government bonds. Each option program is calculated separately with the actual exercise price and duration of the program. The exercise date for the options is calculated on the basis of historical experience in the company and is di\ufb00erentiated between senior management and other employees. The interest advantage is insigni\ufb01cant and has not been included in the accounts. The table below shows the values that have been used in the model. 2023 * 2022 * Dividends (NOK) 0.00 0.00 Expected volatility (%) 47.85 50.98 Historical volatility (%) 47.85 50.98 Risk-free interest (%) 3.33 2.89 Expected life of options (years) 3.25 3.24 * Weighted average parameters at grant of instrument
8. PENSION COSTS Photocure ASA has an agreement with a life assurance company concerning contribution-based pensions for Photocure\u2019s employees in Norway. The contribution plan match the revised national regulations for pension. The contributions are 6% of the employee\u2019s ordinary salary up to 7.1 times the basic amount (G) of the Norwegian National Insurance scheme, and thereafter 16% up to 12 x G. The national insurance cover pension for salaries to 7.1 G. Pension contributions are paid into the employee\u2019s contribution account with the life assurance company. As of 31 December 2023 and 31 December 2022, the company had no deposits in the premium and the contribution fund. Photocure ASA employees in other European countries have individual de\ufb01ned contribution pension plans according to local regulations and their employment agreements. Photocure Inc matches its employee\u2019s contribution to the 401(k) plan dollar for dollar up to 4% of salary for the employees that elect to join the plan. There is a salary maximum set by the IRS, which was $330,000 in 2023. Employees in Photocure GmbH in Germany coming from Ipsen have de\ufb01ned bene\ufb01t pension plans through the TUPE regulations in Germany. Photocure GmbH has a re-assurance agreement with an assurance company in Germany that balance the pension liability. New employees in Photocure GmbH are o\ufb00ered a de\ufb01ned contribution plan. Salary to senior management employees in Photocure ASA above 12 x G is subject to agreements concerning operational coverage of pensions for salary above this level in the form of contribution-based pensions. The calculated contribution constitutes 16% of the employee\u2019s salary above 12 x G. Photocure Inc has established an additional unfunded pension coverage for senior managers accruing annually an amount equal to 4% of salary and earned bonus. The pension cost for the year is calculated as follows: (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Total pension costs, contribution scheme in life assurance 12 940 11 866 5 660 5 339 Total pension costs, company scheme 1 036 1 235 328 343 Total 13 976 13 101 5 988 5 682
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5505": { "value": "
6. PERSONNEL EXPENSES (Amounts in NOK 1,000) Group Parent Note 2023 2022 2023 2022 Salaries 208 298 175 991 83 636 66 879 Employer\u2019s social security contributions on salaries, etc. 23 885 20 855 9 662 8 144 Option costs incl employer's social security contributions 19 368 21 674 13 843 16 406 Pension costs 8 13 976 13 101 5 988 5 682 Other bene\ufb01ts 10 665 13 260 3 989 5 205 Total payroll expenses 276 192 244 881 117 117 102 315 No. of full-time equivalent positions 102 106 36 37
Share-based remuneration As part of the company\u2019s incentive policy, employees have been o\ufb00ered share options to the company\u2019s shares (the term \u2018options\u2019 is also used). Allocated share options are vested over three years, 25% after \ufb01rst year, 25% second year and 50% third year. The rights
are no longer valid after \ufb01ve years or on termination of the employee
The number of employee share options and average exercise prices for Photocure, and developments during the year: 2023 2022 Number Average exercise price (NOK) Number Average exercise price (NOK) Outstanding at start of year 1 922 778 116.04 1 355 750 109.61 Granted during the year 1 180 900 61.03 716 028 114.90 Cancelled during the year 798 000 128.69 - 0.00 Become invalid during the year 229 500 110.11 2 000 87.39 Exercised during the year - 0.00 147 000 51.49 Expired during the year - 0.00 - 0.00 Outstanding at end of year 2 076 178 80.55 1 922 778 116.04 Exercisable options as per 31 December 586 653 95.41 448 000 101.30 The average weighted life of outstanding share options was 3.6 years at 31 December 2023 and 3.7 years at 31 December 2022. The exercise prices and the average life of outstanding share options as per 31 December 2023 were as follows: Average remaining life No. of options Exercise price NOK 1 year 69 000 50.72-56.83 2 years 316 250 78.65-81,41 3 years 272 000 87.39-145.27 4 years 243 500 114.89 5 years 1 175 428 59.91-115.70 Total 2 076 178 Calculation method for market value of employee share options: The market value of share options is calculated according to the Black-Scholes method. Volatility is calculated on the basis of the development in the historical share price equal to the lifetime of the options. This assumes that historical volatility indicates future volatility, which is not necessarily the case. Strike prices are set as the listed price plus 10% at the time of allocation. Risk-free interest is based on the interest for Norwegian government bonds. Each option program is calculated separately with the actual exercise price and duration of the program. The exercise date for the options is calculated on the basis of historical experience in the company and is di\ufb00erentiated between senior management and other employees. The interest advantage is insigni\ufb01cant and has not been included in the accounts. The table below shows the values that have been used in the model. 2023 * 2022 * Dividends (NOK) 0.00 0.00 Expected volatility (%) 47.85 50.98 Historical volatility (%) 47.85 50.98 Risk-free interest (%) 3.33 2.89 Expected life of options (years) 3.25 3.24 * Weighted average parameters at grant of instrument
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5552": { "value": "
Share-based remuneration As part of the company\u2019s incentive policy, employees have been o\ufb00ered share options to the company\u2019s shares (the term \u2018options\u2019 is also used). Allocated share options are vested over three years, 25% after \ufb01rst year, 25% second year and 50% third year. The rights
are no longer valid after \ufb01ve years or on termination of the employee.
Share options senior management Senior managers\u2019 holdings of shares in Photocure ASA are stated in the note concerning share capital. Allocation and exercise of share options and holdings of share options for senior managers are presented in the following overview: Share options for senior management 2023 Share options awarded Expired share options Share options cancelled Holding of share options at 31 December 2023 Average exercise price President & CEO 272 500 - 265 000 332 500 64.24 Chief Financial O\ufb03cer 178 750 - 157 500 213 750 63.84 VP and General Manager North America 136 250 - 132 500 216 250 63.09 VP and General Manager Europe 136 250 - 132 500 203 750 67.40 VP Global Human Resources from April 28 750 - 22 500 26 750 65.58 VP Global Medical A\ufb00airs and Clinical Development 114 000 - 88 000 114 000 60.34 Total 866 500 - 798 000 1 107 000 Share options for senior management 2022 Share options awarded Expired share options Share options exercised Holding of share options at 31 December 2022 Average exercise price President & CEO 130 000 - 100 000 325 000 121.33 Chief Financial O\ufb03cer 90 000 - 20 000 192 500 119.46 VP and General Manager North America 65 000 - - 212 500 106.73 VP and General Manager Europe 65 000 - - 200 000 113.84 VP Global Strategic Marketing & Business Development 35 000 - - 112 500 111.12 VP Global Human Resources - - - 80 000 113.34 VP Global Medical A\ufb00airs and Clinical Development 60 000 - - 88 000 122.56 Total 445 000 - 120 000 1 210 500
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7. REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORS (Amounts in NOK 1,000) Pay currency Directors\u2019 fees paid Salaries paid Bonuses accrued Bene\ufb01ts in kind Pension cost Total Senior management 2023 President and CEO USD 6 953 2 792 1 004 602 11 351 Chief Financial O\ufb03cer NOK 2 776 924 16 383 4 099 VP and General Manager North America USD 4 387 1 375 601 382 6 745 VP and General Manager Europe EUR 3 431 1 008 488 - 4 928 VP Global Strategic Marketing & BD to June NOK 1 035 - 1 052 117 2 203 VP Global Medical A\ufb00airs and Clinical Development SEK 2 555 867 96 379 3 898 VP Global Human Resources to April USD 1 572 - 100 35 1 707 VP Global Human Resources from April EUR 1 474 323 - 101 1 898 Total senior management 24 183 7 288 3 358 1 998 36 827 Board of Directors 2023 Consultant fee Chairperson of the Board NOK 620 620 Members of the Board NOK 1 440 529 1 969 Total remuneration 2 060 24 711 7 288 3 358 1 998 39 415 The Group used the professional services of one of its Directors in relation to consulting services during 2023. The consulting services relates to work beyond regular board duties. The consultancy fees are based on a contract approved by the board. (Amounts in NOK 1,000) Pay currency Directors\u2019 fees paid Salaries paid Bonuses accrued Bene\ufb01ts in kind Pension cost Total Senior management 2022 President and CEO USD 6 013 2 812 754 494 10 072 Chief Financial O\ufb03cer NOK 2 629 595 18 343 3 584 VP and General Manager North America USD 3 848 857 419 319 5 444 VP and General Manager Europe EUR 2 935 586 427 - 3 948 VP Global Strategic Marketing & BD NOK 1 754 196 88 221 2 259 VP Global Medical A\ufb00airs and Clinical Development SEK 2 071 431 91 360 2 952 VP Global Human Resources USD 2 672 310 7 242 3 232 Total senior management 21 921 5 787 1 803 1 979 31 490 Board of Directors 2022 Chairperson of the Board NOK 620 620 Members of the Board NOK 1 440 1 440 Total remuneration 2 060 21 921 5 787 1 803 1 979 33 550 Currency rates development 2023 vs 2022: 2023 2022 Avr currency rate NOK/USD 10.57 9.62 Avr currency rate NOK/EUR 11.43 10.11 Avr currency rate NOK/SEK 1.0 0.95
Share options senior management Senior managers\u2019 holdings of shares in Photocure ASA are stated in the note concerning share capital. Allocation and exercise of share options and holdings of share options for senior managers are presented in the following overview: Share options for senior management 2023 Share options awarded Expired share options Share options cancelled Holding of share options at 31 December 2023 Average exercise price President & CEO 272 500 - 265 000 332 500 64.24 Chief Financial O\ufb03cer 178 750 - 157 500 213 750 63.84 VP and General Manager North America 136 250 - 132 500 216 250 63.09 VP and General Manager Europe 136 250 - 132 500 203 750 67.40 VP Global Human Resources from April 28 750 - 22 500 26 750 65.58 VP Global Medical A\ufb00airs and Clinical Development 114 000 - 88 000 114 000 60.34 Total 866 500 - 798 000 1 107 000 Share options for senior management 2022 Share options awarded Expired share options Share options exercised Holding of share options at 31 December 2022 Average exercise price President & CEO 130 000 - 100 000 325 000 121.33 Chief Financial O\ufb03cer 90 000 - 20 000 192 500 119.46 VP and General Manager North America 65 000 - - 212 500 106.73 VP and General Manager Europe 65 000 - - 200 000 113.84 VP Global Strategic Marketing & Business Development 35 000 - - 112 500 111.12 VP Global Human Resources - - - 80 000 113.34 VP Global Medical A\ufb00airs and Clinical Development 60 000 - - 88 000 122.56 Total 445 000 - 120 000 1 210 500
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5682": { "value": "
7. REMUNERATION OF MANAGEMENT AND BOARD OF DIRECTORS (Amounts in NOK 1,000) Pay currency Directors\u2019 fees paid Salaries paid Bonuses accrued Bene\ufb01ts in kind Pension cost Total Senior management 2023 President and CEO USD 6 953 2 792 1 004 602 11 351 Chief Financial O\ufb03cer NOK 2 776 924 16 383 4 099 VP and General Manager North America USD 4 387 1 375 601 382 6 745 VP and General Manager Europe EUR 3 431 1 008 488 - 4 928 VP Global Strategic Marketing & BD to June NOK 1 035 - 1 052 117 2 203 VP Global Medical A\ufb00airs and Clinical Development SEK 2 555 867 96 379 3 898 VP Global Human Resources to April USD 1 572 - 100 35 1 707 VP Global Human Resources from April EUR 1 474 323 - 101 1 898 Total senior management 24 183 7 288 3 358 1 998 36 827 Board of Directors 2023 Consultant fee Chairperson of the Board NOK 620 620 Members of the Board NOK 1 440 529 1 969 Total remuneration 2 060 24 711 7 288 3 358 1 998 39 415 The Group used the professional services of one of its Directors in relation to consulting services during 2023. The consulting services relates to work beyond regular board duties. The consultancy fees are based on a contract approved by the board. (Amounts in NOK 1,000) Pay currency Directors\u2019 fees paid Salaries paid Bonuses accrued Bene\ufb01ts in kind Pension cost Total Senior management 2022 President and CEO USD 6 013 2 812 754 494 10 072 Chief Financial O\ufb03cer NOK 2 629 595 18 343 3 584 VP and General Manager North America USD 3 848 857 419 319 5 444 VP and General Manager Europe EUR 2 935 586 427 - 3 948 VP Global Strategic Marketing & BD NOK 1 754 196 88 221 2 259 VP Global Medical A\ufb00airs and Clinical Development SEK 2 071 431 91 360 2 952 VP Global Human Resources USD 2 672 310 7 242 3 232 Total senior management 21 921 5 787 1 803 1 979 31 490 Board of Directors 2022 Chairperson of the Board NOK 620 620 Members of the Board NOK 1 440 1 440 Total remuneration 2 060 21 921 5 787 1 803 1 979 33 550 Currency rates development 2023 vs 2022: 2023 2022 Avr currency rate NOK/USD 10.57 9.62 Avr currency rate NOK/EUR 11.43 10.11 Avr currency rate NOK/SEK 1.0 0.95
Share options senior management Senior managers\u2019 holdings of shares in Photocure ASA are stated in the note concerning share capital. Allocation and exercise of share options and holdings of share options for senior managers are presented in the following overview: Share options for senior management 2023 Share options awarded Expired share options Share options cancelled Holding of share options at 31 December 2023 Average exercise price President & CEO 272 500 - 265 000 332 500 64.24 Chief Financial O\ufb03cer 178 750 - 157 500 213 750 63.84 VP and General Manager North America 136 250 - 132 500 216 250 63.09 VP and General Manager Europe 136 250 - 132 500 203 750 67.40 VP Global Human Resources from April 28 750 - 22 500 26 750 65.58 VP Global Medical A\ufb00airs and Clinical Development 114 000 - 88 000 114 000 60.34 Total 866 500 - 798 000 1 107 000 Share options for senior management 2022 Share options awarded Expired share options Share options exercised Holding of share options at 31 December 2022 Average exercise price President & CEO 130 000 - 100 000 325 000 121.33 Chief Financial O\ufb03cer 90 000 - 20 000 192 500 119.46 VP and General Manager North America 65 000 - - 212 500 106.73 VP and General Manager Europe 65 000 - - 200 000 113.84 VP Global Strategic Marketing & Business Development 35 000 - - 112 500 111.12 VP Global Human Resources - - - 80 000 113.34 VP Global Medical A\ufb00airs and Clinical Development 60 000 - - 88 000 122.56 Total 445 000 - 120 000 1 210 500
10. RELATED PARTIES - COMPANIES Subsidiaries Photocure has established a wholly owned subsidiary in the US, Photocure Inc, in order to carry out the sales and the marketing-, selling- and distribution activities for the Cysview product. Photocure ASA has the ownership to the patent rights and the trade mark and is responsible in the Group for development and manufacturing of the product. Photocure Inc purchases the completed product from the parent company and distributes in the United States. Photocure Inc has established its own marketing organization that is funded by a loan from its parent company in addition to its own revenues. The transactions between Photocure ASA and Photocure Inc are on terms at arm\u2019s length, and the loan is interest free until further notice. It is Photocure\u2019s judgment that the operation in the US will be pro\ufb01table. This is based on a cash \ufb02ow model taking into account a balanced view of the market share for Cysview in the US compared to sales of Hexvix in Europe. Photocure Inc has in 2023 entered an agreement with a US based pharmaceutical company for the access to patient registry information obtained by Photocure Inc. Photocure has established wholly owned subsidiaries in Germany and France. Photocure ASA carries out the sales and distribution in Europe for the Hexvix product. The marketing- and promotion activities for the Hexvix product in Continental Europe are carried out by Photocure GmbH and Photocure SAS. Mark up is assumed on fully loaded local costs for the services rendered to parent company. Photocure established from January 2022 a sales subsidiary in Canada to carry out the sales, marketing and distribution of Cysview in Canada. Photocure ASA has the pharmaceutical market authorisation for sale of Cysview in the US and Canada The transfer price method implemented is the pro\ufb01t & loss split method (PSM) for the sales in US and a residual pro\ufb01t model (RPM) for the sales in Germany and France. Both the PSM and the RPM divides the combined pro\ufb01t or loss between the transacting related entities based on what would be anticipated if the entities had been transacting at arm\u2019s length. A contribution analysis for sale of Cysview in US and sale of Hexvix in Germany and France compares the split of pro\ufb01t or loss between the subsidiaries and Photocure ASA based on the value of the functions performed by each of the related parties, taking into account the assets used and the risks assumed by both parties. Transactions and intercompany balances: (Amounts in NOK 1,000) 2023 2022 Sales of products 12 710 12 986 Sales of services 504 899 Intercompany sales 13 214 13 885 Purchase of marketing and promotion services -67 701 -54 719 31-Dec-23 31-Dec-22 Accounts receivables and other storm-term receivables 6 473 4 733 Long term loan given 380 368 350 072 Accounts payables and other short-term liabilities -17 039 -17 436 Total subsidiaries 369 802 337 369 Guarantees to bank in favor of subsidiary for requested security 2 804 2 724 These are for licenses with the States of Maryland, Mississippi, Nevada and California to sell Cysview and for the o\ufb03ce lease deposit
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6023": { "value": "
Auditing fees (Amounts in NOK 1,000 ex VAT) Group and parent 2023 2022 Statutory auditing 1 086 972 Other attestation services 172 138 Other services excluding auditing 27 42 Tax advice 36 132 Total 1 320 1 284
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6106": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6108": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6110": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the US.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6112": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the U", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6114": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the U", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6116": { "value": "
9. FINANCIAL INCOME AND EXPENSE (Amounts in NOK 1,000) Group Parent 2023 2022 2023 2022 Interest income 11 714 2 336 11 124 2 287 Foreign exchange gains 12 841 6 882 22 806 45 850 Total \ufb01nancial income 24 554 9 218 33 930 48 137 Interest costs long term liabilities and lease 903 1 421 540 1 095 Interest costs earnout 25 424 24 383 25 424 24 383 Foreign exchange losses 14 850 4 588 14 849 4 564 Other \ufb01nancial expense 0 199 -9 199 Total \ufb01nancial expense 41 177 30 591 40 804 30 240 Remeasure \ufb01nancial balances 1 444 758 5 828 29 565 Net \ufb01nancial income and expenses -18 067 -22 131 -12 703 -11 668 The foreign exchange gain in the parent company 2023 include unrealised exchange gain of the long term loan to the subsidiary that is nominated in USD. The exchange rate NOK/USD increased to 10.2 as of December 31, 2023 compared to exchange rate of 9.9 at end of previous year. This is resulting in an unrealised gain of NOK 9.9 million in 2023 compared to a gain of NOK 38.9 million in 2022. In the consolidated accounts the unrealised gain/loss is eliminated against the change in equity as part of other comprehensive income. Remeasure \ufb01nancial balances Information regarding the remeasured value of the earnout liability is provided in note 22.
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the US", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6183": { "value": "
A loss allowance in the parent company loan to the US subsidiary has been recognized according to IFRS as a probability weighted estimate of future loan repayments. A loss allowance increase of NOK 4.4 million have been estimated in a downside scenario as of end December 2023 compared the NOK 35.1 million allowance from 31 December 2022. The total allowance 31 December 2023 is NOK 39.4 million and the estimate is based on a probability weighted scenario that the loan will not be paid back in full.
The parent company is anyhow committed to secure the operations in the U
19. RECEIVABLES
Maximum credit risk The company\u2019s maximum credit risk associated with \ufb01nancial instruments corresponds to gross receivables. In a hypothetical situations, where no receivables are actually paid, this would correspond to: (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts receivable 59 704 47 164 37 129 27 005 Accounts receivable intercompany - - 6 473 4 733 Total 59 704 47 164 43 602 31 738 Prepaid expenses 11 352 9 113 7 720 5 516 Other receivables and deposits 4 681 7 342 548 1 001 Total other receivables 16 033 16 455 8 268 6 517
Loan to the subsidiary is disclosed in Note 10. Age breakdown of group accounts receivable Not yet due 0\u201330 days 30\u201360 days 60\u201390 days Over 90 days Total 31 December 2023 40 324 12 703 4 197 2 066 415 59 704 31 December 2022 33 106 8 340 3 679 1 552 487 47 164 Photocure\u2019s sales are mainly hospitals and pharmacies and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 on trade receivables. The expected loss as of December 31, 2023 amounts to NOK 1.2 million. Realised bad debt loss\u2019 in 2023 and 2022 has been immaterial. Credit risk and foreign exchange risk in regard to trade accounts receivable are dealt with in more detail in Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6269": { "value": "
11. TAX (Amounts in NOK 1,000) Parent & Group 2023 2022 Income tax expense Tax payable 3 117 2 840 Changes in deferred tax 5 644 -2 117 Total income tax expense 8 761 723 Tax base calculation parent Pro\ufb01t(-loss) before income tax 2 088 -61 021 Permanent di\ufb00erences *) 22 947 49 534 Change in temporary di\ufb00erences -17 691 -35 757 (Utilized)/Increased tax loss carried forward -7 344 47 244 Tax base 0 -0 Temporary di\ufb00erences Receivables -565 -551 Inventories 5 522 4 003 Non current assets 29 893 32 041 Long term currency loans 126 176 116 280 Earnout liability -19 422 -17 978 Change in earnout true up -11 243 - Provisions -236 -1 024 Pensions -1 701 -2 523 Gains and loss account 12 887 16 109 Total 141 311 146 356 Tax loss carried forward * -366 202 -396 901 Net temporary di\ufb00erences -224 891 -250 545 Deferred tax liability (asset) -49 476 -55 120 * Tax loss carried forward in 2022 was in later tax declaration decreased by NOK 23.3 million as a true up of earnout payments 2020 - 2022. Parent & Group Reconciliation of e\ufb00ective tax rate 2023 2022 Pro\ufb01t(-loss) before income tax Group 9 740 -71 134 Expected income taxes at statutory tax rate 2 143 -15 649 E\ufb00ect tax rates foreign entities 1 144 617 Permanent di\ufb00erences 6 241 11 848 Prior year adjustment -767 3 907 Income tax expense 8 761 723 E\ufb00ective tax rate in % ** ) 89.9 % -1.0 % Temporary di\ufb00erences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the new subsidiaries in Europe that received a residual share of pro\ufb01t in Germany and France or a minimum mark up of the costs incurred. * ) Permanent di\ufb00erences consist of non-deductible costs and non-taxable income and deduction. **
) Tax expense related to pro\ufb01t before tax.
The parent company has a taxable pro\ufb01t in 2023 of NOK 7.3 million compared to a loss in 2022 of NOK 47.2 million. The deferred tax asset is of this reason and changes in temporary di\ufb00erences decreased to NOK 49.5 million compared to NOK 55.1 million as of 31 December 2022. Photocure apply a pro\ufb01t/loss split method for the business in US and a share of the US related revenue and expenses are included in the parent company taxable income. For the operations in Europe Photocure apply a residual pro\ufb01t share for Germany and France through our subsidiaries. The basis for recognition of a tax asset in Norway are the predicted future pro\ufb01t according to the business plan for all major markets and that temporary di\ufb00erences for the coming years will be reversed. The remaining deferred tax asset is of this reason maintained as of 31 December 2023. European business contributes to Photocure pro\ufb01tability in 2023 and will continue to contribute going forward. The parent company is the selling entity of the Hexvix product in all the European countries. The marketing and promotion activities in Germany and France are performed through the subsidiaries in those countries. It is Photocure\u2019s judgment that the operation in the US will be pro\ufb01table and this will contribute to the pre-tax result in the parent company through the pro\ufb01t/loss split method. This is based on a cash \ufb02ow model taking into account a balanced view of the market share for Cysview in the US compared to sales of Hexvix in Europe. The US sales and marketing force continues to cover larger parts of the US market and gain further market shares. Photocure continues to see growth opportunities in the European countries and particulary in several large untapped markets. With Photocure\u2019s own dedicated sales force in place in Europe, we believe this will further strengthen the sales. Several studies have been published highlighting and verifying key clinical bene\ufb01ts including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection and the safety of repeated use of Hexvix/Cysview. The basis for the recognition of the tax asset is the assessment that there are convincing evidence that the deferred tax bene\ufb01t will be utilized. There is no expiry on losses to be carried forward in Norway while it expires after 20 years in US according to tax legislation valid to end of 2017. The new US tax legislation valid for taxable years from 2018 have no expiry of loss carried forward but a 80% limit in utilization. Deferred tax assets have not been recognised in respect of the following items in the US subsidiary due to no history of pre-tax pro\ufb01t at this point in time: (Amounts in NOK 1,000) 2023 2022 Unrecognised deferred tax assets Amount Tax e\ufb00ect Amount Tax e\ufb00ect Net deductible temporary di\ufb00erences -8 690 -2 444 -6 996 -1 969 Tax losses 185 681 52 194 183 930 51 701 Net unrecognised deferred tax asset US 176 990 49 751 176 933 49 732 Tax losses for which no deferred tax asset was recognized, expire as follows: (Amounts in NOK 1,000) 2023 2022 Amount Expiry date Amount Expiry date Expire Federal 22 718 2030 - 2037 23 091 2030 - 2037 Expire State 15 929 2030 - 2043 15 923 2030 - 2042 Never expire 11 103 10 718 Total 49 751 49 732
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11. TAX (Amounts in NOK 1,000) Parent & Group 2023 2022 Income tax expense Tax payable 3 117 2 840 Changes in deferred tax 5 644 -2 117 Total income tax expense 8 761 723 Tax base calculation parent Pro\ufb01t(-loss) before income tax 2 088 -61 021 Permanent di\ufb00erences *) 22 947 49 534 Change in temporary di\ufb00erences -17 691 -35 757 (Utilized)/Increased tax loss carried forward -7 344 47 244 Tax base 0 -0 Temporary di\ufb00erences Receivables -565 -551 Inventories 5 522 4 003 Non current assets 29 893 32 041 Long term currency loans 126 176 116 280 Earnout liability -19 422 -17 978 Change in earnout true up -11 243 - Provisions -236 -1 024 Pensions -1 701 -2 523 Gains and loss account 12 887 16 109 Total 141 311 146 356 Tax loss carried forward * -366 202 -396 901 Net temporary di\ufb00erences -224 891 -250 545 Deferred tax liability (asset) -49 476 -55 120 * Tax loss carried forward in 2022 was in later tax declaration decreased by NOK 23.3 million as a true up of earnout payments 2020 - 2022. Parent & Group Reconciliation of e\ufb00ective tax rate 2023 2022 Pro\ufb01t(-loss) before income tax Group 9 740 -71 134 Expected income taxes at statutory tax rate 2 143 -15 649 E\ufb00ect tax rates foreign entities 1 144 617 Permanent di\ufb00erences 6 241 11 848 Prior year adjustment -767 3 907 Income tax expense 8 761 723 E\ufb00ective tax rate in % ** ) 89.9 % -1.0 % Temporary di\ufb00erences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the new subsidiaries in Europe that received a residual share of pro\ufb01t in Germany and France or a minimum mark up of the costs incurred. * ) Permanent di\ufb00erences consist of non-deductible costs and non-taxable income and deduction. **
) Tax expense related to pro\ufb01t before tax
The parent company has a taxable pro\ufb01t in 2023 of NOK 7.3 million compared to a loss in 2022 of NOK 47.2 million. The deferred tax asset is of this reason and changes in temporary di\ufb00erences decreased to NOK 49.5 million compared to NOK 55.1 million as of 31 December 2022. Photocure apply a pro\ufb01t/loss split method for the business in US and a share of the US related revenue and expenses are included in the parent company taxable income. For the operations in Europe Photocure apply a residual pro\ufb01t share for Germany and France through our subsidiaries. The basis for recognition of a tax asset in Norway are the predicted future pro\ufb01t according to the business plan for all major markets and that temporary di\ufb00erences for the coming years will be reversed. The remaining deferred tax asset is of this reason maintained as of 31 December 2023. European business contributes to Photocure pro\ufb01tability in 2023 and will continue to contribute going forward. The parent company is the selling entity of the Hexvix product in all the European countries. The marketing and promotion activities in Germany and France are performed through the subsidiaries in those countries. It is Photocure\u2019s judgment that the operation in the US will be pro\ufb01table and this will contribute to the pre-tax result in the parent company through the pro\ufb01t/loss split method. This is based on a cash \ufb02ow model taking into account a balanced view of the market share for Cysview in the US compared to sales of Hexvix in Europe. The US sales and marketing force continues to cover larger parts of the US market and gain further market shares. Photocure continues to see growth opportunities in the European countries and particulary in several large untapped markets. With Photocure\u2019s own dedicated sales force in place in Europe, we believe this will further strengthen the sales. Several studies have been published highlighting and verifying key clinical bene\ufb01ts including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection and the safety of repeated use of Hexvix/Cysview. The basis for the recognition of the tax asset is the assessment that there are convincing evidence that the deferred tax bene\ufb01t will be utilized. There is no expiry on losses to be carried forward in Norway while it expires after 20 years in US according to tax legislation valid to end of 2017. The new US tax legislation valid for taxable years from 2018 have no expiry of loss carried forward but a 80% limit in utilization. Deferred tax assets have not been recognised in respect of the following items in the US subsidiary due to no history of pre-tax pro\ufb01t at this point in time: (Amounts in NOK 1,000) 2023 2022 Unrecognised deferred tax assets Amount Tax e\ufb00ect Amount Tax e\ufb00ect Net deductible temporary di\ufb00erences -8 690 -2 444 -6 996 -1 969 Tax losses 185 681 52 194 183 930 51 701 Net unrecognised deferred tax asset US 176 990 49 751 176 933 49 732 Tax losses for which no deferred tax asset was recognized, expire as follows: (Amounts in NOK 1,000) 2023 2022 Amount Expiry date Amount Expiry date Expire Federal 22 718 2030 - 2037 23 091 2030 - 2037 Expire State 15 929 2030 - 2043 15 923 2030 - 2042 Never expire 11 103 10 718 Total 49 751 49 732
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11. TAX (Amounts in NOK 1,000) Parent & Group 2023 2022 Income tax expense Tax payable 3 117 2 840 Changes in deferred tax 5 644 -2 117 Total income tax expense 8 761 723 Tax base calculation parent Pro\ufb01t(-loss) before income tax 2 088 -61 021 Permanent di\ufb00erences *) 22 947 49 534 Change in temporary di\ufb00erences -17 691 -35 757 (Utilized)/Increased tax loss carried forward -7 344 47 244 Tax base 0 -0 Temporary di\ufb00erences Receivables -565 -551 Inventories 5 522 4 003 Non current assets 29 893 32 041 Long term currency loans 126 176 116 280 Earnout liability -19 422 -17 978 Change in earnout true up -11 243 - Provisions -236 -1 024 Pensions -1 701 -2 523 Gains and loss account 12 887 16 109 Total 141 311 146 356 Tax loss carried forward * -366 202 -396 901 Net temporary di\ufb00erences -224 891 -250 545 Deferred tax liability (asset) -49 476 -55 120 * Tax loss carried forward in 2022 was in later tax declaration decreased by NOK 23.3 million as a true up of earnout payments 2020 - 2022. Parent & Group Reconciliation of e\ufb00ective tax rate 2023 2022 Pro\ufb01t(-loss) before income tax Group 9 740 -71 134 Expected income taxes at statutory tax rate 2 143 -15 649 E\ufb00ect tax rates foreign entities 1 144 617 Permanent di\ufb00erences 6 241 11 848 Prior year adjustment -767 3 907 Income tax expense 8 761 723 E\ufb00ective tax rate in % ** ) 89.9 % -1.0 % Temporary di\ufb00erences are recognized for the Parent company only and the note disclosure for the Group is of this reason identic to the disclosure for the Parent company. The tax payable is however due to the new subsidiaries in Europe that received a residual share of pro\ufb01t in Germany and France or a minimum mark up of the costs incurred. * ) Permanent di\ufb00erences consist of non-deductible costs and non-taxable income and deduction. **
) Tax expense related to pro\ufb01t before tax
The parent company has a taxable pro\ufb01t in 2023 of NOK 7.3 million compared to a loss in 2022 of NOK 47.2 million. The deferred tax asset is of this reason and changes in temporary di\ufb00erences decreased to NOK 49.5 million compared to NOK 55.1 million as of 31 December 2022. Photocure apply a pro\ufb01t/loss split method for the business in US and a share of the US related revenue and expenses are included in the parent company taxable income. For the operations in Europe Photocure apply a residual pro\ufb01t share for Germany and France through our subsidiaries. The basis for recognition of a tax asset in Norway are the predicted future pro\ufb01t according to the business plan for all major markets and that temporary di\ufb00erences for the coming years will be reversed. The remaining deferred tax asset is of this reason maintained as of 31 December 2023. European business contributes to Photocure pro\ufb01tability in 2023 and will continue to contribute going forward. The parent company is the selling entity of the Hexvix product in all the European countries. The marketing and promotion activities in Germany and France are performed through the subsidiaries in those countries. It is Photocure\u2019s judgment that the operation in the US will be pro\ufb01table and this will contribute to the pre-tax result in the parent company through the pro\ufb01t/loss split method. This is based on a cash \ufb02ow model taking into account a balanced view of the market share for Cysview in the US compared to sales of Hexvix in Europe. The US sales and marketing force continues to cover larger parts of the US market and gain further market shares. Photocure continues to see growth opportunities in the European countries and particulary in several large untapped markets. With Photocure\u2019s own dedicated sales force in place in Europe, we believe this will further strengthen the sales. Several studies have been published highlighting and verifying key clinical bene\ufb01ts including the positive impact of Hexvix/Cysview on reduced disease progression, bladder cancer detection and the safety of repeated use of Hexvix/Cysview. The basis for the recognition of the tax asset is the assessment that there are convincing evidence that the deferred tax bene\ufb01t will be utilized. There is no expiry on losses to be carried forward in Norway while it expires after 20 years in US according to tax legislation valid to end of 2017. The new US tax legislation valid for taxable years from 2018 have no expiry of loss carried forward but a 80% limit in utilization. Deferred tax assets have not been recognised in respect of the following items in the US subsidiary due to no history of pre-tax pro\ufb01t at this point in time: (Amounts in NOK 1,000) 2023 2022 Unrecognised deferred tax assets Amount Tax e\ufb00ect Amount Tax e\ufb00ect Net deductible temporary di\ufb00erences -8 690 -2 444 -6 996 -1 969 Tax losses 185 681 52 194 183 930 51 701 Net unrecognised deferred tax asset US 176 990 49 751 176 933 49 732 Tax losses for which no deferred tax asset was recognized, expire as follows: (Amounts in NOK 1,000) 2023 2022 Amount Expiry date Amount Expiry date Expire Federal 22 718 2030 - 2037 23 091 2030 - 2037 Expire State 15 929 2030 - 2043 15 923 2030 - 2042 Never expire 11 103 10 718 Total 49 751 49 732
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12. EARNINGS PER SHARE Earnings per share are calculated on the basis of the pro\ufb01t/loss for the year after tax but excluding other comprehensive items. The result is divided by a weighted average number of outstanding shares over the year, reduced by acquisition of treasury shares. The diluted earnings per share is calculated by adjusting the average number of outstanding shares by the number of employee share options that can be exercised. Antidilution e\ufb00ects are not taken into consideration.
2023 2022 Figures indicate the number of shares Ordinary shares 1 January 27 120 820 26 973 820 E\ufb00ect of treasury shares -15 122 -20 861 E\ufb00ect of share options exercised 82 017 Weighted average number of shares, 31 December 27 105 698 27 034 976 E\ufb00ect of outstanding share options 27 797 113 759 Weighted average number of diluted shares, 31 December 27 133 495 27 148 735 Net pro\ufb01t/loss(-) 979 -71 857 (Amounts in NOK 1 000) Earnings per share 2023 2022 Earnings per share in NOK basic 0.04 -2.66 Earnings per share in NOK diluted 0.04 -2.66
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12. EARNINGS PER SHARE Earnings per share are calculated on the basis of the pro\ufb01t/loss for the year after tax but excluding other comprehensive items. The result is divided by a weighted average number of outstanding shares over the year, reduced by acquisition of treasury shares. The diluted earnings per share is calculated by adjusting the average number of outstanding shares by the number of employee share options that can be exercised. Antidilution e\ufb00ects are not taken into consideration.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6520": { "value": "
13. GOODWILL AND CUSTOMER RELATIONS (Amounts in NOK 1,000) Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. One intangible asset has been identi\ufb01ed, Customer relationships. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships has been valued using a multiperiod excess earnings method and the value at transaction date was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years from transaction date and the intangible assets is depreciated on a straight-line basis over this period. The net book value of the customer relations as of 31 December 2023 is NOK 112.5 million. Goodwill amounts to NOK 144 million and this asset is not depreciated, but is tested against impairment as of end December 2023. The impairment analysis carried out con\ufb01rms the goodwill value given the performance in 2023 and future growth opportunities that are expected to in line with forecasts prepared in connection with the transaction.
Group and parent (Amounts in NOK 1,000) Customer relations Goodwill Accumulated cost at 31 December 2021 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2022 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2023 166 720 144 000 Accumulated depreciation at 31 December 2021 20 840 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2022 37 512 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2023 54 184 0 Book value at 31 December 2021 145 880 144 000 Book value at 31 December 2022 129 209 144 000 Book value at 31 December 2023 112 536 144 000 Carrying amount of goodwill is allocated to the acquired business in Europe by NOK 144 million. The recoverable amount has been determined as value in use. The impairment test is based on cash \ufb02ow projections for the business related to the investment. The cash \ufb02ow projections is based on most recent \ufb01nancial forecast for the business. Main assumptions are: \u2022 Sales growth and related expenses is based on current penetration and future growth potential as per management assessment. When assessing future growth and related expenses management has taken into consideration experiences from high growth markets as well as more mature markets within the company portfolio. \u2022 With minor exceptions the sales are in Euro. Assumed exchange rate in the forecast projection for NOK/EUR is 11.6, compared to 10.2 exchange rate for 2022 testing. \u2022 The impairment test is based on a 10 year cash \ufb02ow projection excluding the terminal year. 10 year is applied as this re\ufb02ects the change in hospital practices driven by the product as well as the low churn experienced in other markets. \u2022 The applied discount rate in 2023 testing is 22.0% post tax compared to 18.0% in 2022 testing. An increase of discount rate with 2% or 4% will not change the conclusion of the impairment test. Terminal growth rate is in the projection estimated to zero as a conservative approach. An increase of the terminal growth rate to 4% will have a positive impact on the fair value of the investment with NOK 11 million. This percent re\ufb02ects the expected in\ufb02ation and the growth in the aged population that has the highest prevalence of bladder cancer
\u2022 Applied tax rate is 22%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6522": { "value": "
13. GOODWILL AND CUSTOMER RELATIONS (Amounts in NOK 1,000) Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. One intangible asset has been identi\ufb01ed, Customer relationships. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships has been valued using a multiperiod excess earnings method and the value at transaction date was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years from transaction date and the intangible assets is depreciated on a straight-line basis over this period. The net book value of the customer relations as of 31 December 2023 is NOK 112.5 million. Goodwill amounts to NOK 144 million and this asset is not depreciated, but is tested against impairment as of end December 2023. The impairment analysis carried out con\ufb01rms the goodwill value given the performance in 2023 and future growth opportunities that are expected to in line with forecasts prepared in connection with the transaction.
Group and parent (Amounts in NOK 1,000) Customer relations Goodwill Accumulated cost at 31 December 2021 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2022 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2023 166 720 144 000 Accumulated depreciation at 31 December 2021 20 840 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2022 37 512 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2023 54 184 0 Book value at 31 December 2021 145 880 144 000 Book value at 31 December 2022 129 209 144 000 Book value at 31 December 2023 112 536 144 000 Carrying amount of goodwill is allocated to the acquired business in Europe by NOK 144 million. The recoverable amount has been determined as value in use. The impairment test is based on cash \ufb02ow projections for the business related to the investment. The cash \ufb02ow projections is based on most recent \ufb01nancial forecast for the business. Main assumptions are: \u2022 Sales growth and related expenses is based on current penetration and future growth potential as per management assessment. When assessing future growth and related expenses management has taken into consideration experiences from high growth markets as well as more mature markets within the company portfolio. \u2022 With minor exceptions the sales are in Euro. Assumed exchange rate in the forecast projection for NOK/EUR is 11.6, compared to 10.2 exchange rate for 2022 testing. \u2022 The impairment test is based on a 10 year cash \ufb02ow projection excluding the terminal year. 10 year is applied as this re\ufb02ects the change in hospital practices driven by the product as well as the low churn experienced in other markets. \u2022 The applied discount rate in 2023 testing is 22.0% post tax compared to 18.0% in 2022 testing. An increase of discount rate with 2% or 4% will not change the conclusion of the impairment test. Terminal growth rate is in the projection estimated to zero as a conservative approach. An increase of the terminal growth rate to 4% will have a positive impact on the fair value of the investment with NOK 11 million. This percent re\ufb02ects the expected in\ufb02ation and the growth in the aged population that has the highest prevalence of bladder cancer
\u2022 Applied tax rate is 22%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6524": { "value": "
13. GOODWILL AND CUSTOMER RELATIONS (Amounts in NOK 1,000) Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. One intangible asset has been identi\ufb01ed, Customer relationships. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships has been valued using a multiperiod excess earnings method and the value at transaction date was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years from transaction date and the intangible assets is depreciated on a straight-line basis over this period. The net book value of the customer relations as of 31 December 2023 is NOK 112.5 million. Goodwill amounts to NOK 144 million and this asset is not depreciated, but is tested against impairment as of end December 2023. The impairment analysis carried out con\ufb01rms the goodwill value given the performance in 2023 and future growth opportunities that are expected to in line with forecasts prepared in connection with the transaction.
Group and parent (Amounts in NOK 1,000) Customer relations Goodwill Accumulated cost at 31 December 2021 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2022 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2023 166 720 144 000 Accumulated depreciation at 31 December 2021 20 840 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2022 37 512 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2023 54 184 0 Book value at 31 December 2021 145 880 144 000 Book value at 31 December 2022 129 209 144 000 Book value at 31 December 2023 112 536 144 000 Carrying amount of goodwill is allocated to the acquired business in Europe by NOK 144 million. The recoverable amount has been determined as value in use. The impairment test is based on cash \ufb02ow projections for the business related to the investment. The cash \ufb02ow projections is based on most recent \ufb01nancial forecast for the business. Main assumptions are: \u2022 Sales growth and related expenses is based on current penetration and future growth potential as per management assessment. When assessing future growth and related expenses management has taken into consideration experiences from high growth markets as well as more mature markets within the company portfolio. \u2022 With minor exceptions the sales are in Euro. Assumed exchange rate in the forecast projection for NOK/EUR is 11.6, compared to 10.2 exchange rate for 2022 testing. \u2022 The impairment test is based on a 10 year cash \ufb02ow projection excluding the terminal year. 10 year is applied as this re\ufb02ects the change in hospital practices driven by the product as well as the low churn experienced in other markets. \u2022 The applied discount rate in 2023 testing is 22.0% post tax compared to 18.0% in 2022 testing. An increase of discount rate with 2% or 4% will not change the conclusion of the impairment test. Terminal growth rate is in the projection estimated to zero as a conservative approach. An increase of the terminal growth rate to 4% will have a positive impact on the fair value of the investment with NOK 11 million. This percent re\ufb02ects the expected in\ufb02ation and the growth in the aged population that has the highest prevalence of bladder cancer
\u2022 Applied tax rate is 22%.
14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS (Amounts in NOK 1,000) Group Intangible assets Right- of-use Machinery and Equipment Registry intangible Software Systems O\ufb03ce Lease Medical & manu- facture O\ufb03ce Total Accumulated cost at 31 December 2021 0 4 933 31 062 776 9 348 46 119 Additions 1 133 3 498 78 3 532 8 241 Disposals and lease expiry 0 -83 -1 797 -1 880 Accumulated cost at 31 December 2022 0 6 066 34 477 854 11 083 52 480 Additions 8 250 1 505 2 582 260 2 371 14 968 Disposals and lease expiry -8 324 -8 324 Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124 Accumulated depreciation at 31 December 2021 0 3 778 2 371 442 5 954 12 545 Amortization and depreciation 615 5 779 161 1 151 7 706 Disposals and lease expiry 0 236 -486 -250 Accumulated depreciation at 31 December 2022 0 4 393 8 386 603 6 619 20 001 Amortization and depreciation 849 1 178 6 729 145 2 113 11 014 Disposals and lease expiry -5 420 -5 420 Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595 Book value at 31 December 2022 0 1 673 26 091 251 4 464 32 479 Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529 PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows 4 years 3 - 5 years Contract period 3 - 5 years 3 - 5 years The registry intangible of net book value of NOK 7.4 million is in the Photocure Inc accounts and the right of use assets include net book value of NOK 8.2 million in Photocure Inc and NOK 1.7 million in Photocure GmbH. The machinery and equipment include net book value of NOK 2.9 million in Photocure Inc and NOK 0.7 million in Photocure GmbH. The remaining assets belong to parent company Right-of-use assets (Lease) 31-Dec-22 31-Dec-23 (Amounts in NOK 1,000) Discount rate Contract value Expiry New/ increase contracts Remeasure Contract value Right-of-use o\ufb03ce contract Norway 3.15% 13 582 758 14 340 Right-of-use o\ufb03ce contract US 3.70% 11 189 335 11 524 Right-of-use o\ufb03ce contract Germany 1.40% 7 309 (7 822) 513 (0) Right-of-use o\ufb03ce company car \ufb02eet Germany 1.40% 2 397 (502) 1 619 (642) 2 872 Total lease assets 34 477 28 735 The Right-of-use assets comprise the o\ufb03ce lease contracts covered by IFRS 16. In addition are the lease contracts for the company car \ufb02eet in the Germany included. The calculation of the lease asset is excluding utility services shared by the tenants. The Parent company has a 6-year rental agreement for o\ufb03ce premises at Ho\ufb00sveien 4 in Oslo starting 1 September 2021 and ending 31 August 2027. The agreement give Photocure an option to expand the rent period by 4 years. The rent amounts to NOK 2.9
million for the period 1 January 2024 through 31 December 2024. The rent for the remaining period until the expiry of the agreement amounts to NOK 10.5 million. Photocure Inc rented o\ufb03ce premises at Carnegie Center, Princeton, New Jersey from 1 April 2011 through 10 December 2022. On December 13, 2021, Photocure Inc. signed a lease amendment to move to a new o\ufb03ce of 5,212 square fee in Carnegie Center and to extend the lease term by six years with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million ( USD 1.1 million ) at 3.7% discount rate. The rent commitment for the period 1 January 2024 to 31 December 2024 is NOK 1.9 million while the rent for the remaining period until the expiry of the agreement amounts to NOK 7.9 million. Photocure GmbH rented o\ufb03ce premises in D\u00fcsseldorf, Marc-Chagall-Stra\u00dfe 2 from 1 April 2021 until termination 31 December 2023. The company has entered into a new o\ufb03ce lease agreement in D\u00fcsseldorf in the beginning of 2024. The standard lease period for the car \ufb02eet in Germany is 36 months. As of 31 December 2023 Photocure GmbH had 7 lease agreements with an average remaining lease term of 22.3 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6526": { "value": "
13. GOODWILL AND CUSTOMER RELATIONS (Amounts in NOK 1,000) Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. One intangible asset has been identi\ufb01ed, Customer relationships. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships has been valued using a multiperiod excess earnings method and the value at transaction date was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years from transaction date and the intangible assets is depreciated on a straight-line basis over this period. The net book value of the customer relations as of 31 December 2023 is NOK 112.5 million. Goodwill amounts to NOK 144 million and this asset is not depreciated, but is tested against impairment as of end December 2023. The impairment analysis carried out con\ufb01rms the goodwill value given the performance in 2023 and future growth opportunities that are expected to in line with forecasts prepared in connection with the transaction.
Group and parent (Amounts in NOK 1,000) Customer relations Goodwill Accumulated cost at 31 December 2021 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2022 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2023 166 720 144 000 Accumulated depreciation at 31 December 2021 20 840 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2022 37 512 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2023 54 184 0 Book value at 31 December 2021 145 880 144 000 Book value at 31 December 2022 129 209 144 000 Book value at 31 December 2023 112 536 144 000 Carrying amount of goodwill is allocated to the acquired business in Europe by NOK 144 million. The recoverable amount has been determined as value in use. The impairment test is based on cash \ufb02ow projections for the business related to the investment. The cash \ufb02ow projections is based on most recent \ufb01nancial forecast for the business. Main assumptions are: \u2022 Sales growth and related expenses is based on current penetration and future growth potential as per management assessment. When assessing future growth and related expenses management has taken into consideration experiences from high growth markets as well as more mature markets within the company portfolio. \u2022 With minor exceptions the sales are in Euro. Assumed exchange rate in the forecast projection for NOK/EUR is 11.6, compared to 10.2 exchange rate for 2022 testing. \u2022 The impairment test is based on a 10 year cash \ufb02ow projection excluding the terminal year. 10 year is applied as this re\ufb02ects the change in hospital practices driven by the product as well as the low churn experienced in other markets. \u2022 The applied discount rate in 2023 testing is 22.0% post tax compared to 18.0% in 2022 testing. An increase of discount rate with 2% or 4% will not change the conclusion of the impairment test. Terminal growth rate is in the projection estimated to zero as a conservative approach. An increase of the terminal growth rate to 4% will have a positive impact on the fair value of the investment with NOK 11 million. This percent re\ufb02ects the expected in\ufb02ation and the growth in the aged population that has the highest prevalence of bladder cancer
\u2022 Applied tax rate is 22%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6528": { "value": "
13. GOODWILL AND CUSTOMER RELATIONS (Amounts in NOK 1,000) Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. One intangible asset has been identi\ufb01ed, Customer relationships. The customer relationships relate to existing customers in Europe which have previously been served by Ipsen. Customer relationships has been valued using a multiperiod excess earnings method and the value at transaction date was NOK 166.7 million. Photocure has evaluated this asset to have an estimated value for 10 years from transaction date and the intangible assets is depreciated on a straight-line basis over this period. The net book value of the customer relations as of 31 December 2023 is NOK 112.5 million. Goodwill amounts to NOK 144 million and this asset is not depreciated, but is tested against impairment as of end December 2023. The impairment analysis carried out con\ufb01rms the goodwill value given the performance in 2023 and future growth opportunities that are expected to in line with forecasts prepared in connection with the transaction.
Group and parent (Amounts in NOK 1,000) Customer relations Goodwill Accumulated cost at 31 December 2021 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2022 166 720 144 000 Additions 0 0 Accumulated cost at 31 December 2023 166 720 144 000 Accumulated depreciation at 31 December 2021 20 840 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2022 37 512 0 Amortization and impairment 16 672 0 Accumulated depreciation at 31 December 2023 54 184 0 Book value at 31 December 2021 145 880 144 000 Book value at 31 December 2022 129 209 144 000 Book value at 31 December 2023 112 536 144 000 Carrying amount of goodwill is allocated to the acquired business in Europe by NOK 144 million. The recoverable amount has been determined as value in use. The impairment test is based on cash \ufb02ow projections for the business related to the investment. The cash \ufb02ow projections is based on most recent \ufb01nancial forecast for the business. Main assumptions are: \u2022 Sales growth and related expenses is based on current penetration and future growth potential as per management assessment. When assessing future growth and related expenses management has taken into consideration experiences from high growth markets as well as more mature markets within the company portfolio. \u2022 With minor exceptions the sales are in Euro. Assumed exchange rate in the forecast projection for NOK/EUR is 11.6, compared to 10.2 exchange rate for 2022 testing. \u2022 The impairment test is based on a 10 year cash \ufb02ow projection excluding the terminal year. 10 year is applied as this re\ufb02ects the change in hospital practices driven by the product as well as the low churn experienced in other markets. \u2022 The applied discount rate in 2023 testing is 22.0% post tax compared to 18.0% in 2022 testing. An increase of discount rate with 2% or 4% will not change the conclusion of the impairment test. Terminal growth rate is in the projection estimated to zero as a conservative approach. An increase of the terminal growth rate to 4% will have a positive impact on the fair value of the investment with NOK 11 million. This percent re\ufb02ects the expected in\ufb02ation and the growth in the aged population that has the highest prevalence of bladder cancer
\u2022 Applied tax rate is 22%", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6634": { "value": "
14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS (Amounts in NOK 1,000) Group Intangible assets Right- of-use Machinery and Equipment Registry intangible Software Systems O\ufb03ce Lease Medical & manu- facture O\ufb03ce Total Accumulated cost at 31 December 2021 0 4 933 31 062 776 9 348 46 119 Additions 1 133 3 498 78 3 532 8 241 Disposals and lease expiry 0 -83 -1 797 -1 880 Accumulated cost at 31 December 2022 0 6 066 34 477 854 11 083 52 480 Additions 8 250 1 505 2 582 260 2 371 14 968 Disposals and lease expiry -8 324 -8 324 Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124 Accumulated depreciation at 31 December 2021 0 3 778 2 371 442 5 954 12 545 Amortization and depreciation 615 5 779 161 1 151 7 706 Disposals and lease expiry 0 236 -486 -250 Accumulated depreciation at 31 December 2022 0 4 393 8 386 603 6 619 20 001 Amortization and depreciation 849 1 178 6 729 145 2 113 11 014 Disposals and lease expiry -5 420 -5 420 Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595 Book value at 31 December 2022 0 1 673 26 091 251 4 464 32 479 Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529 PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows 4 years 3 - 5 years Contract period 3 - 5 years 3 - 5 years The registry intangible of net book value of NOK 7.4 million is in the Photocure Inc accounts and the right of use assets include net book value of NOK 8.2 million in Photocure Inc and NOK 1.7 million in Photocure GmbH. The machinery and equipment include net book value of NOK 2.9 million in Photocure Inc and NOK 0.7 million in Photocure GmbH. The remaining assets belong to parent company Right-of-use assets (Lease) 31-Dec-22 31-Dec-23 (Amounts in NOK 1,000) Discount rate Contract value Expiry New/ increase contracts Remeasure Contract value Right-of-use o\ufb03ce contract Norway 3.15% 13 582 758 14 340 Right-of-use o\ufb03ce contract US 3.70% 11 189 335 11 524 Right-of-use o\ufb03ce contract Germany 1.40% 7 309 (7 822) 513 (0) Right-of-use o\ufb03ce company car \ufb02eet Germany 1.40% 2 397 (502) 1 619 (642) 2 872 Total lease assets 34 477 28 735 The Right-of-use assets comprise the o\ufb03ce lease contracts covered by IFRS 16. In addition are the lease contracts for the company car \ufb02eet in the Germany included. The calculation of the lease asset is excluding utility services shared by the tenants. The Parent company has a 6-year rental agreement for o\ufb03ce premises at Ho\ufb00sveien 4 in Oslo starting 1 September 2021 and ending 31 August 2027. The agreement give Photocure an option to expand the rent period by 4 years. The rent amounts to NOK 2.9
million for the period 1 January 2024 through 31 December 2024. The rent for the remaining period until the expiry of the agreement amounts to NOK 10.5 million. Photocure Inc rented o\ufb03ce premises at Carnegie Center, Princeton, New Jersey from 1 April 2011 through 10 December 2022. On December 13, 2021, Photocure Inc. signed a lease amendment to move to a new o\ufb03ce of 5,212 square fee in Carnegie Center and to extend the lease term by six years with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million ( USD 1.1 million ) at 3.7% discount rate. The rent commitment for the period 1 January 2024 to 31 December 2024 is NOK 1.9 million while the rent for the remaining period until the expiry of the agreement amounts to NOK 7.9 million. Photocure GmbH rented o\ufb03ce premises in D\u00fcsseldorf, Marc-Chagall-Stra\u00dfe 2 from 1 April 2021 until termination 31 December 2023. The company has entered into a new o\ufb03ce lease agreement in D\u00fcsseldorf in the beginning of 2024. The standard lease period for the car \ufb02eet in Germany is 36 months. As of 31 December 2023 Photocure GmbH had 7 lease agreements with an average remaining lease term of 22.3 months.
22. LOAN TERMS AND REPAYMENT (Amounts in NOK 1,000) Currency Nominal interest rate Year of maturity Loan amount 01.01 Instal- ments paid Book value 31-Dec-23 1st year instal- ments Bank loan secured through governmental guarantee due to Covid-19 NOK 4.80% 2023 12 500 -12 500 0 0 Deferred consideration (Earnout) NOK/EUR 2030 135 333 -34 397 127 680 8 404 Right-of-use o\ufb03ce contract Norway NOK 3.15% 2027 11 434 -2 427 9 764 2 889 Right-of-use o\ufb03ce contract US USD 3.70% 2028 9 591 -1 360 8 231 1 745 Right-of-use o\ufb03ce contract Germany EUR 1.40% 2026 5 064 -1 782 0 0 Right-of-use o\ufb03ce company car \ufb02eet Germany * EUR 1.40% 2024 949 -1 012 1 592 980 Total non-current liabilities 174 871 147 267 14 017 * There are seperate lease agreements for each lease subject Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EURO after the close of the quarter. The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. Photocure performed a new remeasurement as of 31 December 2023. The remeasurement resulted in a fair value of NOK 127.7 re\ufb02ecting an increase of fair value of NOK 1.4 million compared to remeasurement adjustment of NOK 0.8 in 2022. The increased fair value has been recognized in pro\ufb01t or loss as a \ufb01nancial cost. To arrive at the remeasured fair value of NOK 127.7 million, Photocure has discounted the estimated earnout payments by an IRR at level with the investment project adjusted for later changes in the borrowing interest level. This IRR has been deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash \ufb02ow prognosis for the acquisition as a whole. Future sales, given performance in 2023 and growth opportunities going forward, are expected to be in line with forecasts prepared in connection with the transaction. Photocure has made the remeasurement of the earnout liability in NOK currency and based the forecasted cash\ufb02ow on a \ufb01xed exchange rate EUR/NOK of 11.6 compared to an exchange rate of 10.2 in prior year remeasurement. The e\ufb00ects of the interest rate increase and the updated exchange rate between NOK/EUR are to a large degree balancing the net remeasurement carried out at end 2023. The agreement with Ipsen determined a \ufb02oor revenue for the earnout from 2022 to the end of the forecast period and there is no upper cap of revenue. The total undiscounted amount of the earnout may be in the interval of NOK 160 - 260 million depending on revenue and development of the currency exchange rate between EUR and NOK. According to our sensitivity analysis the corresponding net present value of the liability may decrease or increase by NOK 28 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6636": { "value": "
14. PROPERTY, PLANT, EQUIPMENT AND LEASE ASSETS (Amounts in NOK 1,000) Group Intangible assets Right- of-use Machinery and Equipment Registry intangible Software Systems O\ufb03ce Lease Medical & manu- facture O\ufb03ce Total Accumulated cost at 31 December 2021 0 4 933 31 062 776 9 348 46 119 Additions 1 133 3 498 78 3 532 8 241 Disposals and lease expiry 0 -83 -1 797 -1 880 Accumulated cost at 31 December 2022 0 6 066 34 477 854 11 083 52 480 Additions 8 250 1 505 2 582 260 2 371 14 968 Disposals and lease expiry -8 324 -8 324 Accumulated cost at 31 December 2023 8 250 7 571 28 735 1 114 13 454 59 124 Accumulated depreciation at 31 December 2021 0 3 778 2 371 442 5 954 12 545 Amortization and depreciation 615 5 779 161 1 151 7 706 Disposals and lease expiry 0 236 -486 -250 Accumulated depreciation at 31 December 2022 0 4 393 8 386 603 6 619 20 001 Amortization and depreciation 849 1 178 6 729 145 2 113 11 014 Disposals and lease expiry -5 420 -5 420 Accumulated depreciation at 31 December 2023 849 5 571 9 695 748 8 732 25 595 Book value at 31 December 2022 0 1 673 26 091 251 4 464 32 479 Book value at 31 December 2023 7 401 2 000 19 040 366 4 722 33 529 PPE are depreciated on a straight-line basis over the estimated useful life of the asset as follows 4 years 3 - 5 years Contract period 3 - 5 years 3 - 5 years The registry intangible of net book value of NOK 7.4 million is in the Photocure Inc accounts and the right of use assets include net book value of NOK 8.2 million in Photocure Inc and NOK 1.7 million in Photocure GmbH. The machinery and equipment include net book value of NOK 2.9 million in Photocure Inc and NOK 0.7 million in Photocure GmbH. The remaining assets belong to parent company Right-of-use assets (Lease) 31-Dec-22 31-Dec-23 (Amounts in NOK 1,000) Discount rate Contract value Expiry New/ increase contracts Remeasure Contract value Right-of-use o\ufb03ce contract Norway 3.15% 13 582 758 14 340 Right-of-use o\ufb03ce contract US 3.70% 11 189 335 11 524 Right-of-use o\ufb03ce contract Germany 1.40% 7 309 (7 822) 513 (0) Right-of-use o\ufb03ce company car \ufb02eet Germany 1.40% 2 397 (502) 1 619 (642) 2 872 Total lease assets 34 477 28 735 The Right-of-use assets comprise the o\ufb03ce lease contracts covered by IFRS 16. In addition are the lease contracts for the company car \ufb02eet in the Germany included. The calculation of the lease asset is excluding utility services shared by the tenants. The Parent company has a 6-year rental agreement for o\ufb03ce premises at Ho\ufb00sveien 4 in Oslo starting 1 September 2021 and ending 31 August 2027. The agreement give Photocure an option to expand the rent period by 4 years. The rent amounts to NOK 2.9
million for the period 1 January 2024 through 31 December 2024. The rent for the remaining period until the expiry of the agreement amounts to NOK 10.5 million. Photocure Inc rented o\ufb03ce premises at Carnegie Center, Princeton, New Jersey from 1 April 2011 through 10 December 2022. On December 13, 2021, Photocure Inc. signed a lease amendment to move to a new o\ufb03ce of 5,212 square fee in Carnegie Center and to extend the lease term by six years with an expiration date of December 31, 2028. The lease commitment is NOK 11.2 million ( USD 1.1 million ) at 3.7% discount rate. The rent commitment for the period 1 January 2024 to 31 December 2024 is NOK 1.9 million while the rent for the remaining period until the expiry of the agreement amounts to NOK 7.9 million. Photocure GmbH rented o\ufb03ce premises in D\u00fcsseldorf, Marc-Chagall-Stra\u00dfe 2 from 1 April 2021 until termination 31 December 2023. The company has entered into a new o\ufb03ce lease agreement in D\u00fcsseldorf in the beginning of 2024. The standard lease period for the car \ufb02eet in Germany is 36 months. As of 31 December 2023 Photocure GmbH had 7 lease agreements with an average remaining lease term of 22.3 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6840": { "value": "
15. SUBSIDIARIES (Amounts in NOK 1,000) Company Country Ownership Book value 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Photocure Inc. USA 100% 100% 19 567 15 353 Photocure GmbH Germany 100% 100% 2 647 1 532 Photocure SAS France 100% 100% 482 285 Photocure Canada Inc. Canada 100% 100% - Total subsidiaries 22 696 17 170
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15. SUBSIDIARIES (Amounts in NOK 1,000) Company Country Ownership Book value 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Photocure Inc. USA 100% 100% 19 567 15 353 Photocure GmbH Germany 100% 100% 2 647 1 532 Photocure SAS France 100% 100% 482 285 Photocure Canada Inc. Canada 100% 100% - Total subsidiaries 22 696 17 170
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6880": { "value": "
16. INVENTORIES (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Raw materials 2 254 3 026 2 254 3 026 Resale products 81 48 81 48 Semi-\ufb01nished and \ufb01nished goods 34 855 23 461 32 077 21 339 Total inventories 37 190 26 534 34 411 24 412 The raw materials inventory consists of active substances for the pharmaceutical products. Raw materials are valued at cost. Finished and semi-\ufb01nished goods are valued at full manufacturing cost. Consumption is accounted in accordance with the FIFO principle. Obsolete goods are written down to net realisable value. Provisions and write-downs of inventories are included in cost of goods sold in the income statement.
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17. FINANCIAL RISK The note describes the Company\u2019s various \ufb01nancial risks and the management of same. In addition, numerical presentations of risk associated with \ufb01nancial risks are included. (I) Organisation of \ufb01nancial risk management Photocure has an international business operation and is exposed to currency risk, interest rate risk, commodity price risk, liquidity risk and credit risk. Responsibility for managing \ufb01nancial risk is placed with the management of the company, including \ufb01nancing, interest rate and currency management as well as risk within the business areas and the risk associated with the company\u2019s business processes. Financial risk is also monitored by the Board of Directors. Centralised risk management Photocure has a centralised \ufb01nance department. This department ensures the company\u2019s \ufb01nancial freedom to act both long and short term, and to monitor and manage \ufb01nancial risk in collaboration with the individual business units within the company. The \ufb01nance department maintains communication with the company\u2019s bank connections, and carries out hedging transactions regarding interest and currency when regarded neccessary. Required authorisations for borrowing and entering into derivative agreements are to be granted by the Board of Directors. Any transactions involving \ufb01nancial instruments are backed by an underlying commercial hedging requirement. Commercial operations \u2013 production, sales and marketing Photocure manufactures, markets and sells the company\u2019s products through own sales organization in Europe and North America and through license partners in other countries. Revenues from license partners consist of two elements: sales of products to license partners and milestone revenues. Photocure manufactures the company\u2019s products by renowned contract manufacturers in Italy, Spain, Netherland and Austria. Prices of raw materials is a risk factor. Photocure\u2019s commercial operations in the North America expose Photocure for currency risk against USD/CAD as both revenues and expenses are in USD/CAD. The same applies for commercial operations in Europe which are mostly in Euros. Currency risks are partly naturally hedged by purchasing goods and services in EUR and USD. (II) Classes of \ufb01nancial risk
Interest rate risk Photocure has an interest bearing earnout liability from 2020 with original interest rate equal to the internal rate of return for the investment project that later have been changed according to changes in interest rate levels. In addition Photocure has interest bearing leasing liability and pension liability. The long-term bank loan that was settled in 2023 had a \ufb02oating interest and 90% of the loan has a state guarantee. The company\u2019s risk related to interest income is mainly associated with the company\u2019s holdings of cash and cash equivalents. The main strategy is to diversify the risk and invest in money market funds and bond funds with low risk, high liquidity and short duration. More than 90% of the investments are denominated in NOK and are not hedged.
Liquidity and funding risk The Company monitors its cash \ufb02ows from both long and short-term perspectives through planning and reporting. Photocure does not have any loan agreements that involve covenants or other restrictions. Photocure uses a multi-currency consolidated bank accounts system that provides \ufb02exibility in relation to drawing on multiple currencies. The company may require new capital in the future. Adequate sources of capital funding may not be available when needed or may not be available on favorable terms. A main objective of Photocure\u2019s \ufb01nancial policy is to ensure that the company has the \ufb01nancial freedom to act both short and long term to achieve strategic and operational goals. Photocure\u2019s policy is to have su\ufb03cient funds to cover known capital requirements during the forthcoming 12 months in addition to a strategic reserve. Photocure follows a low risk investment strategy for its liquid
funds. The return on the liquid funds depends on the rate of interest in the money markets and will therefore vary over time
The following table presents an overview of the maturity structure of the Group\u2019s \ufb01nancial obligations, based on non-discounted contractual payments: Remaining period (Amounts in NOK 1,000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years Total 31-Dec-23 Accounts payable 16 710 2 950 19 660 Withholding tax and social securities 1 230 1 230 Other current liabilities 22 640 14 150 19 857 56 647 Loan and lease liabilities 3 250 9 500 134 510 147 260 31-Dec-22 Accounts payable 18 091 3 190 21 281 Withholding tax and social securities 2 440 1 500 647 4 587 Other current liabilities 20 630 13 000 17 177 50 807 Loan and lease liabilities 7 250 18 750 151 370 177 370
Credit risk Management of credit risk associated with accounts receivable and other operational receivables is dealt with as a part of the commercial risk and is followed up continuously as a part of normal operations. Photocure is primarily exposed to credit risk associated with accounts receivable and other short-term receivables. Photocure\u2019s sales is a mix of sales directly to hospitals, pharmacies and wholesalers in Europe and North America. The credit risk is limited as the customers are hospitals which are either publicly owned or \ufb01nanced by public funds or insurance companies. The same applies for the wholesalers customers. Photocure\u2019s credit risk is considered moderate and the Company does not use credit insurance.
Currency risk As NOK is the Company\u2019s presentation currency, Photocure is exposed to translation risk associated with the company\u2019s foreign net exposure. Photocure\u2019s revenues and costs are incurred in di\ufb00erent currencies, primarily EUR, USD, GBP and SEK. Photocure is therefore exposed to exchange rate \ufb02uctuations. The company regularly monitors the need for hedging of large transactions. Bank accounts in foreign currencies are used actively to reduce exposure to all the main currencies, and currency risk is to some degree naturally hedged in EUR, USD and SEK by having both revenues and costs in the same currency. However, Photocure have in both 2023 and 2022 cash surplus in EUR and a cash de\ufb01cit in USD. The Company has not entered into any currency hedging contracts during 2023. The following table shows the Company\u2019s sensitivity for potential changes in the NOK exchange rate with all other factors constant. The calculation is based on the same change in relation to all relevant currencies. The e\ufb00ect in the income statement comes from changes in the value of monetary items. (Amounts in NOK 1,000) Change in the NOK exchange rate E\ufb00ect on operating pro\ufb01t/loss 2023 + 10 % -15 374 2023 - 10 % 15 374 2022 + 10 % -2 270 2022 - 10 % 2 270
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Interest rate risk Photocure has an interest bearing earnout liability from 2020 with original interest rate equal to the internal rate of return for the investment project that later have been changed according to changes in interest rate levels. In addition Photocure has interest bearing leasing liability and pension liability. The long-term bank loan that was settled in 2023 had a \ufb02oating interest and 90% of the loan has a state guarantee. The company\u2019s risk related to interest income is mainly associated with the company\u2019s holdings of cash and cash equivalents. The main strategy is to diversify the risk and invest in money market funds and bond funds with low risk, high liquidity and short duration. More than 90% of the investments are denominated in NOK and are not hedged.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6961": { "value": "
Liquidity and funding risk The Company monitors its cash \ufb02ows from both long and short-term perspectives through planning and reporting. Photocure does not have any loan agreements that involve covenants or other restrictions. Photocure uses a multi-currency consolidated bank accounts system that provides \ufb02exibility in relation to drawing on multiple currencies. The company may require new capital in the future. Adequate sources of capital funding may not be available when needed or may not be available on favorable terms. A main objective of Photocure\u2019s \ufb01nancial policy is to ensure that the company has the \ufb01nancial freedom to act both short and long term to achieve strategic and operational goals. Photocure\u2019s policy is to have su\ufb03cient funds to cover known capital requirements during the forthcoming 12 months in addition to a strategic reserve. Photocure follows a low risk investment strategy for its liquid
funds. The return on the liquid funds depends on the rate of interest in the money markets and will therefore vary over time.
The following table presents an overview of the maturity structure of the Group\u2019s \ufb01nancial obligations, based on non-discounted contractual payments: Remaining period (Amounts in NOK 1,000) Less than 1 month 1\u20133 months 3\u201312 months 1\u20135 years Total 31-Dec-23 Accounts payable 16 710 2 950 19 660 Withholding tax and social securities 1 230 1 230 Other current liabilities 22 640 14 150 19 857 56 647 Loan and lease liabilities 3 250 9 500 134 510 147 260 31-Dec-22 Accounts payable 18 091 3 190 21 281 Withholding tax and social securities 2 440 1 500 647 4 587 Other current liabilities 20 630 13 000 17 177 50 807 Loan and lease liabilities 7 250 18 750 151 370 177 370
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7032": { "value": "
Credit risk Management of credit risk associated with accounts receivable and other operational receivables is dealt with as a part of the commercial risk and is followed up continuously as a part of normal operations. Photocure is primarily exposed to credit risk associated with accounts receivable and other short-term receivables. Photocure\u2019s sales is a mix of sales directly to hospitals, pharmacies and wholesalers in Europe and North America. The credit risk is limited as the customers are hospitals which are either publicly owned or \ufb01nanced by public funds or insurance companies. The same applies for the wholesalers customers. Photocure\u2019s credit risk is considered moderate and the Company does not use credit insurance.
Maximum credit risk The company\u2019s maximum credit risk associated with \ufb01nancial instruments corresponds to gross receivables. In a hypothetical situations, where no receivables are actually paid, this would correspond to: (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts receivable 59 704 47 164 37 129 27 005 Accounts receivable intercompany - - 6 473 4 733 Total 59 704 47 164 43 602 31 738 Prepaid expenses 11 352 9 113 7 720 5 516 Other receivables and deposits 4 681 7 342 548 1 001 Total other receivables 16 033 16 455 8 268 6 517
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7042": { "value": "
Currency risk As NOK is the Company\u2019s presentation currency, Photocure is exposed to translation risk associated with the company\u2019s foreign net exposure. Photocure\u2019s revenues and costs are incurred in di\ufb00erent currencies, primarily EUR, USD, GBP and SEK. Photocure is therefore exposed to exchange rate \ufb02uctuations. The company regularly monitors the need for hedging of large transactions. Bank accounts in foreign currencies are used actively to reduce exposure to all the main currencies, and currency risk is to some degree naturally hedged in EUR, USD and SEK by having both revenues and costs in the same currency. However, Photocure have in both 2023 and 2022 cash surplus in EUR and a cash de\ufb01cit in USD. The Company has not entered into any currency hedging contracts during 2023. The following table shows the Company\u2019s sensitivity for potential changes in the NOK exchange rate with all other factors constant. The calculation is based on the same change in relation to all relevant currencies. The e\ufb00ect in the income statement comes from changes in the value of monetary items. (Amounts in NOK 1,000) Change in the NOK exchange rate E\ufb00ect on operating pro\ufb01t/loss 2023 + 10 % -15 374 2023 - 10 % 15 374 2022 + 10 % -2 270 2022 - 10 % 2 270
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7077": { "value": "
18. FAIR VALUE The table below analyses \ufb01nancial assets recognised in the balance sheet at fair value according to the valuation method. The di\ufb00erent levels have been de\ufb01ned as follows: Level 1: Noted prices in active markets for corresponding assets or liabilities Level 2: Available value measurements other than the noted prices classi\ufb01ed as Level 1, either directly observable in the form of agreed prices or indirectly as derived from the price of equivalent. Level 3: Value measurements of assets or liabilities that are not based on observed market values (Amounts in NOK 1,000) Market value hierarchy Level 1 Level 2 Level 3 Total Money market funds 192 661 192 661 Earnout liability, ref note 22 -127 680 -127 680 Total 192 661 - -127 680 64 981
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7079": { "value": "
18. FAIR VALUE The table below analyses \ufb01nancial assets recognised in the balance sheet at fair value according to the valuation method. The di\ufb00erent levels have been de\ufb01ned as follows: Level 1: Noted prices in active markets for corresponding assets or liabilities Level 2: Available value measurements other than the noted prices classi\ufb01ed as Level 1, either directly observable in the form of agreed prices or indirectly as derived from the price of equivalent. Level 3: Value measurements of assets or liabilities that are not based on observed market values (Amounts in NOK 1,000) Market value hierarchy Level 1 Level 2 Level 3 Total Money market funds 192 661 192 661 Earnout liability, ref note 22 -127 680 -127 680 Total 192 661 - -127 680 64 981
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7081": { "value": "
18. FAIR VALUE The table below analyses \ufb01nancial assets recognised in the balance sheet at fair value according to the valuation method. The di\ufb00erent levels have been de\ufb01ned as follows: Level 1: Noted prices in active markets for corresponding assets or liabilities Level 2: Available value measurements other than the noted prices classi\ufb01ed as Level 1, either directly observable in the form of agreed prices or indirectly as derived from the price of equivalent. Level 3: Value measurements of assets or liabilities that are not based on observed market values (Amounts in NOK 1,000) Market value hierarchy Level 1 Level 2 Level 3 Total Money market funds 192 661 192 661 Earnout liability, ref note 22 -127 680 -127 680 Total 192 661 - -127 680 64 981
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7110": { "value": "
19. RECEIVABLES
Maximum credit risk The company\u2019s maximum credit risk associated with \ufb01nancial instruments corresponds to gross receivables. In a hypothetical situations, where no receivables are actually paid, this would correspond to: (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts receivable 59 704 47 164 37 129 27 005 Accounts receivable intercompany - - 6 473 4 733 Total 59 704 47 164 43 602 31 738 Prepaid expenses 11 352 9 113 7 720 5 516 Other receivables and deposits 4 681 7 342 548 1 001 Total other receivables 16 033 16 455 8 268 6 517
Loan to the subsidiary is disclosed in Note 10. Age breakdown of group accounts receivable Not yet due 0\u201330 days 30\u201360 days 60\u201390 days Over 90 days Total 31 December 2023 40 324 12 703 4 197 2 066 415 59 704 31 December 2022 33 106 8 340 3 679 1 552 487 47 164 Photocure\u2019s sales are mainly hospitals and pharmacies and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 on trade receivables. The expected loss as of December 31, 2023 amounts to NOK 1.2 million. Realised bad debt loss\u2019 in 2023 and 2022 has been immaterial. Credit risk and foreign exchange risk in regard to trade accounts receivable are dealt with in more detail in Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7112": { "value": "
19. RECEIVABLES
Maximum credit risk The company\u2019s maximum credit risk associated with \ufb01nancial instruments corresponds to gross receivables. In a hypothetical situations, where no receivables are actually paid, this would correspond to: (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts receivable 59 704 47 164 37 129 27 005 Accounts receivable intercompany - - 6 473 4 733 Total 59 704 47 164 43 602 31 738 Prepaid expenses 11 352 9 113 7 720 5 516 Other receivables and deposits 4 681 7 342 548 1 001 Total other receivables 16 033 16 455 8 268 6 517
Loan to the subsidiary is disclosed in Note 10. Age breakdown of group accounts receivable Not yet due 0\u201330 days 30\u201360 days 60\u201390 days Over 90 days Total 31 December 2023 40 324 12 703 4 197 2 066 415 59 704 31 December 2022 33 106 8 340 3 679 1 552 487 47 164 Photocure\u2019s sales are mainly hospitals and pharmacies and wholesalers in Europe and North America. Photocure has implemented the expected loss model under IFRS 9 on trade receivables. The expected loss as of December 31, 2023 amounts to NOK 1.2 million. Realised bad debt loss\u2019 in 2023 and 2022 has been immaterial. Credit risk and foreign exchange risk in regard to trade accounts receivable are dealt with in more detail in Note 17.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7194": { "value": "
20. CASH AND SHORT TERM DEPOSITS (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Cash and cash equivalents, restricted 3 168 3 422 3 168 3 422 Cash and cash equivalents, non-restricted 63 675 30 449 42 423 21 434 Money market funds, non-restricted 192 661 234 202 192 661 234 202 Total 259 504 268 073 238 252 259 058 Money market funds are considered as cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments. Restricted cash and cash equivalents at 31 December 2023 include security for employees\u2019 withholding tax in of NOK 1.4 million, while
the remaining amount refers to deposit for rent of o\ufb03ce.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7196": { "value": "
20. CASH AND SHORT TERM DEPOSITS (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Cash and cash equivalents, restricted 3 168 3 422 3 168 3 422 Cash and cash equivalents, non-restricted 63 675 30 449 42 423 21 434 Money market funds, non-restricted 192 661 234 202 192 661 234 202 Total 259 504 268 073 238 252 259 058 Money market funds are considered as cash equivalents because they are readily convertible to known amounts of cash and are held for the purpose of meeting short-term cash commitments. Restricted cash and cash equivalents at 31 December 2023 include security for employees\u2019 withholding tax in of NOK 1.4 million, while
the remaining amount refers to deposit for rent of o\ufb03ce", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7231": { "value": "
21. SHARE CAPITAL Amounts that are distributed to or contributed by shareholders are included directly in the equity. The Group\u2019s equity is increased in direct relation to the cost of share-based remuneration for employees. 1. The nominal value of treasury shares is presented in the balance sheet as a negative equity element. The net purchase price is entered as a reduction of other paid-in equity. Pro\ufb01ts or losses on transactions in treasury shares are not included in the income statement. 2. Transaction charges in connection with equity transactions are included directly in equity after deduction for tax. Only transaction charges that are directly attributable to the equity transaction are included directly in equity. Registered share capital in Photocure ASA amounted to: No. of shares Nominal value per share NOK Share capital in NOK Share capital at 31 December 2022 27 120 820 0.50 13 560 410 Share capital at 31 December 2023 27 120 820 0.50 13 560 410
Treasury shares: Holdings of treasury shares at 31 December 2021 14 846 7 423 Buy-back of restricted shares 481 0.50 241 Buy-back of treasury shares 36 000 0.50 18 000 Share options exercised from treasury shares -36 205 0.50 -18 103 Holdings of treasury shares at 31 December 2022 15 122 7 561 Buy-back of treasury shares 0 0.50 0 Share options exercised from treasury shares 0 0.50 0 Holdings of treasury shares at 31 December 2023 15 122 7 561 All shares have the same voting rights and otherwise the same rights in the Company. Ordinary shares are classi\ufb01ed as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity. At the General Meeting 3 May 2023, the Board of Directors of Photocure ASA was granted authorisation to issue up to 4.8 million shares. Of this authorisation, (a) 4.1 million shares are linked to \ufb01nancing of the Company\u2019s development, while (b) 0.75 million shares are associated with the issue of shares to the Company\u2019s employees. Subscription of shares under the incentive program shall be subscribed at the market price with an addition of 10% at the time of allocation of the employee share options. At the General Meeting the Board of Directors was granted authorisation to purchase treasury shares to 2.7 million shares. The basis for this authorisation to purchase treasury shares is the desire by the Board of Directors to increase the liquidity of the Company\u2019s shares and in connection with the incentive schemes. All authorisations are valid up until the Ordinary General Meeting in 2024. Previously issued authorisations have expired.
The table below indicates the status of authorisations at 31 December 2023: Purchase, treasury shares Ordinary share issue Employee share issues (Figures indicate the number of shares) Authorisation issued at the General Meeting on 3 May 2023 2 712 082 4 068 123 750 000 Share issues after the General Meeting on 3 May 2023 0 0 0 Purchase of treasury shares after 3 May 2023 0 0 0 Remaining under authorisations at 31 December 2023 2 712 082 4 068 123 750 000 2 076 178 share options have been allocated to employees 31 December 2023 (see note 6). Ownership structure The major shareholders in Photocure as of 31 December 2023 were: Shares Shareholding Morgan Stanley & Co. LLC 4 189 053 15.4 % Skandinaviska Enskilda Banken AB 1 920 000 7.1 % Skandinaviska Enskilda Banken AB 1 205 319 4.4 % Skandinaviska Enskilda Banken AB 1 018 101 3.8 % Skandinaviska Enskilda Banken AB 799 178 2.9 % The Bank of New York Mellon SA/NV 782 677 2.9 % MP pensjon PK 661 093 2.4 % J.P. Morgan SE 625 987 2.3 % Nordnet Bank AB 615 657 2.3 % Verdipapirfondet Equinor Aksjer NO 458 572 1.7 % JPMorgan Chase Bank, N.A., London 428 887 1.6 % Verdipapirfondet KLP Aksjenorge 375 630 1.4 % Danske Bank A/S 274 262 1.0 % BNP Paribas 271 500 1.0 % Avanza Bank AB 262 609 1.0 % Nordnet Livsforsikring AS 257 582 0.9 % Svenska Handelsbanken AB 253 908 0.9 % Verdipapirfondet KLP Aksjenorge IN 238 101 0.9 % Sparli AS 215 000 0.8 % Billington, Erik 201 080 0.7 % Total of 20 largest shareholders 15 054 196 55.5 % Treasury shares 15 122 0.1 % Total other shareholders 12 051 502 44.4 % Total number of shares 27 120 820 100.0 %
Shares owned, directly or indirectly, by members of the Board of Directors, the President and CEO and senior management and their closely related associates as of 31 December 2023: Name Position No. of shares No. of share options ** Daniel Schneider President & CEO 99 689 332 500 Erik Dahl Chief Financial O\ufb03cer 32 750 213 750 Anders Neijber VP Global Medical A\ufb00airs and Clinical Development - 114 000 Anja Gossens-von der Heidt Head of Global Human Resources - 26 750 Geo\ufb00rey Coy VP and General Manager North America 15 207 216 250 Susanne Strauss VP and General Manager Europe 1 392 203 750 Dylan Hallerberg Chairperson of the board (interim) 150 000 - Johanna Holldack Board member - 804 Neal Shore Board member - 804 **
See note 6 for additional information about the share options", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7233": { "value": "
21. SHARE CAPITAL Amounts that are distributed to or contributed by shareholders are included directly in the equity. The Group\u2019s equity is increased in direct relation to the cost of share-based remuneration for employees. 1. The nominal value of treasury shares is presented in the balance sheet as a negative equity element. The net purchase price is entered as a reduction of other paid-in equity. Pro\ufb01ts or losses on transactions in treasury shares are not included in the income statement. 2. Transaction charges in connection with equity transactions are included directly in equity after deduction for tax. Only transaction charges that are directly attributable to the equity transaction are included directly in equity. Registered share capital in Photocure ASA amounted to: No. of shares Nominal value per share NOK Share capital in NOK Share capital at 31 December 2022 27 120 820 0.50 13 560 410 Share capital at 31 December 2023 27 120 820 0.50 13 560 410
Treasury shares: Holdings of treasury shares at 31 December 2021 14 846 7 423 Buy-back of restricted shares 481 0.50 241 Buy-back of treasury shares 36 000 0.50 18 000 Share options exercised from treasury shares -36 205 0.50 -18 103 Holdings of treasury shares at 31 December 2022 15 122 7 561 Buy-back of treasury shares 0 0.50 0 Share options exercised from treasury shares 0 0.50 0 Holdings of treasury shares at 31 December 2023 15 122 7 561 All shares have the same voting rights and otherwise the same rights in the Company. Ordinary shares are classi\ufb01ed as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity. At the General Meeting 3 May 2023, the Board of Directors of Photocure ASA was granted authorisation to issue up to 4.8 million shares. Of this authorisation, (a) 4.1 million shares are linked to \ufb01nancing of the Company\u2019s development, while (b) 0.75 million shares are associated with the issue of shares to the Company\u2019s employees. Subscription of shares under the incentive program shall be subscribed at the market price with an addition of 10% at the time of allocation of the employee share options. At the General Meeting the Board of Directors was granted authorisation to purchase treasury shares to 2.7 million shares. The basis for this authorisation to purchase treasury shares is the desire by the Board of Directors to increase the liquidity of the Company\u2019s shares and in connection with the incentive schemes. All authorisations are valid up until the Ordinary General Meeting in 2024. Previously issued authorisations have expired.
The table below indicates the status of authorisations at 31 December 2023: Purchase, treasury shares Ordinary share issue Employee share issues (Figures indicate the number of shares) Authorisation issued at the General Meeting on 3 May 2023 2 712 082 4 068 123 750 000 Share issues after the General Meeting on 3 May 2023 0 0 0 Purchase of treasury shares after 3 May 2023 0 0 0 Remaining under authorisations at 31 December 2023 2 712 082 4 068 123 750 000 2 076 178 share options have been allocated to employees 31 December 2023 (see note 6). Ownership structure The major shareholders in Photocure as of 31 December 2023 were: Shares Shareholding Morgan Stanley & Co. LLC 4 189 053 15.4 % Skandinaviska Enskilda Banken AB 1 920 000 7.1 % Skandinaviska Enskilda Banken AB 1 205 319 4.4 % Skandinaviska Enskilda Banken AB 1 018 101 3.8 % Skandinaviska Enskilda Banken AB 799 178 2.9 % The Bank of New York Mellon SA/NV 782 677 2.9 % MP pensjon PK 661 093 2.4 % J.P. Morgan SE 625 987 2.3 % Nordnet Bank AB 615 657 2.3 % Verdipapirfondet Equinor Aksjer NO 458 572 1.7 % JPMorgan Chase Bank, N.A., London 428 887 1.6 % Verdipapirfondet KLP Aksjenorge 375 630 1.4 % Danske Bank A/S 274 262 1.0 % BNP Paribas 271 500 1.0 % Avanza Bank AB 262 609 1.0 % Nordnet Livsforsikring AS 257 582 0.9 % Svenska Handelsbanken AB 253 908 0.9 % Verdipapirfondet KLP Aksjenorge IN 238 101 0.9 % Sparli AS 215 000 0.8 % Billington, Erik 201 080 0.7 % Total of 20 largest shareholders 15 054 196 55.5 % Treasury shares 15 122 0.1 % Total other shareholders 12 051 502 44.4 % Total number of shares 27 120 820 100.0 %
Shares owned, directly or indirectly, by members of the Board of Directors, the President and CEO and senior management and their closely related associates as of 31 December 2023: Name Position No. of shares No. of share options ** Daniel Schneider President & CEO 99 689 332 500 Erik Dahl Chief Financial O\ufb03cer 32 750 213 750 Anders Neijber VP Global Medical A\ufb00airs and Clinical Development - 114 000 Anja Gossens-von der Heidt Head of Global Human Resources - 26 750 Geo\ufb00rey Coy VP and General Manager North America 15 207 216 250 Susanne Strauss VP and General Manager Europe 1 392 203 750 Dylan Hallerberg Chairperson of the board (interim) 150 000 - Johanna Holldack Board member - 804 Neal Shore Board member - 804 **
See note 6 for additional information about the share options.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7257": { "value": "
Treasury shares: Holdings of treasury shares at 31 December 2021 14 846 7 423 Buy-back of restricted shares 481 0.50 241 Buy-back of treasury shares 36 000 0.50 18 000 Share options exercised from treasury shares -36 205 0.50 -18 103 Holdings of treasury shares at 31 December 2022 15 122 7 561 Buy-back of treasury shares 0 0.50 0 Share options exercised from treasury shares 0 0.50 0 Holdings of treasury shares at 31 December 2023 15 122 7 561 All shares have the same voting rights and otherwise the same rights in the Company. Ordinary shares are classi\ufb01ed as equity. Expenses that are directly attributable to the issue of ordinary shares are included as a reduction of equity. At the General Meeting 3 May 2023, the Board of Directors of Photocure ASA was granted authorisation to issue up to 4.8 million shares. Of this authorisation, (a) 4.1 million shares are linked to \ufb01nancing of the Company\u2019s development, while (b) 0.75 million shares are associated with the issue of shares to the Company\u2019s employees. Subscription of shares under the incentive program shall be subscribed at the market price with an addition of 10% at the time of allocation of the employee share options. At the General Meeting the Board of Directors was granted authorisation to purchase treasury shares to 2.7 million shares. The basis for this authorisation to purchase treasury shares is the desire by the Board of Directors to increase the liquidity of the Company\u2019s shares and in connection with the incentive schemes. All authorisations are valid up until the Ordinary General Meeting in 2024. Previously issued authorisations have expired.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7472": { "value": "
22. LOAN TERMS AND REPAYMENT (Amounts in NOK 1,000) Currency Nominal interest rate Year of maturity Loan amount 01.01 Instal- ments paid Book value 31-Dec-23 1st year instal- ments Bank loan secured through governmental guarantee due to Covid-19 NOK 4.80% 2023 12 500 -12 500 0 0 Deferred consideration (Earnout) NOK/EUR 2030 135 333 -34 397 127 680 8 404 Right-of-use o\ufb03ce contract Norway NOK 3.15% 2027 11 434 -2 427 9 764 2 889 Right-of-use o\ufb03ce contract US USD 3.70% 2028 9 591 -1 360 8 231 1 745 Right-of-use o\ufb03ce contract Germany EUR 1.40% 2026 5 064 -1 782 0 0 Right-of-use o\ufb03ce company car \ufb02eet Germany * EUR 1.40% 2024 949 -1 012 1 592 980 Total non-current liabilities 174 871 147 267 14 017 * There are seperate lease agreements for each lease subject Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EURO after the close of the quarter. The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. Photocure performed a new remeasurement as of 31 December 2023. The remeasurement resulted in a fair value of NOK 127.7 re\ufb02ecting an increase of fair value of NOK 1.4 million compared to remeasurement adjustment of NOK 0.8 in 2022. The increased fair value has been recognized in pro\ufb01t or loss as a \ufb01nancial cost. To arrive at the remeasured fair value of NOK 127.7 million, Photocure has discounted the estimated earnout payments by an IRR at level with the investment project adjusted for later changes in the borrowing interest level. This IRR has been deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash \ufb02ow prognosis for the acquisition as a whole. Future sales, given performance in 2023 and growth opportunities going forward, are expected to be in line with forecasts prepared in connection with the transaction. Photocure has made the remeasurement of the earnout liability in NOK currency and based the forecasted cash\ufb02ow on a \ufb01xed exchange rate EUR/NOK of 11.6 compared to an exchange rate of 10.2 in prior year remeasurement. The e\ufb00ects of the interest rate increase and the updated exchange rate between NOK/EUR are to a large degree balancing the net remeasurement carried out at end 2023. The agreement with Ipsen determined a \ufb02oor revenue for the earnout from 2022 to the end of the forecast period and there is no upper cap of revenue. The total undiscounted amount of the earnout may be in the interval of NOK 160 - 260 million depending on revenue and development of the currency exchange rate between EUR and NOK. According to our sensitivity analysis the corresponding net present value of the liability may decrease or increase by NOK 28 million.
Group Earnout liability Financial loan bank O\ufb03ce Lease Oslo O\ufb03ce Lease Princeton, US O\ufb03ce and car Lease Germany Total Accumulated 31 December 2021 139 350 37 500 13 052 10 269 6 322 206 492 Proceeds from loans and borrowing 0 Loan repayment and earnout instalments -5 714 -25 000 -30 714 Payment of lease liabilities -2 193 -1 548 -1 889 -5 630 Total changes from \ufb01nancing -5 714 -25 000 -2 193 -1 548 -1 889 -36 344 Remeasurerd liability 758 574 1 245 410 2 988 New lease liability -324 1 170 846 Interest expense 24 383 846 249 248 79 25 804 Interest paid -23 444 -846 -249 -298 -79 -24 915 Total liability related changes 1 697 0 574 871 1 580 4 723 Accumulated 31 December 2022 135 333 12 500 11 433 9 592 6 013 174 871 1th year instalments -9 100 -12 500 -2 302 -1 598 -1 882 -27 382 Accumulated 31 December 2022 135 333 12 500 11 433 9 592 6 013 174 871 Proceeds from loans and borrowing 1 023 1 023 Loan repayment and earnout instalments -8 940 -12 500 -21 440 Payment of lease liabilities -2 427 -1 360 -2 794 -6 581 Total changes from \ufb01nancing -8 940 -12 500 -2 427 -1 360 -1 771 -26 998 Remeasurerd liability 1 444 758 -1 631 2 832 Terminated lease liability -3 282 -3 282 Interest expense 25 424 209 332 273 99 26 336 Interest paid -25 581 -209 -332 -273 -99 -26 493 Total liability related changes 1 287 0 758 -1 -2 651 -607 Accumulated 31 December 2023 127 680 0 9 764 8 231 1 592 147 266 1th year instalments -8 404 0 -2 889 -1 745 -980 -14 017
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7474": { "value": "
22. LOAN TERMS AND REPAYMENT (Amounts in NOK 1,000) Currency Nominal interest rate Year of maturity Loan amount 01.01 Instal- ments paid Book value 31-Dec-23 1st year instal- ments Bank loan secured through governmental guarantee due to Covid-19 NOK 4.80% 2023 12 500 -12 500 0 0 Deferred consideration (Earnout) NOK/EUR 2030 135 333 -34 397 127 680 8 404 Right-of-use o\ufb03ce contract Norway NOK 3.15% 2027 11 434 -2 427 9 764 2 889 Right-of-use o\ufb03ce contract US USD 3.70% 2028 9 591 -1 360 8 231 1 745 Right-of-use o\ufb03ce contract Germany EUR 1.40% 2026 5 064 -1 782 0 0 Right-of-use o\ufb03ce company car \ufb02eet Germany * EUR 1.40% 2024 949 -1 012 1 592 980 Total non-current liabilities 174 871 147 267 14 017 * There are seperate lease agreements for each lease subject Hexvix sales, marketing and distribution rights in Europe and other markets previously controlled by Ipsen Pharma SAS (Ipsen), were acquired by Photocure 1 October 2020. The parties entered into a \ufb01nal agreement were Photocure paid Ipsen EUR 15 million upon transfer on 1 October 2020. Ipsen receives in addition a deferred consideration 15% of sales (years 1-7 post-transfer) and 7.5% of sales (years 8-10) in the previous Ipsen major markets. The deferred consideration is paid as quarterly earnout payments in EURO after the close of the quarter. The fair value of the deferred consideration is driven by future expected sales and is remeasured on a yearly basis. Photocure performed a new remeasurement as of 31 December 2023. The remeasurement resulted in a fair value of NOK 127.7 re\ufb02ecting an increase of fair value of NOK 1.4 million compared to remeasurement adjustment of NOK 0.8 in 2022. The increased fair value has been recognized in pro\ufb01t or loss as a \ufb01nancial cost. To arrive at the remeasured fair value of NOK 127.7 million, Photocure has discounted the estimated earnout payments by an IRR at level with the investment project adjusted for later changes in the borrowing interest level. This IRR has been deemed appropriate as a discount rate for the earnout payments since the level of the payments will be subject to the same risk factors as the cash \ufb02ow prognosis for the acquisition as a whole. Future sales, given performance in 2023 and growth opportunities going forward, are expected to be in line with forecasts prepared in connection with the transaction. Photocure has made the remeasurement of the earnout liability in NOK currency and based the forecasted cash\ufb02ow on a \ufb01xed exchange rate EUR/NOK of 11.6 compared to an exchange rate of 10.2 in prior year remeasurement. The e\ufb00ects of the interest rate increase and the updated exchange rate between NOK/EUR are to a large degree balancing the net remeasurement carried out at end 2023. The agreement with Ipsen determined a \ufb02oor revenue for the earnout from 2022 to the end of the forecast period and there is no upper cap of revenue. The total undiscounted amount of the earnout may be in the interval of NOK 160 - 260 million depending on revenue and development of the currency exchange rate between EUR and NOK. According to our sensitivity analysis the corresponding net present value of the liability may decrease or increase by NOK 28 million.
Group Earnout liability Financial loan bank O\ufb03ce Lease Oslo O\ufb03ce Lease Princeton, US O\ufb03ce and car Lease Germany Total Accumulated 31 December 2021 139 350 37 500 13 052 10 269 6 322 206 492 Proceeds from loans and borrowing 0 Loan repayment and earnout instalments -5 714 -25 000 -30 714 Payment of lease liabilities -2 193 -1 548 -1 889 -5 630 Total changes from \ufb01nancing -5 714 -25 000 -2 193 -1 548 -1 889 -36 344 Remeasurerd liability 758 574 1 245 410 2 988 New lease liability -324 1 170 846 Interest expense 24 383 846 249 248 79 25 804 Interest paid -23 444 -846 -249 -298 -79 -24 915 Total liability related changes 1 697 0 574 871 1 580 4 723 Accumulated 31 December 2022 135 333 12 500 11 433 9 592 6 013 174 871 1th year instalments -9 100 -12 500 -2 302 -1 598 -1 882 -27 382 Accumulated 31 December 2022 135 333 12 500 11 433 9 592 6 013 174 871 Proceeds from loans and borrowing 1 023 1 023 Loan repayment and earnout instalments -8 940 -12 500 -21 440 Payment of lease liabilities -2 427 -1 360 -2 794 -6 581 Total changes from \ufb01nancing -8 940 -12 500 -2 427 -1 360 -1 771 -26 998 Remeasurerd liability 1 444 758 -1 631 2 832 Terminated lease liability -3 282 -3 282 Interest expense 25 424 209 332 273 99 26 336 Interest paid -25 581 -209 -332 -273 -99 -26 493 Total liability related changes 1 287 0 758 -1 -2 651 -607 Accumulated 31 December 2023 127 680 0 9 764 8 231 1 592 147 266 1th year instalments -8 404 0 -2 889 -1 745 -980 -14 017
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7746": { "value": "
23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts payable 19 660 21 281 13 324 12 479 Accounts payable intercompany - - 1 220 3 388 Total 19 660 21 281 14 544 15 867 Accrued bonus, holiday pay, salaries 35 378 30 782 18 817 12 442 Short-term payable, intercompany - - 25 863 14 048 Miscellaneous other accrued costs 12 863 20 025 6 481 15 517 Total other current liabilities 48 241 50 807 51 161 42 007 The incured earnout liability is for net sales in last quarter. Accrued bonus, holiday pay, salaries include accrual for estimated annual bonus as of 31 December 2023. Final annual bonus for the
Group is to be decided by the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7748": { "value": "
23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts payable 19 660 21 281 13 324 12 479 Accounts payable intercompany - - 1 220 3 388 Total 19 660 21 281 14 544 15 867 Accrued bonus, holiday pay, salaries 35 378 30 782 18 817 12 442 Short-term payable, intercompany - - 25 863 14 048 Miscellaneous other accrued costs 12 863 20 025 6 481 15 517 Total other current liabilities 48 241 50 807 51 161 42 007 The incured earnout liability is for net sales in last quarter. Accrued bonus, holiday pay, salaries include accrual for estimated annual bonus as of 31 December 2023. Final annual bonus for the
Group is to be decided by the Board of Directors.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7750": { "value": "
23. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES (Amounts in NOK 1,000) Group Parent 31-Dec-23 31-Dec-22 31-Dec-23 31-Dec-22 Accounts payable 19 660 21 281 13 324 12 479 Accounts payable intercompany - - 1 220 3 388 Total 19 660 21 281 14 544 15 867 Accrued bonus, holiday pay, salaries 35 378 30 782 18 817 12 442 Short-term payable, intercompany - - 25 863 14 048 Miscellaneous other accrued costs 12 863 20 025 6 481 15 517 Total other current liabilities 48 241 50 807 51 161 42 007 The incured earnout liability is for net sales in last quarter. Accrued bonus, holiday pay, salaries include accrual for estimated annual bonus as of 31 December 2023. Final annual bonus for the
Group is to be decided by the Board of Directors", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f7800": { "value": "
24. SUBSEQUENT EVENTS
There are no subsequest events after 31. December 2023 that had any material impact on the Financial Statement", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG8OW35", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }