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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 collaborations with national
and international partners to offer niche and high-
quality life science products.
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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 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3457": { "value": "
The consolidated financial statements are prepared
under the going concern assumption.
The preparation of financial statements in conformity with IFRS requires the use of estimates. Furthermore, the application of the Company's accounting principles requires management to exercise judgment. For further information about this, see note 4.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3459": { "value": "
The consolidated financial statements are prepared
under the going concern assumption.
(NOK), which is the functional currency for all Group companies.
Note 2 Summary of significant
accounting policies Transactions and financial position items
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. and from the translation of monetary items (assets
and liabilities) in foreign currency at year-end, are
Note 2.1 Financial reporting framework
The consolidated financial statements are prepared in accordance with IFRS\u00aeAccounting Standards 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's accounting principles requires management to exercise judgment. For further information about this, see note 4.
The Company has adopted all new and amended standards with mandatory application for the current reporting period. The Company does not expect any new, nor newly amended standards to have a material 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.
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 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 recorded in the consolidated statement of profit & loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3488": { "value": "Sykehusvegen 23, Troms\u00f8, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3489": { "value": "Sykehusvegen 23, Troms\u00f8, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3494": { "value": "
The Board of Directors approved the consolidated financial statements on 28. April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3536": { "value": "
The consolidated financial statements are prepared in accordance with IFRS\u00aeAccounting Standards as adopted by the EU. The consolidated financial statements are prepared on a historical cost basis.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3555": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3587": { "value": "
Note 3 Financial risk management
The Group has little exposure to interest rate risk
as the investment of liquid assets are in bank
Note 3.1 Financial risk factors
deposits, certificates and / or mutual funds with short
Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group's 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. These investments are
classified as other assets.
were insignificant in 2023. All bank deposits are in
DNB Bank ASA. DNB Bank ASA has long-term S&P
Note 3.1.1 Market risk / Foreign currency risk
rating of AA-.
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% at EUR. A majority of the Group\u2019s cost base is
denominated in NOK.
the Group considers the liquidity risk to be low. There
are no major investments or investments that will
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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 million lower for the year as the NOK weakened
towards the USD especially.
NOK 69.0 million in low risk, highly liquid mutual funds
defined as short term assets in the financial position
If NOK relative to USD was 5% stronger / weaker at 31 December 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. The impact
on equity would be correspondingly. The calculated
Note 3.1.3
effect is based on a net 5% change in receivables
(Amounts in NOK 1 000)
2023
2022
and payables denominated in USD and EUR as of 31.12.2023.
Non-current lease liabilities > 12 months
8 414
10 348
The Group exchanges foreign currency into NOK on a
< 3 months
4 539
5 592
regular basis. The Group tries to minimise the balance
3 months \u2013 12 months
0
0
of foreign currencies in its accounts.
Total accounts payable
4 539
5 592
Book value of current liabilities and receivables/
Current lease liabilities < 12 months
4 174
3 732
assets measured by currency:
Other current liabilities < 12 months
12 898
14 628
(Amounts in NOK 1 000) 2023 2022
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 71 373 25 152 68 321 27 540 EUR 6 449 3 238 10 167 5 400 USD 8 313 1 065 4 751 1 203 Other 91 571 133 158 Total 86 226 30 026 83 372 34 301 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 associated 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
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, 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 to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits. At the reporting date, the Group had bank deposits of NOK 180.9 million. In addition, the Company had statement. The Group\u2019s accounts payable and current liabilities have maturity shorter than one year and will be settled at maturity. Total liabilities 30 026 34 301
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3596": { "value": "
The Group has little exposure to interest rate risk
as the investment of liquid assets are in bank
deposits, certificates and / or mutual funds with short
Note 3.1.1 Market risk / Foreign currency risk
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% 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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 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 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. 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 31.12.2023.
The Group exchanges foreign currency into NOK on a
regular basis. The Group tries to minimise the balance
of foreign currencies in its accounts.
Book value of current liabilities and receivables/
assets measured by currency:
(Amounts in NOK 1 000) 2023 2022
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 71 373 25 152 68 321 27 540 EUR 6 449 3 238 10 167 5 400 USD 8 313 1 065 4 751 1 203 Other 91 571 133 158 Total 86 226 30 026 83 372 34 301 maturities. The Group has no interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3597": { "value": "
The Group has little exposure to interest rate risk
as the investment of liquid assets are in bank
deposits, certificates and / or mutual funds with short
Note 3.1.1 Market risk / Foreign currency risk
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% 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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 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 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. 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 31.12.2023.
The Group exchanges foreign currency into NOK on a
regular basis. The Group tries to minimise the balance
of foreign currencies in its accounts.
Book value of current liabilities and receivables/
assets measured by currency:
(Amounts in NOK 1 000) 2023 2022
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 71 373 25 152 68 321 27 540 EUR 6 449 3 238 10 167 5 400 USD 8 313 1 065 4 751 1 203 Other 91 571 133 158 Total 86 226 30 026 83 372 34 301 maturities. The Group has no interest-bearing debt.
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
Principles for accounting
The operating segments in these statements are
consistent with the internal reporting provided to
FCA, where the customer arranges and pays for
the main carriage. Control is transferred when the
Options
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
Notes to the financial statements for 2023 47
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)
2023 2022
Tax grants \"Skattefunn\" 741 140
Other grants 817
Adjustments grants -30 -264
Total other income 711 694
Note 6 Other income Principles for accounting Other income are 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 2023 2022
From UiT - The Arctic University of Norway Cold ligases 2022 817 Tax grants \"Skattefunn\": Annually 741 140 Total grants 741 957
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 employer's contribution plan are 7% for salaries between 0 G and 7.1 G, and 10% for salaries between 7.1 G and 12 G. Per 31 December 2023, the Group paid for 60 members of the scheme. 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 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 expenses are recognised under other operating expenses.
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 charge in the profit and loss account consists sheet to the extent that it is likely that it can be
of tax payable for the period and the change in utilised.
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance \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.
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
depreciating the acquisition expense to the residual value over the estimated useful life, which are for
Principles for accounting
each group of assets:
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. Machinery / Equipment 3-10 years Permanent fixtures 10 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 Group 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 effect of index regiulation. 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 5 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 and the fourth from 2023 is due to our need for additional space. The last contract relates to offices at Oslotech AS in Oslo, the contract was re-negotiated in 2023.
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).
Fair value of accounts rec
(Amounts in NOK 1 000) 31.12.2023 31.12.2022 Accounts receivables 13 784 11 593
Prov
Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2023, and we expect no future losses, no provisions for loss on receivables were made in 2023.
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 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.
Share options
Per 31.12.2023, there were 795,000 outstanding
vested. At the end of each reporting period, the
Company revises its estimates of the number of
options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2023, the Company expensed NOK 2.6 million in connection with share options and a reversal of NOK 0.5 million in previously booked national insurance contribution on options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3598": { "value": "
The Group has little exposure to interest rate risk
as the investment of liquid assets are in bank
deposits, certificates and / or mutual funds with short
Note 3.1.1 Market risk / Foreign currency risk
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% 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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 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 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. 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 31.12.2023.
The Group exchanges foreign currency into NOK on a
regular basis. The Group tries to minimise the balance
of foreign currencies in its accounts.
Book value of current liabilities and receivables/
assets measured by currency:
(Amounts in NOK 1 000) 2023 2022
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 71 373 25 152 68 321 27 540 EUR 6 449 3 238 10 167 5 400 USD 8 313 1 065 4 751 1 203 Other 91 571 133 158 Total 86 226 30 026 83 372 34 301 maturities. The Group has no interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3634": { "value": "
were insignificant in 2023. All bank deposits are in
DNB Bank ASA. DNB Bank ASA has long-term S&P
Note 3.1.1 Market risk / Foreign currency risk
rating of AA-
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% at EUR. A majority of the Group\u2019s cost base is
denominated in NOK.
the Group considers the liquidity risk to be low. There
are no major investments or investments that will
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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 million lower for the year as the NOK weakened
towards the USD especially.
NOK 69.0 million in low risk, highly liquid mutual funds
defined as short term assets in the financial position
If NOK relative to USD was 5% stronger / weaker at 31 December 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. The impact
on equity would be correspondingly. The calculated
Note 3.1.3
effect is based on a net 5% change in receivables
(Amounts in NOK 1 000)
2023
2022
and payables denominated in USD and EUR as of 31.12.2023.
Non-current lease liabilities > 12 months
8 414
10 348
The Group exchanges foreign currency into NOK on a
< 3 months
4 539
5 592
regular basis. The Group tries to minimise the balance
3 months \u2013 12 months
0
0
of foreign currencies in its accounts.
Total accounts payable
4 539
5 592
Book value of current liabilities and receivables/
Current lease liabilities < 12 months
4 174
3 732
assets measured by currency:
Other current liabilities < 12 months
12 898
14 628
Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk associated 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
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, 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 to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits. At the reporting date, the Group had bank deposits of NOK 180.9 million. In addition, the Company had statement. The Group\u2019s accounts payable and current liabilities have maturity shorter than one year and will be settled at maturity. Total liabilities 30 026 34 301
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
Options
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) 31.12.2023 31.12.2022
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 180 894 178 795 Mutal funds 68 968 65 366 Total financial assets 249 862 244 161
(Amounts in NOK 1 000) 31.12.2023 31.12.2022
Debts at Debts at
amortised cost amortised cost
FINANCIAL DEBTS Leasing (long-term) 8 414 10 348 Leasing (current) 4 174 3 732 Total financial debts 12 588 14 080 The Group has no interest-bearing loans or debt other than lease liabilities.
Share options
Per 31.12.2023, there were 795,000 outstanding
vested. At the end of each reporting period, the
Company revises its estimates of the number of
options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2023, the Company expensed NOK 2.6 million in connection with share options and a reversal of NOK 0.5 million in previously booked national insurance contribution on options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3635": { "value": "
were insignificant in 2023. All bank deposits are in
DNB Bank ASA. DNB Bank ASA has long-term S&P
rating of AA-
Note 3.1.2 Credit risk The Group is mainly exposed to credit risk related to accounts receivables and some credit risk associated 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3648": { "value": "
Note 3.1.1 Market risk / Foreign currency risk
Revenues for 2023 to the Group are mainly denominated in USD and EUR; distributed 75% at USD and 24% 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 2023 as 2022, sales revenues in 2023 would have been NOK 12.3 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 2023 and all other variables held constant, this would lead to a higher/lower operating profit of NOK 380.000. For EUR would such currency changes have affected the result by NOK 130.000. 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 31.12.2023.
The Group exchanges foreign currency into NOK on a
regular basis. The Group tries to minimise the balance
of foreign currencies in its accounts.
Book value of current liabilities and receivables/
assets measured by currency:", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3683": { "value": "
the Group considers the liquidity risk to be low. There
are no major investments or investments that will
NOK 69.0 million in low risk, highly liquid mutual funds
defined as short term assets in the financial position
Note 3.1.3
(Amounts in NOK 1 000)
2023
2022
Non-current lease liabilities > 12 months
8 414
10 348
< 3 months
4 539
5 592
3 months \u2013 12 months
0
0
Total accounts payable
4 539
5 592
Current lease liabilities < 12 months
4 174
3 732
Other current liabilities < 12 months
12 898
14 628
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, 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 to reduce any potential liquidity risk in the short and medium term. The Group has its cash in Norwegian bank deposits. At the reporting date, the Group had bank deposits of NOK 180.9 million. In addition, the Company had statement. The Group\u2019s accounts payable and current liabilities have maturity shorter than one year and will be settled at maturity. Total liabilities 30 026 34 301
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4049": { "value": "
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
Options
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4051": { "value": "
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
Options
Share options
Per 31.12.2023, there were 795,000 outstanding
vested. At the end of each reporting period, the
Company revises its estimates of the number of
options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2023, the Company expensed NOK 2.6 million in connection with share options and a reversal of NOK 0.5 million in previously booked national insurance contribution on options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4052": { "value": "
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
Options
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4054": { "value": "
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
It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding
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 is based on an assessment of each individual asset. Maximum expected useful lifetime for capitalised development expense and patents are 10 years, which is the estimated useful life for each asset. Assessing start up for amortisation of intangible assets: Amortisation of intangible assets related to capitalised development costs begins when the prototype is ready for distribution / sales. Amortisation of other intangible assets starts with acquisitions.
Options
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4194": { "value": "
Note 5 Segment information
Principles for accounting
The operating segments in these statements are
consistent with the internal reporting provided to
FCA, where the customer arranges and pays for
the main carriage. Control is transferred when the
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
Notes to the financial statements for 2023 47
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) 2023 2022
Enzymes Corporate Total Enzymes Corporate Total
Sales revenues 118 939 118 939 136 971 136 971
Cost of materials and change in inventory -5 926 -5 926 -5 180 -5 180
Gross profit 113 012 113 012 131 791 131 791
Other operating income 711 711 667 27 694
Operating expenses -84 227 -7 369 -91 597 -73 481 -17 508 -90 989
Depreciation and amortization -6 339 -42 -6 381 -4 689 -332 -5 021
Operating profit/loss(-) 23 157 -7 411 15 746 54 289 -17 814 36 475
Net financial income/loss (-) 586 8 433 9 019 3 081 2 587 5 668
Profit/loss(-) before tax 23 743 1 021 24 765 57 369 -15 227 42 142
Net profit/loss(-) from the operating segments:
(Amounts in NOK 1 000) 31.12.2023 31.12.2022
Enzymes Corporate Total Enzymes Corporate Total
Assets 107 885 231 437 339 323 125 704 193 333 319 037
Liabilities 16 765 13 261 30 026 13 408 20 893 34 300
Assets, liabilities and investments distributed to the segments:
(Amounts in NOK 1 000) 2023 2022
Enzymes Enzymes
Norway 224 438
Germany 7 161 12 032
Lithuania 34 524 28 035
France 3 476 3 334
Italy 2 827 2 574
Other countries in Europe 13 056 14 423
USA 53 149 60 355
Rest of world 4 522 15 780
Total sales revenues 118 939 136 971
Geographical distribution of sales revenues:
(Amounts in NOK 1 000) 2023 Whereof 2022 Whereof
COVID-19 related COVID-19 related
Sales 118 939 0 136 971 15 000
Sales revenues from the largest customer in 2023 are NOK 34.5 million (2022: NOK 28.0 million). The Company experienced a sharp drop in Coronavirus-related sales after the first quarter of 2022, and had only marginal sales the last 3 quarters of 2022. There were no Coronavirus-related sales in 2023. Other operating expenses related to the COVID-19 pandemic is only marginal and not reported as a seperate item.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4211": { "value": "
Principles for accounting
The operating segments in these statements are
consistent with the internal reporting provided to
FCA, where the customer arranges and pays for
the main carriage. Control is transferred when the
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
Notes to the financial statements for 2023 47
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4213": { "value": "
Principles for accounting
The operating segments in these statements are
consistent with the internal reporting provided to
FCA, where the customer arranges and pays for
the main carriage. Control is transferred when the
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
Notes to the financial statements for 2023 47
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. O", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4214": { "value": "
Principles for accounting
The operating segments in these statements are
consistent with the internal reporting provided to
FCA, where the customer arranges and pays for
the main carriage. Control is transferred when the
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
Notes to the financial statements for 2023 47
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. O", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4390": { "value": "
(Amounts in NOK 1 000) 2023 2022
Enzymes Corporate Total Enzymes Corporate Total
Sales revenues 118 939 118 939 136 971 136 971
Cost of materials and change in inventory -5 926 -5 926 -5 180 -5 180
Gross profit 113 012 113 012 131 791 131 791
Other operating income 711 711 667 27 694
Operating expenses -84 227 -7 369 -91 597 -73 481 -17 508 -90 989
Depreciation and amortization -6 339 -42 -6 381 -4 689 -332 -5 021
Operating profit/loss(-) 23 157 -7 411 15 746 54 289 -17 814 36 475
Net financial income/loss (-) 586 8 433 9 019 3 081 2 587 5 668
Profit/loss(-) before tax 23 743 1 021 24 765 57 369 -15 227 42 142
Net profit/loss(-) from the operating segments:
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4725": { "value": "
(Amounts in NOK 1 000)
2023 2022
Tax grants \"Skattefunn\" 741 140
Other grants 817
Adjustments grants -30 -264
Total other income 711 694
Note 6 Other income Principles for accounting Other income are 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 2023 2022
From UiT - The Arctic University of Norway Cold ligases 2022 817 Tax grants \"Skattefunn\": Annually 741 140 Total grants 741 957
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4727": { "value": "
(Amounts in NOK 1 000)
2023 2022
Tax grants \"Skattefunn\" 741 140
Other grants 817
Adjustments grants -30 -264
Total other income 711 694
Note 6 Other income Principles for accounting Other income are 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 2023 2022
From UiT - The Arctic University of Norway Cold ligases 2022 817 Tax grants \"Skattefunn\": Annually 741 140 Total grants 741 957
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4730": { "value": "Amounts in NOK 1 000)
2023 2022
Tax grants \"Skattefunn\" 741 140
Other grants 817
Adjustments grants -30 -264
Total other income 711 694
Note 6 Other income Principles for accounting Other income are 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 2023 2022
From UiT - The Arctic University of Norway Cold ligases 2022 817 Tax grants \"Skattefunn\": Annually 741 140 Total grants 741 957
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 expenses are recognised under other operating expenses.
(Amounts in NOK 1 000) 2023 2022 Maintenance premises and materials lab 7 297 6 208 Office equipment and IT 4 415 2 779 External services 8 207 12 035 Marketing expenses 1 369 1 148 Patent and licensing expenses 2 549 1 964 Other operating expenses 8 907 7 670 Total other operating expenses 32 745 31 804
(Amounts in NOK 1 000) 2023 2022 Statutory audit 530 511 Other attestation services 62 98 Other services beside auditing 1374 Total auditing fees and expenses 592 1983 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4731": { "value": "Amounts in NOK 1 000)
2023 2022
Tax grants \"Skattefunn\" 741 140
Other grants 817
Adjustments grants -30 -264
Total other income 711 694
Note 6 Other income Principles for accounting Other income are 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 2023 2022
From UiT - The Arctic University of Norway Cold ligases 2022 817 Tax grants \"Skattefunn\": Annually 741 140 Total grants 741 957
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4815": { "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 employer's contribution plan are 7% for salaries between 0 G and 7.1 G, and 10% for salaries between 7.1 G and 12 G. Per 31 December 2023, the Group paid for 60 members of the scheme. 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.
(Amounts in NOK 1 000) 2023 2022 Salaries 46 213 45 205 Employer's social security contribution 4 589 5 588 Share options granted 2 553 5 432 Pension costs 3 058 2 270 Other benefits 2 439 689 Total personnel expenses 58 852 59 185 Number of employees at 31.12: 68,0 61,0 Number of FTEs: 63,1 52,2
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4820": { "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 employer's contribution plan are 7% for salaries between 0 G and 7.1 G, and 10% for salaries between 7.1 G and 12 G. Per 31 December 2023, the Group paid for 60 members of the scheme. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4841": { "value": "
(Amounts in NOK 1 000) 2023 2022 Salaries 46 213 45 205 Employer's social security contribution 4 589 5 588 Share options granted 2 553 5 432 Pension costs 3 058 2 270 Other benefits 2 439 689 Total personnel expenses 58 852 59 185 Number of employees at 31.12: 68,0 61,0 Number of FTEs: 63,1 52,2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4877": { "value": "
Note 8 Related party disclosures Marie Roskrow worked for the Company in a 40% position after former CEO, Jethro Holter went on sick leave in January 2023. When CEO, Michael Akoh joined the company in September, Marie Roskrow ended the temporary consultancy work. For the year, the Company disbursed NOK 487,500 in board remuneration and NOK 631,000 in consulting fee to Marie Roskrow Travels are reimbursed on a cost basis (Amounts in NOK 1 000) 2023 2022
Salaries Bonus Pension Other Salaries Bonus Pension Other
paid paid costs benefits paid paid costs benefits
Marie Ann Roskrow, Chairman 488 120 500 Jane Theaker, Director 395 180 280 320 Edgar Koster, Director 225 Bernd K. Striberny, Director / Employee 139 56 Volker Wedershoven, former Director 2 981 425 Marit Sjo Lorentzen, former Director / Employee 45
Michael Akoh, CEO 543 39 100 B\u00f8rge S\u00f8rvoll, CFO 85 124
6 411
1 538 323 123 11
Marit Sjo Lorentzen, VP Operations
1 187 38 94 13 1 074 136 120 13
Grethe Ytterstad, VP Quality
30 95 12 828 62 7
Dirk Hahneiser, VP Business Dev.and Markting 1 933
34 735 16 26
Olav Lanes, VP R&D and Applications 1 191
38 92 11 1 129 117 106 12
Jeremy Gillespie, VP Corp. Dev. and Prod.mgt
793 24 Jethro Holter, former CEO 188 104 9 2 073 671 131 26
Darren Ellis, former CSO
147 9 117 50
Shares owned or controlled by directors and senior management per 31.12.2023: Options Shares Marie Roskrow, Chairman
200 000 Jane Theaker, Director* 10 044 Bernd K. Striberny, Director (employee) 200
Lill Hege Henriksen, Observer (employee)
3 088 Michael Akoh, CEO 200 000 B\u00f8rge S\u00f8rvoll, CFO 180 000 95 428
Marit Sjo Lorentzen, VP Operations
115 000 20 331
Olav Lanes, VP R&D and Applications
100 000 2 000
Grethe Ytterstad, VP Quality
7 269
Dirk Hahneiser, VP Business dev & market
150
*According to AGM 2022 resoluThe sh
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. Remuneration of Board of Directors and senior management:
1 380 1 668 991 2 087
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4948": { "value": "
Michael Akoh, CEO 543 39 100 B\u00f8rge S\u00f8rvoll, CFO 85 124
6 411
1 538 323 123 11
Marit Sjo Lorentzen, VP Operations
1 187 38 94 13 1 074 136 120 13
Grethe Ytterstad, VP Quality
30 95 12 828 62 7
Dirk Hahneiser, VP Business Dev.and Markting 1 933
34 735 16 26
Olav Lanes, VP R&D and Applications 1 191
38 92 11 1 129 117 106 12
Jeremy Gillespie, VP Corp. Dev. and Prod.mgt
793 24 Jethro Holter, former CEO 188 104 9 2 073 671 131 26
Darren Ellis, former CSO
147 9 117 50
Shares owned or controlled by directors and senior management per 31.12.2023: Options Shares Marie Roskrow, Chairman
200 000 Jane Theaker, Director* 10 044 Bernd K. Striberny, Director (employee) 200
Lill Hege Henriksen, Observer (employee)
3 088 Michael Akoh, CEO 200 000 B\u00f8rge S\u00f8rvoll, CFO 180 000 95 428
Marit Sjo Lorentzen, VP Operations
115 000 20 331
Olav Lanes, VP R&D and Applications
100 000 2 000
Grethe Ytterstad, VP Quality
7 269
Dirk Hahneiser, VP Business dev & market
150
1 380 1 668 991 2 087
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5079": { "value": "
(Amounts in NOK 1 000) 2023 2022
Research and development expenses:
Personnel expenses 14 725 16 673
Purchase of external services 818 2 977
Other operating expenses 5 666 4 075
Total R&D expenses, not capitalised 21 209 23 725
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5121": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5133": { "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 expenses are recognised under other operating expenses.
(Amounts in NOK 1 000) 2023 2022 Maintenance premises and materials lab 7 297 6 208 Office equipment and IT 4 415 2 779 External services 8 207 12 035 Marketing expenses 1 369 1 148 Patent and licensing expenses 2 549 1 964 Other operating expenses 8 907 7 670 Total other operating expenses 32 745 31 804
(Amounts in NOK 1 000) 2023 2022 Statutory audit 530 511 Other attestation services 62 98 Other services beside auditing 1374 Total auditing fees and expenses 592 1983 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5137": { "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 expenses are recognised under other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5139": { "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 expenses are recognised under other operating expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5172": { "value": "
(Amounts in NOK 1 000) 2023 2022 Statutory audit 530 511 Other attestation services 62 98 Other services beside auditing 1374 Total auditing fees and expenses 592 1983 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5197": { "value": "
(Amounts in NOK 1 000) 2023 2022 Interest income 8 131 3 386 Changes in fair value for financial investments 1 806 -275 Net currency gain/loss (-) -421 1 806 Other financial income 1 436 Total financial income 9 516 6 352 Other financial expense -498 -684 Total financial expense -497 -684 Total financial income and expense, net 9 019 5 668 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5198": { "value": "
(Amounts in NOK 1 000) 2023 2022 Interest income 8 131 3 386 Changes in fair value for financial investments 1 806 -275 Net currency gain/loss (-) -421 1 806 Other financial income 1 436 Total financial income 9 516 6 352 Other financial expense -498 -684 Total financial expense -497 -684 Total financial income and expense, net 9 019 5 668 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:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5229": { "value": "
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5244": { "value": "
(Amounts in NOK 1 000): 2023 2022 Change Non current assets 2 950 2 538 -412 Other temporary differences -801 -1 218 -417 Gains and loss account 5 432 6 790 1 358 Total temporary differences 7 582 8 111 -529 Financial instruments 2 079 274 Adjustment capitalisation Skattefunn 506 406 Tax assessment loss carried forward -36 980 -59 876 Calculation base deferred tax asset -26 812 -51 086 Deferred tax asset, 22% -5 899 -11 239 -5 340 Profit before income tax 24 765 42 142 Non deductable expenses -1 686 471 Non taxable income -711 -550 Changes in temporary differences 529 -1 210 Profit before tax loss carried forward 22 897 40 853 Deferred tax loss carried forward -22 897 -40 853 Tax base 0 0 Tax expense -5 340 -9 283 Note 12 Deferred tax asset
Principles for accounting
The tax charge in the profit and loss account consists sheet to the extent that it is likely that it can be
of tax payable for the period and the change in utilised.
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance \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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5245": { "value": "
(Amounts in NOK 1 000): 2023 2022 Change Non current assets 2 950 2 538 -412 Other temporary differences -801 -1 218 -417 Gains and loss account 5 432 6 790 1 358 Total temporary differences 7 582 8 111 -529 Financial instruments 2 079 274 Adjustment capitalisation Skattefunn 506 406 Tax assessment loss carried forward -36 980 -59 876 Calculation base deferred tax asset -26 812 -51 086 Deferred tax asset, 22% -5 899 -11 239 -5 340 Profit before income tax 24 765 42 142 Non deductable expenses -1 686 471 Non taxable income -711 -550 Changes in temporary differences 529 -1 210 Profit before tax loss carried forward 22 897 40 853 Deferred tax loss carried forward -22 897 -40 853 Tax base 0 0 Tax expense -5 340 -9 283 Note 12 Deferred tax asset
Principles for accounting
The tax charge in the profit and loss account consists sheet to the extent that it is likely that it can be
of tax payable for the period and the change in utilised.
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance \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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5310": { "value": "
Principles for accounting
The tax charge in the profit and loss account consists sheet to the extent that it is likely that it can be
of tax payable for the period and the change in utilised.
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance \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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5311": { "value": "
Principles for accounting
The tax charge in the profit and loss account consists sheet to the extent that it is likely that it can be
of tax payable for the period and the change in utilised.
deferred tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax-reducing and tax- increasing temporary differences that exist between accounting and tax values, and the tax loss carried forward at the end of the accounting year or from earlier year. Tax-increasing and tax-reducing temporary differences that reverse or may reverse in the same period are set off and entered net. The net deferred tax receivable is entered on the balance \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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5354": { "value": "
Note 13 Intangible assets
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2022 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 01.01.2022 1 788 0 1 788 FINANCIAL YEAR 2022 Addition 4 179 3 462 7 641 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 FINANCIAL YEAR 2023 Addition 11 533 6 154 17 687 Capitalised grants Skattefunn -141 -141 Amortisation 0 Depreciation -683 -3 -686 Book value at 31.12.2023 16 485 9 612 26 096 AS OF 31.12.2023 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 31.12.2023 16 485 9 612 26 096
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5355": { "value": "
Note 13 Intangible assets
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2022 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 01.01.2022 1 788 0 1 788 FINANCIAL YEAR 2022 Addition 4 179 3 462 7 641 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 FINANCIAL YEAR 2023 Addition 11 533 6 154 17 687 Capitalised grants Skattefunn -141 -141 Amortisation 0 Depreciation -683 -3 -686 Book value at 31.12.2023 16 485 9 612 26 096 AS OF 31.12.2023 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 31.12.2023 16 485 9 612 26 096
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5359": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2022 Historic cost 3 711 3 711 Accumulated depreciation -1 923 -1 923 Book value at 01.01.2022 1 788 0 1 788 FINANCIAL YEAR 2022 Addition 4 179 3 462 7 641 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 FINANCIAL YEAR 2023 Addition 11 533 6 154 17 687 Capitalised grants Skattefunn -141 -141 Amortisation 0 Depreciation -683 -3 -686 Book value at 31.12.2023 16 485 9 612 26 096 AS OF 31.12.2023 Historic cost 19 423 9 616 29 039 Accumulated depreciation -2 941 -4 -2 945 Book value at 31.12.2023 16 485 9 612 26 096
depreciating the acquisition expense to the residual value over the estimated useful life, which are for
Principles for accounting
each group of assets:
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. Machinery / Equipment 3-10 years Permanent fixtures 10 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.
Permanent
(Amounts in NOK 1 000) Machinery Equipment fixtures Total
As of 01.01.2022 Historic cost 14 334 2 684 1 738 18 756 Accumulated depreciation -4 521 -1 932 0 -6 453 Book value at 01.01.2022 9 815 750 1 738 12 304 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 10 539 3 242 1 663 15 444 As of 31.12.2022 Historic cost 16 261 5 441 1 845 23 547 Accumulated depreciation -5 724 -2 197 -182 -5 906 Book value at 31.12.2022 10 539 3 242 1 663 15 444 Financial year 2023 Addition 1 314 359 1 673 Amortisation 0 Depreciation -1 391 -520 -184 -2 095 Book value at 31.12.2023 10 462 3 080 1 478 15 020 As of 31.12.2023 Historic cost 17 575 5 800 1 845 25 220 Accumulated depreciation -7 115 -2 717 -366 -10 199 Book value at 31.12.2023 10 462 3 080 1 478 15 020
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 Group 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 effect of index regiulation. 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.
(Amounts in NOK 1 000) Lease assets Historic cost 21 849 Accumulated depreciation including net present value -7 977 Book value at 31.12.2022 13 873 Adjustment net present value 01.01 390 Additional premises Oslotech AS, Oslo 1 105 Revised lease and additional premises SIVA, Troms\u00f8 546 Depreciation -3 599 Book value at 31.12.2023 12 314 Historic cost 23 890 Accumulated depreciation including net precent value -11 576 Book value at 31.12.2023 12 314
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5361": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
depreciating the acquisition expense to the residual value over the estimated useful life, which are for
Principles for accounting
each group of assets:
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. Machinery / Equipment 3-10 years Permanent fixtures 10 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 Group 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 effect of index regiulation. 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5363": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5364": { "value": "
Principles for accounting Intangible assets as research and development, patents and licenses are treated in accordance with
IAS 38. the period in which they are expected to provide
economic benefits. Capitalised development costs
The 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: The Company has capitalised development expenses
for projects as rSAP, HL-dsDNase, SAN Elisa-kit, San
Own product development 10 years HQ, Polymerases, patents and DMF-filing SAN HQ
License and patents 5-10 years GMP. Other development costs are expensed when
incurred.
Capitalised development costs are depreciated linearly from the date of commercialisation over are tested by indication for impairment in accordance with IAS 36.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5498": { "value": "
Note 14 Machinery, equipment and
depreciating the acquisition expense to the residual value over the estimated useful life, which are for
permanent fixtures
Principles for accounting
each group of assets:
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. Machinery / Equipment 3-10 years Permanent fixtures 10 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.
Permanent
(Amounts in NOK 1 000) Machinery Equipment fixtures Total
As of 01.01.2022 Historic cost 14 334 2 684 1 738 18 756 Accumulated depreciation -4 521 -1 932 0 -6 453 Book value at 01.01.2022 9 815 750 1 738 12 304 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 10 539 3 242 1 663 15 444 As of 31.12.2022 Historic cost 16 261 5 441 1 845 23 547 Accumulated depreciation -5 724 -2 197 -182 -5 906 Book value at 31.12.2022 10 539 3 242 1 663 15 444 Financial year 2023 Addition 1 314 359 1 673 Amortisation 0 Depreciation -1 391 -520 -184 -2 095 Book value at 31.12.2023 10 462 3 080 1 478 15 020 As of 31.12.2023 Historic cost 17 575 5 800 1 845 25 220 Accumulated depreciation -7 115 -2 717 -366 -10 199 Book value at 31.12.2023 10 462 3 080 1 478 15 020
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5666": { "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 Group 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 effect of index regiulation. 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 5 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 and the fourth from 2023 is due to our need for additional space. The last contract relates to offices at Oslotech AS in Oslo, the contract was re-negotiated in 2023.
(Amounts in NOK 1 000) Lease assets Historic cost 21 849 Accumulated depreciation including net present value -7 977 Book value at 31.12.2022 13 873 Adjustment net present value 01.01 390 Additional premises Oslotech AS, Oslo 1 105 Revised lease and additional premises SIVA, Troms\u00f8 546 Depreciation -3 599 Book value at 31.12.2023 12 314 Historic cost 23 890 Accumulated depreciation including net precent value -11 576 Book value at 31.12.2023 12 314
Lease liabilities 2023 2022
Book value 31.12 (preceding year) -14 080 -17 570
Net present value adjustment 01.01 -390 -44
Additional premises Oslotech AS, Oslo -1 105 -661
Revised lease and additional premises SIVA, Troms\u00f8 -449 1 170
Interest expense -465 -499
Payments premises 3 900 3 524
Book value at 31.12 -12 588 -14 080
Where of Current liabilities -4 174 -3 732
Where of Non-current liabilities -8 414 -10 348
Notes to the financial statements for 2023 56
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 contracts are expensed when they occur. Maturity analysis 2023 2022 Less than one year 4 174 3 732 One to five years 7 984 9 494 More than five years 2 180 3 200 Total undiscounted lease liabilities at 31.12 14 338 16 426 Summary of other leased assets presented in the consolidated profit & loss statement 2023 2022 Lease of IT equipment 381 263
Overhead expenses re", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5676": { "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 Group 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 effect of index regiulation. 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 5 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 and the fourth from 2023 is due to our need for additional space. The last contract relates to offices at Oslotech AS in Oslo, the contract was re-negotiated in 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5858": { "value": "Amounts in NOK 1 000)
31.12.2023 31.12.2022 Work in progress 7 316 2 067 Materials and consumables 101 131 Finished goods 5 455 4 880 Total inventories 12 873 7 078 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:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5877": { "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:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5879": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5905": { "value": "type, threceivable iFair value of accounts rec
(Amounts in NOK 1 000) 31.12.2023 31.12.2022 Accounts receivables 13 784 11 593
Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 13 784 11 593 Research grants 817 Tax grants 853 631 Prepayments
2 00
3 936
Mutal68 9
65 366 VAT 618 1 028
Sum oth
72 442
71 7Sum
86 226 83 372
Age breakdNot yet
1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 12 768 704 213 17 82 13 784
A majoAccoserareassets.
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 2023, and we expect no future losses, no provisions for loss on receivables were made in 2023.
Fair value of receivables by currency: 31.12.2023 31.12.2022 USD 8 313 4 751 EUR 6 449 10 167 GBP 91 133 NOK 71 373 68 321 Total receivables 86 226 83 372 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5906": { "value": "type, threceivable iFair value of accounts rec
(Amounts in NOK 1 000) 31.12.2023 31.12.2022 Accounts receivables 13 784 11 593
Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 13 784 11 593 Research grants 817 Tax grants 853 631 Prepayments
2 00
3 936
Mutal68 9
65 366 VAT 618 1 028
Sum oth
72 442
71 7Sum
86 226 83 372
Age breakdNot yet
1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 12 768 704 213 17 82 13 784
A majoAccoserareassets.
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 2023, and we expect no future losses, no provisions for loss on receivables were made in 2023.
Fair value of receivables by currency: 31.12.2023 31.12.2022 USD 8 313 4 751 EUR 6 449 10 167 GBP 91 133 NOK 71 373 68 321 Total receivables 86 226 83 372 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5911": { "value": "Fair value of accounts rec
(Amounts in NOK 1 000) 31.12.2023 31.12.2022 Accounts receivables 13 784 11 593
Prov", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f5913": { "value": "Fair value of accounts rec
(Amounts in NOK 1 000) 31.12.2023 31.12.2022 Accounts receivables 13 784 11 593
Prov", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6021": { "value": "
Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2023, and we expect no future losses, no provisions for loss on receivables were made in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6023": { "value": "
Historically, the Group has not incurred losses on accounts receivable. Based on this and the fact that there were no losses in 2023, and we expect no future losses, no provisions for loss on receivables were made in 2023.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6073": { "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) 31.12.2023 31.12.2022
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 180 894 178 795 Mutal funds 68 968 65 366 Total financial assets 249 862 244 161
(Amounts in NOK 1 000) 31.12.2023 31.12.2022
Debts at Debts at
amortised cost amortised cost
FINANCIAL DEBTS Leasing (long-term) 8 414 10 348 Leasing (current) 4 174 3 732 Total financial debts 12 588 14 080 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6075": { "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) 31.12.2023 31.12.2022
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 180 894 178 795 Mutal funds 68 968 65 366 Total financial assets 249 862 244 161
(Amounts in NOK 1 000) 31.12.2023 31.12.2022
Debts at Debts at
amortised cost amortised cost
FINANCIAL DEBTS Leasing (long-term) 8 414 10 348 Leasing (current) 4 174 3 732 Total financial debts 12 588 14 080 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6080": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6145": { "value": "Amounts in NOK 1 000)
31.12.2023 31.12.2022 Cash 178 613 176 664 Tax withdrawal accounts 2 281 2 131 Total cash and cash equivalents 180 894 178 795
Principles for accounting Cash and cash equivalents consist of cash and bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6146": { "value": "Amounts in NOK 1 000)
31.12.2023 31.12.2022 Cash 178 613 176 664 Tax withdrawal accounts 2 281 2 131 Total cash and cash equivalents 180 894 178 795
Note 19 Cash and cash equivalents
Principles for accounting Cash and cash equivalents consist of cash and bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6175": { "value": "
(Amounts in NOK 1 000) 2023 2022 Net profit attributable to ordinary shareholders of the parent 19 424 32 860 Net profit to shareholders 19 424 32 860 Weighted number of shares used for calculation of basic EPS(1000 shares) 50 709 50 413 Dilution effect share based payment 132 515 Weighted number of shares used for calculation of diluted EPS (1000 shares) 50 841 50 928 Weighted basic and diluted earnings per share (NOK per share) 0,38 0,65 Weighted diluted earnings per share (NOK per share) 0,38 0,65 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6204": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6212": { "value": "Number of shares)
Shares Whereof treasury shares AS OF 01.01.2023 50 371 390 Share issue - options 200 000 As of 31.12.2022 50 571 390 0 Share issue - options 300 000 As of 31.12.2023 50 871 390 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.
\"\"
The Annual General meeting of 6. June 2023, granted
Share options
three authorisations to the Board:
Per 31.12.2023, there were 795,000 outstanding
1. To increase the share capital with up to 7,500,000 shares at par value. The authorisation may be used for cash capital increases or capital increases in connection with mergers but does not include non-cash share issues. The authorisation was not used in 2023. 2. To increase the share capital with up to 515,000 shares at par value. The authorisation may only be used in connection with capital increases relating to share option programs. 300,000 shares of this
authorisation was used in 2023.
vested. At the end of each reporting period, the
Company revises its estimates of the number of
The Annual General meeting of 23. June 2022, granted three authorisations to the Board: 1. To increase the share capital with up to 7,500,000 shares at par value. The authorisation may be used for cash capital increases or capital increases in connection with mergers but does not include non-cash share issues. The authorisation was not used in 2022. 2. To increase the share capital with up to 400,000 shares at par value. The authorisation may only be used in connection with capital increases relating to share option programs. 200,000 shares of this authorisation was used in 2022. 3. Authorisation to purchase up to 150,000 treasury shares with a nominal value of NOK 150,000. The authorisation may be used in connection with option programs or by offering shares to employees. The authorisation was not used in 2022.
options options in the Group. The Group has a share-based option scheme. The fair value of the services received from the employees in return for the options granted is recognised as an expense in the consolidated profit & loss statement. Total expense for the options is accrued over the contract period based on the fair value of the options granted, excluding impact of any vesting conditions. Criteria not reflected in the market, affect the assumptions about the number of options expected to be options expected to be vested. It recognises the importance of the revision of original estimates in the consolidated profit & loss statement with a corresponding adjustment in equity. For 2023, the Company expensed NOK 2.6 million in connection with share options and a reversal of NOK 0.5 million in previously booked national insurance contribution on options. The net value of proceeds received less directly attributable transaction expenses are credited to the share capital (nominal value) and the share premium when the options are exercised.
2023 2022 Average exercise price Number of share options Average exercise price Number of share options As of 01.01. 48,84 1 015 000 42,12 1 215 000 Granted during the year 35,52 450 000 Exercised during the year 8,73 -300 000 8,00 -200 000 Forfeited during the year 64,04 -370 000 Outstanding at 31.12 795 000 1 015 000 Outstandig share options: Notes to the financial statements for 2023 61
Expiry date, exercise price, and outstanding options at year end: Expiry date Average exercise price Number of share options 2023 Number of share options 2022 2022, 31 December* 8.00 200 000 2025, 14. May 10,19 215 000 315 000 2026, 30 November 89,52 330 000 500 000 2028, 28 February 42,38 50 000 2028, 30 November 26,94 200 000 Outstanding at 31.12. 795 000 1 015 000 Exercisable options at 31.12 215 000 200 000 *Expiry date has been adjusted to 30.06.2023 The fair value of employee options (2028 Feb award) are calculated according to the Black-Scholes method. The most important parameters are share price at grant date (NOK 27.70 per share), risk free rate (3.69%), expected term of 5 years, expected dividend yield (0%), excercise price (NOK 38.23 per share) and volatility last 5 years (63.21%). The options were valued at NOK 13.49 per share option at award. The fair value of employee options (2028 Nov award) are calculated according to the Black-Scholes method. The most important parameters are share price at grant date (NOK 32.00 per share), risk free rate (3.82%), expected term of 5 years, expected dividend yield (0%), excercise price (NOK 26.94 per share) and volatility last 5 years (62.88%). The options were valued at NOK 19.42 per share option at award. The fair value is expensed over the vesting period. The Company
has no obligations, legal nor implied, to repurchase or settle the
Ownership information: Shares Ownership Skandinaviska Enskilda Banken AB (nominee) 6 493 000 12,8 % Skandinaviska Enskilda Banken AB (nominee) 3 705 315 7,3 % Skandinaviska Enskilda Banken AB (nominee) 2 740 253 5,4 % State Street Bank and Trust Comp (nominee) 2 431 197 4,8 % Pro AS 2 150 231 4,2 % Clearstream Banking S.A. (nominee) 1 832 351 3,6 % Avanza Bank AB (nominee) 1 822 316 3,6 % State Street Bank and Trust Comp (nominee) 1 713 091 3,4 % Nordnet Bank AB (nominee) 1 409 546 2,8 % Vinterstua AS 1 383 214 2,7 % Belvedere AS 1 015 684 2,0 % Skandinaviska Enskilda Banken AB (nominee) 950 024 1,9 % J.P. Morgan SE (nominee) 719 040 1,4 % Riise Invest Nord AS 619 000 1,2 % Middelboe AS 612 400 1,2 % Danske Bank AS (nominee) 577 565 1,1 % Kvantia AS 554 713 1,1 % Nordnet Livsforsikring AS 542 233 1,1 % Naudholmen AS 525 000 1,0 % Verdipapirfondet KLP Aksjenorge 524 511 1,0 % 20 largest shareholders aggregated 32 320 684 63,5 % 3.410 other shareholders aggregated 18 550 706 36,5 % Total shares (3.430 shareholders) 50 871 390 100,0 % The 20 largest shareholders as of 31.12.2023:
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6232": { "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:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6234": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6441": { "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) 31.12.2023 31.12.2022 Unpaid holiday pay 4 457 3 947 Bonus 1 781 2 055 Other personnel 1 277 2 025 Accrued public fees and withdrawals 3 460 2 883 Miscellaneous other accrued costs 1 922 3 717 Other current liabilities 12 898 14 628 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6446": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f6480": { "value": "
Note 23 Events after balance sheet date, 31.12.2023 There are no events to the financial statements for the period from the financial position date to the date of approval ; 28 april 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }