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"value": "Note 1: Accounting policiesGeneral informationHofseth BioCare ASAia a public limited liability companydom-icilied inNorwayThe company`s headquarter is inKipervikgata 13 in \u00c5lesund, with one manufacturing facility inthe municipality of Molde and one manufacturing facility inthe municipality of Rennebu. The annual financial statementswere approved for issuance by the board of directors 30 March2023.The Group`s operation is the processing of fish offcuts intohigh quality protein and other food supplements.The company\u2019s consolidated financial statements for 2022consist of the parent company and the subsidiaries HBCBerk\u00e5k AS, HBC Therapeutics AS, HBC Switzerland GmbH andHofseth BioCare R\u00f8rvik AS (the Group). In addition the subsid-iarie HBC Americas LLC, which is registered, but has no trasac-tions and are therefore not consolidated in 2022.Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have beenprepared in accordance with IFRSs and related interpretationsas issued by the International Accounting Standards Board(IASB) and as adopted by the EU as of 31 December 2022, aswell as the additional disclosure requirements following fromthe Norwegian accounting act as of 31 December 2022.The consolidated financial statements and the parent compa-ny financial statements are prepared on the historical cost ba-sis, with the exception of financial instruments that are meas-ured at fair value with changes in value through profit or loss.The consolidated financial statements and the parent compa-ny financial statements have been prepared applying consist-ent accounting policies for similar transactions and event.Basis for consolidation(i) SubsidiariesThe consolidated financial statements include Hofseth Bio-Care ASA and companies controlled by Hofseth BioCare ASA.Companies are determined to be controlled when the Group isexsposed to, or has rights to, variable returns as a result of theinvolvement from the Group, and the Group is able to influencethe returns through its power over the company. All the follow-ing criteria must be fulfilled:\u203a power over the company\u203a exposed to, or have rights to, variable returns from its in-volvement in the company invested in, and\u203a possibility to exercise its power over the company to influ-ence the amount of the returns(ii) Associated companiesAssociated companies are units in which the group has sig-nificant influence, but not control over the financial and op-erational management (normally with an ownership sharebetween 20% and 50%). Significant influence is the power toparticipate in financial and operational decisions in principle inthe company, but where Hofseth BioCare still has no control orjoint control. In the case of an ownership interest of less than20%, in order to be treated as an associated company, it mustbe clearly demonstrated that significant influence exists, forexample through shareholder agreements. The consolidatedfinancial statements include the group's share of profit fromassociated companies recognized according to the equitymethod from the time significant influence is achieved anduntil such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carryingamount of the investment decreases to zero and recognition ofadditional negative profit ceases. The exception is those cas-es where the group has an obligation to cover negative results.The group has no joint ventures.(iii) Elimination of transactions in the consolidationGroup internal balances and any unrealised gains or lossesor revenues and costs related to intra Group transactions, areeliminated in full in the consolidated financial statements.(iv) The non-controlling interest in the consolidated financialstatements is the non-controlled share of the Group\u2019s equity.In business combinations the non-controlling interest is meas-ured including the non-controlling interest\u2019s share of the ac-quired entity\u2019s identifyable net assets. The subsidiary\u2019s annualresult, together with the individual components recognizedin other comprehensive income, is attributable to the parentcompany and the non-controlling interests. Total comprehen-sive income is attributed to the share holders of the parentcompany and to the non-controlling interests even if this re-sults in negative non-controlling interests.Functional currency and presentation currencyThe Group\u2019s presentation currency is NOK, which is also thefunctional currency of all companies in the Group. All amountsare presented in NOK 1 000 unless specifically noted. Use of estimates when preparing the annual financial statementsManagement has to some extent used estimates and as-sumptions which have affected assets, liabilities, revenues,expenses, and information of potential commitments. Fu-ture events may cause changes in the estimates. Estimatesand the underlying assumptions are assessed continuously.Changes in accounting estimates are recognized in the periodthe changes occur. To the extent the changes also affect fu-ture periods, the effect is allocated over the current and futureperiods. See note 2.Foreign currencyTransactions in foreign currency are translated at the exchangerates prevailing at the date of the transaction. Monetary itemsin foreign currency are translated to Norwegian kroner at theexchange rate at the balance sheet date. Currency exchangegains and losses are recognized in the income statement andpresented as financial income/financial expense.Revenue recognition policiesRevenues are primarily generated from manufactured owngoods within the following product types: \u203a Salmon oil (OmeGo\u00ae) \u203a Water-soluble protein (ProGo\u00ae) \u203a Calcium (CalGo\u00ae) \u203a Non-soluble protein (PetGo\u2122)Revenue from contracts with customers is recognized whencontrol of goods or services is transferred to the customerswith an amount that reflects the consideration that the Groupexpects to be entitled to in exchange for delivered goods andservices. Control is normally transferred to the customer whengoods are sent from the warehouse to the customer. To the extent the customers enter into a contract for the pur-chase of goods, which the customers wish to continue to storeat Hofseth BioCares' warehouse, the consideration is recog-nized as revenue when control has passed to the purchasingparty. The customers have a desire to continue storing on thegroup's stock as a result of requirements for moisture, temper-ature, etc. when storing the goods, especially Calcium and Pro-tein. In such sales, there is an agreement of control transfer tothe customers for the actual delivery of the goods. The parentcompany and the group also earn revenues from the serviceof storing the goods, which are recognized at a fixed price permonth in storage.The Group assesses whether there are obligations in the salescontracts that are separate performance obligations, and forwhich parts of the transaction price must be allocated or agreedvariable payment terms in the contracts. The parent companyand the group have offered rights of return when selling fromthe web-stores to customers in the human market and have fac-tored in an estimated level of returns when calculating revenue.Furthermore, the Group also assesses whether there are sig-nificant financing components in the sales contracts (advancepayment, extra long credit terms, etc.).Contract assetsThe Group's right to remuneration in exchange for goods orservices that the group has transferred to a customer whenthis right is conditional on other factors than merely the pas-sage of time (for example, the company's future delivery).Trade receivablesA receivable represents the Group's right to payment of anamount which is unconditional (i.e. the agreed credit time be-fore payment of the consideration falls due). See accountingprinciples for financial assets\u2019 initial recognition and subse-quent measurement. Payment terms in the group's customercontracts vary from 0 days to 60 days.Contract liabilitiesA contract liability may be an obligation to deliver goods orservices to the customer, from whom the group has receivedconsideration (or an amount of the consideration is overdue).If a customer pays the consideration before the Group deliversgoods or services to the customer, a contractual obligation isrecognized at the time of payment or at the time payment ofthe consideration is due (whichever takes place first). Contractliabilities are not recognized until the Group delivers goodsand services in accordance with the contract. The group hasnot identified contractual obligations in the delivery contractsentered into as of 31 December 2022.SegmentsAn operating segment is a component of the Group that en-gages in business activities from which it earns revenues andincurs expenses. The Group\u2019s operating results are regularlyreviewed by the managing director to monitor the Group\u2019s re-sults and make decisions about resource allocations.As the Group has one common and not separable manufactur-ing process for its products, management focuses its financialreview on revenues and quality generated from the manufac-turing process. Management monitors the financial results atGroup level and, hence, the Group only has one segment. Information about products is presented in note 3.Government grantsGovernment grants are recognised at the time it is reasonablycertain that the company complies with the requirements stat-ed to be eligible for the grants and will receive payment. Grantsrelating to operating expenditures are recognised systemati-cally over the grant period. Grants are recognised against thecosts the grant is meant to cover. Grants for investments arerecognised systematically over the asset\u2019s useful lives. Grantsfor investments are recognised as a reduction to the relatedassets\u2019 carrying amount. Employee benefitsDefined contribution pension planA defined contribution pension plan is an arrangement inwhich the employer pays fixed constributions to a fund or apension fund, and in which the parent company and the grouphas no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in theincome statement as salary related costs in the period inwhich the employee renders the service.AFP pension planThe group is affiliated with the AFP scheme, which is a col-lective pension scheme for the collectively agreed sector inNorway.Accounting-wise, the scheme is considered a defined benefitmulti-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position andperformance with sufficient reliability. Therefore, the schemeis accounted for as a defined contribution scheme. As a result,obligations from the AFP scheme are not recognized on thebalance sheet. Premiums to the scheme are expensed as theyaccrue.Share based payment arrangements for consultantThe parent company has entered into a share-based paymentarrangement with a hired consultant. The arrangement is anoption plan with settlement in shares of the company.The method of recognition varies depending on whether theconsultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreementfor servies relates to an individual delivering personal services,and that the individual (consultant) either:\u2022 is determined to be employed for legal or tax purposes\u2022 works for the company under directives from managingbodies and is managed in the same way as if the individualwas legally employed \u2022 delivers services of similar nature to the services deliveredby legally employed individualsTo the extent the consultant is determined to be employed, inaccordance with the the above description, the share optionprogram is measured at fair value at the time of grant. Thecalculated fair value of the granted options are accrued andrecognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over theagreed future service period (vesting period). For transactionswhich are settled in the company\u2019s own equity instruments(equity settled arrangements) the value of the granted optionsis recognized in the period as salary expenses in the profit orloss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019sshares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time ofsettlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social securitywhen the consultant is not determined to be employed by thecompany for tax purposes.Financial income and financial expensesFinancial income consists of interest income, dividends, foreignexchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using theeffective interest rate method, while dividends are recognised onthe date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.Income taxesIncome tax expenses consist of current taxes payable andchanges in deferred taxes. Current taxes payable are taxespayable or tax receivables related to taxable income or lossfor the year, based on tax rates substantively enacted at thebalance sheet date. Changes in calculated current taxes paya-ble related to prior years are included in the amount.Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases forall assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to beapplicable at the time of reversal of the temporary differences.Deferred tax assets are recognised to the extent the companyis expected to have sufficient taxable income in future periodsto utilize the tax benefit. The companies recognize previouslyunrecognized deferred tax assets to the extent it has becomelikely that the company may utilize the deferred tax benefit.Likewise, the company will reduce deferred tax assets to theextent the company no longer expects that it will be able toutilise the deferred tax benefit. Deferred tax and deferred tax assets are measured at nomi-nal values. Deferred tax liabilities are presented as provisions/long term liabilities in the balance sheet, while deferred tax as-sets are presented as intangible assets.Intangible assetsIntangible assets acquired separately are recognised at theircost price. The cost price for intangible assets acquired arerecognised at fair value in the Group. Recognised intangibleassets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recogniseddevelopment costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Patents and licencesAcquisition costs for patents and licences are recognised anddepreciated over their estimated useful lives. Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.Fixed assetsFixed assets are measured at cost, less accumulated de-preciations and impairment write- downs. Fixed assets arederecognized when sold or disposed of and any gains or loss-es are recognized in the income statement.Acquisition cost for fixed assets is the cost price and costsdirectly associated wih getting the asset ready for its intendeduse.Expenditures incurred after recognition of the fixed asset,such as day-to-day maintenance, are recognized in the incomestatement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carryingamount. Depreciation period, depreciation method and residu-al values are assessed annually.Fixed assets are carried at cost until manufacturing or devel-opment has been completed. Fixed assets under constructionare not depreciated until the assets are ready for their intend-ed use.When significant components of a property, plant and equip-ment are determined to have different useful lives, they areaccounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, asthis is considered to best represent the consumption of the fu-ture economic benefits of the assets. Land is not depreciated.Estimated useful life for the current period and depreciationperiods are disclosed in note 11. Depreciation method, usefullife and residual values are reassessed at the balance sheetdate and adjusted if found necessary. When the carryingamount of a fixed asset or a cash-generating unit is higherthan the recoverable amount, the asset is written-down to itsrecoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.Investment in subsidiaries and associated companiesInvestments in subsidiaries and associated companies areassessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisitioncost, unless impairment has been necessary. Write-downshave been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairmentlosses are reversed when the basis for impairment is nolonger present.Dividends and other distributions are recognized as incomewhen adopted at the general meeting of the subsidiaries. Ifdividends exceed the retained earnings after the acquisition,the excess part represents repayment of invested capital, andthe dividends are deducted from the value of the investmentin the balance sheet.LeasesFor contracts constituting or containing a lease, the companyand the group separate lease components if the underlyingasset may be used either on its own or together with otherresources easily available to the company and the group, andthe underlying asset is neither dependent nor interrelated onother underlying assets in the contract. The company and thegroup then account for each single lease component in thecontract as one lease contract separately from the non-leasecomponent in the contract. At the time of commencement of a lease contract the compa-ny and the group recognize a lease liability and a correspond-ing right of use asset for all leases, except for the followingexcemptions elected under the standard: \u203a Short-term leases (lease term of 12 months or less) \u203a Low value assetsFor such leases the company and the group recognize thelease payments as other operating expenses in the profit orloss when incurred.Lease liabilitiesThe company and the group measure the lease liabilities atthe present value of the lease payments to be made over thelease term at the commencement date. The lease term is thenon-cancellable period of the lease, in addition to periods cov-ered by options to extend or terminate the lease if it is reason-ably certain that the group will (will not) exercise the option.The lease payments included in the measurement of the leaseliability consist of: \u203a Fixed lease payments (including in substance fixed pay-ments), less any lease incentives receivable \u203a Variable lease payments which are dependant on an indexor rate, measured for the first time using the index or rateapplicable at the commencement date \u203a Amounts expected to be payable by the company and thegroup under residual value guarantees \u203a The exercise price for an option to purchase the asset, if itis reasonably certain that the company and the group willexercise this option \u203a Termination fee, if the lease term has been determined onthe basis that the company and the group will exercise anoption to terminate the leaseThe lease liability is subsequently remeasured by increasingthe carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease paymentsmade, as well as potential reassessments or changes to thelease agreement, or to reflect adjustments to lease paymentsas a result of a change in an index or a rate. The company and the group do not include variable leasepayments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and thegroup presenter the lease liabilities in separate line items inthe statement of financial position. Right of use assets The company and the group measures right of use assets atcost, less accumulated depreciations and impairment losses,adjusted for potential new measurements of the lease liability.Cost for the right of use assets comprise: \u203a The amount established at initial recognition of the leaseliabiilty \u203a All lease payments made at or before the commencementdate, less lease incentives received if any \u203a All direct expenditures incurred for the company and thegroup related to entering into the agreementThe group applies the depreciation provisions in IAS 16 Proper-ty, plant and equipment when depreciating the right of use as-set, except for the fact that the right of use asset is depreciatedfrom the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected totake place first, unless there is an option to purchase the assetwhich has been determined to be exercised with reasonablecertainty, in which case the right of use asset is depreciatedover the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order todetermine whether the right of use asset has been impairedand, if this is the case, write it down for impairment.Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessedfor impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carryingamount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generatingunit is the higher of value in use and fair value less costs ofdisposal. When assessing value in use, estimated future cashflows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the timevalue of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested ata Group level representing the lowest level of identifiable cashflows which are independent of cash flows from other assetsor Groups of assets (cash generating units or CGUs). Impairment write-downs are recognised to the extent the car-rying amount of an asset or cash generating unit exceed theestimated recoverable amount. When recognizing impairmentwrite-downs related to cash generating units, any goodwillimpairment is recognized first. Any remaining impairmentamount is split pro-rata on other assets in the cash generatingunit (Group of cash generating units). Impairments are pre-sented in the line item depreciations and impairments.For other assets an assessment as to whether there are indi-cations that the impairment is no longer present or reduced ismade on the balance sheet date (reporting date). Impairmentsare reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals arelimited to the carrying amounts being equal to what it wouldhave been if no impairment had been recognised.Financial assetsFinancial assets are classified at initial recognition and aresubsequently measured at amortized cost, at fair valuethrough other comprehensive income (OCI) or at fair valuethrough profit or loss.The classification of financial assets on initial recognition de-pends on both the characteristics of the financial assets' con-tractual cash flows and the Group's business model for manag-ing these. The Group's business model for managing financialassets refers to how the Group manages its financial assets togenerate cash flows. The business model determines whethercash flows will arise by receiving contractual cash flows, or byselling the financial assets or both.Accounts receivables that do not contain a significant financingcomponent are measured at the transaction price determined inaccordance with IFRS 15, see the accounting policies in sectionon revenue from contracts with customers, and then measuredat amortized cost.Other long-term and short-term receivables, as well as cash andcash equivalents, are recognized at fair value on initial recogni-tion and subsequently at amortized cost.Financial assets at fair value through profit or loss include finan-cial assets held for trading, financial assets designated at fairvalue through profit or loss, or financial assets that are requiredto measure at fair value. Financial assets are classified as heldfor trading if they are purchased for the purpose of being sold orrepurchased within a short period of time. Derivatives are alsoclassified as held for trading.Financial assets at fair value through profit or loss are recog-nized in the balance sheet at fair value with net changes in fairvalue recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equityinvestments are recognized as financial income in the incomestatement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receivecash flows from the assets have expired or the Group hastransferred its rights to receive cash flows from the assets.Impairment of financial assetsFor accounts receivables and contract assets, the Group usesa simplified approach to calculating expected credit losses(ECL). The Group therefore does not track changes in creditrisk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and thecontract asset on each reporting date. The Group has estab-lished a provision matrix that is based on historical losses,adjusted for future-oriented factors that are specific to thedebtors and the economic environment.The Group considers a financial asset to be in default when it ismore than 60 days overdue. In some cases, however, the Groupmay also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable toreceive the outstanding contract amounts in its entirety beforetaking into account any credit insurance that the Group has. Afinancial asset is recognized as a loss when there is no reason-able expectation of receiving contractual cash flows.Further information on any impairment of financial assets isprovided in notes 20, 21 and 22.InventoryInventories are measured at the lower of cost and net realisa-ble value. Net realisable value has been estimated as sellingprice in the ordinary course of business less the estimatedcosts of completion and the estimated costs for marketingand distribution. Cost is allocated using the FIFO-method andincludes expenditures incurred in purchasing the goods, rawmaterial, costs to bring the goods and the raw material to theircurrent condition and location. Owned goods are valued atmanufacturing cost and include raw material costs, as well asother variable and fixed production costs that can be allocatedbased on normal capacity utilization. See note 2 and 19 formore information.Cash and cash equivalentsCash includes cash in hand and bank deposits. Cash equiva-lents are short term highly liquid investments which can im-mediately be converted to a known amount of cash, and witha maximum duration of 3 months from the date of acquisition.Financial liabilitiesFinancial liabilities are initially recognized as financial liabil-ities at fair value through profit or loss, subordinated loans,interest-bearing liabilities, lease liabilities, derivatives, tradepayables, or other current liabilities.Interest-bearing debt and other liabilities are recognized at fairvalue less transaction costs at the time of establishment. Insubsequent periods, loans are recognized at amortized costusing the effective interest rate. For more information see note16.Financial liabilities at fair value through profit or loss includefinancial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value throughprofit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of beingsold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forwardcontracts). Gains or losses on liabilities held for trading arerecognized in the income statement, see note 7.DerivativesThe Group uses financial forward exchange contracts (deriv-atives) to hedge the Group's currency risk. The forward ex-change contracts are recognized in the balance sheet at fairvalue at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchangecontracts is adjusted continuously at fair value through profitor loss. The forward exchange contracts are capitalized asfinancial assets when fair value is positive and as financialliabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or otherderivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.ProvisionsA provision is recognised when the company has an obligation(legal or constructive) as a result of a past event, it is likely(more likely than not) that payment will be made as a resultof the liability and the amount can be measured reliably. If theeffect is significant, the provision is measured at the discount-ed value of future cash outflows using a pre-tax discount ratereflecting the market\u2019s pricing of the time value of money and,if relevant, the risks specifically related to the liability.A provision for a guarantee is recognised when the under lyingproducts or services are sold. The provision is based on histor-ical information about guarantees and a weighting of potentialoutcomes against their likelihood of occuring.Provisions for onerous contracts are recognised when thecompany\u2019s expected revenues from a contract is lower thanthe unavoidable costs of meeting the obligations under thecontract.Contingent liabilities and contingent assetsContingent liabilities for which it is not likely that the liabilitywill incur are not recognized in the financial statements. Signi-ficant contingent liabilities are disclosed, except for contin-gent liabilities related to which it is remote that payment willhave to be made. Contingent assets are not recognised in the financial state-ments unless they are virtually certain. Other contingent assets are disclosed if it is likely that an economic benefit willbe received by the Group.Going concernIn accordance with the accounting act \u00a7 3-3a we confirm thatthe condition for continued operations is present and that theannual report have been prepared based on the going concernassumption.The company has an unused credit facility of NOK 37 million.Additionally, the board has been authorized by the generalmeeting held on 30 August 2022 to issue up to 39,508,103new shares. These authorizations are intended to be utilizedin case the parent company and the Group requires additionalequity and liquidity.As of 31 December 2022, the parent company meets all requ-irements in its loan agreements and is not in violation of anyloan conditions. Although the parent company and the Grouphas negative results in the first two months of 2023, it is stillnot in breach of the terms of any of the loans. Refer to note16 for more details on the group's and the parent company'sinterest-bearing debt conditions, as well as note 19 for infor-mation on liquidity risk and maturity structure of the Group'sliabilities.The operations of the Group are subject to uncertainty withrespect to its ability to sell sufficient product volumes at fa-vourable margins and maintain adequate cash reserves. Whilethe Company has recently achieved higher margins and impro-ved cash flow, the Board of Directors remains vigilant about re-viewing the Company's equity and cash balance. If additionalresources are needed to ensure continuity of operations andsupport planned activities aimed at generating positive cashflow and profitability, the Board will consider appropriate me-asures such as obtaining loans or equity. The current outlookindicates a positive trend, and the Board will take necessarysteps to sustain this momentum. If the group and the parentcompany do not achieve planned market measures adequa-tely, new loan facilities or share issues will be established in2023. Therefore there is an uncertainty with regards to th ego-ing concern assumption.Assuming a going concern, the Group's and the parent compa-ny's assets and values are currently present. However, the va-lue of some of the group's and the parent company's assetsmay be lower than their carrying amounts in a potential forcedsale related to liquidation. This uncertainty is primarily relatedto the value of intangible assets, fixed assets, financial assets,and investments, as well as the value of inventories.Financial implications of climate changeWhile it is widely recognized that continued emission of green-house gases will cause further warming of the planet and thiswarming could lead to damaging economic and social conse-quences, the exact timing and severity of physical effects forHBC are difficult to quantify. The large-scale and long-term na-ture of the problem makes it uniquely challenging, especiallyin the context of economic decision making.While changes associated with a transition to a lower-carboneconomy present risk, HBC also create significant oppor-tunities in the nature of our business model. Turning wastestreams into high-end human and pet nutrition is important forthe environment and out teams at the facilities are focused onclimate change mitigation and adaptation of new technologysolutions.Circular economy initiatives which HBC is a part of, and thestrive to reduce greenhouse gases is high on the agenda withthe Board and management of HBC and the Group has invest-ed significant amounts in both machinery and knowledgesince we joined the Global Reporting Initiative (GRI) in 2019.In a carbon constraint world, climate change is confrontingHBC with totally new challenges. One way the Group dealwith the impacts of climate change is to comprehend themas risks and analyse possible effects as we do elsewherein our organization by the combination of probability andits consequence. Therefore, HBC view climate risks as thepossible impacts of climate change with the potential toinfluence positively or negatively the future development of theHBC Group, and together with the rest of the Hofseth Group.The risks and opportunities for HBC from climate changeare classified as direct or indirect. Direct climate risks andopportunities are resulting out of changing natural conditionsas rising temperatures, sea levels or an increasing numberof extreme weather events. Indirect climate risks andopportunities seems to have much more implications thanthe direct ones. Examples of indirect risks are regulatory orlitigation, credit risk, market risk and reputation risk. As previously mentioned, these risks are also greatopportunities for HBC. However, risks and opportunities HBCas an organization face today related to climate change,are difficult to estimate, and mitigate or explore. HBC has awork group among the management team, led by the headof Sustainability, that analyse climate risks and utilize theopportunities that arise from climate change. As of the endof 2022, the financial implications of climate change arevery limited. As of today, there are few requirements forsustainability in the finished product, no distinctly strictemission rules at the factories, no external influence (e.g.sea level rise). The management expect increased focus onimpairment testing as the Group grow and increase its assetbase in the future.Financial implications of the war in UkraineApart from a general increase in energy-prices, the Group isnot direct affected by the conflict.Subsequent eventsNew information subsequent to the balance sheet date aboutthe Group\u2019s and the parent company\u2019s financial position atthe balance sheet date are taken into account in the financialstatements. Events subsequent to the balance sheet datewhich do not influence the Group\u2019s or the parent company\u2019sfinancial position at the balance sheet date, but which will in-fluence the Group\u2019s or the parent company\u2019s position in thefuture, have been disclosed in the notes if significant.New accounting standardsStandards with changes that apply to the accounting periodJanuary 1, 2022 has not had any material impact for the finan-cial year 2022. The group and the company have not imple-mented early standards released but not yet active.Note 2: Accounting estimates and management judgement and assumptionsThe preparation of financial statements in accordance withIFRS requires management to make judgments when choos-ing and applying accounting principles. Further, IFRS requiresthe management to make estimates based on judgments, andthat estimates and assumptions are realistic. All estimates areconsidered to be the expected value based on the manage-ment\u2019s best knowledge.The Group\u2019s most significant accounting estimates and areasof judgment are the following:\u203a Allocation of production costs in manufactruring cost offinished product cost\u203a Transactions with related parties\u203a Recognition of intangible assets\u203a Inventory - obsolescenceAssessment of losses on accounts receivablesAllocation of production costs in manufactruring cost of finished product cost Four types of finished products are produced from a commonproduction process based on the same input factors. Thevalue of the individual finished product is based on the allo-cation of production costs determined based on the finishedproduct's relative share of production yield multiplied by theexpected sales value. The same model has been used for allo-cating production costs over several years. The determinationof expected sales value as a basis for allocating productioncosts has significant discretionary assessments and has asignificant effect on the calculation of the cost of productionof the various finished product products. The group and theparent company are still in a start-up and development phase,but management's judgment has based on agreed prices inhistorical sales transactions and expected sales value at thereporting date. See notes 4, 6 and 19.Transactions with related partiesTransactions with related parties constitute a significant partof the Group's and the parent company's ordinary operatingrevenues and costs, and where the determination of arm'slength pricing is largely based on judgment. The transactionsalso affect liquidity and financial carrying capacity for theGroup's and the parent company's operations.The most significant transactions with related parties aresale of finished goods, purchase of raw materials (fish trim-mings), ongoing rental obligations related to production equip-ment and factory buildings Midsund and Berk\u00e5k, as well asagreements on short-term, long-term and subordinary loanfinancing.Hofseth BioCare ASA has a 5 years agreement startig01.01.2022, and gives the parent company the exclusive rightto get all the by-products from the production of Hofseth SalesAS's suppliers. Judgment has been applied when setting con-ditions for the purchase of raw materials. See notes 4 and 6.Hofseth BioCare ASA has sold finished goods to related partiesin 2021 and 2022. Prices are determined on the basis of currentand historical transactions with independent parties in 2021and 2022. Discretion has been used in determining conditionsfor the sale of finished goods, see notes 3 and 6. Leases of production equipment, leases of factory facilities atMidsund and Berk\u00e5k, as well as agreements for long-term andsubordinated loans. When agreeing financial terms in leases,agreements for long-term loans in 2019 and 2020 a subordi-nated loan in 2019, historical terms with third parties, achievedby the group and the parent company, have been referred to.Judgement has been applied when setting the financial terms.See notes 6, 12, 13, 16 and 18.Recognition of intangible assetsThe Group has come far in the development phase of estab-lishing production at the targeted level and with the qualitythat the business model has been based on. The Group in-vests in research and development activities on an ongoingbasis. Uncertainties exist relating to the timing of when therequirements for recognition of intangible assets have beenmet. The management\u2019s starting point is that research anddevelopment activities are capitalized when there is an identi-fiable asset or product that is controlled by the company thatis expected to result in future economic benefits. Uncertain-ties also exist relating to the assessment and estimation ofthe cost price for the intangible assets, and mainly relating tothe estimation of cost price for developing intangible assetsand product development. Development activities that qualifyfor capitalization are capitalized both in the Group and parentcompany. See note 10. InventoriesGoods in stock are valued at the lower of cost and sellingprice. It is used judgment in relation to quality and durability.The Group uses a model in which provision is made for obso-lescence gradually if goods in stock approach the expirationof the shelf life. It is set aside for obsolescence, see note 20.Assessment of loss relating to accounts receivablesAt the end of 2022, the Group had no significant overdue ac-counts receivables. All significant accounts receivables arecredit secured by Coface Norway, limited to a maximum ofTNOK 13,600 and with a coverage rate of 90 %. When analyz-ing future information about the Group's customers and mar-kets, future challenges are not listed today, which indicate thatthere will be a significant credit loss in the future. See note 18on credit risk and note 20 on accounts receivables and otherreceivables.Note 3: Segment informationThe processing plants of the parent company are situated in Nor-way, where the production is adjusted to meet the standard forhuman consumption. The Group operates solely in the produc-tion of four main products, namely salmon oil (OmeGo\u00ae), solu-ble protein (ProGo\u00ae), Calcium (CalGo\u00ae), and non-water-solubleprotein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourcedfresh, and a closed feeding system is employed to maintain highquality with low oxidation levels. The oil is stored in nitrogen-filledtanks to preserve its quality during the manufacturing process.The unique production process involves the release of oil fromthe raw material using enzymes, resulting in fresh salmon oil witha long shelf life.The Group also produces hydrolyzed salmon protein, which isquickly absorbed by the body and has good solubility in water.The manufacturing process has been optimized for increasedcapacity and quality, with improvements made in 2021 and 2022.The Midsund factory expansion, completed in 2021, has replacedthe drying process previously carried out at Berk\u00e5k.In 2018, the Group installed a fully automated process line to pro-duce calcium powder, resulting in increased yield and improvedquality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to purecalcium powder.The non-soluble protein, known as the PHP fraction, is separatedand dried to produce high-quality fishmeal.Although the products are produced in the same process andfrom the same raw material supply, the revenue is split by productfor informational purposes. The management monitors the costof sales as total cost of sales but split by product. The ProductionManager manages production by tracking the raw material inputand finished goods output of the four product types to calculatethe margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 By product \u00ae Salmon Oil (OmeGo) 77 759 43 433 77 759 43 433\u00ae Soluble Protein Hydrolysate (ProGo) 12 598 9 504 12 598 9 504\u00ae Calcium (CalGo) 2 914 2 716 2 914 2 716 Non-soluble Protein (PetGo\u2122) 25 480 20 920 25 480 20 920 Other income 1 697 5 696 1 208 6 128 Sum revenue 120 448 82 268 119 959 82 700 Insurance claim settlement0 5 348 0 5 348Total revenues120 448 87 616 119 959 88 048 By region Norway 6 991 13 772 6 502 14 207 Asia 14 164 3 974 14 164 3 974 Europe excl Norway 78 162 39 974 78 162 39 974 America 21 131 24 548 21 131 24 548Total revenues120 448 82 268 119 959 82 700* the group recieved TNOK 5 348 in 2021 for calcium damaged in 2021. In 2022 goods totaling TNOK 59.196 were sold to three custom-ers, each of which accounted for more than 10 % of total turn-over. The sales to each of these customers are TNOK 28,329, TNOK 17,750, and TNOK 13,117, respectively. In 2021, goods totaling TNOK 44,472 were sold to three customers, each of which accounted for more than 10 % of total turnover. The sales to each of these customers are TNOK 20,219, TNOK 14,282 and TNOK 9,971. The company has no contractual assets or liabili-ties as of 31 December 2022.Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Raw material 55 704 38 559 55 662 38 559 Freight26 252 17 700 26 252 17 750 Purchased services26 953 24 374 25 846 32 009 Obsolescence cost8 537 399 8 537 399 Change in inventory -25 512 -16 515 -25 512 -16 566 Total cost of sales 91 934 64 517 90 785 72 152OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Leases of equipment 1 707 1 159 1 611 1 046Leases of warehouses and factories 2 239 1 450 2 094 1 062Travelling cost2 651 1 187 2 510 1 008Consultant fees and tax advisory 2 110 1 671 1 956 1 577Lawyers1 263 2 354 1 263 2 354Consulting14 498 18 921 16 927 18 069Advertising 15 042 13 031 15 040 13 031R&D and patents13 635 8 869 13 630 8 800Repair and maintenance 10 555 12 533 9 007 10 950Other operating expenses 7 855 9 319 6 419 7 792Government grants-1 879 -2 894 -1 840 -2 587 Total69 677 67 600 68 617 63 100The Group recieved grants from skattefunn of TNOK 4 324 (TNOK 4 509 in 2021), split by TNOK 1 879 in other operating expenses and TNOK 2 445 in salaries. Corresponding num-bers was TNOK 4 132 (TNOK 4 122 in 2021) for parent compa-ny, split by TNOK 1 840 in other operating expenses and TNOK 2 292 in salaries. See note 5.Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01AUDITOR\u2019S FEES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Audit fees 1 621 1 260 1 537 1 215Other confirmations 45 0 45 0Tax advice 0 33 0 31Other services 0 6 0 6Total 1 666 1 299 1 582 1 252VAT is not included in the amounts above. TNOK 24 of the total amount is capitalized direct against equity.Note 6: Related party transactionsThe Group's related parties include shareholders, board mem-bers and the senior management and their related parties.RH Industri AS, Hofseth Property AS, Hofseth InternationalAS, Hofseth Logistics AS, Seafood Farmers of Norway AS,Hofseth AS, Hofseth Sales AS, Hofseth Aalesund AS, HofsethNorth America, Hofseth Asia, Hofseth Processing AS, \u00c5lesundKipervikgate 13 AS and Hofseth Aqua AS are considered to berelated parties to Hofseth BioCare ASA. In these companies,CEO (up until 29.07.2022), board member and shareholderin Hofseth Biocare ASA, Roger Hofseth, has significant influ-ence through ownership interests, leading positions and boardmemberships. Further is shareholder Yokorei CO. Ltd. consid-ered a related party. All related party transactions have been made in the ordinary course of the business at the arms length principle. The main transactions made in 2021 and 2022: \u203a Purchase of raw materials from Hofseth Sales AS. See fur-ther details in the agreement below. \u203a 13 of the company's (16 in the group) lease agreement for production equipment that are active in 2022 have been entered into with Hofseth AS, Hofseth International AS and RH Industri AS and subleased to Hofseth BioCare ASA with a mark-up of 5-10 % on monthly instalments. \u203a Other minor administration costs are invoiced from Hof-seth International AS. \u203a Yokorei Co. Ltd. had a loan to the Group wich has been re-paid in full during 2022 (TNOK 1,879 as of 31 December2021). The loan expired on 30 September 2022 and had afixed interest rate of 4 %. \u203a RH Industri AS had provided a subordinated loan to thegroup with an outstanding amount of TNOK 22,432 as of 31December 2021. The loan expired 30 September 2024 andcarries an interest rate of Nibor + 4.5 %, but the full amounthas been convertes to shares in he share issue in July 2022. \u203a RH Industri AS and Hofseth Sales AS have paid storagerent of TNOK 0 in 2022 (TNOK 646 in 2021), for goods pur-chased from the company in 2020. \u203a Hofseth BioCare ASA had a agent agreement with HofsethInternational AS, Hofseth Sales AS and RH Industri AS re-cieved agent fees of total TNOK 0 (TNOK 190 in 2021) forsale of goods stored at the companys storage. \u203a Hofseth North America has purchased goods worth TNOK17,750 in 2022 (TNOK 9,971 in 2021). \u203a Yokorei Co. Ltd. has purchased goods worth TNOK 247 in2022 (TNOK 207 in 2021). \u203a The Group rents factory buildings at Midsund and Berk\u00e5kfrom Hofseth Property AS at a cost of TNOK 12,071 in2022 (TNOK 10,150 in 2021). The agreement is signed for15 years, until 2032.The statement of profit and loss and the balance sheet include the following transactions with shareholders and related partiesto shareholders: BALANCE SHEET ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Right of use assets 108 938 109 917 88 176 89 085 Trade receivables 2 354 2 325 2 243 2 325 Subordinated loan 0 -22 433 0 -22 433 Loan from shareholders 0 -1 879 0 -1 879 Other receivables 0 0 9 577 75 Leasing liabilities -101 661 -109 917 -81 929 -89 085 Trade payables -125 842 -107 094 -122 979 -106 086 Total -116 210 -128 074 -104 913 -127 999PROFIT AND LOSS ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Sales revenue 18 881 14 269 18 881 14 269 Total revenue 18 881 14 269 18 881 14 269 Cost of sales 51 381 68 548 51 381 68 548 Other operating expenses 5 353 12 910 5 271 10 675 Financial expenses 7 960 8 383 6 562 6 762 Total costs 64 694 89 840 63 214 85 985Raw Material agreementsThe company has a 5-year agreement with Hofseth Sales AS on exclusive rights to all by-products from Hofseth Sales`s suppliers starting 01.01.2022. Hofseth Sales AS is a 100 % subsidiary of RH Investments AS, which is closely related to Roger Hofseth.Transactions and balances between parent companies and subsidiariesThe company has sold goods and services to subsidiaries HBC Berk\u00e5k AS for TNOK 40 in 2022 (TNOK 815 in 2021).The subsidiaries HBC Switzerland GmbH has sold services to the parent company of TNOK 3 447 (TNOK 0 in 2021) and HBC Berk\u00e5k AS for TNOK 996 in 2022 (TNOK 10 211 in 2021).The company has agreed on a loan to with HBC Berk\u00e5k with a balance of TNOK 0 as of 31 December 2022 (TNOK 4 976 as of 31 December 2021), with an agreed interest rate of Nibor + 3.0 %. Balance to HBC Therapeutics AS was TNOK 25 as of 31 December 2022 (TNOK 0 as of 31 December 2021) and a Balance to Hofseth Biocare R\u00f8rvik AS was TNOK 75 as of 31 December 2022 (TNOK 75 as of 31 December 2021) Balance to HBC Switzerland GmbH was TNOK 0 as of 31 December 2022 (TNOK 0 as of 31 December 2021).Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182Note 8: Income taxesINCOME TAXES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Income tax expense Prior year taxes 0 0 0 0 Tax expense 0 0 0 0 Calculation of taxable income Loss before tax -137 390 -126 464 -119 367 -122 241 Permanent differences -1 937 4 050 -1 937 4 437 Change in temporary differences 22 581 -16 588 10 505 3 544 Taxable result -116 745 -139 002 -110 799 -114 260 Temporary differences Fixed assets 19 546 33 932 7 533 9 862 Loss carry forward -1 034 784 -918 039 -976 315 -865 516 Other temporary differences -20 524 -12 329 -20 524 -12 348 Total -1 035 763 -897 436 -989 306 -868 002 Calculated deferred tax asset 22 % 227 868 197 436 217 647 190 960Deferred tax assets are not recognised in the balance sheet. RECONCILITATION OF TAX EXPENSE Konsern Morselskap(Amounts in NOK 1000) 2022 2021 2022 2021 Loss before tax -137 390 -126 464 -119 367 -122 241 Tax 22% -30 226 -27 822 -26 261 -26 893 Permanent differences -426 891 -426 976 Defered tax assest, not recognized 30 652 26 931 26 687 25 917 Total tax expense 0 0 0 0Note 9: Earnings per shareThe Group\u2019s earnings per share are calculated by dividing the profit for the year attributable to share holders by the weighted average number of shares outstanding during the year.Diluted earnings per share are calculated by dividing the pro fit attributable to the share holders by the weighted average num-ber of shares outstanding during the year. EARNINGS PER SHARE Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Profit attributable to share holders -137 390 -126 464 -119 367 -122 241 Weighted average number of shares outstanding 374 737 357 831 374 737 357 831 Earnings per share -ordinary -0.37 -0.35 -0.32 -0.34 -diluted -0.37 -0.35 -0.32 -0.34Note 10: Intangible asset2021 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2021 53 743 3 438 3 671 2 627 63 480Additions 0 987* 1 243 0 2 229Internally developed 12 598 0 0 0 12 598Cost at 31.12.2021 66 341 4 425 4 914 2 627 78 307Depreciation at 01.01.2021 14 843 452 3 341 2 409 21 046Depreciation charge of the year 3 325 307 281 218 4 132Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2021 18 169 759 3 622 2 627 25 178Net book value at 31.12.2021 48 172 3 666 1 292 0 53 055Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation2022 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2022 66 341 4 425 4 914 2 627 78 307Additions 0 2 355* 0 0 2 355Internally developed 11 237 0 0 0 11 237Cost at 31.12.2022 77 579 6 780 4 914 2 627 91 899Depreciation at 01.01.2022 18 169 759 3 622 2 627 25 178Depreciation charge of the year 5 282 531 132 0 5 945Impairment 0 188 0 0 188Impairment and depreciation at 31.12.2022 23 451 1 478 3 754 2 627 31 311Net book value at 31.12.2022 54 128 5 302 1 159 0 60 588Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation* Some development projects and IT system is under development. Included in the group\u2019s intangible assets is a webshop de-veloped in the subsidiary HBC Therapeutics AS, the carrying amount was TNOK 0 as of 31 December 2022 (TNOK 188 as of 31 December 2021). The asset in the subsidiary was written down in full in 2022.Throughout 2022, HBC R&D has focused on developing, im-proving, and refining their products and processes. Through extensive research, positive health effects have been uncov-ered in the ingredients, making development a critical aspect that sets HBC's products. Core activities such as research, development, and documentation are integral to HBC's R&D work. Additionally, significant investments were made in 2022 towards documenting and testing the trademarked products including ProGo\u00ae, CollaGo\u00ae, OmeGo\u00ae, and CalGo\u00ae. This work is vital to demonstrate the efficacy and unique properties of the products during marketing and sales. Research and developmentis crucial for the industrial process of producing the compa-ny's products, as it involves advanced equipment that may ex-perience downtime during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the volume of raw materials necessitates the optimization of all production stages. In 2022, HBC continued to enhance their knowledge through studies and analyzing the ingredients' elements that provide the desired biological effect. The laboratory and factory spent more time studying and testing these effects, resulting in some health effects being recognized by international health authorities.The company's operations and products must meet environ-mental and health requirements, regulations, agreements, and conventions. Meeting these standards required extensive de-velopment activities. The company has ongoing R&D efforts todevelop more efficient production methods and improve theproducts' human use.The R&D process consists of five steps, which are to furtherdevelop the enzymatic hydrolysis of salmon cutting to pro-duce unique products with proven health effects, optimize thehandling of raw materials and finished products in the valuechain, develop technology to produce higher quality productfractions of protein, calcium, and oil, identify, research, anddocument bioactivity in the products, and document biosafe-ty, bioavailability, and biological effects through \"in-vitro\" and\"in-vivo\" studies.Total research and development costs for 2022 were TNOK28,521 (2021 TNOK 26,859). Of this, TNOK 11,237 has beencapitalized in 2022 (2021: TNOK 12,598).The following were the most significant development projectswith related capitalized development expenditures:The R&D process is divided into four steps:1. The development of ProGo\u00ae peptides for Gastro-Intestinal(GI) health. The collaboration with Stanford has shown thatSPH provides excellent protection against GI tract inflam-mation in standard models of inflammatory bowel disease(IBD). The mode of action is an upregulation of the an-ti-inflammatory gene system, HMOX1. A proof-of-conceptclinical trial in IBD patients at Stanford is expected to com-mence during 2023. The capitalized development costs for2022 were TNOK 3,027.2. OmeGo\u00ae as a Novel anti-eosinophilic therapeutic, as it hasshown through clinical studies to decrease inflammationin the body. Our efforts at developing a pharmaceuticallead program around eosinophilia inflammation control ison-going. Our lead analog, MA-022, has shown a clinical-ly significant and enhanced level of eosinophil control inin-vitro. Initial development will focus on eosinophilic eso-phagitis, an orphan condition that causes pain and difficul-ty in swallowing. Work for the scaling up of MA-022 synthe-sis is complete and preclinical in vitro and in vivo work willcommence in 2023. There are no licensed oral options forEoE and exclusion diets and topical steroids have limitedimpact on symptoms. The capitalized development costsfor 2022 were TNOK 2,572.3. HBC's OmeGo whole salmon oil's underlying drivers of im-mune health, respiratory & overall health. The broad inflam-mation-resolving profile of OmeGo\u00ae, as demonstrated byour prior research, is expected to help reduce lung irritationwith an improvement in lung function and quality of life.Particulate matter pollution is a global health problem im-pacting lung, cardiovascular and overall health. The capital-ized development costs for 2022 were TNOK 5,638.4. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials and they are still ongoing. This includesstudies for Asthma, Osteopenia and Arthritis. The costs re-lated to the CTU in 2022 have not been capitalized in 2022.TrademarksThe Group has registered its trademarks under the interna-tional Madrid Protocol. The trademarks are ProGo\u00ae for hydro-lyzed protein, CalGo\u00ae for Calcium, PetGo\u2122 for non-soluble protein and OmeGo\u00ae and Brilliant\u2122 for salmon oil.Note 11: Fixed assets2021 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2021 165 637 10 955 176 593 156 863 10 846 167 709Additions 22 487 436 22 924 19 493 436 19 929Cost at 31.12.2021 188 125 11 392 199 516 176 356 11 283 187 639Depreciations at 01.01.2021 111 709 8 822 120 531 108 126 8 752 116 878Depreciations for the year 13 207 288 13 495 11 846 275 12 121Depreciations at 31.12.2021 124 916 9 111 134 027 119 972 9 028 129 000Book value 31.12.2021 63 209 2 281 65 489 56 384 2 255 58 639Economic life 5-10 years 3-10 years 5-10 years 3-10 years Method of depreciation Straigt line Straigt line Straigt line Straigt line depreciationdepreciationdepreciationdepreciation2022 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2022 186 084 13 432 199 516 176 356 11 282 187 639Additions 2 631 2 149 4 780 1 746 2 149 3 895Cost at 31.12.2022 188 715 15 581 204 296 178 102 13 431 191 534Depreciations at 01.01.2022 124 916 9 110 134 027 119 972 9 027 129 000Depreciations for the year 7 692 2 149 9 841 6 109 2 149 8 258Depreciations at 31.12.2022 132 608 11 259 143 868 126 081 11 176 137 258Book value 31.12.2022 56 107 4 322 60 428 52 021 2 255 54 276Economic life 5-10 years 3-10 years 5-10 years 3-10 years Method of depreciation Straigt line Straigt line Straigt line Straigt line depreciationdepreciationdepreciationdepreciationThe company has pledged assets as collateral for loans. See more in note 16.Note 12: LeasesThe company and the group as lessee The company and the group\u2019s right of use assets include manufacturing facilities, machinery and equipment and fixtures and fittings:2021 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2021 66 078 38 321 2 118 106 517 42 538 35 121 1 585 79 244Additions 34 516 17 628 0 52 144 34 516 15 317 0 49 833Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2021100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Depreciations 01.01.2021 10 037 16 103 457 26 597 6 867 15 491 446 22 803Depreciations fot the year 6 953 4 696 75 11 723 5 499 3 925 32 9 457Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2021 16 990 20 798 532 38 320 12 366 19 416 478 32 303Carrying amounts 31.12.2021 83 604 35 151 1 586 120 342 64 688 31 022 1 107 96 774Shortest of lease term or economic 15 years 5 years 3-5 years 15 years 5 years 3-5 yearslifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation 2022 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2022 100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Additions 0 2 464 0 2 464 0 2 254 0 2 254Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2022100 594 58 416 2 118 161 125 77 054 52 692 1 585 131 331Depreciations 01.01.2022 16 990 20 799 532 38 321 12 366 19 416 478 32 303Depreciations fot the year 8 682 5 711 45 14 438 6 799 4 918 45 11 762Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2022 25 672 26 510 577 52 759 19 165 24 377 523 44 065Carrying amounts 31.12.2022 74 922 31 903 1 541 108 366 57 889 28 315 1 062 87 266Shortest of lease term or 15 years 5 years 3-5 years 15 years 5 years 3-5 yearseconomic\ue878lifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation Lease liabilities: Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Undiscounted lease liabilities and due dates for paymentsLess than 1 year 19 496 19 496 14 653 15 9392-5 years 54 272 62 288 45 237 50 369More than 5 years 49 479 52 968 39 576 41 154Total undiscounted lease liabilities 31.12 123 247 134 752 99 465 107 462 Changes in lease liabilities Total lease liabilities 1.1 112 977 72 302 90 144 48 997 New/changed lease liabilities recognized in the period 2 464 52 144 2 254 49 833 Payment of principal amounts-12 625 -11 469 -9 850 -8 686 Payment of interest amounts-8 592 -7 595 -7 053 -5 898 Interest related to the lease liabilities8 592 7 595 7 053 5 898 Total lease liabilities 31.12102 815 112 977 82 547 90 144 Current lease liabilities 31.12 (note 16) 12 855 12 099 10 055 9 801 Non-current lease liabilities 31.12 (note 16)89 960 100 878 72 492 80 343 Cash outflows for lease liabilities19 496 19 064 14 653 14 584The lease agreements do not restrict the parent company\u2019s and the group\u2019s dividend policy or financing opportunities. The parent company and the group do not have significant residual value guarantees in the lease agreements.The parent company and the group\u2019s leases of machinery and equipment include, in addition to lease payments, a requirement to maintain and secure the assets (right of use assets). The terms in the lease agreements varies from 3-7 year, and several of the agreements include an option to extend the lease. At the expiry date of the main term of the lease, the lease og the ma-chinery and equipment may be continued for a lease payment of 1/12 of the lease payments in the main lease period. The company may also request to purchase the equipment.The company and the group\u2019s leases of manufacturing facilities (Midsund og Berk\u00e5k) have lease terms of 15 years, no extension options, and the leases expire 31 March 2032. When entering into an agreement the group assesses whether it is reasonably certain to exercise an option to purchase the assets. The leases of the manufacturing facilities have no options to purchase.Leases of fixtures and fittings in the table above contain no ex-tension or purchase options. The group\u2019s potential future lease payments which have not been included in the lease liabilities re-lating to purchase options were TNOK 0 as of 31 December 2022.Applied practical expedientsThe company and the group lease warehouses in which both the lessor and the company / group have the right to terminate the agreements on a 3-6 months notice period. For such agree-ments the company and the group do not recognize lease liabil-ities and related right of use assets. Such lease payments are expensed when incurred.Lease payments for the abovementioned leases amounted to TNOK 1,707 (TNOK 1,159 in 2021) for fixture and fittings for the Group and TNOK 2,239 (TNOK 1,450 in 2021) for stor-age, and for the parent company TNOK 1,611 (TNOK 1,046 in 2021) for fixture and fittings TNOK 2,094 (TNOK 1,062 i 2021) for storage (see note 4). Cash flow from these lease obliga-tions is approximately equal to the amount expensed and is included in net cash flow from operating activities.Note 13: Changes in liabilities from financial activities GROUP(Amounts in NOK 1000) 1.1.2021 Downpayment Withdrawals New leases Other adjustments 31.12.2021Short-term interestbearing liabilities 64 078 -3 428 0 0 3 425 3 425(excl. posts below)Short-term leasing liabilities 8 224 0 0 0 3 875 12 099Long-term interest-bearing debt -2 416 0 0 0 1 3523 768(excl. posts below)Long-term leasing liabilities 64 078 -10 255 0 50 980 -3 925 100 878Subordinary loan 21 346 0 1 087 0 0 22 433Total 100 844 -16 099 1 087 50 980 3 375 140 187PARENT(Amounts in NOK 1000) 1.1.2021 Downpayment Withdrawals New leases Otherdjustments 31.12.2021Short-term interest-bearing 2 884 -2 884 0 0 1 879 1 879liabilities(excl. posts below)Short term leasing liabilities 6 427 0 0 0 3 374 9 801Long-term interest-bearing debt 1 875 -1 875 0 0 0 0(excl. posts below)Long-term leasing liabilities 42 570 -6 761 0 48 940 -4 406 80 343Subordinary loan 21 346 0 1 087 0 0 22 433Total 75 102 -11 520 1 087 48 940 847 114 456GROUP(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases Other adjustments 31.12.2022Short-term interestbearing liabilities 3 425 -3 425 0 0 540 540(excl. posts below)Short-term leasing liabilities 12 099 0 0 0 756 12 855Long-term interest-bearing debt -540 0 0 0 8121 352(excl. posts below)Long-term leasing liabilities 100 878 -12 625 0 2 464 -757 89 960Subordinary loan 22 433 -1 879 0 0 -20 554 0Total 140 187 -18 469 0 2 464 26 836 104 167PARENT(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases Other adjustments 31.12.20221 879 -1 879 0 0 0 0Short-term interest-bearing liabilities(excl. posts below)Short-term leasing liabilities 9 801 0 0 0 254 10 055Long-term interest-bearing debt 0 0 0 0 0 0(excl. posts below)Long-term leasing liabilities 80 343 -9 850 0 2 254 -255 72 492Subordinary loan 22 433 -1 879 0 0 -20 554 0Total 114 456 -13 608 0 2 464 -20 555 82 547Note 14: Fair value measurement The following tables provide fair value measurement hierarchy of the group's financial liabilities. The fair value of financial assets is not disclosed as the fair value is approximately book value.LIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 23 784 0 0 23 784Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 22 433 0 0 22 433Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879Interest-bearing loans floating interest rate from 31.12.21 4 979 0 0 4 979subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 1 352 0 0 1 352Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 0 0 0 0Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.22 0 0 0 0rates Note 15: Financial assetsIFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held atfair value through profit or loss, and for contract assets. Thecompany and the group have a high degree of collateral forcredit insurance on all accounts receivables and collaterals onother receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.FINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Amortized cost receivables:Accounts receivable 14 072 10 089 13 803 9 970Other current receivable 0 0 9 577 75Total financial assets 14 072 10 089 23 380 10 045Total current financial assets 14 072 10 089 23 380 10 045Total non-current financial assets 0 0 0 0Note 16: Interest-bearing debt and borrowingsNON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2024- 812 1 352 0 0 Loan from shareholder 4,0% 2024- 0 0 0 0 Subordinary loan NIBOR+4,5% 2024- 0 22 433 0 22 433 Lease liability 6% - 8% 2024- 89 960 100 878 72 492 80 343 Total 90 772 124 662 72 492 102 776CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2023 540 541 0 0 Loan from shareholder* 4,0% 2023 0 1 879 0 1 879 Subordinary loan 6,6% 2023 0 0 0 0 Lease liability 6% - 8% 2023 12 855 12 099 10 055 9 801 Total 13 395 14 519 10 055 11 680 Sum interest-bearing debt 104 167 139 181 82 548 114 456*Loan is issued in JPY - unrealized loss calculated to TNOK 0 per 31.12.2021, repaid per 31.12.2022.The parent company has a credit facility in bank with a creditlimit of TNOK 37,000. The credit limit was unused as of 31December 2022.In addition to the above, the parent company had a current interest- bearing liabilities towards the subsidiary HBC Berk\u00e5k AS amounting to TNOK 0 as of 31 December 2022 (TNOK 4,976 as of 31 December 2021). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable andinventory.(Amounts in NOK 1000) 2022 2021Trade receivable 13 803 9 970Inventory 115 983 90 244 Total 129 786 100 215The Group insures significant receivables against credit risk. The insurance is limited to a maximum of TNOK 13,600 and a coverage rate of 90 %.Financial covenantsCredit facility Sparebank1 NordvestAs of 30 June and 31 December each year, the company will have a liquidity reserve of at least NOK 5 million in the form of cash and unused drawing rights in operating credit facility. The book value of equity in Hofseth BioCare ASA shall at all times amount to at least 25 % of the book value of the company's assets. The company had an equity ratio of 41.7 % and was thus not in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2022.Note 17: Financial assets and liabilities by category Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Financial assets at amortized cost:Long-term financial lending and deposit 0 987 0 987Accounts receivable 14 072 10 089 13 803 9 970Other financial loans (see note 15) 0 0 9 577 75Total financial assets amortized cost 14 072 11 076 23 380 11 033Total financial assets 14 072 11 076 23 380 11 033Fair value is equal to carrying amount.Financial liabilities at amortized cost:Interest-bearing short-term debt 0 1 879 0 1 879Accounts payable 145 752 124 165 140 551 121 476Interest-bearing short-term debt subsidiaries 0 0 0 4 976Other short-term debt (note 23) 13 081 12 249 11 720 15 367Non-current interest-bearing debt 812 23 784 0 22 433Non-current leasing obligations 89 960 100 878 72 492 80 343Total financial liabilities amortized cost 249 605 262 955 224 764 246 473LEVEL 3, PARENT 2022 2021(Amounts in NOK 1000) Booked value Fair value Booked value Fair valueCurrent interest-bearing liabilities 10 055 10 055 11 680 11 663Non-current interest-bearing liabilities 72 492 72 492 102 776 103 511Interest-bearing short-term debt of subsidiaries 0 0 4 976 4 881LEVEL 3, GROUPNon-current interest-bearing liabilities 13 395 13 395 14 519 14 502Interest-bearing short-term debt of subsidiaries 90 772 90 772 124 662 125 398Presentation of fair value measurements by level in the fair value hierarchy:Level 1: Quoted prices in active markets for identical assets or liabilitiesLevel 2: Valuation based on other observable factors either di-rectly (price) or indirectly (derived from price) than the quoted price (used in level 1) for the asset or liabilityLevel 3: Valuation based on factors not obtained from observ-able market data (unobservable conditions)The fair value of interest-bearing current and long-term fixed rate debt (level 3) is calculated by comparing the Group and parent company's conditions with market terms for debt with similar maturity and credit risk.The company has no other financial instruments measured at fair value, except for forward exchange contracts. The carrying value of cash and cash equivalents, short-term receivables, and short-term payables approximates fair value as these instru-ments have short maturities, and \u00abordinary\u00bb conditions.Note 18: Financial risk managementFinancial riskThrough its activities, the Group is exposed to various types offinancial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishesguidelines for their management. The Group's overall risk man-agement program focuses on the unpredictability of the finan-cial markets and seeks to minimize potential adverse effectson the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions andfinancial leasing arrangements with the purpose of obtainingcapital for investments in the Groups operations. In addition,the company has financial instruments such as accounts re-ceivable and accounts payable, etc., which are directly relatedto the daily operational activities. Interest rate riskSince the company and the group have no significant inter-est-bearing assets, the exposure to interest rate risk is throughtheir financing activities. The company's and the group's inter-est rate risk is related to non-current interest-bearing loans,current interest-bearing loans and lease liabilities. Loans withfloating interest rates lead to interest rate risk for the company'sand the Group's cash flow. See note 17 for the book value andfair value of the financing activities and note 16 for interest rateterms relating to interest-bearing financing obligations as of 31december 2022. For the company's and the Group's loan portfolios that havefloating interest rates, this means that the company is affectedby changes in the interest rate level. The loans are recognizedat amortized cost.The following table shows the Group's sensitivity to interest ratefluctuations. The calculation includes all interest-bearing instru-ments and financial interest rate derivatives to the extent thatthey are present.The following table shows the parent company's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instruments and financial interest rate derivatives to the extent that they are present.Foreign exchange risk The parent company and the group had a foreign exchangeloan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, thepurchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitoredmovements in the foreign exchange market and has assessedhedging strategies in 2022 based on the parent company'sand the group's contractual and predictable income streams.The parent company and the group therefore entered into for-ward exchange contracts both in 2021 and in 2022 in order tosecure the Group's budgeted future sales in foreign currency(Euro and USD), but have not used hedge accounting. The par-ent company and the group had no positions per 31 December2022 or 31 December 2021.Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -1 130-100 1 1302022 +100 -1 042-100 1 042Average interest rates on financial instruments were as follows:Average interest rate in % 2022 2021 Loan from shareholders 4.00 4.00 Secured debt 6.64 5.09 Lease liabilities 5.30 5.97Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -901-100 9012022 +100 -1 036-100 1 036The below table demonstrates the sensitivity of possiblechanges in EUR, USD and JPY when all other variables areconstant. The effect on the parent company's and the Group'sprofit before tax is due to changes in the fair value of monetaryassets and liabilities, including forward exchange contracts. Ifthe company had used hedge accounting, a currency changewould also have resulted in changes to the OCI. The companydoes not use hedge accounting. Credit riskThe parent company and the Group are exposed to credit riskprimarily related to accounts receivable, non-current financialloans, current financial loans, as well as other financial activi-ties including cash and cash equivalents (bank deposits).The Group limits its exposure to credit risk through a credit rat-ing of its customers before credit is given. The Group has cred-it insurance for all its significant accounts receivable throughCoface Norway (see 20 for further information on credit expo-sure and maturity analyzes on accounts receivable).The maximum risk exposure of trade receivables for the groupas of 31 December 2022 is TNOK 14,072 (TNOK 10,089 as of31 December 2021), and for parent company TNOK 13,803(TNOK 9,970 as of 31 December 2021). The risk of loss onaccounts receivable is considered low and there has been noneed to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 9,577 (TNOK 75 in 2021), wherecredit risk is considered low. (see note 15, 17 and 20 for furtherinformation on financial loans and other current receivables).Credit risk for cash and cash equivalents, including bank de-posits, is managed by the Group's management. The Group'ssurplus liquidity is invested by bank deposits with a financialcounterparty with low credit risk. The Group has no investmentsin excess liquidity in debt or equity instruments.The Group has not provided any guarantees for third-party debt.Liquidity riskLiquidity risk is the risk that the Group will not be able to meetits financial obligations as they fall due. The Group's approachto liquidity management is to ensure, to the extent possible,that it will always have sufficient liquidity to meet its liabili-ties when due, both under normal and stressed conditions,without incurring unacceptable losses or risking damage tothe Group\u2019s reputation. Cash flows are regularly monitoredby the finance department to ensure that the parent companyhas sufficient cash to meet operational commitments, and atany time to maintain sufficient flexibility in the form of creditfacilities so that it does not violate limits or covenants for anyof the loans. The parent company and the Group aims to havesufficient cash, cash equivalents or credit opportunities in themedium term to cover interest and principal payments in theshort term. Please also refer to note 1 section Going concern.As of 31 December 2022 the group had MNOK 32,4 in cash,of which MNOK 2,6 were restricted cash as of 31 December2022. As of 31 December 2021 the group had MNOK 49.9 incash, of which MNOK 2,7 were restricted cash. The group expects to have a stable production level with sta-ble quality which satisfies the requirements for human quality.The activities to increase sales to existing customers, as wellas the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significantimprovement in the company\u2019s cash flows. Expected cashflows are subject to uncertainties related to achieved salesprices and volume. Risk factors should be considered in conjunction with the riskfactors described in note 2 accounting estimates.The table below shows the maturity profile of the Group'sfinancial liabilities based on contractual undiscounted pay-ments, classified according to maturity structure, that is, takeninto account contracts with fixed maturity dates. When thecounterparty can make an election of when an amount is to bepaid, the liability is included in the basis covering the earliestdate on which the entity can be required to pay. Financial liabil-ities that may be required to be paid on demand are includedin the \u00abwithin 1-3 months\u00bb column.Change in currency Change in NOK Effect on profit before tax Effect on balance(Amounts in NOK 1000) to foreign EUR USD JPY USD EUR JPYcurrency2 581 2 425 -8 n/a n/a 1882021 +10% -10 % -2 581 -2 425 8 n/a n/a -1882022 +10% 556 306 -5 n/a n/a n/a -10 % -556 -306 5 n/a n/a n/a2021 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2023 2024 2025 2026 > 5 years TotalmonthsInterest bearing debt to financial institutions0 299 0 295 577 561 274 0 0 2 006Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 920 4 890 4 859 4 828 17 863 16 045 15 252 13 128 52 968 134 752Trade payables124 165 0 0 0 0 0 0 0 0 124 165Other current liabilities7 921 4 328 0 0 0 0 0 0 0 12 249Total 137 870 10 374 5 806 5 375 19 450 39 122 15 526 13 128 52 968 299 6192022 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions0 291 0 287 561 274 0 0 0 1 412Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities4 659 4 593 4 464 4 429 16 089 13 867 12 540 11 777 49 479 121 895Trade payables145 752 0 0 0 0 0 0 0 0 145 752Other current liabilities8 692 4 389 0 0 0 0 0 0 0 13 081Total 159 103 9 273 4 464 4 715 16 650 14 141 12 540 11 777 49 479 282 1402021 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2022 2023 2024 2025 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 025 3 998 3 971 3 944 14 460 12 833 12 187 10 889 41 154 107 462Trade payables121 476 0 0 0 0 0 0 0 0 121 476Other current liabilities11 715 3 652 0 0 0 0 0 0 0 15 367Total 138 080 8 509 4 918 4 196 15 470 35 350 12 187 10 889 41 154 270 7532022 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities3 740 3 680 3 629 3 605 13 263 11 576 10 541 9 856 39 576 99 465Trade payables140 551 0 0 0 0 0 0 0 0 140 551Other current liabilities7 817 3 903 0 0 0 0 0 0 0 11 720Total 152 108 7 538 3 629 3 605 13 263 11 576 10 541 9 856 39 576 251 737The group and the parent company signed in February 2020 anew credit facility for up until TNOK 37,000 with SpareBank 1Nordvest for working capital need related to future sales con-tracts. In addition to the available cash and cash equivalentsas of 31 December 2022, this secures the group and the com-pany sufficient liquidity for 2023. See note 16 on interest-bear-ing debt for further information.In the future, the management and the board will continue toprioritize the work on an appropriate and long-term financingof Hofseth BioCare ASA.Capital structure and equityThe group and the parent company's objectives with respectto capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and otherstakeholders, and to maintain an optimal capital structure toreduce capital costs. By ensuring sound ratios between equityand debt the group and the parent company will support itsoperations, thus maximizing the value of its shares.The parent company manages its capital structure and makesnecessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business isrun, and the prospects seen in the short and medium term,including any adjustment of dividend shares, buyback of ownshares, reduction of share capital or issuance of new shares.There has been no change in the policy in this area in 2022.The Group's equity ratio was 36.0 % as of 31 December 2022and (33.7 % as of 31 December 2021). The parent company'sequity ratio was 41.7 % as of 31 December 2022 (36.2 % as of31 December 2021).Note 19: InventoryINVENTORY Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Salmon oil 4 803 1 611 4 803 1 611 Soulible protein 32 083 34 492 32 083 34 492 Calcium 48 268 43 517 48 268 43 517 Non-soluble protein and other 3 558 2 647 3 558 2 647 Webshop products 11 694 1 164 11 694 1 164 Total finished goods 100 407 83 431 100 407 83 431 Packaging and auxiliary materials 16 118 7 382 15 577 6 813 Total inventory 116 525 90 813 115 983 90 244Provision for obsolescence of TNOK 19,145 as of 31 Decem-ber 2022 compared to TNOK 10,608 as of 31 December 2021.Profit effect change in obsolescence provisions is included incost of goods with TNOK 8 537 in 2022 (TNOK 400 in 2021).See notes 2, 3 and 4 for more information.The Group has stored water-soluble protein and calcium. Thecontracted sales value amounts to TNOK 64,035 and hasbeen recognized as revenue in 2017, 2018 and 2019, as andwhen the customers are taking over the risk and control of thegoods. Of an incoming stock of 1,785 tonnes, 49 tonnes weretaken out of stock during 2022 (589 tonnes in 2021, and 689tonnes in 2020) It has not been sales through 2021 and 2022that have increased the stock.Note 20: Trade receivables and other current receivablesAccounts receivable are not interest-bearing receivables andgeneral terms and conditions for payment are from 7 to 120days. All significant accounts receivables are credit securedby Coface Norway, limited to a maximum of MNOK 11.5 andwith a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expectedcredit losses by the proportion of non-credit-secured accountsreceivable. The Group uses an increasing factor for expectedcredit losses according to maturity analyzes above. Whenanalyzing future information about the Group's customers andmarkets, no future challenges are listed today which indicatethat there will be a significant credit loss in the future (see andnote 18 on credit risk). The Group and the parent companyhave TNOK 0 in provisions for losses on accounts receivableboth in 2022 and 2021. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Prepayments 1 505 1 610 1 209 1 356 VAT receivable 6 110 5 535 5 580 5 063 Intercompany Group 0 0 9 577 75 Benefit funds 4 383 4 509 4 209 4 122 Other 726 7 833 727 7 833 Total 12 724 19 488 21 301 18 449TRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Trade receivables related parties 2 243 2 324 2 243 2 324Trade receivables other 11 827 7 765 11 560 7 646Sum trade receivables 14 072 10 089 13 803 9 970Provision for expected credit losses 0 0 0 0AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss2021Accounts receivables 10 089 8 346 1 743 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 13 803 10 181 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 02021Accounts receivables 9 970 8 271 1 699 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 32,427 as of31 December 2022 and TNOK 49,921 as of 31 December 2021and the Group earns interest income according to agreedfloating interest rate terms.At 31 December 2022, restricted funds for the Group amount-ed to TNOK 2,546 which derives from the employees' tax de-ductions. As of 31 December 2021, this amounted to TNOK2,710.Note 22: Equity investmentsCurrent liabilities to subsidiaries amount to TNOK 0 as of 31December 2022 (current liabilities TNOK 4,976 in 2021). Theshares in the subsidiary HBC Berk\u00e5k AS have been writtendown to book equity as of 31 December 2021.Atlantic Delights ltdThe parent company and the group acquired 34 % of AtlanticDelights Ltd., Hong Kong on 27 August 2020, through a shareissue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts toTNOK 3,395 calculated at the time of acquisition and which isdepreciated on a straight-line basis over 5 years. Profit sharefrom the company in the ownership period is included after taxexpense and amortization of surplus value.Subsidiaries Country Head Share Owner-Voting Earnings Equityofficecapitalshipshare202231.12.2022HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 117 -6 074HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -266 -267HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% -185 3Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% -3 -1 411Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aCompany Country Head office Share capital Ownership Voting shareAtlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021 2022 2021Net asset 1.1. 5 764 5 733 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax 475 709 0 0 Dividend 0 0 0 0 Net asset 31.12. 5 560 5 764 6 517 6 517FINANCIAL INFORMATION IN ASSOCIATED COMPANY Group ATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021Current assets 9 886 6 456Fixed assets 3 863 5 083Current liabilities -2 -636Non-current liabilities -2 717 -1 268Operating revenue 2 668 3 220Total earnings 777 -456Note 23: Accounts payable and other short-term liabilities Accounts payable are not interest-bearing and normal maturity is from 0 to 60 days. For settlement and terms for accounts payable with related parties, see information in note 6.ACCOUNTS PAYABLE Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Accounts payable 19 910 17 071 17 572 15 390Accounts payable related companies 125 842 107 094 122 979 106 086Total 145 752 124 165 140 551 121 476OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Public duties payable 4 003 4 101 3 476 3 507Accrued holiday pay 4 546 4 328 3 903 3 652Other accrued costs 4 532 3 820 4 340 3 232Short-term debt to group companies 0 0 0 4 976Total 13 081 12 249 11 720 15 367Note 24: Share capital, shareholders and dividendsAs of 31 December 2022, Hofseth BioCare ASA had NOK3,950,810 in share capital, divided into 395,081,030 shares,each with a nominal value of NOK 0.01. All shares are fully paid.There is only one class of shares and all shares have equal vot-ing rights and equal rights to dividends. The 20 largest share-holders of Hofseth BioCare ASA as of 31 December 2022 are:Largest shareholders # of shares % shareSIX SIS AG 77 528 323 19.62RH INDUSTRI AS 69 300 190 17.54HOFSETH INTERNATIONAL AS 58 944 778 14.92YOKOREI CO. LTD 40 951 333 10.37GOLDMAN SACHS INTERNATIONAL 22 450 000 5.68BRILLIANT INVEST AS 11 000 000 2.78GOLDMAN SACHS & CO. LLC 9 251 830 2.34CREDIT SUISSE(Switzerland) LTD. 9 195 181 2.33CITIBANK, N.A. 8 015 022 2.03The Bank of New York Mellon SA/NV 4 959 151 1.26JPMorgan Chase Bank, N.A., London 4 919 301 1.25UBS Switzerland AG 3 968 288 1.00LGT BANK AG 3 447 692 0.87BOMI FRAMROZE HOLDING AS 3 253 370 0.82The Bank of New York Mellon 2 802 952 0.71Saxo Bank A/S 2 693 890 0.68INITIA AB 2 636 340 0.67CLEARSTREAM BANKING S.A. 2 486 470 0.63VERDIPAPIRFONDET DNB SMB 2 482 035 0.63The Northern Trust Comp, London Br 2 433 865 0.62In total, the 20 largest shareholders342 720 011 86.75 Total others52 361 019 13.25 Total number of shareholders 395 081 030 100.00 Total no. of shareholders: 1,407 Shares owned by CEO and the Board 2022 2021Jon Olav \u00d8deg\u00e5rd* 2 964 039 2 894 039Roger Hofseth* 128 444 968 110 723 444Christoph Baldegger 700 000 700 000Kristin Fjellby Grung 0 0Torill Standal Eliassen* 200 000 200 000Crawford Currie* 750 000 750 000Amy Novogratz* 22 450 000 12 100 000Total 154 449 007 127 437 483*Includes shares owned by related companies and persons.Note 25: New accounting standards with future effective dateThe standards and interpretations that have been adopted upto the time of presentation of the consolidated financial state-ments, but where the date of entry into force is forthcoming,are stated below. The Group's intention is to implement the relevant changes atthe date of entry into force, provided that the EU approves thechanges before the presentation of the consolidated financialstatements.Note 26: Subsequent eventsNo major events have occoured between 31.12.2022 and thedate of this Annual report.Declaration of the Board of Directors and CEO in Hofseth BioCare ASA We confirm that the financial statements for the period 1 Jan-uary to 31 December 2022 to the best of our knowledge, havebeen prepared in accordance with IFRS as adopted by the EU/ applicable accounting standards and that the financial state-ments give a true and fair view of the Group's assets, liabili-ties, financial position and results of operations, and that the annual report gives a fair view of the financial performanceand position of the Group, together with a description of themain risks and uncertainties faced by the Group.",
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"value": "Note 1: Accounting policiesGeneral informationHofseth BioCare ASAia a public limited liability companydom-icilied inNorwayThe company`s headquarter is inKipervikgata 13 in \u00c5lesund, with one manufacturing facility inthe municipality of Molde and one manufacturing facility inthe municipality of Rennebu. The annual financial statementswere approved for issuance by the board of directors 30 March2023.The Group`s operation is the processing of fish offcuts intohigh quality protein and other food supplements.The company\u2019s consolidated financial statements for 2022consist of the parent company and the subsidiaries HBCBerk\u00e5k AS, HBC Therapeutics AS, HBC Switzerland GmbH andHofseth BioCare R\u00f8rvik AS (the Group). In addition the subsid-iarie HBC Americas LLC, which is registered, but has no trasac-tions and are therefore not consolidated in 2022.",
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"value": "Hofseth BioCare ASA",
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"value": "\u00c5lesundKipervikgata 13 in \u00c5lesund",
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"value": "\u00c5lesundKipervikgata 13 in \u00c5lesund",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
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"value": "Norway",
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"concept": "ifrs-full:CountryOfIncorporation",
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"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "The Group`s operation is the processing of fish offcuts intohigh quality protein and other food supplements.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
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"value": "The company\u2019s consolidated financial statements for 2022consist of the parent company and the subsidiaries HBCBerk\u00e5k AS, HBC Therapeutics AS, HBC Switzerland GmbH andHofseth BioCare R\u00f8rvik AS (the Group). In addition the subsid-iarie HBC Americas LLC, which is registered, but has no trasac-tions and are therefore not consolidated in 2022.(i) SubsidiariesThe consolidated financial statements include Hofseth Bio-Care ASA and companies controlled by Hofseth BioCare ASA.Companies are determined to be controlled when the Group isexsposed to, or has rights to, variable returns as a result of theinvolvement from the Group, and the Group is able to influencethe returns through its power over the company. All the follow-ing criteria must be fulfilled:\u203a power over the company\u203a exposed to, or have rights to, variable returns from its in-volvement in the company invested in, and\u203a possibility to exercise its power over the company to influ-ence the amount of the returns(ii) Associated companiesAssociated companies are units in which the group has sig-nificant influence, but not control over the financial and op-erational management (normally with an ownership sharebetween 20% and 50%). Significant influence is the power toparticipate in financial and operational decisions in principle inthe company, but where Hofseth BioCare still has no control orjoint control. In the case of an ownership interest of less than20%, in order to be treated as an associated company, it mustbe clearly demonstrated that significant influence exists, forexample through shareholder agreements. The consolidatedfinancial statements include the group's share of profit fromassociated companies recognized according to the equitymethod from the time significant influence is achieved anduntil such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carryingamount of the investment decreases to zero and recognition ofadditional negative profit ceases. The exception is those cas-es where the group has an obligation to cover negative results.The group has no joint ventures.(iii) Elimination of transactions in the consolidationGroup internal balances and any unrealised gains or lossesor revenues and costs related to intra Group transactions, areeliminated in full in the consolidated financial statements.(iv) The non-controlling interest in the consolidated financialstatements is the non-controlled share of the Group\u2019s equity.In business combinations the non-controlling interest is meas-ured including the non-controlling interest\u2019s share of the ac-quired entity\u2019s identifyable net assets. The subsidiary\u2019s annualresult, together with the individual components recognizedin other comprehensive income, is attributable to the parentcompany and the non-controlling interests. Total comprehen-sive income is attributed to the share holders of the parentcompany and to the non-controlling interests even if this re-sults in negative non-controlling interests.Functional currency and presentation currencyThe Group\u2019s presentation currency is NOK, which is also thefunctional currency of all companies in the Group. All amountsare presented in NOK 1 000 unless specifically noted. Foreign currencyTransactions in foreign currency are translated at the exchangerates prevailing at the date of the transaction. Monetary itemsin foreign currency are translated to Norwegian kroner at theexchange rate at the balance sheet date. Currency exchangegains and losses are recognized in the income statement andpresented as financial income/financial expense.Revenue recognition policiesRevenues are primarily generated from manufactured owngoods within the following product types: \u203a Salmon oil (OmeGo\u00ae) \u203a Water-soluble protein (ProGo\u00ae) \u203a Calcium (CalGo\u00ae) \u203a Non-soluble protein (PetGo\u2122)Revenue from contracts with customers is recognized whencontrol of goods or services is transferred to the customerswith an amount that reflects the consideration that the Groupexpects to be entitled to in exchange for delivered goods andservices. Control is normally transferred to the customer whengoods are sent from the warehouse to the customer. To the extent the customers enter into a contract for the pur-chase of goods, which the customers wish to continue to storeat Hofseth BioCares' warehouse, the consideration is recog-nized as revenue when control has passed to the purchasingparty. The customers have a desire to continue storing on thegroup's stock as a result of requirements for moisture, temper-ature, etc. when storing the goods, especially Calcium and Pro-tein. In such sales, there is an agreement of control transfer tothe customers for the actual delivery of the goods. The parentcompany and the group also earn revenues from the serviceof storing the goods, which are recognized at a fixed price permonth in storage.The Group assesses whether there are obligations in the salescontracts that are separate performance obligations, and forwhich parts of the transaction price must be allocated or agreedvariable payment terms in the contracts. The parent companyand the group have offered rights of return when selling fromthe web-stores to customers in the human market and have fac-tored in an estimated level of returns when calculating revenue.Furthermore, the Group also assesses whether there are sig-nificant financing components in the sales contracts (advancepayment, extra long credit terms, etc.).Contract assetsThe Group's right to remuneration in exchange for goods orservices that the group has transferred to a customer whenthis right is conditional on other factors than merely the pas-sage of time (for example, the company's future delivery).Trade receivablesA receivable represents the Group's right to payment of anamount which is unconditional (i.e. the agreed credit time be-fore payment of the consideration falls due). See accountingprinciples for financial assets\u2019 initial recognition and subse-quent measurement. Payment terms in the group's customercontracts vary from 0 days to 60 days.Contract liabilitiesA contract liability may be an obligation to deliver goods orservices to the customer, from whom the group has receivedconsideration (or an amount of the consideration is overdue).If a customer pays the consideration before the Group deliversgoods or services to the customer, a contractual obligation isrecognized at the time of payment or at the time payment ofthe consideration is due (whichever takes place first). Contractliabilities are not recognized until the Group delivers goodsand services in accordance with the contract. The group hasnot identified contractual obligations in the delivery contractsentered into as of 31 December 2022.SegmentsAn operating segment is a component of the Group that en-gages in business activities from which it earns revenues andincurs expenses. The Group\u2019s operating results are regularlyreviewed by the managing director to monitor the Group\u2019s re-sults and make decisions about resource allocations.As the Group has one common and not separable manufactur-ing process for its products, management focuses its financialreview on revenues and quality generated from the manufac-turing process. Management monitors the financial results atGroup level and, hence, the Group only has one segment. Information about products is presented in note 3.Government grantsGovernment grants are recognised at the time it is reasonablycertain that the company complies with the requirements stat-ed to be eligible for the grants and will receive payment. Grantsrelating to operating expenditures are recognised systemati-cally over the grant period. Grants are recognised against thecosts the grant is meant to cover. Grants for investments arerecognised systematically over the asset\u2019s useful lives. Grantsfor investments are recognised as a reduction to the relatedassets\u2019 carrying amount. Employee benefitsDefined contribution pension planA defined contribution pension plan is an arrangement inwhich the employer pays fixed constributions to a fund or apension fund, and in which the parent company and the grouphas no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in theincome statement as salary related costs in the period inwhich the employee renders the service.AFP pension planThe group is affiliated with the AFP scheme, which is a col-lective pension scheme for the collectively agreed sector inNorway.Accounting-wise, the scheme is considered a defined benefitmulti-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position andperformance with sufficient reliability. Therefore, the schemeis accounted for as a defined contribution scheme. As a result,obligations from the AFP scheme are not recognized on thebalance sheet. Premiums to the scheme are expensed as theyaccrue.Share based payment arrangements for consultantThe parent company has entered into a share-based paymentarrangement with a hired consultant. The arrangement is anoption plan with settlement in shares of the company.The method of recognition varies depending on whether theconsultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreementfor servies relates to an individual delivering personal services,and that the individual (consultant) either:\u2022 is determined to be employed for legal or tax purposes\u2022 works for the company under directives from managingbodies and is managed in the same way as if the individualwas legally employed \u2022 delivers services of similar nature to the services deliveredby legally employed individualsTo the extent the consultant is determined to be employed, inaccordance with the the above description, the share optionprogram is measured at fair value at the time of grant. Thecalculated fair value of the granted options are accrued andrecognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over theagreed future service period (vesting period). For transactionswhich are settled in the company\u2019s own equity instruments(equity settled arrangements) the value of the granted optionsis recognized in the period as salary expenses in the profit orloss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019sshares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time ofsettlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social securitywhen the consultant is not determined to be employed by thecompany for tax purposes.Financial income and financial expensesFinancial income consists of interest income, dividends, foreignexchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using theeffective interest rate method, while dividends are recognised onthe date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.Income taxesIncome tax expenses consist of current taxes payable andchanges in deferred taxes. Current taxes payable are taxespayable or tax receivables related to taxable income or lossfor the year, based on tax rates substantively enacted at thebalance sheet date. Changes in calculated current taxes paya-ble related to prior years are included in the amount.Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases forall assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to beapplicable at the time of reversal of the temporary differences.Deferred tax assets are recognised to the extent the companyis expected to have sufficient taxable income in future periodsto utilize the tax benefit. The companies recognize previouslyunrecognized deferred tax assets to the extent it has becomelikely that the company may utilize the deferred tax benefit.Likewise, the company will reduce deferred tax assets to theextent the company no longer expects that it will be able toutilise the deferred tax benefit. Deferred tax and deferred tax assets are measured at nomi-nal values. Deferred tax liabilities are presented as provisions/long term liabilities in the balance sheet, while deferred tax as-sets are presented as intangible assets.Intangible assetsIntangible assets acquired separately are recognised at theircost price. The cost price for intangible assets acquired arerecognised at fair value in the Group. Recognised intangibleassets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recogniseddevelopment costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Patents and licencesAcquisition costs for patents and licences are recognised anddepreciated over their estimated useful lives. Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.Fixed assetsFixed assets are measured at cost, less accumulated de-preciations and impairment write- downs. Fixed assets arederecognized when sold or disposed of and any gains or loss-es are recognized in the income statement.Acquisition cost for fixed assets is the cost price and costsdirectly associated wih getting the asset ready for its intendeduse.Expenditures incurred after recognition of the fixed asset,such as day-to-day maintenance, are recognized in the incomestatement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carryingamount. Depreciation period, depreciation method and residu-al values are assessed annually.Fixed assets are carried at cost until manufacturing or devel-opment has been completed. Fixed assets under constructionare not depreciated until the assets are ready for their intend-ed use.When significant components of a property, plant and equip-ment are determined to have different useful lives, they areaccounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, asthis is considered to best represent the consumption of the fu-ture economic benefits of the assets. Land is not depreciated.Estimated useful life for the current period and depreciationperiods are disclosed in note 11. Depreciation method, usefullife and residual values are reassessed at the balance sheetdate and adjusted if found necessary. When the carryingamount of a fixed asset or a cash-generating unit is higherthan the recoverable amount, the asset is written-down to itsrecoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.Investment in subsidiaries and associated companiesInvestments in subsidiaries and associated companies areassessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisitioncost, unless impairment has been necessary. Write-downshave been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairmentlosses are reversed when the basis for impairment is nolonger present.Dividends and other distributions are recognized as incomewhen adopted at the general meeting of the subsidiaries. Ifdividends exceed the retained earnings after the acquisition,the excess part represents repayment of invested capital, andthe dividends are deducted from the value of the investmentin the balance sheet.LeasesFor contracts constituting or containing a lease, the companyand the group separate lease components if the underlyingasset may be used either on its own or together with otherresources easily available to the company and the group, andthe underlying asset is neither dependent nor interrelated onother underlying assets in the contract. The company and thegroup then account for each single lease component in thecontract as one lease contract separately from the non-leasecomponent in the contract. At the time of commencement of a lease contract the compa-ny and the group recognize a lease liability and a correspond-ing right of use asset for all leases, except for the followingexcemptions elected under the standard: \u203a Short-term leases (lease term of 12 months or less) \u203a Low value assetsFor such leases the company and the group recognize thelease payments as other operating expenses in the profit orloss when incurred.Lease liabilitiesThe company and the group measure the lease liabilities atthe present value of the lease payments to be made over thelease term at the commencement date. The lease term is thenon-cancellable period of the lease, in addition to periods cov-ered by options to extend or terminate the lease if it is reason-ably certain that the group will (will not) exercise the option.The lease payments included in the measurement of the leaseliability consist of: \u203a Fixed lease payments (including in substance fixed pay-ments), less any lease incentives receivable \u203a Variable lease payments which are dependant on an indexor rate, measured for the first time using the index or rateapplicable at the commencement date \u203a Amounts expected to be payable by the company and thegroup under residual value guarantees \u203a The exercise price for an option to purchase the asset, if itis reasonably certain that the company and the group willexercise this option \u203a Termination fee, if the lease term has been determined onthe basis that the company and the group will exercise anoption to terminate the leaseThe lease liability is subsequently remeasured by increasingthe carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease paymentsmade, as well as potential reassessments or changes to thelease agreement, or to reflect adjustments to lease paymentsas a result of a change in an index or a rate. The company and the group do not include variable leasepayments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and thegroup presenter the lease liabilities in separate line items inthe statement of financial position. Right of use assets The company and the group measures right of use assets atcost, less accumulated depreciations and impairment losses,adjusted for potential new measurements of the lease liability.Cost for the right of use assets comprise: \u203a The amount established at initial recognition of the leaseliabiilty \u203a All lease payments made at or before the commencementdate, less lease incentives received if any \u203a All direct expenditures incurred for the company and thegroup related to entering into the agreementThe group applies the depreciation provisions in IAS 16 Proper-ty, plant and equipment when depreciating the right of use as-set, except for the fact that the right of use asset is depreciatedfrom the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected totake place first, unless there is an option to purchase the assetwhich has been determined to be exercised with reasonablecertainty, in which case the right of use asset is depreciatedover the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order todetermine whether the right of use asset has been impairedand, if this is the case, write it down for impairment.Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessedfor impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carryingamount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generatingunit is the higher of value in use and fair value less costs ofdisposal. When assessing value in use, estimated future cashflows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the timevalue of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested ata Group level representing the lowest level of identifiable cashflows which are independent of cash flows from other assetsor Groups of assets (cash generating units or CGUs). Impairment write-downs are recognised to the extent the car-rying amount of an asset or cash generating unit exceed theestimated recoverable amount. When recognizing impairmentwrite-downs related to cash generating units, any goodwillimpairment is recognized first. Any remaining impairmentamount is split pro-rata on other assets in the cash generatingunit (Group of cash generating units). Impairments are pre-sented in the line item depreciations and impairments.For other assets an assessment as to whether there are indi-cations that the impairment is no longer present or reduced ismade on the balance sheet date (reporting date). Impairmentsare reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals arelimited to the carrying amounts being equal to what it wouldhave been if no impairment had been recognised.Financial assetsFinancial assets are classified at initial recognition and aresubsequently measured at amortized cost, at fair valuethrough other comprehensive income (OCI) or at fair valuethrough profit or loss.The classification of financial assets on initial recognition de-pends on both the characteristics of the financial assets' con-tractual cash flows and the Group's business model for manag-ing these. The Group's business model for managing financialassets refers to how the Group manages its financial assets togenerate cash flows. The business model determines whethercash flows will arise by receiving contractual cash flows, or byselling the financial assets or both.Accounts receivables that do not contain a significant financingcomponent are measured at the transaction price determined inaccordance with IFRS 15, see the accounting policies in sectionon revenue from contracts with customers, and then measuredat amortized cost.Other long-term and short-term receivables, as well as cash andcash equivalents, are recognized at fair value on initial recogni-tion and subsequently at amortized cost.Financial assets at fair value through profit or loss include finan-cial assets held for trading, financial assets designated at fairvalue through profit or loss, or financial assets that are requiredto measure at fair value. Financial assets are classified as heldfor trading if they are purchased for the purpose of being sold orrepurchased within a short period of time. Derivatives are alsoclassified as held for trading.Financial assets at fair value through profit or loss are recog-nized in the balance sheet at fair value with net changes in fairvalue recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equityinvestments are recognized as financial income in the incomestatement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receivecash flows from the assets have expired or the Group hastransferred its rights to receive cash flows from the assets.Impairment of financial assetsFor accounts receivables and contract assets, the Group usesa simplified approach to calculating expected credit losses(ECL). The Group therefore does not track changes in creditrisk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and thecontract asset on each reporting date. The Group has estab-lished a provision matrix that is based on historical losses,adjusted for future-oriented factors that are specific to thedebtors and the economic environment.The Group considers a financial asset to be in default when it ismore than 60 days overdue. In some cases, however, the Groupmay also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable toreceive the outstanding contract amounts in its entirety beforetaking into account any credit insurance that the Group has. Afinancial asset is recognized as a loss when there is no reason-able expectation of receiving contractual cash flows.Further information on any impairment of financial assets isprovided in notes 20, 21 and 22.InventoryInventories are measured at the lower of cost and net realisa-ble value. Net realisable value has been estimated as sellingprice in the ordinary course of business less the estimatedcosts of completion and the estimated costs for marketingand distribution. Cost is allocated using the FIFO-method andincludes expenditures incurred in purchasing the goods, rawmaterial, costs to bring the goods and the raw material to theircurrent condition and location. Owned goods are valued atmanufacturing cost and include raw material costs, as well asother variable and fixed production costs that can be allocatedbased on normal capacity utilization. See note 2 and 19 formore information.Cash and cash equivalentsCash includes cash in hand and bank deposits. Cash equiva-lents are short term highly liquid investments which can im-mediately be converted to a known amount of cash, and witha maximum duration of 3 months from the date of acquisition.Financial liabilitiesFinancial liabilities are initially recognized as financial liabil-ities at fair value through profit or loss, subordinated loans,interest-bearing liabilities, lease liabilities, derivatives, tradepayables, or other current liabilities.Interest-bearing debt and other liabilities are recognized at fairvalue less transaction costs at the time of establishment. Insubsequent periods, loans are recognized at amortized costusing the effective interest rate. For more information see note16.Financial liabilities at fair value through profit or loss includefinancial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value throughprofit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of beingsold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forwardcontracts). Gains or losses on liabilities held for trading arerecognized in the income statement, see note 7.DerivativesThe Group uses financial forward exchange contracts (deriv-atives) to hedge the Group's currency risk. The forward ex-change contracts are recognized in the balance sheet at fairvalue at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchangecontracts is adjusted continuously at fair value through profitor loss. The forward exchange contracts are capitalized asfinancial assets when fair value is positive and as financialliabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or otherderivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.ProvisionsA provision is recognised when the company has an obligation(legal or constructive) as a result of a past event, it is likely(more likely than not) that payment will be made as a resultof the liability and the amount can be measured reliably. If theeffect is significant, the provision is measured at the discount-ed value of future cash outflows using a pre-tax discount ratereflecting the market\u2019s pricing of the time value of money and,if relevant, the risks specifically related to the liability.A provision for a guarantee is recognised when the under lyingproducts or services are sold. The provision is based on histor-ical information about guarantees and a weighting of potentialoutcomes against their likelihood of occuring.Provisions for onerous contracts are recognised when thecompany\u2019s expected revenues from a contract is lower thanthe unavoidable costs of meeting the obligations under thecontract.Contingent liabilities and contingent assetsContingent liabilities for which it is not likely that the liabilitywill incur are not recognized in the financial statements. Signi-ficant contingent liabilities are disclosed, except for contin-gent liabilities related to which it is remote that payment willhave to be made. Contingent assets are not recognised in the financial state-ments unless they are virtually certain. Other contingent assets are disclosed if it is likely that an economic benefit willbe received by the Group.Financial implications of climate changeWhile it is widely recognized that continued emission of green-house gases will cause further warming of the planet and thiswarming could lead to damaging economic and social conse-quences, the exact timing and severity of physical effects forHBC are difficult to quantify. The large-scale and long-term na-ture of the problem makes it uniquely challenging, especiallyin the context of economic decision making.While changes associated with a transition to a lower-carboneconomy present risk, HBC also create significant oppor-tunities in the nature of our business model. Turning wastestreams into high-end human and pet nutrition is important forthe environment and out teams at the facilities are focused onclimate change mitigation and adaptation of new technologysolutions.Circular economy initiatives which HBC is a part of, and thestrive to reduce greenhouse gases is high on the agenda withthe Board and management of HBC and the Group has invest-ed significant amounts in both machinery and knowledgesince we joined the Global Reporting Initiative (GRI) in 2019.In a carbon constraint world, climate change is confrontingHBC with totally new challenges. One way the Group dealwith the impacts of climate change is to comprehend themas risks and analyse possible effects as we do elsewherein our organization by the combination of probability andits consequence. Therefore, HBC view climate risks as thepossible impacts of climate change with the potential toinfluence positively or negatively the future development of theHBC Group, and together with the rest of the Hofseth Group.The risks and opportunities for HBC from climate changeare classified as direct or indirect. Direct climate risks andopportunities are resulting out of changing natural conditionsas rising temperatures, sea levels or an increasing numberof extreme weather events. Indirect climate risks andopportunities seems to have much more implications thanthe direct ones. Examples of indirect risks are regulatory orlitigation, credit risk, market risk and reputation risk. As previously mentioned, these risks are also greatopportunities for HBC. However, risks and opportunities HBCas an organization face today related to climate change,are difficult to estimate, and mitigate or explore. HBC has awork group among the management team, led by the headof Sustainability, that analyse climate risks and utilize theopportunities that arise from climate change. As of the endof 2022, the financial implications of climate change arevery limited. As of today, there are few requirements forsustainability in the finished product, no distinctly strictemission rules at the factories, no external influence (e.g.sea level rise). The management expect increased focus onimpairment testing as the Group grow and increase its assetbase in the future.Financial implications of the war in UkraineApart from a general increase in energy-prices, the Group isnot direct affected by the conflict.Subsequent eventsNew information subsequent to the balance sheet date aboutthe Group\u2019s and the parent company\u2019s financial position atthe balance sheet date are taken into account in the financialstatements. Events subsequent to the balance sheet datewhich do not influence the Group\u2019s or the parent company\u2019sfinancial position at the balance sheet date, but which will in-fluence the Group\u2019s or the parent company\u2019s position in thefuture, have been disclosed in the notes if significant.New accounting standardsStandards with changes that apply to the accounting periodJanuary 1, 2022 has not had any material impact for the finan-cial year 2022. The group and the company have not imple-mented early standards released but not yet active.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-24-2": {
"value": "Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have beenprepared in accordance with IFRSs and related interpretationsas issued by the International Accounting Standards Board(IASB) and as adopted by the EU as of 31 December 2022, aswell as the additional disclosure requirements following fromthe Norwegian accounting act as of 31 December 2022.The consolidated financial statements and the parent compa-ny financial statements are prepared on the historical cost ba-sis, with the exception of financial instruments that are meas-ured at fair value with changes in value through profit or loss.The consolidated financial statements and the parent compa-ny financial statements have been prepared applying consist-ent accounting policies for similar transactions and event.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-24-3": {
"value": "Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have beenprepared in accordance with IFRSs and related interpretationsas issued by the International Accounting Standards Board(IASB) and as adopted by the EU as of 31 December 2022, aswell as the additional disclosure requirements following fromthe Norwegian accounting act as of 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5762": {
"value": "Basis for consolidation",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-40-3": {
"value": "(i) SubsidiariesThe consolidated financial statements include Hofseth Bio-Care ASA and companies controlled by Hofseth BioCare ASA.Companies are determined to be controlled when the Group isexsposed to, or has rights to, variable returns as a result of theinvolvement from the Group, and the Group is able to influencethe returns through its power over the company. All the follow-ing criteria must be fulfilled:\u203a power over the company\u203a exposed to, or have rights to, variable returns from its in-volvement in the company invested in, and\u203a possibility to exercise its power over the company to influ-ence the amount of the returns",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"pp-value-53-3": {
"value": "(ii) Associated companiesAssociated companies are units in which the group has sig-nificant influence, but not control over the financial and op-erational management (normally with an ownership sharebetween 20% and 50%). Significant influence is the power toparticipate in financial and operational decisions in principle inthe company, but where Hofseth BioCare still has no control orjoint control. In the case of an ownership interest of less than20%, in order to be treated as an associated company, it mustbe clearly demonstrated that significant influence exists, forexample through shareholder agreements. The consolidatedfinancial statements include the group's share of profit fromassociated companies recognized according to the equitymethod from the time significant influence is achieved anduntil such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carryingamount of the investment decreases to zero and recognition ofadditional negative profit ceases. The exception is those cas-es where the group has an obligation to cover negative results.The group has no joint ventures.(iii) Elimination of transactions in the consolidationGroup internal balances and any unrealised gains or lossesor revenues and costs related to intra Group transactions, areeliminated in full in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-53-4": {
"value": "(ii) Associated companiesAssociated companies are units in which the group has sig-nificant influence, but not control over the financial and op-erational management (normally with an ownership sharebetween 20% and 50%). Significant influence is the power toparticipate in financial and operational decisions in principle inthe company, but where Hofseth BioCare still has no control orjoint control. In the case of an ownership interest of less than20%, in order to be treated as an associated company, it mustbe clearly demonstrated that significant influence exists, forexample through shareholder agreements. The consolidatedfinancial statements include the group's share of profit fromassociated companies recognized according to the equitymethod from the time significant influence is achieved anduntil such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carryingamount of the investment decreases to zero and recognition ofadditional negative profit ceases. The exception is those cas-es where the group has an obligation to cover negative results.(iii) Elimination of transactions in the consolidationGroup internal balances and any unrealised gains or lossesor revenues and costs related to intra Group transactions, areeliminated in full in the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f5997": {
"value": "The group has no joint ventures.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-77-3": {
"value": "(iv) The non-controlling interest in the consolidated financialstatements is the non-controlled share of the Group\u2019s equity.In business combinations the non-controlling interest is meas-ured including the non-controlling interest\u2019s share of the ac-quired entity\u2019s identifyable net assets. The subsidiary\u2019s annualresult, together with the individual components recognizedin other comprehensive income, is attributable to the parentcompany and the non-controlling interests. Total comprehen-sive income is attributed to the share holders of the parentcompany and to the non-controlling interests even if this re-sults in negative non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-88-3": {
"value": "Functional currency and presentation currencyThe Group\u2019s presentation currency is NOK, which is also thefunctional currency of all companies in the Group. All amountsare presented in NOK 1 000 unless specifically noted. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-92-2": {
"value": "Use of estimates when preparing the annual financial statementsManagement has to some extent used estimates and as-sumptions which have affected assets, liabilities, revenues,expenses, and information of potential commitments. Fu-ture events may cause changes in the estimates. Estimatesand the underlying assumptions are assessed continuously.Changes in accounting estimates are recognized in the periodthe changes occur. To the extent the changes also affect fu-ture periods, the effect is allocated over the current and futureperiods. See note 2.Note 2: Accounting estimates and management judgement and assumptionsThe preparation of financial statements in accordance withIFRS requires management to make judgments when choos-ing and applying accounting principles. Further, IFRS requiresthe management to make estimates based on judgments, andthat estimates and assumptions are realistic. All estimates areconsidered to be the expected value based on the manage-ment\u2019s best knowledge.The Group\u2019s most significant accounting estimates and areasof judgment are the following:\u203a Allocation of production costs in manufactruring cost offinished product cost\u203a Transactions with related parties\u203a Recognition of intangible assets\u203a Inventory - obsolescenceAssessment of losses on accounts receivablesAllocation of production costs in manufactruring cost of finished product cost Four types of finished products are produced from a commonproduction process based on the same input factors. Thevalue of the individual finished product is based on the allo-cation of production costs determined based on the finishedproduct's relative share of production yield multiplied by theexpected sales value. The same model has been used for allo-cating production costs over several years. The determinationof expected sales value as a basis for allocating productioncosts has significant discretionary assessments and has asignificant effect on the calculation of the cost of productionof the various finished product products. The group and theparent company are still in a start-up and development phase,but management's judgment has based on agreed prices inhistorical sales transactions and expected sales value at thereporting date. See notes 4, 6 and 19.Transactions with related partiesTransactions with related parties constitute a significant partof the Group's and the parent company's ordinary operatingrevenues and costs, and where the determination of arm'slength pricing is largely based on judgment. The transactionsalso affect liquidity and financial carrying capacity for theGroup's and the parent company's operations.The most significant transactions with related parties aresale of finished goods, purchase of raw materials (fish trim-mings), ongoing rental obligations related to production equip-ment and factory buildings Midsund and Berk\u00e5k, as well asagreements on short-term, long-term and subordinary loanfinancing.Hofseth BioCare ASA has a 5 years agreement startig01.01.2022, and gives the parent company the exclusive rightto get all the by-products from the production of Hofseth SalesAS's suppliers. Judgment has been applied when setting con-ditions for the purchase of raw materials. See notes 4 and 6.Hofseth BioCare ASA has sold finished goods to related partiesin 2021 and 2022. Prices are determined on the basis of currentand historical transactions with independent parties in 2021and 2022. Discretion has been used in determining conditionsfor the sale of finished goods, see notes 3 and 6. Leases of production equipment, leases of factory facilities atMidsund and Berk\u00e5k, as well as agreements for long-term andsubordinated loans. When agreeing financial terms in leases,agreements for long-term loans in 2019 and 2020 a subordi-nated loan in 2019, historical terms with third parties, achievedby the group and the parent company, have been referred to.Judgement has been applied when setting the financial terms.See notes 6, 12, 13, 16 and 18.Recognition of intangible assetsThe Group has come far in the development phase of estab-lishing production at the targeted level and with the qualitythat the business model has been based on. The Group in-vests in research and development activities on an ongoingbasis. Uncertainties exist relating to the timing of when therequirements for recognition of intangible assets have beenmet. The management\u2019s starting point is that research anddevelopment activities are capitalized when there is an identi-fiable asset or product that is controlled by the company thatis expected to result in future economic benefits. Uncertain-ties also exist relating to the assessment and estimation ofthe cost price for the intangible assets, and mainly relating tothe estimation of cost price for developing intangible assetsand product development. Development activities that qualifyfor capitalization are capitalized both in the Group and parentcompany. See note 10. InventoriesGoods in stock are valued at the lower of cost and sellingprice. It is used judgment in relation to quality and durability.The Group uses a model in which provision is made for obso-lescence gradually if goods in stock approach the expirationof the shelf life. It is set aside for obsolescence, see note 20.Assessment of loss relating to accounts receivablesAt the end of 2022, the Group had no significant overdue ac-counts receivables. All significant accounts receivables arecredit secured by Coface Norway, limited to a maximum ofTNOK 13,600 and with a coverage rate of 90 %. When analyz-ing future information about the Group's customers and mar-kets, future challenges are not listed today, which indicate thatthere will be a significant credit loss in the future. See note 18on credit risk and note 20 on accounts receivables and otherreceivables.",
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"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-103-3": {
"value": "Foreign currencyTransactions in foreign currency are translated at the exchangerates prevailing at the date of the transaction. Monetary itemsin foreign currency are translated to Norwegian kroner at theexchange rate at the balance sheet date. Currency exchangegains and losses are recognized in the income statement andpresented as financial income/financial expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-110-3": {
"value": "Revenue recognition policiesRevenues are primarily generated from manufactured owngoods within the following product types: \u203a Salmon oil (OmeGo\u00ae) \u203a Water-soluble protein (ProGo\u00ae) \u203a Calcium (CalGo\u00ae) \u203a Non-soluble protein (PetGo\u2122)Revenue from contracts with customers is recognized whencontrol of goods or services is transferred to the customerswith an amount that reflects the consideration that the Groupexpects to be entitled to in exchange for delivered goods andservices. Control is normally transferred to the customer whengoods are sent from the warehouse to the customer. To the extent the customers enter into a contract for the pur-chase of goods, which the customers wish to continue to storeat Hofseth BioCares' warehouse, the consideration is recog-nized as revenue when control has passed to the purchasingparty. The customers have a desire to continue storing on thegroup's stock as a result of requirements for moisture, temper-ature, etc. when storing the goods, especially Calcium and Pro-tein. In such sales, there is an agreement of control transfer tothe customers for the actual delivery of the goods. The parentcompany and the group also earn revenues from the serviceof storing the goods, which are recognized at a fixed price permonth in storage.The Group assesses whether there are obligations in the salescontracts that are separate performance obligations, and forwhich parts of the transaction price must be allocated or agreedvariable payment terms in the contracts. The parent companyand the group have offered rights of return when selling fromthe web-stores to customers in the human market and have fac-tored in an estimated level of returns when calculating revenue.Furthermore, the Group also assesses whether there are sig-nificant financing components in the sales contracts (advancepayment, extra long credit terms, etc.).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-148-3": {
"value": "Contract assetsThe Group's right to remuneration in exchange for goods orservices that the group has transferred to a customer whenthis right is conditional on other factors than merely the pas-sage of time (for example, the company's future delivery).Trade receivablesA receivable represents the Group's right to payment of anamount which is unconditional (i.e. the agreed credit time be-fore payment of the consideration falls due). See accountingprinciples for financial assets\u2019 initial recognition and subse-quent measurement. Payment terms in the group's customercontracts vary from 0 days to 60 days.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-160-3": {
"value": "Contract liabilitiesA contract liability may be an obligation to deliver goods orservices to the customer, from whom the group has receivedconsideration (or an amount of the consideration is overdue).If a customer pays the consideration before the Group deliversgoods or services to the customer, a contractual obligation isrecognized at the time of payment or at the time payment ofthe consideration is due (whichever takes place first). Contractliabilities are not recognized until the Group delivers goodsand services in accordance with the contract. The group hasnot identified contractual obligations in the delivery contractsentered into as of 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-172-3": {
"value": "SegmentsAn operating segment is a component of the Group that en-gages in business activities from which it earns revenues andincurs expenses. The Group\u2019s operating results are regularlyreviewed by the managing director to monitor the Group\u2019s re-sults and make decisions about resource allocations.As the Group has one common and not separable manufactur-ing process for its products, management focuses its financialreview on revenues and quality generated from the manufac-turing process. Management monitors the financial results atGroup level and, hence, the Group only has one segment. Information about products is presented in note 3.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-185-3": {
"value": "Government grantsGovernment grants are recognised at the time it is reasonablycertain that the company complies with the requirements stat-ed to be eligible for the grants and will receive payment. Grantsrelating to operating expenditures are recognised systemati-cally over the grant period. Grants are recognised against thecosts the grant is meant to cover. Grants for investments arerecognised systematically over the asset\u2019s useful lives. Grantsfor investments are recognised as a reduction to the relatedassets\u2019 carrying amount. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-195-3": {
"value": "Employee benefitsDefined contribution pension planA defined contribution pension plan is an arrangement inwhich the employer pays fixed constributions to a fund or apension fund, and in which the parent company and the grouphas no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in theincome statement as salary related costs in the period inwhich the employee renders the service.AFP pension planThe group is affiliated with the AFP scheme, which is a col-lective pension scheme for the collectively agreed sector inNorway.Accounting-wise, the scheme is considered a defined benefitmulti-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position andperformance with sufficient reliability. Therefore, the schemeis accounted for as a defined contribution scheme. As a result,obligations from the AFP scheme are not recognized on thebalance sheet. Premiums to the scheme are expensed as theyaccrue.Share based payment arrangements for consultantThe parent company has entered into a share-based paymentarrangement with a hired consultant. The arrangement is anoption plan with settlement in shares of the company.The method of recognition varies depending on whether theconsultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreementfor servies relates to an individual delivering personal services,and that the individual (consultant) either:\u2022 is determined to be employed for legal or tax purposes\u2022 works for the company under directives from managingbodies and is managed in the same way as if the individualwas legally employed \u2022 delivers services of similar nature to the services deliveredby legally employed individualsTo the extent the consultant is determined to be employed, inaccordance with the the above description, the share optionprogram is measured at fair value at the time of grant. Thecalculated fair value of the granted options are accrued andrecognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over theagreed future service period (vesting period). For transactionswhich are settled in the company\u2019s own equity instruments(equity settled arrangements) the value of the granted optionsis recognized in the period as salary expenses in the profit orloss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019sshares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time ofsettlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social securitywhen the consultant is not determined to be employed by thecompany for tax purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-218-4": {
"value": "Share based payment arrangements for consultantThe parent company has entered into a share-based paymentarrangement with a hired consultant. The arrangement is anoption plan with settlement in shares of the company.The method of recognition varies depending on whether theconsultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreementfor servies relates to an individual delivering personal services,and that the individual (consultant) either:\u2022 is determined to be employed for legal or tax purposes\u2022 works for the company under directives from managingbodies and is managed in the same way as if the individualwas legally employed \u2022 delivers services of similar nature to the services deliveredby legally employed individualsTo the extent the consultant is determined to be employed, inaccordance with the the above description, the share optionprogram is measured at fair value at the time of grant. Thecalculated fair value of the granted options are accrued andrecognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over theagreed future service period (vesting period). For transactionswhich are settled in the company\u2019s own equity instruments(equity settled arrangements) the value of the granted optionsis recognized in the period as salary expenses in the profit orloss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019sshares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time ofsettlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social securitywhen the consultant is not determined to be employed by thecompany for tax purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-253-3": {
"value": "Financial income and financial expensesFinancial income consists of interest income, dividends, foreignexchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using theeffective interest rate method, while dividends are recognised onthe date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-253-4": {
"value": "Financial income and financial expensesFinancial income consists of interest income, dividends, foreignexchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using theeffective interest rate method, while dividends are recognised onthe date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-259-5": {
"value": "Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-259-6": {
"value": "Financial expenses consist of interest expenses, guaranteecommissions, foreign exchange losses and losses from saleof financial instruments. Interest expenses and guaranteecommissions are recognized when incurred, calculated usingthe effective interest rate method.Income taxesIncome tax expenses consist of current taxes payable andchanges in deferred taxes. Current taxes payable are taxespayable or tax receivables related to taxable income or lossfor the year, based on tax rates substantively enacted at thebalance sheet date. Changes in calculated current taxes paya-ble related to prior years are included in the amount.Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases forall assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to beapplicable at the time of reversal of the temporary differences.Deferred tax assets are recognised to the extent the companyis expected to have sufficient taxable income in future periodsto utilize the tax benefit. The companies recognize previouslyunrecognized deferred tax assets to the extent it has becomelikely that the company may utilize the deferred tax benefit.Likewise, the company will reduce deferred tax assets to theextent the company no longer expects that it will be able toutilise the deferred tax benefit. Deferred tax and deferred tax assets are measured at nomi-nal values. Deferred tax liabilities are presented as provisions/long term liabilities in the balance sheet, while deferred tax as-sets are presented as intangible assets.Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Patents and licencesAcquisition costs for patents and licences are recognised anddepreciated over their estimated useful lives. Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, asthis is considered to best represent the consumption of the fu-ture economic benefits of the assets. Land is not depreciated.Estimated useful life for the current period and depreciationperiods are disclosed in note 11. Depreciation method, usefullife and residual values are reassessed at the balance sheetdate and adjusted if found necessary. When the carryingamount of a fixed asset or a cash-generating unit is higherthan the recoverable amount, the asset is written-down to itsrecoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-264-4": {
"value": "Income taxesIncome tax expenses consist of current taxes payable andchanges in deferred taxes. Current taxes payable are taxespayable or tax receivables related to taxable income or lossfor the year, based on tax rates substantively enacted at thebalance sheet date. Changes in calculated current taxes paya-ble related to prior years are included in the amount.Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases forall assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to beapplicable at the time of reversal of the temporary differences.Deferred tax assets are recognised to the extent the companyis expected to have sufficient taxable income in future periodsto utilize the tax benefit. The companies recognize previouslyunrecognized deferred tax assets to the extent it has becomelikely that the company may utilize the deferred tax benefit.Likewise, the company will reduce deferred tax assets to theextent the company no longer expects that it will be able toutilise the deferred tax benefit. Deferred tax and deferred tax assets are measured at nomi-nal values. Deferred tax liabilities are presented as provisions/long term liabilities in the balance sheet, while deferred tax as-sets are presented as intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-271-5": {
"value": "Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases forall assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to beapplicable at the time of reversal of the temporary differences.Deferred tax assets are recognised to the extent the companyis expected to have sufficient taxable income in future periodsto utilize the tax benefit. The companies recognize previouslyunrecognized deferred tax assets to the extent it has becomelikely that the company may utilize the deferred tax benefit.Likewise, the company will reduce deferred tax assets to theextent the company no longer expects that it will be able toutilise the deferred tax benefit. Deferred tax and deferred tax assets are measured at nomi-nal values. Deferred tax liabilities are presented as provisions/long term liabilities in the balance sheet, while deferred tax as-sets are presented as intangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-289-3": {
"value": "Intangible assetsIntangible assets acquired separately are recognised at theircost price. The cost price for intangible assets acquired arerecognised at fair value in the Group. Recognised intangibleassets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recogniseddevelopment costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-289-4": {
"value": "Intangible assetsIntangible assets acquired separately are recognised at theircost price. The cost price for intangible assets acquired arerecognised at fair value in the Group. Recognised intangibleassets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recogniseddevelopment costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Patents and licencesAcquisition costs for patents and licences are recognised anddepreciated over their estimated useful lives. Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-299-6": {
"value": "Intangible assets with finite useful life are depreciated overtheir useful lives and tested for impairment when impairmentindicators are present. Depreciation methods and useful livesare assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimatechanges. Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, asthis is considered to best represent the consumption of the fu-ture economic benefits of the assets. Land is not depreciated.Estimated useful life for the current period and depreciationperiods are disclosed in note 11. Depreciation method, usefullife and residual values are reassessed at the balance sheetdate and adjusted if found necessary. When the carryingamount of a fixed asset or a cash-generating unit is higherthan the recoverable amount, the asset is written-down to itsrecoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.Lease liabilitiesThe company and the group measure the lease liabilities atthe present value of the lease payments to be made over thelease term at the commencement date. The lease term is thenon-cancellable period of the lease, in addition to periods cov-ered by options to extend or terminate the lease if it is reason-ably certain that the group will (will not) exercise the option.The lease payments included in the measurement of the leaseliability consist of: \u203a Fixed lease payments (including in substance fixed pay-ments), less any lease incentives receivable \u203a Variable lease payments which are dependant on an indexor rate, measured for the first time using the index or rateapplicable at the commencement date \u203a Amounts expected to be payable by the company and thegroup under residual value guarantees \u203a The exercise price for an option to purchase the asset, if itis reasonably certain that the company and the group willexercise this option \u203a Termination fee, if the lease term has been determined onthe basis that the company and the group will exercise anoption to terminate the leaseThe lease liability is subsequently remeasured by increasingthe carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease paymentsmade, as well as potential reassessments or changes to thelease agreement, or to reflect adjustments to lease paymentsas a result of a change in an index or a rate. The company and the group do not include variable leasepayments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and thegroup presenter the lease liabilities in separate line items inthe statement of financial position. Right of use assets The company and the group measures right of use assets atcost, less accumulated depreciations and impairment losses,adjusted for potential new measurements of the lease liability.Cost for the right of use assets comprise: \u203a The amount established at initial recognition of the leaseliabiilty \u203a All lease payments made at or before the commencementdate, less lease incentives received if any \u203a All direct expenditures incurred for the company and thegroup related to entering into the agreementThe group applies the depreciation provisions in IAS 16 Proper-ty, plant and equipment when depreciating the right of use as-set, except for the fact that the right of use asset is depreciatedfrom the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected totake place first, unless there is an option to purchase the assetwhich has been determined to be exercised with reasonablecertainty, in which case the right of use asset is depreciatedover the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order todetermine whether the right of use asset has been impairedand, if this is the case, write it down for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-308-6": {
"value": "Development activitiesExpenditures on research are recognised in the income state-ment as incurred. Expenditures on development activities, in-cluding product development (new or improved products) arerecognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / productin such a way that the Group may use or sell the asset /product in the future \u203a It is management\u2019s intention to complete the asset / prod-uct, as well as to use or sell the asset / product \u203a It is possible to use the asset / sell the product \u203a How the asset / product will generate future revenues canbe proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development ofthe product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant feesand direct salary costs. Other development costs are rec-ognized in the income statement as incurred. Previously ex-pensed development costs are not subsequently capitalized.Recognised development costs are depreciated on a straight-line basis over the assets / products estimated useful lives.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-331-3": {
"value": "Fixed assetsFixed assets are measured at cost, less accumulated de-preciations and impairment write- downs. Fixed assets arederecognized when sold or disposed of and any gains or loss-es are recognized in the income statement.Acquisition cost for fixed assets is the cost price and costsdirectly associated wih getting the asset ready for its intendeduse.Expenditures incurred after recognition of the fixed asset,such as day-to-day maintenance, are recognized in the incomestatement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carryingamount. Depreciation period, depreciation method and residu-al values are assessed annually.Fixed assets are carried at cost until manufacturing or devel-opment has been completed. Fixed assets under constructionare not depreciated until the assets are ready for their intend-ed use.When significant components of a property, plant and equip-ment are determined to have different useful lives, they areaccounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, asthis is considered to best represent the consumption of the fu-ture economic benefits of the assets. Land is not depreciated.Estimated useful life for the current period and depreciationperiods are disclosed in note 11. Depreciation method, usefullife and residual values are reassessed at the balance sheetdate and adjusted if found necessary. When the carryingamount of a fixed asset or a cash-generating unit is higherthan the recoverable amount, the asset is written-down to itsrecoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-368-3": {
"value": "Investment in subsidiaries and associated companiesInvestments in subsidiaries and associated companies areassessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisitioncost, unless impairment has been necessary. Write-downshave been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairmentlosses are reversed when the basis for impairment is nolonger present.Dividends and other distributions are recognized as incomewhen adopted at the general meeting of the subsidiaries. Ifdividends exceed the retained earnings after the acquisition,the excess part represents repayment of invested capital, andthe dividends are deducted from the value of the investmentin the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-384-3": {
"value": "LeasesFor contracts constituting or containing a lease, the companyand the group separate lease components if the underlyingasset may be used either on its own or together with otherresources easily available to the company and the group, andthe underlying asset is neither dependent nor interrelated onother underlying assets in the contract. The company and thegroup then account for each single lease component in thecontract as one lease contract separately from the non-leasecomponent in the contract. At the time of commencement of a lease contract the compa-ny and the group recognize a lease liability and a correspond-ing right of use asset for all leases, except for the followingexcemptions elected under the standard: \u203a Short-term leases (lease term of 12 months or less) \u203a Low value assetsFor such leases the company and the group recognize thelease payments as other operating expenses in the profit orloss when incurred.Lease liabilitiesThe company and the group measure the lease liabilities atthe present value of the lease payments to be made over thelease term at the commencement date. The lease term is thenon-cancellable period of the lease, in addition to periods cov-ered by options to extend or terminate the lease if it is reason-ably certain that the group will (will not) exercise the option.The lease payments included in the measurement of the leaseliability consist of: \u203a Fixed lease payments (including in substance fixed pay-ments), less any lease incentives receivable \u203a Variable lease payments which are dependant on an indexor rate, measured for the first time using the index or rateapplicable at the commencement date \u203a Amounts expected to be payable by the company and thegroup under residual value guarantees \u203a The exercise price for an option to purchase the asset, if itis reasonably certain that the company and the group willexercise this option \u203a Termination fee, if the lease term has been determined onthe basis that the company and the group will exercise anoption to terminate the leaseThe lease liability is subsequently remeasured by increasingthe carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease paymentsmade, as well as potential reassessments or changes to thelease agreement, or to reflect adjustments to lease paymentsas a result of a change in an index or a rate. The company and the group do not include variable leasepayments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and thegroup presenter the lease liabilities in separate line items inthe statement of financial position. Right of use assets The company and the group measures right of use assets atcost, less accumulated depreciations and impairment losses,adjusted for potential new measurements of the lease liability.Cost for the right of use assets comprise: \u203a The amount established at initial recognition of the leaseliabiilty \u203a All lease payments made at or before the commencementdate, less lease incentives received if any \u203a All direct expenditures incurred for the company and thegroup related to entering into the agreementThe group applies the depreciation provisions in IAS 16 Proper-ty, plant and equipment when depreciating the right of use as-set, except for the fact that the right of use asset is depreciatedfrom the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected totake place first, unless there is an option to purchase the assetwhich has been determined to be exercised with reasonablecertainty, in which case the right of use asset is depreciatedover the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order todetermine whether the right of use asset has been impairedand, if this is the case, write it down for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-468-3": {
"value": "Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessedfor impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carryingamount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generatingunit is the higher of value in use and fair value less costs ofdisposal. When assessing value in use, estimated future cashflows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the timevalue of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested ata Group level representing the lowest level of identifiable cashflows which are independent of cash flows from other assetsor Groups of assets (cash generating units or CGUs). Impairment write-downs are recognised to the extent the car-rying amount of an asset or cash generating unit exceed theestimated recoverable amount. When recognizing impairmentwrite-downs related to cash generating units, any goodwillimpairment is recognized first. Any remaining impairmentamount is split pro-rata on other assets in the cash generatingunit (Group of cash generating units). Impairments are pre-sented in the line item depreciations and impairments.For other assets an assessment as to whether there are indi-cations that the impairment is no longer present or reduced ismade on the balance sheet date (reporting date). Impairmentsare reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals arelimited to the carrying amounts being equal to what it wouldhave been if no impairment had been recognised.Impairment of financial assetsFor accounts receivables and contract assets, the Group usesa simplified approach to calculating expected credit losses(ECL). The Group therefore does not track changes in creditrisk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and thecontract asset on each reporting date. The Group has estab-lished a provision matrix that is based on historical losses,adjusted for future-oriented factors that are specific to thedebtors and the economic environment.The Group considers a financial asset to be in default when it ismore than 60 days overdue. In some cases, however, the Groupmay also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable toreceive the outstanding contract amounts in its entirety beforetaking into account any credit insurance that the Group has. Afinancial asset is recognized as a loss when there is no reason-able expectation of receiving contractual cash flows.Further information on any impairment of financial assets isprovided in notes 20, 21 and 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-468-4": {
"value": "Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessedfor impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carryingamount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generatingunit is the higher of value in use and fair value less costs ofdisposal. When assessing value in use, estimated future cashflows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the timevalue of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested ata Group level representing the lowest level of identifiable cashflows which are independent of cash flows from other assetsor Groups of assets (cash generating units or CGUs). Impairment write-downs are recognised to the extent the car-rying amount of an asset or cash generating unit exceed theestimated recoverable amount. When recognizing impairmentwrite-downs related to cash generating units, any goodwillimpairment is recognized first. Any remaining impairmentamount is split pro-rata on other assets in the cash generatingunit (Group of cash generating units). Impairments are pre-sented in the line item depreciations and impairments.For other assets an assessment as to whether there are indi-cations that the impairment is no longer present or reduced ismade on the balance sheet date (reporting date). Impairmentsare reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals arelimited to the carrying amounts being equal to what it wouldhave been if no impairment had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-502-3": {
"value": "Financial assetsFinancial assets are classified at initial recognition and aresubsequently measured at amortized cost, at fair valuethrough other comprehensive income (OCI) or at fair valuethrough profit or loss.The classification of financial assets on initial recognition de-pends on both the characteristics of the financial assets' con-tractual cash flows and the Group's business model for manag-ing these. The Group's business model for managing financialassets refers to how the Group manages its financial assets togenerate cash flows. The business model determines whethercash flows will arise by receiving contractual cash flows, or byselling the financial assets or both.Accounts receivables that do not contain a significant financingcomponent are measured at the transaction price determined inaccordance with IFRS 15, see the accounting policies in sectionon revenue from contracts with customers, and then measuredat amortized cost.Other long-term and short-term receivables, as well as cash andcash equivalents, are recognized at fair value on initial recogni-tion and subsequently at amortized cost.Financial assets at fair value through profit or loss include finan-cial assets held for trading, financial assets designated at fairvalue through profit or loss, or financial assets that are requiredto measure at fair value. Financial assets are classified as heldfor trading if they are purchased for the purpose of being sold orrepurchased within a short period of time. Derivatives are alsoclassified as held for trading.Financial assets at fair value through profit or loss are recog-nized in the balance sheet at fair value with net changes in fairvalue recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equityinvestments are recognized as financial income in the incomestatement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receivecash flows from the assets have expired or the Group hastransferred its rights to receive cash flows from the assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-502-4": {
"value": "Financial assetsFinancial assets are classified at initial recognition and aresubsequently measured at amortized cost, at fair valuethrough other comprehensive income (OCI) or at fair valuethrough profit or loss.The classification of financial assets on initial recognition de-pends on both the characteristics of the financial assets' con-tractual cash flows and the Group's business model for manag-ing these. The Group's business model for managing financialassets refers to how the Group manages its financial assets togenerate cash flows. The business model determines whethercash flows will arise by receiving contractual cash flows, or byselling the financial assets or both.Accounts receivables that do not contain a significant financingcomponent are measured at the transaction price determined inaccordance with IFRS 15, see the accounting policies in sectionon revenue from contracts with customers, and then measuredat amortized cost.Other long-term and short-term receivables, as well as cash andcash equivalents, are recognized at fair value on initial recogni-tion and subsequently at amortized cost.Financial assets at fair value through profit or loss include finan-cial assets held for trading, financial assets designated at fairvalue through profit or loss, or financial assets that are requiredto measure at fair value. Financial assets are classified as heldfor trading if they are purchased for the purpose of being sold orrepurchased within a short period of time. Derivatives are alsoclassified as held for trading.Financial assets at fair value through profit or loss are recog-nized in the balance sheet at fair value with net changes in fairvalue recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equityinvestments are recognized as financial income in the incomestatement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receivecash flows from the assets have expired or the Group hastransferred its rights to receive cash flows from the assets.Impairment of financial assetsFor accounts receivables and contract assets, the Group usesa simplified approach to calculating expected credit losses(ECL). The Group therefore does not track changes in creditrisk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and thecontract asset on each reporting date. The Group has estab-lished a provision matrix that is based on historical losses,adjusted for future-oriented factors that are specific to thedebtors and the economic environment.The Group considers a financial asset to be in default when it ismore than 60 days overdue. In some cases, however, the Groupmay also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable toreceive the outstanding contract amounts in its entirety beforetaking into account any credit insurance that the Group has. Afinancial asset is recognized as a loss when there is no reason-able expectation of receiving contractual cash flows.Further information on any impairment of financial assets isprovided in notes 20, 21 and 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-545-5": {
"value": "Impairment of financial assetsFor accounts receivables and contract assets, the Group usesa simplified approach to calculating expected credit losses(ECL). The Group therefore does not track changes in creditrisk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and thecontract asset on each reporting date. The Group has estab-lished a provision matrix that is based on historical losses,adjusted for future-oriented factors that are specific to thedebtors and the economic environment.The Group considers a financial asset to be in default when it ismore than 60 days overdue. In some cases, however, the Groupmay also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable toreceive the outstanding contract amounts in its entirety beforetaking into account any credit insurance that the Group has. Afinancial asset is recognized as a loss when there is no reason-able expectation of receiving contractual cash flows.Further information on any impairment of financial assets isprovided in notes 20, 21 and 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-567-3": {
"value": "InventoryInventories are measured at the lower of cost and net realisa-ble value. Net realisable value has been estimated as sellingprice in the ordinary course of business less the estimatedcosts of completion and the estimated costs for marketingand distribution. Cost is allocated using the FIFO-method andincludes expenditures incurred in purchasing the goods, rawmaterial, costs to bring the goods and the raw material to theircurrent condition and location. Owned goods are valued atmanufacturing cost and include raw material costs, as well asother variable and fixed production costs that can be allocatedbased on normal capacity utilization. See note 2 and 19 formore information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-580-3": {
"value": "Cash and cash equivalentsCash includes cash in hand and bank deposits. Cash equiva-lents are short term highly liquid investments which can im-mediately be converted to a known amount of cash, and witha maximum duration of 3 months from the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-580-4": {
"value": "Cash and cash equivalentsCash includes cash in hand and bank deposits. Cash equiva-lents are short term highly liquid investments which can im-mediately be converted to a known amount of cash, and witha maximum duration of 3 months from the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-585-3": {
"value": "Financial liabilitiesFinancial liabilities are initially recognized as financial liabil-ities at fair value through profit or loss, subordinated loans,interest-bearing liabilities, lease liabilities, derivatives, tradepayables, or other current liabilities.Interest-bearing debt and other liabilities are recognized at fairvalue less transaction costs at the time of establishment. Insubsequent periods, loans are recognized at amortized costusing the effective interest rate. For more information see note16.Financial liabilities at fair value through profit or loss includefinancial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value throughprofit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of beingsold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forwardcontracts). Gains or losses on liabilities held for trading arerecognized in the income statement, see note 7.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-606-2": {
"value": "DerivativesThe Group uses financial forward exchange contracts (deriv-atives) to hedge the Group's currency risk. The forward ex-change contracts are recognized in the balance sheet at fairvalue at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchangecontracts is adjusted continuously at fair value through profitor loss. The forward exchange contracts are capitalized asfinancial assets when fair value is positive and as financialliabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or otherderivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-606-4": {
"value": "DerivativesThe Group uses financial forward exchange contracts (deriv-atives) to hedge the Group's currency risk. The forward ex-change contracts are recognized in the balance sheet at fairvalue at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchangecontracts is adjusted continuously at fair value through profitor loss. The forward exchange contracts are capitalized asfinancial assets when fair value is positive and as financialliabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or otherderivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-606-5": {
"value": "DerivativesThe Group uses financial forward exchange contracts (deriv-atives) to hedge the Group's currency risk. The forward ex-change contracts are recognized in the balance sheet at fairvalue at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchangecontracts is adjusted continuously at fair value through profitor loss. The forward exchange contracts are capitalized asfinancial assets when fair value is positive and as financialliabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or otherderivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-620-3": {
"value": "ProvisionsA provision is recognised when the company has an obligation(legal or constructive) as a result of a past event, it is likely(more likely than not) that payment will be made as a resultof the liability and the amount can be measured reliably. If theeffect is significant, the provision is measured at the discount-ed value of future cash outflows using a pre-tax discount ratereflecting the market\u2019s pricing of the time value of money and,if relevant, the risks specifically related to the liability.A provision for a guarantee is recognised when the under lyingproducts or services are sold. The provision is based on histor-ical information about guarantees and a weighting of potentialoutcomes against their likelihood of occuring.Provisions for onerous contracts are recognised when thecompany\u2019s expected revenues from a contract is lower thanthe unavoidable costs of meeting the obligations under thecontract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-639-3": {
"value": "Contingent liabilities and contingent assetsContingent liabilities for which it is not likely that the liabilitywill incur are not recognized in the financial statements. Signi-ficant contingent liabilities are disclosed, except for contin-gent liabilities related to which it is remote that payment willhave to be made. Contingent assets are not recognised in the financial state-ments unless they are virtually certain. Other contingent assets are disclosed if it is likely that an economic benefit willbe received by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-650-2": {
"value": "Going concernIn accordance with the accounting act \u00a7 3-3a we confirm thatthe condition for continued operations is present and that theannual report have been prepared based on the going concernassumption.The company has an unused credit facility of NOK 37 million.Additionally, the board has been authorized by the generalmeeting held on 30 August 2022 to issue up to 39,508,103new shares. These authorizations are intended to be utilizedin case the parent company and the Group requires additionalequity and liquidity.As of 31 December 2022, the parent company meets all requ-irements in its loan agreements and is not in violation of anyloan conditions. Although the parent company and the Grouphas negative results in the first two months of 2023, it is stillnot in breach of the terms of any of the loans. Refer to note16 for more details on the group's and the parent company'sinterest-bearing debt conditions, as well as note 19 for infor-mation on liquidity risk and maturity structure of the Group'sliabilities.The operations of the Group are subject to uncertainty withrespect to its ability to sell sufficient product volumes at fa-vourable margins and maintain adequate cash reserves. Whilethe Company has recently achieved higher margins and impro-ved cash flow, the Board of Directors remains vigilant about re-viewing the Company's equity and cash balance. If additionalresources are needed to ensure continuity of operations andsupport planned activities aimed at generating positive cashflow and profitability, the Board will consider appropriate me-asures such as obtaining loans or equity. The current outlookindicates a positive trend, and the Board will take necessarysteps to sustain this momentum. If the group and the parentcompany do not achieve planned market measures adequa-tely, new loan facilities or share issues will be established in2023. Therefore there is an uncertainty with regards to th ego-ing concern assumption.Assuming a going concern, the Group's and the parent compa-ny's assets and values are currently present. However, the va-lue of some of the group's and the parent company's assetsmay be lower than their carrying amounts in a potential forcedsale related to liquidation. This uncertainty is primarily relatedto the value of intangible assets, fixed assets, financial assets,and investments, as well as the value of inventories.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-650-3": {
"value": "Going concernIn accordance with the accounting act \u00a7 3-3a we confirm thatthe condition for continued operations is present and that theannual report have been prepared based on the going concernassumption.The company has an unused credit facility of NOK 37 million.Additionally, the board has been authorized by the generalmeeting held on 30 August 2022 to issue up to 39,508,103new shares. These authorizations are intended to be utilizedin case the parent company and the Group requires additionalequity and liquidity.As of 31 December 2022, the parent company meets all requ-irements in its loan agreements and is not in violation of anyloan conditions. Although the parent company and the Grouphas negative results in the first two months of 2023, it is stillnot in breach of the terms of any of the loans. Refer to note16 for more details on the group's and the parent company'sinterest-bearing debt conditions, as well as note 19 for infor-mation on liquidity risk and maturity structure of the Group'sliabilities.The operations of the Group are subject to uncertainty withrespect to its ability to sell sufficient product volumes at fa-vourable margins and maintain adequate cash reserves. Whilethe Company has recently achieved higher margins and impro-ved cash flow, the Board of Directors remains vigilant about re-viewing the Company's equity and cash balance. If additionalresources are needed to ensure continuity of operations andsupport planned activities aimed at generating positive cashflow and profitability, the Board will consider appropriate me-asures such as obtaining loans or equity. The current outlookindicates a positive trend, and the Board will take necessarysteps to sustain this momentum. If the group and the parentcompany do not achieve planned market measures adequa-tely, new loan facilities or share issues will be established in2023. Therefore there is an uncertainty with regards to th ego-ing concern assumption.Assuming a going concern, the Group's and the parent compa-ny's assets and values are currently present. However, the va-lue of some of the group's and the parent company's assetsmay be lower than their carrying amounts in a potential forcedsale related to liquidation. This uncertainty is primarily relatedto the value of intangible assets, fixed assets, financial assets,and investments, as well as the value of inventories.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-693-3": {
"value": "Financial implications of climate changeWhile it is widely recognized that continued emission of green-house gases will cause further warming of the planet and thiswarming could lead to damaging economic and social conse-quences, the exact timing and severity of physical effects forHBC are difficult to quantify. The large-scale and long-term na-ture of the problem makes it uniquely challenging, especiallyin the context of economic decision making.While changes associated with a transition to a lower-carboneconomy present risk, HBC also create significant oppor-tunities in the nature of our business model. Turning wastestreams into high-end human and pet nutrition is important forthe environment and out teams at the facilities are focused onclimate change mitigation and adaptation of new technologysolutions.Circular economy initiatives which HBC is a part of, and thestrive to reduce greenhouse gases is high on the agenda withthe Board and management of HBC and the Group has invest-ed significant amounts in both machinery and knowledgesince we joined the Global Reporting Initiative (GRI) in 2019.In a carbon constraint world, climate change is confrontingHBC with totally new challenges. One way the Group dealwith the impacts of climate change is to comprehend themas risks and analyse possible effects as we do elsewherein our organization by the combination of probability andits consequence. Therefore, HBC view climate risks as thepossible impacts of climate change with the potential toinfluence positively or negatively the future development of theHBC Group, and together with the rest of the Hofseth Group.The risks and opportunities for HBC from climate changeare classified as direct or indirect. Direct climate risks andopportunities are resulting out of changing natural conditionsas rising temperatures, sea levels or an increasing numberof extreme weather events. Indirect climate risks andopportunities seems to have much more implications thanthe direct ones. Examples of indirect risks are regulatory orlitigation, credit risk, market risk and reputation risk. As previously mentioned, these risks are also greatopportunities for HBC. However, risks and opportunities HBCas an organization face today related to climate change,are difficult to estimate, and mitigate or explore. HBC has awork group among the management team, led by the headof Sustainability, that analyse climate risks and utilize theopportunities that arise from climate change. As of the endof 2022, the financial implications of climate change arevery limited. As of today, there are few requirements forsustainability in the finished product, no distinctly strictemission rules at the factories, no external influence (e.g.sea level rise). The management expect increased focus onimpairment testing as the Group grow and increase its assetbase in the future.Financial implications of the war in UkraineApart from a general increase in energy-prices, the Group isnot direct affected by the conflict.Subsequent eventsNew information subsequent to the balance sheet date aboutthe Group\u2019s and the parent company\u2019s financial position atthe balance sheet date are taken into account in the financialstatements. Events subsequent to the balance sheet datewhich do not influence the Group\u2019s or the parent company\u2019sfinancial position at the balance sheet date, but which will in-fluence the Group\u2019s or the parent company\u2019s position in thefuture, have been disclosed in the notes if significant.New accounting standardsStandards with changes that apply to the accounting periodJanuary 1, 2022 has not had any material impact for the finan-cial year 2022. The group and the company have not imple-mented early standards released but not yet active.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-875-2": {
"value": "Note 3: Segment informationThe processing plants of the parent company are situated in Nor-way, where the production is adjusted to meet the standard forhuman consumption. The Group operates solely in the produc-tion of four main products, namely salmon oil (OmeGo\u00ae), solu-ble protein (ProGo\u00ae), Calcium (CalGo\u00ae), and non-water-solubleprotein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourcedfresh, and a closed feeding system is employed to maintain highquality with low oxidation levels. The oil is stored in nitrogen-filledtanks to preserve its quality during the manufacturing process.The unique production process involves the release of oil fromthe raw material using enzymes, resulting in fresh salmon oil witha long shelf life.The Group also produces hydrolyzed salmon protein, which isquickly absorbed by the body and has good solubility in water.The manufacturing process has been optimized for increasedcapacity and quality, with improvements made in 2021 and 2022.The Midsund factory expansion, completed in 2021, has replacedthe drying process previously carried out at Berk\u00e5k.In 2018, the Group installed a fully automated process line to pro-duce calcium powder, resulting in increased yield and improvedquality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to purecalcium powder.The non-soluble protein, known as the PHP fraction, is separatedand dried to produce high-quality fishmeal.Although the products are produced in the same process andfrom the same raw material supply, the revenue is split by productfor informational purposes. The management monitors the costof sales as total cost of sales but split by product. The ProductionManager manages production by tracking the raw material inputand finished goods output of the four product types to calculatethe margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 By product \u00ae Salmon Oil (OmeGo) 77 759 43 433 77 759 43 433\u00ae Soluble Protein Hydrolysate (ProGo) 12 598 9 504 12 598 9 504\u00ae Calcium (CalGo) 2 914 2 716 2 914 2 716 Non-soluble Protein (PetGo\u2122) 25 480 20 920 25 480 20 920 Other income 1 697 5 696 1 208 6 128 Sum revenue 120 448 82 268 119 959 82 700 Insurance claim settlement0 5 348 0 5 348Total revenues120 448 87 616 119 959 88 048 By region Norway 6 991 13 772 6 502 14 207 Asia 14 164 3 974 14 164 3 974 Europe excl Norway 78 162 39 974 78 162 39 974 America 21 131 24 548 21 131 24 548Total revenues120 448 82 268 119 959 82 700* the group recieved TNOK 5 348 in 2021 for calcium damaged in 2021. In 2022 goods totaling TNOK 59.196 were sold to three custom-ers, each of which accounted for more than 10 % of total turn-over. The sales to each of these customers are TNOK 28,329, TNOK 17,750, and TNOK 13,117, respectively. In 2021, goods totaling TNOK 44,472 were sold to three customers, each of which accounted for more than 10 % of total turnover. The sales to each of these customers are TNOK 20,219, TNOK 14,282 and TNOK 9,971. The company has no contractual assets or liabili-ties as of 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-875-3": {
"value": "Note 3: Segment informationThe processing plants of the parent company are situated in Nor-way, where the production is adjusted to meet the standard forhuman consumption. The Group operates solely in the produc-tion of four main products, namely salmon oil (OmeGo\u00ae), solu-ble protein (ProGo\u00ae), Calcium (CalGo\u00ae), and non-water-solubleprotein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourcedfresh, and a closed feeding system is employed to maintain highquality with low oxidation levels. The oil is stored in nitrogen-filledtanks to preserve its quality during the manufacturing process.The unique production process involves the release of oil fromthe raw material using enzymes, resulting in fresh salmon oil witha long shelf life.The Group also produces hydrolyzed salmon protein, which isquickly absorbed by the body and has good solubility in water.The manufacturing process has been optimized for increasedcapacity and quality, with improvements made in 2021 and 2022.The Midsund factory expansion, completed in 2021, has replacedthe drying process previously carried out at Berk\u00e5k.In 2018, the Group installed a fully automated process line to pro-duce calcium powder, resulting in increased yield and improvedquality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to purecalcium powder.The non-soluble protein, known as the PHP fraction, is separatedand dried to produce high-quality fishmeal.Although the products are produced in the same process andfrom the same raw material supply, the revenue is split by productfor informational purposes. The management monitors the costof sales as total cost of sales but split by product. The ProductionManager manages production by tracking the raw material inputand finished goods output of the four product types to calculatethe margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 By product \u00ae Salmon Oil (OmeGo) 77 759 43 433 77 759 43 433\u00ae Soluble Protein Hydrolysate (ProGo) 12 598 9 504 12 598 9 504\u00ae Calcium (CalGo) 2 914 2 716 2 914 2 716 Non-soluble Protein (PetGo\u2122) 25 480 20 920 25 480 20 920 Other income 1 697 5 696 1 208 6 128 Sum revenue 120 448 82 268 119 959 82 700 Insurance claim settlement0 5 348 0 5 348Total revenues120 448 87 616 119 959 88 048 By region Norway 6 991 13 772 6 502 14 207 Asia 14 164 3 974 14 164 3 974 Europe excl Norway 78 162 39 974 78 162 39 974 America 21 131 24 548 21 131 24 548Total revenues120 448 82 268 119 959 82 700* the group recieved TNOK 5 348 in 2021 for calcium damaged in 2021. In 2022 goods totaling TNOK 59.196 were sold to three custom-ers, each of which accounted for more than 10 % of total turn-over. The sales to each of these customers are TNOK 28,329, TNOK 17,750, and TNOK 13,117, respectively. In 2021, goods totaling TNOK 44,472 were sold to three customers, each of which accounted for more than 10 % of total turnover. The sales to each of these customers are TNOK 20,219, TNOK 14,282 and TNOK 9,971. The company has no contractual assets or liabili-ties as of 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-912-2": {
"value": "Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Raw material 55 704 38 559 55 662 38 559 Freight26 252 17 700 26 252 17 750 Purchased services26 953 24 374 25 846 32 009 Obsolescence cost8 537 399 8 537 399 Change in inventory -25 512 -16 515 -25 512 -16 566 Total cost of sales 91 934 64 517 90 785 72 152",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-916-2": {
"value": "OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Leases of equipment 1 707 1 159 1 611 1 046Leases of warehouses and factories 2 239 1 450 2 094 1 062Travelling cost2 651 1 187 2 510 1 008Consultant fees and tax advisory 2 110 1 671 1 956 1 577Lawyers1 263 2 354 1 263 2 354Consulting14 498 18 921 16 927 18 069Advertising 15 042 13 031 15 040 13 031R&D and patents13 635 8 869 13 630 8 800Repair and maintenance 10 555 12 533 9 007 10 950Other operating expenses 7 855 9 319 6 419 7 792Government grants-1 879 -2 894 -1 840 -2 587 Total69 677 67 600 68 617 63 100The Group recieved grants from skattefunn of TNOK 4 324 (TNOK 4 509 in 2021), split by TNOK 1 879 in other operating expenses and TNOK 2 445 in salaries. Corresponding num-bers was TNOK 4 132 (TNOK 4 122 in 2021) for parent compa-ny, split by TNOK 1 840 in other operating expenses and TNOK 2 292 in salaries. See note 5.Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01AUDITOR\u2019S FEES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Audit fees 1 621 1 260 1 537 1 215Other confirmations 45 0 45 0Tax advice 0 33 0 31Other services 0 6 0 6Total 1 666 1 299 1 582 1 252VAT is not included in the amounts above. TNOK 24 of the total amount is capitalized direct against equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-916-3": {
"value": "OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Leases of equipment 1 707 1 159 1 611 1 046Leases of warehouses and factories 2 239 1 450 2 094 1 062Travelling cost2 651 1 187 2 510 1 008Consultant fees and tax advisory 2 110 1 671 1 956 1 577Lawyers1 263 2 354 1 263 2 354Consulting14 498 18 921 16 927 18 069Advertising 15 042 13 031 15 040 13 031R&D and patents13 635 8 869 13 630 8 800Repair and maintenance 10 555 12 533 9 007 10 950Other operating expenses 7 855 9 319 6 419 7 792Government grants-1 879 -2 894 -1 840 -2 587 Total69 677 67 600 68 617 63 100The Group recieved grants from skattefunn of TNOK 4 324 (TNOK 4 509 in 2021), split by TNOK 1 879 in other operating expenses and TNOK 2 445 in salaries. Corresponding num-bers was TNOK 4 132 (TNOK 4 122 in 2021) for parent compa-ny, split by TNOK 1 840 in other operating expenses and TNOK 2 292 in salaries. See note 5.Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01AUDITOR\u2019S FEES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Audit fees 1 621 1 260 1 537 1 215Other confirmations 45 0 45 0Tax advice 0 33 0 31Other services 0 6 0 6Total 1 666 1 299 1 582 1 252VAT is not included in the amounts above. TNOK 24 of the total amount is capitalized direct against equity.2021 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2021 66 078 38 321 2 118 106 517 42 538 35 121 1 585 79 244Additions 34 516 17 628 0 52 144 34 516 15 317 0 49 833Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2021100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Depreciations 01.01.2021 10 037 16 103 457 26 597 6 867 15 491 446 22 803Depreciations fot the year 6 953 4 696 75 11 723 5 499 3 925 32 9 457Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2021 16 990 20 798 532 38 320 12 366 19 416 478 32 303Carrying amounts 31.12.2021 83 604 35 151 1 586 120 342 64 688 31 022 1 107 96 774Shortest of lease term or economic 15 years 5 years 3-5 years 15 years 5 years 3-5 yearslifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation 2022 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2022 100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Additions 0 2 464 0 2 464 0 2 254 0 2 254Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2022100 594 58 416 2 118 161 125 77 054 52 692 1 585 131 331Depreciations 01.01.2022 16 990 20 799 532 38 321 12 366 19 416 478 32 303Depreciations fot the year 8 682 5 711 45 14 438 6 799 4 918 45 11 762Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2022 25 672 26 510 577 52 759 19 165 24 377 523 44 065Carrying amounts 31.12.2022 74 922 31 903 1 541 108 366 57 889 28 315 1 062 87 266Shortest of lease term or 15 years 5 years 3-5 years 15 years 5 years 3-5 yearseconomic\ue878lifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Undiscounted lease liabilities and due dates for paymentsLess than 1 year 19 496 19 496 14 653 15 9392-5 years 54 272 62 288 45 237 50 369More than 5 years 49 479 52 968 39 576 41 154Total undiscounted lease liabilities 31.12 123 247 134 752 99 465 107 462 Changes in lease liabilities Total lease liabilities 1.1 112 977 72 302 90 144 48 997 New/changed lease liabilities recognized in the period 2 464 52 144 2 254 49 833 Payment of principal amounts-12 625 -11 469 -9 850 -8 686 Payment of interest amounts-8 592 -7 595 -7 053 -5 898 Interest related to the lease liabilities8 592 7 595 7 053 5 898 Total lease liabilities 31.12102 815 112 977 82 547 90 144 Current lease liabilities 31.12 (note 16) 12 855 12 099 10 055 9 801 Non-current lease liabilities 31.12 (note 16)89 960 100 878 72 492 80 343 Cash outflows for lease liabilities19 496 19 064 14 653 14 584The lease agreements do not restrict the parent company\u2019s and the group\u2019s dividend policy or financing opportunities. The parent company and the group do not have significant residual value guarantees in the lease agreements.The parent company and the group\u2019s leases of machinery and equipment include, in addition to lease payments, a requirement to maintain and secure the assets (right of use assets). The terms in the lease agreements varies from 3-7 year, and several of the agreements include an option to extend the lease. At the expiry date of the main term of the lease, the lease og the ma-chinery and equipment may be continued for a lease payment of 1/12 of the lease payments in the main lease period. The company may also request to purchase the equipment.The company and the group\u2019s leases of manufacturing facilities (Midsund og Berk\u00e5k) have lease terms of 15 years, no extension options, and the leases expire 31 March 2032. When entering into an agreement the group assesses whether it is reasonably certain to exercise an option to purchase the assets. The leases of the manufacturing facilities have no options to purchase.Leases of fixtures and fittings in the table above contain no ex-tension or purchase options. The group\u2019s potential future lease payments which have not been included in the lease liabilities re-lating to purchase options were TNOK 0 as of 31 December 2022.Applied practical expedientsThe company and the group lease warehouses in which both the lessor and the company / group have the right to terminate the agreements on a 3-6 months notice period. For such agree-ments the company and the group do not recognize lease liabil-ities and related right of use assets. Such lease payments are expensed when incurred.Lease payments for the abovementioned leases amounted to TNOK 1,707 (TNOK 1,159 in 2021) for fixture and fittings for the Group and TNOK 2,239 (TNOK 1,450 in 2021) for stor-age, and for the parent company TNOK 1,611 (TNOK 1,046 in 2021) for fixture and fittings TNOK 2,094 (TNOK 1,062 i 2021) for storage (see note 4). Cash flow from these lease obliga-tions is approximately equal to the amount expensed and is included in net cash flow from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-916-4": {
"value": "OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Leases of equipment 1 707 1 159 1 611 1 046Leases of warehouses and factories 2 239 1 450 2 094 1 062Travelling cost2 651 1 187 2 510 1 008Consultant fees and tax advisory 2 110 1 671 1 956 1 577Lawyers1 263 2 354 1 263 2 354Consulting14 498 18 921 16 927 18 069Advertising 15 042 13 031 15 040 13 031R&D and patents13 635 8 869 13 630 8 800Repair and maintenance 10 555 12 533 9 007 10 950Other operating expenses 7 855 9 319 6 419 7 792Government grants-1 879 -2 894 -1 840 -2 587 Total69 677 67 600 68 617 63 100The Group recieved grants from skattefunn of TNOK 4 324 (TNOK 4 509 in 2021), split by TNOK 1 879 in other operating expenses and TNOK 2 445 in salaries. Corresponding num-bers was TNOK 4 132 (TNOK 4 122 in 2021) for parent compa-ny, split by TNOK 1 840 in other operating expenses and TNOK 2 292 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-916-5": {
"value": "OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Leases of equipment 1 707 1 159 1 611 1 046Leases of warehouses and factories 2 239 1 450 2 094 1 062Travelling cost2 651 1 187 2 510 1 008Consultant fees and tax advisory 2 110 1 671 1 956 1 577Lawyers1 263 2 354 1 263 2 354Consulting14 498 18 921 16 927 18 069Advertising 15 042 13 031 15 040 13 031R&D and patents13 635 8 869 13 630 8 800Repair and maintenance 10 555 12 533 9 007 10 950Other operating expenses 7 855 9 319 6 419 7 792Government grants-1 879 -2 894 -1 840 -2 587 Total69 677 67 600 68 617 63 100The Group recieved grants from skattefunn of TNOK 4 324 (TNOK 4 509 in 2021), split by TNOK 1 879 in other operating expenses and TNOK 2 445 in salaries. Corresponding num-bers was TNOK 4 132 (TNOK 4 122 in 2021) for parent compa-ny, split by TNOK 1 840 in other operating expenses and TNOK 2 292 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-918-4": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-918-5": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-918-6": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-918-7": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Salaries 44 346 38 172 35 346 32 000Social security costs 5 369 4 836 4 972 4 407Pension costs 5 387 2 272 5 024 1 950Share based payments and bonus costs consultant 2 346 1 634 2 346 1 634Other employee benefits 2 039 1 369 1 808 1 187Capitalized cost in associated with development 0 -1 954 0 -1 847Public grants from Skattefunn -2 445 -1 615 -2 292 -1 535Total employee benefit expenses 57 043 44 714 47 205 37 796Average number of FTE`s 62 57 53 47 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2022 2021Management teamSalaries 6 622 5 615Benefits in kind 191 80Pension costs 173 142Share based payments 2 346 1 634Other employee benefits 4 778* 16 169*Total remuneration 14 110 23 640* Includes remuneration of TNOK 4 138 for managing R&D (TNOK 15 209 in 2021). Remuneration for R&D is split in other operating expenses and capitalized development costs in 2022 and 2021 No loans or guarantees are granted to members of the management team, Board of Directors or other elected bodies. Reference is made to the Executive Remuneration Report which will be available on the company's website before the annual general meeting.Defined contribution pension schemeThe parent company and the group have a statutory obligation to comply with the law on mandatory occupational pensions and have a pension scheme that satisfies the requirements of this Act. Contributions have been expensed in the Group by TNOK 2 787 in 2022 (TNOK 2 272 in 2021), in the parent com-pany TNOK 2 424 (TNOK 1 950 in 2021). The parent company and the group had cost for AFP of TNOK 2 620 in 2022 (TNOK 0 in 2021). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2 131, and TNOK 489 for 2022.OptionsThe fair value of Jon Olav \u00d8deg\u00e5rd's options have been calcu-lated at the time of grant, 30 August 2022, and expensed over the vesting period up until 1 November 2022. The fair value of the program has been estimated to TNOK 1 170 in 2022. Fair value of the options has been estimated using the Black-Scholes option pricing model. The options exerciable up until 31 October 2025. Other inputs used in the model are:-Spot price: NOK 3.39 per option-Strike price: NOK 3.63 per option-Volatility: 48.0%-Dividend: 0.0%-Risk-free rate: 3.58%The fair values of James Berger's options have been calculat-ed at the time of grant, 17 October 2019, and was expensed over the vesting period of 36 months. The fair value of the program was estimated to TNOK 12 342 in 2019. Fair value of the options was estimated using the Black-Scholes option pricing model. A total of TNOK 1,176 (TNOK 1,633 in 2021) was expensed in connection with the option program in 2022. No share options were exercised in 2022, and per 31.12.22 all options under this agreement has expired.As partial payment for work performed for the company, Ten-et Brandlogic Corp. was granted options in the company. The options are expensed over the vesting period in 2021. Total ex-pensed in 2022 is TNOK 0 (TNOK 1,462 in 2021). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2022. OPTIONS(Amounts in NOK 1000) 2022 2022 2021 2021GROUPnumberWAEPnumberWAEPOutstandig 01.01. 5 523 0.01 5 351 0.01Exerciable 01.01 172 0.01 0 -Granted during the year 1 000 0.01 172 0.01Forfeited during the year 0 - 0 -Exercised during the year 0 - 0 -Expired during the year 5 351 0.01 0 -Outstandig 31.12. 1 172 0.01 5 523 0.01Exerciable 31.12. 1 172 0.01 172 0.01",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-931-4": {
"value": "AUDITOR\u2019S FEES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Audit fees 1 621 1 260 1 537 1 215Other confirmations 45 0 45 0Tax advice 0 33 0 31Other services 0 6 0 6Total 1 666 1 299 1 582 1 252VAT is not included in the amounts above. TNOK 24 of the total amount is capitalized direct against equity.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-932-2": {
"value": "Note 6: Related party transactionsThe Group's related parties include shareholders, board mem-bers and the senior management and their related parties.RH Industri AS, Hofseth Property AS, Hofseth InternationalAS, Hofseth Logistics AS, Seafood Farmers of Norway AS,Hofseth AS, Hofseth Sales AS, Hofseth Aalesund AS, HofsethNorth America, Hofseth Asia, Hofseth Processing AS, \u00c5lesundKipervikgate 13 AS and Hofseth Aqua AS are considered to berelated parties to Hofseth BioCare ASA. In these companies,CEO (up until 29.07.2022), board member and shareholderin Hofseth Biocare ASA, Roger Hofseth, has significant influ-ence through ownership interests, leading positions and boardmemberships. Further is shareholder Yokorei CO. Ltd. consid-ered a related party. All related party transactions have been made in the ordinary course of the business at the arms length principle. The main transactions made in 2021 and 2022: \u203a Purchase of raw materials from Hofseth Sales AS. See fur-ther details in the agreement below. \u203a 13 of the company's (16 in the group) lease agreement for production equipment that are active in 2022 have been entered into with Hofseth AS, Hofseth International AS and RH Industri AS and subleased to Hofseth BioCare ASA with a mark-up of 5-10 % on monthly instalments. \u203a Other minor administration costs are invoiced from Hof-seth International AS. \u203a Yokorei Co. Ltd. had a loan to the Group wich has been re-paid in full during 2022 (TNOK 1,879 as of 31 December2021). The loan expired on 30 September 2022 and had afixed interest rate of 4 %. \u203a RH Industri AS had provided a subordinated loan to thegroup with an outstanding amount of TNOK 22,432 as of 31December 2021. The loan expired 30 September 2024 andcarries an interest rate of Nibor + 4.5 %, but the full amounthas been convertes to shares in he share issue in July 2022. \u203a RH Industri AS and Hofseth Sales AS have paid storagerent of TNOK 0 in 2022 (TNOK 646 in 2021), for goods pur-chased from the company in 2020. \u203a Hofseth BioCare ASA had a agent agreement with HofsethInternational AS, Hofseth Sales AS and RH Industri AS re-cieved agent fees of total TNOK 0 (TNOK 190 in 2021) forsale of goods stored at the companys storage. \u203a Hofseth North America has purchased goods worth TNOK17,750 in 2022 (TNOK 9,971 in 2021). \u203a Yokorei Co. Ltd. has purchased goods worth TNOK 247 in2022 (TNOK 207 in 2021). \u203a The Group rents factory buildings at Midsund and Berk\u00e5kfrom Hofseth Property AS at a cost of TNOK 12,071 in2022 (TNOK 10,150 in 2021). The agreement is signed for15 years, until 2032.The statement of profit and loss and the balance sheet include the following transactions with shareholders and related partiesto shareholders: BALANCE SHEET ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Right of use assets 108 938 109 917 88 176 89 085 Trade receivables 2 354 2 325 2 243 2 325 Subordinated loan 0 -22 433 0 -22 433 Loan from shareholders 0 -1 879 0 -1 879 Other receivables 0 0 9 577 75 Leasing liabilities -101 661 -109 917 -81 929 -89 085 Trade payables -125 842 -107 094 -122 979 -106 086 Total -116 210 -128 074 -104 913 -127 999PROFIT AND LOSS ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Sales revenue 18 881 14 269 18 881 14 269 Total revenue 18 881 14 269 18 881 14 269 Cost of sales 51 381 68 548 51 381 68 548 Other operating expenses 5 353 12 910 5 271 10 675 Financial expenses 7 960 8 383 6 562 6 762 Total costs 64 694 89 840 63 214 85 985Raw Material agreementsThe company has a 5-year agreement with Hofseth Sales AS on exclusive rights to all by-products from Hofseth Sales`s suppliers starting 01.01.2022. Hofseth Sales AS is a 100 % subsidiary of RH Investments AS, which is closely related to Roger Hofseth.Transactions and balances between parent companies and subsidiariesThe company has sold goods and services to subsidiaries HBC Berk\u00e5k AS for TNOK 40 in 2022 (TNOK 815 in 2021).The subsidiaries HBC Switzerland GmbH has sold services to the parent company of TNOK 3 447 (TNOK 0 in 2021) and HBC Berk\u00e5k AS for TNOK 996 in 2022 (TNOK 10 211 in 2021).The company has agreed on a loan to with HBC Berk\u00e5k with a balance of TNOK 0 as of 31 December 2022 (TNOK 4 976 as of 31 December 2021), with an agreed interest rate of Nibor + 3.0 %. Balance to HBC Therapeutics AS was TNOK 25 as of 31 December 2022 (TNOK 0 as of 31 December 2021) and a Balance to Hofseth Biocare R\u00f8rvik AS was TNOK 75 as of 31 December 2022 (TNOK 75 as of 31 December 2021) Balance to HBC Switzerland GmbH was TNOK 0 as of 31 December 2022 (TNOK 0 as of 31 December 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-932-3": {
"value": "Note 6: Related party transactionsThe Group's related parties include shareholders, board mem-bers and the senior management and their related parties.RH Industri AS, Hofseth Property AS, Hofseth InternationalAS, Hofseth Logistics AS, Seafood Farmers of Norway AS,Hofseth AS, Hofseth Sales AS, Hofseth Aalesund AS, HofsethNorth America, Hofseth Asia, Hofseth Processing AS, \u00c5lesundKipervikgate 13 AS and Hofseth Aqua AS are considered to berelated parties to Hofseth BioCare ASA. In these companies,CEO (up until 29.07.2022), board member and shareholderin Hofseth Biocare ASA, Roger Hofseth, has significant influ-ence through ownership interests, leading positions and boardmemberships. Further is shareholder Yokorei CO. Ltd. consid-ered a related party. All related party transactions have been made in the ordinary course of the business at the arms length principle. The main transactions made in 2021 and 2022: \u203a Purchase of raw materials from Hofseth Sales AS. See fur-ther details in the agreement below. \u203a 13 of the company's (16 in the group) lease agreement for production equipment that are active in 2022 have been entered into with Hofseth AS, Hofseth International AS and RH Industri AS and subleased to Hofseth BioCare ASA with a mark-up of 5-10 % on monthly instalments. \u203a Other minor administration costs are invoiced from Hof-seth International AS. \u203a Yokorei Co. Ltd. had a loan to the Group wich has been re-paid in full during 2022 (TNOK 1,879 as of 31 December2021). The loan expired on 30 September 2022 and had afixed interest rate of 4 %. \u203a RH Industri AS had provided a subordinated loan to thegroup with an outstanding amount of TNOK 22,432 as of 31December 2021. The loan expired 30 September 2024 andcarries an interest rate of Nibor + 4.5 %, but the full amounthas been convertes to shares in he share issue in July 2022. \u203a RH Industri AS and Hofseth Sales AS have paid storagerent of TNOK 0 in 2022 (TNOK 646 in 2021), for goods pur-chased from the company in 2020. \u203a Hofseth BioCare ASA had a agent agreement with HofsethInternational AS, Hofseth Sales AS and RH Industri AS re-cieved agent fees of total TNOK 0 (TNOK 190 in 2021) forsale of goods stored at the companys storage. \u203a Hofseth North America has purchased goods worth TNOK17,750 in 2022 (TNOK 9,971 in 2021). \u203a Yokorei Co. Ltd. has purchased goods worth TNOK 247 in2022 (TNOK 207 in 2021). \u203a The Group rents factory buildings at Midsund and Berk\u00e5kfrom Hofseth Property AS at a cost of TNOK 12,071 in2022 (TNOK 10,150 in 2021). The agreement is signed for15 years, until 2032.The statement of profit and loss and the balance sheet include the following transactions with shareholders and related partiesto shareholders: BALANCE SHEET ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Right of use assets 108 938 109 917 88 176 89 085 Trade receivables 2 354 2 325 2 243 2 325 Subordinated loan 0 -22 433 0 -22 433 Loan from shareholders 0 -1 879 0 -1 879 Other receivables 0 0 9 577 75 Leasing liabilities -101 661 -109 917 -81 929 -89 085 Trade payables -125 842 -107 094 -122 979 -106 086 Total -116 210 -128 074 -104 913 -127 999PROFIT AND LOSS ITEMS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Sales revenue 18 881 14 269 18 881 14 269 Total revenue 18 881 14 269 18 881 14 269 Cost of sales 51 381 68 548 51 381 68 548 Other operating expenses 5 353 12 910 5 271 10 675 Financial expenses 7 960 8 383 6 562 6 762 Total costs 64 694 89 840 63 214 85 985Raw Material agreementsThe company has a 5-year agreement with Hofseth Sales AS on exclusive rights to all by-products from Hofseth Sales`s suppliers starting 01.01.2022. Hofseth Sales AS is a 100 % subsidiary of RH Investments AS, which is closely related to Roger Hofseth.Transactions and balances between parent companies and subsidiariesThe company has sold goods and services to subsidiaries HBC Berk\u00e5k AS for TNOK 40 in 2022 (TNOK 815 in 2021).The subsidiaries HBC Switzerland GmbH has sold services to the parent company of TNOK 3 447 (TNOK 0 in 2021) and HBC Berk\u00e5k AS for TNOK 996 in 2022 (TNOK 10 211 in 2021).The company has agreed on a loan to with HBC Berk\u00e5k with a balance of TNOK 0 as of 31 December 2022 (TNOK 4 976 as of 31 December 2021), with an agreed interest rate of Nibor + 3.0 %. Balance to HBC Therapeutics AS was TNOK 25 as of 31 December 2022 (TNOK 0 as of 31 December 2021) and a Balance to Hofseth Biocare R\u00f8rvik AS was TNOK 75 as of 31 December 2022 (TNOK 75 as of 31 December 2021) Balance to HBC Switzerland GmbH was TNOK 0 as of 31 December 2022 (TNOK 0 as of 31 December 2021).NON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2024- 812 1 352 0 0 Loan from shareholder 4,0% 2024- 0 0 0 0 Subordinary loan NIBOR+4,5% 2024- 0 22 433 0 22 433 Lease liability 6% - 8% 2024- 89 960 100 878 72 492 80 343 Total 90 772 124 662 72 492 102 776CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2023 540 541 0 0 Loan from shareholder* 4,0% 2023 0 1 879 0 1 879 Subordinary loan 6,6% 2023 0 0 0 0 Lease liability 6% - 8% 2023 12 855 12 099 10 055 9 801 Total 13 395 14 519 10 055 11 680 Sum interest-bearing debt 104 167 139 181 82 548 114 456*Loan is issued in JPY - unrealized loss calculated to TNOK 0 per 31.12.2021, repaid per 31.12.2022.The parent company has a credit facility in bank with a creditlimit of TNOK 37,000. The credit limit was unused as of 31December 2022.In addition to the above, the parent company had a current interest- bearing liabilities towards the subsidiary HBC Berk\u00e5k AS amounting to TNOK 0 as of 31 December 2022 (TNOK 4,976 as of 31 December 2021). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable andinventory.(Amounts in NOK 1000) 2022 2021Trade receivable 13 803 9 970Inventory 115 983 90 244 Total 129 786 100 215The Group insures significant receivables against credit risk. The insurance is limited to a maximum of TNOK 13,600 and a coverage rate of 90 %.Financial covenantsCredit facility Sparebank1 NordvestAs of 30 June and 31 December each year, the company will have a liquidity reserve of at least NOK 5 million in the form of cash and unused drawing rights in operating credit facility. The book value of equity in Hofseth BioCare ASA shall at all times amount to at least 25 % of the book value of the company's assets. The company had an equity ratio of 41.7 % and was thus not in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-938-4": {
"value": " \u203a RH Industri AS had provided a subordinated loan to thegroup with an outstanding amount of TNOK 22,432 as of 31December 2021. The loan expired 30 September 2024 andcarries an interest rate of Nibor + 4.5 %, but the full amounthas been convertes to shares in he share issue in July 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-2": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-3": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-4": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-5": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-6": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-965-7": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Interest income 651 613 855 617 Foreign exchange gains 3 917 3 034 3 913 3 034 Total 4 568 3 647 4 768 3 651FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Interest expenses 9 954 9 394 8 359 8 175Impairment of financial assets 0 0 0 4 889Foreign exchange losses 3 182 2 120 3 163 2 118Total 13 136 11 577 11 522 15 182",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-968-2": {
"value": "Note 8: Income taxesINCOME TAXES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Income tax expense Prior year taxes 0 0 0 0 Tax expense 0 0 0 0 Calculation of taxable income Loss before tax -137 390 -126 464 -119 367 -122 241 Permanent differences -1 937 4 050 -1 937 4 437 Change in temporary differences 22 581 -16 588 10 505 3 544 Taxable result -116 745 -139 002 -110 799 -114 260 Temporary differences Fixed assets 19 546 33 932 7 533 9 862 Loss carry forward -1 034 784 -918 039 -976 315 -865 516 Other temporary differences -20 524 -12 329 -20 524 -12 348 Total -1 035 763 -897 436 -989 306 -868 002 Calculated deferred tax asset 22 % 227 868 197 436 217 647 190 960Deferred tax assets are not recognised in the balance sheet. RECONCILITATION OF TAX EXPENSE Konsern Morselskap(Amounts in NOK 1000) 2022 2021 2022 2021 Loss before tax -137 390 -126 464 -119 367 -122 241 Tax 22% -30 226 -27 822 -26 261 -26 893 Permanent differences -426 891 -426 976 Defered tax assest, not recognized 30 652 26 931 26 687 25 917 Total tax expense 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-968-3": {
"value": "Note 8: Income taxesINCOME TAXES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Income tax expense Prior year taxes 0 0 0 0 Tax expense 0 0 0 0 Calculation of taxable income Loss before tax -137 390 -126 464 -119 367 -122 241 Permanent differences -1 937 4 050 -1 937 4 437 Change in temporary differences 22 581 -16 588 10 505 3 544 Taxable result -116 745 -139 002 -110 799 -114 260 Temporary differences Fixed assets 19 546 33 932 7 533 9 862 Loss carry forward -1 034 784 -918 039 -976 315 -865 516 Other temporary differences -20 524 -12 329 -20 524 -12 348 Total -1 035 763 -897 436 -989 306 -868 002 Calculated deferred tax asset 22 % 227 868 197 436 217 647 190 960Deferred tax assets are not recognised in the balance sheet. RECONCILITATION OF TAX EXPENSE Konsern Morselskap(Amounts in NOK 1000) 2022 2021 2022 2021 Loss before tax -137 390 -126 464 -119 367 -122 241 Tax 22% -30 226 -27 822 -26 261 -26 893 Permanent differences -426 891 -426 976 Defered tax assest, not recognized 30 652 26 931 26 687 25 917 Total tax expense 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-972-2": {
"value": "Note 9: Earnings per shareThe Group\u2019s earnings per share are calculated by dividing the profit for the year attributable to share holders by the weighted average number of shares outstanding during the year.Diluted earnings per share are calculated by dividing the pro fit attributable to the share holders by the weighted average num-ber of shares outstanding during the year. EARNINGS PER SHARE Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Profit attributable to share holders -137 390 -126 464 -119 367 -122 241 Weighted average number of shares outstanding 374 737 357 831 374 737 357 831 Earnings per share -ordinary -0.37 -0.35 -0.32 -0.34 -diluted -0.37 -0.35 -0.32 -0.34",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-975-2": {
"value": "Note 10: Intangible asset2021 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2021 53 743 3 438 3 671 2 627 63 480Additions 0 987* 1 243 0 2 229Internally developed 12 598 0 0 0 12 598Cost at 31.12.2021 66 341 4 425 4 914 2 627 78 307Depreciation at 01.01.2021 14 843 452 3 341 2 409 21 046Depreciation charge of the year 3 325 307 281 218 4 132Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2021 18 169 759 3 622 2 627 25 178Net book value at 31.12.2021 48 172 3 666 1 292 0 53 055Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation2022 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2022 66 341 4 425 4 914 2 627 78 307Additions 0 2 355* 0 0 2 355Internally developed 11 237 0 0 0 11 237Cost at 31.12.2022 77 579 6 780 4 914 2 627 91 899Depreciation at 01.01.2022 18 169 759 3 622 2 627 25 178Depreciation charge of the year 5 282 531 132 0 5 945Impairment 0 188 0 0 188Impairment and depreciation at 31.12.2022 23 451 1 478 3 754 2 627 31 311Net book value at 31.12.2022 54 128 5 302 1 159 0 60 588Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation* Some development projects and IT system is under development. Included in the group\u2019s intangible assets is a webshop de-veloped in the subsidiary HBC Therapeutics AS, the carrying amount was TNOK 0 as of 31 December 2022 (TNOK 188 as of 31 December 2021). The asset in the subsidiary was written down in full in 2022.Throughout 2022, HBC R&D has focused on developing, im-proving, and refining their products and processes. Through extensive research, positive health effects have been uncov-ered in the ingredients, making development a critical aspect that sets HBC's products. Core activities such as research, development, and documentation are integral to HBC's R&D work. Additionally, significant investments were made in 2022 towards documenting and testing the trademarked products including ProGo\u00ae, CollaGo\u00ae, OmeGo\u00ae, and CalGo\u00ae. This work is vital to demonstrate the efficacy and unique properties of the products during marketing and sales. Research and developmentis crucial for the industrial process of producing the compa-ny's products, as it involves advanced equipment that may ex-perience downtime during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the volume of raw materials necessitates the optimization of all production stages. In 2022, HBC continued to enhance their knowledge through studies and analyzing the ingredients' elements that provide the desired biological effect. The laboratory and factory spent more time studying and testing these effects, resulting in some health effects being recognized by international health authorities.The company's operations and products must meet environ-mental and health requirements, regulations, agreements, and conventions. Meeting these standards required extensive de-velopment activities. The company has ongoing R&D efforts todevelop more efficient production methods and improve theproducts' human use.The R&D process consists of five steps, which are to furtherdevelop the enzymatic hydrolysis of salmon cutting to pro-duce unique products with proven health effects, optimize thehandling of raw materials and finished products in the valuechain, develop technology to produce higher quality productfractions of protein, calcium, and oil, identify, research, anddocument bioactivity in the products, and document biosafe-ty, bioavailability, and biological effects through \"in-vitro\" and\"in-vivo\" studies.Total research and development costs for 2022 were TNOK28,521 (2021 TNOK 26,859). Of this, TNOK 11,237 has beencapitalized in 2022 (2021: TNOK 12,598).The following were the most significant development projectswith related capitalized development expenditures:The R&D process is divided into four steps:1. The development of ProGo\u00ae peptides for Gastro-Intestinal(GI) health. The collaboration with Stanford has shown thatSPH provides excellent protection against GI tract inflam-mation in standard models of inflammatory bowel disease(IBD). The mode of action is an upregulation of the an-ti-inflammatory gene system, HMOX1. A proof-of-conceptclinical trial in IBD patients at Stanford is expected to com-mence during 2023. The capitalized development costs for2022 were TNOK 3,027.2. OmeGo\u00ae as a Novel anti-eosinophilic therapeutic, as it hasshown through clinical studies to decrease inflammationin the body. Our efforts at developing a pharmaceuticallead program around eosinophilia inflammation control ison-going. Our lead analog, MA-022, has shown a clinical-ly significant and enhanced level of eosinophil control inin-vitro. Initial development will focus on eosinophilic eso-phagitis, an orphan condition that causes pain and difficul-ty in swallowing. Work for the scaling up of MA-022 synthe-sis is complete and preclinical in vitro and in vivo work willcommence in 2023. There are no licensed oral options forEoE and exclusion diets and topical steroids have limitedimpact on symptoms. The capitalized development costsfor 2022 were TNOK 2,572.3. HBC's OmeGo whole salmon oil's underlying drivers of im-mune health, respiratory & overall health. The broad inflam-mation-resolving profile of OmeGo\u00ae, as demonstrated byour prior research, is expected to help reduce lung irritationwith an improvement in lung function and quality of life.Particulate matter pollution is a global health problem im-pacting lung, cardiovascular and overall health. The capital-ized development costs for 2022 were TNOK 5,638.4. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials and they are still ongoing. This includesstudies for Asthma, Osteopenia and Arthritis. The costs re-lated to the CTU in 2022 have not been capitalized in 2022.TrademarksThe Group has registered its trademarks under the interna-tional Madrid Protocol. The trademarks are ProGo\u00ae for hydro-lyzed protein, CalGo\u00ae for Calcium, PetGo\u2122 for non-soluble protein and OmeGo\u00ae and Brilliant\u2122 for salmon oil.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-975-3": {
"value": "Note 10: Intangible asset2021 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2021 53 743 3 438 3 671 2 627 63 480Additions 0 987* 1 243 0 2 229Internally developed 12 598 0 0 0 12 598Cost at 31.12.2021 66 341 4 425 4 914 2 627 78 307Depreciation at 01.01.2021 14 843 452 3 341 2 409 21 046Depreciation charge of the year 3 325 307 281 218 4 132Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2021 18 169 759 3 622 2 627 25 178Net book value at 31.12.2021 48 172 3 666 1 292 0 53 055Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation2022 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2022 66 341 4 425 4 914 2 627 78 307Additions 0 2 355* 0 0 2 355Internally developed 11 237 0 0 0 11 237Cost at 31.12.2022 77 579 6 780 4 914 2 627 91 899Depreciation at 01.01.2022 18 169 759 3 622 2 627 25 178Depreciation charge of the year 5 282 531 132 0 5 945Impairment 0 188 0 0 188Impairment and depreciation at 31.12.2022 23 451 1 478 3 754 2 627 31 311Net book value at 31.12.2022 54 128 5 302 1 159 0 60 588Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation* Some development projects and IT system is under development. Included in the group\u2019s intangible assets is a webshop de-veloped in the subsidiary HBC Therapeutics AS, the carrying amount was TNOK 0 as of 31 December 2022 (TNOK 188 as of 31 December 2021). The asset in the subsidiary was written down in full in 2022.Throughout 2022, HBC R&D has focused on developing, im-proving, and refining their products and processes. Through extensive research, positive health effects have been uncov-ered in the ingredients, making development a critical aspect that sets HBC's products. Core activities such as research, development, and documentation are integral to HBC's R&D work. Additionally, significant investments were made in 2022 towards documenting and testing the trademarked products including ProGo\u00ae, CollaGo\u00ae, OmeGo\u00ae, and CalGo\u00ae. This work is vital to demonstrate the efficacy and unique properties of the products during marketing and sales. Research and developmentis crucial for the industrial process of producing the compa-ny's products, as it involves advanced equipment that may ex-perience downtime during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the volume of raw materials necessitates the optimization of all production stages. In 2022, HBC continued to enhance their knowledge through studies and analyzing the ingredients' elements that provide the desired biological effect. The laboratory and factory spent more time studying and testing these effects, resulting in some health effects being recognized by international health authorities.The company's operations and products must meet environ-mental and health requirements, regulations, agreements, and conventions. Meeting these standards required extensive de-velopment activities. The company has ongoing R&D efforts todevelop more efficient production methods and improve theproducts' human use.The R&D process consists of five steps, which are to furtherdevelop the enzymatic hydrolysis of salmon cutting to pro-duce unique products with proven health effects, optimize thehandling of raw materials and finished products in the valuechain, develop technology to produce higher quality productfractions of protein, calcium, and oil, identify, research, anddocument bioactivity in the products, and document biosafe-ty, bioavailability, and biological effects through \"in-vitro\" and\"in-vivo\" studies.Total research and development costs for 2022 were TNOK28,521 (2021 TNOK 26,859). Of this, TNOK 11,237 has beencapitalized in 2022 (2021: TNOK 12,598).The following were the most significant development projectswith related capitalized development expenditures:The R&D process is divided into four steps:1. The development of ProGo\u00ae peptides for Gastro-Intestinal(GI) health. The collaboration with Stanford has shown thatSPH provides excellent protection against GI tract inflam-mation in standard models of inflammatory bowel disease(IBD). The mode of action is an upregulation of the an-ti-inflammatory gene system, HMOX1. A proof-of-conceptclinical trial in IBD patients at Stanford is expected to com-mence during 2023. The capitalized development costs for2022 were TNOK 3,027.2. OmeGo\u00ae as a Novel anti-eosinophilic therapeutic, as it hasshown through clinical studies to decrease inflammationin the body. Our efforts at developing a pharmaceuticallead program around eosinophilia inflammation control ison-going. Our lead analog, MA-022, has shown a clinical-ly significant and enhanced level of eosinophil control inin-vitro. Initial development will focus on eosinophilic eso-phagitis, an orphan condition that causes pain and difficul-ty in swallowing. Work for the scaling up of MA-022 synthe-sis is complete and preclinical in vitro and in vivo work willcommence in 2023. There are no licensed oral options forEoE and exclusion diets and topical steroids have limitedimpact on symptoms. The capitalized development costsfor 2022 were TNOK 2,572.3. HBC's OmeGo whole salmon oil's underlying drivers of im-mune health, respiratory & overall health. The broad inflam-mation-resolving profile of OmeGo\u00ae, as demonstrated byour prior research, is expected to help reduce lung irritationwith an improvement in lung function and quality of life.Particulate matter pollution is a global health problem im-pacting lung, cardiovascular and overall health. The capital-ized development costs for 2022 were TNOK 5,638.4. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials and they are still ongoing. This includesstudies for Asthma, Osteopenia and Arthritis. The costs re-lated to the CTU in 2022 have not been capitalized in 2022.TrademarksThe Group has registered its trademarks under the interna-tional Madrid Protocol. The trademarks are ProGo\u00ae for hydro-lyzed protein, CalGo\u00ae for Calcium, PetGo\u2122 for non-soluble protein and OmeGo\u00ae and Brilliant\u2122 for salmon oil.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-975-4": {
"value": "Note 10: Intangible asset2021 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2021 53 743 3 438 3 671 2 627 63 480Additions 0 987* 1 243 0 2 229Internally developed 12 598 0 0 0 12 598Cost at 31.12.2021 66 341 4 425 4 914 2 627 78 307Depreciation at 01.01.2021 14 843 452 3 341 2 409 21 046Depreciation charge of the year 3 325 307 281 218 4 132Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2021 18 169 759 3 622 2 627 25 178Net book value at 31.12.2021 48 172 3 666 1 292 0 53 055Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation2022 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2022 66 341 4 425 4 914 2 627 78 307Additions 0 2 355* 0 0 2 355Internally developed 11 237 0 0 0 11 237Cost at 31.12.2022 77 579 6 780 4 914 2 627 91 899Depreciation at 01.01.2022 18 169 759 3 622 2 627 25 178Depreciation charge of the year 5 282 531 132 0 5 945Impairment 0 188 0 0 188Impairment and depreciation at 31.12.2022 23 451 1 478 3 754 2 627 31 311Net book value at 31.12.2022 54 128 5 302 1 159 0 60 588Economic life 10 years 5-10 years 10 years 5-10 years 5-10 yearsMethod of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt linedepreciation depreciation depreciation depreciationdepreciation* Some development projects and IT system is under development. Included in the group\u2019s intangible assets is a webshop de-veloped in the subsidiary HBC Therapeutics AS, the carrying amount was TNOK 0 as of 31 December 2022 (TNOK 188 as of 31 December 2021). The asset in the subsidiary was written down in full in 2022.Throughout 2022, HBC R&D has focused on developing, im-proving, and refining their products and processes. Through extensive research, positive health effects have been uncov-ered in the ingredients, making development a critical aspect that sets HBC's products. Core activities such as research, development, and documentation are integral to HBC's R&D work. Additionally, significant investments were made in 2022 towards documenting and testing the trademarked products including ProGo\u00ae, CollaGo\u00ae, OmeGo\u00ae, and CalGo\u00ae. This work is vital to demonstrate the efficacy and unique properties of the products during marketing and sales. Research and developmentis crucial for the industrial process of producing the compa-ny's products, as it involves advanced equipment that may ex-perience downtime during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the volume of raw materials necessitates the optimization of all production stages. In 2022, HBC continued to enhance their knowledge through studies and analyzing the ingredients' elements that provide the desired biological effect. The laboratory and factory spent more time studying and testing these effects, resulting in some health effects being recognized by international health authorities.The company's operations and products must meet environ-mental and health requirements, regulations, agreements, and conventions. Meeting these standards required extensive de-velopment activities. The company has ongoing R&D efforts todevelop more efficient production methods and improve theproducts' human use.The R&D process consists of five steps, which are to furtherdevelop the enzymatic hydrolysis of salmon cutting to pro-duce unique products with proven health effects, optimize thehandling of raw materials and finished products in the valuechain, develop technology to produce higher quality productfractions of protein, calcium, and oil, identify, research, anddocument bioactivity in the products, and document biosafe-ty, bioavailability, and biological effects through \"in-vitro\" and\"in-vivo\" studies.Total research and development costs for 2022 were TNOK28,521 (2021 TNOK 26,859). Of this, TNOK 11,237 has beencapitalized in 2022 (2021: TNOK 12,598).The following were the most significant development projectswith related capitalized development expenditures:The R&D process is divided into four steps:1. The development of ProGo\u00ae peptides for Gastro-Intestinal(GI) health. The collaboration with Stanford has shown thatSPH provides excellent protection against GI tract inflam-mation in standard models of inflammatory bowel disease(IBD). The mode of action is an upregulation of the an-ti-inflammatory gene system, HMOX1. A proof-of-conceptclinical trial in IBD patients at Stanford is expected to com-mence during 2023. The capitalized development costs for2022 were TNOK 3,027.2. OmeGo\u00ae as a Novel anti-eosinophilic therapeutic, as it hasshown through clinical studies to decrease inflammationin the body. Our efforts at developing a pharmaceuticallead program around eosinophilia inflammation control ison-going. Our lead analog, MA-022, has shown a clinical-ly significant and enhanced level of eosinophil control inin-vitro. Initial development will focus on eosinophilic eso-phagitis, an orphan condition that causes pain and difficul-ty in swallowing. Work for the scaling up of MA-022 synthe-sis is complete and preclinical in vitro and in vivo work willcommence in 2023. There are no licensed oral options forEoE and exclusion diets and topical steroids have limitedimpact on symptoms. The capitalized development costsfor 2022 were TNOK 2,572.3. HBC's OmeGo whole salmon oil's underlying drivers of im-mune health, respiratory & overall health. The broad inflam-mation-resolving profile of OmeGo\u00ae, as demonstrated byour prior research, is expected to help reduce lung irritationwith an improvement in lung function and quality of life.Particulate matter pollution is a global health problem im-pacting lung, cardiovascular and overall health. The capital-ized development costs for 2022 were TNOK 5,638.4. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials and they are still ongoing. This includesstudies for Asthma, Osteopenia and Arthritis. The costs re-lated to the CTU in 2022 have not been capitalized in 2022.TrademarksThe Group has registered its trademarks under the interna-tional Madrid Protocol. The trademarks are ProGo\u00ae for hydro-lyzed protein, CalGo\u00ae for Calcium, PetGo\u2122 for non-soluble protein and OmeGo\u00ae and Brilliant\u2122 for salmon oil.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1043-2": {
"value": "Note 11: Fixed assets2021 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2021 165 637 10 955 176 593 156 863 10 846 167 709Additions 22 487 436 22 924 19 493 436 19 929Cost at 31.12.2021 188 125 11 392 199 516 176 356 11 283 187 639Depreciations at 01.01.2021 111 709 8 822 120 531 108 126 8 752 116 878Depreciations for the year 13 207 288 13 495 11 846 275 12 121Depreciations at 31.12.2021 124 916 9 111 134 027 119 972 9 028 129 000Book value 31.12.2021 63 209 2 281 65 489 56 384 2 255 58 639Economic life 5-10 years 3-10 years 5-10 years 3-10 years Method of depreciation Straigt line Straigt line Straigt line Straigt line depreciationdepreciationdepreciationdepreciation2022 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2022 186 084 13 432 199 516 176 356 11 282 187 639Additions 2 631 2 149 4 780 1 746 2 149 3 895Cost at 31.12.2022 188 715 15 581 204 296 178 102 13 431 191 534Depreciations at 01.01.2022 124 916 9 110 134 027 119 972 9 027 129 000Depreciations for the year 7 692 2 149 9 841 6 109 2 149 8 258Depreciations at 31.12.2022 132 608 11 259 143 868 126 081 11 176 137 258Book value 31.12.2022 56 107 4 322 60 428 52 021 2 255 54 276Economic life 5-10 years 3-10 years 5-10 years 3-10 years Method of depreciation Straigt line Straigt line Straigt line Straigt line depreciationdepreciationdepreciationdepreciationThe company has pledged assets as collateral for loans. See more in note 16.2021 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2021 66 078 38 321 2 118 106 517 42 538 35 121 1 585 79 244Additions 34 516 17 628 0 52 144 34 516 15 317 0 49 833Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2021100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Depreciations 01.01.2021 10 037 16 103 457 26 597 6 867 15 491 446 22 803Depreciations fot the year 6 953 4 696 75 11 723 5 499 3 925 32 9 457Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2021 16 990 20 798 532 38 320 12 366 19 416 478 32 303Carrying amounts 31.12.2021 83 604 35 151 1 586 120 342 64 688 31 022 1 107 96 774Shortest of lease term or economic 15 years 5 years 3-5 years 15 years 5 years 3-5 yearslifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation 2022 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2022 100 594 55 949 2 118 158 661 77 054 50 438 1 585 129 077Additions 0 2 464 0 2 464 0 2 254 0 2 254Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2022100 594 58 416 2 118 161 125 77 054 52 692 1 585 131 331Depreciations 01.01.2022 16 990 20 799 532 38 321 12 366 19 416 478 32 303Depreciations fot the year 8 682 5 711 45 14 438 6 799 4 918 45 11 762Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2022 25 672 26 510 577 52 759 19 165 24 377 523 44 065Carrying amounts 31.12.2022 74 922 31 903 1 541 108 366 57 889 28 315 1 062 87 266Shortest of lease term or 15 years 5 years 3-5 years 15 years 5 years 3-5 yearseconomic\ue878lifeDepreciation method Straigt line Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciation depreciation depreciation Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Undiscounted lease liabilities and due dates for paymentsLess than 1 year 19 496 19 496 14 653 15 9392-5 years 54 272 62 288 45 237 50 369More than 5 years 49 479 52 968 39 576 41 154Total undiscounted lease liabilities 31.12 123 247 134 752 99 465 107 462 Changes in lease liabilities Total lease liabilities 1.1 112 977 72 302 90 144 48 997 New/changed lease liabilities recognized in the period 2 464 52 144 2 254 49 833 Payment of principal amounts-12 625 -11 469 -9 850 -8 686 Payment of interest amounts-8 592 -7 595 -7 053 -5 898 Interest related to the lease liabilities8 592 7 595 7 053 5 898 Total lease liabilities 31.12102 815 112 977 82 547 90 144 Current lease liabilities 31.12 (note 16) 12 855 12 099 10 055 9 801 Non-current lease liabilities 31.12 (note 16)89 960 100 878 72 492 80 343 Cash outflows for lease liabilities19 496 19 064 14 653 14 584The lease agreements do not restrict the parent company\u2019s and the group\u2019s dividend policy or financing opportunities. The parent company and the group do not have significant residual value guarantees in the lease agreements.The parent company and the group\u2019s leases of machinery and equipment include, in addition to lease payments, a requirement to maintain and secure the assets (right of use assets). The terms in the lease agreements varies from 3-7 year, and several of the agreements include an option to extend the lease. At the expiry date of the main term of the lease, the lease og the ma-chinery and equipment may be continued for a lease payment of 1/12 of the lease payments in the main lease period. The company may also request to purchase the equipment.The company and the group\u2019s leases of manufacturing facilities (Midsund og Berk\u00e5k) have lease terms of 15 years, no extension options, and the leases expire 31 March 2032. When entering into an agreement the group assesses whether it is reasonably certain to exercise an option to purchase the assets. The leases of the manufacturing facilities have no options to purchase.Leases of fixtures and fittings in the table above contain no ex-tension or purchase options. The group\u2019s potential future lease payments which have not been included in the lease liabilities re-lating to purchase options were TNOK 0 as of 31 December 2022.Applied practical expedientsThe company and the group lease warehouses in which both the lessor and the company / group have the right to terminate the agreements on a 3-6 months notice period. For such agree-ments the company and the group do not recognize lease liabil-ities and related right of use assets. Such lease payments are expensed when incurred.Lease payments for the abovementioned leases amounted to TNOK 1,707 (TNOK 1,159 in 2021) for fixture and fittings for the Group and TNOK 2,239 (TNOK 1,450 in 2021) for stor-age, and for the parent company TNOK 1,611 (TNOK 1,046 in 2021) for fixture and fittings TNOK 2,094 (TNOK 1,062 i 2021) for storage (see note 4). Cash flow from these lease obliga-tions is approximately equal to the amount expensed and is included in net cash flow from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f15265": {
"value": "Note 11: Fixed assets",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1048-2": {
"value": "Note 12: LeasesThe company and the group as lessee The company and the group\u2019s right of use assets include manufacturing facilities, machinery and equipment and fixtures and fittings:Lease liabilities: ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1063-2": {
"value": "Note 13: Changes in liabilities from financial activities GROUP(Amounts in NOK 1000) 1.1.2021 Downpayment Withdrawals New leases Other adjustments 31.12.2021Short-term interestbearing liabilities 64 078 -3 428 0 0 3 425 3 425(excl. posts below)Short-term leasing liabilities 8 224 0 0 0 3 875 12 099Long-term interest-bearing debt -2 416 0 0 0 1 3523 768(excl. posts below)Long-term leasing liabilities 64 078 -10 255 0 50 980 -3 925 100 878Subordinary loan 21 346 0 1 087 0 0 22 433Total 100 844 -16 099 1 087 50 980 3 375 140 187PARENT(Amounts in NOK 1000) 1.1.2021 Downpayment Withdrawals New leases Otherdjustments 31.12.2021Short-term interest-bearing 2 884 -2 884 0 0 1 879 1 879liabilities(excl. posts below)Short term leasing liabilities 6 427 0 0 0 3 374 9 801Long-term interest-bearing debt 1 875 -1 875 0 0 0 0(excl. posts below)Long-term leasing liabilities 42 570 -6 761 0 48 940 -4 406 80 343Subordinary loan 21 346 0 1 087 0 0 22 433Total 75 102 -11 520 1 087 48 940 847 114 456GROUP(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases Other adjustments 31.12.2022Short-term interestbearing liabilities 3 425 -3 425 0 0 540 540(excl. posts below)Short-term leasing liabilities 12 099 0 0 0 756 12 855Long-term interest-bearing debt -540 0 0 0 8121 352(excl. posts below)Long-term leasing liabilities 100 878 -12 625 0 2 464 -757 89 960Subordinary loan 22 433 -1 879 0 0 -20 554 0Total 140 187 -18 469 0 2 464 26 836 104 167PARENT(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases Other adjustments 31.12.20221 879 -1 879 0 0 0 0Short-term interest-bearing liabilities(excl. posts below)Short-term leasing liabilities 9 801 0 0 0 254 10 055Long-term interest-bearing debt 0 0 0 0 0 0(excl. posts below)Long-term leasing liabilities 80 343 -9 850 0 2 254 -255 72 492Subordinary loan 22 433 -1 879 0 0 -20 554 0Total 114 456 -13 608 0 2 464 -20 555 82 547",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1069-2": {
"value": "Note 14: Fair value measurement The following tables provide fair value measurement hierarchy of the group's financial liabilities. The fair value of financial assets is not disclosed as the fair value is approximately book value.LIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 23 784 0 0 23 784Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 22 433 0 0 22 433Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879Interest-bearing loans floating interest rate from 31.12.21 4 979 0 0 4 979subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 1 352 0 0 1 352Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 0 0 0 0Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.22 0 0 0 0rates Note 15: Financial assetsIFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held atfair value through profit or loss, and for contract assets. Thecompany and the group have a high degree of collateral forcredit insurance on all accounts receivables and collaterals onother receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.FINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Amortized cost receivables:Accounts receivable 14 072 10 089 13 803 9 970Other current receivable 0 0 9 577 75Total financial assets 14 072 10 089 23 380 10 045Total current financial assets 14 072 10 089 23 380 10 045Total non-current financial assets 0 0 0 0Note 16: Interest-bearing debt and borrowingsNote 17: Financial assets and liabilities by category Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Financial assets at amortized cost:Long-term financial lending and deposit 0 987 0 987Accounts receivable 14 072 10 089 13 803 9 970Other financial loans (see note 15) 0 0 9 577 75Total financial assets amortized cost 14 072 11 076 23 380 11 033Total financial assets 14 072 11 076 23 380 11 033Fair value is equal to carrying amount.Financial liabilities at amortized cost:Interest-bearing short-term debt 0 1 879 0 1 879Accounts payable 145 752 124 165 140 551 121 476Interest-bearing short-term debt subsidiaries 0 0 0 4 976Other short-term debt (note 23) 13 081 12 249 11 720 15 367Non-current interest-bearing debt 812 23 784 0 22 433Non-current leasing obligations 89 960 100 878 72 492 80 343Total financial liabilities amortized cost 249 605 262 955 224 764 246 473LEVEL 3, PARENT 2022 2021(Amounts in NOK 1000) Booked value Fair value Booked value Fair valueCurrent interest-bearing liabilities 10 055 10 055 11 680 11 663Non-current interest-bearing liabilities 72 492 72 492 102 776 103 511Interest-bearing short-term debt of subsidiaries 0 0 4 976 4 881LEVEL 3, GROUPNon-current interest-bearing liabilities 13 395 13 395 14 519 14 502Interest-bearing short-term debt of subsidiaries 90 772 90 772 124 662 125 398Presentation of fair value measurements by level in the fair value hierarchy:Level 1: Quoted prices in active markets for identical assets or liabilitiesLevel 2: Valuation based on other observable factors either di-rectly (price) or indirectly (derived from price) than the quoted price (used in level 1) for the asset or liabilityLevel 3: Valuation based on factors not obtained from observ-able market data (unobservable conditions)The fair value of interest-bearing current and long-term fixed rate debt (level 3) is calculated by comparing the Group and parent company's conditions with market terms for debt with similar maturity and credit risk.The company has no other financial instruments measured at fair value, except for forward exchange contracts. The carrying value of cash and cash equivalents, short-term receivables, and short-term payables approximates fair value as these instru-ments have short maturities, and \u00abordinary\u00bb conditions.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1069-3": {
"value": "Note 14: Fair value measurement The following tables provide fair value measurement hierarchy of the group's financial liabilities. The fair value of financial assets is not disclosed as the fair value is approximately book value.LIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 23 784 0 0 23 784Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 22 433 0 0 22 433Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879Interest-bearing loans floating interest rate from 31.12.21 4 979 0 0 4 979subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 1 352 0 0 1 352Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 0 0 0 0Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.22 0 0 0 0rates ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1069-4": {
"value": "Note 14: Fair value measurement The following tables provide fair value measurement hierarchy of the group's financial liabilities. The fair value of financial assets is not disclosed as the fair value is approximately book value.LIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 23 784 0 0 23 784Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 22 433 0 0 22 433Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879Interest-bearing loans floating interest rate from 31.12.21 4 979 0 0 4 979subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 1 352 0 0 1 352Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 0 0 0 0Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.22 0 0 0 0rates ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1069-5": {
"value": "Note 14: Fair value measurement The following tables provide fair value measurement hierarchy of the group's financial liabilities. The fair value of financial assets is not disclosed as the fair value is approximately book value.LIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 23 784 0 0 23 784Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities in which fair value is stated in note 18:Interest-bearing loansInterest-bearing loans floating interest rate 31.12.21 22 433 0 0 22 433Interest-bearing loans fixed interest rate 31.12.21 1 879 0 0 1 879Interest-bearing loans floating interest rate from 31.12.21 4 979 0 0 4 979subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 1 352 0 0 1 352Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observedmeasurement(Level 1)prices (Level 2)input (Level 3)Liabilities of which the fair value has been provided in note 18:Interes-bearing loanInterest-bearing loan floating interest rates 31.12.22 0 0 0 0Interest-bearing loan fixed interest rates 31.12.22 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.22 0 0 0 0rates ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1081-3": {
"value": "Note 15: Financial assetsIFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held atfair value through profit or loss, and for contract assets. Thecompany and the group have a high degree of collateral forcredit insurance on all accounts receivables and collaterals onother receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.FINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Amortized cost receivables:Accounts receivable 14 072 10 089 13 803 9 970Other current receivable 0 0 9 577 75Total financial assets 14 072 10 089 23 380 10 045Total current financial assets 14 072 10 089 23 380 10 045Total non-current financial assets 0 0 0 0OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Prepayments 1 505 1 610 1 209 1 356 VAT receivable 6 110 5 535 5 580 5 063 Intercompany Group 0 0 9 577 75 Benefit funds 4 383 4 509 4 209 4 122 Other 726 7 833 727 7 833 Total 12 724 19 488 21 301 18 449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1081-4": {
"value": "Note 15: Financial assetsIFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held atfair value through profit or loss, and for contract assets. Thecompany and the group have a high degree of collateral forcredit insurance on all accounts receivables and collaterals onother receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.FINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Amortized cost receivables:Accounts receivable 14 072 10 089 13 803 9 970Other current receivable 0 0 9 577 75Total financial assets 14 072 10 089 23 380 10 045Total current financial assets 14 072 10 089 23 380 10 045Total non-current financial assets 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17635": {
"value": "Note 16: Interest-bearing debt and borrowings",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f17636": {
"value": "Note 16: Interest-bearing debt and borrowings",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1097-3": {
"value": "NON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2024- 812 1 352 0 0 Loan from shareholder 4,0% 2024- 0 0 0 0 Subordinary loan NIBOR+4,5% 2024- 0 22 433 0 22 433 Lease liability 6% - 8% 2024- 89 960 100 878 72 492 80 343 Total 90 772 124 662 72 492 102 776CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2023 540 541 0 0 Loan from shareholder* 4,0% 2023 0 1 879 0 1 879 Subordinary loan 6,6% 2023 0 0 0 0 Lease liability 6% - 8% 2023 12 855 12 099 10 055 9 801 Total 13 395 14 519 10 055 11 680 Sum interest-bearing debt 104 167 139 181 82 548 114 456*Loan is issued in JPY - unrealized loss calculated to TNOK 0 per 31.12.2021, repaid per 31.12.2022.The parent company has a credit facility in bank with a creditlimit of TNOK 37,000. The credit limit was unused as of 31December 2022.In addition to the above, the parent company had a current interest- bearing liabilities towards the subsidiary HBC Berk\u00e5k AS amounting to TNOK 0 as of 31 December 2022 (TNOK 4,976 as of 31 December 2021). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable andinventory.(Amounts in NOK 1000) 2022 2021Trade receivable 13 803 9 970Inventory 115 983 90 244 Total 129 786 100 215The Group insures significant receivables against credit risk. The insurance is limited to a maximum of TNOK 13,600 and a coverage rate of 90 %.Financial covenantsCredit facility Sparebank1 NordvestAs of 30 June and 31 December each year, the company will have a liquidity reserve of at least NOK 5 million in the form of cash and unused drawing rights in operating credit facility. The book value of equity in Hofseth BioCare ASA shall at all times amount to at least 25 % of the book value of the company's assets. The company had an equity ratio of 41.7 % and was thus not in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1097-4": {
"value": "NON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2024- 812 1 352 0 0 Loan from shareholder 4,0% 2024- 0 0 0 0 Subordinary loan NIBOR+4,5% 2024- 0 22 433 0 22 433 Lease liability 6% - 8% 2024- 89 960 100 878 72 492 80 343 Total 90 772 124 662 72 492 102 776CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2022 2021 2022 2021interest rate Rennebu Municipality NIBOR+2,0% 2023 540 541 0 0 Loan from shareholder* 4,0% 2023 0 1 879 0 1 879 Subordinary loan 6,6% 2023 0 0 0 0 Lease liability 6% - 8% 2023 12 855 12 099 10 055 9 801 Total 13 395 14 519 10 055 11 680 Sum interest-bearing debt 104 167 139 181 82 548 114 456*Loan is issued in JPY - unrealized loss calculated to TNOK 0 per 31.12.2021, repaid per 31.12.2022.The parent company has a credit facility in bank with a creditlimit of TNOK 37,000. The credit limit was unused as of 31December 2022.In addition to the above, the parent company had a current interest- bearing liabilities towards the subsidiary HBC Berk\u00e5k AS amounting to TNOK 0 as of 31 December 2022 (TNOK 4,976 as of 31 December 2021). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable andinventory.(Amounts in NOK 1000) 2022 2021Trade receivable 13 803 9 970Inventory 115 983 90 244 Total 129 786 100 215The Group insures significant receivables against credit risk. The insurance is limited to a maximum of TNOK 13,600 and a coverage rate of 90 %.Financial covenantsCredit facility Sparebank1 NordvestAs of 30 June and 31 December each year, the company will have a liquidity reserve of at least NOK 5 million in the form of cash and unused drawing rights in operating credit facility. The book value of equity in Hofseth BioCare ASA shall at all times amount to at least 25 % of the book value of the company's assets. The company had an equity ratio of 41.7 % and was thus not in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1113-2": {
"value": "Note 18: Financial risk managementFinancial riskThrough its activities, the Group is exposed to various types offinancial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishesguidelines for their management. The Group's overall risk man-agement program focuses on the unpredictability of the finan-cial markets and seeks to minimize potential adverse effectson the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions andfinancial leasing arrangements with the purpose of obtainingcapital for investments in the Groups operations. In addition,the company has financial instruments such as accounts re-ceivable and accounts payable, etc., which are directly relatedto the daily operational activities. Interest rate riskSince the company and the group have no significant inter-est-bearing assets, the exposure to interest rate risk is throughtheir financing activities. The company's and the group's inter-est rate risk is related to non-current interest-bearing loans,current interest-bearing loans and lease liabilities. Loans withfloating interest rates lead to interest rate risk for the company'sand the Group's cash flow. See note 17 for the book value andfair value of the financing activities and note 16 for interest rateterms relating to interest-bearing financing obligations as of 31december 2022. For the company's and the Group's loan portfolios that havefloating interest rates, this means that the company is affectedby changes in the interest rate level. The loans are recognizedat amortized cost.The following table shows the Group's sensitivity to interest ratefluctuations. The calculation includes all interest-bearing instru-ments and financial interest rate derivatives to the extent thatthey are present.The following table shows the parent company's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instruments and financial interest rate derivatives to the extent that they are present.Foreign exchange risk The parent company and the group had a foreign exchangeloan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, thepurchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitoredmovements in the foreign exchange market and has assessedhedging strategies in 2022 based on the parent company'sand the group's contractual and predictable income streams.The parent company and the group therefore entered into for-ward exchange contracts both in 2021 and in 2022 in order tosecure the Group's budgeted future sales in foreign currency(Euro and USD), but have not used hedge accounting. The par-ent company and the group had no positions per 31 December2022 or 31 December 2021.Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -1 130-100 1 1302022 +100 -1 042-100 1 042Average interest rates on financial instruments were as follows:Average interest rate in % 2022 2021 Loan from shareholders 4.00 4.00 Secured debt 6.64 5.09 Lease liabilities 5.30 5.97Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -901-100 9012022 +100 -1 036-100 1 036The below table demonstrates the sensitivity of possiblechanges in EUR, USD and JPY when all other variables areconstant. The effect on the parent company's and the Group'sprofit before tax is due to changes in the fair value of monetaryassets and liabilities, including forward exchange contracts. Ifthe company had used hedge accounting, a currency changewould also have resulted in changes to the OCI. The companydoes not use hedge accounting. Credit riskThe parent company and the Group are exposed to credit riskprimarily related to accounts receivable, non-current financialloans, current financial loans, as well as other financial activi-ties including cash and cash equivalents (bank deposits).The Group limits its exposure to credit risk through a credit rat-ing of its customers before credit is given. The Group has cred-it insurance for all its significant accounts receivable throughCoface Norway (see 20 for further information on credit expo-sure and maturity analyzes on accounts receivable).The maximum risk exposure of trade receivables for the groupas of 31 December 2022 is TNOK 14,072 (TNOK 10,089 as of31 December 2021), and for parent company TNOK 13,803(TNOK 9,970 as of 31 December 2021). The risk of loss onaccounts receivable is considered low and there has been noneed to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 9,577 (TNOK 75 in 2021), wherecredit risk is considered low. (see note 15, 17 and 20 for furtherinformation on financial loans and other current receivables).Credit risk for cash and cash equivalents, including bank de-posits, is managed by the Group's management. The Group'ssurplus liquidity is invested by bank deposits with a financialcounterparty with low credit risk. The Group has no investmentsin excess liquidity in debt or equity instruments.The Group has not provided any guarantees for third-party debt.Liquidity riskLiquidity risk is the risk that the Group will not be able to meetits financial obligations as they fall due. The Group's approachto liquidity management is to ensure, to the extent possible,that it will always have sufficient liquidity to meet its liabili-ties when due, both under normal and stressed conditions,without incurring unacceptable losses or risking damage tothe Group\u2019s reputation. Cash flows are regularly monitoredby the finance department to ensure that the parent companyhas sufficient cash to meet operational commitments, and atany time to maintain sufficient flexibility in the form of creditfacilities so that it does not violate limits or covenants for anyof the loans. The parent company and the Group aims to havesufficient cash, cash equivalents or credit opportunities in themedium term to cover interest and principal payments in theshort term. Please also refer to note 1 section Going concern.As of 31 December 2022 the group had MNOK 32,4 in cash,of which MNOK 2,6 were restricted cash as of 31 December2022. As of 31 December 2021 the group had MNOK 49.9 incash, of which MNOK 2,7 were restricted cash. The group expects to have a stable production level with sta-ble quality which satisfies the requirements for human quality.The activities to increase sales to existing customers, as wellas the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significantimprovement in the company\u2019s cash flows. Expected cashflows are subject to uncertainties related to achieved salesprices and volume. Risk factors should be considered in conjunction with the riskfactors described in note 2 accounting estimates.The table below shows the maturity profile of the Group'sfinancial liabilities based on contractual undiscounted pay-ments, classified according to maturity structure, that is, takeninto account contracts with fixed maturity dates. When thecounterparty can make an election of when an amount is to bepaid, the liability is included in the basis covering the earliestdate on which the entity can be required to pay. Financial liabil-ities that may be required to be paid on demand are includedin the \u00abwithin 1-3 months\u00bb column.Change in currency Change in NOK Effect on profit before tax Effect on balance(Amounts in NOK 1000) to foreign EUR USD JPY USD EUR JPYcurrency2 581 2 425 -8 n/a n/a 1882021 +10% -10 % -2 581 -2 425 8 n/a n/a -1882022 +10% 556 306 -5 n/a n/a n/a -10 % -556 -306 5 n/a n/a n/a2021 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2023 2024 2025 2026 > 5 years TotalmonthsInterest bearing debt to financial institutions0 299 0 295 577 561 274 0 0 2 006Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 920 4 890 4 859 4 828 17 863 16 045 15 252 13 128 52 968 134 752Trade payables124 165 0 0 0 0 0 0 0 0 124 165Other current liabilities7 921 4 328 0 0 0 0 0 0 0 12 249Total 137 870 10 374 5 806 5 375 19 450 39 122 15 526 13 128 52 968 299 6192022 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions0 291 0 287 561 274 0 0 0 1 412Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities4 659 4 593 4 464 4 429 16 089 13 867 12 540 11 777 49 479 121 895Trade payables145 752 0 0 0 0 0 0 0 0 145 752Other current liabilities8 692 4 389 0 0 0 0 0 0 0 13 081Total 159 103 9 273 4 464 4 715 16 650 14 141 12 540 11 777 49 479 282 1402021 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2022 2023 2024 2025 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 025 3 998 3 971 3 944 14 460 12 833 12 187 10 889 41 154 107 462Trade payables121 476 0 0 0 0 0 0 0 0 121 476Other current liabilities11 715 3 652 0 0 0 0 0 0 0 15 367Total 138 080 8 509 4 918 4 196 15 470 35 350 12 187 10 889 41 154 270 7532022 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities3 740 3 680 3 629 3 605 13 263 11 576 10 541 9 856 39 576 99 465Trade payables140 551 0 0 0 0 0 0 0 0 140 551Other current liabilities7 817 3 903 0 0 0 0 0 0 0 11 720Total 152 108 7 538 3 629 3 605 13 263 11 576 10 541 9 856 39 576 251 737The group and the parent company signed in February 2020 anew credit facility for up until TNOK 37,000 with SpareBank 1Nordvest for working capital need related to future sales con-tracts. In addition to the available cash and cash equivalentsas of 31 December 2022, this secures the group and the com-pany sufficient liquidity for 2023. See note 16 on interest-bear-ing debt for further information.In the future, the management and the board will continue toprioritize the work on an appropriate and long-term financingof Hofseth BioCare ASA.Capital structure and equityThe group and the parent company's objectives with respectto capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and otherstakeholders, and to maintain an optimal capital structure toreduce capital costs. By ensuring sound ratios between equityand debt the group and the parent company will support itsoperations, thus maximizing the value of its shares.The parent company manages its capital structure and makesnecessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business isrun, and the prospects seen in the short and medium term,including any adjustment of dividend shares, buyback of ownshares, reduction of share capital or issuance of new shares.There has been no change in the policy in this area in 2022.The Group's equity ratio was 36.0 % as of 31 December 2022and (33.7 % as of 31 December 2021). The parent company'sequity ratio was 41.7 % as of 31 December 2022 (36.2 % as of31 December 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f18474": {
"value": "Note 18: Financial risk management",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1115-3": {
"value": "Financial riskThrough its activities, the Group is exposed to various types offinancial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishesguidelines for their management. The Group's overall risk man-agement program focuses on the unpredictability of the finan-cial markets and seeks to minimize potential adverse effectson the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions andfinancial leasing arrangements with the purpose of obtainingcapital for investments in the Groups operations. In addition,the company has financial instruments such as accounts re-ceivable and accounts payable, etc., which are directly relatedto the daily operational activities. Interest rate riskSince the company and the group have no significant inter-est-bearing assets, the exposure to interest rate risk is throughtheir financing activities. The company's and the group's inter-est rate risk is related to non-current interest-bearing loans,current interest-bearing loans and lease liabilities. Loans withfloating interest rates lead to interest rate risk for the company'sand the Group's cash flow. See note 17 for the book value andfair value of the financing activities and note 16 for interest rateterms relating to interest-bearing financing obligations as of 31december 2022. For the company's and the Group's loan portfolios that havefloating interest rates, this means that the company is affectedby changes in the interest rate level. The loans are recognizedat amortized cost.The following table shows the Group's sensitivity to interest ratefluctuations. The calculation includes all interest-bearing instru-ments and financial interest rate derivatives to the extent thatthey are present.The following table shows the parent company's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instruments and financial interest rate derivatives to the extent that they are present.Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -1 130-100 1 1302022 +100 -1 042-100 1 042Average interest rates on financial instruments were as follows:Average interest rate in % 2022 2021 Loan from shareholders 4.00 4.00 Secured debt 6.64 5.09 Lease liabilities 5.30 5.97Interest rate \u2013 sensitivity year Effect on interest rate \u2013 basis-point Effect on profit \u2013 before tax (Amounts in NOK 1000)2021 +100 -901-100 9012022 +100 -1 036-100 1 036Credit riskThe parent company and the Group are exposed to credit riskprimarily related to accounts receivable, non-current financialloans, current financial loans, as well as other financial activi-ties including cash and cash equivalents (bank deposits).The Group limits its exposure to credit risk through a credit rat-ing of its customers before credit is given. The Group has cred-it insurance for all its significant accounts receivable throughCoface Norway (see 20 for further information on credit expo-sure and maturity analyzes on accounts receivable).The maximum risk exposure of trade receivables for the groupas of 31 December 2022 is TNOK 14,072 (TNOK 10,089 as of31 December 2021), and for parent company TNOK 13,803(TNOK 9,970 as of 31 December 2021). The risk of loss onaccounts receivable is considered low and there has been noneed to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 9,577 (TNOK 75 in 2021), wherecredit risk is considered low. (see note 15, 17 and 20 for furtherinformation on financial loans and other current receivables).Credit risk for cash and cash equivalents, including bank de-posits, is managed by the Group's management. The Group'ssurplus liquidity is invested by bank deposits with a financialcounterparty with low credit risk. The Group has no investmentsin excess liquidity in debt or equity instruments.The Group has not provided any guarantees for third-party debt.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1157-3": {
"value": "Foreign exchange risk The parent company and the group had a foreign exchangeloan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, thepurchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitoredmovements in the foreign exchange market and has assessedhedging strategies in 2022 based on the parent company'sand the group's contractual and predictable income streams.The parent company and the group therefore entered into for-ward exchange contracts both in 2021 and in 2022 in order tosecure the Group's budgeted future sales in foreign currency(Euro and USD), but have not used hedge accounting. The par-ent company and the group had no positions per 31 December2022 or 31 December 2021.The below table demonstrates the sensitivity of possiblechanges in EUR, USD and JPY when all other variables areconstant. The effect on the parent company's and the Group'sprofit before tax is due to changes in the fair value of monetaryassets and liabilities, including forward exchange contracts. Ifthe company had used hedge accounting, a currency changewould also have resulted in changes to the OCI. The companydoes not use hedge accounting. Change in currency Change in NOK Effect on profit before tax Effect on balance(Amounts in NOK 1000) to foreign EUR USD JPY USD EUR JPYcurrency2 581 2 425 -8 n/a n/a 1882021 +10% -10 % -2 581 -2 425 8 n/a n/a -1882022 +10% 556 306 -5 n/a n/a n/a -10 % -556 -306 5 n/a n/a n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1183-4": {
"value": "Credit riskThe parent company and the Group are exposed to credit riskprimarily related to accounts receivable, non-current financialloans, current financial loans, as well as other financial activi-ties including cash and cash equivalents (bank deposits).The Group limits its exposure to credit risk through a credit rat-ing of its customers before credit is given. The Group has cred-it insurance for all its significant accounts receivable throughCoface Norway (see 20 for further information on credit expo-sure and maturity analyzes on accounts receivable).The maximum risk exposure of trade receivables for the groupas of 31 December 2022 is TNOK 14,072 (TNOK 10,089 as of31 December 2021), and for parent company TNOK 13,803(TNOK 9,970 as of 31 December 2021). The risk of loss onaccounts receivable is considered low and there has been noneed to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 9,577 (TNOK 75 in 2021), wherecredit risk is considered low. (see note 15, 17 and 20 for furtherinformation on financial loans and other current receivables).Credit risk for cash and cash equivalents, including bank de-posits, is managed by the Group's management. The Group'ssurplus liquidity is invested by bank deposits with a financialcounterparty with low credit risk. The Group has no investmentsin excess liquidity in debt or equity instruments.The Group has not provided any guarantees for third-party debt.Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 32,427 as of31 December 2022 and TNOK 49,921 as of 31 December 2021and the Group earns interest income according to agreedfloating interest rate terms.At 31 December 2022, restricted funds for the Group amount-ed to TNOK 2,546 which derives from the employees' tax de-ductions. As of 31 December 2021, this amounted to TNOK2,710.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1213-3": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meetits financial obligations as they fall due. The Group's approachto liquidity management is to ensure, to the extent possible,that it will always have sufficient liquidity to meet its liabili-ties when due, both under normal and stressed conditions,without incurring unacceptable losses or risking damage tothe Group\u2019s reputation. Cash flows are regularly monitoredby the finance department to ensure that the parent companyhas sufficient cash to meet operational commitments, and atany time to maintain sufficient flexibility in the form of creditfacilities so that it does not violate limits or covenants for anyof the loans. The parent company and the Group aims to havesufficient cash, cash equivalents or credit opportunities in themedium term to cover interest and principal payments in theshort term. Please also refer to note 1 section Going concern.As of 31 December 2022 the group had MNOK 32,4 in cash,of which MNOK 2,6 were restricted cash as of 31 December2022. As of 31 December 2021 the group had MNOK 49.9 incash, of which MNOK 2,7 were restricted cash. The group expects to have a stable production level with sta-ble quality which satisfies the requirements for human quality.The activities to increase sales to existing customers, as wellas the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significantimprovement in the company\u2019s cash flows. Expected cashflows are subject to uncertainties related to achieved salesprices and volume. Risk factors should be considered in conjunction with the riskfactors described in note 2 accounting estimates.The table below shows the maturity profile of the Group'sfinancial liabilities based on contractual undiscounted pay-ments, classified according to maturity structure, that is, takeninto account contracts with fixed maturity dates. When thecounterparty can make an election of when an amount is to bepaid, the liability is included in the basis covering the earliestdate on which the entity can be required to pay. Financial liabil-ities that may be required to be paid on demand are includedin the \u00abwithin 1-3 months\u00bb column.2021 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2023 2024 2025 2026 > 5 years TotalmonthsInterest bearing debt to financial institutions0 299 0 295 577 561 274 0 0 2 006Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 920 4 890 4 859 4 828 17 863 16 045 15 252 13 128 52 968 134 752Trade payables124 165 0 0 0 0 0 0 0 0 124 165Other current liabilities7 921 4 328 0 0 0 0 0 0 0 12 249Total 137 870 10 374 5 806 5 375 19 450 39 122 15 526 13 128 52 968 299 6192022 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions0 291 0 287 561 274 0 0 0 1 412Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities4 659 4 593 4 464 4 429 16 089 13 867 12 540 11 777 49 479 121 895Trade payables145 752 0 0 0 0 0 0 0 0 145 752Other current liabilities8 692 4 389 0 0 0 0 0 0 0 13 081Total 159 103 9 273 4 464 4 715 16 650 14 141 12 540 11 777 49 479 282 1402021 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2022 2023 2024 2025 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders864 858 947 252 1 009 22 517 0 0 0 26 448Lease libilities4 025 3 998 3 971 3 944 14 460 12 833 12 187 10 889 41 154 107 462Trade payables121 476 0 0 0 0 0 0 0 0 121 476Other current liabilities11 715 3 652 0 0 0 0 0 0 0 15 367Total 138 080 8 509 4 918 4 196 15 470 35 350 12 187 10 889 41 154 270 7532022 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2024 2025 2026 2027 > 5 years TotalmonthsInterest bearing debt to financial institutions 0 0 0 0 0 0 0 0 0 0Loan and subordinated loan from shareholders0 0 0 0 0 0 0 0 0 0Lease libilities3 740 3 680 3 629 3 605 13 263 11 576 10 541 9 856 39 576 99 465Trade payables140 551 0 0 0 0 0 0 0 0 140 551Other current liabilities7 817 3 903 0 0 0 0 0 0 0 11 720Total 152 108 7 538 3 629 3 605 13 263 11 576 10 541 9 856 39 576 251 737The group and the parent company signed in February 2020 anew credit facility for up until TNOK 37,000 with SpareBank 1Nordvest for working capital need related to future sales con-tracts. In addition to the available cash and cash equivalentsas of 31 December 2022, this secures the group and the com-pany sufficient liquidity for 2023. See note 16 on interest-bear-ing debt for further information.In the future, the management and the board will continue toprioritize the work on an appropriate and long-term financingof Hofseth BioCare ASA.Capital structure and equityThe group and the parent company's objectives with respectto capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and otherstakeholders, and to maintain an optimal capital structure toreduce capital costs. By ensuring sound ratios between equityand debt the group and the parent company will support itsoperations, thus maximizing the value of its shares.The parent company manages its capital structure and makesnecessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business isrun, and the prospects seen in the short and medium term,including any adjustment of dividend shares, buyback of ownshares, reduction of share capital or issuance of new shares.There has been no change in the policy in this area in 2022.The Group's equity ratio was 36.0 % as of 31 December 2022and (33.7 % as of 31 December 2021). The parent company'sequity ratio was 41.7 % as of 31 December 2022 (36.2 % as of31 December 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1276-4": {
"value": "Capital structure and equityThe group and the parent company's objectives with respectto capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and otherstakeholders, and to maintain an optimal capital structure toreduce capital costs. By ensuring sound ratios between equityand debt the group and the parent company will support itsoperations, thus maximizing the value of its shares.The parent company manages its capital structure and makesnecessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business isrun, and the prospects seen in the short and medium term,including any adjustment of dividend shares, buyback of ownshares, reduction of share capital or issuance of new shares.There has been no change in the policy in this area in 2022.The Group's equity ratio was 36.0 % as of 31 December 2022and (33.7 % as of 31 December 2021). The parent company'sequity ratio was 41.7 % as of 31 December 2022 (36.2 % as of31 December 2021).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1296-2": {
"value": "Note 19: InventoryINVENTORY Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Salmon oil 4 803 1 611 4 803 1 611 Soulible protein 32 083 34 492 32 083 34 492 Calcium 48 268 43 517 48 268 43 517 Non-soluble protein and other 3 558 2 647 3 558 2 647 Webshop products 11 694 1 164 11 694 1 164 Total finished goods 100 407 83 431 100 407 83 431 Packaging and auxiliary materials 16 118 7 382 15 577 6 813 Total inventory 116 525 90 813 115 983 90 244Provision for obsolescence of TNOK 19,145 as of 31 Decem-ber 2022 compared to TNOK 10,608 as of 31 December 2021.Profit effect change in obsolescence provisions is included incost of goods with TNOK 8 537 in 2022 (TNOK 400 in 2021).See notes 2, 3 and 4 for more information.The Group has stored water-soluble protein and calcium. Thecontracted sales value amounts to TNOK 64,035 and hasbeen recognized as revenue in 2017, 2018 and 2019, as andwhen the customers are taking over the risk and control of thegoods. Of an incoming stock of 1,785 tonnes, 49 tonnes weretaken out of stock during 2022 (589 tonnes in 2021, and 689tonnes in 2020) It has not been sales through 2021 and 2022that have increased the stock.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1301-2": {
"value": "Note 20: Trade receivables and other current receivablesAccounts receivable are not interest-bearing receivables andgeneral terms and conditions for payment are from 7 to 120days. All significant accounts receivables are credit securedby Coface Norway, limited to a maximum of MNOK 11.5 andwith a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expectedcredit losses by the proportion of non-credit-secured accountsreceivable. The Group uses an increasing factor for expectedcredit losses according to maturity analyzes above. Whenanalyzing future information about the Group's customers andmarkets, no future challenges are listed today which indicatethat there will be a significant credit loss in the future (see andnote 18 on credit risk). The Group and the parent companyhave TNOK 0 in provisions for losses on accounts receivableboth in 2022 and 2021. TRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Trade receivables related parties 2 243 2 324 2 243 2 324Trade receivables other 11 827 7 765 11 560 7 646Sum trade receivables 14 072 10 089 13 803 9 970Provision for expected credit losses 0 0 0 0AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss2021Accounts receivables 10 089 8 346 1 743 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 13 803 10 181 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 02021Accounts receivables 9 970 8 271 1 699 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1301-3": {
"value": "Note 20: Trade receivables and other current receivablesAccounts receivable are not interest-bearing receivables andgeneral terms and conditions for payment are from 7 to 120days. All significant accounts receivables are credit securedby Coface Norway, limited to a maximum of MNOK 11.5 andwith a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expectedcredit losses by the proportion of non-credit-secured accountsreceivable. The Group uses an increasing factor for expectedcredit losses according to maturity analyzes above. Whenanalyzing future information about the Group's customers andmarkets, no future challenges are listed today which indicatethat there will be a significant credit loss in the future (see andnote 18 on credit risk). The Group and the parent companyhave TNOK 0 in provisions for losses on accounts receivableboth in 2022 and 2021. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Prepayments 1 505 1 610 1 209 1 356 VAT receivable 6 110 5 535 5 580 5 063 Intercompany Group 0 0 9 577 75 Benefit funds 4 383 4 509 4 209 4 122 Other 726 7 833 727 7 833 Total 12 724 19 488 21 301 18 449TRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Trade receivables related parties 2 243 2 324 2 243 2 324Trade receivables other 11 827 7 765 11 560 7 646Sum trade receivables 14 072 10 089 13 803 9 970Provision for expected credit losses 0 0 0 0AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss2021Accounts receivables 10 089 8 346 1 743 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2022Accounts receivables 13 803 10 181 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 02021Accounts receivables 9 970 8 271 1 699 0 0 0Credit-secured share 7 625 5 896 1 729 0 0 0Expected credit loss 0 0 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1322-4": {
"value": "OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Prepayments 1 505 1 610 1 209 1 356 VAT receivable 6 110 5 535 5 580 5 063 Intercompany Group 0 0 9 577 75 Benefit funds 4 383 4 509 4 209 4 122 Other 726 7 833 727 7 833 Total 12 724 19 488 21 301 18 449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1322-5": {
"value": "OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021 Prepayments 1 505 1 610 1 209 1 356 VAT receivable 6 110 5 535 5 580 5 063 Intercompany Group 0 0 9 577 75 Benefit funds 4 383 4 509 4 209 4 122 Other 726 7 833 727 7 833 Total 12 724 19 488 21 301 18 449",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1326-3": {
"value": "Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 32,427 as of31 December 2022 and TNOK 49,921 as of 31 December 2021and the Group earns interest income according to agreedfloating interest rate terms.At 31 December 2022, restricted funds for the Group amount-ed to TNOK 2,546 which derives from the employees' tax de-ductions. As of 31 December 2021, this amounted to TNOK2,710.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1326-4": {
"value": "Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 32,427 as of31 December 2022 and TNOK 49,921 as of 31 December 2021and the Group earns interest income according to agreedfloating interest rate terms.At 31 December 2022, restricted funds for the Group amount-ed to TNOK 2,546 which derives from the employees' tax de-ductions. As of 31 December 2021, this amounted to TNOK2,710.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1326-5": {
"value": "Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 32,427 as of31 December 2022 and TNOK 49,921 as of 31 December 2021and the Group earns interest income according to agreedfloating interest rate terms.At 31 December 2022, restricted funds for the Group amount-ed to TNOK 2,546 which derives from the employees' tax de-ductions. As of 31 December 2021, this amounted to TNOK2,710.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1337-2": {
"value": "Note 22: Equity investmentsCurrent liabilities to subsidiaries amount to TNOK 0 as of 31December 2022 (current liabilities TNOK 4,976 in 2021). Theshares in the subsidiary HBC Berk\u00e5k AS have been writtendown to book equity as of 31 December 2021.Atlantic Delights ltdThe parent company and the group acquired 34 % of AtlanticDelights Ltd., Hong Kong on 27 August 2020, through a shareissue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts toTNOK 3,395 calculated at the time of acquisition and which isdepreciated on a straight-line basis over 5 years. Profit sharefrom the company in the ownership period is included after taxexpense and amortization of surplus value.Company Country Head office Share capital Ownership Voting shareAtlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021 2022 2021Net asset 1.1. 5 764 5 733 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax 475 709 0 0 Dividend 0 0 0 0 Net asset 31.12. 5 560 5 764 6 517 6 517FINANCIAL INFORMATION IN ASSOCIATED COMPANY Group ATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021Current assets 9 886 6 456Fixed assets 3 863 5 083Current liabilities -2 -636Non-current liabilities -2 717 -1 268Operating revenue 2 668 3 220Total earnings 777 -456",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1337-3": {
"value": "Note 22: Equity investmentsCurrent liabilities to subsidiaries amount to TNOK 0 as of 31December 2022 (current liabilities TNOK 4,976 in 2021). Theshares in the subsidiary HBC Berk\u00e5k AS have been writtendown to book equity as of 31 December 2021.Atlantic Delights ltdThe parent company and the group acquired 34 % of AtlanticDelights Ltd., Hong Kong on 27 August 2020, through a shareissue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts toTNOK 3,395 calculated at the time of acquisition and which isdepreciated on a straight-line basis over 5 years. Profit sharefrom the company in the ownership period is included after taxexpense and amortization of surplus value.Subsidiaries Country Head Share Owner-Voting Earnings Equityofficecapitalshipshare202231.12.2022HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 117 -6 074HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -266 -267HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% -185 3Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% -3 -1 411Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aINVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021 2022 2021Net asset 1.1. 5 764 5 733 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax 475 709 0 0 Dividend 0 0 0 0 Net asset 31.12. 5 560 5 764 6 517 6 517FINANCIAL INFORMATION IN ASSOCIATED COMPANY Group ATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021Current assets 9 886 6 456Fixed assets 3 863 5 083Current liabilities -2 -636Non-current liabilities -2 717 -1 268Operating revenue 2 668 3 220Total earnings 777 -456",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1337-4": {
"value": "Note 22: Equity investmentsCurrent liabilities to subsidiaries amount to TNOK 0 as of 31December 2022 (current liabilities TNOK 4,976 in 2021). Theshares in the subsidiary HBC Berk\u00e5k AS have been writtendown to book equity as of 31 December 2021.Atlantic Delights ltdThe parent company and the group acquired 34 % of AtlanticDelights Ltd., Hong Kong on 27 August 2020, through a shareissue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts toTNOK 3,395 calculated at the time of acquisition and which isdepreciated on a straight-line basis over 5 years. Profit sharefrom the company in the ownership period is included after taxexpense and amortization of surplus value.Subsidiaries Country Head Share Owner-Voting Earnings Equityofficecapitalshipshare202231.12.2022HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 117 -6 074HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -266 -267HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% -185 3Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% -3 -1 411Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aCompany Country Head office Share capital Ownership Voting shareAtlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021 2022 2021Net asset 1.1. 5 764 5 733 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax 475 709 0 0 Dividend 0 0 0 0 Net asset 31.12. 5 560 5 764 6 517 6 517FINANCIAL INFORMATION IN ASSOCIATED COMPANY Group ATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2022 2021Current assets 9 886 6 456Fixed assets 3 863 5 083Current liabilities -2 -636Non-current liabilities -2 717 -1 268Operating revenue 2 668 3 220Total earnings 777 -456",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1359-2": {
"value": "Note 23: Accounts payable and other short-term liabilities Accounts payable are not interest-bearing and normal maturity is from 0 to 60 days. For settlement and terms for accounts payable with related parties, see information in note 6.ACCOUNTS PAYABLE Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Accounts payable 19 910 17 071 17 572 15 390Accounts payable related companies 125 842 107 094 122 979 106 086Total 145 752 124 165 140 551 121 476OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Public duties payable 4 003 4 101 3 476 3 507Accrued holiday pay 4 546 4 328 3 903 3 652Other accrued costs 4 532 3 820 4 340 3 232Short-term debt to group companies 0 0 0 4 976Total 13 081 12 249 11 720 15 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1365-3": {
"value": "OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Public duties payable 4 003 4 101 3 476 3 507Accrued holiday pay 4 546 4 328 3 903 3 652Other accrued costs 4 532 3 820 4 340 3 232Short-term debt to group companies 0 0 0 4 976Total 13 081 12 249 11 720 15 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1365-4": {
"value": "OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Public duties payable 4 003 4 101 3 476 3 507Accrued holiday pay 4 546 4 328 3 903 3 652Other accrued costs 4 532 3 820 4 340 3 232Short-term debt to group companies 0 0 0 4 976Total 13 081 12 249 11 720 15 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1365-5": {
"value": "OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2022 2021 2022 2021Public duties payable 4 003 4 101 3 476 3 507Accrued holiday pay 4 546 4 328 3 903 3 652Other accrued costs 4 532 3 820 4 340 3 232Short-term debt to group companies 0 0 0 4 976Total 13 081 12 249 11 720 15 367",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1366-2": {
"value": "Note 24: Share capital, shareholders and dividendsAs of 31 December 2022, Hofseth BioCare ASA had NOK3,950,810 in share capital, divided into 395,081,030 shares,each with a nominal value of NOK 0.01. All shares are fully paid.There is only one class of shares and all shares have equal vot-ing rights and equal rights to dividends. The 20 largest share-holders of Hofseth BioCare ASA as of 31 December 2022 are:Largest shareholders # of shares % shareSIX SIS AG 77 528 323 19.62RH INDUSTRI AS 69 300 190 17.54HOFSETH INTERNATIONAL AS 58 944 778 14.92YOKOREI CO. LTD 40 951 333 10.37GOLDMAN SACHS INTERNATIONAL 22 450 000 5.68BRILLIANT INVEST AS 11 000 000 2.78GOLDMAN SACHS & CO. LLC 9 251 830 2.34CREDIT SUISSE(Switzerland) LTD. 9 195 181 2.33CITIBANK, N.A. 8 015 022 2.03The Bank of New York Mellon SA/NV 4 959 151 1.26JPMorgan Chase Bank, N.A., London 4 919 301 1.25UBS Switzerland AG 3 968 288 1.00LGT BANK AG 3 447 692 0.87BOMI FRAMROZE HOLDING AS 3 253 370 0.82The Bank of New York Mellon 2 802 952 0.71Saxo Bank A/S 2 693 890 0.68INITIA AB 2 636 340 0.67CLEARSTREAM BANKING S.A. 2 486 470 0.63VERDIPAPIRFONDET DNB SMB 2 482 035 0.63The Northern Trust Comp, London Br 2 433 865 0.62In total, the 20 largest shareholders342 720 011 86.75 Total others52 361 019 13.25 Total number of shareholders 395 081 030 100.00 Total no. of shareholders: 1,407 Shares owned by CEO and the Board 2022 2021Jon Olav \u00d8deg\u00e5rd* 2 964 039 2 894 039Roger Hofseth* 128 444 968 110 723 444Christoph Baldegger 700 000 700 000Kristin Fjellby Grung 0 0Torill Standal Eliassen* 200 000 200 000Crawford Currie* 750 000 750 000Amy Novogratz* 22 450 000 12 100 000Total 154 449 007 127 437 483*Includes shares owned by related companies and persons.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1370-3": {
"value": "There is only one class of shares and all shares have equal vot-ing rights and equal rights to dividends. The 20 largest share-holders of Hofseth BioCare ASA as of 31 December 2022 are:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1375-2": {
"value": "Note 25: New accounting standards with future effective dateThe standards and interpretations that have been adopted upto the time of presentation of the consolidated financial state-ments, but where the date of entry into force is forthcoming,are stated below. The Group's intention is to implement the relevant changes atthe date of entry into force, provided that the EU approves thechanges before the presentation of the consolidated financialstatements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1375-3": {
"value": "Note 25: New accounting standards with future effective dateThe standards and interpretations that have been adopted upto the time of presentation of the consolidated financial state-ments, but where the date of entry into force is forthcoming,are stated below. The Group's intention is to implement the relevant changes atthe date of entry into force, provided that the EU approves thechanges before the presentation of the consolidated financialstatements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1384-2": {
"value": "Note 26: Subsequent eventsNo major events have occoured between 31.12.2022 and thedate of this Annual report.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"pp-value-1387-2": {
"value": "Declaration of the Board of Directors and CEO in Hofseth BioCare ASA We confirm that the financial statements for the period 1 Jan-uary to 31 December 2022 to the best of our knowledge, havebeen prepared in accordance with IFRS as adopted by the EU/ applicable accounting standards and that the financial state-ments give a true and fair view of the Group's assets, liabili-ties, financial position and results of operations, and that the annual report gives a fair view of the financial performanceand position of the Group, together with a description of themain risks and uncertainties faced by the Group.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22176": {
"value": "Hofseth BioCare ASA ",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23197": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}