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2024
Michael Akoh, CEO 1 858 171 1 543 39 100 B\u00f8rge S\u00f8rvoll, CFO 1 656 53 120 8 1 413 85 124 6 411 Marit Sjo Lorentzen, VP Operations 1 234 59 95 9 1 187 38 94 13 Grethe Ytterstad, VP Quality 1 107 141 83 8 930 30 95 12 Olav Lanes, VP R&D and Applications 1 232 36 95 7 1 191 38 92 11 Jeremy Gillespie, VP Corp. Dev. and Prod.mgt 1 571 20 47 60 793 24 Paul Blackburn , VP sales 553
Ruth He
Shares owned or controlled by directors and senior management per 31.12.2024: Shares Options
Petter Dragesund, board member
521 739
Sharon Brownlow, board member
10 570
Frank Mathias, chairman of the board
9 000
Lill Hege Henriksen, Observer (employee)
3 088
Michael Akoh, CEO
7 660
275 000
B\u00f8rge S\u00f8rvoll, CFO
100 428
330 000
Marit Sjo Lorentzen, VP Operations
25 331
150 000
Grethe Ytterstad, VP Regulatory Affairs
7 269
35 000
Paul Blackburn, VP sales
35 000
Jeremy Gillespie, VP Corpo
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Unallocated corporate overhead expenses for 2024
were NOK 11.4 million compared to NOK 7.4 million in
2024. Increase in expenses is primarily explained by consultancy services related to implementation on
new ERP solution in 2024.
Total recognised expenses for R&D within the Group in 2024 was NOK 16.4 million, compared to NOK 21.2 million in 2023. The reduction is mainly explained by reduction of staff and other operating expenses. NOK 7.6 million was spent on capitalisation of projects related to R&D in 2024, whereas the Company spent NOK 11.5 million in 2023.
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The Company has a Board liability insurance covering the Board of Directors and the CEO in case the individual should become personally liable for damages on the basis of negligence. The insurance covers damages up NOK 30 million per claim.
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(Amounts in NOK 1 000) Note 2024 2023 Sales revenues 5 104 352 118 939 Other income 6 3 754 711 Total income 108 106 119 650
(Amounts in NOK 1 000) 2024 2023
Tax grants \"Skattefunn\" 1 207 741
Other grants 2 525
Other adjustments 22 -30
Total other income 3 754 711
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 2024 2023 From Research Council of Norway Adept 2027 2 525 Tax grants \"Skattefunn\": Annually 1 207 741 Total grants 3 732 741
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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. These enzymes are utilized in molecular research, In Vitro Diagnostics (IVD) and
biomanufacturing processes.
Building 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, the Company offers niche and high-quality life science 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. Headquartered at the SIVA Science Park in Troms\u00f8, Norway, ArcticZymes Technologies operates globally, with sales and marketing teams located in Central Europe, North America, and Japan. The company has also established logistic hubs in the United States and the Netherlands to efficiently serve its
international customer base.
ArcticZymes Technologies ASA has been listed on the Oslo Stock Exchange since 2005 under the ticker
[AZT].
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-183": { "value": "
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 consolidated financial statements are prepared under the going concern assumption.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-182": { "value": "
The preparation of financial statements in conformity
with IFRS requires the use of estimates. Furthermore,
The Company has adopted all new and amended
Note 2.3 Foreign currency translation
Functional and presentation currency
economic environment in which the entity operates
(its functional currency). The consolidated financial
companies.
Note 2
Summary of significant
Transactions and financial position items
accounting policies
Foreign currency transactions are translated into the
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 liabilities) in foreign currency at year-end, are
recorded in the consolidated statement of profit &
Note 2.1 Financial reporting framework
loss.
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 application of the Company's accounting principles requires management to exercise judgment. For further information about this, see note 4. The consolidated financial statements are prepared under the going concern assumption.
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.
The accounts of the individual entities within the Group are measured by using the currency of the main statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-184": { "value": "
The Company has adopted all new and amended
Note 2
Summary of significant
accounting policies
The following describes the principal accounting policies applied in the preparation of the consolidated financial statements. These principles have been consistently applied to all periods presented, unless
otherwise stated.
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-185": { "value": "
Note 2.3 Foreign currency translation
Functional and presentation currency
economic environment in which the entity operates
(its functional currency). The consolidated financial
companies.
Transactions and financial position items
Foreign currency transactions are translated into the
and liabilities) in foreign currency at year-end, are
recorded in the consolidated statement of profit &
loss.
The accounts of the individual entities within the Group are measured by using the currency of the main statements are presented in Norwegian kroner (NOK), which is the functional currency for all Group functional currency using the exchange rate at the transaction date. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary items (assets
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-186": { "value": "
The Board of Directors approved the consolidated financial statements on 30 April 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-187": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-188": { "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:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-189": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-190": { "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 2024. All bank deposits are in
DNB Bank ASA. DNB Bank ASA has a AA- S&P rating
Note 3.1.1 Market risk / Foreign currency risk Revenues for 2024 to the Group are mainly denominated in USD and EUR; distributed 73% at USD and 27% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. 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.
The Group has its cash in Norwegian bank deposits.
By using an equivalent exchange rate in 2024 as 2023, sales revenues in 2024 would have been NOK 2.0 million lower for the year as the NOK weakened
towards the USD especially.
defined as short term assets in the financial position
statement. The Group\u2019s accounts payable and current
If NOK relative to USD was 5% stronger / weaker at 31 December 2024 and all other variables held constant, this would lead to a higher/lower operating profit of
NOK 623.000. For EUR would such currency changes
Note 3.1.3
have affected the result by NOK 164.000. The impact
(Amounts in NOK 1 000)
2024
2023
on equity would be correspondingly. The calculated
effect is based on a net 5% change in receivables
Non-current lease liabilities > 12 months
4 364
8 414
and payables denominated in USD and EUR as of
< 3 months
5 120
4 539
31.12.2024.
3 months \u2013 12 months
0
0
The Group exchanges foreign currency into NOK on a
Total accounts payable
5 120
4 539
regular basis. The Group tries to minimise the balance
of foreign currencies in its accounts.
Current lease liabilities < 12 months
3 735
4 174
Book value of current liabilities and receivables/
Other current liabilities < 12 months
7 806
12 898
Total liabilities
21 025
30 026
assets measured by currency:
(Amounts in NOK 1 000) 2024 2023
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 80 530 18 257 71 373 25 152 EUR 4 680 1 277 6 449 3 238 USD 13 137 654 8 313 1 065 Other 86 837 91 571 Total 98 434 21 025 86 227 30 026 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
with s
table outlook.
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised to reduce any potential liquidity risk in the short to medium term. At the reporting date, the Group had bank deposits of NOK 171.0 million. In addition, the Company had NOK 73.0 million in low risk, highly liquid mutual funds liabilities have maturity shorter than one year and will be settled at maturity.
Note 3.2 Capital management The Group's objectives when managing capital is to achieve equal or better than risk-adjusted returns in relation to established benchmark indices. This given the risk AZT wants to take, taking into account the ability to take risks and the adopted strategy for responsible investments. Presently, the Group is equity financed, but with potential acquisitions through M&A in the future, the Group will consider its
capital structure.
The Group has no long-term debt and pays no dividends to shareholders as long as the Group has ambitions on inorganic growth initiatives.
The table below shows the Group's net cash position
as of 31 December:
(Amounts in NOK 1 000)
2024
2023
Cash and cash equivalents
170 954
180 894
Less: Restricted cash equivalents
-1 892
-2 281
Net cash position
169 062
178 613
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-191": { "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 2024 to the Group are mainly denominated in USD and EUR; distributed 73% at USD and 27% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. 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 2024 as 2023, sales revenues in 2024 would have been NOK 2.0 million lower for the year as the NOK weakened
towards the USD especially.
If NOK relative to USD was 5% stronger / weaker at 31 December 2024 and all other variables held constant, this would lead to a higher/lower operating profit of
NOK 623.000. For EUR would such currency changes
have affected the result by NOK 164.000. 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
31.12.2024.
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) 2024 2023
Receivables/asset Liabilities Receivables/asset Liabilities
NOK 80 530 18 257 71 373 25 152 EUR 4 680 1 277 6 449 3 238 USD 13 137 654 8 313 1 065 Other 86 837 91 571 Total 98 434 21 025 86 227 30 026 maturities. The Group has no interest-bearing debt.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-193": { "value": "
Note 3.1
Financial risk factors
Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group'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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsHeldForTradingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-192": { "value": "
Note 3.1
Financial risk factors
Certain activities expose the Group to financial risks like market risk, credit risk, interest rate risk and liquidity risk. The Group'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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-194": { "value": "
were insignificant in 2024. All bank deposits are in
DNB Bank ASA. DNB Bank ASA has a AA- S&P rating
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
with s
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-195": { "value": "
Note 3.1.1 Market risk / Foreign currency risk Revenues for 2024 to the Group are mainly denominated in USD and EUR; distributed 73% at USD and 27% at EUR. A majority of the Group\u2019s cost base is denominated in NOK even though there is a strong growth in foreign currency expenses. 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 2024 as 2023, sales revenues in 2024 would have been NOK 2.0 million lower for the year as the NOK weakened
towards the USD especially.
If NOK relative to USD was 5% stronger / weaker at 31 December 2024 and all other variables held constant, this would lead to a higher/lower operating profit of
NOK 623.000. For EUR would such currency changes
have affected the result by NOK 164.000. 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
31.12.2024.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-196": { "value": "
The Group has its cash in Norwegian bank deposits.
defined as short term assets in the financial position
statement. The Group\u2019s accounts payable and current
Note 3.1.3
(Amounts in NOK 1 000)
2024
2023
Non-current lease liabilities > 12 months
4 364
8 414
< 3 months
5 120
4 539
3 months \u2013 12 months
0
0
Total accounts payable
5 120
4 539
Current lease liabilities < 12 months
3 735
4 174
Other current liabilities < 12 months
7 806
12 898
Total liabilities
21 025
30 026
Note 3.1.3 Liquidity risk Based on planned activities and current cash position, the Group considers the liquidity risk to be low. There are no major investments or investments that will have a major impact on the Company\u2019s liquidity. If the Company moves forward with an M&A event, capital will need to be raised to reduce any potential liquidity risk in the short to medium term. At the reporting date, the Group had bank deposits of NOK 171.0 million. In addition, the Company had NOK 73.0 million in low risk, highly liquid mutual funds liabilities have maturity shorter than one year and will be settled at maturity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-197": { "value": "
Amortisation of intangible assets related to capitalised
development costs begins when the prototype is
Options
Options are measured at the fair value of the equity
instruments at the grant date. Calculation of fair value
involves estimates and assumptions. Measurement
inputs include share price on measurement date, strike
price, expected volatility, weighted average expected
life of the instruments, expected dividends, and the
risk-free interest rate. At the end of each reporting
period, the Group revises its estimates of the number
of equity instruments that are expected to vest.
It recognises the impact of the revision to original
Note 4 Accounting estimates and
estimates, if any, in profit or loss, with a corresponding
judgments
adjustment to equity.
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: ready for distribution / sales. Amortisation of other intangible assets starts with acquisitions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-199": { "value": "
Options
Options are measured at the fair value of the equity
instruments at the grant date. Calculation of fair value
involves estimates and assumptions. Measurement
inputs include share price on measurement date, strike
price, expected volatility, weighted average expected
life of the instruments, expected dividends, and the
risk-free interest rate. At the end of each reporting
period, the Group revises its estimates of the number
of equity instruments that are expected to vest.
It recognises the impact of the revision to original
estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-198": { "value": "
Options
Options are measured at the fair value of the equity
instruments at the grant date. Calculation of fair value
involves estimates and assumptions. Measurement
inputs include share price on measurement date, strike
price, expected volatility, weighted average expected
life of the instruments, expected dividends, and the
risk-free interest rate. At the end of each reporting
period, the Group revises its estimates of the number
of equity instruments that are expected to vest.
It recognises the impact of the revision to original
estimates, if any, in profit or loss, with a corresponding
adjustment to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-202": { "value": "
consistent with the internal reporting provided to
the chief operating decision maker. The operating
Principles for accounting The operating segments in these statements are decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the
Notes to the financial statements for 2024 47
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-201": { "value": "
consistent with the internal reporting provided to
the chief operating decision maker. The operating
Principles for accounting The operating segments in these statements are decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the
Notes to the financial statements for 2024 47
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-200": { "value": "
consistent with the internal reporting provided to
the chief operating decision maker. The operating
Note 5 Segment information
Principles for accounting The operating segments in these statements are decision maker, who is responsible for allocating resources and for assessing performance of the business segments, has been identified as the Board of Directors. An operating segment is engaged in providing products or services that are subject to risks and returns that are different from other operating segments. The Group has divided its business into two operating segments; enzymes and corporate. The segment enzymes consists of sales revenues and operating expenses associated with the subsidiary ArcticZymes AS. The corporate segment provides a range of administrative services to the subsidiary. Invoicing is based on service agreements. Corporate overhead cost within the parent company remains unallocated.
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the
goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
(Amounts in NOK 1 000) 2024 2023
Enzymes Corporate Total Enzymes Corporate Total
Sales revenues 104 352 104 352 118 939 118 939
Cost of materials and change in inventory -5 983 -5 983 -5 926 -5 926
Gross profit 98 369 98 369 113 012 113 012
Other operating income 3 754 3 754 711 711
Operating expenses -85 627 -11 354 -96 981 -84 227 -7 369 -91 597
Depreciation and amortization -6 528 -53 -6 581 -6 339 -42 -6 381
Operating profit/loss(-) 9 968 -11 407 -1 440 23 157 -7 411 15 746
Net financial income/loss (-) 817 11 204 12 021 586 8 433 9 019
Profit/loss(-) before tax 10 785 -203 10 581 23 743 1 021 24 765
Net profit/loss(-) from the operating segments:
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Enzymes Corporate Total Enzymes Corporate Total
Assets 123 560 221 712 345 272 107 885 231 437 339 323
Liabilities 11 945 9 080 21 025 16 765 13 261 30 026
Assets, liabilities and investments distributed to the segments:
(Amounts in NOK 1 000) 2024 2023
Enzymes Enzymes
Norway 241 224
Germany 5 775 7 161
Lithuania 29 542 34 524
France 1 994 3 476
Italy 3 427 2 827
UK 7 159 7 364
Other countries in Europe 5 150 5 692
USA 44 925 53 149
Rest of world 6 139 4 522
Total sales revenues 104 352 118 939
Geographical distribution of sales revenues: Sales revenues from the largest customer in 2024 are NOK 29.5 million (2023: NOK 34.5 million). Notes to the financial statements for 2024 48
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-203": { "value": "
The Group recognise revenues according to IFRS 15 when it transfers control over a good or service to a customer. Control is transferred to the customer according to the agreed delivery terms for each order. Delivery terms are based on Incoterms 2020 issued by International Chamber of Commerce, and the main delivery terms for the Company is FCA, where the customer arranges and pays for the main carriage. Control is transferred when the
goods are collected by the carrier engaged by the customer. The goods are normally sold with standard warranties where the goods comply with agreed-upon specifications. ArcticZymes does not have any other significant obligations for returns or refunds. Freight services are included in sales revenues. ArcticZymes sales revenues are from sales of enzymes for use in molecular research, In Vitro Diagnostics and Biomanufacturing. Most of the goods are delivered to warehouses in USA and Europe. All goods are invoiced when the Group transfers control of the goods to a customer, normaly when they leave the warehouse. The maturity of the invoices range from 30 to 90 days, depending on customer and agreement. Most of the revenues are from quotes or non binding supply agreements where the price has been agreed upon in advance. Other income are government tax grants and other research grants.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-204": { "value": "
(Amounts in NOK 1 000) 2024 2023
Enzymes Corporate Total Enzymes Corporate Total
Sales revenues 104 352 104 352 118 939 118 939
Cost of materials and change in inventory -5 983 -5 983 -5 926 -5 926
Gross profit 98 369 98 369 113 012 113 012
Other operating income 3 754 3 754 711 711
Operating expenses -85 627 -11 354 -96 981 -84 227 -7 369 -91 597
Depreciation and amortization -6 528 -53 -6 581 -6 339 -42 -6 381
Operating profit/loss(-) 9 968 -11 407 -1 440 23 157 -7 411 15 746
Net financial income/loss (-) 817 11 204 12 021 586 8 433 9 019
Profit/loss(-) before tax 10 785 -203 10 581 23 743 1 021 24 765
Net profit/loss(-) from the operating segments:
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-205": { "value": "
(Amounts in NOK 1 000) 2024 2023
Tax grants \"Skattefunn\" 1 207 741
Other grants 2 525
Other adjustments 22 -30
Total other income 3 754 711
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 2024 2023 From Research Council of Norway Adept 2027 2 525 Tax grants \"Skattefunn\": Annually 1 207 741 Total grants 3 732 741
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-206": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-207": { "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 2024, the Group paid for 49 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) 2024 2023 Salaries 46 637 46 213 Employer's social security contribution 4 481 4 589 Share options granted 4 462 2 553 Pension costs 2 934 3 058 Other benefits 2 121 2 439 Total personnel expenses 60 634 58 852 Number of employees at 31.12: 55,0 68,0 Number of FTEs: 56,0 63,1
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-208": { "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 2024, the Group paid for 49 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-209": { "value": "
(Amounts in NOK 1 000) 2024 2023 Salaries 46 637 46 213 Employer's social security contribution 4 481 4 589 Share options granted 4 462 2 553 Pension costs 2 934 3 058 Other benefits 2 121 2 439 Total personnel expenses 60 634 58 852 Number of employees at 31.12: 55,0 68,0 Number of FTEs: 56,0 63,1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-210": { "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 2023, Marie Roskrow ended the temporary consultancy work. For 2023, the Company disbursed NOK 487.500 in board remuneration and NOK 631.000 in consulting fee to Marie Roskrow. There were no related party disclosures for 2024 Travels are reimbursed on a cost basis.
(Amounts in NOK 1 000) 2024 2023
Salaries Bonus Pension Other Salaries Bonus Pension Other
paid paid costs benefits paid paid costs benefits
Frank Mathias, Chairman 420 Sharon Brownlow, Director 255 Petter Dragesund, Director 270 Terese Solstad, Director/Employee 105 Marie Ann Roskrow, former Chairman 288 2 962 488 120 Jane Theaker, former Director 130 395 180 Edgar Koster, former Director 113 225 Bernd K. Striberny, former Director / Employee 55 139 Volker Wedershoven, former Director 2 981
Michael Akoh, CEO 1 858 171 1 543 39 100 B\u00f8rge S\u00f8rvoll, CFO 1 656 53 120 8 1 413 85 124 6 411 Marit Sjo Lorentzen, VP Operations 1 234 59 95 9 1 187 38 94 13 Grethe Ytterstad, VP Quality 1 107 141 83 8 930 30 95 12 Olav Lanes, VP R&D and Applications 1 232 36 95 7 1 191 38 92 11 Jeremy Gillespie, VP Corp. Dev. and Prod.mgt 1 571 20 47 60 793 24 Paul Blackburn , VP sales 553
Ruth He
ndus-Altenburger, PMO Manager
869 8 61 4 754 12 52 6
Dirk Hahneiser, former VP Business Dev.and
Markting 1 506 19 11 24 1 933 34
Jethro Holter, former CEO 1 814 188 104 9 Darren Ellis, former CSO 1 382 147 9
Shares owned or controlled by directors and senior management per 31.12.2024: Shares Options
Petter Dragesund, board member
521 739
Sharon Brownlow, board member
10 570
Frank Mathias, chairman of the board
9 000
Lill Hege Henriksen, Observer (employee)
3 088
Michael Akoh, CEO
7 660
275 000
B\u00f8rge S\u00f8rvoll, CFO
100 428
330 000
Marit Sjo Lorentzen, VP Operations
25 331
150 000
Grethe Ytterstad, VP Regulatory Affairs
7 269
35 000
Paul Blackburn, VP sales
35 000
Jeremy Gillespie, VP Corpo
rate Develoment
35 000
Ruth, Hendus-Altenburger. PMO Manager 35 000
Olav Lanes, VP R&D and applications 7 000 135 000
The Company has a board liability insurance covering the Board of Directors and the CEO in case the individual should become personal liable for damages on the basis of negligence. The insurance covers damages up NOK 30.000.000 per claim. See note 21 in reference to share options to executives and management.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-211": { "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 2023, Marie Roskrow ended the temporary consultancy work. For 2023, the Company disbursed NOK 487.500 in board remuneration and NOK 631.000 in consulting fee to Marie Roskrow. There were no related party disclosures for 2024 Travels are reimbursed on a cost basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-212": { "value": "
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 2023, Marie Roskrow ended the temporary consultancy work. For 2023, the Company disbursed NOK 487.500 in board remuneration and NOK 631.000 in consulting fee to Marie Roskrow. There were no related party disclosures for 2024 Travels are reimbursed on a cost basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-213": { "value": "
(Amounts in NOK 1 000) 2024 2023
Research and development expenses:
Personnel expenses 10 195 14 725
Purchase of external services 3 115 818
Other operating expenses 3 138 5 666
Total R&D expenses, not capitalised 16 448 21 209
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-214": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-215": { "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) 2024 2023 Maintenance premises and materials lab 3 871 7 297 Office equipment and IT 6 424 4 415 External services 13 824 8 207 Marketing expenses 805 1 369 Patent and licensing expenses 2 021 2 549 Other operating expenses 9 402 8 907 Total other operating expenses 36 346 32 745
(Amounts in NOK 1 000) 2024 2023 Statutory audit 684 530 Other attestation services 87 62 Total auditing fees and expenses 770 592 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-216": { "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) 2024 2023 Maintenance premises and materials lab 3 871 7 297 Office equipment and IT 6 424 4 415 External services 13 824 8 207 Marketing expenses 805 1 369 Patent and licensing expenses 2 021 2 549 Other operating expenses 9 402 8 907 Total other operating expenses 36 346 32 745
(Amounts in NOK 1 000) 2024 2023 Statutory audit 684 530 Other attestation services 87 62 Total auditing fees and expenses 770 592 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-217": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-218": { "value": "
(Amounts in NOK 1 000) 2024 2023 Statutory audit 684 530 Other attestation services 87 62 Total auditing fees and expenses 770 592 External auditor: Fees and expenses ex VAT:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-224": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
9
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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
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 low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 170 954 180 894 Mutal funds 72 981 68 968 Total financial assets 243 935 249 862
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Debts at Debts at
amortised cost amortised cost
FINANCIAL DEBTS Leasing (long-term) 4 364 8 414 Leasing (current) 3 735 4 174 Total financial debts 8 099 12 588 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-223": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
9
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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-222": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
9
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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-221": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
9
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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-220": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
9
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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-225": { "value": "
(Amounts in NOK 1 000) 2024 2023 Interest income 7 009 8 131 Changes in fair value for financial investments 4 624 1 806 Net currency gain/loss (-) 736 -421 Total financial income 12 370 9 516 Other financial expense -349 -497 Total financial expense -349 -497 Total financial income and expense, net 12 021
9 01
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. Changes
in fair value fpr financial investments is b
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-228": { "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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-227": { "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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-226": { "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. Changes
in fair value fpr financial investments is b
ased public
market valuation at end of year. Net currency relates to gains and losses on bank deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-229": { "value": "
(Amounts in NOK 1 000): 2024 2023 Change Non current assets 2 018 2 950 932 Other temporary differences 1 066 -801 -1 867 Gains and loss account 4 346 5 432 1 086 Total temporary differences 7 429 7 582 -152 Financial instruments 6 704 2 079 Adjustment capitalisation \"Skattefunn\" 1 493 506 Tax assessment loss carried forward -32 840 -36 980 Calculation base deferred tax asset -17 214 -26 812 Deferred tax asset, 22% -3 787 -5 899 -2 112 Profit before income tax 10 581 24 765 Non deductable expenses -4 346 -1 686 Non taxable income -2 248 -711 Changes in temporary differences 152 529 Profit before tax loss carried forward 4 140 22 897 Deferred tax loss carried forward -4 140 -22 897 Tax base 0 0 Tax expense -2 112 -5 340 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-230": { "value": "
(Amounts in NOK 1 000): 2024 2023 Change Non current assets 2 018 2 950 932 Other temporary differences 1 066 -801 -1 867 Gains and loss account 4 346 5 432 1 086 Total temporary differences 7 429 7 582 -152 Financial instruments 6 704 2 079 Adjustment capitalisation \"Skattefunn\" 1 493 506 Tax assessment loss carried forward -32 840 -36 980 Calculation base deferred tax asset -17 214 -26 812 Deferred tax asset, 22% -3 787 -5 899 -2 112 Profit before income tax 10 581 24 765 Non deductable expenses -4 346 -1 686 Non taxable income -2 248 -711 Changes in temporary differences 152 529 Profit before tax loss carried forward 4 140 22 897 Deferred tax loss carried forward -4 140 -22 897 Tax base 0 0 Tax expense -2 112 -5 340 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-231": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-232": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-234": { "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 such as rSAP, HL-dsDNase, SAN Elisa-kit,
Own product development 10 years San HQ, Polymerases, patents and DMF-filing SAN
License and patents 5-10 years HQ 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 01.01.2023 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 01.01.2023 5 773 3 461 9 234 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 16 484 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 16 484 9 612 26 096 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 629 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196
33
234
AS OF 31.12.2024 Historic cost 27 024 11 645 38 668 Accumulated depreciation -4 987 -449 -5 436 Book value at 31.12.2024 22 039 11 196 33 234 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:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-233": { "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 such as rSAP, HL-dsDNase, SAN Elisa-kit,
Own product development 10 years San HQ, Polymerases, patents and DMF-filing SAN
License and patents 5-10 years HQ 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 01.01.2023 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 01.01.2023 5 773 3 461 9 234 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 16 484 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 16 484 9 612 26 096 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 629 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196
33
234
AS OF 31.12.2024 Historic cost 27 024 11 645 38 668 Accumulated depreciation -4 987 -449 -5 436 Book value at 31.12.2024 22 039 11 196 33 234 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:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-237": { "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 such as rSAP, HL-dsDNase, SAN Elisa-kit,
Own product development 10 years San HQ, Polymerases, patents and DMF-filing SAN
License and patents 5-10 years HQ 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.
Note 14 Machinery, equipment and
Assets are depreciated by the linear method,
permanent fixtures
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-236": { "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 such as rSAP, HL-dsDNase, SAN Elisa-kit,
Own product development 10 years San HQ, Polymerases, patents and DMF-filing SAN
License and patents 5-10 years HQ 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-235": { "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 such as rSAP, HL-dsDNase, SAN Elisa-kit,
Own product development 10 years San HQ, Polymerases, patents and DMF-filing SAN
License and patents 5-10 years HQ 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-238": { "value": "
(Amounts in NOK 1 000) Own product development License and patent Total AS OF 01.01.2023 Historic cost 7 890 3 462 11 352 Accumulated depreciation -2 117 -1 -2 118 Book value at 01.01.2023 5 773 3 461 9 234 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 16 484 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 16 484 9 612 26 096 FINANCIAL YEAR 2024 Addition 7 601 2 029 9 629 Capitalised grants Skattefunn -1 041 -1 041 Amortisation 0 Depreciation -1 005 -445 -1 450 Book value at 31.12.2024 22 039 11 196
33
Permanent
(Amounts in NOK 1 000) Machinery Equipment fixtures Total
As of 01.01.2023 Historic cost 16 261 5 441 1 845 23 547 Accumulated depreciation -5 724 -2 197 -182 -5 906 Book value at 01.01.2023 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 10 461 3 081 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 Financial year 2024 Addition 498 392 42 932 Amortisation 0 Depreciation -1 523 -595 -184 -2 303 Book value at 31.12.2024 9 436 2 877 1 336 13 650 As of 31.12.2024 Historic cost 18 073 6 192 1 887
26 1
(Amounts in NOK 1 000) Lease assets Historic cost 23 890 Accumulated depreciation including net present value -11 576 Book value at 31.12.2023 12 314 Cancellation premises Sharelab, Oslo -1 258
Adjustment and recalculation origi
nal contract, Troms\u00f8
192 Depreciation -2 828 Book value at 31.12.2024 8 420 Historic cost 22 824 Accumulated depreciation including net present value -14 404 Book value at 31.12.2024 8 420
L
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-239": { "value": "
Note 14 Machinery, equipment and
Assets are depreciated by the linear method,
permanent fixtures
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 01.01.2023 Historic cost 16 261 5 441 1 845 23 547 Accumulated depreciation -5 724 -2 197 -182 -5 906 Book value at 01.01.2023 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 10 461 3 081 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 Financial year 2024 Addition 498 392 42 932 Amortisation 0 Depreciation -1 523 -595 -184 -2 303 Book value at 31.12.2024 9 436 2 877 1 336 13 650 As of 31.12.2024 Historic cost 18 073 6 192 1 887
26 1
52
Accumulated depreciation -8 638 -3 312 -551 -12 501 Book value at 31.12.2024 9 436 2 877 1 336 13 650
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-240": { "value": "
Note 14 Machinery, equipment and
Assets are depreciated by the linear method,
permanent fixtures
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-242": { "value": "
Assets are depreciated by the linear method,
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-243": { "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 4 lease contracts related to operational premises at the Troms\u00f8 Science Park. These are originating from 2011, 2021, 2022 and 2023.
(Amounts in NOK 1 000) Lease assets Historic cost 23 890 Accumulated depreciation including net present value -11 576 Book value at 31.12.2023 12 314 Cancellation premises Sharelab, Oslo -1 258
Adjustment and recalculation origi
nal contract, Troms\u00f8
192 Depreciation -2 828 Book value at 31.12.2024 8 420 Historic cost 22 824 Accumulated depreciation including net present value -14 404 Book value at 31.12.2024 8 420
L
ease liabilities
2024 2023
Book value 31.12 (preceding year) -12 588 -14 080
Net present value adjustment 01.01 -226 -390
Additional premises Sharelab, Oslo -1 105
Cancellation premises Sharelab, Oslo 1 316
Revised lease and additional premises SIVA, Troms\u00f8 -449
Interest expense -356 -465
Payments premises 3 756 3 900
Book value at 31.12 -8 098 -12 588
Where of Current liabilities -3 735 -4 174
Where of Non-current liabilities -4 364 -8 414
Notes to the financial statements for 2024 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 2024 2023 Less than one year 3 735 4 174 One to five years 4 246 7 984 More than five years 1 144 2 180 Total undiscounted lease liabilities at 31.12 9 125 14 338 Summary of other leased assets presented in the consolidated profit & loss statement 2024 2023 Lease of IT equipment 313 381 Overhead expenses related to premises 1 314 1 173 Total leased assets included in other expenses at 31.12 1 627 1 554
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-244": { "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 4 lease contracts related to operational premises at the Troms\u00f8 Science Park. These are originating from 2011, 2021, 2022 and 2023.
(Amounts in NOK 1 000) Lease assets Historic cost 23 890 Accumulated depreciation including net present value -11 576 Book value at 31.12.2023 12 314 Cancellation premises Sharelab, Oslo -1 258
Adjustment and recalculation origi
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-246": { "value": "
(Amounts in NOK 1 000) 31.12.2024 31.12.2023 Work in progress 13 401 7 316 Materials and consumables 14 101 Finished goods 2 426 5 455 Total inventories 15 840 12 873 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-245": { "value": "
(Amounts in NOK 1 000) 31.12.2024 31.12.2023 Work in progress 13 401 7 316 Materials and consumables 14 101 Finished goods 2 426 5 455 Total inventories 15 840 12 873 Note 16 Inventory and cost of materials
Principles for accounting Inventory are stated at the lower of acquisition expense and net realisable value. Inventories are valued at average acqustition cost. Value of finished goods and work in progress comprises the expense of design, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity).
Cost of materials Total cost of materials include direct materials, services provided by contract manufactures and packaging suppliers, products freights and distribution costs. Royalties for in licensing of technology and rights from other parties are excluded from cost of goods and included in other operating expenses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-247": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-250": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2024 31.12.2023 Accounts receivables 20 525 13 784 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 20 525 13 784 Research grants 0 Tax grants 2 248 853 Prepayments 1 759 2 004 Mutal funds 72 981 68 968 VAT 921 618 Sum other assets 77 909 72 442 Sum total receivables and other assets 98 434 86 227
Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525 A majority of accounts receivables overdue on 31 December have been settled subsequently. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets.
Historically, the Group has not incurred losses on accounts receivable. There were insiginifcant losses on receivabels in 2024. Based on this, we expect no future losses.
Fair value of receivables by currency:
31.
12.2024
31.12.2023 USD 13 137 8 313 EUR 4 680 6 449 GBP 86 91 NOK 80 530 71 373 Total receivables 98 433 86 227 Age breakdown of Accounts receivable per 31.12.2023: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 12 768 704 213 17 82 13 784
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-249": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2024 31.12.2023 Accounts receivables 20 525 13 784 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 20 525 13 784 Research grants 0 Tax grants 2 248 853 Prepayments 1 759 2 004 Mutal funds 72 981 68 968 VAT 921 618 Sum other assets 77 909 72 442 Sum total receivables and other assets 98 434 86 227
Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525 A majority of accounts receivables overdue on 31 December have been settled subsequently. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets.
Historically, the Group has not incurred losses on accounts receivable. There were insiginifcant losses on receivabels in 2024. Based on this, we expect no future losses.
Fair value of receivables by currency:
31.
12.2024
31.12.2023 USD 13 137 8 313 EUR 4 680 6 449 GBP 86 91 NOK 80 530 71 373 Total receivables 98 433 86 227 Age breakdown of Accounts receivable per 31.12.2023: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 12 768 704 213 17 82 13 784
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-248": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2024 31.12.2023 Accounts receivables 20 525 13 784 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 20 525 13 784 Research grants 0 Tax grants 2 248 853 Prepayments 1 759 2 004 Mutal funds 72 981 68 968 VAT 921 618 Sum other assets 77 909 72 442 Sum total receivables and other assets 98 434 86 227
Age breakdown of Accounts receivable per 31.12.2024: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 16 469 2 768 943 131 214 20 525 A majority of accounts receivables overdue on 31 December have been settled subsequently. Accounts receivable arise from the sale of goods or services within normal operations. Settlements that are due in 12 months or less are classified as current assets. If this is not the case, they are classified as non current assets.
Historically, the Group has not incurred losses on accounts receivable. There were insiginifcant losses on receivabels in 2024. Based on this, we expect no future losses.
Fair value of receivables by currency:
31.
12.2024
31.12.2023 USD 13 137 8 313 EUR 4 680 6 449 GBP 86 91 NOK 80 530 71 373 Total receivables 98 433 86 227 Age breakdown of Accounts receivable per 31.12.2023: Not yet due 1 \u2013 30 days 31 \u2013 60 days 61 \u2013 90 days Over 90 days Total 12 768 704 213 17 82 13 784
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-251": { "value": "
Note 17 Receivables and other assets
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
Fair value of accounts receivable equals book value. There are no significant concentrations of credit risk. (Amounts in NOK 1 000) 31.12.2024 31.12.2023 Accounts receivables 20 525 13 784 Provisions for estimated losses on accounts receivables 0 0 Sum accounts receivables, net 20 525 13 784 Research grants 0 Tax grants 2 248 853 Prepayments 1 759 2 004 Mutal funds 72 981 68 968 VAT 921 618 Sum other assets 77 909 72 442 Sum total receivables and other assets 98 434 86 227
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-252": { "value": "
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-253": { "value": "
Principles for accounting In determining the recoverability of receiveables, the Company performs risk analysis considering the type, the customer and the age of the outstanding receivable in its evaluations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-254": { "value": "
Historically, the Group has not incurred losses on accounts receivable. There were insiginifcant losses on receivabels in 2024. Based on this, we expect no future losses.
Fair value of receivables by currency:
31.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-255": { "value": "
Historically, the Group has not incurred losses on accounts receivable. There were insiginifcant losses on receivabels in 2024. Based on this, we expect no future losses.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-257": { "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 low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 170 954 180 894 Mutal funds 72 981 68 968 Total financial assets 243 935 249 862
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Debts at Debts at
amortised cost amortised cost
FINANCIAL DEBTS Leasing (long-term) 4 364 8 414 Leasing (current) 3 735 4 174 Total financial debts 8 099 12 588 The Group has no interest-bearing loans or debt other than lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-258": { "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 low risk interest rate funds obtained through equity issues and trade receivables.
(Amounts in NOK 1 000) 31.12.2024 31.12.2023
Assets at fair value Assets at fair value
FINANCIAL ASSETS Cash bank deposits 170 954 180 894 Mutal funds 72 981 68 968 Total financial assets 243 935 249 862
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-259": { "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 low risk interest rate funds obtained through equity issues and trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-260": { "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 low risk interest rate funds obtained through equity issues and trade receivables.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-262": { "value": "
Amounts in NOK 1 000)
31.12.2024 31.12.2023 Cash 169 062 178 612 Tax withdrawal accounts 1 892 2 282 Total cash and cash equivalents 170 954 180 894
Principles for accounting Cash and cash equivalents consist of cash and bank deposits.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-261": { "value": "
Amounts in NOK 1 000)
31.12.2024 31.12.2023 Cash 169 062 178 612 Tax withdrawal accounts 1 892 2 282 Total cash and cash equivalents 170 954 180 894
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-263": { "value": "
(Amounts in NOK 1 000) 2024 2023 Net profit attributable to ordinary shareholders of the parent 8 470 19 424 Net profit to shareholders 8 470 19 424 Weighted number of shares used for calculation of basic EPS(1000 shares) 50 971 50 709 Dilution effect share based payment 32 132 Weighted number of shares used for calculation of diluted EPS (1000 shares) 51 003 50 841 Weighted basic and diluted earnings per share (NOK per share) 0,17 0,38 Weighted diluted earnings per share (NOK per share) 0,17 0,38 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-264": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-266": { "value": "
(
Number of shares)
Shares Whereof treasury shares AS OF 01.01.2023 50 571 390 Share issue - options 300 000 As of 31.12.2023 50 871 390 0 Share issue - options 200 000 As of 31.12.2024 51 071 390 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.
The Annual General meeting of 26. June 2024, granted one authorisation to the Board: 1. To increase the share capital with up to 300,000 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 2024.
in the consolidated profit & loss statement. Total
expense for the options is accrued over the contract
The Annual General meeting of 6. June 2023, granted two 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 2023. 2. 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.
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.
Share options Per 31.12.2024, there were 1,030,000 outstanding 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 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 vested. At the end of each reporting period, the Company revises its estimates of the number of 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 2024, the Company expensed NOK 4.5 million in connection with share options.
2024 2023 Average exercise price Number of share options Average exercise price Number of share options As of 01.01. 56,14 795 000 48,84 1 015 000 Granted during the year 20,34 435 000 35,52 450 000 Exercised during the year 10,19 -200 000 8,73 -300 000 Forfeited during the year 64,04 -370 000 Outstanding at 31.12 1 030 000 795 000 Outstandig share options:
Expiry date, exercise price, and outstanding options at year end:
Average Number of share Number of share
Expiry date exercise price options 2024 options 2023
2025, 14. May 10,19 15 000 215 000 2026, 30 November 89,52 330 000 330 000 2028, 28 February 42,38 50 000 50 000 2028, 30 November 26,94 200 000 200 000 2029, 28 February 38,23 100 000 2029, 30 November 15,00 335 000 Outstanding at 31.12. 1 030 000 795 000 Exercisable options at 31.12. 15 000 215 000 The fair value of employee options (2029 Feb program) 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 (2029 Nov program) are calculated according to the Black-Scholes method. The most important parameters are share price at grant date (NOK 13.50 per share), risk free rate (3.58%), expected term of 5 years, expected dividend yield (0%), excercise price (NOK 15.00 per share) and volatility last 5 years (63.72%). The options were valued at NOK 7.31 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 options in cash unless general assembly declines to renew its authorisation to issue new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-265": { "value": "
(
Number of shares)
Shares Whereof treasury shares AS OF 01.01.2023 50 571 390 Share issue - options 300 000 As of 31.12.2023 50 871 390 0 Share issue - options 200 000 As of 31.12.2024 51 071 390 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-267": { "value": "
Number of shares)
Shares Whereof treasury shares AS OF 01.01.2023 50 571 390 Share issue - options 300 000 As of 31.12.2023 50 871 390 0 Share issue - options 200 000 As of 31.12.2024 51 071 390 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.
Notes to the financial statements for 2024 60
The Annual General meeting of 26. June 2024, granted one authorisation to the Board: 1. To increase the share capital with up to 300,000 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 2024.
in the consolidated profit & loss statement. Total
expense for the options is accrued over the contract
The Annual General meeting of 6. June 2023, granted two 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 2023. 2. 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.
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.
Share options Per 31.12.2024, there were 1,030,000 outstanding 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 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 vested. At the end of each reporting period, the Company revises its estimates of the number of 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 2024, the Company expensed NOK 4.5 million in connection with share options.
2024 2023 Average exercise price Number of share options Average exercise price Number of share options As of 01.01. 56,14 795 000 48,84 1 015 000 Granted during the year 20,34 435 000 35,52 450 000 Exercised during the year 10,19 -200 000 8,73 -300 000 Forfeited during the year 64,04 -370 000 Outstanding at 31.12 1 030 000 795 000 Outstandig share options:
Notes to the financial statements for 2024 61
Expiry date, exercise price, and outstanding options at year end:
Average Number of share Number of share
Expiry date exercise price options 2024 options 2023
2025, 14. May 10,19 15 000 215 000 2026, 30 November 89,52 330 000 330 000 2028, 28 February 42,38 50 000 50 000 2028, 30 November 26,94 200 000 200 000 2029, 28 February 38,23 100 000 2029, 30 November 15,00 335 000 Outstanding at 31.12. 1 030 000 795 000 Exercisable options at 31.12. 15 000 215 000 The fair value of employee options (2029 Feb program) 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 (2029 Nov program) are calculated according to the Black-Scholes method. The most important parameters are share price at grant date (NOK 13.50 per share), risk free rate (3.58%), expected term of 5 years, expected dividend yield (0%), excercise price (NOK 15.00 per share) and volatility last 5 years (63.72%). The options were valued at NOK 7.31 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 options in cash unless general assembly declines to renew its authorisation to issue new shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-268": { "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.
Notes to the financial statements for 2024 60
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-269": { "value": "
in the consolidated profit & loss statement. Total
expense for the options is accrued over the contract
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.
Share options Per 31.12.2024, there were 1,030,000 outstanding 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 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 vested. At the end of each reporting period, the Company revises its estimates of the number of 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 2024, the Company expensed NOK 4.5 million in connection with share options.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-271": { "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) 31.12.2024 31.12.2023 Unpaid holiday pay 4 111 4 457 Bonus 251 1 781 Other personnel 6 1 277 Accrued public fees and withdrawals 2 633 3 460 Miscellaneous other accrued costs 805 1 922 Other current liabilities 7 806 12 898 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-270": { "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) 31.12.2024 31.12.2023 Unpaid holiday pay 4 111 4 457 Bonus 251 1 781 Other personnel 6 1 277 Accrued public fees and withdrawals 2 633 3 460 Miscellaneous other accrued costs 805 1 922 Other current liabilities 7 806 12 898 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-272": { "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) 31.12.2024 31.12.2023 Unpaid holiday pay 4 111 4 457 Bonus 251 1 781 Other personnel 6 1 277 Accrued public fees and withdrawals 2 633 3 460 Miscellaneous other accrued costs 805 1 922 Other current liabilities 7 806 12 898 Specification of other current laibilities:
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-273": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-274": { "value": "
Note 23 Events after balance sheet date, 31.12.2024 There are no evenst to the financial statements for the period from the financial position date to the date of
approval; 30 April 20
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-276": { "value": "Sykehusveien 23 N-9294 Troms\u00f8, N", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "reg-ix-275": { "value": "Sykehusveien 23 N-9294 Troms\u00f8, Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXGR7K47", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }