{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "AZT": "https://arcticzymes.com", "ifrs-full": "http://xbrl.ifrs.org/taxonomy/2021-03-24/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "https://arcticzymes.com/5967007LIEEXZXGR7K47-2022-12-31.xsd" ] }, "facts": { "nf112": { "value": "31120", "decimals": 1, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "nf117": { "value": "31120", "decimals": 1, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "nf134": { "value": "1010", "decimals": 1, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-02T00:00:00", "unit": "iso4217:NOK" } }, "f387": { "value": "ArcticZymes TechnologiesNorwegianThe Company is creating value from innovative enzyme technologies which capitalises on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality life science products. NorwayArcticZymes Technologies ASA ASA(Amounts in NOK 1 000) Note 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 42 142 59 002 Profit/loss adjusted for: Loss machinery 40 Adjustment, lease premises -1 435 Depreciation and amortization 13,14,15 5 021 3 191 Employees' options, share-based payment expense 7 5 432 1 238 Interest expense lease liability 11 499 694 Changes in operating assets and receivables Inventory 16 -196 -2 993 Accounts receivables and other receivables 17 8 107 4 592 Account payable and other current liabilities 22 -1 476 9 207 Net cash flow from operating activities 58 094 74 970 CASH FLOW FROM INVESTING ACTIVITIES Investment in machinery and equipment 14 -4 791 -10 035 Investment in intangible assets 13 -7 641 -1 563 Divestment of subsidiary (Biotec BetaGlucans) 29 Changes in long-term receivables 5 Net cash flow from investing activities -12 432 -11 564 CASH FLOW FROM FINANCING ACTIVITIES Payment on lease liabillities 15 -3 025 -2 202 Payment on interest lease liabillities -499 -694 Dividends to minority shareholders -1 159 Captial increase 1 600 1 600 Payment other financing activities -703 Net cash flow from financing activities -1 924 -3 160 Net change in cash during the year 43 738 60 246 Cash and cash equivalents as of 01.01 200 424 140 178 Cash and cash equivalents as of 31.12 244 161 200 424 Note 1 General information The ArcticZymes Technologies group (the Company, the Group) is a Norwegian life science company focused on the development, manufacturing, and commercialisation of novel and high-quality recombinant enzymes for use in molecular research, In Vitro Diagnostics (IVD) and biomanufacturing. The Company is creating value from innovative enzyme technologies which capitalise on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality products. The Groups products and capabilities are protected via a large portfolio of patents and 20+ years of know-how in innovating and manufacturing enzymes. ArcticZymes Technologies ASA is headquartered at the SIVA Innovation Centre, Sykehusvegen 23, Troms\u00f8, Norway. Listed on the Oslo Stock Exchange since 2005 under the \u201cAZT\u201d ticker. The Board of Directors approved the consolidated financial statements on 28. April 2023. Note 2 Summary of significant accounting policies The following describes the principal accounting policies applied in the preparation of the consolidated financial statements. These principles have been consistently applied to all periods presented, unless otherwise stated. Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss. Note 3 Financial risk management Note 3.1 Financial risk factors Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group\u2019s overall risk management is to minimise potential adverse effects of any unpredictability in the financial markets. For the reporting period, the Group had no interest-bearing loans. Financial instruments are not used for trading purposes. Interest-bearing investments beyond bank deposits can be made in certificates or bond funds with short maturities. Note 3.1.1 Market risk Foreign currency risk Revenues for 2022 to the Group are mainly denominated in USD and EUR; distributed 68% at USD and 31% at EUR. A majority of the Group\u2019s cost base is denominated in NOK. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2022 as 2021, sales revenues in 2022 would have been NOK 8.0 million lower for the year as the NOK weakened towards the USD especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2022 and all other variables held constant, this would lead to a higher / lower operating profit of NOK 174.000. For EUR would such currency changes have affected the result by NOK 114.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2022. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or money market funds with short maturities. The Group has no interest-bearing debt. Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk assosiated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables was zero in 2022. All bank deposits are in DNB bank ASA. DNB Bank ASA has long-term S&P rating of AA-. Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised in order to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits and money market funds with low risk. At the reporting date, the Group had bank deposits and money market fund of NOK 244.2 million. The Group\u2019s accounts payable and current liabilities has maturity shorter than one year and will be settled at maturity: (Amounts in NOK 1 000) 2022 2021 Non-current lease liabilities > 12 months 10 348 14 472 Accounts payable < 3 months 5 592 5 795 Accounts payable 3 months \u2013 12 months 0 0 Total accounts payable 5 592 5 795 Current lease liabilities < 12 months 3 732 3 097 Other current liabilities < 12 months 14 628 15 902 Total accounts payable and other current liabilities 34 301 39 266 Book value of accounts payable and other current liabilities measured by currency: (Amounts in NOK 1 000) 2022 2021 NOK 27 540 36 409 EUR 5 400 1 173 USD 1 203 1 454 Other 158 230 Total accounts payable and other current liabilities 34 301 39 266 Note 3.2 Capital management The Group\u2019s objectives when managing capital are to safeguard the continued operations of the Group and to provide returns for shareholders and other stakeholders and to maintain an optimal capital structure to reduce capital costs. Presently, the Group is equity financed, but with positive cash flow and potential acquisitions through M&A in the future, the Group will consider its capital structure. The Group has no long-term debt and pays no dividends to shareholders as long as the Group has ambitions on inorganic growth initiatives. The table below shows the Group\u2019s net cash position as of 31 December: (Amounts in NOK 1 000) 2022 2021 Cash and cash equivalents 178 795 153 898 Money markets funds 65 366 44 879 Less: Restricted cash equivalents -2 131 -1 647 Net cash position 242 030 198 777 Note 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets are based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense is the remaining lifetime of any related patents. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the product is ready for distribution / sales, including the presence of necessary government approvals. Amortisation of other intangible assets starts with acquisitions. Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated. The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants, research grants, other grants and administration services. (Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 (Amounts in NOK 1 000) 2022 2021 Government grants Tax grants \"Skattefunn\" 140 717 Other grants 817 1 238 Other income -264 1 123 Total other income 694 3 078 Note 6 Other income Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. See note 17 for grants in the financial position Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2022 2021 FROM UIT - THE ARCTIC UNIVERSITY OF NORWAY Cold ligases 2022 817 200 FROM INNOVATION NORWAY: Development of components for RNA diagnostics 2021 727 Upscaling of SAN-HQ manufacturing 2021 311 TAX GRANTS \"SKATTEFUNN\": Annually 140 717 Total grants 957 1 955 Note 7 Personnel expenses Principles for accounting Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities. The employer's contribution to the plan was changed 01.july 2021 from 5% to 7% for salaries between 0 G and 7.1 G, and from 8% to 10% for salaries between 7.1 G and 12 G. Per 31 December 2022, the Group paid for 51 members of the scheme. (Amounts in NOK 1 000) 2022 2021 Salaries 45 205 37 849 Employer's social security contribution 5 588 4 669 Share options granted 5 432 1 238 Pension costs 2 270 1 431 Other benefits 689 1 595 Total personnel expenses 59 185 46 781 Number of employees at 31.12: 61,0 46,0 Number of FTEs: 52,2 38,8 Note 8 Related party disclosures The Group had no transactions with related parties. Remuneration of Board of Directors and management: (Amounts in NOK 1 000) 2022 2021 Salaries paid Bonus paid Pension costs Other benefits Salaries paid Bonus paid Pension costs Other benefits Marie Ann Roskrow, Chairman 500 470 Jane Theaker, Director 280 320 150 Bernd K. Striberny, Director / Employee 56 Volker Wedershoven, former Director 375 270 Marit Sjo Lorentzen, former Director / Employee 45 108 Jethro Holter, CEO 2 073 671 131 26 1 892 530 83 16 013 B\u00f8rge S\u00f8rvoll, CFO 1 538 323 123 11 1 451 313 91 12 Marit Sjo Lorentzen, VP Operations 1 074 136 120 13 1 001 43 65 14 Darren Ellis, CSO 117 50 Dirk Hahneiser, VP Business Dev.and Markting 735 16 26 Olav Lanes, VP R&D and Applications 1 129 117 106 12 1 077 43 71 12 Shares and options owned or controlled by directors and senior management per 31.12.2022: Options Shares Marie Roskrow, Chairman 200 000 Jane Theaker, Director* Bernd K. Striberny, Director (employee) 200 Lill Hege Henriksen, Observer (employee) 3 088 Jethro Holter, CEO 170 000 80 564 B\u00f8rge S\u00f8rvoll, CFO 330 000 25 428 Marit Sjo Lorentzen, VP Operations 115 000 20 331 Olav Lanes, VP R&D and Applications 100 000 2 000 *According to AGM 2022 resolution, Jane Theaker is awarded NOK 500.000 to procure shares for in ArcticZymes Technologies ASA. The shares shall have 3 years lockup before they can be sold. No shares are acquired per 31.12.2022. The Company has a Board liability insurance covering the Board of Directors and the CEO in case the individual should become personal liable for damages on the basis of negligence. The insurance covers damages up NOK 30.000.000 per claim. See note 21 in reference to share options to executives and management. (Amounts in NOK 1 000) 2022 2021 RESEARCH AND DEVELOPMENT EXPENSES: Personnel expenses 16 673 12 450 Purchase of external services 2 977 1 208 Other operating expenses 4 075 1 867 Total R&D expenses, not capitalised 23 725 15 526 Note 9 Research and development expenses Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. Note 10 Other operating expenses Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. (Amounts in NOK 1 000) 2022 2021 Maintenance premises and materials lab 6 208 3 317 Office equipment and IT 2 779 1 845 External services 12 035 5 343 Marketing expenses 1 148 1 268 Patent and licensing expenses 1 964 2 330 Other operating expenses 7 670 4 656 Total other operating expenses 31 804 18 758 (Amounts in NOK 1 000) 2022 2021 Statutory audit 511 535 Other attestation services 98 69 Other services beside auditing 1 374 224 Total auditing fees and expenses 1 983 829 External auditor: Fees and expenses ex VAT: (Amounts in NOK 1 000) 2022 2021 Interest income 3 386 841 Net currency gain/loss (-) 1 806 675 Other financial income 1 161 Total financial income 6 352 1 516 Write-down/loss financial assets 29 Interest expense lease liabilities -499 -694 Other financial expense -185 -281 Total financial expense -684 -975 Total financial income and expense, net 5 668 570 Note 11 Financial income and expense Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Net currency relates to gains and losses on bank deposits. Note 12 Deferred tax asset Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. Amounts in NOK 1 000): 2022 2021 Change Non current assets 2 538 1 787 -751 Other temporary differences -1 218 -3 374 -2 157 Gains and loss account 6 790 8 487 1 697 Total temporary differences 8 111 6 900 1 210 Financial instruments 274 549 Adjustment capitalisation Skattefunn 406 Tax assessment loss carried forward -59 876 -100 729 Calculation base deferred tax asset -51 086 -93 280 Deferred tax asset, 22% -11 239 -20 522 -9 283 Profit before income tax 42 142 59 002 Non deductable expenses 471 -1 128 Non taxable income -550 -1 054 Changes in temporary differences -1 210 3 193 Profit before tax loss carried forward 40 853 60 014 Deferred tax loss carried forward -40 853 -60 014 Tax base 0 0 Tax expense -9 283 -12 621 Note 13 Intangible assets Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. (Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2021 Historic cost 2 148 2 148 Accumulated depreciation -1 755 -1 755 Book value at 01.01.2021 393 0 393 FINANCIAL YEAR 2021 Addition 1 563 1 563 Depreciation -168 -168 Book value at 31.12.2021 1 790 0 1 790 AS OF 31.12.2021 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 31.12.2021 1 790 0 1 790 FINANCIAL YEAR 2022 Addition 4 585 3 462 8 047 Capitalised grants Skattefunn -406 -406 Amortization 0 Depreciation -194 -1 -195 Book value at 31.12.2022 5 775 3 461 9 236 AS OF 31.12.2022 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 31.12.2022 5 775 3 461 9 236 Note 14 Machinery, equipment and permanent fixtures Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. (Amounts in NOK 1 000) Machinery Equipment Permanent fixtures Total As of 01.01.2021 Historic cost 6 844 1 914 8 758 Accumulated depreciation -3 833 -1 869 -5 702 Book value at 01.01.2021 3 013 44 0 3 058 Financial year 2021 Addition 7 739 558 1 738 10 035 Amortisation -40 -40 Depreciation -688 -63 -751 Book value at 31.12.2021 10 023 538 1 738 12 302 As of 01.01.2022 Historic cost 14 544 2 472 1 738 18 793 Accumulated depreciation -4 521 -1 932 0 -4 521 Book value at 31.12.2021 10 023 538 1 738 12 302 Financial year 2022 Addition 1 927 2 757 107 4 791 Amortisation 0 Depreciation -1 203 -265 -182 -1 650 Book value at 31.12.2022 10 747 3 030 1 663 15 444 As of 31.12.2022 Historic cost 16 471 5 229 1 845 23 545 Accumulated depreciation -5 724 -2 197 -182 -8 103 Book value at 31.12.2022 10 747 3 030 1 663 15 444 Management considers that there are no impairment indicators at the group level, and that no write-downs of these assets are necessary. Note 15 Leases Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. (Amounts in NOK 1 000) Lease assets Historic cost 20 879 Accumulated depreciation including net present value adjustment -4 801 Book value at 31.12.2021 16 079 Adjustment net present value 01.01 44 Additional premises Oslotech AS, Oslo 661 Revised lease and additional premises SIVA, Troms\u00f8 265 Depreciation -3 176 Book value at 31.12.2022 13 873 Historic cost 21 849 Accumulated depreciation -7 977 Book value at 31.12.2022 13 873 Lease liabilities 2022 2021 Book value 31.12 (preceding year) -17 570 -11 963 Net present value adjustment 01.01 -44 -203 Additional premises Oslotech AS, Oslo -661 Revised lease and additional premises SIVA, Troms\u00f8 1 170 -7 606 Interest expense -499 -694 Payments premises 3 524 2 896 Book value at 31.12 -14 080 -17 569 Whereof Current liabilities -3 732 -3 097 Whereof Non-current liabilities -10 348 -14 472 Short-term leases The Group also lease computers and IT equipment with contract terms from 1 to 3 years. The Group has decided not to recognise leases where the underlying asset has a low value, and thus does not recognise lease obligations and lease assets for any of these assetes. Instead, payments for leases are expensed when they occur. Overhead expenses related to premises in the SIVA Innovation Centre contract are expensed when they occur. Maturity analysis 2022 2021 Less than one year 3 732 3 097 One to five years 9 494 13 927 More than five years 3 200 3 200 Total undiscounted lease liabilities at 31.12 16 426 20 224 Summary of other leased assets presented in the consolidated profit & loss statement 2022 2021 Lease of IT equipment 263 167 Overhead expenses related to premises 1 002 731 Total leased assets included in other expenses at 31.12 1 265 898 Amounts in NOK 1 000) 31.12.2022 31.12.2021 Work in progress 2 067 3 199 Materials and consumables 131 225 Finished goods 4 880 3 458 Total inventories 7 078 6 882 Note 16 Inventory and cost of materials Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses. Note 17 Receivables Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations. Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Accounts receivables 11 593 20 281 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 11 593 20 281 Research grants 817 2 985 Tax grants 631 1 055 Prepayments 3 936 725 VAT 1 028 1 067 Sum other receivables 6 413 5 833 Sum total receivables 18 006 26 114 Age breakdown of Accounts receivable per 31.12.2022: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 9 757 1 683 31 71 51 11 593 A majority of accounts receivables overdue on 31 December have been settled subsequently. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets. Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2022, and we expect no future losses, no provisions for loss on receivables were made in 2022. Fair value of receivables by currency: 31.12.2022 31.12.2021 USD 4 751 15 247 EUR 10 167 4 704 GBP 133 NOK 2 955 6 162 Total receivables 18 006 26 114 Age breakdown of Accounts receivable per 31.12.2021: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 17 873 1 763 201 186 258 20 281 Note 18 Financial assets and debts Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. (Amounts in NOK 1 000) 31.12.2022 Assets at fair value 31.12.2021 Assets at fair value FINANCIAL ASSETS Cash bank deposits 178 795 155 545 Money market funds 65 366 44 879 Total financial assets 244 161 200 424 (Amounts in NOK 1 000) 31.12.2022 Debts at amortised cost 31.12.2021 Debts at amortised cost FINANCIAL DEBTS Leasing, non-current liabilities 10 348 14 472 Leasing, current liabilities 3 732 3 097 Total financial debts 14 080 17 569 The Group has no interest-bearing loans or debt other than lease liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Cash 176 664 153 898 Money market fund 65 366 44 879 Tax withdrawal accounts 2 131 1 647 Total cash and cash equivalents 244 161 200 424 Note 19 Cash and cash equivalents Principles for accounting Cash and cash equivalents consist of cash, bank deposits and other short-term liquid investments that can be converted into cash immediately and with maturity less than three months. (Amounts in NOK 1 000) 2022 2021 Net profit attributable to ordinary shareholders of the parent 32 860 46 380 Net profit to shareholders 32 860 46 380 Weighted number of shares used for calculation of basic EPS (1000 shares) 50 413 49 338 Dilution effect share based payment 515 715 Weighted number of shares used for calculation of diluted EPS (1000 shares) 50 928 50 053 Weighted basic and diluted earnings per share (NOK per share) 0,65 0,94 Weighted diluted earnings per share (NOK per share) 0,65 0,93 Note 20 Earnings per share Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21). (Number of shares) Shares Whereof treasury shares AS OF 01.01.2021 48 334 673 Share issue - options 200 000 Share issue - contribution in kind 1 836 717 As of 31.12.2021 50 371 390 0 Share issue - options 200 000 As of 31.12.2022 50 571 390 0 All shares are fully paid up. Par value is NOK 1.00 per share. Note 21 Share capital, share premium, share options, and other equity Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. Note 22 Account payable and other current liabilities Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 Specification of other current laibilities: Note 23 Events after balance sheet date, 31.12 2022 There are no evenst to the financial statements for the period from the financial position date to the date of approval ; 28 april 2023. Ownership information: Shares Ownership Skandinaviska Enskilda Banken AB (nominee) 4 736 345 9,4 % Skandinaviska Enskilda Banken AB (nominee) 3 806 275 7,5 % Nordnet Bank AB (nominee) 2 627 562 5,2 % Skandinaviska Enskilda Banken AB (nominee) 2 312 000 4,6 % State Street Bank and Trust Comp (nominee) 2 273 618 4,5 % Avanza Bank AB (nominee) 2 015 939 4,0 % Pro AS 2 005 216 4,0 % State Street Bank and Trust Comp (nominee) 1 580 354 3,1 % Clearstream Bnaking S.A. (nominee) 1 301 574 2,6 % Belvedere AS 1 015 684 2,0 % Tellef Ormestad 889 804 1,8 % Skandinaviska Enskilda Banken AB (nominee) 879 463 1,7 % Danske Bank AS (nominee) 768 726 1,5 % Middelboe AS 605 000 1,2 % Danske Bank AS (nominee) 562 000 1,1 % Kvantia AS 554 713 1,1 % Dragesund Invest AS 521 739 1,0 % Verdipapirfondet KLP Aksjenorge 503 515 1,0 % Skandinaviska Enskilda Banken AB (nominee) 500 000 1,0 % Naudholmen AS 480 000 0,9 % 20 largest shareholders aggregated 29 939 527 59,20 % 3.719 other shareholders aggregated 20 631 863 40,80 % Total shares (3.739 shareholders) 50 571 390 100,00 % The 20 largest shareholders as of 31.12.2022: Notes to the financial statements for 2022 64
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Financial statements \u2013 parent company
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Financial statement of profit & loss \u2014 parent company 1. January till 31. December (Amounts in NOK 1 000) Note 2022 2021 Sales revenues 1 11 440 10 275 Total revenues 11 440 10 275 Personnel expenses 2 16 429 17 300 Depreciation and amortisation 6,7 332 749 Other operating expenses 3 12 492 7 975 Total operating expenses 29 254 26 024 Operating profit / loss (-) -17 814 -15 749 Financial income, net 4 58 133 72 216 Write-down /loss financial assets 4 29 Financial expenses, net 4 -240 -508 Financial net 57 893 71 737 Profit before income tax 40 079 55 988 Income tax expense 5 -8 831 -11 975 Net profit 31 248 44 013 Transferrals Transferred to retained earnings 31 248 44 013 Financial statement of comprehensive income \u2014 parent company (Amounts in NOK 1 000) Note 2022 2021 Net profit/loss for the year 31 248 44 013 Other income & costs after tax 0 0 Comprehensive income 31 248 44 013 Financial statements \u2014 parent company 66
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Statement of financial position \u2014 parent company As of 31. December (Amounts in NOK 1 000) Note 2022 2021 ASSETS NON-CURRENT ASSETS Deferred tax asset 5 11 496 20 327 Equipment 6 175 87 Lease assets 7 229 3 431 Long-term receivables subsidiares 13 333 13 398 Investments in subsidiaries 8 155 703 155 703 Total non-current assets 180 936 192 947 CURRENT ASSETS Receivables subsidiaries 9 58 640 74 658 Other receivables 10 762 730 Cash and cash equivalents 11,12 167 751 197 238 Total current assets 227 153 272 627 Total assets 408 089 465 573 EQUITY AND LIABILITIES EQUITY Share capital 13 50 571 50 371 Premium paid-in capital 261 656 260 256 Other paid-in capital 52 867 49 148 Retained earnings 22 102 -9 145 Total equity 387 197 350 629 LONG-TERM LIABILITIES Lease liabilities interest-bearing 7,12 10 227 14 472 Total long-term lialilities 10 227 14 472 CURRENT LIABILITIES Accounts payable 1 863 1 731 Public fees and tax withholdings 593 2 905 Liabilities subsidiares 87 315 Other current liabilities 7,12,14 8 210 8 521 Total current liabilities 10 666 100 472 Total liabilities 20 893 114 944 Total equity and liabilities 408 089 465 573 Troms\u00f8, 28. April 2023 Jane Theaker Director Bernd K. Striberny Director (employee) Marie Roskrow Chairman Jethro Holter CEO Financial statements \u2014 parent company 67
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Statement of changes in equity \u2014 parent company (Amounts in NOK 1 000) Share capital Premium paid-in capital Other paid-in capital Retained earnings Total Equity as of 01.01.2021 48 335 151 039 47 910 -53 005 194 279 Employees' share options 1 238 1 238 Share capital increase 2 037 109 217 -155 111 099 Net profit for the year 2021 44 013 44 013 Equity as of 31.12.2021 50 371 260 256 49 148 -9 145 350 629 Employees' share options 3 720 3 720 Share capital increase 200 1 400 1 600 Net profit for the year 2022 31 248 31 248 Equity as of 31.12.2022 50 571 261 656 52 867 22 103 387 197 1. January till 31. December The Company's share capital consists of 50,571,390 shares as of 31.12.2022. Financial statements \u2014 parent company 68
(Amounts in NOK 1 000) Note 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Profit / loss(-) before tax: 40 079 55 988 Profit / loss(-) adjusted for: Adjustment, lease premises -750 Amortization investment subsidiary 4 -29 Group contributions 9,12 -55 306 -71 500 Depreciation 7 332 749 Employees' options, share-based payment expense 2 3 720 1 238 Interest expense lease liability 4 22 239 Changes in operating assets and receivables Account receivables and other receivables 9, 10 -207 12 937 Account payable and other current liabilities 14 -90 131 23 135 Net cash flow from operating activities -102 241 22 757 CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets 6 -120 -101 Divestment subsidiary 29 Changes in long-term receivables 3 050 1 887 Net cash flow from investing activities 2 930 1 815 CASH FLOW FROM FINANCING ACTIVITIES Payment", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f388": { "value": "ArcticZymes TechnologiesArcticZymes Technologies ASA Note 8 Related party disclosures The Group had no transactions with related parties. Remuneration of Board of Directors and management: (Amounts in NOK 1 000) 2022 2021 Salaries paid Bonus paid Pension costs Other benefits Salaries paid Bonus paid Pension costs Other benefits Marie Ann Roskrow, Chairman 500 470 Jane Theaker, Director 280 320 150 Bernd K. Striberny, Director / Employee 56 Volker Wedershoven, former Director 375 270 Marit Sjo Lorentzen, former Director / Employee 45 108 Jethro Holter, CEO 2 073 671 131 26 1 892 530 83 16 013 B\u00f8rge S\u00f8rvoll, CFO 1 538 323 123 11 1 451 313 91 12 Marit Sjo Lorentzen, VP Operations 1 074 136 120 13 1 001 43 65 14 Darren Ellis, CSO 117 50 Dirk Hahneiser, VP Business Dev.and Markting 735 16 26 Olav Lanes, VP R&D and Applications 1 129 117 106 12 1 077 43 71 12 Shares and options owned or controlled by directors and senior management per 31.12.2022: Options Shares Marie Roskrow, Chairman 200 000 Jane Theaker, Director* Bernd K. Striberny, Director (employee) 200 Lill Hege Henriksen, Observer (employee) 3 088 Jethro Holter, CEO 170 000 80 564 B\u00f8rge S\u00f8rvoll, CFO 330 000 25 428 Marit Sjo Lorentzen, VP Operations 115 000 20 331 Olav Lanes, VP R&D and Applications 100 000 2 000 *According to AGM 2022 resolution, Jane Theaker is awarded NOK 500.000 to procure shares for in ArcticZymes Technologies ASA. The shares shall have 3 years lockup before they can be sold. No shares are acquired per 31.12.2022. The Company has a Board liability insurance covering the Board of Directors and the CEO in case the individual should become personal liable for damages on the basis of negligence. The insurance covers damages up NOK 30.000.000 per claim. See note 21 in reference to share options to executives and management. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f389": { "value": "ArcticZymes Technologies", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f393": { "value": "NorwegianThe Company is creating value from innovative enzyme technologies which capitalises on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality life science products. NorwayArcticZymes Technologies ASA ASANote 1 General information The ArcticZymes Technologies group (the Company, the Group) is a Norwegian life science company focused on the development, manufacturing, and commercialisation of novel and high-quality recombinant enzymes for use in molecular research, In Vitro Diagnostics (IVD) and biomanufacturing. The Company is creating value from innovative enzyme technologies which capitalise on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality products. The Groups products and capabilities are protected via a large portfolio of patents and 20+ years of know-how in innovating and manufacturing enzymes. ArcticZymes Technologies ASA is headquartered at the SIVA Innovation Centre, Sykehusvegen 23, Troms\u00f8, Norway. Listed on the Oslo Stock Exchange since 2005 under the \u201cAZT\u201d ticker. The Board of Directors approved the consolidated financial statements on 28. April 2023. Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. Note 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets are based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense is the remaining lifetime of any related patents. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the product is ready for distribution / sales, including the presence of necessary government approvals. Amortisation of other intangible assets starts with acquisitions. Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f394": { "value": "Norwegian", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f402": { "value": "The Company is creating value from innovative enzyme technologies which capitalises on more than three decades of world-class research at the Arctic University of Troms\u00f8 and in collaboration with other national and international partners to offer niche and high-quality life science products. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f417": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f440": { "value": "ArcticZymes Technologies ASA ", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f442": { "value": "ArcticZymes Technologies ASA ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f447": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", 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"scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3359": { "value": "694000", "decimals": -3, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3362": { "value": "1159000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3365": { "value": "1600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3367": { "value": "1600000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3370": { "value": "703000", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherInflowsOutflowsOfCashClassifiedAsFinancingActivities", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3373": { "value": "1924000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3375": { "value": "3160000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3378": { "value": "43738000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3380": { "value": "60246000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3383": { "value": "200424000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-02T00:00:00", "unit": "iso4217:NOK" } }, "f3385": { "value": "140178000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2021-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3388": { "value": "244161000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3390": { "value": "200424000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f3422": { "value": "Sykehusvegen 23, Troms\u00f8, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3423": { "value": "Sykehusvegen 23, Troms\u00f8, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3428": { "value": "The Board of Directors approved the consolidated financial statements on 28. April 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3432": { "value": "Note 2 Summary of significant accounting policies The following describes the principal accounting policies applied in the preparation of the consolidated financial statements. These principles have been consistently applied to all periods presented, unless otherwise stated. Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss. ote 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets are based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense is the remaining lifetime of any related patents. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the product is ready for distribution / sales, including the presence of necessary government approvals. Amortisation of other intangible assets starts with acquisitions. Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated. The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants, research grants, other grants and administration services. Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. Principles for accounting Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities. The Group had no transactions with related parties. Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. Note 11 Financial income and expense Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Net currency relates to gains and losses on bank deposits. Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations. Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. Principles for accounting Cash and cash equivalents consist of cash, bank deposits and other short-term liquid investments that can be converted into cash immediately and with maturity less than three months. Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21). Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3441": { "value": "Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. (Number of shares) Shares Whereof treasury shares AS OF 01.01.2021 48 334 673 Share issue - options 200 000 Share issue - contribution in kind 1 836 717 As of 31.12.2021 50 371 390 0 Share issue - options 200 000 As of 31.12.2022 50 571 390 0 All shares are fully paid up. Par value is NOK 1.00 per share. Note 21 Share capital, share premium, share options, and other equity Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. he Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 Specification of other current laibilities: Note 23 Events after balance sheet date, 31.12 2022 There are no evenst to the financial statements for the period from the financial position date to the date of approval ; 28 april 2023. Ownership information: Shares Ownership Skandinaviska Enskilda Banken AB (nominee) 4 736 345 9,4 % Skandinaviska Enskilda Banken AB (nominee) 3 806 275 7,5 % Nordnet Bank AB (nominee) 2 627 562 5,2 % Skandinaviska Enskilda Banken AB (nominee) 2 312 000 4,6 % State Street Bank and Trust Comp (nominee) 2 273 618 4,5 % Avanza Bank AB (nominee) 2 015 939 4,0 % Pro AS 2 005 216 4,0 % State Street Bank and Trust Comp (nominee) 1 580 354 3,1 % Clearstream Bnaking S.A. (nominee) 1 301 574 2,6 % Belvedere AS 1 015 684 2,0 % Tellef Ormestad 889 804 1,8 % Skandinaviska Enskilda Banken AB (nominee) 879 463 1,7 % Danske Bank AS (nominee) 768 726 1,5 % Middelboe AS 605 000 1,2 % Danske Bank AS (nominee) 562 000 1,1 % Kvantia AS 554 713 1,1 % Dragesund Invest AS 521 739 1,0 % Verdipapirfondet KLP Aksjenorge 503 515 1,0 % Skandinaviska Enskilda Banken AB (nominee) 500 000 1,0 % Naudholmen AS 480 000 0,9 % 20 largest shareholders aggregated 29 939 527 59,20 % 3.719 other shareholders aggregated 20 631 863 40,80 % Total shares (3.739 shareholders) 50 571 390 100,00 % The 20 largest shareholders as of 31.12.2022: Notes to the financial statements for 2022 64
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Financial statements \u2013 parent company
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Financial statement of profit & loss \u2014 parent company 1. January till 31. December (Amounts in NOK 1 000) Note 2022 2021 Sales revenues 1 11 440 10 275 Total revenues 11 440 10 275 Personnel expenses 2 16 429 17 300 Depreciation and amortisation 6,7 332 749 Other operating expenses 3 12 492 7 975 Total operating expenses 29 254 26 024 Operating profit / loss (-) -17 814 -15 749 Financial income, net 4 58 133 72 216 Write-down /loss financial assets 4 29 Financial expenses, net 4 -240 -508 Financial net 57 893 71 737 Profit before income tax 40 079 55 988 Income tax expense 5 -8 831 -11 975 Net profit 31 248 44 013 Transferrals Transferred to retained earnings 31 248 44 013 Financial statement of comprehensive income \u2014 parent company (Amounts in NOK 1 000) Note 2022 2021 Net profit/loss for the year 31 248 44 013 Other income & costs after tax 0 0 Comprehensive income 31 248 44 013 Financial statements \u2014 parent company 66
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Statement of financial position \u2014 parent company As of 31. December (Amounts in NOK 1 000) Note 2022 2021 ASSETS NON-CURRENT ASSETS Deferred tax asset 5 11 496 20 327 Equipment 6 175 87 Lease assets 7 229 3 431 Long-term receivables subsidiares 13 333 13 398 Investments in subsidiaries 8 155 703 155 703 Total non-current assets 180 936 192 947 CURRENT ASSETS Receivables subsidiaries 9 58 640 74 658 Other receivables 10 762 730 Cash and cash equivalents 11,12 167 751 197 238 Total current assets 227 153 272 627 Total assets 408 089 465 573 EQUITY AND LIABILITIES EQUITY Share capital 13 50 571 50 371 Premium paid-in capital 261 656 260 256 Other paid-in capital 52 867 49 148 Retained earnings 22 102 -9 145 Total equity 387 197 350 629 LONG-TERM LIABILITIES Lease liabilities interest-bearing 7,12 10 227 14 472 Total long-term lialilities 10 227 14 472 CURRENT LIABILITIES Accounts payable 1 863 1 731 Public fees and tax withholdings 593 2 905 Liabilities subsidiares 87 315 Other current liabilities 7,12,14 8 210 8 521 Total current liabilities 10 666 100 472 Total liabilities 20 893 114 944 Total equity and liabilities 408 089 465 573 Troms\u00f8, 28. April 2023 Jane Theaker Director Bernd K. Striberny Director (employee) Marie Roskrow Chairman Jethro Holter CEO Financial statements \u2014 parent company 67
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Statement of changes in equity \u2014 parent company (Amounts in NOK 1 000) Share capital Premium paid-in capital Other paid-in capital Retained earnings Total Equity as of 01.01.2021 48 335 151 039 47 910 -53 005 194 279 Employees' share options 1 238 1 238 Share capital increase 2 037 109 217 -155 111 099 Net profit for the year 2021 44 013 44 013 Equity as of 31.12.2021 50 371 260 256 49 148 -9 145 350 629 Employees' share options 3 720 3 720 Share capital increase 200 1 400 1 600 Net profit for the year 2022 31 248 31 248 Equity as of 31.12.2022 50 571 261 656 52 867 22 103 387 197 1. January till 31. December The Company's share capital consists of 50,571,390 shares as of 31.12.2022. Financial statements \u2014 parent company 68
(Amounts in NOK 1 000) Note 2022 2021 CASH FLOW FROM OPERATING ACTIVITIES Profit / loss(-) before tax: 40 079 55 988 Profit / loss(-) adjusted for: Adjustment, lease premises -750 Amortization investment subsidiary 4 -29 Group contributions 9,12 -55 306 -71 500 Depreciation 7 332 749 Employees' options, share-based payment expense 2 3 720 1 238 Interest expense lease liability 4 22 239 Changes in operating assets and receivables Account receivables and other receivables 9, 10 -207 12 937 Account payable and other current liabilities 14 -90 131 23 135 Net cash flow from operating activities -102 241 22 757 CASH FLOW FROM INVESTING ACTIVITIES Purchase of fixed assets 6 -120 -101 Divestment subsidiary 29 Changes in long-term receivables 3 050 1 887 Net cash flow from investing activities 2 930 1 815 CASH FLOW FROM FINANCING ACTIVITIES Payment", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3442": { "value": "Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3444": { "value": "Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3445": { "value": "Note 2.1 Financial reporting framework The consolidated financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and interpretations of IFRS as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis. The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company\u2019s accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption. The Group has adopted all new and amended standards with mandatory application for the current reporting period. The Group does not expect any new standards to have a significant impact on the profit & loss statement or the financial position statement of the Company. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3466": { "value": "Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3467": { "value": "Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3468": { "value": "Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3470": { "value": "Note 2.2 Principles for consolidation Subsidiaries The consolidated financial statements include the parent company ArcticZymes Technologies ASA and the wholly owned subsidiary ArcticZymes AS. Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated and may be considered as an impairment indicator for the asset transferred. Accounting policies of subsidiaries will be adjusted when deemed necessary to ensure consistency with the Group\u2019s accounting policies. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3484": { "value": "Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss. Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised in order to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits and money market funds with low risk. At the reporting date, the Group had bank deposits and money market fund of NOK 244.2 million. The Group\u2019s accounts payable and current liabilities has maturity shorter than one year and will be settled at maturity: (Amounts in NOK 1 000) 2022 2021 Non-current lease liabilities > 12 months 10 348 14 472 Accounts payable < 3 months 5 592 5 795 Accounts payable 3 months \u2013 12 months 0 0 Total accounts payable 5 592 5 795 Current lease liabilities < 12 months 3 732 3 097 Other current liabilities < 12 months 14 628 15 902 Total accounts payable and other current liabilities 34 301 39 266 Book value of accounts payable and other current liabilities measured by currency: (Amounts in NOK 1 000) 2022 2021 NOK 27 540 36 409 EUR 5 400 1 173 USD 1 203 1 454 Other 158 230 Total accounts payable and other current liabilities 34 301 39 266 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3485": { "value": "Note 2.3 Foreign currency translation Functional and presentation currency The accounts of the individual entities within the Group are measured by using the currency of the main economic environment in which the entity operates (its functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group companies. Transactions and financial position items Foreign currency transactions are translated into the functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets and liabilities) in foreign currency at year-end, are recorded in the consolidated statement of profit & loss. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3513": { "value": "Note 3 Financial risk management Note 3.1 Financial risk factors Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group\u2019s overall risk management is to minimise potential adverse effects of any unpredictability in the financial markets. For the reporting period, the Group had no interest-bearing loans. Financial instruments are not used for trading purposes. Interest-bearing investments beyond bank deposits can be made in certificates or bond funds with short maturities. Note 3.1.1 Market risk Foreign currency risk Revenues for 2022 to the Group are mainly denominated in USD and EUR; distributed 68% at USD and 31% at EUR. A majority of the Group\u2019s cost base is denominated in NOK. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2022 as 2021, sales revenues in 2022 would have been NOK 8.0 million lower for the year as the NOK weakened towards the USD especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2022 and all other variables held constant, this would lead to a higher / lower operating profit of NOK 174.000. For EUR would such currency changes have affected the result by NOK 114.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2022. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or money market funds with short maturities. The Group has no interest-bearing debt. Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk assosiated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables was zero in 2022. All bank deposits are in DNB bank ASA. DNB Bank ASA has long-term S&P rating of AA-. Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised in order to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits and money market funds with low risk. At the reporting date, the Group had bank deposits and money market fund of NOK 244.2 million. The Group\u2019s accounts payable and current liabilities has maturity shorter than one year and will be settled at maturity: (Amounts in NOK 1 000) 2022 2021 Non-current lease liabilities > 12 months 10 348 14 472 Accounts payable < 3 months 5 592 5 795 Accounts payable 3 months \u2013 12 months 0 0 Total accounts payable 5 592 5 795 Current lease liabilities < 12 months 3 732 3 097 Other current liabilities < 12 months 14 628 15 902 Total accounts payable and other current liabilities 34 301 39 266 Book value of accounts payable and other current liabilities measured by currency: (Amounts in NOK 1 000) 2022 2021 NOK 27 540 36 409 EUR 5 400 1 173 USD 1 203 1 454 Other 158 230 Total accounts payable and other current liabilities 34 301 39 Note 3.2 Capital management The Group\u2019s objectives when managing capital are to safeguard the continued operations of the Group and to provide returns for shareholders and other stakeholders and to maintain an optimal capital structure to reduce capital costs. Presently, the Group is equity financed, but with positive cash flow and potential acquisitions through M&A in the future, the Group will consider its capital structure. The Group has no long-term debt and pays no dividends to shareholders as long as the Group has ambitions on inorganic growth initiatives. The table below shows the Group\u2019s net cash position as of 31 December: (Amounts in NOK 1 000) 2022 2021 Cash and cash equivalents 178 795 153 898 Money markets funds 65 366 44 879 Less: Restricted cash equivalents -2 131 -1 647 Net cash position 242 030 198 777 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3528": { "value": "Note 3.1.1 Market risk Foreign currency risk Revenues for 2022 to the Group are mainly denominated in USD and EUR; distributed 68% at USD and 31% at EUR. A majority of the Group\u2019s cost base is denominated in NOK. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2022 as 2021, sales revenues in 2022 would have been NOK 8.0 million lower for the year as the NOK weakened towards the USD especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2022 and all other variables held constant, this would lead to a higher / lower operating profit of NOK 174.000. For EUR would such currency changes have affected the result by NOK 114.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2022. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or money market funds with short maturities. The Group has no interest-bearing debt. Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk assosiated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables was zero in 2022. All bank deposits are in DNB bank ASA. DNB Bank ASA has long-term S&P rating of AA-. Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised in order to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits and money market funds with low risk. At the reporting date, the Group had bank deposits and money market fund of NOK 244.2 million. The Group\u2019s accounts payable and current liabilities has maturity shorter than one year and will be settled at maturity: (Amounts in NOK 1 000) 2022 2021 Non-current lease liabilities > 12 months 10 348 14 472 Accounts payable < 3 months 5 592 5 795 Accounts payable 3 months \u2013 12 months 0 0 Total accounts payable 5 592 5 795 Current lease liabilities < 12 months 3 732 3 097 Other current liabilities < 12 months 14 628 15 902 Total accounts payable and other current liabilities 34 301 39 266 Book value of accounts payable and other current liabilities measured by currency: (Amounts in NOK 1 000) 2022 2021 NOK 27 540 36 409 EUR 5 400 1 173 USD 1 203 1 454 Other 158 230 Total accounts payable and other current liabilities 34 301 39 266 Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2022, and we expect no future losses, no provisions for loss on receivables were made in 2022. Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. (Amounts in NOK 1 000) 31.12.2022 Assets at fair value 31.12.2021 Assets at fair value FINANCIAL ASSETS Cash bank deposits 178 795 155 545 Money market funds 65 366 44 879 Total financial assets 244 161 200 424 (Amounts in NOK 1 000) 31.12.2022 Debts at amortised cost 31.12.2021 Debts at amortised cost FINANCIAL DEBTS Leasing, non-current liabilities 10 348 14 472 Leasing, current liabilities 3 732 3 097 Total financial debts 14 080 17 569 The Group has no interest-bearing loans or debt other than lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3529": { "value": "Note 3.1.1 Market risk Foreign currency risk Revenues for 2022 to the Group are mainly denominated in USD and EUR; distributed 68% at USD and 31% at EUR. A majority of the Group\u2019s cost base is denominated in NOK. A weaker NOK against the USD or EUR will influence the operating profit in a positive direction, while a stronger NOK against the USD or EUR will have the opposite effect. By using an equivalent exchange rate in 2022 as 2021, sales revenues in 2022 would have been NOK 8.0 million lower for the year as the NOK weakened towards the USD especially. If NOK relative to USD was 5% stronger / weaker at 31 December 2022 and all other variables held constant, this would lead to a higher / lower operating profit of NOK 174.000. For EUR would such currency changes have affected the result by NOK 114.000. The impact on equity would be correspondingly. The calculated effect is based on a net 5% change in receivables and payables denominated in USD and EUR as of 31.12.2022. The Group exchanges foreign currency into NOK on a regular basis. The Group tries to minimise the balance of foreign currencies in its accounts. The Group has little exposure to interest rate risk as the investment of liquid assets are in bank deposits, certificates and / or money market funds with short maturities. The Group has no interest-bearing debt. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3566": { "value": "Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk assosiated with bank deposits. No single customer represents major outstanding credit records and the associated credit risk is considered to be low. The maximum exposure is expressed at the carrying value of accounts receivable. Losses on accounts receivables was zero in 2022. All bank deposits are in DNB bank ASA. DNB Bank ASA has long-term S&P rating of AA-. NHistorically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2022, and we expect no future losses, no provisions for loss on receivables were made in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3582": { "value": "Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised in order to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits and money market funds with low risk. At the reporting date, the Group had bank deposits and money market fund of NOK 244.2 million. The Group\u2019s accounts payable and current liabilities has maturity shorter than one year and will be settled at maturity: (Amounts in NOK 1 000) 2022 2021 Non-current lease liabilities > 12 months 10 348 14 472 Accounts payable < 3 months 5 592 5 795 Accounts payable 3 months \u2013 12 months 0 0 Total accounts payable 5 592 5 795 Current lease liabilities < 12 months 3 732 3 097 Other current liabilities < 12 months 14 628 15 902 Total accounts payable and other current liabilities 34 301 39 266 Book value of accounts payable and other current liabilities measured by currency: (Amounts in NOK 1 000) 2022 2021 NOK 27 540 36 409 EUR 5 400 1 173 USD 1 203 1 454 Other 158 230 Total accounts payable and other current liabilities 34 301 39 266 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3690": { "value": "Note 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets are based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense is the remaining lifetime of any related patents. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the product is ready for distribution / sales, including the presence of necessary government approvals. Amortisation of other intangible assets starts with acquisitions. Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3693": { "value": "ote 4 Accounting estimates and judgments Estimates and judgments undergo continuous evaluation based on historical experience and other factors, including expectations of future events believed to be reasonable under the present circumstances. The Group makes estimates and assumptions concerning the future. Estimates and assumptions are based on parameters available when the financial statements were prepared, but these assumptions may change due to market changes or circumstances arising beyond the control of the Group. These changes are reflected in assumptions when they occur. Estimates and assumptions that might have a significant risk for adjustment in the carrying value in the following years are addressed below: Assessment of capitalisation of development: Capitalisation of development expenses of a defined product assumes that future cash flows from sales of this product exceed the expenses of development. The expected future cash flows are still subject to uncertainties, and may, if reduced, result in impairment of capitalised development expenses. During most of the development phase of a new product there is a significant uncertainty whether the product under development will be suitable for commercialisation. Because of this, the development projects will usually not qualify or recognition as an intangible asset before the latest stages of the development phase. See note 9 for development projects and note 13 for projects that are capitalised. Assessment of useful life of intangible assets: Useful life of intangible assets are based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense is the remaining lifetime of any related patents. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the product is ready for distribution / sales, including the presence of necessary government approvals. Amortisation of other intangible assets starts with acquisitions. Options Options are measured at the fair value of the equity instruments at the grant date. Calculation of fair value involves estimates and assumptions. Measurement inputs include share price on measurement date, strike price, expected volatility, weighted average expected life of the instruments, expected dividends, and the risk-free interest rate. At the end of each reporting period, the Group revises its estimates of the number of equity instruments that are expected to vest. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3755": { "value": "Note 5 Segment information Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated. The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main Notes to the financial statements for 2022 47 carriage. Control is transferred when the goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants, research grants, other grants and administration services. (Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 Net profit/loss(-) from the operating segments: (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Enzymes Corporate Total Enzymes Corporate Total Assets 125 704 193 333 319 037 49 649 234 461 284 111 Liabilities 13 408 20 893 34 301 11 638 27 629 39 266 Assets, liabilities and investments distributed to the segments: (Amounts in NOK 1 000) 2022 2021 Enzymes Enzymes Norway 438 496 Germany 12 032 10 752 Lithuania 28 035 35 132 Italy 2 574 3 412 Other countries in Europe 17 757 11 291 USA 60 355 50 495 Rest of world 15 780 16 392 Total sales revenues 136 971 127 970 Geographical distribution of sales revenues: Sales revenues from the largest customer in 2022 are NOK 28.0 million (2021: NOK 35.1 million). The Group's sales has been impacted by COVID-19 effects. The impact from Coronavirus-related sales has become increasingly more difficult to quantify as further products are being utilised in Coronavirus- related applications (e.g. rSAP in Sanger sequencing of Coronavirus variants). The Company experienced a sharp drop in Coronavirus-related sales after the first quarter of 2022, and has only experienced marginal sales the last 3 quarters of 2022. The Company does not expect any material Coronavirus-related sales in 2023Amounts in NOK 1 000) 2022 Whereof COVID-19 related 2021 Whereof COVID-19 related Sales 136 971 15 000 127 970 33 200 Other operating expenses related to the COVID-19 pandemic is only marginal and not reported as a seperate item. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3759": { "value": "Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated. The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants, research grants, other grants and administration services. (Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3760": { "value": "Principles for accounting The operating segments in these statements are consistent with the internal reporting provided to the chief operating decision maker. The operating decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated. The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants, research grants, other grants and administration services. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3824": { "value": "Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3825": { "value": "Amounts in NOK 1 000) 2022 2021 Enzymes Corporate Total Enzymes Corporate Total Sales revenues 136 971 136 971 127 970 127 970 Cost of materials and change in inventory -5 180 -5 180 -3 885 -3 885 Gross profit 131 791 131 791 124 084 124 084 Other operating income 667 27 694 1 955 1 123 3 078 Operating expenses -73 481 -17 508 -90 989 -49 416 -16 123 -65 539 Depreciation and amortization -4 689 -332 -5 021 -2 442 -749 -3 191 Operating profit/loss(-) 54 288 -17 814 36 474 74 182 -15 749 58 433 Net financial income/loss(-) 3 081 2 587 5 668 787 -217 570 Profit/loss(-) before tax 57 369 -15 227 42 142 74 968 -15 966 59 002 ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3987": { "value": "(Amounts in NOK 1 000) 2022 2021 Government grants Tax grants \"Skattefunn\" 140 717 Other grants 817 1 238 Other income -264 1 123 Total other income 694 3 078 Note 6 Other income Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. See note 17 for grants in the financial position Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2022 2021 FROM UIT - THE ARCTIC UNIVERSITY OF NORWAY Cold ligases 2022 817 200 FROM INNOVATION NORWAY: Development of components for RNA diagnostics 2021 727 Upscaling of SAN-HQ manufacturing 2021 311 TAX GRANTS \"SKATTEFUNN\": Annually 140 717 Total grants 957 1 955 Note 10 Other operating expenses Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. (Amounts in NOK 1 000) 2022 2021 Maintenance premises and materials lab 6 208 3 317 Office equipment and IT 2 779 1 845 External services 12 035 5 343 Marketing expenses 1 148 1 268 Patent and licensing expenses 1 964 2 330 Other operating expenses 7 670 4 656 Total other operating expenses 31 804 18 758 (Amounts in NOK 1 000) 2022 2021 Statutory audit 511 535 Other attestation services 98 69 Other services beside auditing 1 374 224 Total auditing fees and expenses 1 983 829 External auditor: Fees and expenses ex VAT: ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3988": { "value": "(Amounts in NOK 1 000) 2022 2021 Government grants Tax grants \"Skattefunn\" 140 717 Other grants 817 1 238 Other income -264 1 123 Total other income 694 3 078 Note 6 Other income Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. See note 17 for grants in the financial position Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2022 2021 FROM UIT - THE ARCTIC UNIVERSITY OF NORWAY Cold ligases 2022 817 200 FROM INNOVATION NORWAY: Development of components for RNA diagnostics 2021 727 Upscaling of SAN-HQ manufacturing 2021 311 TAX GRANTS \"SKATTEFUNN\": Annually 140 717 Total grants 957 1 955 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4008": { "value": "Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. Description of awarded grants: (Amounts in NOK 1 000) Grants expiry 2022 2021 FROM UIT - THE ARCTIC UNIVERSITY OF NORWAY Cold ligases 2022 817 200 FROM INNOVATION NORWAY: Development of components for RNA diagnostics 2021 727 Upscaling of SAN-HQ manufacturing 2021 311 TAX GRANTS \"SKATTEFUNN\": Annually 140 717 Total grants 957 1 955 ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4009": { "value": "Principles for accounting Other income are primarily different kind of grants. Government grants are recognised at fair value when it is reasonable sure that the grant will be received and that the Company will fulfil the conditions attached to the grant. The grants are recognised as other income in the period in order to match expenses they are intended to compensate. Government grants relating to the purchase of fixed assets are recorded as a reduction in the carrying cost. They are expressed in the profit and loss statement through lower annual depreciation over the expected life of the relevant fixed assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4057": { "value": "Note 7 Personnel expenses Principles for accounting Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities. The employer's contribution to the plan was changed 01.july 2021 from 5% to 7% for salaries between 0 G and 7.1 G, and from 8% to 10% for salaries between 7.1 G and 12 G. Per 31 December 2022, the Group paid for 51 members of the scheme. (Amounts in NOK 1 000) 2022 2021 Salaries 45 205 37 849 Employer's social security contribution 5 588 4 669 Share options granted 5 432 1 238 Pension costs 2 270 1 431 Other benefits 689 1 595 Total personnel expenses 59 185 46 781 Number of employees at 31.12: 61,0 46,0 Number of FTEs: 52,2 38,8 Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. he Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 Specification of other current laibilities: Note 23 Events after balance sheet date, 31.12 2022 There are no evenst to the financial statements for the period from the financial position date to the date of approval ; 28 april 2023. Ownership information: Shares Ownership Skandinaviska Enskilda Banken AB (nominee) 4 736 345 9,4 % Skandinaviska Enskilda Banken AB (nominee) 3 806 275 7,5 % Nordnet Bank AB (nominee) 2 627 562 5,2 % Skandinaviska Enskilda Banken AB (nominee) 2 312 000 4,6 % State Street Bank and Trust Comp (nominee) 2 273 618 4,5 % Avanza Bank AB (nominee) 2 015 939 4,0 % Pro AS 2 005 216 4,0 % State Street Bank and Trust Comp (nominee) 1 580 354 3,1 % Clearstream Bnaking S.A. (nominee) 1 301 574 2,6 % Belvedere AS 1 015 684 2,0 % Tellef Ormestad 889 804 1,8 % Skandinaviska Enskilda Banken AB (nominee) 879 463 1,7 % Danske Bank AS (nominee) 768 726 1,5 % Middelboe AS 605 000 1,2 % Danske Bank AS (nominee) 562 000 1,1 % Kvantia AS 554 713 1,1 % Dragesund Invest AS 521 739 1,0 % Verdipapirfondet KLP Aksjenorge 503 515 1,0 % Skandinaviska Enskilda Banken AB (nominee) 500 000 1,0 % Naudholmen AS 480 000 0,9 % 20 largest shareholders aggregated 29 939 527 59,20 % 3.719 other shareholders aggregated 20 631 863 40,80 % Total shares (3.739 shareholders) 50 571 390 100,00 % The 20 largest shareholders as of 31.12.2022: Notes to the financial statements for 2022 64
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Financial statements \u2013 parent company
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Financial statement of profit & loss \u2014 parent company 1. January till 31. December (Amounts in NOK 1 000) Note 2022 2021 Sales revenues 1 11 440 10 275 Total revenues 11 440 10 275 Personnel expenses 2 16 429 17 300 Depreciation and amortisation 6,7 332 749 Other operating expenses 3 12 492 7 975 Total operating expenses 29 254 26 024 Operating profit / loss (-) -17 814 -15 749 Financial income, net 4 58 133 72 216 Write-down /loss financial assets 4 29 Financial expenses, net 4 -240 -508 Financial net 57 893 71 737 Profit before income tax 40 079 55 988 Income tax expense 5 -8 831 -11 975 Net profit 31 248 44 013 Transferrals Transferred to retained earnings 31 248 44 013 Financial statement of comprehensive income \u2014 parent company (Amounts in NOK 1 000) Note 2022 2021 Net profit/loss for the year 31 248 44 013 Other income & costs after tax 0 0 Comprehensive income 31 248 44 013 Financial statements \u2014 parent company 66
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Statement of financial position \u2014 parent company As of 31. December (Amounts in NOK 1 000) Note 2022 2021 ASSETS NON-CURRENT ASSETS Deferred tax asset 5 11 496 20 327 Equipment 6 175 87 Lease assets 7 229 3 431 Long-term receivables subsidiares 13 333 13 398 Investments in subsidiaries 8 155 703 155 703 Total non-current assets 180 936 192 947 CURRENT ASSETS Receivables subsidiaries 9 58 640 74 658 Other receivables 10 762 730 Cash and cash equivalents 11,12 167 751 197 238 Total current assets 227 153 272 627 Total assets 408 089 465 573 EQUITY AND LIABILITIES EQUITY Share capital 13 50 571 50 371 Premium paid-in capital 261 656 260 256 Other paid-in capital 52 867 49 148 Retained earnings 22 102 -9 145 Total equity 387 197 350 629 LONG-TERM LIABILITIES Lease liabilities interest-bearing 7,12 10 227 14 472 Total long-term lialilities 10 227 14 472 CURRENT LIABILITIES Accounts payable 1 863 1 731 Public fees and tax withholdings 593 2 905 Liabilities subsidiares 87 315 Other current liabilities 7,12,14 8 210 8 521 Total current liabilities 10 666 100 472 Total liabilities 20 893 114 944 Total equity and liabilities 408 089 465 573 Troms\u00f8, 28. April 2023 Jane Theaker Director Bernd K. Striberny Director (employee) Marie Roskrow Chairman Jethro Holter CEO Financial statements \u2014 parent company 67
Statement of changes in equity \u2014 parent company (Amou", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4061": { "value": "Principles for accounting Payroll and related expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. The Group has a defined contribution plan for all employees in Norway compliant to requirements for compulsory occupational pension in Norway under which the Group pays a fixed percentage contribution of members' salaries. The Group has no further payment obligations once the contributions are made. The Group recognises liabilities and expenses for bonuses based on a review of key personnel achievement. The Group recognises a provision for bonuses based on contractually and probable liabilities. Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4082": { "value": "(Amounts in NOK 1 000) 2022 2021 Salaries 45 205 37 849 Employer's social security contribution 5 588 4 669 Share options granted 5 432 1 238 Pension costs 2 270 1 431 Other benefits 689 1 595 Total personnel expenses 59 185 46 781 Number of employees at 31.12: 61,0 46,0 Number of FTEs: 52,2 38,8 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4122": { "value": "The Group had no transactions with related parties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4125": { "value": "(Amounts in NOK 1 000) 2022 2021 Salaries paid Bonus paid Pension costs Other benefits Salaries paid Bonus paid Pension costs Other benefits Marie Ann Roskrow, Chairman 500 470 Jane Theaker, Director 280 320 150 Bernd K. Striberny, Director / Employee 56 Volker Wedershoven, former Director 375 270 Marit Sjo Lorentzen, former Director / Employee 45 108 Jethro Holter, CEO 2 073 671 131 26 1 892 530 83 16 013 B\u00f8rge S\u00f8rvoll, CFO 1 538 323 123 11 1 451 313 91 12 Marit Sjo Lorentzen, VP Operations 1 074 136 120 13 1 001 43 65 14 Darren Ellis, CSO 117 50 Dirk Hahneiser, VP Business Dev.and Markting 735 16 26 Olav Lanes, VP R&D and Applications 1 129 117 106 12 1 077 43 71 12 Shares and options owned or controlled by directors and senior management per 31.12.2022: Options Shares Marie Roskrow, Chairman 200 000 Jane Theaker, Director* Bernd K. Striberny, Director (employee) 200 Lill Hege Henriksen, Observer (employee) 3 088 Jethro Holter, CEO 170 000 80 564 B\u00f8rge S\u00f8rvoll, CFO 330 000 25 428 Marit Sjo Lorentzen, VP Operations 115 000 20 331 Olav Lanes, VP R&D and Applications 100 000 2 000 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4247": { "value": "(Amounts in NOK 1 000) 2022 2021 RESEARCH AND DEVELOPMENT EXPENSES: Personnel expenses 16 673 12 450 Purchase of external services 2 977 1 208 Other operating expenses 4 075 1 867 Total R&D expenses, not capitalised 23 725 15 526 Note 9 Research and development expenses Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4267": { "value": "Principles for accounting Development expenses are expensed when incurred. Previously expensed development costs are not recognised in subsequent periods. Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4279": { "value": "Note 10 Other operating expenses Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. (Amounts in NOK 1 000) 2022 2021 Maintenance premises and materials lab 6 208 3 317 Office equipment and IT 2 779 1 845 External services 12 035 5 343 Marketing expenses 1 148 1 268 Patent and licensing expenses 1 964 2 330 Other operating expenses 7 670 4 656 Total other operating expenses 31 804 18 758 (Amounts in NOK 1 000) 2022 2021 Statutory audit 511 535 Other attestation services 98 69 Other services beside auditing 1 374 224 Total auditing fees and expenses 1 983 829 External auditor: Fees and expenses ex VAT: ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4283": { "value": "Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4284": { "value": "Principles for accounting Expenses are recognised in the statement of profit and loss in the period which the related costs are incurred or services are provided. Net currency related to sales and settlements of other operating expences are recognised under other operating expenses. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4316": { "value": "(Amounts in NOK 1 000) 2022 2021 Statutory audit 511 535 Other attestation services 98 69 Other services beside auditing 1 374 224 Total auditing fees and expenses 1 983 829 External auditor: Fees and expenses ex VAT: ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4342": { "value": "(Amounts in NOK 1 000) 2022 2021 Interest income 3 386 841 Net currency gain/loss (-) 1 806 675 Other financial income 1 161 Total financial income 6 352 1 516 Write-down/loss financial assets 29 Interest expense lease liabilities -499 -694 Other financial expense -185 -281 Total financial expense -684 -975 Total financial income and expense, net 5 668 570 Note 11 Financial income and expense Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Net currency relates to gains and losses on bank deposits. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4346": { "value": "Interest income 3 386 841 Net currency gain/loss (-) 1 806 675 Other financial income 1 161 Total financial income 6 352 1 516 Write-down/loss financial assets 29 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4360": { "value": "Interest expense lease liabilities -499 -694 Other financial expense -185 -281 Total financial expense -684 -975 Total financial income and expense, net 5 668 570 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4374": { "value": "Note 11 Financial income and expense Principles for accounting The Groups's interest income and expenses mainly relates to interest received on bank deposits, lease liabilities and short-term interest rate funds. Net currency relates to gains and losses on bank deposits. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4384": { "value": "Note 12 Deferred tax asset Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. Amounts in NOK 1 000): 2022 2021 Change Non current assets 2 538 1 787 -751 Other temporary differences -1 218 -3 374 -2 157 Gains and loss account 6 790 8 487 1 697 Total temporary differences 8 111 6 900 1 210 Financial instruments 274 549 Adjustment capitalisation Skattefunn 406 Tax assessment loss carried forward -59 876 -100 729 Calculation base deferred tax asset -51 086 -93 280 Deferred tax asset, 22% -11 239 -20 522 -9 283 Profit before income tax 42 142 59 002 Non deductable expenses 471 -1 128 Non taxable income -550 -1 054 Changes in temporary differences -1 210 3 193 Profit before tax loss carried forward 40 853 60 014 Deferred tax loss carried forward -40 853 -60 014 Tax base 0 0 Tax expense -9 283 -12 621 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4385": { "value": "Note 12 Deferred tax asset Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. Amounts in NOK 1 000): 2022 2021 Change Non current assets 2 538 1 787 -751 Other temporary differences -1 218 -3 374 -2 157 Gains and loss account 6 790 8 487 1 697 Total temporary differences 8 111 6 900 1 210 Financial instruments 274 549 Adjustment capitalisation Skattefunn 406 Tax assessment loss carried forward -59 876 -100 729 Calculation base deferred tax asset -51 086 -93 280 Deferred tax asset, 22% -11 239 -20 522 -9 283 Profit before income tax 42 142 59 002 Non deductable expenses 471 -1 128 Non taxable income -550 -1 054 Changes in temporary differences -1 210 3 193 Profit before tax loss carried forward 40 853 60 014 Deferred tax loss carried forward -40 853 -60 014 Tax base 0 0 Tax expense -9 283 -12 621 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4389": { "value": "Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4390": { "value": "Principles for accounting The tax expense is comprised of current and deferred tax. Tax is recognised, except when it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income. The tax expense is measured in accordance with the tax laws and regulations that are enacted at the balance sheet date. Deferred tax is measured as temporary differences between tax values and consolidated accounting values of assets and liabilities, using the liability method. If deferred tax arises from initial recognition of an asset or assets in a transaction that is not a business combination and that at the time of the transaction affects neither accounting nor taxable profit, it is not recognised. Deferred tax is determined using tax rates and laws that have been enacted or substantially enacted at the balance sheet date and are expected to apply when the deferred tax asset is realised, or the deferred tax liability is settled. When considering recognition of profit loss carried forward as a deferred tax asset, there are objective criteria`s from IAS 12- 34/35/36and ESMA that need to be considered before implementation. There is strong evidence supporting recognition of profit loss carried forward as a deferred tax asset: \u2022 The Group expect further growth in revenues and EBTDA level based on board discussions around the ArcticZymes business case moving forward. \u2022 ArcticZymes Technologies has loss carried forward that can be utilised through the use of group contributions from the subsidiary Arcticzymes. \u2022 ArcticZymes is expected to have taxable income for the next 1-2 years which can be offset through group contribution against the tax loss in the parent company. \u2022 The Group has an increasing and steady customer base with recurring revenues. Based on listed evidence there are very limited negative criteria`s opposing recognition of deferred tax asset according to IAS 12 - 34/35/36 and ESMA. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4518": { "value": "Note 13 Intangible assets Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. (Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2021 Historic cost 2 148 2 148 Accumulated depreciation -1 755 -1 755 Book value at 01.01.2021 393 0 393 FINANCIAL YEAR 2021 Addition 1 563 1 563 Depreciation -168 -168 Book value at 31.12.2021 1 790 0 1 790 AS OF 31.12.2021 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 31.12.2021 1 790 0 1 790 FINANCIAL YEAR 2022 Addition 4 585 3 462 8 047 Capitalised grants Skattefunn -406 -406 Amortization 0 Depreciation -194 -1 -195 Book value at 31.12.2022 5 775 3 461 9 236 AS OF 31.12.2022 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 31.12.2022 5 775 3 461 9 236 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4519": { "value": "Note 13 Intangible assets Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. (Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2021 Historic cost 2 148 2 148 Accumulated depreciation -1 755 -1 755 Book value at 01.01.2021 393 0 393 FINANCIAL YEAR 2021 Addition 1 563 1 563 Depreciation -168 -168 Book value at 31.12.2021 1 790 0 1 790 AS OF 31.12.2021 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 31.12.2021 1 790 0 1 790 FINANCIAL YEAR 2022 Addition 4 585 3 462 8 047 Capitalised grants Skattefunn -406 -406 Amortization 0 Depreciation -194 -1 -195 Book value at 31.12.2022 5 775 3 461 9 236 AS OF 31.12.2022 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 31.12.2022 5 775 3 461 9 236 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4522": { "value": "Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2021 Historic cost 2 148 2 148 Accumulated depreciation -1 755 -1 755 Book value at 01.01.2021 393 0 393 FINANCIAL YEAR 2021 Addition 1 563 1 563 Depreciation -168 -168 Book value at 31.12.2021 1 790 0 1 790 AS OF 31.12.2021 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 31.12.2021 1 790 0 1 790 FINANCIAL YEAR 2022 Addition 4 585 3 462 8 047 Capitalised grants Skattefunn -406 -406 Amortization 0 Depreciation -194 -1 -195 Book value at 31.12.2022 5 775 3 461 9 236 AS OF 31.12.2022 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 31.12.2022 5 775 3 461 9 236 Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. Amounts in NOK 1 000) Lease assets Historic cost 20 879 Accumulated depreciation including net present value adjustment -4 801 Book value at 31.12.2021 16 079 Adjustment net present value 01.01 44 Additional premises Oslotech AS, Oslo 661 Revised lease and additional premises SIVA, Troms\u00f8 265 Depreciation -3 176 Book value at 31.12.2022 13 873 Historic cost 21 849 Accumulated depreciation -7 977 Book value at 31.12.2022 13 873 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4524": { "value": "Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4525": { "value": "Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4526": { "value": "Principles for accounting Research and development, patents and licenses Research expenses are expensed when incurred. Development of products are capitalised as intangible assets when: \u2022 It is technically feasible to complete the intangible asset enabling It for use or sale. \u2022 Management intends to complete the intangible asset and use or sell it. \u2022 The Company has the ability to make use of the intangible asset or sell it. \u2022 A future economic benefit to the Company for using the intangible asset may be calculated. \u2022 Available technical, financial and other resources are sufficient to complete the development and use of or sale of the intangible asset. \u2022 The development expense of the intangible asset can be measured reliably. Intangible assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Own product development 10 years License and patents 5-10 years Capitalised development costs are depreciated linearly from the date of commercialisation over the period in which they are expected to provide economic benefits. Capitalised development costs are tested by indication for impairment in accordance with IAS 36. The Company has historically capitalised development expenses for rSAP, HL-dsDNase, SAN Elisa-kit, San HQ and Polymerases. Other development costs are expensed when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4647": { "value": "Note 14 Machinery, equipment and permanent fixtures Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. (Amounts in NOK 1 000) Machinery Equipment Permanent fixtures Total As of 01.01.2021 Historic cost 6 844 1 914 8 758 Accumulated depreciation -3 833 -1 869 -5 702 Book value at 01.01.2021 3 013 44 0 3 058 Financial year 2021 Addition 7 739 558 1 738 10 035 Amortisation -40 -40 Depreciation -688 -63 -751 Book value at 31.12.2021 10 023 538 1 738 12 302 As of 01.01.2022 Historic cost 14 544 2 472 1 738 18 793 Accumulated depreciation -4 521 -1 932 0 -4 521 Book value at 31.12.2021 10 023 538 1 738 12 302 Financial year 2022 Addition 1 927 2 757 107 4 791 Amortisation 0 Depreciation -1 203 -265 -182 -1 650 Book value at 31.12.2022 10 747 3 030 1 663 15 444 As of 31.12.2022 Historic cost 16 471 5 229 1 845 23 545 Accumulated depreciation -5 724 -2 197 -182 -8 103 Book value at 31.12.2022 10 747 3 030 1 663 15 444 Management considers that there are no impairment indicators at the group level, and that no write-downs of these assets are necessary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4653": { "value": "Principles for accounting Machinery, equipment and permanent fixture in the Group includes primarily production equipment, office equipment and furnishing. These assets have a carrying value of historical cost less depreciation and amortisation. Acquisition cost includes expenses directly attributable to the acquisition of the asset. Subsequent expenses are included in the assets carrying value or recognised as a separate asset, when it is deemed probable that future economic benefits will benefit the Group and that expenses can be measured reliably. Other repair and maintenance expenses are recognised in the consolidated profit & loss statement for the period in which they are incurred. Assets are depreciated by the linear method, depreciating the acquisition expense to the residual value over the estimated useful life, which are for each group of assets: Machinery / Equipment 5-10 years Permanent fixtures 3-5 years The actual useful life and residual values of the assets are tested for impairment when there is indication of impairment and adjusted if necessary. If the carrying value of an asset exceeds the estimated fair value, the carrying value is amortised immediately to fair value. Gains and losses on disposals are recognised as the difference between selling price less transaction costs and the carrying value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4784": { "value": "Note 15 Leases Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. (Amounts in NOK 1 000) Lease assets Historic cost 20 879 Accumulated depreciation including net present value adjustment -4 801 Book value at 31.12.2021 16 079 Adjustment net present value 01.01 44 Additional premises Oslotech AS, Oslo 661 Revised lease and additional premises SIVA, Troms\u00f8 265 Depreciation -3 176 Book value at 31.12.2022 13 873 Historic cost 21 849 Accumulated depreciation -7 977 Book value at 31.12.2022 13 873 Lease liabilities 2022 2021 Book value 31.12 (preceding year) -17 570 -11 963 Net present value adjustment 01.01 -44 -203 Additional premises Oslotech AS, Oslo -661 Revised lease and additional premises SIVA, Troms\u00f8 1 170 -7 606 Interest expense -499 -694 Payments premises 3 524 2 896 Book value at 31.12 -14 080 -17 569 Whereof Current liabilities -3 732 -3 097 Whereof Non-current liabilities -10 348 -14 472 Short-term leases The Group also lease computers and IT equipment with contract terms from 1 to 3 years. The Group has decided not to recognise leases where the underlying asset has a low value, and thus does not recognise lease obligations and lease assets for any of these assetes. Instead, payments for leases are expensed when they occur. Overhead expenses related to premises in the SIVA Innovation Centre contract are expensed when they occur. Maturity analysis 2022 2021 Less than one year 3 732 3 097 One to five years 9 494 13 927 More than five years 3 200 3 200 Total undiscounted lease liabilities at 31.12 16 426 20 224 Summary of other leased assets presented in the consolidated profit & loss statement 2022 2021 Lease of IT equipment 263 167 Overhead expenses related to premises 1 002 731 Total leased assets included in other expenses at 31.12 1 265 898 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4788": { "value": "Principles for accounting At inception of a contract, the Group considers whether or not the contract conveys the right to control the asset for a period of time. At commencement of a contract, the Company recognises a lease liability with a corresponding lease asset. The lease liability is initially recognised at present value of all lease payments for the underlying asset during the lease term. The lease term represents the non-cancellable period of the lease, including the expetected use of extension options in the contract . The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the lease payments made and adjustments to the contract reflecting adjustments in index or rates. The lease asset is initially measured at cost. The cost of the lease asset includes the corresponding amount of the initial recognition of the lease liability. The lease asset is depreciated from the commencement date through the remaining useful life. ArcticZymes Technologies has 4 lease contracts in Troms\u00f8 and Oslo. One is for leased offices and lab facilities at Siva Innovation Centre in Troms\u00f8 originating from 2011. The second contract is from 2021 and is for the production facilities at Siva Innovation Centre in Troms\u00f8. The third contract is from 2022 and relates to expansion offices at Siva Innovation Centre. The last contract of 2022 relates to offices at Oslotech AS in Oslo. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4926": { "value": "Amounts in NOK 1 000) 31.12.2022 31.12.2021 Work in progress 2 067 3 199 Materials and consumables 131 225 Finished goods 4 880 3 458 Total inventories 7 078 6 882 Note 16 Inventory and cost of materials Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4946": { "value": "Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4955": { "value": "Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4972": { "value": "Note 17 Receivables Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations. Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Accounts receivables 11 593 20 281 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 11 593 20 281 Research grants 817 2 985 Tax grants 631 1 055 Prepayments 3 936 725 VAT 1 028 1 067 Sum other receivables 6 413 5 833 Sum total receivables 18 006 26 114 Age breakdown of Accounts receivable per 31.12.2022: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 9 757 1 683 31 71 51 11 593 A majority of accounts receivables overdue on 31 December have been settled subsequently. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets. Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2022, and we expect no future losses, no provisions for loss on receivables were made in 2022. Fair value of receivables by currency: 31.12.2022 31.12.2021 USD 4 751 15 247 EUR 10 167 4 704 GBP 133 NOK 2 955 6 162 Total receivables 18 006 26 114 Age breakdown of Accounts receivable per 31.12.2021: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 17 873 1 763 201 186 258 20 281 ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4976": { "value": "Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4983": { "value": "(Amounts in NOK 1 000) 31.12.2022 31.12.2021 Accounts receivables 11 593 20 281 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 11 593 20 281 Research grants 817 2 985 Tax grants 631 1 055 Prepayments 3 936 725 VAT 1 028 1 067 Sum other receivables 6 413 5 833 Sum total receivables 18 006 26 114 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4984": { "value": "(Amounts in NOK 1 000) 31.12.2022 31.12.2021 Accounts receivables 11 593 20 281 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 11 593 20 281 Research grants 817 2 985 Tax grants 631 1 055 Prepayments 3 936 725 VAT 1 028 1 067 Sum other receivables 6 413 5 833 Sum total receivables 18 006 26 114 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5036": { "value": "Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2022, and we expect no future losses, no provisions for loss on receivables were made in 2022. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5080": { "value": "Note 18 Financial assets and debts Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. (Amounts in NOK 1 000) 31.12.2022 Assets at fair value 31.12.2021 Assets at fair value FINANCIAL ASSETS Cash bank deposits 178 795 155 545 Money market funds 65 366 44 879 Total financial assets 244 161 200 424 (Amounts in NOK 1 000) 31.12.2022 Debts at amortised cost 31.12.2021 Debts at amortised cost FINANCIAL DEBTS Leasing, non-current liabilities 10 348 14 472 Leasing, current liabilities 3 732 3 097 Total financial debts 14 080 17 569 The Group has no interest-bearing loans or debt other than lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5081": { "value": "Note 18 Financial assets and debts Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. (Amounts in NOK 1 000) 31.12.2022 Assets at fair value 31.12.2021 Assets at fair value FINANCIAL ASSETS Cash bank deposits 178 795 155 545 Money market funds 65 366 44 879 Total financial assets 244 161 200 424 (Amounts in NOK 1 000) 31.12.2022 Debts at amortised cost 31.12.2021 Debts at amortised cost FINANCIAL DEBTS Leasing, non-current liabilities 10 348 14 472 Leasing, current liabilities 3 732 3 097 Total financial debts 14 080 17 569 The Group has no interest-bearing loans or debt other than lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5085": { "value": "Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. (Amounts in NOK 1 000) 31.12.2022 Assets at fair value 31.12.2021 Assets at fair value FINANCIAL ASSETS Cash bank deposits 178 795 155 545 Money market funds 65 366 44 879 Total financial assets 244 161 200 424 (Amounts in NOK 1 000) 31.12.2022 Debts at amortised cost 31.12.2021 Debts at amortised cost FINANCIAL DEBTS Leasing, non-current liabilities 10 348 14 472 Leasing, current liabilities 3 732 3 097 Total financial debts 14 080 17 569 The Group has no interest-bearing loans or debt other than lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5087": { "value": "Principles for accounting The Groups financial assets and debts are initially measured at fair value except lease liabillities which is at amortised cost. The financial assets consist primarily of cash and cash equvalents obtained through equity issues and trade receivables. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5129": { "value": "(Amounts in NOK 1 000) 31.12.2022 31.12.2021 Cash 176 664 153 898 Money market fund 65 366 44 879 Tax withdrawal accounts 2 131 1 647 Total cash and cash equivalents 244 161 200 424 Note 19 Cash and cash equivalents Principles for accounting Cash and cash equivalents consist of cash, bank deposits and other short-term liquid investments that can be converted into cash immediately and with maturity less than three months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5148": { "value": "Principles for accounting Cash and cash equivalents consist of cash, bank deposits and other short-term liquid investments that can be converted into cash immediately and with maturity less than three months. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5166": { "value": "(Amounts in NOK 1 000) 2022 2021 Net profit attributable to ordinary shareholders of the parent 32 860 46 380 Net profit to shareholders 32 860 46 380 Weighted number of shares used for calculation of basic EPS (1000 shares) 50 413 49 338 Dilution effect share based payment 515 715 Weighted number of shares used for calculation of diluted EPS (1000 shares) 50 928 50 053 Weighted basic and diluted earnings per share (NOK per share) 0,65 0,94 Weighted diluted earnings per share (NOK per share) 0,65 0,93 Note 20 Earnings per share Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5194": { "value": "Principles for accounting Earnings per share are calculated by dividing net profit/loss to ordinary shareholders by the weighted average number of shares outstanding during the year (see note 21). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5223": { "value": "Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. he Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 Specification of other current laibilities: Note 23 Events after balance sheet date, 31.12 2022 There are no evenst to the financial statements for the period from the financial position date to the date of approval ; 28 april 2023. Ownership information: Shares Ownership Skandinaviska Enskilda Banken AB (nominee) 4 736 345 9,4 % Skandinaviska Enskilda Banken AB (nominee) 3 806 275 7,5 % Nordnet Bank AB (nominee) 2 627 562 5,2 % Skandinaviska Enskilda Banken AB (nominee) 2 312 000 4,6 % State Street Bank and Trust Comp (nominee) 2 273 618 4,5 % Avanza Bank AB (nominee) 2 015 939 4,0 % Pro AS 2 005 216 4,0 % State Street Bank and Trust Comp (nominee) 1 580 354 3,1 % Clearstream Bnaking S.A. (nominee) 1 301 574 2,6 % Belvedere AS 1 015 684 2,0 % Tellef Ormestad 889 804 1,8 % Skandinaviska Enskilda Banken AB (nominee) 879 463 1,7 % Danske Bank AS (nominee) 768 726 1,5 % Middelboe AS 605 000 1,2 % Danske Bank AS (nominee) 562 000 1,1 % Kvantia AS 554 713 1,1 % Dragesund Invest AS 521 739 1,0 % Verdipapirfondet KLP Aksjenorge 503 515 1,0 % Skandinaviska Enskilda Banken AB (nominee) 500 000 1,0 % Naudholmen AS 480 000 0,9 % 20 largest shareholders aggregated 29 939 527 59,20 % 3.719 other shareholders aggregated 20 631 863 40,80 % Total shares (3.739 shareholders) 50 571 390 100,00 % The 20 largest shareholders as of 31.12.2022: Notes to the financial statements for 2022 64
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Financial statements \u2013 parent company
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Financial statement of profit & loss \u2014 parent company 1. January till 31. December (Amounts in NOK 1 000) Note 2022 2021 Sales revenues 1 11 440 10 275 Total revenues 11 440 10 275 Personnel expenses 2 16 429 17 300 Depreciation and amortisation 6,7 332 749 Other operating expenses 3 12 492 7 975 Total operating expenses 29 254 26 024 Operating profit / loss (-) -17 814 -15 749 Financial income, net 4 58 133 72 216 Write-down /loss financial assets 4 29 Financial expenses, net 4 -240 -508 Financial net 57 893 71 737 Profit before income tax 40 079 55 988 Income tax expense 5 -8 831 -11 975 Net profit 31 248 44 013 Transferrals Transferred to retained earnings 31 248 44 013 Financial statement of comprehensive income \u2014 parent company (Amounts in NOK 1 000) Note 2022 2021 Net profit/loss for the year 31 248 44 013 Other income & costs after tax 0 0 Comprehensive income 31 248 44 013 Financial statements \u2014 parent company 66
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Statement of financial position \u2014 parent company As of 31. December (Amounts in NOK 1 000) Note 2022 2021 ASSETS NON-CURRENT ASSETS Deferred tax asset 5 11 496 20 327 Equipment 6 175 87 Lease assets 7 229 3 431 Long-term receivables subsidiares 13 333 13 398 Investments in subsidiaries 8 155 703 155 703 Total non-current assets 180 936 192 947 CURRENT ASSETS Receivables subsidiaries 9 58 640 74 658 Other receivables 10 762 730 Cash and cash equivalents 11,12 167 751 197 238 Total current assets 227 153 272 627 Total assets 408 089 465 573 EQUITY AND LIABILITIES EQUITY Share capital 13 50 571 50 371 Premium paid-in capital 261 656 260 256 Other paid-in capital 52 867 49 148 Retained earnings 22 102 -9 145 Total equity 387 197 350 629 LONG-TERM LIABILITIES Lease liabilities interest-bearing 7,12 10 227 14 472 Total long-term lialilities 10 227 14 472 CURRENT LIABILITIES Accounts payable 1 863 1 731 Public fees and tax withholdings 593 2 905 Liabilities subsidiares 87 315 Other current liabilities 7,12,14 8 210 8 521 Total current liabilities 10 666 100 472 Total liabilities 20 893 114 944 Total equity and liabilities 408 089 465 573 Troms\u00f8, 28. April 2023 Jane Theaker Director Bernd K. Striberny Director (employee) Marie Roskrow Chairman Jethro Holter CEO Financial statements \u2014 parent company 67
Statement of changes in equity \u2014 parent company (Amou", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5226": { "value": "Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5228": { "value": "Principles for accounting Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options less taxes are recorded as a reduction in proceeds to equity. When purchasing own shares, the consideration paid including any transaction costs less tax, is deducted from equity (attributable to equity shareholders) until the shares are cancelled, reissued or sold. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5427": { "value": "Note 22 Account payable and other current liabilities Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. (Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 Specification of other current laibilities: ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5431": { "value": "Principles for accounting The Group's liabilities consistes of accounts payable, dividends, lease liabilities interest-beearing and other current liabilities and are classified as \"current liabilities\". Accounts payable are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers and employees. Accounts payable is classified as current liability if payment is due within 12 months. If not, they are presented as long-term liabilities. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5452": { "value": "(Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5454": { "value": "Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5455": { "value": "Amounts in NOK 1 000) 31.12.2022 31.12.2021 Unpaid holiday pay 3 947 2 680 Bonus 2 055 4 392 Other personnel 2 025 2 634 Accrued public fees and withdrawals 2 883 3 984 Miscellaneous other accrued costs 3 717 2 214 Other current liabilities 14 628 15 902 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f5479": { "value": "Note 23 Events after balance sheet date, 31.12 2022 There are no evenst to the financial statements for the period from the financial position date to the date of approval ; 28 april 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }