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GENTIAN DIAGNOSTICS ASA - GROUP Notes to the consolidated financial statements 2022 42 Note 1 - General Information Gentian Diagnostics ASA is registered in Norway and listed on Euronext Oslo B\u00f8rs. The company's headquarters are in Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway. The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research. The customers are medical laboratories and universities worldwide. The group consists of the parent company Gentian Diagnostics ASA and the subsidiary Gentian AS. In addition, Gentian AS has a wholly owned subsidiary, registered in Florida, USA, named Gentian USA Inc, and a wholly owned subsidiary in Sweden, Gentian Diagnostics AB. The consolidated financial statements were approved by the board on 29 March 2023. Note 2 - Summary of the most important accounting principles 2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS, as adopted by the European Union and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. 2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2022 financial statements are relevant this financial year. 2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31 2022. A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns.
All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. 2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. Profit and loss account related to these units is translated at the average exchange rate per month. Translation differences arising from the translation are recognised in other income and expenses. Upon disposal of foreign operations, the accumulated amount recognised in equity is attributable to the specific business. 2.5 Segments For management purposes, the group is organized as one business unit and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. 2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery. 2.7 Public grants Public grants are recognised at fair value when there is reasonable assurance that the grant will be received and that the company will fulfil the conditions attached to the grant. The grants are recognised in the statement of financial position and recognised as income in the period that best match the costs they are intended to compensate. Public grants in connection with the purchase of tangible fixed assets are recognised as a reduction in the capitalised acquisition cost and are reflected in the result through lower annual depreciation over the expected useful life of the asset. 2.8 Leases At the inception of a contract, The group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. At the lease commencement date, the group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognises the lease payments as other operating expenses in the statement of profit or loss when they incur. The lease liability is recognised at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The group presents its lease liabilities as separate line items in the statement of financial position. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. 2.9 Pension costs and bonuses for employees The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group follows local law regarding pension schemes and has put in place defined contribution plans for its employees outside of Norway. The group accounts for an obligation and a cost of bonuses based on an assessment of key stakeholders' goal achievement. The group accounts for a provision in which there are contractual and probable obligations or where there is an earlier practice that creates a constructive obligation. Share based payments The group has a share-based program for key personnel. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in shares is conditional upon an authorisation from the general meeting for a share issue. 2.10 Property, plant and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The useful life of the assets, as well as residual value, are reviewed on each balance sheet date and changed if necessary. When the carrying amount of an asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount. Gains and losses on disposal are recognised in the profit and loss account and make up the difference between the selling price and the book value. 2.11 Intangible assets Intangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on \u00e5 straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized, but tested for impairment at least annually. Research costs are expensed as incurred. Cost to internal development of technology is capitalized as an intangible asset when the recognition criteria\u2019s are met: \u2212 It is technically feasible to complete the asset \u2212 the group has the resource to complete the project \u2212 the product will generate future economic benefits, and \u2212 expenditure can be reliable measured Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortizations starts when the asset is available for use. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. 2.12 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. Financial instruments The group has not entered into any financial instruments as of 31.12.2022. 2.13 Classification of assets and liabilities Current assets and short-term liabilities with maturity within 12 months and other items included in the company's normal operating cycle of goods or services. Strategic investments are classified as non- current assets. Short-term portion of long-term debt is presented as short-term. 2.14 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs and indirect production costs (based on normal capacity). Borrowing costs are not included. Net realisable value is estimated sales price less variable costs for completion and sale. 2.15 Accounts receivable Accounts receivable arise from the sale of goods or services that are within the normal operating cycle. Accounts receivable arising as a normal part of the operating cycle are classified as current assets. Receivables not included in the ordinary operating cycle and maturing later than 12 months are classified as fixed assets. 2.16 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits, other short-term liquid investments with a maximum of three months original maturity. 2.17 Share capital and share premium Ordinary shares are classified as equity. Costs directly related to the issue of new shares or options are shown as deductions in equity, net of tax, from proceeds. Own equity instruments that are repurchased (own shares) are recognised at cost and are presented as a reduction of equity. Gains or losses are not recognised in profit or loss as a consequence of the purchase, sale, issue or deletion of the group's own equity instruments. Any difference between the carrying amount and the consideration, if issued again, is recognised in other equity. Voting rights related to own shares are cancelled and no dividends are distributed to own shares. 2.18 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. 2.19 Provisions A provision is recognised when the group has an obligation (legal or constructive) as a result of a previous event, it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. A provision for warranty is included based upon the level of product and services sold. The provision is based upon historic information related to warranties and the possible outcome. 2.20 Payables and other current liabilities Payables are obligations to pay for goods or services that are delivered from the suppliers to ordinary operations. Payables are classified as short-term if it expires within one year or less. If this is not the case, it is classified as non-current. Payables are measured at fair value at initial recognition. In subsequent measurement, supplier debt is assessed at amortised cost using the effective interest rate. 2.21 Distribution of dividends Dividend payments to the parent company's shareholders are classified as liabilities from the date the dividend is fixed by the general meeting. 2.22 Events after the balance sheet date Information after the reporting period that provide evidence of conditions that existed at the end of the reporting period (\u201cadjusting events\u201d), are reflected in the amounts recognized in the financial statements. Information after the reporting period that are indicative conditions that arose after the reporting period (\u201cnon-adjusting events\u201d) are not reflected int the amounts recognized in the financial statements but are disclosed in material. Note 3 - Significant estimates and uncertainties The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that effect the recognition and measurement of certain assets, liabilities, revenue and expense. The following area involves the most critical estimates and judgments for the group: \u2212 Research and development cost related to internally developed technology Development cost related to technology has been recognized as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The revenue potential for the projects exceeds the investment. The balance sheet value as of 31.12.2022 was MNOK 26,8. The estimates that form the basis for the intangible asset are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenue for future products. Capitalized development costs are amortized over 10 years. Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2022 amounts to: Accounts receivables and other receivables 19 188 Cash and cash equivalents 81 599 Total 100 788 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2022; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting and functional currency. Interest rate risk The group has outstanding interest-bearing debt, including liabilities associated with leases (right-of- use), of NOK 15.3 million as of 31 December 2022. The interest rate risk for the group is limited. The group's goal of asset management is to ensure continued operations for the Group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. In order to improve the capital structure, the group can issue new shares or sell assets. No dividends are paid to the shareholders as the group is in the development phase. See note 22 for the group's interest rate sensitivity analysis on cash and cash equivalents. Liquidity risk Liquidity risks are the risk that the group is unable to meet its maturity obligations and the risk that the group will not be able to meet its liquidity obligations without increasing the cost dramatically. From a broader perspective, liquidity risk also poses a risk that the group will not be able to finance increases in assets as refinancing needs increase. Additional information regarding the Company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2022 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 297 - - - 18 297 Lease liabilities 4 423 4 337 8 418 - 17 178 Interest lease liabilities 1 108 784 324 - 2 216 Derivatives Derivative financial liabilities - - - - - Total 23 828 5 121 8 742 - 37 690 Period left 31.12.2021 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 440 - - - 18 440 Lease liabilities 4 114 3 959 9 280 - 17 353 Interest lease liabilities 1 181 908 1 190 - 3 279 Derivatives Derivative financial liabilities - - - - - Total 23 735 4 867 12 642 - 41 244 Note 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS Note 6 - Revenue Revenue by classification 2022 2021 Revenue from contract with customers 101 636 83 122 Public grants 10 287 16 887 Other revenue - - Total 111 922 100 009 Geographical split of revenue from contract with customers 2022 2021 Europe 71 571 55 676 Asia 23 609 25 008 USA 6 456 2 438 Total 101 636 83 122 Sales by product 2022 2021 Renal diagnostic products 39 966 36 450 Inflammation diagnostic products 42 886 40 478 Other diagnostic products 18 784 6 194 Total 101 636 83 122 Timing of revenue recognition 2022 2021 Goods transferred at a point in time 101 636 83 122 Goods and services transferred over time - - Total 101 636 83 122 Note 7 - Public grants The company Gentian AS receives public grants from the Norwegian Research Council, Innovation Norway and SkatteFUNN. 2022 2021 Norwegian Research Council 6 298 10 943 Innovation Norway - 1 194 SkatteFUNN* 3 989 4 750 Total 10 287 16 887 *The SkatteFUNN R&D tax incentive scheme is a government program where the incentive is a tax credit and comes in the form of a possible deduction from a company's payable corporate tax. If the tax credit for the R&D expenses is greater than the amount the company is liable to pay in tax, the remainder will be paid out in cash to the company. R&D programs related to Norwegian Research Council includes EU programs like Eurostars and similar. The company complies with the different requirements and conditions related to the grants. Note 8 - Costs of goods sold 2022 2021 Change in inventory of goods under manufacture and finished goods 1 368 3 727 Cost of materials 24 412 16 086 Other production expense 5 877 4 702 Total cost of materials 31 657 24 515 Production salary 20 978 18 662 Total Cost of goods sold 52 635 43 176 Note 9 - Operating expenses by function 2022 2021 Cost of goods sold 56 948 45 923 Sales and marketing expenses 23 251 16 109 Administration expenses 30 267 34 854 Research and development expenses * 24 691 34 854 Total 135 158 122 856 *includes depreciation of capitalised development cost Note 10 - Employee benefit expenses 2022 2021 Wages and salaries 48 456 43 733 Payroll tax 5 876 6 888 Pension costs (mandatory occupational pension) 3 171 1 733 Share based payments 3 353 4 633 Other expenses 1 032 1 214 Transfer to COGS -20 978 -18 662 Total 40 910 39 539 The group had 55 employees per 31 December 2022. The corresponding number per 31 December 2021 was 52 employees. Part of the employee benefit expenses are directly related to production of goods sold and the group has presented these costs as part of cost of goods sold. The company has a share option program covering certain key employees. As of 31 December 2022, fifteen employees were included in the option program. The share option program for key personnel is settled in shares, however, the company may resolve settlement in cash. The fair value of the issued options is expensed over the vesting period: For options issued from 2018 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options will be cancelled if the holder terminates its employment with the group. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settles in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2022 2021 Outstanding options 01.01 740 590 594 916 Options granted 219 996 155 674 Options forfeited - -10 000 Options exercised - - Options expired - - Outstanding options 31.12 960 586 740 590 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2023-8 65.24 174 954 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 219 996 960 586 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (42.74 %), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (2.87 %). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2022 had a weighted average strike price of NOK 46.67 pr share. In November 2021, Gentian Diagnostics ASA launched a share purchase program for the group's employees (ESPP). Under the terms of the ESPP, all employees have been given the opportunity to subscribe for shares up to a maximum amount of NOK 30 000. The company decided to award a 25 % discount to the volume weighted average price between 11 November and 24 November, resulting in a subscription price of NOK 54.49 per share. A total of 10 461 shares were subscribed for under the program. The discount amounted to NOK 178 131. No allocations under the ESPP were made in 2022 due to a change in tax regime for this type of programme. Management salary 2022 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 906 404 - 741 153 4 203 Njaal Kind Group Chief Financial Officer 2 054 248 60 992 9 3 362 Erling Sundrehagen Chief Scientific Officer 1 673 186 52 805 4 2 720 Markus Jaquemar Chief Commercial Officer 1 882 221 - 188 - 2 291 Total management salary 8 514 1 058 112 2 726 166 12 576 2021 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 787 388 - 1 478 158 4 810 Njaal Kind Group Chief Financial Officer 1 846 240 50 765 9 2 670 Erling Sundrehagen Chief Scientific Officer 1 644 300 41 735 23 2 425 Total management salary 6 277 928 91 2 978 190 9 906 The CEO has an agreement which provides the right to a compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) after termination of employment before retirement. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2022 2021 Hilja Ibert Chief Executive Officer 359 925 279 925 Njaal Kind Group Chief Financial Officer 175 661 155 665 Erling Sundrehagen Chief Scientific Officer 120 000 120 000 Markus Jaquemar Chief Commercial Officer 47 500 - Share options 703 086 555 590 Board remuneration* 2022 2021 Remuneration to the board 1 100 1 021 *As of the Annual General Meeting of 2022 the board members receives NOK 150 000 each and the Chairperson NOK 300 000. No board members have any remuneration based on the performance of the company. Pension costs The company is obliged to have an occupational pension scheme in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees receive 4.5% of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. Note 11 - Other operating expenses 2022 2021 Marketing 2 390 1 703 Purchase of external services 20 042 24 663 Patent, certification and license costs 1 465 1 706 Costs premises and office costs 3 287 1 432 Laboratory costs 4 042 10 711 Travel expenses 1 473 775 Meetings, courses and updates 662 325 Other 345 55 Capitalised other expenses* -2 336 -8 579 Total 31 369 32 790 *See Note 12. Auditor The remuneration to the auditor is distributed as follows: 2022 2021 Audit fee 1 230 595 Other attestation services 64 34 Tax advisory services - - Other services non-audit related 27 102 Total (ex. VAT) 1 321 732 Note 12 - Research and development expenses The Gentian group had four ongoing R & D projects as per 31 December 2022. Costs related to the projects consist of salary, external procurement of services, and other operating expenses. One of the projects went over in the development phase in 2016 and one additional in 2021, and consequently the capitalisation of the costs in these projects was started. Recognised research and development expenses 2022 2021 Purchase of external services 7 972 9 023 Salary and other operating expenses 20 873 27 050 Capitalised salary expenses -3 693 -3 079 Capitalised other expenses -2 336 -8 579 Total 22 817 24 416 Note 13 - Finance income and finance cost Finance income 2022 2021 Interest income 1 114 85 Foreign exchange gains 2 698 1 982 Other finance income 19 18 Total finance income 3 831 2 084 Finance cost 2022 2021 Interest expenses from loans measured at amortised cost - - Foreign exchange loss -2 896 -2 578 Interest leasing liabilities -1 255 -1 381 Other financial costs -63 -72 Total finance cost -4 213 -4 031 Net financial items -382 -1 947 Note 14 \u2013 Taxes Reconciliation of effective tax rate 2022 2021 Net result before taxes -23 618 -24 794 Calculated tax expense/(income) -4 814 -5 454 Permanent differences -3 499 -4 737 Tax depreciation on intangible assets - - Change in temporary differences 187 -795 Temporary differences not recognized 8 125 10 987 Calculated tax expense - - Tax payable (USA) - - Calculation of deferred tax/deferred tax asset 2022 2021 Property, plant and equipment -3 010 -5 762 Right-of-use assets -2 937 - Receivables - 2 Inventories -925 -925 Tax losses carried forward -199 331 -174 304 Basis for deferred tax/deferred tax asset (gross) -206 203 -180 989 Unrecognised temporary differences 206 203 180 989 Basis for deferred tax/deferred tax asset (net) - - Deferred tax asset - - The group excluded from the financial position deferred tax asset of MNOK 45.4 related to temporary differences and tax loss carried forward, as the group did not meet the criteria for capitalisation under IAS 12. The group is in a growth phase and there is uncertainty when the group will be profitable. The tax losses can be carried forward indefinitely in Norway and Sweden. Note 15 - Property, plant and equipment 2022 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 12 536 24 706 37 242 Additions during the year 8 637 454 9 091 Adjustments -581 -581 Grants received - - - Disposals during the year - - - Accumulated cost as at 31.12 21 172 24 579 45 752 Depreciation and amortisation Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Amortisation during the year - - - Accumulated depreciation as at 31.12 11 921 12 193 24 114 Carrying amount in balance sheet as at 31.12 9 251 12 386 21 638 2021 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 11 512 26 839 38 351 Additions during the year 1 024 - 1 024 Grants received - - - Disposals during the year - -2 133 -2 133 Accumulated cost as at 31.12 12 536 24 706 37 242 Depreciation and amortisation Carrying amount at 01.01 7 647 5 151 12 797 Depreciation during the year 1 526 3 430 4 956 Amortisation during the year - - - Accumulated depreciation as at 31.12 9 172 8 581 17 753 Carrying amount in balance sheet as at 31.12 3 363 16 125 19 488 Note 16 - Leases/right-of-use assets Right-of-use assets Right-of-use assets mainly consists of leased offices. Lease liabilities Undiscounted lease liabilities and maturity of cash outflows 2022 2021 Less than 1 year 4 423 4 114 1-2 years 4 337 3 959 3-5 years 8 418 11 452 Total undiscounted lease liabilities at 31.12. 17 178 19 525 Summary of lease liabilities 2022 2021 Lease liabilities at 01.01. 18 584 22 275 New lease liabilities recognised in the year 454 - Lease payments -4 325 -3 469 Adjustments -645 -1 603 Interest expense on lease liabilities 1 255 1 381 Total lease liabilities at 31.12. 15 323 18 584 Current lease liabilities 3 699 4 114 Non-current lease liabilities 11 624 14 470 The Company have rental agreements with CPI-adjustments which are included in the measurement of lease liabilities. The estimated lease liabilities related to these agreements is NOK 14.4 million at 31 December 2022 and NOK 17.7 million on 31 December 2021. Note 17 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2022 Cash flows New leases Reclassi- fication 31.12.2022 Lease liabilities non-current 14 470 454 -3 300 11 624 Lease liabilities current 4 114 -4 325 3 910 3 699 Total liabilities from financing activities 18 584 -4 325 454 610 15 323 Non-cash changes 01.01.2021 Cash flows New leases Reclassi- fication 31.12.2021 Lease liabilities non-current 18 101 - -3 631 14 470 Lease liabilities current 4 174 -3 691 - 3 631 4 114 Total liabilities from financing activities 22 275 -3 691 - - 18 584 The table below shows the group's Interest rate sensitivity analysis: 2022 2021 Total debt 15 323 18 584 Change in interest rate +0,5% 77 93 -0,5% - 77 - 93 Profit before tax - 23 618 - 24 794 Adjusted Profit before tax for change in interest rate +0,5% - 23 541 - 24 701 -0,5% - 23 695 - 24 887 Note 18 - Intangible assets 2022 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 9 384 27 401 Additions during the year - 6 029 6 029 Adjustments - -333 -333 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 15 080 33 097 Depreciation and amortisation Carrying amount at 01.01 2 395 - 2 395 Depreciation during the year 3 882 - 3 882 Amortisation during the year - - - Accumulated depreciation as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. 2021 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 15 610 - 15 610 Additions during the year 2 407 9 384 11 791 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 9 384 27 401 Depreciation and amortisation Carrying amount at 01.01 - - - Depreciation during the year 2 395 2 395 Amortisation during the year - - - Accumulated depreciation as at 31.12 2 395 - 2 395 Carrying amount in balance sheet as at 31.12 15 622 9 384 25 006 Note 19 - The valuation hierarchy of financial instruments accounted for at fair value Fair value of financial instruments accounted for at amortised cost 2022 Accounted value Fair value Receivables 19 188 19 188 Cash and cash equivalents 81 599 81 599 Total 100 788 100 788 Accounted value Fair value Current lease liabilities 3 699 3 699 Non-current lease liabilities 11 624 11 624 Total 15 323 15 323 2021 Accounted value Fair value Receivables 22 580 22 580 Cash and cash equivalents 114 936 114 936 Total 137 516 137 516 Accounted value Fair value Current lease liabilities 4 114 4 114 Non-current lease liabilities 14 470 14 470 Total 18 584 18 584 Note 20 \u2013 Inventory Inventory as at 31 December consists of the following: 2022 2021 Raw materials 16 653 9 256 Goods in process 17 127 15 711 Finished goods 5 690 5 737 Provision for obsolescence -925 -925 Total 38 544 29 779 Note 21 - Accounts receivables and other receivables 2022 2021 Accounts receivables 10 063 6 514 Claims on government grants 5 730 10 569 Public receivables (VAT, etc.) 2 711 4 463 Other receivables / Prepayments 684 1 034 Total 19 188 22 580 2022 2021 Provision for loss of claims at the beginning of the year Provision for loss for the year - - This year's recorded loss - - Reversed deposition - - Provision for loss at the end of the year - - Due accounts receivables 2022 2021 Not due and within <30 days 7 294 4 190 30-60d 1 902 595 60-90d 58 1 040 >90d 810 688 Total 10 063 6 514 The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered. Note 22 - Cash and cash equivalents 2022 2021 Cash and bank deposits 79 258 112 849 Withhold tax account 2 077 1 823 Deposit account 265 265 Total 81 599 114 936 The table below shows the group's interest rate sensitivity analysis on cash and cash equivalents: 2022 2021 Total cash and cash equivalents 81 599 114 936 Change in interest rate +0,5% 408 575 -0,5% - 408 - 575 Profit before tax - 23 618 - 24 794 Adjusted Profit before tax for change in interest rate +0,5% - 23 210 - 24 219 -0,5% - 24 026 - 25 369 Note 23 - Share capital, shareholders and equity Number of shares Nominal value Share capital Ordinary shares 15 422 350 0,10 1 542 Changes in share capital and share premium: Change in share capital 2022 2021 Share capital at period start 1 542 1 541 Share capital increase 0 1 Share capital at period end 1 542 1 542 Change in share premium 2022 2021 Share premium at period start 293 810 293 241 Share premium increase 0 569 Cost of share issue - - Share premium at period end 293 810 293 810 All shares in the company have equal voting rights and equal rights to dividends. Overview of the parent company's shareholders as at 31.12.22: Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Life Sciences AS 1 214 702 7.88 % Verdipapirfondet Delphi Nordic 973 999 6.32 % Safrino AS 800 000 5.19 % Skandinaviska Enskilda Banken AB 492 150 3.19 % Salix AS 363 235 2.36 % Verdipapirfondet DNB SMB 361 291 2.34 % Verdipapirforndet Storebrand Vekst 341 484 2.21 % J.P. Morgan SE 325 000 2.11 % Portia AS 300 000 1.95 % Equinor Pensjon 245 047 1.59 % Krefting, Johan Henrik 236 500 1.53 % Cressida AS 235 000 1.52 % Verdipapirfondet Equinor Aksjer NO 227 880 1.48 % Carpe Diem Afseth AS 221 797 1.44 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Mutus AS 210 465 1.36 % Vingulmork Predictor AS 184 083 1.19 % Top 20 shareholders 10 898 632 70.67 % Total other shareholders 4 523 718 29.33 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Erling Sundrehagen (Vingulmork Predictor AS) 184 083 1.19 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 21 125 0.14 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Susanne Stuffers (Ubiquity AS) 3 500 0.02 % Kari E. Krogstad 2 325 0.02 % Monika Neuman 800 0.01 % Dividend The company has not paid dividends over the last five years. Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2022 2021 Profit from continued operations -23 618 -24 794 Weighted average number of shares issued 15 422 15 415 Earnings per share -1.53 -1.61 Weighted average number of shares issued incl. options 16 383 16 155 Diluted earnings pr share -1.53 -1.61 Share options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. Note 24 \u2013 Provisions, contingent assets and contingent liabilities The company has no significant provisions, or contingent liabilities or contingent assets. Note 25 \u2013 Transactions with related parties The company uses Getica AB as a supplier for one of its production steps and has outsourced some R&D project elements to the same supplier. The supplier is owned by Erling Sundrehagen, who also is the sole owner of Vingulmork Predictor AS. The amount invoiced from Getica AB amounted to NOK 7.7 million in 2022 (NOK 9.8 million in 2021). See note 10 for remuneration to the management and the board. Note 26 \u2013 Events after the balance sheet date There have not been any significant events since the balance sheet date. Alternative performance measures Non\u2010IFRS financial measures / alternative performance measures In this annual report, the group presents certain alternative performance measures (\u201cAPMs\u201d). An APM is defined as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specific in the applicable financial reporting framework (IFRS). The APMs presented herein are not measurements of financial performance or liquidity under IFRS or other generally accepted accounting principles, are not audited and investors should not consider any such measures to be an alternative to (a) operating revenues or operating profit (as determined in accordance with generally accepted accounting principles), (b) as a measure of the group\u2019s operating performance; or (c) any other measures of performance under generally accepted accounting principles. The APMs presented herein may not be indicative of the group\u2019s historical operating results, nor are such measures meant to be predictive of the group\u2019s future results. The company uses APMs to measure operating performance and is of the view that the APMs provide investors with relevant and specific operating figures which may enhance their understanding of the group\u2019s performance. Because companies calculate APMs differently, the APMs presented herein may not be comparable to similarly titled measures used by other companies. Below is an overview of APMs presented, including an overview of reconciliation and calculation of the relevant APMs. Organic revenue growth Organic revenue growth is defined as revenue adjusted for currency effects and effects from M&A. Organic revenue growth measurement provides useful information to investors and other stakeholders on underlying growth of the business without the effect of certain factors unrelated to its operating performance. Reconciliation 2022 2021 (NOK 1000) Revenue from contracts with customers 101 636 83 122 Revenue growth 18 538 19 795 Impact using exchange rates from last period -1 750 4 399 Impact M&A - 1 954 Organic revenue growth 16 788 26 148 Organic revenue growth % 20 % 43 % Total other operating expenses Total other operating expenses is a key financial parameter for the group and consists of salaries and personnel costs and other operating expenses. Total other operating expenses before capitalisation of R&D expenses consists of Employee benefit expenses and other non-salary related operating expenses before capitalisation of R&D expenses. The performance indicator is provided for the purpose of monitoring the evolution of non-production related costs without the effect of capitalisation of costs. Reconciliation 2022 2021 (NOK 1000) Employee benefit expenses 40 910 39 539 Other operating expenses 31 369 32 790 Total other operating expenses after capitalisation of R&D expenses 72 279 72 330 Capitalisation 6 029 11 659 Total other operating expenses before capitalisation of R&D expenses 78 308 83 988 Reconciliation 2022 2021 (NOK 1000) Other non-salary related operating expenses after capitalisation of R&D expenses 31 369 32 790 Capitalisation 2 336 8 579 Other non-salary related operating expenses before capitalisation of R&D expenses 33 705 41 370 EBITDA/EBIT EBITDA is a measurement of operating earnings before depreciation and amortisation of property, plant and equipment and intangible assets and impairment charges, and EBIT is the operating result. EBITDA and EBIT are used for providing information of operating performance which is relative to other companies and frequently used by other stakeholders. Reconciliation 2022 2021 (NOK 1000) Total Revenue 111 922 100 009 Total Operating Expenses -135 158 -122 854 EBIT -23 235 -22 845 Depreciation and Amortisation 10 243 7 349 EBITDA -12 992 -15 496 COGS Cost of goods sold (COGS) refers to the total cost of producing goods for product sales. The key figure COGS % is calculated in relation to revenue from contracts with customers. COGS % is used for providing consistent information of performance related to the production of goods which is relative to other companies and frequently used by other stakeholders. 2022 2021 (NOK 1000) Revenue from contracts with customers 101 636 83 122 COGS 52 635 43 176 COGS % of Revenue from contracts with customers 52 % 52 % Non-cash share-based compensation Non-cash share-based compensation expense is the share-based compensation recognised in the income statement (employee benefit expenses). Information on the non-cash share-based compensation expense is provided to give information on the no-cash components of the employee benefit expenses. 2022 2021 (NOK 1000) Non-cash shared-based compensation 3 353 4 633 Declaration from the Board of Directors of Gentian Diagnostics ASA We confirm that the financial statements for the period 1 January up to and including 31 December 2022, to be the best of our knowledge, have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial positions and profit or loss of the Company and the group as a whole. The board of director\u2019s report includes a fair view of the development and performance of the business and the position of the Company and the group as a whole, together with a description of the principal risks and uncertainties that they face. Moss, 29 March 2023 The board of directors of Gentian Diagnostics ASA Tomas Settevik Chairperson Sign. Kari E. Krogstad Board member Sign. Espen Tidemann J\u00f8rgensen Board member Sign. Susanne Stuffers Board member Sign. Fredrik Thoresen Board member Sign. Monika Neuman Board member Sign. Tomas Kramar Board member Sign. Frank Frantzen Board member Sign. Hilja Ibert CEO Sign. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2454": { "value": "Note 1 - General Information Gentian Diagnostics ASA is registered in Norway and listed on Euronext Oslo B\u00f8rs. The company's headquarters are in Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway. The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research. The customers are medical laboratories and universities worldwide. The group consists of the parent company Gentian Diagnostics ASA and the subsidiary Gentian AS. In addition, Gentian AS has a wholly owned subsidiary, registered in Florida, USA, named Gentian USA Inc, and a wholly owned subsidiary in Sweden, Gentian Diagnostics AB. The consolidated financial statements were approved by the board on 29 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2457": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2458": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2459": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2460": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2461": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2463": { "value": "Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2464": { "value": "The company is a research and development- based company that develops and manufactures biochemical reagents for use in medical diagnostics and research.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2472": { "value": "The consolidated financial statements were approved by the board on 29 March 2023. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2474": { "value": "Note 2 - Summary of the most important accounting principles 2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS, as adopted by the European Union and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. 2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2022 financial statements are relevant this financial year. 2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31 2022. A subsidiary is an entity controlled by the group. An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. 2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. Profit and loss account related to these units is translated at the average exchange rate per month. Translation differences arising from the translation are recognised in other income and expenses. Upon disposal of foreign operations, the accumulated amount recognised in equity is attributable to the specific business. 2.5 Segments For management purposes, the group is organized as one business unit and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. 2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery. 2.7 Public grants Public grants are recognised at fair value when there is reasonable assurance that the grant will be received and that the company will fulfil the conditions attached to the grant. The grants are recognised in the statement of financial position and recognised as income in the period that best match the costs they are intended to compensate. Public grants in connection with the purchase of tangible fixed assets are recognised as a reduction in the capitalised acquisition cost and are reflected in the result through lower annual depreciation over the expected useful life of the asset. 2.8 Leases At the inception of a contract, The group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. At the lease commencement date, the group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognises the lease payments as other operating expenses in the statement of profit or loss when they incur. The lease liability is recognised at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The group presents its lease liabilities as separate line items in the statement of financial position. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. 2.9 Pension costs and bonuses for employees The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group follows local law regarding pension schemes and has put in place defined contribution plans for its employees outside of Norway. The group accounts for an obligation and a cost of bonuses based on an assessment of key stakeholders' goal achievement. The group accounts for a provision in which there are contractual and probable obligations or where there is an earlier practice that creates a constructive obligation. Share based payments The group has a share-based program for key personnel. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in shares is conditional upon an authorisation from the general meeting for a share issue. 2.10 Property, plant and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The useful life of the assets, as well as residual value, are reviewed on each balance sheet date and changed if necessary. When the carrying amount of an asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount. Gains and losses on disposal are recognised in the profit and loss account and make up the difference between the selling price and the book value. 2.11 Intangible assets Intangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on \u00e5 straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized, but tested for impairment at least annually. Research costs are expensed as incurred. Cost to internal development of technology is capitalized as an intangible asset when the recognition criteria\u2019s are met: \u2212 It is technically feasible to complete the asset \u2212 the group has the resource to complete the project \u2212 the product will generate future economic benefits, and \u2212 expenditure can be reliable measured Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortizations starts when the asset is available for use. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. 2.12 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. Financial instruments The group has not entered into any financial instruments as of 31.12.2022. 2.13 Classification of assets and liabilities Current assets and short-term liabilities with maturity within 12 months and other items included in the company's normal operating cycle of goods or services. Strategic investments are classified as non- current assets. Short-term portion of long-term debt is presented as short-term. 2.14 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs and indirect production costs (based on normal capacity). Borrowing costs are not included. Net realisable value is estimated sales price less variable costs for completion and sale. 2.15 Accounts receivable Accounts receivable arise from the sale of goods or services that are within the normal operating cycle. Accounts receivable arising as a normal part of the operating cycle are classified as current assets. Receivables not included in the ordinary operating cycle and maturing later than 12 months are classified as fixed assets. 2.16 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits, other short-term liquid investments with a maximum of three months original maturity. 2.17 Share capital and share premium Ordinary shares are classified as equity. Costs directly related to the issue of new shares or options are shown as deductions in equity, net of tax, from proceeds. Own equity instruments that are repurchased (own shares) are recognised at cost and are presented as a reduction of equity. Gains or losses are not recognised in profit or loss as a consequence of the purchase, sale, issue or deletion of the group's own equity instruments. Any difference between the carrying amount and the consideration, if issued again, is recognised in other equity. Voting rights related to own shares are cancelled and no dividends are distributed to own shares. 2.18 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. 2.19 Provisions A provision is recognised when the group has an obligation (legal or constructive) as a result of a previous event, it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. A provision for warranty is included based upon the level of product and services sold. The provision is based upon historic information related to warranties and the possible outcome. 2.20 Payables and other current liabilities Payables are obligations to pay for goods or services that are delivered from the suppliers to ordinary operations. Payables are classified as short-term if it expires within one year or less. If this is not the case, it is classified as non-current. Payables are measured at fair value at initial recognition. In subsequent measurement, supplier debt is assessed at amortised cost using the effective interest rate. 2.21 Distribution of dividends Dividend payments to the parent company's shareholders are classified as liabilities from the date the dividend is fixed by the general meeting. 2.22 Events after the balance sheet date Information after the reporting period that provide evidence of conditions that existed at the end of the reporting period (\u201cadjusting events\u201d), are reflected in the amounts recognized in the financial statements. Information after the reporting period that are indicative conditions that arose after the reporting period (\u201cnon-adjusting events\u201d) are not reflected int the amounts recognized in the financial statements but are disclosed in material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2476": { "value": "2.1 Basis for the preparation of the annual accounts The company issues the consolidated financial statements in accordance with IFRS, as adopted by the European Union and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. The consolidated accounts have been prepared on the basis of going concern. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2478": { "value": "The company issues the consolidated financial statements in accordance with IFRS, as adopted by the European Union and additional disclosure requirement in the Norwegian Accounting Act. The consolidated financial statements are based on the historical cost principle. The financial statements are presented in Norwegian kroner (NOK). All amounts are in NOK thousands unless otherwise specified. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2484": { "value": "The preparation of accounts in accordance with IFRS requires the use of estimates. Furthermore, the use of the company's accounting principles requires that management must exercise judgment. Areas with a high degree of discretionary judgment, high complexity, or areas where assumptions and estimates are essential for the accounts are described in note 3. Note 3 - Significant estimates and uncertainties The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that effect the recognition and measurement of certain assets, liabilities, revenue and expense. The following area involves the most critical estimates and judgments for the group: \u2212 Research and development cost related to internally developed technology Development cost related to technology has been recognized as an intangible asset because Gentian can demonstrate technological feasibility for the assets to be available for sale for both existing products and new products. The revenue potential for the projects exceeds the investment. The balance sheet value as of 31.12.2022 was MNOK 26,8. The estimates that form the basis for the intangible asset are performed by the management of the company, and there will always be a level of uncertainty in relation to the assessments that are performed on future revenue for future products. Capitalized development costs are amortized over 10 years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2490": { "value": "The consolidated accounts have been prepared on the basis of going concern", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2491": { "value": "2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2022 financial statements are relevant this financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2494": { "value": "2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of December 31 2022. A subsidiary is an entity controlled by the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2501": { "value": "An entity has been assessed as being controlled by the group when the group is exposed for or have the rights to variable returns from its involvement with the entity and has the ability to use its power over the entity to affect the amount of the group\u2019s returns. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2520": { "value": "2.4 Currency The accounts of the individual entities in the group are measured in the currency used in which the entity mainly operates (functional currency). The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date. Monetary items in foreign currency are translated at the exchange rate on the balance sheet date. Exchange differences arising on the settlement of monetary items or on translating monetary items are recognised in profit or loss, with exception of exchange differences arising on a monetary item that is part of the net investment in a foreign operation. Assets and liabilities in foreign entities / units are translated into the presentation currency using the current exchange rate at the balance sheet date. Profit and loss account related to these units is translated at the average exchange rate per month. Translation differences arising from the translation are recognised in other income and expenses. Upon disposal of foreign operations, the accumulated amount recognised in equity is attributable to the specific business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2524": { "value": "The consolidated financial statements are presented in Norwegian kroner (NOK) which is both the functional currency of the parent company and the presentation currency of the group. Transactions in foreign currency are recorded on initial recognition in the functional currency at the spot exchange rate at the transaction date.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2539": { "value": "2.5 Segments For management purposes, the group is organized as one business unit and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2540": { "value": "2.5 Segments For management purposes, the group is organized as one business unit and the internal reporting is structured in accordance with this. The group is currently organized in one operating segment. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2544": { "value": "2.6 Revenue from contracts with customers Revenue from contracts with customers is recognised when control of the goods or services are transferred to the customer at an amount that reflects the consideration to which the group expects to be entitled in exchange for those goods or services. Sale of goods The group recognises revenue from the sale of goods at the point in time when control of the goods is transferred to the customer. Control of an asset refers to the ability to direct the use of and obtain substantially all the remaining benefits from the asset, and the ability to prevent others from directing the use of and receiving the benefits from the asset. Revenue is generally recognised on delivery of the goods. The normal credit term is 30 to 60 days upon delivery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2555": { "value": "2.7 Public grants Public grants are recognised at fair value when there is reasonable assurance that the grant will be received and that the company will fulfil the conditions attached to the grant. The grants are recognised in the statement of financial position and recognised as income in the period that best match the costs they are intended to compensate. Public grants in connection with the purchase of tangible fixed assets are recognised as a reduction in the capitalised acquisition cost and are reflected in the result through lower annual depreciation over the expected useful life of the asset. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2574": { "value": "2.8 Leases At the inception of a contract, The group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period in exchange for consideration. At the lease commencement date, the group recognises a lease liability and corresponding right-of-use asset for all lease agreements in which it is the lessee, except for the following exemptions applied: \u2022 Short-term leases (defined as 12 months or less) \u2022 Low value assets For these leases, the group recognises the lease payments as other operating expenses in the statement of profit or loss when they incur. The lease liability is recognised at the commencement date of the lease. The group measures the lease liability at the present value of the lease payments for the right to use the underlying asset during the lease term that are not paid at the commencement date. The lease term represents the non-cancellable period of the lease, together with periods covered by an option either to extend or to terminate the lease when the group is reasonably certain to exercise this option. The lease payments included in the measurement comprise of: \u2022 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \u2022 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications, or to reflect adjustments in lease payments due to an adjustment in an index or rate. The group presents its lease liabilities as separate line items in the statement of financial position. The group measures the right-of use asset at cost, less any accumulated depreciation and impairment losses, adjusted for any remeasurement of lease liabilities. The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2606": { "value": "The group applies the depreciation requirements in IAS 16 Property, Plant and Equipment in depreciating the right-of-use asset, except that the right-of-use asset is depreciated from the commencement date to the earlier of the lease term and the remaining useful life of the right-of-use asset. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The useful life of the assets, as well as residual value, are reviewed on each balance sheet date and changed if necessary. When the carrying amount of an asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount. Gains and losses on disposal are recognised in the profit and loss account and make up the difference between the selling price and the book value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2611": { "value": "The group applies IAS 36 Impairment of Assets to determine whether the right-of-use asset is impaired and to account for any impairment loss identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2624": { "value": "2.9 Pension costs and bonuses for employees The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group follows local law regarding pension schemes and has put in place defined contribution plans for its employees outside of Norway. The group accounts for an obligation and a cost of bonuses based on an assessment of key stakeholders' goal achievement. The group accounts for a provision in which there are contractual and probable obligations or where there is an earlier practice that creates a constructive obligation. Share based payments The group has a share-based program for key personnel. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in shares is conditional upon an authorisation from the general meeting for a share issue. Note 10 - Employee benefit expenses 2022 2021 Wages and salaries 48 456 43 733 Payroll tax 5 876 6 888 Pension costs (mandatory occupational pension) 3 171 1 733 Share based payments 3 353 4 633 Other expenses 1 032 1 214 Transfer to COGS -20 978 -18 662 Total 40 910 39 539 The group had 55 employees per 31 December 2022. The corresponding number per 31 December 2021 was 52 employees. Part of the employee benefit expenses are directly related to production of goods sold and the group has presented these costs as part of cost of goods sold. The company has a share option program covering certain key employees. As of 31 December 2022, fifteen employees were included in the option program. The share option program for key personnel is settled in shares, however, the company may resolve settlement in cash. The fair value of the issued options is expensed over the vesting period: For options issued from 2018 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options will be cancelled if the holder terminates its employment with the group. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settles in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2022 2021 Outstanding options 01.01 740 590 594 916 Options granted 219 996 155 674 Options forfeited - -10 000 Options exercised - - Options expired - - Outstanding options 31.12 960 586 740 590 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2023-8 65.24 174 954 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 219 996 960 586 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (42.74 %), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (2.87 %). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2022 had a weighted average strike price of NOK 46.67 pr share. In November 2021, Gentian Diagnostics ASA launched a share purchase program for the group's employees (ESPP). Under the terms of the ESPP, all employees have been given the opportunity to subscribe for shares up to a maximum amount of NOK 30 000. The company decided to award a 25 % discount to the volume weighted average price between 11 November and 24 November, resulting in a subscription price of NOK 54.49 per share. A total of 10 461 shares were subscribed for under the program. The discount amounted to NOK 178 131. No allocations under the ESPP were made in 2022 due to a change in tax regime for this type of programme. Management salary 2022 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 906 404 - 741 153 4 203 Njaal Kind Group Chief Financial Officer 2 054 248 60 992 9 3 362 Erling Sundrehagen Chief Scientific Officer 1 673 186 52 805 4 2 720 Markus Jaquemar Chief Commercial Officer 1 882 221 - 188 - 2 291 Total management salary 8 514 1 058 112 2 726 166 12 576 2021 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 787 388 - 1 478 158 4 810 Njaal Kind Group Chief Financial Officer 1 846 240 50 765 9 2 670 Erling Sundrehagen Chief Scientific Officer 1 644 300 41 735 23 2 425 Total management salary 6 277 928 91 2 978 190 9 906 The CEO has an agreement which provides the right to a compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) after termination of employment before retirement. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2022 2021 Hilja Ibert Chief Executive Officer 359 925 279 925 Njaal Kind Group Chief Financial Officer 175 661 155 665 Erling Sundrehagen Chief Scientific Officer 120 000 120 000 Markus Jaquemar Chief Commercial Officer 47 500 - Share options 703 086 555 590 Board remuneration* 2022 2021 Remuneration to the board 1 100 1 021 *As of the Annual General Meeting of 2022 the board members receives NOK 150 000 each and the Chairperson NOK 300 000. No board members have any remuneration based on the performance of the company. Pension costs The company is obliged to have an occupational pension scheme in accordance with the Act on Compulsory Occupational Pensions. Currently all eligible employees receive 4.5% of their fixed salary up to 12G as a contribution to the pension plan, which is in accordance with the Act on Compulsory Occupational Pensions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2625": { "value": "2.9 Pension costs and bonuses for employees The group has a defined contribution plan for all employees in Norway. The scheme is based on a percentage of the members' salary. The group has no further payment obligations after the deposits have been paid. Prepaid deposits are recorded as an asset to the extent that the deposit can be refunded or reduce future payments. For employees in other countries the group follows local law regarding pension schemes and has put in place defined contribution plans for its employees outside of Norway. The group accounts for an obligation and a cost of bonuses based on an assessment of key stakeholders' goal achievement. The group accounts for a provision in which there are contractual and probable obligations or where there is an earlier practice that creates a constructive obligation. Share based payments The group has a share-based program for key personnel. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in shares is conditional upon an authorisation from the general meeting for a share issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2635": { "value": "Share based payments The group has a share-based program for key personnel. Equity-settled share-based payments are measured at the fair value of the equity instruments at the grant date. The long-term incentives of Gentian (\u00abLTI\u00bb) consist of a share price-related option program for key personnel. Under the share option program, options may be allocated to the key personnel. The options entitle the option holder to purchase a defined number of shares to a pre-defined value after a specific period. The company may decide settlement in cash. Settlement in shares is conditional upon an authorisation from the general meeting for a share issue. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2644": { "value": "2.10 Property, plant and equipment The group's long-term assets consist mainly of production equipment and fixtures. The property, plant and equipment are recognised at acquisition cost less depreciation. Acquisition costs include costs directly related to the acquisition of the asset. Subsequent expenses are added to the carrying amount of the assets or are capitalised separately when it is probable that future economic benefits associated with the expense will flow to the group and the expense can be measured reliably. Other repair and maintenance costs are charged to the profit and loss account during the period incurred. The property, plant and equipment are depreciated using the straight-line method, so that the acquisition cost of the assets is depreciated at residual value over the expected useful life that is: \u2212 Machinery/ equipment 10-15 years \u2212 Fixtures 3-8 years The useful life of the assets, as well as residual value, are reviewed on each balance sheet date and changed if necessary. When the carrying amount of an asset is higher than the estimated recoverable amount, the value is written down to the recoverable amount. Gains and losses on disposal are recognised in the profit and loss account and make up the difference between the selling price and the book value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2676": { "value": "2.11 Intangible assets Intangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on \u00e5 straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized, but tested for impairment at least annually. Research costs are expensed as incurred. Cost to internal development of technology is capitalized as an intangible asset when the recognition criteria\u2019s are met: \u2212 It is technically feasible to complete the asset \u2212 the group has the resource to complete the project \u2212 the product will generate future economic benefits, and \u2212 expenditure can be reliable measured Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortizations starts when the asset is available for use. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2677": { "value": "2.11 Intangible assets Intangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on \u00e5 straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized, but tested for impairment at least annually. Research costs are expensed as incurred. Cost to internal development of technology is capitalized as an intangible asset when the recognition criteria\u2019s are met: \u2212 It is technically feasible to complete the asset \u2212 the group has the resource to complete the project \u2212 the product will generate future economic benefits, and \u2212 expenditure can be reliable measured Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortizations starts when the asset is available for use. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2679": { "value": "Intangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the group, and the cost of the asset can be measured reliable. Intangible assets with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on \u00e5 straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized, but tested for impairment at least annually. Research costs are expensed as incurred. Cost to internal development of technology is capitalized as an intangible asset when the recognition criteria\u2019s are met: \u2212 It is technically feasible to complete the asset \u2212 the group has the resource to complete the project \u2212 the product will generate future economic benefits, and \u2212 expenditure can be reliable measured Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortizations starts when the asset is available for use. Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2706": { "value": "2.12 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. Financial instruments The group has not entered into any financial instruments as of 31.12.2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2707": { "value": "2.12 Financial instruments A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial Assets The group\u00b4s financial assets are trade receivables and cash and cash equivalents. These financial assets are measured at amortised cost. Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. Financial instruments The group has not entered into any financial instruments as of 31.12.2022. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2711": { "value": "Financial Assets The group\u00b4s financial assets are trade receivables and cash and cash equivalents. These financial assets are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2715": { "value": "Financial liabilities The group\u2019s financial liabilities are accounts payables and lease liabilities. These financial liabilities are measured at amortised cost. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2732": { "value": "2.13 Classification of assets and liabilities Current assets and short-term liabilities with maturity within 12 months and other items included in the company's normal operating cycle of goods or services. Strategic investments are classified as non- current assets. Short-term portion of long-term debt is presented as short-term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2737": { "value": "2.14 Inventory Inventory is valued at the lower of cost and net realisable value. Cost of inventory is assigned using first- in, first-out method (FIFO). For finished goods and goods under construction, cost of production consists of product design, material consumption, direct labour costs, other direct costs and indirect production costs (based on normal capacity). Borrowing costs are not included. Net realisable value is estimated sales price less variable costs for completion and sale. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2744": { "value": "2.15 Accounts receivable Accounts receivable arise from the sale of goods or services that are within the normal operating cycle. Accounts receivable arising as a normal part of the operating cycle are classified as current assets. Receivables not included in the ordinary operating cycle and maturing later than 12 months are classified as fixed assets. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2750": { "value": "2.16 Cash and cash equivalents Cash and cash equivalents consist of cash, bank deposits, other short-term liquid investments with a maximum of three months original maturity. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2754": { "value": "2.17 Share capital and share premium Ordinary shares are classified as equity. Costs directly related to the issue of new shares or options are shown as deductions in equity, net of tax, from proceeds. Own equity instruments that are repurchased (own shares) are recognised at cost and are presented as a reduction of equity. Gains or losses are not recognised in profit or loss as a consequence of the purchase, sale, issue or deletion of the group's own equity instruments. Any difference between the carrying amount and the consideration, if issued again, is recognised in other equity. Voting rights related to own shares are cancelled and no dividends are distributed to own shares. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2763": { "value": "2.18 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2764": { "value": "2.18 Taxes The tax expense in the income statement includes both payable taxes for the period and changes in deferred tax. Deferred tax is calculated based on temporary differences between tax values of assets and carrying amount of assets. Deferred tax assets are recognised when it is probable that the company will have a sufficient profit for tax purposes in subsequent periods to utilise the tax asset. The companies recognise previously unrecognised deferred tax assets to the extent it has become probable that the company can utilise the deferred tax asset. Similarly, the company will reduce a deferred tax asset to the extent that the company no longer regards it as probable that it can utilise the deferred tax asset. Deferred tax and deferred tax assets are measured using the expected future tax rate for the companies within the group that have temporarily differences between tax values and carrying values of assets or losses carry forward. Deferred tax and tax assets are recorded at nominal value and is classified as long-term financial asset in the balance sheet. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2800": { "value": "2.19 Provisions A provision is recognised when the group has an obligation (legal or constructive) as a result of a previous event, it is probable (more likely than not) that a financial settlement will take place as a result of this obligation and the size of the amount can be measured reliably. If the effect is considerable, the provision is calculated by discounting estimated future cash flows using a discount rate before tax that reflects the market\u2019s pricing of the time value of money and, if relevant, risks specifically linked to the obligation. A provision for warranty is included based upon the level of product and services sold. The provision is based upon historic information related to warranties and the possible outcome. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2811": { "value": "2.20 Payables and other current liabilities Payables are obligations to pay for goods or services that are delivered from the suppliers to ordinary operations. Payables are classified as short-term if it expires within one year or less. If this is not the case, it is classified as non-current. Payables are measured at fair value at initial recognition. In subsequent measurement, supplier debt is assessed at amortised cost using the effective interest rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2818": { "value": "2.21 Distribution of dividends Dividend payments to the parent company's shareholders are classified as liabilities from the date the dividend is fixed by the general meeting. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2855": { "value": "Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2022 amounts to: Accounts receivables and other receivables 19 188 Cash and cash equivalents 81 599 Total 100 788 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2022; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting and functional currency. Interest rate risk The group has outstanding interest-bearing debt, including liabilities associated with leases (right-of- use), of NOK 15.3 million as of 31 December 2022. The interest rate risk for the group is limited. The group's goal of asset management is to ensure continued operations for the Group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. In order to improve the capital structure, the group can issue new shares or sell assets. No dividends are paid to the shareholders as the group is in the development phase. See note 22 for the group's interest rate sensitivity analysis on cash and cash equivalents. Liquidity risk Liquidity risks are the risk that the group is unable to meet its maturity obligations and the risk that the group will not be able to meet its liquidity obligations without increasing the cost dramatically. From a broader perspective, liquidity risk also poses a risk that the group will not be able to finance increases in assets as refinancing needs increase. Additional information regarding the Company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2022 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 297 - - - 18 297 Lease liabilities 4 423 4 337 8 418 - 17 178 Interest lease liabilities 1 108 784 324 - 2 216 Derivatives Derivative financial liabilities - - - - - Total 23 828 5 121 8 742 - 37 690 Period left 31.12.2021 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 440 - - - 18 440 Lease liabilities 4 114 3 959 9 280 - 17 353 Interest lease liabilities 1 181 908 1 190 - 3 279 Derivatives Derivative financial liabilities - - - - - Total 23 735 4 867 12 642 - 41 244 Note 19 - The valuation hierarchy of financial instruments accounted for at fair value Fair value of financial instruments accounted for at amortised cost 2022 Accounted value Fair value Receivables 19 188 19 188 Cash and cash equivalents 81 599 81 599 Total 100 788 100 788 Accounted value Fair value Current lease liabilities 3 699 3 699 Non-current lease liabilities 11 624 11 624 Total 15 323 15 323 2021 Accounted value Fair value Receivables 22 580 22 580 Cash and cash equivalents 114 936 114 936 Total 137 516 137 516 Accounted value Fair value Current lease liabilities 4 114 4 114 Non-current lease liabilities 14 470 14 470 Total 18 584 18 584 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2856": { "value": "Note 4 - Financial risk management The group\u2019s financial assets and liabilities comprise cash at bank and cash equivalents, receivables and trade creditors that originate from its operations. Alle financial assets and liabilities are carried at amortised cost. All financial assets and liabilities, other than long-term leasing liabilities, are short-term and their carrying value approximates fair value. The group does currently not use financial derivatives to manage financial risk such as interest rate risk and currency risk. Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2022 amounts to: Accounts receivables and other receivables 19 188 Cash and cash equivalents 81 599 Total 100 788 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2022; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting and functional currency. Interest rate risk The group has outstanding interest-bearing debt, including liabilities associated with leases (right-of- use), of NOK 15.3 million as of 31 December 2022. The interest rate risk for the group is limited. The group's goal of asset management is to ensure continued operations for the Group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. In order to improve the capital structure, the group can issue new shares or sell assets. No dividends are paid to the shareholders as the group is in the development phase. See note 22 for the group's interest rate sensitivity analysis on cash and cash equivalents. Liquidity risk Liquidity risks are the risk that the group is unable to meet its maturity obligations and the risk that the group will not be able to meet its liquidity obligations without increasing the cost dramatically. From a broader perspective, liquidity risk also poses a risk that the group will not be able to finance increases in assets as refinancing needs increase. Additional information regarding the Company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2022 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 297 - - - 18 297 Lease liabilities 4 423 4 337 8 418 - 17 178 Interest lease liabilities 1 108 784 324 - 2 216 Derivatives Derivative financial liabilities - - - - - Total 23 828 5 121 8 742 - 37 690 Period left 31.12.2021 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 440 - - - 18 440 Lease liabilities 4 114 3 959 9 280 - 17 353 Interest lease liabilities 1 181 908 1 190 - 3 279 Derivatives Derivative financial liabilities - - - - - Total 23 735 4 867 12 642 - 41 244 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2873": { "value": "Credit risk Credit risk is the risk that the counterparty will incur a loss on the group by failing to settle the group's receivables. Credit exposure is primarily related to accounts receivable and other receivables. There are also credit risks related to cash and cash equivalents. The maximum credit exposure as of 31 December 2022 amounts to: Accounts receivables and other receivables 19 188 Cash and cash equivalents 81 599 Total 100 788 For further information on accounts receivable and credit risk, see Note 21. Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2022; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting and functional currency. Interest rate risk The group has outstanding interest-bearing debt, including liabilities associated with leases (right-of- use), of NOK 15.3 million as of 31 December 2022. The interest rate risk for the group is limited. The group's goal of asset management is to ensure continued operations for the Group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. In order to improve the capital structure, the group can issue new shares or sell assets. No dividends are paid to the shareholders as the group is in the development phase. See note 22 for the group's interest rate sensitivity analysis on cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2889": { "value": "Currency risk The group undertakes various transactions in foreign currencies and is consequently exposed to fluctuations in exchange rates. The exposure to currency risk is mainly related to sale of diagnostic products in foreign currency (USD, EUR and RMB). Operating expenses are mainly in Norwegian kroner, as well as the funding. As at 31 December 2022; the group has limited exposure to currency risks on assets and liabilities. Translation risk in the group arises when amounts denominated in foreign currencies are converted to NOK, the group\u2019s reporting and functional currency. Interest rate risk The group has outstanding interest-bearing debt, including liabilities associated with leases (right-of- use), of NOK 15.3 million as of 31 December 2022. The interest rate risk for the group is limited. The group's goal of asset management is to ensure continued operations for the Group to ensure returns for the owners and other stakeholders and to maintain an optimal capital structure to reduce capital costs. In order to improve the capital structure, the group can issue new shares or sell assets. No dividends are paid to the shareholders as the group is in the development phase. See note 22 for the group's interest rate sensitivity analysis on cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f2916": { "value": "Liquidity risk Liquidity risks are the risk that the group is unable to meet its maturity obligations and the risk that the group will not be able to meet its liquidity obligations without increasing the cost dramatically. From a broader perspective, liquidity risk also poses a risk that the group will not be able to finance increases in assets as refinancing needs increase. Additional information regarding the Company's debt The following table sets out the group's contractual maturities (representing undiscounted contractual cash-flows) of financial liabilities. Period left 31.12.2022 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 297 - - - 18 297 Lease liabilities 4 423 4 337 8 418 - 17 178 Interest lease liabilities 1 108 784 324 - 2 216 Derivatives Derivative financial liabilities - - - - - Total 23 828 5 121 8 742 - 37 690 Period left 31.12.2021 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 18 440 - - - 18 440 Lease liabilities 4 114 3 959 9 280 - 17 353 Interest lease liabilities 1 181 908 1 190 - 3 279 Derivatives Derivative financial liabilities - - - - - Total 23 735 4 867 12 642 - 41 244 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3024": { "value": "Note 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Gentian USA Inc Orlando, FL USA 100 % Subsidiary of Gentian AS Gentian Diagnostics AB Stockholm, Sweden 100 % Subsidiary of Gentian AS ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3044": { "value": "Note 6 - Revenue Revenue by classification 2022 2021 Revenue from contract with customers 101 636 83 122 Public grants 10 287 16 887 Other revenue - - Total 111 922 100 009 Geographical split of revenue from contract with customers 2022 2021 Europe 71 571 55 676 Asia 23 609 25 008 USA 6 456 2 438 Total 101 636 83 122 Sales by product 2022 2021 Renal diagnostic products 39 966 36 450 Inflammation diagnostic products 42 886 40 478 Other diagnostic products 18 784 6 194 Total 101 636 83 122 Timing of revenue recognition 2022 2021 Goods transferred at a point in time 101 636 83 122 Goods and services transferred over time - - Total 101 636 83 122 Organic revenue growth Organic revenue growth is defined as revenue adjusted for currency effects and effects from M&A. Organic revenue growth measurement provides useful information to investors and other stakeholders on underlying growth of the business without the effect of certain factors unrelated to its operating performance. Reconciliation 2022 2021 (NOK 1000) Revenue from contracts with customers 101 636 83 122 Revenue growth 18 538 19 795 Impact using exchange rates from last period -1 750 4 399 Impact M&A - 1 954 Organic revenue growth 16 788 26 148 Organic revenue growth % 20 % 43 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3045": { "value": "Note 6 - Revenue Revenue by classification 2022 2021 Revenue from contract with customers 101 636 83 122 Public grants 10 287 16 887 Other revenue - - Total 111 922 100 009 Geographical split of revenue from contract with customers 2022 2021 Europe 71 571 55 676 Asia 23 609 25 008 USA 6 456 2 438 Total 101 636 83 122 Sales by product 2022 2021 Renal diagnostic products 39 966 36 450 Inflammation diagnostic products 42 886 40 478 Other diagnostic products 18 784 6 194 Total 101 636 83 122 Timing of revenue recognition 2022 2021 Goods transferred at a point in time 101 636 83 122 Goods and services transferred over time - - Total 101 636 83 122 ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3115": { "value": "Note 7 - Public grants The company Gentian AS receives public grants from the Norwegian Research Council, Innovation Norway and SkatteFUNN. 2022 2021 Norwegian Research Council 6 298 10 943 Innovation Norway - 1 194 SkatteFUNN* 3 989 4 750 Total 10 287 16 887 *The SkatteFUNN R&D tax incentive scheme is a government program where the incentive is a tax credit and comes in the form of a possible deduction from a company's payable corporate tax. If the tax credit for the R&D expenses is greater than the amount the company is liable to pay in tax, the remainder will be paid out in cash to the company. R&D programs related to Norwegian Research Council includes EU programs like Eurostars and similar. The company complies with the different requirements and conditions related to the grants. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3140": { "value": "Note 8 - Costs of goods sold 2022 2021 Change in inventory of goods under manufacture and finished goods 1 368 3 727 Cost of materials 24 412 16 086 Other production expense 5 877 4 702 Total cost of materials 31 657 24 515 Production salary 20 978 18 662 Total Cost of goods sold 52 635 43 176 Note 9 - Operating expenses by function 2022 2021 Cost of goods sold 56 948 45 923 Sales and marketing expenses 23 251 16 109 Administration expenses 30 267 34 854 Research and development expenses * 24 691 34 854 Total 135 158 122 856 *includes depreciation of capitalised development cost ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3217": { "value": "The group had 55 employees per 31 December 2022. The corresponding number per 31 December 2021 was 52 employees. Part of the employee benefit expenses are directly related to production of goods sold and the group has presented these costs as part of cost of goods sold. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3222": { "value": "The company has a share option program covering certain key employees. As of 31 December 2022, fifteen employees were included in the option program. The share option program for key personnel is settled in shares, however, the company may resolve settlement in cash. The fair value of the issued options is expensed over the vesting period: For options issued from 2018 and up to 2021,1/3 of the options will vest 24 months after the day of grant, 1/3 will vest 36 months after the day of grant and 1/3 will vest 48 months. For options issued from 2022, 1/2 of the options will vest after 36 months and 1/2 of the options will vest after 48 months. Unvested options will be cancelled if the holder terminates its employment with the group. The cost of the employee share-based transaction is expensed over the average vesting period. The value of the issued options of the transactions that are settled with equity instruments (settled with the company\u2019s own shares) is recognised as salary and personnel cost in profit and loss and in other paid- in capital. The value of the issued options of the programs that are settles in cash (cash-based programs) is recognised as salary and personnel cost in profit and loss and as a liability in the balance sheet. The liability is measured at fair value at each balance sheet date until settlement, and changes in the fair value are recognised in profit and loss. Social security tax on options is recorded as a liability and is recognised over the estimated vesting period. 2022 2021 Outstanding options 01.01 740 590 594 916 Options granted 219 996 155 674 Options forfeited - -10 000 Options exercised - - Options expired - - Outstanding options 31.12 960 586 740 590 The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2023-8 65.24 174 954 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 219 996 960 586 The fair value of the options has been calculated using Black - Scholes - Merton Option Pricing Model. The most important parameters are share price at grant date, exercise prices shown above, volatility (42.74 %), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (2.87 %). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2022 had a weighted average strike price of NOK 46.67 pr share. In November 2021, Gentian Diagnostics ASA launched a share purchase program for the group's employees (ESPP). Under the terms of the ESPP, all employees have been given the opportunity to subscribe for shares up to a maximum amount of NOK 30 000. The company decided to award a 25 % discount to the volume weighted average price between 11 November and 24 November, resulting in a subscription price of NOK 54.49 per share. A total of 10 461 shares were subscribed for under the program. The discount amounted to NOK 178 131. No allocations under the ESPP were made in 2022 due to a change in tax regime for this type of programme. Non-cash share-based compensation Non-cash share-based compensation expense is the share-based compensation recognised in the income statement (employee benefit expenses). Information on the non-cash share-based compensation expense is provided to give information on the no-cash components of the employee benefit expenses. 2022 2021 (NOK 1000) Non-cash shared-based compensation 3 353 4 633 ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3313": { "value": "Management salary 2022 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 906 404 - 741 153 4 203 Njaal Kind Group Chief Financial Officer 2 054 248 60 992 9 3 362 Erling Sundrehagen Chief Scientific Officer 1 673 186 52 805 4 2 720 Markus Jaquemar Chief Commercial Officer 1 882 221 - 188 - 2 291 Total management salary 8 514 1 058 112 2 726 166 12 576 2021 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 787 388 - 1 478 158 4 810 Njaal Kind Group Chief Financial Officer 1 846 240 50 765 9 2 670 Erling Sundrehagen Chief Scientific Officer 1 644 300 41 735 23 2 425 Total management salary 6 277 928 91 2 978 190 9 906 The CEO has an agreement which provides the right to a compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) after termination of employment before retirement. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2022 2021 Hilja Ibert Chief Executive Officer 359 925 279 925 Njaal Kind Group Chief Financial Officer 175 661 155 665 Erling Sundrehagen Chief Scientific Officer 120 000 120 000 Markus Jaquemar Chief Commercial Officer 47 500 - Share options 703 086 555 590 Board remuneration* 2022 2021 Remuneration to the board 1 100 1 021 *As of the Annual General Meeting of 2022 the board members receives NOK 150 000 each and the Chairperson NOK 300 000. No board members have any remuneration based on the performance of the company. Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Erling Sundrehagen (Vingulmork Predictor AS) 184 083 1.19 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 21 125 0.14 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Susanne Stuffers (Ubiquity AS) 3 500 0.02 % Kari E. Krogstad 2 325 0.02 % Monika Neuman 800 0.01 % Note 25 \u2013 Transactions with related parties The company uses Getica AB as a supplier for one of its production steps and has outsourced some R&D project elements to the same supplier. The supplier is owned by Erling Sundrehagen, who also is the sole owner of Vingulmork Predictor AS. The amount invoiced from Getica AB amounted to NOK 7.7 million in 2022 (NOK 9.8 million in 2021). See note 10 for remuneration to the management and the board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3314": { "value": "Management salary 2022 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 906 404 - 741 153 4 203 Njaal Kind Group Chief Financial Officer 2 054 248 60 992 9 3 362 Erling Sundrehagen Chief Scientific Officer 1 673 186 52 805 4 2 720 Markus Jaquemar Chief Commercial Officer 1 882 221 - 188 - 2 291 Total management salary 8 514 1 058 112 2 726 166 12 576 2021 Wages and salaries Bonus Pension costs Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 2 787 388 - 1 478 158 4 810 Njaal Kind Group Chief Financial Officer 1 846 240 50 765 9 2 670 Erling Sundrehagen Chief Scientific Officer 1 644 300 41 735 23 2 425 Total management salary 6 277 928 91 2 978 190 9 906 The CEO has an agreement which provides the right to a compensation equivalent to 6 months\u2019 basic salary (exclusive of any additional benefits) after termination of employment before retirement. Reference is made to the corporate governance report for guidelines regarding remuneration to management. The remuneration report is available on the company\u2019s homepage: www.gentian.com. Management share options 2022 2021 Hilja Ibert Chief Executive Officer 359 925 279 925 Njaal Kind Group Chief Financial Officer 175 661 155 665 Erling Sundrehagen Chief Scientific Officer 120 000 120 000 Markus Jaquemar Chief Commercial Officer 47 500 - Share options 703 086 555 590 Board remuneration* 2022 2021 Remuneration to the board 1 100 1 021 *As of the Annual General Meeting of 2022 the board members receives NOK 150 000 each and the Chairperson NOK 300 000. No board members have any remuneration based on the performance of the company. Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Erling Sundrehagen (Vingulmork Predictor AS) 184 083 1.19 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 21 125 0.14 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Susanne Stuffers (Ubiquity AS) 3 500 0.02 % Kari E. Krogstad 2 325 0.02 % Monika Neuman 800 0.01 % Note 25 \u2013 Transactions with related parties The company uses Getica AB as a supplier for one of its production steps and has outsourced some R&D project elements to the same supplier. The supplier is owned by Erling Sundrehagen, who also is the sole owner of Vingulmork Predictor AS. The amount invoiced from Getica AB amounted to NOK 7.7 million in 2022 (NOK 9.8 million in 2021). See note 10 for remuneration to the management and the board. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3480": { "value": "Note 11 - Other operating expenses 2022 2021 Marketing 2 390 1 703 Purchase of external services 20 042 24 663 Patent, certification and license costs 1 465 1 706 Costs premises and office costs 3 287 1 432 Laboratory costs 4 042 10 711 Travel expenses 1 473 775 Meetings, courses and updates 662 325 Other 345 55 Capitalised other expenses* -2 336 -8 579 Total 31 369 32 790 *See Note 12. Auditor The remuneration to the auditor is distributed as follows: 2022 2021 Audit fee 1 230 595 Other attestation services 64 34 Tax advisory services - - Other services non-audit related 27 102 Total (ex. VAT) 1 321 732 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3481": { "value": "Note 11 - Other operating expenses 2022 2021 Marketing 2 390 1 703 Purchase of external services 20 042 24 663 Patent, certification and license costs 1 465 1 706 Costs premises and office costs 3 287 1 432 Laboratory costs 4 042 10 711 Travel expenses 1 473 775 Meetings, courses and updates 662 325 Other 345 55 Capitalised other expenses* -2 336 -8 579 Total 31 369 32 790 *See Note 12. Auditor The remuneration to the auditor is distributed as follows: 2022 2021 Audit fee 1 230 595 Other attestation services 64 34 Tax advisory services - - Other services non-audit related 27 102 Total (ex. VAT) 1 321 732 Total other operating expenses Total other operating expenses is a key financial parameter for the group and consists of salaries and personnel costs and other operating expenses. Total other operating expenses before capitalisation of R&D expenses consists of Employee benefit expenses and other non-salary related operating expenses before capitalisation of R&D expenses. The performance indicator is provided for the purpose of monitoring the evolution of non-production related costs without the effect of capitalisation of costs. Reconciliation 2022 2021 (NOK 1000) Employee benefit expenses 40 910 39 539 Other operating expenses 31 369 32 790 Total other operating expenses after capitalisation of R&D expenses 72 279 72 330 Capitalisation 6 029 11 659 Total other operating expenses before capitalisation of R&D expenses 78 308 83 988 Reconciliation 2022 2021 (NOK 1000) Other non-salary related operating expenses after capitalisation of R&D expenses 31 369 32 790 Capitalisation 2 336 8 579 Other non-salary related operating expenses before capitalisation of R&D expenses 33 705 41 370 ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3516": { "value": "Auditor The remuneration to the auditor is distributed as follows: 2022 2021 Audit fee 1 230 595 Other attestation services 64 34 Tax advisory services - - Other services non-audit related 27 102 Total (ex. VAT) 1 321 732 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3545": { "value": "Note 12 - Research and development expenses The Gentian group had four ongoing R & D projects as per 31 December 2022. Costs related to the projects consist of salary, external procurement of services, and other operating expenses. One of the projects went over in the development phase in 2016 and one additional in 2021, and consequently the capitalisation of the costs in these projects was started. Recognised research and development expenses 2022 2021 Purchase of external services 7 972 9 023 Salary and other operating expenses 20 873 27 050 Capitalised salary expenses -3 693 -3 079 Capitalised other expenses -2 336 -8 579 Total 22 817 24 416 ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3569": { "value": "Note 13 - Finance income and finance cost Finance income 2022 2021 Interest income 1 114 85 Foreign exchange gains 2 698 1 982 Other finance income 19 18 Total finance income 3 831 2 084 Finance cost 2022 2021 Interest expenses from loans measured at amortised cost - - Foreign exchange loss -2 896 -2 578 Interest leasing liabilities -1 255 -1 381 Other financial costs -63 -72 Total finance cost -4 213 -4 031 Net financial items -382 -1 947 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3570": { "value": "Note 13 - Finance income and finance cost Finance income 2022 2021 Interest income 1 114 85 Foreign exchange gains 2 698 1 982 Other finance income 19 18 Total finance income 3 831 2 084 Finance cost 2022 2021 Interest expenses from loans measured at amortised cost - - Foreign exchange loss -2 896 -2 578 Interest leasing liabilities -1 255 -1 381 Other financial costs -63 -72 Total finance cost -4 213 -4 031 Net financial items -382 -1 947 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3572": { "value": "Finance income 2022 2021 Interest income 1 114 85 Foreign exchange gains 2 698 1 982 Other finance income 19 18 Total finance income 3 831 2 084 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3588": { "value": "Finance cost 2022 2021 Interest expenses from loans measured at amortised cost - - Foreign exchange loss -2 896 -2 578 Interest leasing liabilities -1 255 -1 381 Other financial costs -63 -72 Total finance cost -4 213 -4 031 Net financial items -382 -1 947 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3618": { "value": "Note 14 \u2013 Taxes Reconciliation of effective tax rate 2022 2021 Net result before taxes -23 618 -24 794 Calculated tax expense/(income) -4 814 -5 454 Permanent differences -3 499 -4 737 Tax depreciation on intangible assets - - Change in temporary differences 187 -795 Temporary differences not recognized 8 125 10 987 Calculated tax expense - - Tax payable (USA) - - Calculation of deferred tax/deferred tax asset 2022 2021 Property, plant and equipment -3 010 -5 762 Right-of-use assets -2 937 - Receivables - 2 Inventories -925 -925 Tax losses carried forward -199 331 -174 304 Basis for deferred tax/deferred tax asset (gross) -206 203 -180 989 Unrecognised temporary differences 206 203 180 989 Basis for deferred tax/deferred tax asset (net) - - Deferred tax asset - - The group excluded from the financial position deferred tax asset of MNOK 45.4 related to temporary differences and tax loss carried forward, as the group did not meet the criteria for capitalisation under IAS 12. The group is in a growth phase and there is uncertainty when the group will be profitable. The tax losses can be carried forward indefinitely in Norway and Sweden. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3648": { "value": "Calculation of deferred tax/deferred tax asset 2022 2021 Property, plant and equipment -3 010 -5 762 Right-of-use assets -2 937 - Receivables - 2 Inventories -925 -925 Tax losses carried forward -199 331 -174 304 Basis for deferred tax/deferred tax asset (gross) -206 203 -180 989 Unrecognised temporary differences 206 203 180 989 Basis for deferred tax/deferred tax asset (net) - - Deferred tax asset - - The group excluded from the financial position deferred tax asset of MNOK 45.4 related to temporary differences and tax loss carried forward, as the group did not meet the criteria for capitalisation under IAS 12. The group is in a growth phase and there is uncertainty when the group will be profitable. The tax losses can be carried forward indefinitely in Norway and Sweden. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3691": { "value": "Note 15 - Property, plant and equipment 2022 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 12 536 24 706 37 242 Additions during the year 8 637 454 9 091 Adjustments -581 -581 Grants received - - - Disposals during the year - - - Accumulated cost as at 31.12 21 172 24 579 45 752 Depreciation and amortisation Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Amortisation during the year - - - Accumulated depreciation as at 31.12 11 921 12 193 24 114 Carrying amount in balance sheet as at 31.12 9 251 12 386 21 638 2021 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 11 512 26 839 38 351 Additions during the year 1 024 - 1 024 Grants received - - - Disposals during the year - -2 133 -2 133 Accumulated cost as at 31.12 12 536 24 706 37 242 Depreciation and amortisation Carrying amount at 01.01 7 647 5 151 12 797 Depreciation during the year 1 526 3 430 4 956 Amortisation during the year - - - Accumulated depreciation as at 31.12 9 172 8 581 17 753 Carrying amount in balance sheet as at 31.12 3 363 16 125 19 488 Note 18 - Intangible assets 2022 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 9 384 27 401 Additions during the year - 6 029 6 029 Adjustments - -333 -333 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 15 080 33 097 Depreciation and amortisation Carrying amount at 01.01 2 395 - 2 395 Depreciation during the year 3 882 - 3 882 Amortisation during the year - - - Accumulated depreciation as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. 2021 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 15 610 - 15 610 Additions during the year 2 407 9 384 11 791 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 9 384 27 401 Depreciation and amortisation Carrying amount at 01.01 - - - Depreciation during the year 2 395 2 395 Amortisation during the year - - - Accumulated depreciation as at 31.12 2 395 - 2 395 Carrying amount in balance sheet as at 31.12 15 622 9 384 25 006 ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3692": { "value": "Note 15 - Property, plant and equipment 2022 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 12 536 24 706 37 242 Additions during the year 8 637 454 9 091 Adjustments -581 -581 Grants received - - - Disposals during the year - - - Accumulated cost as at 31.12 21 172 24 579 45 752 Depreciation and amortisation Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Amortisation during the year - - - Accumulated depreciation as at 31.12 11 921 12 193 24 114 Carrying amount in balance sheet as at 31.12 9 251 12 386 21 638 2021 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 11 512 26 839 38 351 Additions during the year 1 024 - 1 024 Grants received - - - Disposals during the year - -2 133 -2 133 Accumulated cost as at 31.12 12 536 24 706 37 242 Depreciation and amortisation Carrying amount at 01.01 7 647 5 151 12 797 Depreciation during the year 1 526 3 430 4 956 Amortisation during the year - - - Accumulated depreciation as at 31.12 9 172 8 581 17 753 Carrying amount in balance sheet as at 31.12 3 363 16 125 19 488 Note 16 - Leases/right-of-use assets Right-of-use assets Right-of-use assets mainly consists of leased offices. Lease liabilities Undiscounted lease liabilities and maturity of cash outflows 2022 2021 Less than 1 year 4 423 4 114 1-2 years 4 337 3 959 3-5 years 8 418 11 452 Total undiscounted lease liabilities at 31.12. 17 178 19 525 Summary of lease liabilities 2022 2021 Lease liabilities at 01.01. 18 584 22 275 New lease liabilities recognised in the year 454 - Lease payments -4 325 -3 469 Adjustments -645 -1 603 Interest expense on lease liabilities 1 255 1 381 Total lease liabilities at 31.12. 15 323 18 584 Current lease liabilities 3 699 4 114 Non-current lease liabilities 11 624 14 470 The Company have rental agreements with CPI-adjustments which are included in the measurement of lease liabilities. The estimated lease liabilities related to these agreements is NOK 14.4 million at 31 December 2022 and NOK 17.7 million on 31 December 2021. Note 17 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2022 Cash flows New leases Reclassi- fication 31.12.2022 Lease liabilities non-current 14 470 454 -3 300 11 624 Lease liabilities current 4 114 -4 325 3 910 3 699 Total liabilities from financing activities 18 584 -4 325 454 610 15 323 Non-cash changes 01.01.2021 Cash flows New leases Reclassi- fication 31.12.2021 Lease liabilities non-current 18 101 - -3 631 14 470 Lease liabilities current 4 174 -3 691 - 3 631 4 114 Total liabilities from financing activities 22 275 -3 691 - - 18 584 The table below shows the group's Interest rate sensitivity analysis: 2022 2021 Total debt 15 323 18 584 Change in interest rate +0,5% 77 93 -0,5% - 77 - 93 Profit before tax - 23 618 - 24 794 Adjusted Profit before tax for change in interest rate +0,5% - 23 541 - 24 701 -0,5% - 23 695 - 24 887 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3693": { "value": "Note 15 - Property, plant and equipment 2022 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 12 536 24 706 37 242 Additions during the year 8 637 454 9 091 Adjustments -581 -581 Grants received - - - Disposals during the year - - - Accumulated cost as at 31.12 21 172 24 579 45 752 Depreciation and amortisation Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Amortisation during the year - - - Accumulated depreciation as at 31.12 11 921 12 193 24 114 Carrying amount in balance sheet as at 31.12 9 251 12 386 21 638 2021 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 11 512 26 839 38 351 Additions during the year 1 024 - 1 024 Grants received - - - Disposals during the year - -2 133 -2 133 Accumulated cost as at 31.12 12 536 24 706 37 242 Depreciation and amortisation Carrying amount at 01.01 7 647 5 151 12 797 Depreciation during the year 1 526 3 430 4 956 Amortisation during the year - - - Accumulated depreciation as at 31.12 9 172 8 581 17 753 Carrying amount in balance sheet as at 31.12 3 363 16 125 19 488 ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3862": { "value": "Note 17 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2022 Cash flows New leases Reclassi- fication 31.12.2022 Lease liabilities non-current 14 470 454 -3 300 11 624 Lease liabilities current 4 114 -4 325 3 910 3 699 Total liabilities from financing activities 18 584 -4 325 454 610 15 323 Non-cash changes 01.01.2021 Cash flows New leases Reclassi- fication 31.12.2021 Lease liabilities non-current 18 101 - -3 631 14 470 Lease liabilities current 4 174 -3 691 - 3 631 4 114 Total liabilities from financing activities 22 275 -3 691 - - 18 584 The table below shows the group's Interest rate sensitivity analysis: 2022 2021 Total debt 15 323 18 584 Change in interest rate +0,5% 77 93 -0,5% - 77 - 93 Profit before tax - 23 618 - 24 794 Adjusted Profit before tax for change in interest rate +0,5% - 23 541 - 24 701 -0,5% - 23 695 - 24 887 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f3961": { "value": "Note 18 - Intangible assets 2022 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 9 384 27 401 Additions during the year - 6 029 6 029 Adjustments - -333 -333 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 15 080 33 097 Depreciation and amortisation Carrying amount at 01.01 2 395 - 2 395 Depreciation during the year 3 882 - 3 882 Amortisation during the year - - - Accumulated depreciation as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820 Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on a regular basis by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin and discount rate (WACC) as well as remaining development costs and likelihood of approval from regulatory authorities. If the discounted value is lower than the carrying amount the asset is written down. 2021 Completed product Projects under development development Total Acquisition costs Carrying amount at 01.01 15 610 - 15 610 Additions during the year 2 407 9 384 11 791 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 9 384 27 401 Depreciation and amortisation Carrying amount at 01.01 - - - Depreciation during the year 2 395 2 395 Amortisation during the year - - - Accumulated depreciation as at 31.12 2 395 - 2 395 Carrying amount in balance sheet as at 31.12 15 622 9 384 25 006 ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4090": { "value": "Note 19 - The valuation hierarchy of financial instruments accounted for at fair value Fair value of financial instruments accounted for at amortised cost 2022 Accounted value Fair value Receivables 19 188 19 188 Cash and cash equivalents 81 599 81 599 Total 100 788 100 788 Accounted value Fair value Current lease liabilities 3 699 3 699 Non-current lease liabilities 11 624 11 624 Total 15 323 15 323 2021 Accounted value Fair value Receivables 22 580 22 580 Cash and cash equivalents 114 936 114 936 Total 137 516 137 516 Accounted value Fair value Current lease liabilities 4 114 4 114 Non-current lease liabilities 14 470 14 470 Total 18 584 18 584 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4091": { "value": "Note 19 - The valuation hierarchy of financial instruments accounted for at fair value Fair value of financial instruments accounted for at amortised cost 2022 Accounted value Fair value Receivables 19 188 19 188 Cash and cash equivalents 81 599 81 599 Total 100 788 100 788 Accounted value Fair value Current lease liabilities 3 699 3 699 Non-current lease liabilities 11 624 11 624 Total 15 323 15 323 2021 Accounted value Fair value Receivables 22 580 22 580 Cash and cash equivalents 114 936 114 936 Total 137 516 137 516 Accounted value Fair value Current lease liabilities 4 114 4 114 Non-current lease liabilities 14 470 14 470 Total 18 584 18 584 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4151": { "value": "Note 20 \u2013 Inventory Inventory as at 31 December consists of the following: 2022 2021 Raw materials 16 653 9 256 Goods in process 17 127 15 711 Finished goods 5 690 5 737 Provision for obsolescence -925 -925 Total 38 544 29 779 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4171": { "value": "Note 21 - Accounts receivables and other receivables 2022 2021 Accounts receivables 10 063 6 514 Claims on government grants 5 730 10 569 Public receivables (VAT, etc.) 2 711 4 463 Other receivables / Prepayments 684 1 034 Total 19 188 22 580 2022 2021 Provision for loss of claims at the beginning of the year Provision for loss for the year - - This year's recorded loss - - Reversed deposition - - Provision for loss at the end of the year - - Due accounts receivables 2022 2021 Not due and within <30 days 7 294 4 190 30-60d 1 902 595 60-90d 58 1 040 >90d 810 688 Total 10 063 6 514 The group has not incurred losses on its receivables and considers that its counterparties are able to settle all outstanding debt to the group. On this basis no provision for loss on receivables has been considered. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4190": { "value": "2022 2021 Provision for loss of claims at the beginning of the year Provision for loss for the year - - This year's recorded loss - - Reversed deposition - - Provision for loss at the end of the year - - ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4235": { "value": "Note 22 - Cash and cash equivalents 2022 2021 Cash and bank deposits 79 258 112 849 Withhold tax account 2 077 1 823 Deposit account 265 265 Total 81 599 114 936 The table below shows the group's interest rate sensitivity analysis on cash and cash equivalents: 2022 2021 Total cash and cash equivalents 81 599 114 936 Change in interest rate +0,5% 408 575 -0,5% - 408 - 575 Profit before tax - 23 618 - 24 794 Adjusted Profit before tax for change in interest rate +0,5% - 23 210 - 24 219 -0,5% - 24 026 - 25 369 ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4293": { "value": "Note 23 - Share capital, shareholders and equity Number of shares Nominal value Share capital Ordinary shares 15 422 350 0,10 1 542 Changes in share capital and share premium: Change in share capital 2022 2021 Share capital at period start 1 542 1 541 Share capital increase 0 1 Share capital at period end 1 542 1 542 Change in share premium 2022 2021 Share premium at period start 293 810 293 241 Share premium increase 0 569 Cost of share issue - - Share premium at period end 293 810 293 81All shares in the company have equal voting rights and equal rights to dividends. Overview of the parent company's shareholders as at 31.12.22: Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Life Sciences AS 1 214 702 7.88 % Verdipapirfondet Delphi Nordic 973 999 6.32 % Safrino AS 800 000 5.19 % Skandinaviska Enskilda Banken AB 492 150 3.19 % Salix AS 363 235 2.36 % Verdipapirfondet DNB SMB 361 291 2.34 % Verdipapirforndet Storebrand Vekst 341 484 2.21 % J.P. Morgan SE 325 000 2.11 % Portia AS 300 000 1.95 % Equinor Pensjon 245 047 1.59 % Krefting, Johan Henrik 236 500 1.53 % Cressida AS 235 000 1.52 % Verdipapirfondet Equinor Aksjer NO 227 880 1.48 % Carpe Diem Afseth AS 221 797 1.44 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Mutus AS 210 465 1.36 % Vingulmork Predictor AS 184 083 1.19 % Top 20 shareholders 10 898 632 70.67 % Total other shareholders 4 523 718 29.33 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Erling Sundrehagen (Vingulmork Predictor AS) 184 083 1.19 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 21 125 0.14 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Susanne Stuffers (Ubiquity AS) 3 500 0.02 % Kari E. Krogstad 2 325 0.02 % Monika Neuman 800 0.01 % Dividend The company has not paid dividends over the last five years. Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2022 2021 Profit from continued operations -23 618 -24 794 Weighted average number of shares issued 15 422 15 415 Earnings per share -1.53 -1.61 Weighted average number of shares issued incl. options 16 383 16 155 Diluted earnings pr share -1.53 -1.61 Share options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4303": { "value": "Change in share capital 2022 2021 Share capital at period start 1 542 1 541 Share capital increase 0 1 Share capital at period end 1 542 1 542 Change in share premium 2022 2021 Share premium at period start 293 810 293 241 Share premium increase 0 569 Cost of share issue - - Share premium at period end 293 810 293 810 All shares in the company have equal voting rights and equal rights to dividends. Overview of the parent company's shareholders as at 31.12.22: Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Life Sciences AS 1 214 702 7.88 % Verdipapirfondet Delphi Nordic 973 999 6.32 % Safrino AS 800 000 5.19 % Skandinaviska Enskilda Banken AB 492 150 3.19 % Salix AS 363 235 2.36 % Verdipapirfondet DNB SMB 361 291 2.34 % Verdipapirforndet Storebrand Vekst 341 484 2.21 % J.P. Morgan SE 325 000 2.11 % Portia AS 300 000 1.95 % Equinor Pensjon 245 047 1.59 % Krefting, Johan Henrik 236 500 1.53 % Cressida AS 235 000 1.52 % Verdipapirfondet Equinor Aksjer NO 227 880 1.48 % Carpe Diem Afseth AS 221 797 1.44 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Mutus AS 210 465 1.36 % Vingulmork Predictor AS 184 083 1.19 % Top 20 shareholders 10 898 632 70.67 % Total other shareholders 4 523 718 29.33 % Total number of shares 15 422 350 100.00 % Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Erling Sundrehagen (Vingulmork Predictor AS) 184 083 1.19 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 21 125 0.14 % Frank Frantzen 20 000 0.13 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Susanne Stuffers (Ubiquity AS) 3 500 0.02 % Kari E. Krogstad 2 325 0.02 % Monika Neuman 800 0.01 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4462": { "value": "Dividend The company has not paid dividends over the last five years. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4465": { "value": "Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2022 2021 Profit from continued operations -23 618 -24 794 Weighted average number of shares issued 15 422 15 415 Earnings per share -1.53 -1.61 Weighted average number of shares issued incl. options 16 383 16 155 Diluted earnings pr share -1.53 -1.61 Share options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognized as potential ordinary shares only shall be treated as dilutive if their conversion to ordinary shares would decrease earnings per share or increase loss per share from continuing operations. As the group is currently loss-making, an increase in the average number of shares would have anti-dilutive effects. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4501": { "value": "Note 24 \u2013 Provisions, contingent assets and contingent liabilities The company has no significant provisions, or contingent liabilities or contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4502": { "value": "Note 24 \u2013 Provisions, contingent assets and contingent liabilities The company has no significant provisions, or contingent liabilities or contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4503": { "value": "Note 24 \u2013 Provisions, contingent assets and contingent liabilities The company has no significant provisions, or contingent liabilities or contingent assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4515": { "value": "Note 26 \u2013 Events after the balance sheet date There have not been any significant events since the balance sheet date. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4644": { "value": "EBITDA/EBIT EBITDA is a measurement of operating earnings before depreciation and amortisation of property, plant and equipment and intangible assets and impairment charges, and EBIT is the operating result. EBITDA and EBIT are used for providing information of operating performance which is relative to other companies and frequently used by other stakeholders. Reconciliation 2022 2021 (NOK 1000) Total Revenue 111 922 100 009 Total Operating Expenses -135 158 -122 854 EBIT -23 235 -22 845 Depreciation and Amortisation 10 243 7 349 EBITDA -12 992 -15 496 ", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f4677": { "value": "COGS Cost of goods sold (COGS) refers to the total cost of producing goods for product sales. The key figure COGS % is calculated in relation to revenue from contracts with customers. COGS % is used for providing consistent information of performance related to the production of goods which is relative to other companies and frequently used by other stakeholders. 2022 2021 (NOK 1000) Revenue from contracts with customers 101 636 83 122 COGS 52 635 43 176 COGS % of Revenue from contracts with customers 52 % 52 % ", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }