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"value": "Note 1: Accounting policiesGeneral informationHofseth BioCare ASA ia a public limited liability company dom-icilied in \u00c5lesund, Norway. The company`s headquarter is in Keiser Wilhelmsgate 24 in \u00c5lesund, with one manufacturing facility in the municipality of Molde and one manufacturing facility in the municipality of Rennebu. The annual financial statements were approved for issuance by the board of direc-tors 18 April 2024.The Group`s operation is the processing of fish offcuts into high quality protein and other food supplements.The company\u2019s consolidated financial statements for 2023 consist of the parent company and the subsidiaries HBC Berk\u00e5k AS, HBC Therapeutics AS, HBC Switzerland GmbH, Hofseth Biocare UK Limited. Hofseth Biocare Americas Hold-ings Inc. and Hofseth BioCare R\u00f8rvik AS (the Group).Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have been prepared in accordance with IFRS\u00ae Accounting Standards and related interpretations as issued by the International Account-ing Standards Board (IASB) and as adopted by the EU as of 31 December 2023, as well as the additional disclosure require-ments following from the Norwegian accounting act as of 31 December 2023.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 is exsposed to, or has rights to, variable returns as a result of the involvement from the Group, and the Group is able to influence the 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 share between 20% and 50%). Significant influence is the power to participate in financial and operational decisions in principle in the company, but where Hofseth BioCare still has no control or joint control. In the case of an ownership interest of less than 20%, in order to be treated as an associated company, it must be clearly demonstrated that significant influence exists, for example through shareholder agreements. The consolidated financial statements include the group's share of profit from associated companies recognized according to the equity method from the time significant influence is achieved and until such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carrying amount of the investment decreases to zero and recognition of additional 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 financial statements 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 annual result, 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 the functional currency of all Norwegian companies in the Group. The Companies abrouad uses local currency as their function-al currency, this has immaterial value. All amounts are pre-sented 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. Estimates and the underlying assumptions are assessed continuously. Changes in accounting estimates are recognized in the period the changes occur. To the extent the changes also affect fu-ture periods, the effect is allocated over the current and future periods. See note 2.Foreign currencyTransactions in foreign currency are translated at the exchange rates prevailing at the date of the transaction. Monetary items in foreign currency are translated to Norwegian kroner at the exchange rate at the balance sheet date. Currency exchange gains and losses are recognized in the income statement and presented as financial income/financial expense.Revenue recognition policiesRevenues are primarily generated from manufactured own goods 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 when control of goods or services is transferred to the customers with an amount that reflects the consideration that the Group expects to be entitled to in exchange for delivered goods and services. Control is normally transferred to the customer when goods 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 store at Hofseth BioCares' warehouse, the consideration is recog-nized as revenue when control has passed to the purchasing party. The customers have a desire to continue storing on the group'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 to the customers for the actual delivery of the goods. The parent company and the group also earn revenues from the service of storing the goods, which are recognized at a fixed price per month in storage.The Group assesses whether there are obligations in the sales contracts that are separate performance obligations, and for which parts of the transaction price must be allocated or agreed variable payment terms in the contracts. The parent company and the group have offered rights of return when selling from the 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 (advance payment, extra long credit terms, etc.).Trade receivablesA receivable represents the Group's right to payment of an amount which is unconditional (i.e. the agreed credit time be-fore payment of the consideration falls due). See accounting principles for financial assets\u2019 initial recognition and subse-quent measurement. Payment terms in the group's customer contracts vary from 0 days to 90 days.SegmentsAn operating segment is a component of the Group that en-gages in business activities from which it earns revenues and incurs expenses. The Group\u2019s operating results are regularly reviewed 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 financial review on revenues and quality generated from the manufac-turing process. Management monitors the financial results at Group 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 reasonably assurance that the company complies with the requirements stated to be eligible for the grants and will receive payment. Grants relating to operating expenditures are recognised systematically over the grant period. Grants are recognised against the costs the grant is meant to cover. Grants for invest-ments are recognised systematically over the asset\u2019s useful lives. Grants for investments are recognised as a reduction to the related assets\u2019 carrying amount. Employee benefitsDefined contribution pension planA defined contribution pension plan is an arrangement in which the employer pays fixed constributions to a fund or a pension fund, and in which the parent company and the group has no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in the income statement as salary related costs in the period in which 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 in Norway.Accounting-wise, the scheme is considered a defined benefit multi-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position and performance with sufficient reliability. Therefore, the scheme is accounted for as a defined contribution scheme. As a result, obligations from the AFP scheme are not recognized on the balance sheet. Premiums to the scheme are expensed as they accrue.Share based payment arrangements for consultantThe parent company has entered into a share-based payment arrangement with a hired consultant. The arrangement is an option plan with settlement in shares of the company.The method of recognition varies depending on whether the consultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreement for 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 managing bodies and is managed in the same way as if the individual was legally employed \u2022 delivers services of similar nature to the services delivered by legally employed individualsTo the extent the consultant is determined to be employed, in accordance with the the above description, the share option program is measured at fair value at the time of grant. The calculated fair value of the granted options are accrued and recognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over the agreed future service period (vesting period). For transactions which are settled in the company\u2019s own equity instruments (equity settled arrangements) the value of the granted options is recognized in the period as salary expenses in the profit or loss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019s shares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time of settlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social security when the consultant is not determined to be employed by the company for tax purposes.Financial income and financial expensesFinancial income consists of interest income, dividends, foreign exchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using the effective interest rate method, while dividends are recognised on the date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guarantee commissions, foreign exchange losses and losses from sale of financial instruments. Interest expenses and guarantee commissions are recognized when incurred, calculated using the effective interest rate method.Income taxesIncome tax expenses consist of current taxes payable and changes in deferred taxes. Current taxes payable are taxes payable or tax receivables related to taxable income or loss for the year, based on tax rates substantively enacted at the balance 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 for all assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to be applicable at the time of reversal of the temporary differences. Deferred tax assets are recognised to the extent the company is expected to have sufficient taxable income in future periods to utilize the tax benefit. The companies recognize previously unrecognized deferred tax assets to the extent it has become likely that the company may utilize the deferred tax benefit. Likewise, the company will reduce deferred tax assets to the extent the company no longer expects that it will be able to utilise 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 their cost price. The cost price for intangible assets acquired are recognised at fair value in the Group. Recognised intangible assets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recognised development costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated over their useful lives and tested for impairment when impairment indicators are present. Depreciation methods and useful lives are assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimate changes. Patents and licencesAcquisition costs for patents and licences are recognised and depreciated 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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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 are derecognized 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 costs directly associated wih getting the asset ready for its intended use.Expenditures incurred after recognition of the fixed asset, such as day-to-day maintenance, are recognized in the income statement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carrying amount. 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 construction are 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 are accounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, as this 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 depreciation periods are disclosed in note 11. Depreciation method, useful life and residual values are reassessed at the balance sheet date and adjusted if found necessary. When the carrying amount of a fixed asset or a cash-generating unit is higher than the recoverable amount, the asset is written-down to its recoverable 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 are assessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisition cost, unless impairment has been necessary. Write-downs have been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairment losses are reversed when the basis for impairment is no longer present.Dividends and other distributions are recognized as income when adopted at the general meeting of the subsidiaries. If dividends exceed the retained earnings after the acquisition, the excess part represents repayment of invested capital, and the dividends are deducted from the value of the investment in the balance sheet.LeasesFor contracts constituting or containing a lease, the company and the group separate lease components if the underlying asset may be used either on its own or together with other resources easily available to the company and the group, and the underlying asset is neither dependent nor interrelated on other underlying assets in the contract. The company and the group then account for each single lease component in the contract as one lease contract separately from the non-lease component 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 following excemptions 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 the lease payments as other operating expenses in the profit or loss when incurred.Lease liabilitiesThe company and the group measure the lease liabilities at the present value of the lease payments to be made over the lease term at the commencement date. The lease term is the non-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 lease liability 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 the group 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 increasing the carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease payments made, as well as potential reassessments or changes to the lease agreement, or to reflect adjustments to lease payments as a result of a change in an index or a rate. The company and the group do not include variable lease payments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and the group presenter the lease liabilities in separate line items in the statement of financial position. Right of use assets The company and the group measures right of use assets at cost, 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 commencement date, less lease incentives received if any\u203a All direct expenditures incurred for the company and the group 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 depreciated from the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected to take place first, unless there is an option to purchase the asset which has been determined to be exercised with reasonable certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order to determine whether the right of use asset has been impaired and, if this is the case, write it down for impairment.Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessed for impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carrying amount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generating unit is the higher of value in use and fair value less costs of disposal. When assessing value in use, estimated future cash flows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the time value of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested at a Group level representing the lowest level of identifiable cash flows which are independent of cash flows from other assets or 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 the estimated recoverable amount. When recognizing impairment write-downs related to cash generating units, any goodwill impairment is recognized first. Any remaining impairment amount is split pro-rata on other assets in the cash generating unit (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 is made on the balance sheet date (reporting date). Impairments are reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals are limited to the carrying amounts being equal to what it would have been if no impairment had been recognised.Financial assetsFinancial assets are classified at initial recognition and are subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through 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 financial assets refers to how the Group manages its financial assets to generate cash flows. The business model determines whether cash flows will arise by receiving contractual cash flows, or by selling the financial assets or both.Accounts receivables that do not contain a significant financing component are measured at the transaction price determined in accordance with IFRS 15, see the accounting policies in section on revenue from contracts with customers, and then measured at amortized cost.Other long-term and short-term receivables, as well as cash and cash 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 fair value through profit or loss, or financial assets that are required to measure at fair value. Financial assets are classified as held for trading if they are purchased for the purpose of being sold or repurchased within a short period of time. Derivatives are also classified 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 fair value recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equity investments are recognized as financial income in the income statement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flows from the assets.Impairment of financial assetsFor accounts receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). The Group therefore does not track changes in credit risk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and the contract 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 the debtors and the economic environment.The Group considers a financial asset to be in default when it is more than 60 days overdue. In some cases, however, the Group may also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable to receive the outstanding contract amounts in its entirety before taking into account any credit insurance that the Group has. A financial 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 is provided 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 selling price in the ordinary course of business less the estimated costs of completion and the estimated costs for marketing and distribution. Cost is allocated using the FIFO-method and includes expenditures incurred in purchasing the goods, raw material, costs to bring the goods and the raw material to their current condition and location. Owned goods are valued at manufacturing cost and include raw material costs, as well as other variable and fixed production costs that can be allocated based on normal capacity utilization. See note 2 and 19 for more 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 with a maximum duration of 3 months from the date of acquisition.Financial liabilitiesFinancial liabilities are initially recognized as financial liabili-ties at fair value through profit or loss.Interest-bearing debt and other liabilities are recognized at fair value less transaction costs at the time of establishment. In subsequent periods, loans are recognized at amortized cost using the effective interest rate. For more information see note 16.Financial liabilities at fair value through profit or loss include financial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of being sold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forward contracts). Gains or losses on liabilities held for trading are recognized 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 fair value at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchange contracts is adjusted continuously at fair value through profit or loss. The forward exchange contracts are capitalized as financial assets when fair value is positive and as financial liabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or other derivatives 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 result of the liability and the amount can be measured reliably. If the effect is significant, the provision is measured at the discount-ed value of future cash outflows using a pre-tax discount rate reflecting 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 lying products or services are sold. The provision is based on histor-ical information about guarantees and a weighting of potential outcomes against their likelihood of occuring.Provisions for onerous contracts are recognised when the company\u2019s expected revenues from a contract is lower than the unavoidable costs of meeting the obligations under the contract.Contingent liabilities and contingent assetsContingent liabilities for which it is not likely that the liability will 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 will have 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 will be received by the Group.Going concernIn accordance with the accounting act \u00a7 3-3a we confirm that the condition for continued operations is present and that the annual report have been prepared based on the going concern assumption.The company has a credit facility of 67 million, whereas 38.6 million is available as of the end of the year. Additionally, the board has been authorized by the general meeting held on 28 April 2023 to issue up to 79,016,200 new shares. These autho-rizations are intended to be utilized in case the parent compa-ny requires additional equity and liquidity.As of 31 December 2023, the parent company was in breach with its loan agreement covenants, but the breach was repai-red on 4 January 2024 following the General meeting resoluti-on whereby accounts payables of 144 million were converted into new Class B shares in HBC. As of the date of this report, the Company is not in breach with any covenants or loan con-ditions. The loan with covenant is classified as short term both when the company are in breach or not. Refer to note 16 for more details on the group's and the parent company's interest-bearing debt conditions, as well as note 18 for infor-mation on liquidity risk and maturity structure of the group's liabilities.The operations of the Group are subject to uncertainty with respect to its ability to sell products at favourable margins and maintain adequate cash reserves. While the Company has recently achieved higher margins and improved cash flow, the Board of Directors remains vigilant about reviewing the Company's equity and cash balance. If additional resources are needed to ensure continuity of operations and support planned activities aimed at generating positive cash flow and profitability, the Board will consider appropriate measures such as obtaining loans or equity. The current outlook indica-tes a positive trend, and the Board will take necessary steps to sustain this momentum. If the group and the parent company do not achieve planned market measures adequately, new loan facilities or share issues will be established in 2024. Due to the factors described above, there is uncertainty for the Company to continue as a going concern over the next 12 months.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 assets may be lower than their carrying amounts in a potential forced sale related to liquidation. This uncertainty is primarily related to 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 this warming could lead to damaging economic and social conse-quences, the exact timing and severity of physical effects for HBC are difficult to quantify. The large-scale and long-term na-ture of the problem makes it uniquely challenging, especially in the context of economic decision making.While changes associated with a transition to a lower-carbon economy present risk, HBC also create significant oppor-tunities in the nature of our business model. Turning waste streams into high-end human and pet nutrition is important for the environment and out teams at the facilities are focused on climate change mitigation and adaptation of new technology solutions.Circular economy initiatives which HBC is a part of, and the strive to reduce greenhouse gases is high on the agenda with the Board and management of HBC and the Group has invest-ed significant amounts in both machinery and knowledge since we joined the Global Reporting Initiative (GRI) in 2019.In a carbon constraint world, climate change is confronting HBC with totally new challenges. One way the Group deal with the impacts of climate change is to comprehend them as risks and analyse possible effects as we do elsewhere in our organization by the combination of probability and its consequence. Therefore, HBC view climate risks as the possible impacts of climate change with the potential to influence positively or negatively the future development of the HBC Group, and together with the rest of the Hofseth Group.The risks and opportunities for HBC from climate change are classified as direct or indirect. Direct climate risks and opportunities are resulting out of changing natural conditions as rising temperatures, sea levels or an increasing number of extreme weather events. Indirect climate risks and opportunities seems to have much more implications than the direct ones. Examples of indirect risks are regulatory or litigation, credit risk, market risk and reputation risk. As previously mentioned, these risks are also great opportunities for HBC. However, risks and opportunities HBC as an organization face today related to climate change, are difficult to estimate, and mitigate or explore. HBC has a work group among the management team, led by the head of Sustainability, that analyse climate risks and utilize the opportunities that arise from climate change. As of the end of 2023, the financial implications of climate change are very limited. As of today, there are few requirements for sustainability in the finished product, no distinctly strict emission rules at the factories, no external influence (e.g. sea level rise). The management expect increased focus on impairment testing as the Group grow and increase its asset base in the future.Subsequent eventsNew information subsequent to the balance sheet date about the Group\u2019s and the parent company\u2019s financial position at the balance sheet date are taken into account in the financial statements. Events subsequent to the balance sheet date which do not influence the Group\u2019s or the parent company\u2019s financial position at the balance sheet date, but which will in-fluence the Group\u2019s or the parent company\u2019s position in the future, have been disclosed in the notes if significant.New accounting standardsDefinition of Accounting Estimates - Amendments to IAS 8The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how measurement techniques and inputs to develop accounting estimates.The amendment had no impact on the Group`s consolidated financial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2The amendments to IAS 1 and IFRS Practice Statement 2 Mak-ing Materially Judgements provide guidance and examples to help entities apply materiality judgements to accounting poli-cy disclosures. The amendments aim to help entites provide accounting policy disclosures that are more useful by replac-ing the requirements for entities to disclosure their \"signifi-cant\" accounting poilicies with a requirement to disclose their \"material\" accounting policies and adding guidance on how entities apply the concept of materially in making decisions about accounting policy disclosures.The amendments have had an impact on the Groupg`s disclo-sure of accounting policies, but not in the measurement, rec-ognition or presentation of any items in the Group`s financial statements.",
"dimensions": {
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"s7_notes__6__7": {
"value": "General informationHofseth BioCare ASA ia a public limited liability company dom-icilied in \u00c5lesund, Norway. The company`s headquarter is in Keiser Wilhelmsgate 24 in \u00c5lesund, with one manufacturing facility in the municipality of Molde and one manufacturing facility in the municipality of Rennebu. The annual financial statements were approved for issuance by the board of direc-tors 18 April 2024.The Group`s operation is the processing of fish offcuts into high quality protein and other food supplements.The company\u2019s consolidated financial statements for 2023 consist of the parent company and the subsidiaries HBC Berk\u00e5k AS, HBC Therapeutics AS, HBC Switzerland GmbH, Hofseth Biocare UK Limited. Hofseth Biocare Americas Hold-ings Inc. and Hofseth BioCare R\u00f8rvik AS (the Group).",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "Hofseth BioCare ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__16": {
"value": "Hofseth BioCare ASA",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"s7_notes__6__9": {
"value": "Hofseth BioCare ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "public limited liability company",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "\u00c5lesund, Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "Keiser Wilhelmsgate 24 in \u00c5lesund",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "The annual financial statements were approved for issuance by the board of direc-tors 18 April 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "The Group`s operation is the processing of fish offcuts into high quality protein and other food supplements.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have been prepared in accordance with IFRS\u00ae Accounting Standards and related interpretations as issued by the International Account-ing Standards Board (IASB) and as adopted by the EU as of 31 December 2023, as well as the additional disclosure require-ments following from the Norwegian accounting act as of 31 December 2023.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:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "Basis of preparation The consolidated financial statements and the parent com-pany financial statements of Hofseth BioCare ASA have been prepared in accordance with IFRS\u00ae Accounting Standards and related interpretations as issued by the International Account-ing Standards Board (IASB) and as adopted by the EU as of 31 December 2023, as well as the additional disclosure require-ments following from the Norwegian accounting act as of 31 December 2023.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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20": {
"value": "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 is exsposed to, or has rights to, variable returns as a result of the involvement from the Group, and the Group is able to influence the 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 share between 20% and 50%). Significant influence is the power to participate in financial and operational decisions in principle in the company, but where Hofseth BioCare still has no control or joint control. In the case of an ownership interest of less than 20%, in order to be treated as an associated company, it must be clearly demonstrated that significant influence exists, for example through shareholder agreements. The consolidated financial statements include the group's share of profit from associated companies recognized according to the equity method from the time significant influence is achieved and until such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carrying amount of the investment decreases to zero and recognition of additional 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 financial statements 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 annual result, 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:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21-1": {
"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 is exsposed to, or has rights to, variable returns as a result of the involvement from the Group, and the Group is able to influence the 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 returnsInvestment in subsidiaries and associated companiesInvestments in subsidiaries and associated companies are assessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisition cost, unless impairment has been necessary. Write-downs have been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairment losses are reversed when the basis for impairment is no longer present.Dividends and other distributions are recognized as income when adopted at the general meeting of the subsidiaries. If dividends exceed the retained earnings after the acquisition, the excess part represents repayment of invested capital, and the dividends are deducted from the value of the investment in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24": {
"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 share between 20% and 50%). Significant influence is the power to participate in financial and operational decisions in principle in the company, but where Hofseth BioCare still has no control or joint control. In the case of an ownership interest of less than 20%, in order to be treated as an associated company, it must be clearly demonstrated that significant influence exists, for example through shareholder agreements. The consolidated financial statements include the group's share of profit from associated companies recognized according to the equity method from the time significant influence is achieved and until such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carrying amount of the investment decreases to zero and recognition of additional 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"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 share between 20% and 50%). Significant influence is the power to participate in financial and operational decisions in principle in the company, but where Hofseth BioCare still has no control or joint control. In the case of an ownership interest of less than 20%, in order to be treated as an associated company, it must be clearly demonstrated that significant influence exists, for example through shareholder agreements. The consolidated financial statements include the group's share of profit from associated companies recognized according to the equity method from the time significant influence is achieved and until such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carrying amount of the investment decreases to zero and recognition of additional 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__22": {
"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 share between 20% and 50%). Significant influence is the power to participate in financial and operational decisions in principle in the company, but where Hofseth BioCare still has no control or joint control. In the case of an ownership interest of less than 20%, in order to be treated as an associated company, it must be clearly demonstrated that significant influence exists, for example through shareholder agreements. The consolidated financial statements include the group's share of profit from associated companies recognized according to the equity method from the time significant influence is achieved and until such influence ceases. When the group's share of nega-tive profit exceeds the value of the investment, the carrying amount of the investment decreases to zero and recognition of additional 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "Functional currency and presentation currencyThe Group\u2019s presentation currency is NOK, which is also the functional currency of all Norwegian companies in the Group. The Companies abrouad uses local currency as their function-al currency, this has immaterial value. All amounts are pre-sented in NOK 1 000 unless specifically noted.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__26-1": {
"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. Estimates and the underlying assumptions are assessed continuously. Changes in accounting estimates are recognized in the period the changes occur. To the extent the changes also affect fu-ture periods, the effect is allocated over the current and future periods. See note 2.Note 2: Accounting estimates and management judgement and assumptionsThe preparation of financial statements in accordance with IFRS requires management to make judgments when choos-ing and applying accounting principles. Further, IFRS requires the management to make estimates based on judgments, and that estimates and assumptions are realistic. All estimates are considered to be the expected value based on the manage-ment\u2019s best knowledge.The Group\u2019s most significant accounting estimates and areas of judgment are the following:\u203a Allocation of production costs in manufactruring cost of finished product cost\u203a Transactions with related parties\u203a Recognition of intangible assets\u203a Inventory - obsolescenceAllocation of production costs in manufactruring cost of finished product cost Four types of finished products are produced from a common production process based on the same input factors. The value of the individual finished product is based on the allo-cation of production costs determined based on the finished product's relative share of production yield multiplied by the expected sales value. The same model has been used for allo-cating production costs over several years. The determination of expected sales value as a basis for allocating production costs has significant discretionary assessments and has a significant effect on the calculation of the cost of production of the various finished product products. The group and the parent company are still in a start-up and development phase, but management's judgment has based on agreed prices in historical sales transactions and expected sales value at the reporting date. See notes 4, 6 and 19.Transactions with related partiesTransactions with related parties constitute a significant part of the Group's and the parent company's ordinary operating revenues and costs, and where the determination of arm's length pricing is largely based on judgment. The transactions also affect liquidity and financial carrying capacity for the Group's and the parent company's operations.The most significant transactions with related parties are sale 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 as agreements on short-term, long-term and subordinary loan financing.Hofseth BioCare ASA has a 5 years agreement starting 01.01.2022, and gives the company the exclusive right to buy all the by-products from the production of Hofseth Sales AS. Judgment has been applied when setting conditions for the purchase of raw materials. See notes 4 and 6.Hofseth BioCare ASA has sold finished goods to related parties in 2022 and 2023. Prices are determined on the basis of current and historical transactions with independent parties in 2022 and 2023. Discretion has been used in determining conditions for the sale of finished goods, see notes 3 and 6. Leases of production equipment, leases of factory facilities at Midsund and Berk\u00e5k, as well as agreements for long-term and subordinated 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, achieved by 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 quality that the business model has been based on. The Group invests in research and development activities on an ongoing basis. Uncertainties exist relating to the timing of when the require-ments for recognition of intangible assets have been met. The management\u2019s starting point is that development activities are capitalized when there is an identifiable asset or product that is controlled by the company that is expected to result in fu-ture economic benefits. Uncertainties also exist relating to the assessment and estimation of the cost price for the intangible assets, and mainly relating to the estimation of cost price for developing intangible assets and product development. Devel-opment activities that qualify for capitalization are capitalized both in the Group and parent company. See note 10.InventoriesGoods in stock are valued at the lower of cost and net realisa-ble value. It is used judgment in relation to quality and durabil-ity. The Group uses a model in which provision is made for ob-solescence gradually if goods in stock approach the expiration of the shelf life. It is set aside TNOK 39,646 for obsolescence, see note 19.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "Foreign currencyTransactions in foreign currency are translated at the exchange rates prevailing at the date of the transaction. Monetary items in foreign currency are translated to Norwegian kroner at the exchange rate at the balance sheet date. Currency exchange gains and losses are recognized in the income statement and presented as financial income/financial expense.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Revenue recognition policiesRevenues are primarily generated from manufactured own goods 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 when control of goods or services is transferred to the customers with an amount that reflects the consideration that the Group expects to be entitled to in exchange for delivered goods and services. Control is normally transferred to the customer when goods 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 store at Hofseth BioCares' warehouse, the consideration is recog-nized as revenue when control has passed to the purchasing party. The customers have a desire to continue storing on the group'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 to the customers for the actual delivery of the goods. The parent company and the group also earn revenues from the service of storing the goods, which are recognized at a fixed price per month in storage.The Group assesses whether there are obligations in the sales contracts that are separate performance obligations, and for which parts of the transaction price must be allocated or agreed variable payment terms in the contracts. The parent company and the group have offered rights of return when selling from the 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 (advance payment, extra long credit terms, etc.).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29": {
"value": "Trade receivablesA receivable represents the Group's right to payment of an amount which is unconditional (i.e. the agreed credit time be-fore payment of the consideration falls due). See accounting principles for financial assets\u2019 initial recognition and subse-quent measurement. Payment terms in the group's customer contracts vary from 0 days to 90 days.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30": {
"value": "SegmentsAn operating segment is a component of the Group that en-gages in business activities from which it earns revenues and incurs expenses. The Group\u2019s operating results are regularly reviewed 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 financial review on revenues and quality generated from the manufac-turing process. Management monitors the financial results at Group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__31": {
"value": "Government grantsGovernment grants are recognised at the time it is reasonably assurance that the company complies with the requirements stated to be eligible for the grants and will receive payment. Grants relating to operating expenditures are recognised systematically over the grant period. Grants are recognised against the costs the grant is meant to cover. Grants for invest-ments are recognised systematically over the asset\u2019s useful lives. Grants for investments are recognised as a reduction to the related assets\u2019 carrying amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34-1": {
"value": "Employee benefitsDefined contribution pension planA defined contribution pension plan is an arrangement in which the employer pays fixed constributions to a fund or a pension fund, and in which the parent company and the group has no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in the income statement as salary related costs in the period in which 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 in Norway.Accounting-wise, the scheme is considered a defined benefit multi-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position and performance with sufficient reliability. Therefore, the scheme is accounted for as a defined contribution scheme. As a result, obligations from the AFP scheme are not recognized on the balance sheet. Premiums to the scheme are expensed as they accrue.Share based payment arrangements for consultantThe parent company has entered into a share-based payment arrangement with a hired consultant. The arrangement is an option plan with settlement in shares of the company.The method of recognition varies depending on whether the consultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreement for 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 managing bodies and is managed in the same way as if the individual was legally employed \u2022 delivers services of similar nature to the services delivered by legally employed individualsTo the extent the consultant is determined to be employed, in accordance with the the above description, the share option program is measured at fair value at the time of grant. The calculated fair value of the granted options are accrued and recognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over the agreed future service period (vesting period). For transactions which are settled in the company\u2019s own equity instruments (equity settled arrangements) the value of the granted options is recognized in the period as salary expenses in the profit or loss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019s shares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time of settlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social security when the consultant is not determined to be employed by the company for tax purposes.Intangible assetsIntangible assets acquired separately are recognised at their cost price. The cost price for intangible assets acquired are recognised at fair value in the Group. Recognised intangible assets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recognised development costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated over their useful lives and tested for impairment when impairment indicators are present. Depreciation methods and useful lives are assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimate changes. Patents and licencesAcquisition costs for patents and licences are recognised and depreciated 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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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 are derecognized 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 costs directly associated wih getting the asset ready for its intended use.Expenditures incurred after recognition of the fixed asset, such as day-to-day maintenance, are recognized in the income statement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carrying amount. 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 construction are 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 are accounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, as this 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 depreciation periods are disclosed in note 11. Depreciation method, useful life and residual values are reassessed at the balance sheet date and adjusted if found necessary. When the carrying amount of a fixed asset or a cash-generating unit is higher than the recoverable amount, the asset is written-down to its recoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.Right of use assets The company and the group measures right of use assets at cost, 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 commencement date, less lease incentives received if any\u203a All direct expenditures incurred for the company and the group 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 depreciated from the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected to take place first, unless there is an option to purchase the asset which has been determined to be exercised with reasonable certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order to determine whether the right of use asset has been impaired and, if this is the case, write it down for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Defined contribution pension planA defined contribution pension plan is an arrangement in which the employer pays fixed constributions to a fund or a pension fund, and in which the parent company and the group has no further legal or constructive obligations to pay addi-tional contributions. The contributions are recognized in the income statement as salary related costs in the period in which 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 in Norway.Accounting-wise, the scheme is considered a defined benefit multi-employer scheme. However, the group is unable to iden-tify its share of the scheme's underlying financial position and performance with sufficient reliability. Therefore, the scheme is accounted for as a defined contribution scheme. As a result, obligations from the AFP scheme are not recognized on the balance sheet. Premiums to the scheme are expensed as they accrue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__33": {
"value": "Share based payment arrangements for consultantThe parent company has entered into a share-based payment arrangement with a hired consultant. The arrangement is an option plan with settlement in shares of the company.The method of recognition varies depending on whether the consultant is determined to be an employee or not. The con-sultant is determined to be an employee when the agreement for 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 managing bodies and is managed in the same way as if the individual was legally employed \u2022 delivers services of similar nature to the services delivered by legally employed individualsTo the extent the consultant is determined to be employed, in accordance with the the above description, the share option program is measured at fair value at the time of grant. The calculated fair value of the granted options are accrued and recognised as an expense over the period in which the consult-ant\u2019s right to receive the options is vested, which is over the agreed future service period (vesting period). For transactions which are settled in the company\u2019s own equity instruments (equity settled arrangements) the value of the granted options is recognized in the period as salary expenses in the profit or loss with the offsetting entry to other paid in equity. Obligations for bonuses related to the value of the company\u2019s shares, for which cash settlement has been agreed, are meas-ured at fair value each balance sheet date until the time of settlement, and changes in fair value are recognized in prof-it or loss. The company is not obliged to pay social security when the consultant is not determined to be employed by the company for tax purposes.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Financial income and financial expensesFinancial income consists of interest income, dividends, foreign exchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using the effective interest rate method, while dividends are recognised on the date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guarantee commissions, foreign exchange losses and losses from sale of financial instruments. Interest expenses and guarantee commissions are recognized when incurred, calculated using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "Financial income and financial expensesFinancial income consists of interest income, dividends, foreign exchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using the effective interest rate method, while dividends are recognised on the date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guarantee commissions, foreign exchange losses and losses from sale of financial instruments. Interest expenses and guarantee commissions are recognized when incurred, calculated using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__35": {
"value": "Financial income and financial expensesFinancial income consists of interest income, dividends, foreign exchange gains and gains from sale of financial instruments. In-terest income is recognised when earned, calculated using the effective interest rate method, while dividends are recognised on the date of the general meeting approving the dividends.Financial expenses consist of interest expenses, guarantee commissions, foreign exchange losses and losses from sale of financial instruments. Interest expenses and guarantee commissions are recognized when incurred, calculated using the effective interest rate method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "Income tax expenses consist of current taxes payable and changes in deferred taxes. Current taxes payable are taxes payable or tax receivables related to taxable income or loss for the year, based on tax rates substantively enacted at the balance sheet date. Changes in calculated current taxes paya-ble related to prior years are included in the amount.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "Deferred tax/deferred tax assets are calculated on all tempo-rary differences between carrying amounts and tax bases for all assets and liabilities on the balance sheet date.Deferred taxes are calculated using the tax rate expected to be applicable at the time of reversal of the temporary differences. Deferred tax assets are recognised to the extent the company is expected to have sufficient taxable income in future periods to utilize the tax benefit. The companies recognize previously unrecognized deferred tax assets to the extent it has become likely that the company may utilize the deferred tax benefit. Likewise, the company will reduce deferred tax assets to the extent the company no longer expects that it will be able to utilise 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42-1": {
"value": "Intangible assetsIntangible assets acquired separately are recognised at their cost price. The cost price for intangible assets acquired are recognised at fair value in the Group. Recognised intangible assets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recognised development costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated over their useful lives and tested for impairment when impairment indicators are present. Depreciation methods and useful lives are assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimate changes. Patents and licencesAcquisition costs for patents and licences are recognised and depreciated 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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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 are derecognized 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 costs directly associated wih getting the asset ready for its intended use.Expenditures incurred after recognition of the fixed asset, such as day-to-day maintenance, are recognized in the income statement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carrying amount. 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 construction are 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 are accounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, as this 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 depreciation periods are disclosed in note 11. Depreciation method, useful life and residual values are reassessed at the balance sheet date and adjusted if found necessary. When the carrying amount of a fixed asset or a cash-generating unit is higher than the recoverable amount, the asset is written-down to its recoverable amount. Recoverable amount is the higher of val-ue in use and fair value less costs of disposal.Right of use assets The company and the group measures right of use assets at cost, 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 commencement date, less lease incentives received if any\u203a All direct expenditures incurred for the company and the group 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 depreciated from the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected to take place first, unless there is an option to purchase the asset which has been determined to be exercised with reasonable certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order to determine whether the right of use asset has been impaired and, if this is the case, write it down for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Intangible assetsIntangible assets acquired separately are recognised at their cost price. The cost price for intangible assets acquired are recognised at fair value in the Group. Recognised intangible assets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recognised development costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated over their useful lives and tested for impairment when impairment indicators are present. Depreciation methods and useful lives are assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimate changes. Patents and licencesAcquisition costs for patents and licences are recognised and depreciated 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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__40": {
"value": "Intangible assetsIntangible assets acquired separately are recognised at their cost price. The cost price for intangible assets acquired are recognised at fair value in the Group. Recognised intangible assets are accounted for at cost less any depreciation and im-pairment write-down.Internally generated intangibe assets, except for recognised development costs, are not recognised, but expensed as in-curred.Intangible assets with finite useful life are depreciated over their useful lives and tested for impairment when impairment indicators are present. Depreciation methods and useful lives are assessed annually as a minimum. Changes to deprecia-tion method and/or useful life are accounted for as estimate changes. Patents and licencesAcquisition costs for patents and licences are recognised and depreciated 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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"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) are recognized when all the following criteria are fullfilled: \u203a It is technically possible to complete the asset / product in 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 can be proven \u203a The Group has sufficient technological and financial res-sources available to complete the asset / development of the product \u203a The costs can be reliably measured Recognised costs include cost of material, consultant fees and 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Fixed assetsFixed assets are measured at cost, less accumulated de-preciations and impairment write- downs. Fixed assets are derecognized 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 costs directly associated wih getting the asset ready for its intended use.Expenditures incurred after recognition of the fixed asset, such as day-to-day maintenance, are recognized in the income statement as incurred, while expenditures expected to gener-ate future economic benefits are recognized in the carrying amount. 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 construction are 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 are accounted for as separate components. Each component of property, plant and equipment is depreci-ated on a straight-line basis over its estimated useful life, as this 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 depreciation periods are disclosed in note 11. Depreciation method, useful life and residual values are reassessed at the balance sheet date and adjusted if found necessary. When the carrying amount of a fixed asset or a cash-generating unit is higher than the recoverable amount, the asset is written-down to its recoverable 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "Investment in subsidiaries and associated companiesInvestments in subsidiaries and associated companies are assessed according to the cost method in the company fi-nancial statements. Investments are valued at acquisition cost, unless impairment has been necessary. Write-downs have been made at fair value when impairment is due to rea-sons that cannot be expected to be temporary. Impairment losses are reversed when the basis for impairment is no longer present.Dividends and other distributions are recognized as income when adopted at the general meeting of the subsidiaries. If dividends exceed the retained earnings after the acquisition, the excess part represents repayment of invested capital, and the dividends are deducted from the value of the investment in the balance sheet.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50-1": {
"value": "LeasesFor contracts constituting or containing a lease, the company and the group separate lease components if the underlying asset may be used either on its own or together with other resources easily available to the company and the group, and the underlying asset is neither dependent nor interrelated on other underlying assets in the contract. The company and the group then account for each single lease component in the contract as one lease contract separately from the non-lease component 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 following excemptions 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 the lease payments as other operating expenses in the profit or loss when incurred.Lease liabilitiesThe company and the group measure the lease liabilities at the present value of the lease payments to be made over the lease term at the commencement date. The lease term is the non-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 lease liability 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 the group 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 increasing the carrying amount by an accretion amount on the lease liability, and reduce the carrying amount for lease payments made, as well as potential reassessments or changes to the lease agreement, or to reflect adjustments to lease payments as a result of a change in an index or a rate. The company and the group do not include variable lease payments in the lease liability. Variable payments are recog-nized in the profit or loss as incurred. The company and the group presenter the lease liabilities in separate line items in the statement of financial position.Right of use assets The company and the group measures right of use assets at cost, 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 commencement date, less lease incentives received if any\u203a All direct expenditures incurred for the company and the group 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 depreciated from the date of commencement until the end of the lease peri-od or the end of the asset\u2019s useful life, whichever is expected to take place first, unless there is an option to purchase the asset which has been determined to be exercised with reasonable certainty, in which case the right of use asset is depreciated over the expected economic life of the underlying asset.The group applies IAS 36 \u00abImpairment of assets\u00bb in order to determine whether the right of use asset has been impaired and, if this is the case, write it down for impairment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55-1": {
"value": "Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessed for impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carrying amount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generating unit is the higher of value in use and fair value less costs of disposal. When assessing value in use, estimated future cash flows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the time value of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested at a Group level representing the lowest level of identifiable cash flows which are independent of cash flows from other assets or 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 the estimated recoverable amount. When recognizing impairment write-downs related to cash generating units, any goodwill impairment is recognized first. Any remaining impairment amount is split pro-rata on other assets in the cash generating unit (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 is made on the balance sheet date (reporting date). Impairments are reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals are limited to the carrying amounts being equal to what it would have been if no impairment had been recognised.Impairment of financial assetsFor accounts receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). The Group therefore does not track changes in credit risk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and the contract 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 the debtors and the economic environment.The Group considers a financial asset to be in default when it is more than 60 days overdue. In some cases, however, the Group may also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable to receive the outstanding contract amounts in its entirety before taking into account any credit insurance that the Group has. A financial 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 is provided in notes 20, 21 and 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "Impairment of non-financial assetsDepreciable fixed assets and intangible assets are assessed for impairment when impairment indicators are identified. Im-pairment write-downs for the difference between the carrying amount and the recoverable amount are recognised in the in-come statement. The recoverable amount for an asset or a cash generating unit is the higher of value in use and fair value less costs of disposal. When assessing value in use, estimated future cash flows are discounted to net present value using a pre-tax mar-ket-based discount rate. The discount rate includes the time value of money and asset specific risk. When testing for im-pairment, assets which are not tested individually are tested at a Group level representing the lowest level of identifiable cash flows which are independent of cash flows from other assets or 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 the estimated recoverable amount. When recognizing impairment write-downs related to cash generating units, any goodwill impairment is recognized first. Any remaining impairment amount is split pro-rata on other assets in the cash generating unit (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 is made on the balance sheet date (reporting date). Impairments are reversed if the estimates in the calculation have favoura-bly changed the recoverable amount. Impairment reversals are limited to the carrying amounts being equal to what it would have been if no impairment had been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "Financial assetsFinancial assets are classified at initial recognition and are subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through 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 financial assets refers to how the Group manages its financial assets to generate cash flows. The business model determines whether cash flows will arise by receiving contractual cash flows, or by selling the financial assets or both.Accounts receivables that do not contain a significant financing component are measured at the transaction price determined in accordance with IFRS 15, see the accounting policies in section on revenue from contracts with customers, and then measured at amortized cost.Other long-term and short-term receivables, as well as cash and cash 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 fair value through profit or loss, or financial assets that are required to measure at fair value. Financial assets are classified as held for trading if they are purchased for the purpose of being sold or repurchased within a short period of time. Derivatives are also classified 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 fair value recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equity investments are recognized as financial income in the income statement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flows from the assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56-1": {
"value": "Financial assetsFinancial assets are classified at initial recognition and are subsequently measured at amortized cost, at fair value through other comprehensive income (OCI) or at fair value through 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 financial assets refers to how the Group manages its financial assets to generate cash flows. The business model determines whether cash flows will arise by receiving contractual cash flows, or by selling the financial assets or both.Accounts receivables that do not contain a significant financing component are measured at the transaction price determined in accordance with IFRS 15, see the accounting policies in section on revenue from contracts with customers, and then measured at amortized cost.Other long-term and short-term receivables, as well as cash and cash 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 fair value through profit or loss, or financial assets that are required to measure at fair value. Financial assets are classified as held for trading if they are purchased for the purpose of being sold or repurchased within a short period of time. Derivatives are also classified 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 fair value recognized in the income statement. The category in-cludes derivative instruments (forward contracts in foreign cur-rency) and long-term equity investments. Dividends on equity investments are recognized as financial income in the income statement when there is a right to payment of dividends.Financial assets are derecognised when the rights to receive cash flows from the assets have expired or the Group has transferred its rights to receive cash flows from the assets.Financial liabilitiesFinancial liabilities are initially recognized as financial liabili-ties at fair value through profit or loss.Interest-bearing debt and other liabilities are recognized at fair value less transaction costs at the time of establishment. In subsequent periods, loans are recognized at amortized cost using the effective interest rate. For more information see note 16.Financial liabilities at fair value through profit or loss include financial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of being sold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forward contracts). Gains or losses on liabilities held for trading are recognized 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 fair value at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchange contracts is adjusted continuously at fair value through profit or loss. The forward exchange contracts are capitalized as financial assets when fair value is positive and as financial liabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or other derivatives that are considered hedging instruments in hedg-ing terms as defined in IFRS 9.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "Impairment of financial assetsFor accounts receivables and contract assets, the Group uses a simplified approach to calculating expected credit losses (ECL). The Group therefore does not track changes in credit risk, but instead recognizes a loss provision based on expect-ed credit losses over the life of the trade receivable and the contract 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 the debtors and the economic environment.The Group considers a financial asset to be in default when it is more than 60 days overdue. In some cases, however, the Group may also consider that a financial asset is in default when inter-nal or external information indicates that the Group is unable to receive the outstanding contract amounts in its entirety before taking into account any credit insurance that the Group has. A financial 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 is provided in notes 20, 21 and 22.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "InventoryInventories are measured at the lower of cost and net realisa-ble value. Net realisable value has been estimated as selling price in the ordinary course of business less the estimated costs of completion and the estimated costs for marketing and distribution. Cost is allocated using the FIFO-method and includes expenditures incurred in purchasing the goods, raw material, costs to bring the goods and the raw material to their current condition and location. Owned goods are valued at manufacturing cost and include raw material costs, as well as other variable and fixed production costs that can be allocated based on normal capacity utilization. See note 2 and 19 for more information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__61": {
"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 with a maximum duration of 3 months from the date of acquisition.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Financial liabilitiesFinancial liabilities are initially recognized as financial liabili-ties at fair value through profit or loss.Interest-bearing debt and other liabilities are recognized at fair value less transaction costs at the time of establishment. In subsequent periods, loans are recognized at amortized cost using the effective interest rate. For more information see note 16.Financial liabilities at fair value through profit or loss include financial liabilities held for trading purposes and financial lia-bilities designated at initial recognition at fair value through profit or loss. Financial liabilities are classified as held for trad-ing purposes if they are contractual for the purpose of being sold or repurchased within a short period of time. This cat-egory also includes derivative instruments (currency forward contracts). Gains or losses on liabilities held for trading are recognized in the income statement, see note 7.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"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 fair value at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchange contracts is adjusted continuously at fair value through profit or loss. The forward exchange contracts are capitalized as financial assets when fair value is positive and as financial liabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or other derivatives 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"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 fair value at the time the contract is entered into with the credit in-stitutions, and subsequently the portfolio of forward exchange contracts is adjusted continuously at fair value through profit or loss. The forward exchange contracts are capitalized as financial assets when fair value is positive and as financial liabilities when fair value is negative. See notes 7, 15 and 18. The Group does not have forward exchange contracts or other derivatives 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"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 result of the liability and the amount can be measured reliably. If the effect is significant, the provision is measured at the discount-ed value of future cash outflows using a pre-tax discount rate reflecting 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 lying products or services are sold. The provision is based on histor-ical information about guarantees and a weighting of potential outcomes against their likelihood of occuring.Provisions for onerous contracts are recognised when the company\u2019s expected revenues from a contract is lower than the unavoidable costs of meeting the obligations under the contract.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "Contingent liabilities and contingent assetsContingent liabilities for which it is not likely that the liability will 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 will have 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 will be received by the Group.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "Going concernIn accordance with the accounting act \u00a7 3-3a we confirm that the condition for continued operations is present and that the annual report have been prepared based on the going concern assumption.The company has a credit facility of 67 million, whereas 38.6 million is available as of the end of the year. Additionally, the board has been authorized by the general meeting held on 28 April 2023 to issue up to 79,016,200 new shares. These autho-rizations are intended to be utilized in case the parent compa-ny requires additional equity and liquidity.As of 31 December 2023, the parent company was in breach with its loan agreement covenants, but the breach was repai-red on 4 January 2024 following the General meeting resoluti-on whereby accounts payables of 144 million were converted into new Class B shares in HBC. As of the date of this report, the Company is not in breach with any covenants or loan con-ditions. The loan with covenant is classified as short term both when the company are in breach or not. Refer to note 16 for more details on the group's and the parent company's interest-bearing debt conditions, as well as note 18 for infor-mation on liquidity risk and maturity structure of the group's liabilities.The operations of the Group are subject to uncertainty with respect to its ability to sell products at favourable margins and maintain adequate cash reserves. While the Company has recently achieved higher margins and improved cash flow, the Board of Directors remains vigilant about reviewing the Company's equity and cash balance. If additional resources are needed to ensure continuity of operations and support planned activities aimed at generating positive cash flow and profitability, the Board will consider appropriate measures such as obtaining loans or equity. The current outlook indica-tes a positive trend, and the Board will take necessary steps to sustain this momentum. If the group and the parent company do not achieve planned market measures adequately, new loan facilities or share issues will be established in 2024. Due to the factors described above, there is uncertainty for the Company to continue as a going concern over the next 12 months.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 assets may be lower than their carrying amounts in a potential forced sale related to liquidation. This uncertainty is primarily related to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Going concernIn accordance with the accounting act \u00a7 3-3a we confirm that the condition for continued operations is present and that the annual report have been prepared based on the going concern assumption.The company has a credit facility of 67 million, whereas 38.6 million is available as of the end of the year. Additionally, the board has been authorized by the general meeting held on 28 April 2023 to issue up to 79,016,200 new shares. These autho-rizations are intended to be utilized in case the parent compa-ny requires additional equity and liquidity.As of 31 December 2023, the parent company was in breach with its loan agreement covenants, but the breach was repai-red on 4 January 2024 following the General meeting resoluti-on whereby accounts payables of 144 million were converted into new Class B shares in HBC. As of the date of this report, the Company is not in breach with any covenants or loan con-ditions. The loan with covenant is classified as short term both when the company are in breach or not. Refer to note 16 for more details on the group's and the parent company's interest-bearing debt conditions, as well as note 18 for infor-mation on liquidity risk and maturity structure of the group's liabilities.The operations of the Group are subject to uncertainty with respect to its ability to sell products at favourable margins and maintain adequate cash reserves. While the Company has recently achieved higher margins and improved cash flow, the Board of Directors remains vigilant about reviewing the Company's equity and cash balance. If additional resources are needed to ensure continuity of operations and support planned activities aimed at generating positive cash flow and profitability, the Board will consider appropriate measures such as obtaining loans or equity. The current outlook indica-tes a positive trend, and the Board will take necessary steps to sustain this momentum. If the group and the parent company do not achieve planned market measures adequately, new loan facilities or share issues will be established in 2024. Due to the factors described above, there is uncertainty for the Company to continue as a going concern over the next 12 months.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 assets may be lower than their carrying amounts in a potential forced sale related to liquidation. This uncertainty is primarily related to 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"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 this warming could lead to damaging economic and social conse-quences, the exact timing and severity of physical effects for HBC are difficult to quantify. The large-scale and long-term na-ture of the problem makes it uniquely challenging, especially in the context of economic decision making.While changes associated with a transition to a lower-carbon economy present risk, HBC also create significant oppor-tunities in the nature of our business model. Turning waste streams into high-end human and pet nutrition is important for the environment and out teams at the facilities are focused on climate change mitigation and adaptation of new technology solutions.Circular economy initiatives which HBC is a part of, and the strive to reduce greenhouse gases is high on the agenda with the Board and management of HBC and the Group has invest-ed significant amounts in both machinery and knowledge since we joined the Global Reporting Initiative (GRI) in 2019.In a carbon constraint world, climate change is confronting HBC with totally new challenges. One way the Group deal with the impacts of climate change is to comprehend them as risks and analyse possible effects as we do elsewhere in our organization by the combination of probability and its consequence. Therefore, HBC view climate risks as the possible impacts of climate change with the potential to influence positively or negatively the future development of the HBC Group, and together with the rest of the Hofseth Group.The risks and opportunities for HBC from climate change are classified as direct or indirect. Direct climate risks and opportunities are resulting out of changing natural conditions as rising temperatures, sea levels or an increasing number of extreme weather events. Indirect climate risks and opportunities seems to have much more implications than the direct ones. Examples of indirect risks are regulatory or litigation, credit risk, market risk and reputation risk. As previously mentioned, these risks are also great opportunities for HBC. However, risks and opportunities HBC as an organization face today related to climate change, are difficult to estimate, and mitigate or explore. HBC has a work group among the management team, led by the head of Sustainability, that analyse climate risks and utilize the opportunities that arise from climate change. As of the end of 2023, the financial implications of climate change are very limited. As of today, there are few requirements for sustainability in the finished product, no distinctly strict emission rules at the factories, no external influence (e.g. sea level rise). The management expect increased focus on impairment testing as the Group grow and increase its asset base in the future.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72-1": {
"value": "Subsequent eventsNew information subsequent to the balance sheet date about the Group\u2019s and the parent company\u2019s financial position at the balance sheet date are taken into account in the financial statements. Events subsequent to the balance sheet date which do not influence the Group\u2019s or the parent company\u2019s financial position at the balance sheet date, but which will in-fluence the Group\u2019s or the parent company\u2019s position in the future, have been disclosed in the notes if significant.Note 26: Subsequent eventsOn January 4th the General meeting approved the transac-tion converting NOK 144m short therm debt to preference B-shares. The equity ratio of HBC consequently imporoved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74-1": {
"value": "New accounting standardsDefinition of Accounting Estimates - Amendments to IAS 8The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how measurement techniques and inputs to develop accounting estimates.The amendment had no impact on the Group`s consolidated financial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2The amendments to IAS 1 and IFRS Practice Statement 2 Mak-ing Materially Judgements provide guidance and examples to help entities apply materiality judgements to accounting poli-cy disclosures. The amendments aim to help entites provide accounting policy disclosures that are more useful by replac-ing the requirements for entities to disclosure their \"signifi-cant\" accounting poilicies with a requirement to disclose their \"material\" accounting policies and adding guidance on how entities apply the concept of materially in making decisions about accounting policy disclosures.The amendments have had an impact on the Groupg`s disclo-sure of accounting policies, but not in the measurement, rec-ognition or presentation of any items in the Group`s financial statements.Note 25: New accounting standards with future effective dateThe standards and interpretations that have been adopted up to 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 at the date of entry into force, provided that the EU approves the changes before the presentation of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73-1": {
"value": "New accounting standardsDefinition of Accounting Estimates - Amendments to IAS 8The amendments to IAS 8 clarify the distinction between changes in accounting estimates, changes in accounting policies and the correction of errors. They also clarify how measurement techniques and inputs to develop accounting estimates.The amendment had no impact on the Group`s consolidated financial statements.Disclosure of Accounting Policies - Amendments to IAS 1 and IFRS Practice Statement 2The amendments to IAS 1 and IFRS Practice Statement 2 Mak-ing Materially Judgements provide guidance and examples to help entities apply materiality judgements to accounting poli-cy disclosures. The amendments aim to help entites provide accounting policy disclosures that are more useful by replac-ing the requirements for entities to disclosure their \"signifi-cant\" accounting poilicies with a requirement to disclose their \"material\" accounting policies and adding guidance on how entities apply the concept of materially in making decisions about accounting policy disclosures.The amendments have had an impact on the Groupg`s disclo-sure of accounting policies, but not in the measurement, rec-ognition or presentation of any items in the Group`s financial statements.Note 25: New accounting standards with future effective dateThe standards and interpretations that have been adopted up to 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 at the date of entry into force, provided that the EU approves the changes before the presentation of the consolidated financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"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 for human 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-soluble protein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourced fresh, and a closed feeding system is employed to maintain high quality with low oxidation levels. The oil is stored in nitrogen-filled tanks to preserve its quality after the manufacturing process. The unique production process involves the release of oil from the raw material using enzymes, resulting in fresh salmon oil with a long shelf life.The Group also produces hydrolyzed salmon protein, which is quickly absorbed by the body and has good solubility in water. The manufacturing process has been optimized for increased capacity and quality in earlier years and smaller improvements are made on a continuous basis. The Midsund factory expansion, completed in 2021, has replaced the 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 improved quality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to pure calcium powder.The non-soluble protein, known as the PHP fraction, is separated and dried to produce high-quality fishmeal.Although all four products are produced in the same process and from the same raw material supply, the revenue is split by product for informational purposes. The management monitors the cost of sales as total cost of sales but split in this way. The Production Manager manages production by tracking the raw material input and finished goods output of the four product types to calculate the margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 By product \u00ae Salmon Oil (OmeGo) 129 469 77 759 129 730 77 759\u00ae Soluble Protein Hydrolysate (ProGo) 23 901 12 598 23 901 12 598\u00ae Calcium (CalGo) 2 603 2 914 2 603 2 914 Non-soluble Protein (PetGo\u2122) 33 254 25 480 33 254 25 480 Other income 2 387 1 697 2 033 1 208 Sum revenue 191 614 120 448 191 521 119 959 Gain on sale of asset 23 637 0 23 637 0 Insurance claim settlement*3 260 0 3 260 0Total revenues218 511 120 448 218 418 119 959 By region Norway 9 096 6 991 8 742 6 502 UK 19 890 14 537 20 151 14 537 France 40 342 13 117 40 342 13 117 Belgium 26 493 31 026 26 493 31 026 Europe excl. No, UK, FR, BE 25 048 21 312 25 048 21 312 Japan 18 331 11 294 18 331 11 294 Asia excl. JP 5 775 1 040 5 775 1 040 USA 46 639 21 131 46 639 21 131Total revenues191 614 120 448 191 521 119 959* the group recieved TNOK 3 260 in 2023 for calcium and non-soluble protein damaged in 2023. In 2023 goods totaling TNOK 106,768 were sold to three cus-tomers, each of which accounted for more than 10 % of to-tal turnover. The sales to each of these customers are TNOK 40,342, TNOK 39,933, and TNOK 26,493, respectively. In 2022, goods totaling TNOK 59,196 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 28,329, TNOK 17,750 and TNOK 13,117. The company has no contractual as-sets or liabilities as of 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"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 for human 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-soluble protein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourced fresh, and a closed feeding system is employed to maintain high quality with low oxidation levels. The oil is stored in nitrogen-filled tanks to preserve its quality after the manufacturing process. The unique production process involves the release of oil from the raw material using enzymes, resulting in fresh salmon oil with a long shelf life.The Group also produces hydrolyzed salmon protein, which is quickly absorbed by the body and has good solubility in water. The manufacturing process has been optimized for increased capacity and quality in earlier years and smaller improvements are made on a continuous basis. The Midsund factory expansion, completed in 2021, has replaced the 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 improved quality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to pure calcium powder.The non-soluble protein, known as the PHP fraction, is separated and dried to produce high-quality fishmeal.Although all four products are produced in the same process and from the same raw material supply, the revenue is split by product for informational purposes. The management monitors the cost of sales as total cost of sales but split in this way. The Production Manager manages production by tracking the raw material input and finished goods output of the four product types to calculate the margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 By product \u00ae Salmon Oil (OmeGo) 129 469 77 759 129 730 77 759\u00ae Soluble Protein Hydrolysate (ProGo) 23 901 12 598 23 901 12 598\u00ae Calcium (CalGo) 2 603 2 914 2 603 2 914 Non-soluble Protein (PetGo\u2122) 33 254 25 480 33 254 25 480 Other income 2 387 1 697 2 033 1 208 Sum revenue 191 614 120 448 191 521 119 959 Gain on sale of asset 23 637 0 23 637 0 Insurance claim settlement*3 260 0 3 260 0Total revenues218 511 120 448 218 418 119 959 By region Norway 9 096 6 991 8 742 6 502 UK 19 890 14 537 20 151 14 537 France 40 342 13 117 40 342 13 117 Belgium 26 493 31 026 26 493 31 026 Europe excl. No, UK, FR, BE 25 048 21 312 25 048 21 312 Japan 18 331 11 294 18 331 11 294 Asia excl. JP 5 775 1 040 5 775 1 040 USA 46 639 21 131 46 639 21 131Total revenues191 614 120 448 191 521 119 959* the group recieved TNOK 3 260 in 2023 for calcium and non-soluble protein damaged in 2023. In 2023 goods totaling TNOK 106,768 were sold to three cus-tomers, each of which accounted for more than 10 % of to-tal turnover. The sales to each of these customers are TNOK 40,342, TNOK 39,933, and TNOK 26,493, respectively. In 2022, goods totaling TNOK 59,196 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 28,329, TNOK 17,750 and TNOK 13,117. The company has no contractual as-sets or liabilities as of 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77": {
"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 for human 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-soluble protein (PetGo\u2122), all of which are produced in the Midsund plant.For the production of salmon oil, the raw material is sourced fresh, and a closed feeding system is employed to maintain high quality with low oxidation levels. The oil is stored in nitrogen-filled tanks to preserve its quality after the manufacturing process. The unique production process involves the release of oil from the raw material using enzymes, resulting in fresh salmon oil with a long shelf life.The Group also produces hydrolyzed salmon protein, which is quickly absorbed by the body and has good solubility in water. The manufacturing process has been optimized for increased capacity and quality in earlier years and smaller improvements are made on a continuous basis. The Midsund factory expansion, completed in 2021, has replaced the 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 improved quality and reliability in 2019-2022. The process involves the sep-aration of bone fraction, which is then dried and milled to pure calcium powder.The non-soluble protein, known as the PHP fraction, is separated and dried to produce high-quality fishmeal.Although all four products are produced in the same process and from the same raw material supply, the revenue is split by product for informational purposes. The management monitors the cost of sales as total cost of sales but split in this way. The Production Manager manages production by tracking the raw material input and finished goods output of the four product types to calculate the margin by product.REVENUE PER PRODUCT Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 By product \u00ae Salmon Oil (OmeGo) 129 469 77 759 129 730 77 759\u00ae Soluble Protein Hydrolysate (ProGo) 23 901 12 598 23 901 12 598\u00ae Calcium (CalGo) 2 603 2 914 2 603 2 914 Non-soluble Protein (PetGo\u2122) 33 254 25 480 33 254 25 480 Other income 2 387 1 697 2 033 1 208 Sum revenue 191 614 120 448 191 521 119 959 Gain on sale of asset 23 637 0 23 637 0 Insurance claim settlement*3 260 0 3 260 0Total revenues218 511 120 448 218 418 119 959 By region Norway 9 096 6 991 8 742 6 502 UK 19 890 14 537 20 151 14 537 France 40 342 13 117 40 342 13 117 Belgium 26 493 31 026 26 493 31 026 Europe excl. No, UK, FR, BE 25 048 21 312 25 048 21 312 Japan 18 331 11 294 18 331 11 294 Asia excl. JP 5 775 1 040 5 775 1 040 USA 46 639 21 131 46 639 21 131Total revenues191 614 120 448 191 521 119 959* the group recieved TNOK 3 260 in 2023 for calcium and non-soluble protein damaged in 2023. In 2023 goods totaling TNOK 106,768 were sold to three cus-tomers, each of which accounted for more than 10 % of to-tal turnover. The sales to each of these customers are TNOK 40,342, TNOK 39,933, and TNOK 26,493, respectively. In 2022, goods totaling TNOK 59,196 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 28,329, TNOK 17,750 and TNOK 13,117. The company has no contractual as-sets or liabilities as of 31 December 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__83": {
"value": "Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Raw material 58 356 55 704 59 011 55 662 Freight33 066 26 252 32 590 26 252 Purchased services24 044 26 953 22 374 25 846 Obsolescence cost20 501 8 537 20 501 8 537 Change in inventory 14 721 -25 512 14 721 -25 512 Total cost of sales 150 686 91 934 149 196 90 785OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Leases of equipment 2 342 1 707 2 179 1 611Leases of warehouses and factories 2 151 2 239 2 164 2 094Travelling cost3 310 2 651 3 226 2 510Internal consultant fees9 481 6 442 9 481 6 442Consultant fees and tax advisory 2 341 2 110 2 094 1 956Lawyers2 651 1 263 2 651 1 263Consulting7 520 8 057 7 315 10 486Advertising 13 486 15 042 12 306 15 040R&D and patents11 012 13 635 10 998 13 630Repair and maintenance 14 311 10 555 12 749 9 007Other operating expenses 7 889 7 855 7 488 6 419Public grants-830 -1 879 -830 -1 840 Total75 665 69 677 71 821 68 617The Group recieved public grants of TNOK 2,255 (TNOK 4,324 in 2022), split by TNOK 830 in other operating expenses and TNOK 1,674 in salaries. Corresponding numbers was TNOK 2,255 (TNOK 4,132 in 2022) for parent company, split by TNOK 580 in other operating expenses and TNOK 1,674 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Raw material 58 356 55 704 59 011 55 662 Freight33 066 26 252 32 590 26 252 Purchased services24 044 26 953 22 374 25 846 Obsolescence cost20 501 8 537 20 501 8 537 Change in inventory 14 721 -25 512 14 721 -25 512 Total cost of sales 150 686 91 934 149 196 90 785OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Leases of equipment 2 342 1 707 2 179 1 611Leases of warehouses and factories 2 151 2 239 2 164 2 094Travelling cost3 310 2 651 3 226 2 510Internal consultant fees9 481 6 442 9 481 6 442Consultant fees and tax advisory 2 341 2 110 2 094 1 956Lawyers2 651 1 263 2 651 1 263Consulting7 520 8 057 7 315 10 486Advertising 13 486 15 042 12 306 15 040R&D and patents11 012 13 635 10 998 13 630Repair and maintenance 14 311 10 555 12 749 9 007Other operating expenses 7 889 7 855 7 488 6 419Public grants-830 -1 879 -830 -1 840 Total75 665 69 677 71 821 68 617The Group recieved public grants of TNOK 2,255 (TNOK 4,324 in 2022), split by TNOK 830 in other operating expenses and TNOK 1,674 in salaries. Corresponding numbers was TNOK 2,255 (TNOK 4,132 in 2022) for parent company, split by TNOK 580 in other operating expenses and TNOK 1,674 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81": {
"value": "Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Raw material 58 356 55 704 59 011 55 662 Freight33 066 26 252 32 590 26 252 Purchased services24 044 26 953 22 374 25 846 Obsolescence cost20 501 8 537 20 501 8 537 Change in inventory 14 721 -25 512 14 721 -25 512 Total cost of sales 150 686 91 934 149 196 90 785OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Leases of equipment 2 342 1 707 2 179 1 611Leases of warehouses and factories 2 151 2 239 2 164 2 094Travelling cost3 310 2 651 3 226 2 510Internal consultant fees9 481 6 442 9 481 6 442Consultant fees and tax advisory 2 341 2 110 2 094 1 956Lawyers2 651 1 263 2 651 1 263Consulting7 520 8 057 7 315 10 486Advertising 13 486 15 042 12 306 15 040R&D and patents11 012 13 635 10 998 13 630Repair and maintenance 14 311 10 555 12 749 9 007Other operating expenses 7 889 7 855 7 488 6 419Public grants-830 -1 879 -830 -1 840 Total75 665 69 677 71 821 68 617The Group recieved public grants of TNOK 2,255 (TNOK 4,324 in 2022), split by TNOK 830 in other operating expenses and TNOK 1,674 in salaries. Corresponding numbers was TNOK 2,255 (TNOK 4,132 in 2022) for parent company, split by TNOK 580 in other operating expenses and TNOK 1,674 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "Note 4: Cost of sales and other operating expensesCOST OF SALES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Raw material 58 356 55 704 59 011 55 662 Freight33 066 26 252 32 590 26 252 Purchased services24 044 26 953 22 374 25 846 Obsolescence cost20 501 8 537 20 501 8 537 Change in inventory 14 721 -25 512 14 721 -25 512 Total cost of sales 150 686 91 934 149 196 90 785OTHER OPERATING EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Leases of equipment 2 342 1 707 2 179 1 611Leases of warehouses and factories 2 151 2 239 2 164 2 094Travelling cost3 310 2 651 3 226 2 510Internal consultant fees9 481 6 442 9 481 6 442Consultant fees and tax advisory 2 341 2 110 2 094 1 956Lawyers2 651 1 263 2 651 1 263Consulting7 520 8 057 7 315 10 486Advertising 13 486 15 042 12 306 15 040R&D and patents11 012 13 635 10 998 13 630Repair and maintenance 14 311 10 555 12 749 9 007Other operating expenses 7 889 7 855 7 488 6 419Public grants-830 -1 879 -830 -1 840 Total75 665 69 677 71 821 68 617The Group recieved public grants of TNOK 2,255 (TNOK 4,324 in 2022), split by TNOK 830 in other operating expenses and TNOK 1,674 in salaries. Corresponding numbers was TNOK 2,255 (TNOK 4,132 in 2022) for parent company, split by TNOK 580 in other operating expenses and TNOK 1,674 in salaries. See note 5.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__89": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Salaries 47 773 44 346 42 235 35 346Social security costs 6 096 5 369 5 685 4 972Pension costs 3 924 5 387 3 513 5 024Share based payments and bonus costs consultant 0 2 346 0 2 346Other employee benefits 2 157 2 039 1 901 1 808Public grants -1 674 -2 445 -1 674 -2 292Total employee benefit expenses 58 275 57 043 51 659 47 205Average number of FTE`s 65 62 57 53 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2023 2022Management teamSalaries 9 172 7 152Bonus 1 229 0Benefits in kind 81 191Pension costs 230 173Share based payments 0 2 346Other employee benefits 5 924* 4 778*Total remuneration 16 635 14 640* Includes remuneration of TNOK 5 924 for managing R&D (TNOK 4 138 in 2022). Remuneration for R&D is split in other operating expenses and capi-talized development costs in 2023 and 2022 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 3,420 in 2023 (TNOK 2,787 in 2022), in the parent compa-ny TNOK 3,009 (TNOK 2,424 in 2022). The parent company and the group had cost for AFP of TNOK 504 in 2023 (TNOK 2,620 in 2022). 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 0 (TNOK 1,176 in 2022) was expensed in con-nection with the option program in 2023. No share options were exercised in 2022 and 2023, and per 31.12.23 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(TNOK 1,462). Total expensed in 2023 is TNOK 0 (TNOK 0 in 2022). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2023. OPTIONS(Amounts in NOK 1000) (Amounts in NOK 1000) 2023 2022 2023 20222023 2023 2022 2022 GROUPnumberWAEPnumberWAEPOutstandig 01.01. 1 172 3.10 5 523 0.01Exerciable 01.01 1 172 3.10 172 0.01Granted during the year 0 0 1 000 3.63Forfeited during the year 0 0 0 -Exercised during the year 0 0 0 -Expired during the year 0 0 5 351 0.01Outstandig 31.12. 1 172 3.10 1 172 3.10Exerciable 31.12. 1 172 3.10 1 172 3.10AUDITOR\u2019S FEES Group ParentAudit fees 1 804 1 621 1 632 1 537Other confirmations 0 45 0 45Tax advice 0 0 0 0Other services 0 0 0 0Total 1 804 1 666 1 632 1 582VAT is not included in the amounts above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__88": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Salaries 47 773 44 346 42 235 35 346Social security costs 6 096 5 369 5 685 4 972Pension costs 3 924 5 387 3 513 5 024Share based payments and bonus costs consultant 0 2 346 0 2 346Other employee benefits 2 157 2 039 1 901 1 808Public grants -1 674 -2 445 -1 674 -2 292Total employee benefit expenses 58 275 57 043 51 659 47 205Average number of FTE`s 65 62 57 53 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2023 2022Management teamSalaries 9 172 7 152Bonus 1 229 0Benefits in kind 81 191Pension costs 230 173Share based payments 0 2 346Other employee benefits 5 924* 4 778*Total remuneration 16 635 14 640* Includes remuneration of TNOK 5 924 for managing R&D (TNOK 4 138 in 2022). Remuneration for R&D is split in other operating expenses and capi-talized development costs in 2023 and 2022 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 3,420 in 2023 (TNOK 2,787 in 2022), in the parent compa-ny TNOK 3,009 (TNOK 2,424 in 2022). The parent company and the group had cost for AFP of TNOK 504 in 2023 (TNOK 2,620 in 2022). 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 0 (TNOK 1,176 in 2022) was expensed in con-nection with the option program in 2023. No share options were exercised in 2022 and 2023, and per 31.12.23 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(TNOK 1,462). Total expensed in 2023 is TNOK 0 (TNOK 0 in 2022). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2023. OPTIONS(Amounts in NOK 1000) (Amounts in NOK 1000) 2023 2022 2023 20222023 2023 2022 2022 GROUPnumberWAEPnumberWAEPOutstandig 01.01. 1 172 3.10 5 523 0.01Exerciable 01.01 1 172 3.10 172 0.01Granted during the year 0 0 1 000 3.63Forfeited during the year 0 0 0 -Exercised during the year 0 0 0 -Expired during the year 0 0 5 351 0.01Outstandig 31.12. 1 172 3.10 1 172 3.10Exerciable 31.12. 1 172 3.10 1 172 3.10AUDITOR\u2019S FEES Group ParentAudit fees 1 804 1 621 1 632 1 537Other confirmations 0 45 0 45Tax advice 0 0 0 0Other services 0 0 0 0Total 1 804 1 666 1 632 1 582VAT is not included in the amounts above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Salaries 47 773 44 346 42 235 35 346Social security costs 6 096 5 369 5 685 4 972Pension costs 3 924 5 387 3 513 5 024Share based payments and bonus costs consultant 0 2 346 0 2 346Other employee benefits 2 157 2 039 1 901 1 808Public grants -1 674 -2 445 -1 674 -2 292Total employee benefit expenses 58 275 57 043 51 659 47 205Average number of FTE`s 65 62 57 53 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2023 2022Management teamSalaries 9 172 7 152Bonus 1 229 0Benefits in kind 81 191Pension costs 230 173Share based payments 0 2 346Other employee benefits 5 924* 4 778*Total remuneration 16 635 14 640* Includes remuneration of TNOK 5 924 for managing R&D (TNOK 4 138 in 2022). Remuneration for R&D is split in other operating expenses and capi-talized development costs in 2023 and 2022 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 3,420 in 2023 (TNOK 2,787 in 2022), in the parent compa-ny TNOK 3,009 (TNOK 2,424 in 2022). The parent company and the group had cost for AFP of TNOK 504 in 2023 (TNOK 2,620 in 2022). 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 0 (TNOK 1,176 in 2022) was expensed in con-nection with the option program in 2023. No share options were exercised in 2022 and 2023, and per 31.12.23 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(TNOK 1,462). Total expensed in 2023 is TNOK 0 (TNOK 0 in 2022). The options under this agreement is exerciable per year end, and there is TNOK 172 options outstanding per 31.12.2023. OPTIONS(Amounts in NOK 1000) (Amounts in NOK 1000) 2023 2022 2023 20222023 2023 2022 2022 GROUPnumberWAEPnumberWAEPOutstandig 01.01. 1 172 3.10 5 523 0.01Exerciable 01.01 1 172 3.10 172 0.01Granted during the year 0 0 1 000 3.63Forfeited during the year 0 0 0 -Exercised during the year 0 0 0 -Expired during the year 0 0 5 351 0.01Outstandig 31.12. 1 172 3.10 1 172 3.10Exerciable 31.12. 1 172 3.10 1 172 3.10AUDITOR\u2019S FEES Group ParentAudit fees 1 804 1 621 1 632 1 537Other confirmations 0 45 0 45Tax advice 0 0 0 0Other services 0 0 0 0Total 1 804 1 666 1 632 1 582VAT is not included in the amounts above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84-1": {
"value": "Note 5: Employment costs and expenses for employees and benefits for senior employeesSALARIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Salaries 47 773 44 346 42 235 35 346Social security costs 6 096 5 369 5 685 4 972Pension costs 3 924 5 387 3 513 5 024Share based payments and bonus costs consultant 0 2 346 0 2 346Other employee benefits 2 157 2 039 1 901 1 808Public grants -1 674 -2 445 -1 674 -2 292Total employee benefit expenses 58 275 57 043 51 659 47 205Average number of FTE`s 65 62 57 53 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2023 2022Management teamSalaries 9 172 7 152Bonus 1 229 0Benefits in kind 81 191Pension costs 230 173Share based payments 0 2 346Other employee benefits 5 924* 4 778*Total remuneration 16 635 14 640* Includes remuneration of TNOK 5 924 for managing R&D (TNOK 4 138 in 2022). Remuneration for R&D is split in other operating expenses and capi-talized development costs in 2023 and 2022 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 3,420 in 2023 (TNOK 2,787 in 2022), in the parent compa-ny TNOK 3,009 (TNOK 2,424 in 2022). The parent company and the group had cost for AFP of TNOK 504 in 2023 (TNOK 2,620 in 2022). The cost in 2022 had provisions for the year 2017-2021 of TNOK 2,131, and TNOK 489 for 2022. OPTIONS(Amounts in NOK 1000) (Amounts in NOK 1000) 2023 2022 2023 20222023 2023 2022 2022 GROUPnumberWAEPnumberWAEPOutstandig 01.01. 1 172 3.10 5 523 0.01Exerciable 01.01 1 172 3.10 172 0.01Granted during the year 0 0 1 000 3.63Forfeited during the year 0 0 0 -Exercised during the year 0 0 0 -Expired during the year 0 0 5 351 0.01Outstandig 31.12. 1 172 3.10 1 172 3.10Exerciable 31.12. 1 172 3.10 1 172 3.10AUDITOR\u2019S FEES Group ParentAudit fees 1 804 1 621 1 632 1 537Other confirmations 0 45 0 45Tax advice 0 0 0 0Other services 0 0 0 0Total 1 804 1 666 1 632 1 582VAT is not included in the amounts above.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "SALARIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Salaries 47 773 44 346 42 235 35 346Social security costs 6 096 5 369 5 685 4 972Pension costs 3 924 5 387 3 513 5 024Share based payments and bonus costs consultant 0 2 346 0 2 346Other employee benefits 2 157 2 039 1 901 1 808Public grants -1 674 -2 445 -1 674 -2 292Total employee benefit expenses 58 275 57 043 51 659 47 205Average number of FTE`s 65 62 57 53 REMUNERATION TO EXECUTIVE MANAGEMENT TEAM(Amounts in NOK 1000) - Group 2023 2022Management teamSalaries 9 172 7 152Bonus 1 229 0Benefits in kind 81 191Pension costs 230 173Share based payments 0 2 346Other employee benefits 5 924* 4 778*Total remuneration 16 635 14 640",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__91": {
"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 International AS, Hofseth Logistics AS, Hofseth AS, Hofseth Sales AS, Hofseth Aalesund AS, Hofseth North America, Hofseth Asia, Hofseth Processing AS, \u00c5lesund Kipervikgate 13 AS and Hofseth Aqua AS are considered to be related parties to Hofseth BioCare ASA. In these companies, CEO (up until 29.07.2022), board member and shareholder in Hofseth Biocare ASA, Roger Hof-seth, has significant influence through ownership interests, leading positions and board memberships. Further is share-holder Yokorei CO. Ltd. considered 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 2022 and 2023: \u203a Purchase of raw materials from Hofseth Sales AS. See fur-ther details in the agreement below. \u203a 15 of the company's (18 in the group) lease agreement for production equipment that are active in 2023 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 RH Industri AS had provided a subordinated loan to the group with an outstanding amount of TNOK 22,432 as of 31 De-cember 2021. The loan expired 30 September 2024 and car-ries an interest rate of Nibor + 4.5 %, but the full amount was converted to shares in he share issue in July 2022. \u203a Hofseth North America has purchased goods worth TNOK 39,933 in 2023 (TNOK 17,750 in 2022). \u203a Yokorei Co. Ltd. has purchased goods worth TNOK 47 in 2023 (TNOK 247 in 2022). \u203a The Group rents factory buildings at Midsund and Berk\u00e5k from Hofseth Property AS at a cost of TNOK 12,070 in 2023 (TNOK 12,071 in 2022). The agreement is signed for 15 years, until 2032.The statement of profit and loss and the balance sheet include the following transactions with shareholders and related par-ties to shareholders: BALANCE SHEET ITEMS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Right of use assets 106 574 108 938 88 829 88 176 Trade receivables 3 458 2 354 3 458 2 243 Loan from shareholders -144 000 0 -144 000 0 Other receivables 0 0 27 787 9 577 Leasing liabilities -99 050 -101 661 -80 734 -81 929 Trade payables -41 828 -125 842 -37 485 -122 979 Total -174 846 -116 210 -142 145 -104 913PROFIT AND LOSS ITEMS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Sales revenue 41 391 18 881 41 391 18 881 Total revenue 41 391 18 881 41 391 18 881 Cost of sales 55 651 51 381 55 651 51 381 Other operating expenses 8 675 5 353 5 817 5 271 Financial expenses 8 507 7 960 6 618 6 562 Total costs 72 833 64 694 68 086 63 214Raw Material agreementThe 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.The statement of profit and loss and the balance sheet in-clude the following transactions between parent companies, subsidiaries and associated companies:BALANCE SHEET ITEMS Parent PROFIT AND LOSS ParentITEMS(Amounts in NOK 1000) 2023 2022 2023 2022Loan from parent to Sold services and goodsHBC Berk\u00e5k AS 24 283 9 477 0 40HBC Therapeutics AS 0 25 0 0Hofseth Biocare R\u00f8rvik AS 0 75 0 0Hofseth Biocare UK Limited 2 733 0 2 647 0HBC Immunology Inc. 771 0 0 0Trade receivables from parentBought servicesHBC Berk\u00e5k AS 0 0 220 996Hofseth Biocare UK Limited 0 0 607 0 HBC Switzerland GmbH -156 0 378 3 447 Total 27 787 9 577 2 867 1 036",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"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 International AS, Hofseth Logistics AS, Hofseth AS, Hofseth Sales AS, Hofseth Aalesund AS, Hofseth North America, Hofseth Asia, Hofseth Processing AS, \u00c5lesund Kipervikgate 13 AS and Hofseth Aqua AS are considered to be related parties to Hofseth BioCare ASA. In these companies, CEO (up until 29.07.2022), board member and shareholder in Hofseth Biocare ASA, Roger Hof-seth, has significant influence through ownership interests, leading positions and board memberships. Further is share-holder Yokorei CO. Ltd. considered 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 2022 and 2023: \u203a Purchase of raw materials from Hofseth Sales AS. See fur-ther details in the agreement below. \u203a 15 of the company's (18 in the group) lease agreement for production equipment that are active in 2023 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 RH Industri AS had provided a subordinated loan to the group with an outstanding amount of TNOK 22,432 as of 31 De-cember 2021. The loan expired 30 September 2024 and car-ries an interest rate of Nibor + 4.5 %, but the full amount was converted to shares in he share issue in July 2022. \u203a Hofseth North America has purchased goods worth TNOK 39,933 in 2023 (TNOK 17,750 in 2022). \u203a Yokorei Co. Ltd. has purchased goods worth TNOK 47 in 2023 (TNOK 247 in 2022). \u203a The Group rents factory buildings at Midsund and Berk\u00e5k from Hofseth Property AS at a cost of TNOK 12,070 in 2023 (TNOK 12,071 in 2022). The agreement is signed for 15 years, until 2032.The statement of profit and loss and the balance sheet include the following transactions with shareholders and related par-ties to shareholders: BALANCE SHEET ITEMS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Right of use assets 106 574 108 938 88 829 88 176 Trade receivables 3 458 2 354 3 458 2 243 Loan from shareholders -144 000 0 -144 000 0 Other receivables 0 0 27 787 9 577 Leasing liabilities -99 050 -101 661 -80 734 -81 929 Trade payables -41 828 -125 842 -37 485 -122 979 Total -174 846 -116 210 -142 145 -104 913PROFIT AND LOSS ITEMS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Sales revenue 41 391 18 881 41 391 18 881 Total revenue 41 391 18 881 41 391 18 881 Cost of sales 55 651 51 381 55 651 51 381 Other operating expenses 8 675 5 353 5 817 5 271 Financial expenses 8 507 7 960 6 618 6 562 Total costs 72 833 64 694 68 086 63 214Raw Material agreementThe 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.The statement of profit and loss and the balance sheet in-clude the following transactions between parent companies, subsidiaries and associated companies:BALANCE SHEET ITEMS Parent PROFIT AND LOSS ParentITEMS(Amounts in NOK 1000) 2023 2022 2023 2022Loan from parent to Sold services and goodsHBC Berk\u00e5k AS 24 283 9 477 0 40HBC Therapeutics AS 0 25 0 0Hofseth Biocare R\u00f8rvik AS 0 75 0 0Hofseth Biocare UK Limited 2 733 0 2 647 0HBC Immunology Inc. 771 0 0 0Trade receivables from parentBought servicesHBC Berk\u00e5k AS 0 0 220 996Hofseth Biocare UK Limited 0 0 607 0 HBC Switzerland GmbH -156 0 378 3 447 Total 27 787 9 577 2 867 1 036",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__93": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__92": {
"value": "Note 7: Financial income and expensesFINANCIAL INCOME Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Interest income 550 651 1 890 855 Foreign exchange gains 6 047 3 917 6 043 3 913 Total 6 597 4 568 7 933 4 768FINANCIAL EXPENSES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Interest expenses 7 543 9 954 5 506 8 359Impairment of shares in associated company 0 0 3 074 0Impairment of financial assets 0 0 162 0Foreign exchange losses 5 750 3 182 5 742 3 163Total 13 293 13 136 14 484 11 522",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "Note 8: Income taxesINCOME TAXES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Income tax expense Prior year taxes 0 0 0 0 Tax expense 0 0 0 0 Calculation of taxable income Loss before tax -106 684 -137 390 -92 996 -119 367 Permanent differences 1 230 -1 937 1 230 -1 937 Change in temporary differences 32 555 22 581 21 840 10 505 Taxable result -72 899 -116 745 -69 926 -110 799 Temporary differences Fixed assets 6 839 19 546 711 2 703 Loss carry forward -1 107 683 -1 034 784 -1 041 082 -971 157 Other temporary differences -40 372 -20 524 -40 372 -20 524 Total -1 141 216 -1 035 763 -1 080 743 -988 978 Calculated deferred tax asset 22 % 251 068 227 868 237 763 217 575 Deferred tax assets are not recognised in the balance sheet. RECONCILITATION OF TAX EXPENSE Konsern Morselskap(Amounts in NOK 1000) 2023 2022 2023 2022 Loss before tax -106 684 -137 390 -92 996 -119 367 Tax 22% -23 470 -30 226 -20 459 -26 261 Permanent differences 271 -426 271 -426 Defered tax assest, not recognized 23 200 30 652 20 189 26 687 Total tax expense 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__98": {
"value": "Note 8: Income taxesINCOME TAXES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Income tax expense Prior year taxes 0 0 0 0 Tax expense 0 0 0 0 Calculation of taxable income Loss before tax -106 684 -137 390 -92 996 -119 367 Permanent differences 1 230 -1 937 1 230 -1 937 Change in temporary differences 32 555 22 581 21 840 10 505 Taxable result -72 899 -116 745 -69 926 -110 799 Temporary differences Fixed assets 6 839 19 546 711 2 703 Loss carry forward -1 107 683 -1 034 784 -1 041 082 -971 157 Other temporary differences -40 372 -20 524 -40 372 -20 524 Total -1 141 216 -1 035 763 -1 080 743 -988 978 Calculated deferred tax asset 22 % 251 068 227 868 237 763 217 575 Deferred tax assets are not recognised in the balance sheet. RECONCILITATION OF TAX EXPENSE Konsern Morselskap(Amounts in NOK 1000) 2023 2022 2023 2022 Loss before tax -106 684 -137 390 -92 996 -119 367 Tax 22% -23 470 -30 226 -20 459 -26 261 Permanent differences 271 -426 271 -426 Defered tax assest, not recognized 23 200 30 652 20 189 26 687 Total tax expense 0 0 0 0",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__100": {
"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) 2023 2022 2023 2022 Profit attributable to share holders -106 684 -139 390 -92 996 -119 367 Weighted average number of shares outstanding 395 081 374 737 395 081 374 737 Earnings per share-ordinary -0.27 -0.37 -0.24 -0.32-diluted -0.27 -0.37 -0.24 -0.32",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__104-1": {
"value": "Note 10: Intangible asset2022 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 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation2023 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2023 77 579 6 780 4 914 2 627 91 899Additions 0 325 0 0 325Internally developed 5 543* 0 0 0 5 543Disposal 4 486** 0 0 0 4 486Cost at 31.12.2023 78 635 7 105 4 914 2 627 93 281Depreciation at 01.01.2023 23 451 1 478 3 754 2 627 31 311Depreciation charge of the year 5 333 1 208 145 0 6 686Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2023 28 784 2 686 3 899 2 627 37 996Net book value at 31.12.2023 49 851 4 418 1 014 0 55 284Economic life 10 years 5-10 years 10 years 5-10 years 5-10 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation* Some development projects is under development. **Project sold to HBCI, see note 23 for more information.Throughout 2023, 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 apart from others. Core activities such as research, development, and documentation are in-tegral to HBC's R&D work. Additionally, ongoing investments were made in 2023 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 for marketing and sales.Note 11: Fixed assets2022 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 depreciationdepreciationdepreciationdepreciation2023 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2023 188 715 15 581 204 296 178 102 13 431 191 534Additions 8 194 0 8 194 8 187 0 8 187Cost at 31.12.2023 196 909 15 581 212 490 186 289 13 431 199 720Depreciations at 01.01.2023 132 608 11 259 143 868 126 081 11 176 137 258Depreciations for the year 11 608 949 12 557 10 101 936 11 038Depreciations at 31.12.2023 144 216 12 209 156 425 136 183 12 113 148 295Book value 31.12.2023 52 693 3 372 56 065 50 107 1 318 51 425Economic 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: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 for 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 2023 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2023 100 594 58 413 2 118 161 125 77 054 52 692 1 585 131 331Additions 7 608 10 834 0 18 442 7 608 10 352 0 17 960Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2023108 202 69 247 2 118 179 567 84 662 63 044 1 585 149 291Depreciations 01.01.2023 25 672 26 510 577 52 759 19 165 24 377 523 44 065Depreciations for the year 9 267 7 858 45 17 170 7 413 7 006 45 14 464Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2023 34 939 34 368 622 69 929 26 578 31 383 568 58 529Carrying amounts 31.12.2023 73 263 34 879 1 496 109 638 58 084 31 661 1 017 90 762Shortest 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) 2023 2022 2023 2022Undiscounted lease liabilities and due dates for paymentsLess than 1 year 15 423 19 496 11 890 14 6532-5 years 56 527 54 272 50 315 45 237More than 5 years 23 583 49 479 19 098 39 576Total undiscounted lease liabilities 31.12 95 534 123 247 81 303 99 465 Changes in lease liabilities Total lease liabilities 1.1 102 815 112 977 82 547 90 144 New/changed lease liabilities recognized in the period 18 442 2 464 17 960 2 254 Payment of principal amounts-13 632 -12 625 -11 310 -9 850 Payment of interest amounts-8 775 -8 592 -7 000 -7 053 Interest related to the lease liabilities8 775 8 592 7 000 7 053 Total lease liabilities 31.12107 625 102 815 89 197 82 547 Current lease liabilities 31.12 (note 16) 10 794 12 855 8 950 10 055 Non-current lease liabilities 31.12 (note 16)96 831 89 960 80 248 72 492 Cash outflows for lease liabilities-22 414 -19 496 -18 230 -14 653 Total cash outflows for leases-23 480 -22 924 -20 381 -16 892The 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 2023.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 1,066 (TNOK 1,707 in 2022) for fixture and fittings for the Group and TNOK 2,151 (TNOK 2,239 in 2022) for storage, and for the parent company TNOK 903 (TNOK 1,611 in 2022) for fixture and fittings TNOK 2,164(TNOK 2,094 i 2022) for storage (see note 4). Cash flow from these lease obligations 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__102": {
"value": "Note 10: Intangible asset2022 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 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation2023 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2023 77 579 6 780 4 914 2 627 91 899Additions 0 325 0 0 325Internally developed 5 543* 0 0 0 5 543Disposal 4 486** 0 0 0 4 486Cost at 31.12.2023 78 635 7 105 4 914 2 627 93 281Depreciation at 01.01.2023 23 451 1 478 3 754 2 627 31 311Depreciation charge of the year 5 333 1 208 145 0 6 686Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2023 28 784 2 686 3 899 2 627 37 996Net book value at 31.12.2023 49 851 4 418 1 014 0 55 284Economic life 10 years 5-10 years 10 years 5-10 years 5-10 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation* Some development projects is under development. **Project sold to HBCI, see note 23 for more information.Throughout 2023, 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 apart from others. Core activities such as research, development, and documentation are in-tegral to HBC's R&D work. Additionally, ongoing investments were made in 2023 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 for marketing and sales.Research and developmentR&D is crucial for the production of the company's products, which involves advanced equipment with downtime needed during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the processing volume of raw materials necessitates the optimi-zation of all production stages. In 2023, HBC continued to enhance their knowledge through studies and analyzing the ingredients' fractions 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 to develop more efficient production methods and improve the products' human use.The R&D process consists of five steps, which are to fur-ther develop the enzymatic hydrolysis of salmon off-cuts to produce products with unique health effects, optimize the handling of raw materials and finished products in the value chain, develop technology to produce higher quality product fractions of protein, calcium, and oil, identify, research, and document 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 2023 were TNOK 20,917 (2022 TNOK 28,521). Of this, TNOK 5,543 has been capitalized in 2023 (2022: TNOK 11,237).The following were the most significant development projects with related capitalized development expenditures:The R&D process is divided into tree steps:1. OmeGo\u00ae as a natural anti-allergic treatment, that, de-crease inflammation in the body. Our efforts at developinga pharmaceutical lead program around eosinophilic inflam-mation control is on-going. Our lead analog, MA-022, has shown a clinically significant and enhanced level of eosino-phil control in in-vitro and in vivo. Initial development will fo-cus on eosinophilic esophagitis (EoE), an orphan condition that causes pain and difficulty in swallowing. Work for the scaling up of MA-022 synthesis is complete and preclinical in vitro and in vivo work commenced in 2023. There are nolicensed oral options for EoE and exclusion diets and topi-cal steroids have limited impact on symptoms. The capital-ized development costs for 2023 were TNOK 2,541.2. 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 irritation with 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 2023 were TNOK 3,002.3. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials whitch are still ongoing. This includesstudies for Asthma, Osteopenia(early bone thinning) and Osteoarthritis. The costs related to the CTU in 2022 havenot 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Note 10: Intangible asset2022 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 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation2023 Group and Parent(Amounts in NOK 1000) R&D IT-systems Patents Other SumCost at 01.01.2023 77 579 6 780 4 914 2 627 91 899Additions 0 325 0 0 325Internally developed 5 543* 0 0 0 5 543Disposal 4 486** 0 0 0 4 486Cost at 31.12.2023 78 635 7 105 4 914 2 627 93 281Depreciation at 01.01.2023 23 451 1 478 3 754 2 627 31 311Depreciation charge of the year 5 333 1 208 145 0 6 686Impairment 0 0 0 0 0Impairment and depreciation at 31.12.2023 28 784 2 686 3 899 2 627 37 996Net book value at 31.12.2023 49 851 4 418 1 014 0 55 284Economic life 10 years 5-10 years 10 years 5-10 years 5-10 years Method of depreciaton Straigt line Straigt line Straigt line Straigt line Straigt line depreciation depreciation depreciation depreciationdepreciation* Some development projects is under development. **Project sold to HBCI, see note 23 for more information.Throughout 2023, 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 apart from others. Core activities such as research, development, and documentation are in-tegral to HBC's R&D work. Additionally, ongoing investments were made in 2023 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 for marketing and sales.Research and developmentR&D is crucial for the production of the company's products, which involves advanced equipment with downtime needed during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the processing volume of raw materials necessitates the optimi-zation of all production stages. In 2023, HBC continued to enhance their knowledge through studies and analyzing the ingredients' fractions 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 to develop more efficient production methods and improve the products' human use.The R&D process consists of five steps, which are to fur-ther develop the enzymatic hydrolysis of salmon off-cuts to produce products with unique health effects, optimize the handling of raw materials and finished products in the value chain, develop technology to produce higher quality product fractions of protein, calcium, and oil, identify, research, and document 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 2023 were TNOK 20,917 (2022 TNOK 28,521). Of this, TNOK 5,543 has been capitalized in 2023 (2022: TNOK 11,237).The following were the most significant development projects with related capitalized development expenditures:The R&D process is divided into tree steps:1. OmeGo\u00ae as a natural anti-allergic treatment, that, de-crease inflammation in the body. Our efforts at developinga pharmaceutical lead program around eosinophilic inflam-mation control is on-going. Our lead analog, MA-022, has shown a clinically significant and enhanced level of eosino-phil control in in-vitro and in vivo. Initial development will fo-cus on eosinophilic esophagitis (EoE), an orphan condition that causes pain and difficulty in swallowing. Work for the scaling up of MA-022 synthesis is complete and preclinical in vitro and in vivo work commenced in 2023. There are nolicensed oral options for EoE and exclusion diets and topi-cal steroids have limited impact on symptoms. The capital-ized development costs for 2023 were TNOK 2,541.2. 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 irritation with 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 2023 were TNOK 3,002.3. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials whitch are still ongoing. This includesstudies for Asthma, Osteopenia(early bone thinning) and Osteoarthritis. The costs related to the CTU in 2022 havenot 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__103": {
"value": "Research and developmentR&D is crucial for the production of the company's products, which involves advanced equipment with downtime needed during the testing and production of new, efficient solutions to enhance profits and reduce costs. The aim to increase the processing volume of raw materials necessitates the optimi-zation of all production stages. In 2023, HBC continued to enhance their knowledge through studies and analyzing the ingredients' fractions 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 to develop more efficient production methods and improve the products' human use.The R&D process consists of five steps, which are to fur-ther develop the enzymatic hydrolysis of salmon off-cuts to produce products with unique health effects, optimize the handling of raw materials and finished products in the value chain, develop technology to produce higher quality product fractions of protein, calcium, and oil, identify, research, and document 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 2023 were TNOK 20,917 (2022 TNOK 28,521). Of this, TNOK 5,543 has been capitalized in 2023 (2022: TNOK 11,237).The following were the most significant development projects with related capitalized development expenditures:The R&D process is divided into tree steps:1. OmeGo\u00ae as a natural anti-allergic treatment, that, de-crease inflammation in the body. Our efforts at developinga pharmaceutical lead program around eosinophilic inflam-mation control is on-going. Our lead analog, MA-022, has shown a clinically significant and enhanced level of eosino-phil control in in-vitro and in vivo. Initial development will fo-cus on eosinophilic esophagitis (EoE), an orphan condition that causes pain and difficulty in swallowing. Work for the scaling up of MA-022 synthesis is complete and preclinical in vitro and in vivo work commenced in 2023. There are nolicensed oral options for EoE and exclusion diets and topi-cal steroids have limited impact on symptoms. The capital-ized development costs for 2023 were TNOK 2,541.2. 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 irritation with 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 2023 were TNOK 3,002.3. The Clinical Trial Unit (CTU) in \u00c5lesund has performed sev-eral clinical trials whitch are still ongoing. This includesstudies for Asthma, Osteopenia(early bone thinning) and Osteoarthritis. The costs related to the CTU in 2022 havenot been capitalized in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__105": {
"value": "Note 11: Fixed assets2022 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 depreciationdepreciationdepreciationdepreciation2023 Group Parent(Amounts in NOK 1000) Machinery and Fixtures and Total Machinery and Fixtures and TotalequipmentfittingsequipmentfittingsCost at 01.01.2023 188 715 15 581 204 296 178 102 13 431 191 534Additions 8 194 0 8 194 8 187 0 8 187Cost at 31.12.2023 196 909 15 581 212 490 186 289 13 431 199 720Depreciations at 01.01.2023 132 608 11 259 143 868 126 081 11 176 137 258Depreciations for the year 11 608 949 12 557 10 101 936 11 038Depreciations at 31.12.2023 144 216 12 209 156 425 136 183 12 113 148 295Book value 31.12.2023 52 693 3 372 56 065 50 107 1 318 51 425Economic 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__107": {
"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: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 for 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 2023 Group Parent(Amounts in NOK 1000) Manu-Machinery Fixtures and Total Land, manu-Machinery Fixtures and Totalfac turing and fittingsfac turing and fittingsfacilitiesequipmentfacilitiesequipmentCost 01.01.2023 100 594 58 413 2 118 161 125 77 054 52 692 1 585 131 331Additions 7 608 10 834 0 18 442 7 608 10 352 0 17 960Disposals 0 0 0 0 0 0 0 0Costs at 31.12.2023108 202 69 247 2 118 179 567 84 662 63 044 1 585 149 291Depreciations 01.01.2023 25 672 26 510 577 52 759 19 165 24 377 523 44 065Depreciations for the year 9 267 7 858 45 17 170 7 413 7 006 45 14 464Disposals 0 0 0 0 0 0 0 0Depreciations per 31.12.2023 34 939 34 368 622 69 929 26 578 31 383 568 58 529Carrying amounts 31.12.2023 73 263 34 879 1 496 109 638 58 084 31 661 1 017 90 762Shortest 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) 2023 2022 2023 2022Undiscounted lease liabilities and due dates for paymentsLess than 1 year 15 423 19 496 11 890 14 6532-5 years 56 527 54 272 50 315 45 237More than 5 years 23 583 49 479 19 098 39 576Total undiscounted lease liabilities 31.12 95 534 123 247 81 303 99 465 Changes in lease liabilities Total lease liabilities 1.1 102 815 112 977 82 547 90 144 New/changed lease liabilities recognized in the period 18 442 2 464 17 960 2 254 Payment of principal amounts-13 632 -12 625 -11 310 -9 850 Payment of interest amounts-8 775 -8 592 -7 000 -7 053 Interest related to the lease liabilities8 775 8 592 7 000 7 053 Total lease liabilities 31.12107 625 102 815 89 197 82 547 Current lease liabilities 31.12 (note 16) 10 794 12 855 8 950 10 055 Non-current lease liabilities 31.12 (note 16)96 831 89 960 80 248 72 492 Cash outflows for lease liabilities-22 414 -19 496 -18 230 -14 653 Total cash outflows for leases-23 480 -22 924 -20 381 -16 892The 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 2023.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 1,066 (TNOK 1,707 in 2022) for fixture and fittings for the Group and TNOK 2,151 (TNOK 2,239 in 2022) for storage, and for the parent company TNOK 903 (TNOK 1,611 in 2022) for fixture and fittings TNOK 2,164(TNOK 2,094 i 2022) for storage (see note 4). Cash flow from these lease obligations is approximately equal to the amount expensed and is included in net cash flow from operating activities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__111-1": {
"value": "Note 13: Changes in liabilities from financial activities GROUP(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases 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 1 352 -540 0 0 0 812(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 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 0Total114 456 -13 608 0 2 464 -20 555 82 547GROUP(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.2023Short-term interestbearing liabilities 540 -540 28 353 0 540 28 893(excl. posts below)Short-term leasing liabilities 12 855 -13 632 0 0 11 571 10 794Long-term interest-bearing debt 812 0 0 0 -540 -272(excl. posts below)Long-term leasing liabilities 89 960 0 0 18 442 -11 571 96 831Total 104 167 -14 172 28 353 18 442 0 136 790PARENT(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.20230 0 28 353 0 0 28 353Short-term interest-bearing liabilities(excl. posts below)Short-term leasing liabilities 10 055 -11 310 0 0 10 205 8 950Long-term interest-bearing debt 0 0 0 0 0 0(excl. posts below)Long-term leasing liabilities 72 492 0 0 17 960 -10 205 80 247Total 82 547 -11 310 28 353 17 960 0 117 550Accounts 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__110-1": {
"value": "Note 13: Changes in liabilities from financial activities GROUP(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases 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 1 352 -540 0 0 0 812(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 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 0Total114 456 -13 608 0 2 464 -20 555 82 547GROUP(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.2023Short-term interestbearing liabilities 540 -540 28 353 0 540 28 893(excl. posts below)Short-term leasing liabilities 12 855 -13 632 0 0 11 571 10 794Long-term interest-bearing debt 812 0 0 0 -540 -272(excl. posts below)Long-term leasing liabilities 89 960 0 0 18 442 -11 571 96 831Total 104 167 -14 172 28 353 18 442 0 136 790PARENT(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.20230 0 28 353 0 0 28 353Short-term interest-bearing liabilities(excl. posts below)Short-term leasing liabilities 10 055 -11 310 0 0 10 205 8 950Long-term interest-bearing debt 0 0 0 0 0 0(excl. posts below)Long-term leasing liabilities 72 492 0 0 17 960 -10 205 80 247Total 82 547 -11 310 28 353 17 960 0 117 550Note 23: Accounts payable and other short-term liabilities ACCOUNTS PAYABLE Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Accounts payable 13 560 19 910 11 787 17 572Accounts payable related companies 41 601 125 842 37 249 122 979Total 55 161 145 752 49 037 140 551Accounts 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.OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Public duties payable 4 903 4 003 4 251 3 476Accrued holiday pay 5 178 4 546 4 566 3 903Other accrued costs 2 948 4 532 2 701 4 340Short-term debt to related companies 144 000 0 144 000 0Total 157 029 13 081 155 518 11 720",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__109-1": {
"value": "Note 13: Changes in liabilities from financial activities GROUP(Amounts in NOK 1000) 1.1.2022 Downpayment Withdrawals New leases 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 1 352 -540 0 0 0 812(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 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 0Total114 456 -13 608 0 2 464 -20 555 82 547GROUP(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.2023Short-term interestbearing liabilities 540 -540 28 353 0 540 28 893(excl. posts below)Short-term leasing liabilities 12 855 -13 632 0 0 11 571 10 794Long-term interest-bearing debt 812 0 0 0 -540 -272(excl. posts below)Long-term leasing liabilities 89 960 0 0 18 442 -11 571 96 831Total 104 167 -14 172 28 353 18 442 0 136 790PARENT(Amounts in NOK 1000) 1.1.2023 Downpayment Withdrawals New leases Adjustments 31.12.20230 0 28 353 0 0 28 353Short-term interest-bearing liabilities(excl. posts below)Short-term leasing liabilities 10 055 -11 310 0 0 10 205 8 950Long-term interest-bearing debt 0 0 0 0 0 0(excl. posts below)Long-term leasing liabilities 72 492 0 0 17 960 -10 205 80 247Total 82 547 -11 310 28 353 17 960 0 117 550Note 23: Accounts payable and other short-term liabilities ACCOUNTS PAYABLE Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Accounts payable 13 560 19 910 11 787 17 572Accounts payable related companies 41 601 125 842 37 249 122 979Total 55 161 145 752 49 037 140 551Accounts 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.OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Public duties payable 4 903 4 003 4 251 3 476Accrued holiday pay 5 178 4 546 4 566 3 903Other accrued costs 2 948 4 532 2 701 4 340Short-term debt to related companies 144 000 0 144 000 0Total 157 029 13 081 155 518 11 720",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__113-1": {
"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-observed measurement(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 31.12.22 1 352 0 0 1 352Interest-bearing loans fixed interest rate 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-observed measurement(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 31.12.22 0 0 0 0Interest-bearing loans fixed interest rate 31.12.22 0 0 0 0Interest-bearing loans floating interest rate from 31.12.22 0 0 0 0subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observed measurement(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 31.12.23 811 0 0 811Interest-bearing loan fixed interest rates 31.12.23 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observed measurement(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 31.12.23 0 0 0 0Interest-bearing loan fixed interest rates 31.12.23 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.23 0 0 0 0ratesNote 15: Financial assetsFINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Amortized cost receivables:Accounts receivable 14 849 14 072 14 094 13 803Other current receivable 771 0 27 787 9 577Total financial assets 15 620 14 072 41 881 23 380Total current financial assets 15 620 14 072 41 881 23 380Total non-current financial assets 0 0 0 0IFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held at fair value through profit or loss, and for contract assets. The company and the group have a high degree of collateral for credit insurance on all accounts receivables and collaterals on other receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.Note 17: Financial assets and liabilities by category Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Financial assets at amortized cost:Long-term financial lending and deposit 0 0 0 0Accounts receivable 14 849 14 072 14 094 13 803Other financial loans (see note 15) 771 0 27 787 9 577Total financial assets amortized cost 15 620 14 072 41 881 23 380Total financial assets 15 620 14 072 41 881 23 380Fair value is equal to carrying amount.Financial liabilities at amortized cost:Interest-bearing short-term debt 0 0 0 0Accounts payable 55 161 145 752 49 037 140 551Interest-bearing short-term debt subsidiaries 0 0 0 0Other short-term debt (note 23) 157 029 13 081 155 518 11 720Non-current interest-bearing debt 271 812 0 0Non-current leasing obligations 96 831 89 960 80 248 72 492Total financial liabilities amortized cost 309 292 249 605 248 802 224 764LEVEL 3, PARENT 2023 2022(Amounts in NOK 1000) Booked value Fair value Booked value Fair valueCurrent interest-bearing liabilities 37 303 37 303 10 055 10 055Non-current interest-bearing liabilities 80 248 80 248 72 492 72 492LEVEL 3, GROUPCurrent interest-bearing liabilities 39 687 39 687 13 395 13 395Non-current interest-bearing liabilities 97 102 97 102 90 772 90 772Presentation 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 of financial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishes guidelines 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 effects on the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions and financial leasing arrangements with the purpose of obtaining capital 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 related to 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 through their 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 with floating interest rates lead to interest rate risk for the company's and the Group's cash flow. See note 17 for the book value and fair value of the financing activities and note 16 for interest rate terms relating to interest-bearing financing obligations as of 31 december 2023. For the company's and the Group's loan portfolios that have floating interest rates, this means that the company is affected by changes in the interest rate level. The loans are recognized at amortized cost.The following table shows the Group's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instru-ments 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)2022 +100 -1 042-100 1 0422023 +100 -1 344-100 1 344Average interest rates on financial instruments were as follows:Average interest rate in % 2023 2022 Loan from shareholders n/a 4.00 Credit line 7.99 n/a Secured debt 6.73 6.64 Lease liabilities 5.45 5.30The 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)2022 +100 -1 036-100 1 0362023 +100 -1 176-100 1 176Foreign exchange risk The parent company and the group had a foreign exchange loan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, the purchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitored movements in the foreign exchange market and has assessed hedging strategies in 2023 based on the parent company's and the group's contractual and predictable income streams. The parent company and the group therefore entered into for-ward exchange contracts both in 2022 and in 2023 in order to secure the Group's budgeted future sales in foreign curren-cy (Euro and USD), but have not used hedge accounting. The Group and the parent company had the following forwards per 31.12.2023:Date amount Rate15.02.24 EUR 300,000 11.91225.04.24 EUR 300,000 11.92213.06.24 EUR 300,000 11.92622.08.24 EUR 300,000 11.928The parent company and the group had no positions per 31 December 2022.The below table demonstrates the sensitivity of possible changes in EUR, USD and GBP when all other variables are constant. The effect on the parent company's and the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities, including forward exchange contracts. If the company had used hedge accounting, a currency change would also have resulted in changes to the OCI. The company does 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 GBP USD EUR JPYcurrency6 864 3 174 1 452 n/a n/a n/a2022 +10%-10 % -6 864 -3 174 -1 452 n/a n/a n/a2023 +10% 9 722 6 414 1 941 n/a 1 355 n/a-10 % -9 722 -6 414 -1 941 n/a -1 355 n/aCredit riskThe parent company and the Group are exposed to credit risk primarily related to accounts receivable, non-current financial loans, 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 through Coface 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 group as of 31 December 2023 is TNOK 14,849 (TNOK 14,072 as of 31 December 2022), and for parent company TNOK 14,094 (TNOK 13,803 as of 31 December 2022). The risk of loss on accounts receivable is considered low and there has been no need to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 27,787 (TNOK 9,577 in 2022), where credit risk is considered low. (see note 15, 17 and 20 for further information 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's surplus liquidity is invested by bank deposits with a financial counterparty with low credit risk. The Group has no investments in 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 meet its financial obligations as they fall due. The Group's approach to 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 to the Group\u2019s reputation. Cash flows are regularly monitored by the finance department to ensure that the parent company has sufficient cash to meet operational commitments, and at any time to maintain sufficient flexibility in the form of credit facilities so that it does not violate limits or covenants for any of the loans. The parent company and the Group aims to have sufficient cash, cash equivalents or credit opportunities in the medium term to cover interest and principal payments in the short term. Please also refer to note 1 section Going concern.As of 31 December 2023 the group had MNOK 23,9 in cash, of which MNOK 3,0 were restricted cash as of 31 December 2023. As of 31 December 2022 the group had MNOK 32,4 in cash, of which MNOK 2,6 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 well as the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significant improvement in the company\u2019s cash flows. Expected cash flows are subject to uncertainties related to achieved sales prices and volume. Risk factors should be considered in conjunction with the risk factors described in note 2 accounting estimates.The table below shows the maturity profile of the Group's fi-nancial liabilities, both interest and installments, based on contractual undiscounted payments, classified according to maturity structure, that is, taken into account contracts with fixed maturity dates. When the counterparty can make an elec-tion of when an amount is to be paid, the liability is included in the basis covering the earliest date on which the entity can be required to pay. Financial liabilities that may be required to be paid on demand are included in the \u00abwithin 1-3 months\u00bb column.2022 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 1402023 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutions0 298 0 289 280 0 0 0 0 866Credit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities5 311 5 171 4 996 4 924 18 828 17 876 17 128 14 157 39 857 128 247Trade payables50 160 0 0 0 0 0 0 0 0 50 160Other current liabilities7 851 5 178 0 0 0 0 0 0 0 13 029Total 86 675 10 646 4 996 5 213 19 107 17 876 17 128 14 157 39 857 220 6552022 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 7372023 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutionsCredit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities4 342 4 200 4 103 4 038 15 747 15 008 14 264 11 329 23 383 96 414Trade payables49 001 0 0 0 0 0 0 0 0 49 001Other current liabilities6 952 4 566 0 0 0 0 0 0 0 11 518Total 83 648 8 766 4 103 4 038 15 747 15 008 14 264 11 329 23 383 185 285The group and the parent company signed in December 2023 a increased credit facility for up until TNOK 67,000 with Spare-Bank 1 Nordm\u00f8re for working capital need related to futuresales contracts. In addition to the available cash and cashequivalents as of 31 December 2023, this secures the group and the company sufficient liquidity for 2024. See note 16 on interest-bearing debt for further information.In the future, the management and the board will continue to prioritize the work on an appropriate and long-term financing of Hofseth BioCare ASA.Capital structure and equityThe group and the parent company's objectives with respect to capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and other stakeholders, and to maintain an optimal capital structure to reduce capital costs. By ensuring sound ratios between equity and debt the group and the parent company will support its operations, thus maximizing the value of its shares.The parent company manages its capital structure and makes necessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business is run, and the prospects seen in the short and medium term, including any adjustment of dividend shares, buyback of own shares, reduction of share capital or issuance of new shares. There has been no change in the policy in this area in 2023. The Group's equity ratio was 10.6 % as of 31 December 2023 and (36.0 % as of 31 December 2022). The parent company's equity ratio was 18.8 % as of 31 December 2023 (41.7 % as of 31 December 2022). The Group completed a convertion of debt to equity 4 January 2024, and strengthened the equity with TNOK 144,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__112": {
"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-observed measurement(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 31.12.22 1 352 0 0 1 352Interest-bearing loans fixed interest rate 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-observed measurement(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 31.12.22 0 0 0 0Interest-bearing loans fixed interest rate 31.12.22 0 0 0 0Interest-bearing loans floating interest rate from 31.12.22 0 0 0 0subsidiariesLIABILITIES MEASURED AT FAIR VALUE, GROUP(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observed measurement(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 31.12.23 811 0 0 811Interest-bearing loan fixed interest rates 31.12.23 0 0 0 0LIABILITIES MEASURED AT FAIR VALUE, PARENT COMPANY(Amounts in NOK 1000) Date of Amount Active markets Observed market Non-observed measurement(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 31.12.23 0 0 0 0Interest-bearing loan fixed interest rates 31.12.23 0 0 0 0Interest-bearing loan from subsidiary floating interest 31.12.23 0 0 0 0rates",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__117-1": {
"value": "Note 15: Financial assetsFINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Amortized cost receivables:Accounts receivable 14 849 14 072 14 094 13 803Other current receivable 771 0 27 787 9 577Total financial assets 15 620 14 072 41 881 23 380Total current financial assets 15 620 14 072 41 881 23 380Total non-current financial assets 0 0 0 0IFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held at fair value through profit or loss, and for contract assets. The company and the group have a high degree of collateral for credit insurance on all accounts receivables and collaterals on other receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.Note 20: Trade receivables and other current receivablesTRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Trade receivables USA 3 458 1 087 3 458 1 087Trade receivables France 4 170 3 845 4 170 3 845Trade receivables other 7 220 9 140 6 466 8 871Sum trade receivables 14 849 14 072 14 094 13 803Trade receivables related parties 3 458 2 243 3 458 2 243Provision for expected credit losses 0 0 0 0Accounts receivable are not interest-bearing receivables and general terms and conditions for payment are from 7 to 120 days. All significant accounts receivables are credit secured by Coface Norway, limited to a maximum of MNOK 11.5 and with a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 849 13 287 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 094 12 532 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts 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 0The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expected credit losses by the proportion of non-credit-secured accounts receivable. The Group uses an increasing factor for expected credit losses according to maturity analyzes above. When analyzing future information about the Group's customers and markets, no future challenges are listed today which indicate that there will be a significant credit loss in the future (see and note 18 on credit risk). The Group and the parent company have TNOK 0 in provisions for losses on accounts receivable both in 2023 and 2022. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Prepayments 2 551 1 505 2 585 1 209 VAT receivable 3 292 6 110 2 906 5 580 Intercompany Group 0 0 27 016 9 577 Benefit funds 2 255 4 383 2 255 4 209 Other 1 623 726 1 497 727 Total 9 721 12 724 36 259 21 301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__116": {
"value": "Note 15: Financial assetsFINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Amortized cost receivables:Accounts receivable 14 849 14 072 14 094 13 803Other current receivable 771 0 27 787 9 577Total financial assets 15 620 14 072 41 881 23 380Total current financial assets 15 620 14 072 41 881 23 380Total non-current financial assets 0 0 0 0IFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held at fair value through profit or loss, and for contract assets. The company and the group have a high degree of collateral for credit insurance on all accounts receivables and collaterals on other receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__115-1": {
"value": "Note 15: Financial assetsFINANCIAL ASSETS Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Amortized cost receivables:Accounts receivable 14 849 14 072 14 094 13 803Other current receivable 771 0 27 787 9 577Total financial assets 15 620 14 072 41 881 23 380Total current financial assets 15 620 14 072 41 881 23 380Total non-current financial assets 0 0 0 0IFRS 9 requires the Group's to recognize a provision for expect-ed credit losses for all debt instruments that are not held at fair value through profit or loss, and for contract assets. The company and the group have a high degree of collateral for credit insurance on all accounts receivables and collaterals on other receivables and loans and, hence, no significant provi-sions have been made in relation to these, see note 20.Note 20: Trade receivables and other current receivablesTRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Trade receivables USA 3 458 1 087 3 458 1 087Trade receivables France 4 170 3 845 4 170 3 845Trade receivables other 7 220 9 140 6 466 8 871Sum trade receivables 14 849 14 072 14 094 13 803Trade receivables related parties 3 458 2 243 3 458 2 243Provision for expected credit losses 0 0 0 0Accounts receivable are not interest-bearing receivables and general terms and conditions for payment are from 7 to 120 days. All significant accounts receivables are credit secured by Coface Norway, limited to a maximum of MNOK 11.5 and with a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 849 13 287 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 094 12 532 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts 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 0The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expected credit losses by the proportion of non-credit-secured accounts receivable. The Group uses an increasing factor for expected credit losses according to maturity analyzes above. When analyzing future information about the Group's customers and markets, no future challenges are listed today which indicate that there will be a significant credit loss in the future (see and note 18 on credit risk). The Group and the parent company have TNOK 0 in provisions for losses on accounts receivable both in 2023 and 2022. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Prepayments 2 551 1 505 2 585 1 209 VAT receivable 3 292 6 110 2 906 5 580 Intercompany Group 0 0 27 016 9 577 Benefit funds 2 255 4 383 2 255 4 209 Other 1 623 726 1 497 727 Total 9 721 12 724 36 259 21 301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__120": {
"value": "Note 16: Interest-bearing debt and borrowingsNON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2.0% 2025- 271 812 0 0 Lease liability 6% - 8% 2025- 96 831 89 960 80 248 72 492 Total 97 102 90 772 80 248 72 492CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2,0% 2024 540 540 0 0 Credit facility 6.6% 2024 28 353 0 28 353 0 Lease liability 6% - 8% 2024 10 794 12 855 8 950 10 055 Total 39 687 13 395 37 303 10 055 Sum interest-bearing debt 136 789 104 167 117 550 82 548The parent company has a credit facility in bank with a credit limit of TNOK 67,000. As of 31 December 2023 the company have used TNOK 28,353 of this credit (TNOK 0 as of 31 De-cember 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 24,283 as of 31 December 2023 (TNOK 9,477 as of 31 December 2022). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable and inventory.(Amounts in NOK 1000) 2023 2022Fixed assets 51 425 54 276Trade receivable 14 094 13 803Inventory 81 439 115 983 Total 146 958 184 062The 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 Nordm\u00f8reAs 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 18.8 % and was thus in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2023. the breach was fixed after the general meetning held 4th January 2024, where Hofseth International AS`s investment was approved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__119": {
"value": "Note 16: Interest-bearing debt and borrowingsNON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2.0% 2025- 271 812 0 0 Lease liability 6% - 8% 2025- 96 831 89 960 80 248 72 492 Total 97 102 90 772 80 248 72 492CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2,0% 2024 540 540 0 0 Credit facility 6.6% 2024 28 353 0 28 353 0 Lease liability 6% - 8% 2024 10 794 12 855 8 950 10 055 Total 39 687 13 395 37 303 10 055 Sum interest-bearing debt 136 789 104 167 117 550 82 548The parent company has a credit facility in bank with a credit limit of TNOK 67,000. As of 31 December 2023 the company have used TNOK 28,353 of this credit (TNOK 0 as of 31 De-cember 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 24,283 as of 31 December 2023 (TNOK 9,477 as of 31 December 2022). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable and inventory.(Amounts in NOK 1000) 2023 2022Fixed assets 51 425 54 276Trade receivable 14 094 13 803Inventory 81 439 115 983 Total 146 958 184 062The 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 Nordm\u00f8reAs 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 18.8 % and was thus in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2023. the breach was fixed after the general meetning held 4th January 2024, where Hofseth International AS`s investment was approved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__118": {
"value": "Note 16: Interest-bearing debt and borrowingsNON-CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2.0% 2025- 271 812 0 0 Lease liability 6% - 8% 2025- 96 831 89 960 80 248 72 492 Total 97 102 90 772 80 248 72 492CURRENT DEBT Group Parent(Amounts in NOK 1000) Effective Maturity 2023 2022 2023 2022interest rate Rennebu Municipality NIBOR+2,0% 2024 540 540 0 0 Credit facility 6.6% 2024 28 353 0 28 353 0 Lease liability 6% - 8% 2024 10 794 12 855 8 950 10 055 Total 39 687 13 395 37 303 10 055 Sum interest-bearing debt 136 789 104 167 117 550 82 548The parent company has a credit facility in bank with a credit limit of TNOK 67,000. As of 31 December 2023 the company have used TNOK 28,353 of this credit (TNOK 0 as of 31 De-cember 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 24,283 as of 31 December 2023 (TNOK 9,477 as of 31 December 2022). The interest rate had been agreed to NIBOR + 3 %.CollateralsCredit facility in parent company is secured in trade receivable and inventory.(Amounts in NOK 1000) 2023 2022Fixed assets 51 425 54 276Trade receivable 14 094 13 803Inventory 81 439 115 983 Total 146 958 184 062The 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 Nordm\u00f8reAs 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 18.8 % and was thus in breach of covenants given in the loan agreement with Sparebank1 per 31 December 2023. the breach was fixed after the general meetning held 4th January 2024, where Hofseth International AS`s investment was approved.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__122": {
"value": "Note 17: Financial assets and liabilities by category Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Financial assets at amortized cost:Long-term financial lending and deposit 0 0 0 0Accounts receivable 14 849 14 072 14 094 13 803Other financial loans (see note 15) 771 0 27 787 9 577Total financial assets amortized cost 15 620 14 072 41 881 23 380Total financial assets 15 620 14 072 41 881 23 380Fair value is equal to carrying amount.Financial liabilities at amortized cost:Interest-bearing short-term debt 0 0 0 0Accounts payable 55 161 145 752 49 037 140 551Interest-bearing short-term debt subsidiaries 0 0 0 0Other short-term debt (note 23) 157 029 13 081 155 518 11 720Non-current interest-bearing debt 271 812 0 0Non-current leasing obligations 96 831 89 960 80 248 72 492Total financial liabilities amortized cost 309 292 249 605 248 802 224 764LEVEL 3, PARENT 2023 2022(Amounts in NOK 1000) Booked value Fair value Booked value Fair valueCurrent interest-bearing liabilities 37 303 37 303 10 055 10 055Non-current interest-bearing liabilities 80 248 80 248 72 492 72 492LEVEL 3, GROUPCurrent interest-bearing liabilities 39 687 39 687 13 395 13 395Non-current interest-bearing liabilities 97 102 97 102 90 772 90 772Presentation 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__124": {
"value": "Note 18: Financial risk managementFinancial riskThrough its activities, the Group is exposed to various types of financial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishes guidelines 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 effects on the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions and financial leasing arrangements with the purpose of obtaining capital 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 related to 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 through their 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 with floating interest rates lead to interest rate risk for the company's and the Group's cash flow. See note 17 for the book value and fair value of the financing activities and note 16 for interest rate terms relating to interest-bearing financing obligations as of 31 december 2023. For the company's and the Group's loan portfolios that have floating interest rates, this means that the company is affected by changes in the interest rate level. The loans are recognized at amortized cost.The following table shows the Group's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instru-ments 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)2022 +100 -1 042-100 1 0422023 +100 -1 344-100 1 344Average interest rates on financial instruments were as follows:Average interest rate in % 2023 2022 Loan from shareholders n/a 4.00 Credit line 7.99 n/a Secured debt 6.73 6.64 Lease liabilities 5.45 5.30The 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)2022 +100 -1 036-100 1 0362023 +100 -1 176-100 1 176Foreign exchange risk The parent company and the group had a foreign exchange loan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, the purchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitored movements in the foreign exchange market and has assessed hedging strategies in 2023 based on the parent company's and the group's contractual and predictable income streams. The parent company and the group therefore entered into for-ward exchange contracts both in 2022 and in 2023 in order to secure the Group's budgeted future sales in foreign curren-cy (Euro and USD), but have not used hedge accounting. The Group and the parent company had the following forwards per 31.12.2023:Date amount Rate15.02.24 EUR 300,000 11.91225.04.24 EUR 300,000 11.92213.06.24 EUR 300,000 11.92622.08.24 EUR 300,000 11.928The parent company and the group had no positions per 31 December 2022.The below table demonstrates the sensitivity of possible changes in EUR, USD and GBP when all other variables are constant. The effect on the parent company's and the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities, including forward exchange contracts. If the company had used hedge accounting, a currency change would also have resulted in changes to the OCI. The company does 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 GBP USD EUR JPYcurrency6 864 3 174 1 452 n/a n/a n/a2022 +10%-10 % -6 864 -3 174 -1 452 n/a n/a n/a2023 +10% 9 722 6 414 1 941 n/a 1 355 n/a-10 % -9 722 -6 414 -1 941 n/a -1 355 n/aCredit riskThe parent company and the Group are exposed to credit risk primarily related to accounts receivable, non-current financial loans, 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 through Coface 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 group as of 31 December 2023 is TNOK 14,849 (TNOK 14,072 as of 31 December 2022), and for parent company TNOK 14,094 (TNOK 13,803 as of 31 December 2022). The risk of loss on accounts receivable is considered low and there has been no need to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 27,787 (TNOK 9,577 in 2022), where credit risk is considered low. (see note 15, 17 and 20 for further information 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's surplus liquidity is invested by bank deposits with a financial counterparty with low credit risk. The Group has no investments in 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 meet its financial obligations as they fall due. The Group's approach to 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 to the Group\u2019s reputation. Cash flows are regularly monitored by the finance department to ensure that the parent company has sufficient cash to meet operational commitments, and at any time to maintain sufficient flexibility in the form of credit facilities so that it does not violate limits or covenants for any of the loans. The parent company and the Group aims to have sufficient cash, cash equivalents or credit opportunities in the medium term to cover interest and principal payments in the short term. Please also refer to note 1 section Going concern.As of 31 December 2023 the group had MNOK 23,9 in cash, of which MNOK 3,0 were restricted cash as of 31 December 2023. As of 31 December 2022 the group had MNOK 32,4 in cash, of which MNOK 2,6 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 well as the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significant improvement in the company\u2019s cash flows. Expected cash flows are subject to uncertainties related to achieved sales prices and volume. Risk factors should be considered in conjunction with the risk factors described in note 2 accounting estimates.The table below shows the maturity profile of the Group's fi-nancial liabilities, both interest and installments, based on contractual undiscounted payments, classified according to maturity structure, that is, taken into account contracts with fixed maturity dates. When the counterparty can make an elec-tion of when an amount is to be paid, the liability is included in the basis covering the earliest date on which the entity can be required to pay. Financial liabilities that may be required to be paid on demand are included in the \u00abwithin 1-3 months\u00bb column.2022 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 1402023 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutions0 298 0 289 280 0 0 0 0 866Credit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities5 311 5 171 4 996 4 924 18 828 17 876 17 128 14 157 39 857 128 247Trade payables50 160 0 0 0 0 0 0 0 0 50 160Other current liabilities7 851 5 178 0 0 0 0 0 0 0 13 029Total 86 675 10 646 4 996 5 213 19 107 17 876 17 128 14 157 39 857 220 6552022 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 7372023 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutionsCredit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities4 342 4 200 4 103 4 038 15 747 15 008 14 264 11 329 23 383 96 414Trade payables49 001 0 0 0 0 0 0 0 0 49 001Other current liabilities6 952 4 566 0 0 0 0 0 0 0 11 518Total 83 648 8 766 4 103 4 038 15 747 15 008 14 264 11 329 23 383 185 285The group and the parent company signed in December 2023 a increased credit facility for up until TNOK 67,000 with Spare-Bank 1 Nordm\u00f8re for working capital need related to futuresales contracts. In addition to the available cash and cashequivalents as of 31 December 2023, this secures the group and the company sufficient liquidity for 2024. See note 16 on interest-bearing debt for further information.In the future, the management and the board will continue to prioritize the work on an appropriate and long-term financing of Hofseth BioCare ASA.Capital structure and equityThe group and the parent company's objectives with respect to capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and other stakeholders, and to maintain an optimal capital structure to reduce capital costs. By ensuring sound ratios between equity and debt the group and the parent company will support its operations, thus maximizing the value of its shares.The parent company manages its capital structure and makes necessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business is run, and the prospects seen in the short and medium term, including any adjustment of dividend shares, buyback of own shares, reduction of share capital or issuance of new shares. There has been no change in the policy in this area in 2023. The Group's equity ratio was 10.6 % as of 31 December 2023 and (36.0 % as of 31 December 2022). The parent company's equity ratio was 18.8 % as of 31 December 2023 (41.7 % as of 31 December 2022). The Group completed a convertion of debt to equity 4 January 2024, and strengthened the equity with TNOK 144,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__125": {
"value": "Financial riskThrough its activities, the Group is exposed to various types of financial risks: market risk, credit risk and liquidity risk. Man-agement monitors these risks continuously and establishes guidelines 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 effects on the Group\u2019s financial results. The Group may use financial derivatives to hedge against cer-tain risks. The company has loans from credit institutions and financial leasing arrangements with the purpose of obtaining capital 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 related to 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 through their 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 with floating interest rates lead to interest rate risk for the company's and the Group's cash flow. See note 17 for the book value and fair value of the financing activities and note 16 for interest rate terms relating to interest-bearing financing obligations as of 31 december 2023. For the company's and the Group's loan portfolios that have floating interest rates, this means that the company is affected by changes in the interest rate level. The loans are recognized at amortized cost.The following table shows the Group's sensitivity to interest rate fluctuations. The calculation includes all interest-bearing instru-ments 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)2022 +100 -1 042-100 1 0422023 +100 -1 344-100 1 344Average interest rates on financial instruments were as follows:Average interest rate in % 2023 2022 Loan from shareholders n/a 4.00 Credit line 7.99 n/a Secured debt 6.73 6.64 Lease liabilities 5.45 5.30The 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)2022 +100 -1 036-100 1 0362023 +100 -1 176-100 1 176Foreign exchange risk The parent company and the group had a foreign exchange loan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, the purchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitored movements in the foreign exchange market and has assessed hedging strategies in 2023 based on the parent company's and the group's contractual and predictable income streams. The parent company and the group therefore entered into for-ward exchange contracts both in 2022 and in 2023 in order to secure the Group's budgeted future sales in foreign curren-cy (Euro and USD), but have not used hedge accounting. The Group and the parent company had the following forwards per 31.12.2023:Date amount Rate15.02.24 EUR 300,000 11.91225.04.24 EUR 300,000 11.92213.06.24 EUR 300,000 11.92622.08.24 EUR 300,000 11.928The parent company and the group had no positions per 31 December 2022.The below table demonstrates the sensitivity of possible changes in EUR, USD and GBP when all other variables are constant. The effect on the parent company's and the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities, including forward exchange contracts. If the company had used hedge accounting, a currency change would also have resulted in changes to the OCI. The company does 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 GBP USD EUR JPYcurrency6 864 3 174 1 452 n/a n/a n/a2022 +10%-10 % -6 864 -3 174 -1 452 n/a n/a n/a2023 +10% 9 722 6 414 1 941 n/a 1 355 n/a-10 % -9 722 -6 414 -1 941 n/a -1 355 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__126": {
"value": "Foreign exchange risk The parent company and the group had a foreign exchange loan in JPY (repaid in full in 2022) and a large part of their op-erating income in foreign currency and, to a lesser extent, the purchase of input factors in foreign currency, and are there-fore exposed to currency risk. Management has monitored movements in the foreign exchange market and has assessed hedging strategies in 2023 based on the parent company's and the group's contractual and predictable income streams. The parent company and the group therefore entered into for-ward exchange contracts both in 2022 and in 2023 in order to secure the Group's budgeted future sales in foreign curren-cy (Euro and USD), but have not used hedge accounting. The Group and the parent company had the following forwards per 31.12.2023:Date amount Rate15.02.24 EUR 300,000 11.91225.04.24 EUR 300,000 11.92213.06.24 EUR 300,000 11.92622.08.24 EUR 300,000 11.928The parent company and the group had no positions per 31 December 2022.The below table demonstrates the sensitivity of possible changes in EUR, USD and GBP when all other variables are constant. The effect on the parent company's and the Group's profit before tax is due to changes in the fair value of monetary assets and liabilities, including forward exchange contracts. If the company had used hedge accounting, a currency change would also have resulted in changes to the OCI. The company does 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 GBP USD EUR JPYcurrency6 864 3 174 1 452 n/a n/a n/a2022 +10%-10 % -6 864 -3 174 -1 452 n/a n/a n/a2023 +10% 9 722 6 414 1 941 n/a 1 355 n/a-10 % -9 722 -6 414 -1 941 n/a -1 355 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__127": {
"value": "Credit riskThe parent company and the Group are exposed to credit risk primarily related to accounts receivable, non-current financial loans, 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 through Coface 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 group as of 31 December 2023 is TNOK 14,849 (TNOK 14,072 as of 31 December 2022), and for parent company TNOK 14,094 (TNOK 13,803 as of 31 December 2022). The risk of loss on accounts receivable is considered low and there has been no need to provide for losses. See note 20 for further information.Loan to subsidary of TNOK 27,787 (TNOK 9,577 in 2022), where credit risk is considered low. (see note 15, 17 and 20 for further information 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's surplus liquidity is invested by bank deposits with a financial counterparty with low credit risk. The Group has no investments in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__128": {
"value": "Liquidity riskLiquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to 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 to the Group\u2019s reputation. Cash flows are regularly monitored by the finance department to ensure that the parent company has sufficient cash to meet operational commitments, and at any time to maintain sufficient flexibility in the form of credit facilities so that it does not violate limits or covenants for any of the loans. The parent company and the Group aims to have sufficient cash, cash equivalents or credit opportunities in the medium term to cover interest and principal payments in the short term. Please also refer to note 1 section Going concern.As of 31 December 2023 the group had MNOK 23,9 in cash, of which MNOK 3,0 were restricted cash as of 31 December 2023. As of 31 December 2022 the group had MNOK 32,4 in cash, of which MNOK 2,6 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 well as the expectation of increased sales of oil, water-soluble pro-tein, non-soluble protein and calcium could result in significant improvement in the company\u2019s cash flows. Expected cash flows are subject to uncertainties related to achieved sales prices and volume. Risk factors should be considered in conjunction with the risk factors described in note 2 accounting estimates.The table below shows the maturity profile of the Group's fi-nancial liabilities, both interest and installments, based on contractual undiscounted payments, classified according to maturity structure, that is, taken into account contracts with fixed maturity dates. When the counterparty can make an elec-tion of when an amount is to be paid, the liability is included in the basis covering the earliest date on which the entity can be required to pay. Financial liabilities that may be required to be paid on demand are included in the \u00abwithin 1-3 months\u00bb column.2022 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 1402023 Group(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutions0 298 0 289 280 0 0 0 0 866Credit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities5 311 5 171 4 996 4 924 18 828 17 876 17 128 14 157 39 857 128 247Trade payables50 160 0 0 0 0 0 0 0 0 50 160Other current liabilities7 851 5 178 0 0 0 0 0 0 0 13 029Total 86 675 10 646 4 996 5 213 19 107 17 876 17 128 14 157 39 857 220 6552022 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 7372023 Parent(Amounts in NOK 1000)1-3 months 4-6 months 7-9 months 10-12 2025 2026 2027 2028 > 5 years TotalmonthsInterest bearing debt to financial institutionsCredit line28 353 0 0 0 0 0 0 0 0 28 353Lease libilities4 342 4 200 4 103 4 038 15 747 15 008 14 264 11 329 23 383 96 414Trade payables49 001 0 0 0 0 0 0 0 0 49 001Other current liabilities6 952 4 566 0 0 0 0 0 0 0 11 518Total 83 648 8 766 4 103 4 038 15 747 15 008 14 264 11 329 23 383 185 285The group and the parent company signed in December 2023 a increased credit facility for up until TNOK 67,000 with Spare-Bank 1 Nordm\u00f8re for working capital need related to futuresales contracts. In addition to the available cash and cashequivalents as of 31 December 2023, this secures the group and the company sufficient liquidity for 2024. See note 16 on interest-bearing debt for further information.In the future, the management and the board will continue to prioritize the work on an appropriate and long-term financing of Hofseth BioCare ASA.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__129": {
"value": "Capital structure and equityThe group and the parent company's objectives with respect to capital management is to ensure the continuation as agoing concern, to provide returns to shareholders and other stakeholders, and to maintain an optimal capital structure to reduce capital costs. By ensuring sound ratios between equity and debt the group and the parent company will support its operations, thus maximizing the value of its shares.The parent company manages its capital structure and makes necessary changes to it on the basis of an ongoing assess-ment of the financial conditions under which the business is run, and the prospects seen in the short and medium term, including any adjustment of dividend shares, buyback of own shares, reduction of share capital or issuance of new shares. There has been no change in the policy in this area in 2023. The Group's equity ratio was 10.6 % as of 31 December 2023 and (36.0 % as of 31 December 2022). The parent company's equity ratio was 18.8 % as of 31 December 2023 (41.7 % as of 31 December 2022). The Group completed a convertion of debt to equity 4 January 2024, and strengthened the equity with TNOK 144,000.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__130": {
"value": "Note 19: InventoryINVENTORY Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Salmon oil 10 645 4 803 10 645 4 803 Soulible protein 29 735 32 083 29 735 32 083 Calcium 15 499 48 268 15 499 48 268 Non-soluble protein and other 1 913 3 558 1 913 3 558 Consumer products 10 488 11 694 9 817 11 694 Total finished goods 68 280 100 407 67 610 100 407 Packaging and auxiliary materials 14 262 16 118 13 829 15 577 Total inventory 82 542 116 525 81 439 115 983Provision for obsolescence of TNOK 39,646 as of 31 Decem-ber 2023 compared to TNOK 19,145 as of 31 December 2022. Profit effect change in obsolescence provisions is included in cost of goods with TNOK 20,501 in 2023 (TNOK 8 537 in 2022). See notes 2, 3 and 4 for more information.The Group has stored water-soluble protein and calcium. The contracted sales value amounts to TNOK 64,035 and has been recognized as revenue in 2017, 2018 and 2019, as and when the customers are taking over the risk and control of the goods. Of an incoming stock of 1,785 tonnes, 128 tonnes were taken out of stock during 2023 (49 tonnes in 2022, 589 tonnes in 2021, and 689 tonnes in 2020) It has not been sales through 2021,2022 and 2023 that have increased the stock.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__135": {
"value": "Note 20: Trade receivables and other current receivablesTRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Trade receivables USA 3 458 1 087 3 458 1 087Trade receivables France 4 170 3 845 4 170 3 845Trade receivables other 7 220 9 140 6 466 8 871Sum trade receivables 14 849 14 072 14 094 13 803Trade receivables related parties 3 458 2 243 3 458 2 243Provision for expected credit losses 0 0 0 0Accounts receivable are not interest-bearing receivables and general terms and conditions for payment are from 7 to 120 days. All significant accounts receivables are credit secured by Coface Norway, limited to a maximum of MNOK 11.5 and with a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 849 13 287 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 094 12 532 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts 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 0The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expected credit losses by the proportion of non-credit-secured accounts receivable. The Group uses an increasing factor for expected credit losses according to maturity analyzes above. When analyzing future information about the Group's customers and markets, no future challenges are listed today which indicate that there will be a significant credit loss in the future (see and note 18 on credit risk). The Group and the parent company have TNOK 0 in provisions for losses on accounts receivable both in 2023 and 2022. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Prepayments 2 551 1 505 2 585 1 209 VAT receivable 3 292 6 110 2 906 5 580 Intercompany Group 0 0 27 016 9 577 Benefit funds 2 255 4 383 2 255 4 209 Other 1 623 726 1 497 727 Total 9 721 12 724 36 259 21 301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__134": {
"value": "Note 20: Trade receivables and other current receivablesTRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Trade receivables USA 3 458 1 087 3 458 1 087Trade receivables France 4 170 3 845 4 170 3 845Trade receivables other 7 220 9 140 6 466 8 871Sum trade receivables 14 849 14 072 14 094 13 803Trade receivables related parties 3 458 2 243 3 458 2 243Provision for expected credit losses 0 0 0 0Accounts receivable are not interest-bearing receivables and general terms and conditions for payment are from 7 to 120 days. All significant accounts receivables are credit secured by Coface Norway, limited to a maximum of MNOK 11.5 and with a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 849 13 287 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 094 12 532 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts 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 0The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expected credit losses by the proportion of non-credit-secured accounts receivable. The Group uses an increasing factor for expected credit losses according to maturity analyzes above. When analyzing future information about the Group's customers and markets, no future challenges are listed today which indicate that there will be a significant credit loss in the future (see and note 18 on credit risk). The Group and the parent company have TNOK 0 in provisions for losses on accounts receivable both in 2023 and 2022. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Prepayments 2 551 1 505 2 585 1 209 VAT receivable 3 292 6 110 2 906 5 580 Intercompany Group 0 0 27 016 9 577 Benefit funds 2 255 4 383 2 255 4 209 Other 1 623 726 1 497 727 Total 9 721 12 724 36 259 21 301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__133": {
"value": "Note 20: Trade receivables and other current receivablesTRADE RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Trade receivables USA 3 458 1 087 3 458 1 087Trade receivables France 4 170 3 845 4 170 3 845Trade receivables other 7 220 9 140 6 466 8 871Sum trade receivables 14 849 14 072 14 094 13 803Trade receivables related parties 3 458 2 243 3 458 2 243Provision for expected credit losses 0 0 0 0Accounts receivable are not interest-bearing receivables and general terms and conditions for payment are from 7 to 120 days. All significant accounts receivables are credit secured by Coface Norway, limited to a maximum of MNOK 11.5 and with a coverage rate of 90 %. Historical credit losses for cus-tomers over the past five years are approximately TNOK 210. AGING OF TRADE RECEIVABLES - Group(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 849 13 287 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts receivables 14 072 10 449 2 657 196 35 734Credit-secured share 11 453 7 850 2 842 170 27 564Expected credit loss 0 0 0 0 0 0AGING OF TRADE RECEIVABLES - PARENT(Amounts in NOK 1000) Total Not due <30d 30-60d 60-90d >90d2023Accounts receivables 14 094 12 532 692 345 32 492Credit-secured share 10 260 8 746 692 316 31 475Expected credit loss 0 0 0 0 0 02022Accounts 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 0The Group has established a model in which the Group calcu-lates provisions for credit losses by multiplying the expected credit losses by the proportion of non-credit-secured accounts receivable. The Group uses an increasing factor for expected credit losses according to maturity analyzes above. When analyzing future information about the Group's customers and markets, no future challenges are listed today which indicate that there will be a significant credit loss in the future (see and note 18 on credit risk). The Group and the parent company have TNOK 0 in provisions for losses on accounts receivable both in 2023 and 2022. OTHER CURRENT RECEIVABLES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022 Prepayments 2 551 1 505 2 585 1 209 VAT receivable 3 292 6 110 2 906 5 580 Intercompany Group 0 0 27 016 9 577 Benefit funds 2 255 4 383 2 255 4 209 Other 1 623 726 1 497 727 Total 9 721 12 724 36 259 21 301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__136": {
"value": "Note 21: Cash and cash equivalentsDeposits with a credit institution totaled TNOK 23,890 as of 31 December 2023 and TNOK 32,427 as of 31 December 2022 and the Group earns interest income according to agreed floating interest rate terms.At 31 December 2023, restricted funds for the Group amount-ed to TNOK 3,019 which derives from the employees' tax de-ductions. As of 31 December 2022, this amounted to TNOK 2,546.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__140": {
"value": "Note 22: Equity investmentsSubsidiaries Country Head Share Owner-Voting Earnings Equity officecapitalshipshare202331.12.2023HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 492 -23 547HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -22 -289HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% 38 79Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% 3 -1 418Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aHofseth Biocare UK Ltd. UK Brentford 0 100% 100% -1 301 -1 301Company Country Head office Share capital Ownership Voting shareHBC Immunology Inc. USA Delaware071% 50%Atlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%Atlantic Delights ltdThe parent company and the group acquired 34 % of Atlantic Delights Ltd., Hong Kong on 27 August 2020, through a share issue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts to TNOK 3,395 calculated at the time of acquisition and which is depreciated on a straight-line basis over 5 years. Profit share from the company in the ownership period is included after tax expense and amortization of surplus value.HBC Immunology Inc.During Q2 2023 HBC established HBCI. HBC transfered one patent, and a licence free non-exclusive right to apply data from another of HBC`s patent. Hofseth Biocare ASA\u2019s contri-bution in kind of intangible assets was accounted as a partial gain, since the ownership after the transaction was 75%. 25% gain on the transaction of TNOK 23,488 is classified as other income. The Group has as at 31 December 2023 71% interest in HBCI, a joint venture that aims to develop a co-treatment for use in treatment of prostate cancer. Since HBC only votes for 50% of the shares, and one other party votes for the remaining 50%, the interest is accounted for under the equity method in the consolidated financial statements. During Q3 and Q4 the ownership percentage has been diluted from 75% to 71% own-ership as a result of external capital increases in HBCI. The dilution effect is accounted for under share of profit and loss. Summarised financial information of the joint venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated finan-cial statements are set out below:INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 5 559 5 764 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax -1 438 474 0 0Impairment shares 0 0 -3 074 0Net asset 31.12. 3 443 5 559 3 443 6 517INVESTMENT IN ASSOCIATED COMPANY Group ParentHBC IMMUNOLOGY INC.(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 0 n/a 0 n/aAccess 29 589 n/a 29 589 n/aDillution effect 5 789 n/a 0 n/aProfit share after tax -1 130 n/a 0 n/aNet asset 31.12. 34 247 n/a 29 589 n/aFINANCIAL INFORMATION IN ASSOCIATED COMPANY Atlantic Delights Ltd. HBC Immunology Inc.(Amounts in NOK 1000) 2023 2022 2023 2022Current assets 3 358 9 886 8 801 n/aFixed assets 65 3 863 0 n/aCurrent liabilities 1 468 -2 0 n/aNon-current liabilities 9 595 -2 717 1 020 n/aOperating revenue 1 700 2 668 0 n/aTotal earnings -4 228 777 -1 602 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__139": {
"value": "Note 22: Equity investmentsSubsidiaries Country Head Share Owner-Voting Earnings Equity officecapitalshipshare202331.12.2023HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 492 -23 547HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -22 -289HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% 38 79Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% 3 -1 418Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aHofseth Biocare UK Ltd. UK Brentford 0 100% 100% -1 301 -1 301Company Country Head office Share capital Ownership Voting shareHBC Immunology Inc. USA Delaware071% 50%Atlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%Atlantic Delights ltdThe parent company and the group acquired 34 % of Atlantic Delights Ltd., Hong Kong on 27 August 2020, through a share issue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts to TNOK 3,395 calculated at the time of acquisition and which is depreciated on a straight-line basis over 5 years. Profit share from the company in the ownership period is included after tax expense and amortization of surplus value.HBC Immunology Inc.During Q2 2023 HBC established HBCI. HBC transfered one patent, and a licence free non-exclusive right to apply data from another of HBC`s patent. Hofseth Biocare ASA\u2019s contri-bution in kind of intangible assets was accounted as a partial gain, since the ownership after the transaction was 75%. 25% gain on the transaction of TNOK 23,488 is classified as other income. The Group has as at 31 December 2023 71% interest in HBCI, a joint venture that aims to develop a co-treatment for use in treatment of prostate cancer. Since HBC only votes for 50% of the shares, and one other party votes for the remaining 50%, the interest is accounted for under the equity method in the consolidated financial statements. During Q3 and Q4 the ownership percentage has been diluted from 75% to 71% own-ership as a result of external capital increases in HBCI. The dilution effect is accounted for under share of profit and loss. Summarised financial information of the joint venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated finan-cial statements are set out below:INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 5 559 5 764 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax -1 438 474 0 0Impairment shares 0 0 -3 074 0Net asset 31.12. 3 443 5 559 3 443 6 517INVESTMENT IN ASSOCIATED COMPANY Group ParentHBC IMMUNOLOGY INC.(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 0 n/a 0 n/aAccess 29 589 n/a 29 589 n/aDillution effect 5 789 n/a 0 n/aProfit share after tax -1 130 n/a 0 n/aNet asset 31.12. 34 247 n/a 29 589 n/aFINANCIAL INFORMATION IN ASSOCIATED COMPANY Atlantic Delights Ltd. HBC Immunology Inc.(Amounts in NOK 1000) 2023 2022 2023 2022Current assets 3 358 9 886 8 801 n/aFixed assets 65 3 863 0 n/aCurrent liabilities 1 468 -2 0 n/aNon-current liabilities 9 595 -2 717 1 020 n/aOperating revenue 1 700 2 668 0 n/aTotal earnings -4 228 777 -1 602 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__138": {
"value": "Note 22: Equity investmentsSubsidiaries Country Head Share Owner-Voting Earnings Equity officecapitalshipshare202331.12.2023HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 492 -23 547HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -22 -289HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% 38 79Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% 3 -1 418Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aHofseth Biocare UK Ltd. UK Brentford 0 100% 100% -1 301 -1 301Company Country Head office Share capital Ownership Voting shareHBC Immunology Inc. USA Delaware071% 50%Atlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%Atlantic Delights ltdThe parent company and the group acquired 34 % of Atlantic Delights Ltd., Hong Kong on 27 August 2020, through a share issue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts to TNOK 3,395 calculated at the time of acquisition and which is depreciated on a straight-line basis over 5 years. Profit share from the company in the ownership period is included after tax expense and amortization of surplus value.HBC Immunology Inc.During Q2 2023 HBC established HBCI. HBC transfered one patent, and a licence free non-exclusive right to apply data from another of HBC`s patent. Hofseth Biocare ASA\u2019s contri-bution in kind of intangible assets was accounted as a partial gain, since the ownership after the transaction was 75%. 25% gain on the transaction of TNOK 23,488 is classified as other income. The Group has as at 31 December 2023 71% interest in HBCI, a joint venture that aims to develop a co-treatment for use in treatment of prostate cancer. Since HBC only votes for 50% of the shares, and one other party votes for the remaining 50%, the interest is accounted for under the equity method in the consolidated financial statements. During Q3 and Q4 the ownership percentage has been diluted from 75% to 71% own-ership as a result of external capital increases in HBCI. The dilution effect is accounted for under share of profit and loss. Summarised financial information of the joint venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated finan-cial statements are set out below:INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 5 559 5 764 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax -1 438 474 0 0Impairment shares 0 0 -3 074 0Net asset 31.12. 3 443 5 559 3 443 6 517INVESTMENT IN ASSOCIATED COMPANY Group ParentHBC IMMUNOLOGY INC.(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 0 n/a 0 n/aAccess 29 589 n/a 29 589 n/aDillution effect 5 789 n/a 0 n/aProfit share after tax -1 130 n/a 0 n/aNet asset 31.12. 34 247 n/a 29 589 n/aFINANCIAL INFORMATION IN ASSOCIATED COMPANY Atlantic Delights Ltd. HBC Immunology Inc.(Amounts in NOK 1000) 2023 2022 2023 2022Current assets 3 358 9 886 8 801 n/aFixed assets 65 3 863 0 n/aCurrent liabilities 1 468 -2 0 n/aNon-current liabilities 9 595 -2 717 1 020 n/aOperating revenue 1 700 2 668 0 n/aTotal earnings -4 228 777 -1 602 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__137": {
"value": "Note 22: Equity investmentsSubsidiaries Country Head Share Owner-Voting Earnings Equity officecapitalshipshare202331.12.2023HBC Berk\u00e5k AS Norway Rennebu 100 100% 100% -17 492 -23 547HBC Therapeutics AS Norway \u00c5lesund 2 000 100% 100% -22 -289HBC Switzerland GmbH Switzerland Z\u00fcrich CFH20 100% 100% 38 79Hofseth BioCare R\u00f8rvik AS Norway R\u00f8rvik 100 51% 51% 3 -1 418Hofseth Biocare Americas Holdings Inc. USA Mendham, NJ 0 100% 100% n/a n/aHofseth Biocare UK Ltd. UK Brentford 0 100% 100% -1 301 -1 301Company Country Head office Share capital Ownership Voting shareHBC Immunology Inc. USA Delaware071% 50%Atlantic Delights Ltd. Hong Kong Hong Kong HKD 6 163 34% 34%Atlantic Delights ltdThe parent company and the group acquired 34 % of Atlantic Delights Ltd., Hong Kong on 27 August 2020, through a share issue with a nominal value of TNOK 6,517 in the company. Es-timated surplus value related to customer base amounts to TNOK 3,395 calculated at the time of acquisition and which is depreciated on a straight-line basis over 5 years. Profit share from the company in the ownership period is included after tax expense and amortization of surplus value.HBC Immunology Inc.During Q2 2023 HBC established HBCI. HBC transfered one patent, and a licence free non-exclusive right to apply data from another of HBC`s patent. Hofseth Biocare ASA\u2019s contri-bution in kind of intangible assets was accounted as a partial gain, since the ownership after the transaction was 75%. 25% gain on the transaction of TNOK 23,488 is classified as other income. The Group has as at 31 December 2023 71% interest in HBCI, a joint venture that aims to develop a co-treatment for use in treatment of prostate cancer. Since HBC only votes for 50% of the shares, and one other party votes for the remaining 50%, the interest is accounted for under the equity method in the consolidated financial statements. During Q3 and Q4 the ownership percentage has been diluted from 75% to 71% own-ership as a result of external capital increases in HBCI. The dilution effect is accounted for under share of profit and loss. Summarised financial information of the joint venture, based on its IFRS financial statements, and reconciliation with the carrying amount of the investment in the consolidated finan-cial statements are set out below:INVESTMENT IN ASSOCIATED COMPANY Group ParentATLANTIC DELIGHTS LTD(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 5 559 5 764 6 517 6 517Access 0 0 0 0Amitization added value -679 -679 0 0Profit share after tax -1 438 474 0 0Impairment shares 0 0 -3 074 0Net asset 31.12. 3 443 5 559 3 443 6 517INVESTMENT IN ASSOCIATED COMPANY Group ParentHBC IMMUNOLOGY INC.(Amounts in NOK 1000) 2023 2022 2023 2022Net asset 1.1. 0 n/a 0 n/aAccess 29 589 n/a 29 589 n/aDillution effect 5 789 n/a 0 n/aProfit share after tax -1 130 n/a 0 n/aNet asset 31.12. 34 247 n/a 29 589 n/aFINANCIAL INFORMATION IN ASSOCIATED COMPANY Atlantic Delights Ltd. HBC Immunology Inc.(Amounts in NOK 1000) 2023 2022 2023 2022Current assets 3 358 9 886 8 801 n/aFixed assets 65 3 863 0 n/aCurrent liabilities 1 468 -2 0 n/aNon-current liabilities 9 595 -2 717 1 020 n/aOperating revenue 1 700 2 668 0 n/aTotal earnings -4 228 777 -1 602 n/a",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__142": {
"value": "Note 23: Accounts payable and other short-term liabilities ACCOUNTS PAYABLE Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Accounts payable 13 560 19 910 11 787 17 572Accounts payable related companies 41 601 125 842 37 249 122 979Total 55 161 145 752 49 037 140 551Accounts 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.OTHER SHORT-TERM LIABILITIES Group Parent(Amounts in NOK 1000) 2023 2022 2023 2022Public duties payable 4 903 4 003 4 251 3 476Accrued holiday pay 5 178 4 546 4 566 3 903Other accrued costs 2 948 4 532 2 701 4 340Short-term debt to related companies 144 000 0 144 000 0Total 157 029 13 081 155 518 11 720",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__145": {
"value": "Note 24: Share capital, shareholders and dividendsAs of 31 December 2023, Hofseth BioCare ASA had NOK There is only one class of shares and all shares have equal vot-3,950,810 in share capital, divided into 395,081,030 shares, ing rights and equal rights to dividends. The 20 largest share-each with a nominal value of NOK 0.01. All shares are fully paid.holders of Hofseth BioCare ASA as of 31 December 2023 are:Largest shareholders # of shares % shareSIX SIS AG 81 625 211 20.66RH INDUSTRI AS 69 300 190 17.54 HOFSETH INTERNATIONAL AS 59 176 565 14.98YOKOREI CO. LTD 40 951 333 10.37 GOLDMAN SACHS INTERNATIONAL 22 450 000 5.68 BRILLIANT INVEST AS 11 000 000 2.78 CREDIT SUISSE (SWITZERLAND) LTD. 9 566 920 2.42GOLDMAN SACHS & CO. LLC 9 251 830 2.34CITIBANK, N.A. 7 871 762 1.99THE BANK OF NEW YORK MELLON SA/NV 5 060 227 1.28JPMORGAN CHASE BANK, N.A., LONDON 4 823 941 1.22UBS SWITZERLAND AG 3 937 425 1.00BOMI FRAMROZE HOLDING AS 3 453 370 0.87SAXO BANK A/S 3 354 431 0.85LGT BANK AG 3 266 329 0.83THE NORTHERN TRUST COMP, LONDON BR 2 433 865 0.62VERDIPAPIRFONDET DNB SMB 2 372 594 0.60\u00d8DEG\u00c5RD PROSJEKT AS 2 174 039 0.55INTERACTIVE BROKERS LLC 1 905 107 0.48CLEARSTREAM BANKING S.A. 1 890 896 0.48In total, the 20 largest shareholders345 866 035 87.54 Total others49 214 995 12.46 Total number of shareholders 395 081 030 100.00 Total no. of shareholders: 1,475Shares owned by CEO and the Board 2023 2022Jon Olav \u00d8deg\u00e5rd* 3 084 039 2 964 039Roger Hofseth* 128 863 421 128 444 968Christoph Baldegger 800 000 700 000Kristin Fjellby Grung 0 0Torill Standal Eliassen* 200 000 200 000Crawford Currie* 750 000 750 000Total 156 147 460 154 449 007*Includes shares owned by related companies and persons.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXGGEO44",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}