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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 subsidiaries Gentian AS and Getica AB, located in Norway and Sweden. 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 20 March 2024.
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:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2391": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2392": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2393": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2394": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2395": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2397": { "value": "Bj\u00f8rn\u00e5sveien 5, 1596 Moss, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2398": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2405": { "value": "Gentian Diagnostics ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2410": { "value": "The consolidated financial statements were approved by the board on 20 March 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2411": { "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\u00ae Accounting Standards as adopted by the EU 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 2023 financial statements are relevant this financial year. Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting policies The group has in line with the amendments to IAS 1 made the information more entity-specific and reduced the disclosure of immaterial and standardised information.
2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2023. 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.
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 Employee benefit expenses 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 has put in place defined contribution plans. 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.
2.8 Intangible assets Intangible assets are recognised 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 are measured at cost less accumulated amortization and write-downs.
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
2.9 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: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. 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: \ue001 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. 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.
2.11 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). Net realisable value is estimated sales price less variable costs for completion and sale.
2.12 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 group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group 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.
2.13 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2413": { "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\u00ae Accounting Standards as adopted by the EU 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 2023 financial statements are relevant this financial year. Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting policies The group has in line with the amendments to IAS 1 made the information more entity-specific and reduced the disclosure of immaterial and standardised information.
2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2023. 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.
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 Employee benefit expenses 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 has put in place defined contribution plans. 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.
2.8 Intangible assets Intangible assets are recognised 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 are measured at cost less accumulated amortization and write-downs.
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
2.9 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: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. 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: \ue001 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. 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.
2.11 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). Net realisable value is estimated sales price less variable costs for completion and sale.
2.12 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 group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group 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.
2.13 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2416": { "value": "
2.1 Basis for the preparation of the annual accounts
The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2419": { "value": "
The company issues the consolidated financial statements in accordance with IFRS\u00ae Accounting Standards as adopted by the EU 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2431": { "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:
\ue002 Research and development cost related to internally developed technology Development cost related to technology has been recognised 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 estimates that form the basis for the intangible assets 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 revenues for future products. The balance sheet value as of 31.12.2023 was NOK 21.2 million. 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 13.4 %, 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2438": { "value": "The consolidated accounts have been prepared on the basis of going concern", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2439": { "value": "
2.2 Changes in accounting policies and disclosures No changes in IFRS effective for the 2023 financial statements are relevant this financial year. Amendments to IAS 1 and IFRS Practice Statement 2 - Disclosure of Accounting policies The group has in line with the amendments to IAS 1 made the information more entity-specific and reduced the disclosure of immaterial and standardised information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2459": { "value": "
2.3 Principles for consolidation The group\u2019s consolidated financial statements comprise the parent company and its subsidiaries as of
31 December 2023. A subsidiary is an entity controlled by the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2465": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2474": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2479": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2492": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2494": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2499": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2523": { "value": "
2.7 Employee benefit expenses 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 has put in place defined contribution plans. 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 9 - Employee benefit expenses 2023 2022 Wages and salaries 54 203 48 456 Payroll tax 8 660 5 876 Pension costs (mandatory occupational pension) 3 075 3 171 Share based payments 3 038 3 353 Other expenses 1 819 1 032 Transfer to COGS -23 443 -20 978 Total 47 352 40 910
The group had 58 employees per 31 December 2023. The corresponding number per 31 December 2022 was 55 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 2023, fourteen 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 and 2023, 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 settled 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. 2023 2022 Outstanding options 01.01 960 586 740 590 Options granted 339 962 219 996 Options forfeited - - Options terminated -10 000 - Options expired -174 954 - Outstanding options 31.12 1 115 594 960 586
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 209 996 2028-11 40.17 339 962 1 115 594 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 (42.21%), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (3.681%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2023 had a weighted average strike price of NOK 40.17 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.
Management salary 2023 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 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 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 2023 2022 Hilja Ibert Chief Executive Officer 359 924 359 925 Njaal Kind Group Chief Financial Officer 180 670 175 661 Aleksandra Havelka Chief Scientific Officer from 1.1.23 70 000 - Erling Sundrehagen Chief Scientific Officer in 2022 - 120 000 Markus Jaquemar Chief Commercial Officer 87 500 47 500 Share options 698 094 703 086 Board remuneration* 2023 2022 Remuneration to the board 1 250 1 100
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 in Norway receive 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2534": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2544": { "value": "
2.8 Intangible assets Intangible assets are recognised 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 are measured at cost less accumulated amortization and write-downs.
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
Note 17 - Intangible assets 2023 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158
Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 13.4 %, 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
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 Amortisation and impairment Carrying amount at 01.01 2 395 - 2 395 Amortisation during the year 3 882 - 3 882 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2546": { "value": "
2.8 Intangible assets Intangible assets are recognised 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 are measured at cost less accumulated amortization and write-downs.
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2548": { "value": "
2.8 Intangible assets Intangible assets are recognised 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 are measured at cost less accumulated amortization and write-downs.
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2554": { "value": "
Development costs Capitalised development costs include materials, salary and social expenses, and other expenses that can be allocated to the development of the asset. A significant part of capitalised development cost consists of hours booked by each R&D project. In addition, capitalised development cost also includes external costs like consultancy, clinical studies, reagents, and consumables. Cost to internal development of technology is capitalised as an intangible asset when the recognition criteria are met: \ue002 It is technically feasible to complete the asset \ue002 the group has the resource to complete the project \ue002 the product will generate future economic benefits, and \ue002 expenditure can be reliable measured
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2572": { "value": "
Capitalised development costs are amortized over 10 years. Amortizations starts when the asset is available for use.
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: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2588": { "value": "
2.9 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: \ue002 Machinery/ equipment 10-15 years \ue002 Fixtures 3-8 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2606": { "value": "
2.10 Leases All leases are accounted for by recognising a right-of-use asset and a lease liability except for: \ue001 Leases of low value assets; and \ue001 Leases with a duration of 12 months or less. 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: \ue001 Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable \ue001 Variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date The main part of the lease liability consists of a rental agreement with yearly index adjustments. When the index adjustment of a lease contract is revised significantly from the original measurement, the lease liability and corresponding right- of-use asset are adjusted to reflect the revised index rate. The lease payments are generally discounted using the company\u2019s incremental borrowing rate. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2637": { "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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2639": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2655": { "value": "
2.11 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). 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2663": { "value": "
2.12 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 group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2665": { "value": "
2.12 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 group recognise previously unrecognised deferred tax assets to the extent it has become probable that the group can utilise the deferred tax asset. Similarly, the group 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2690": { "value": "
2.13 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2695": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2700": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2720": { "value": "
\ue002 Research and development cost related to internally developed technology Development cost related to technology has been recognised 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 estimates that form the basis for the intangible assets 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 revenues for future products. The balance sheet value as of 31.12.2023 was NOK 21.2 million. 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2737": { "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 2023 amounts to: Accounts receivables and other receivables 16 976 Cash and cash equivalents 87 642 Total 104 618 For further information on accounts receivable and credit risk, see Note 19.
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 2023; 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 main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use), NOK 13.1 million as of 31 December 2023. 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.
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 31.12.2023 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 21 279 - - - 21 279 Lease liabilities 4 682 4 593 4 802 - 14 077 Interest lease liabilities 905 547 185 - 1 637 Total 26 866 5 140 4 987 - 36 994 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 Total 23 828 5 121 8 742 - 37 690
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2756": { "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 2023 amounts to: Accounts receivables and other receivables 16 976 Cash and cash equivalents 87 642 Total 104 618 For further information on accounts receivable and credit risk, see Note 19.
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 2023; 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 main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use), NOK 13.1 million as of 31 December 2023. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2774": { "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 2023; 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 main part of the group\u2019s outstanding interest-bearing debt is related to liabilities associated with leases (right-of-use), NOK 13.1 million as of 31 December 2023. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2803": { "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 31.12.2023 Less than 1 year 1-2 years 2-5 years More than 5 years Total Financial liabilities (non-derivatives) Trade and other payables 21 279 - - - 21 279 Lease liabilities 4 682 4 593 4 802 - 14 077 Interest lease liabilities 905 547 185 - 1 637 Total 26 866 5 140 4 987 - 36 994 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 Total 23 828 5 121 8 742 - 37 690
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2905": { "value": "
Note 5 - Group companies Company Office Ownership Gentian Diagnostics ASA Moss Parent company Gentian AS Moss 100 % Subsidiary Getica AB Gothenburg 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2930": { "value": "
Note 6 - Revenue Revenue by classification 2023 2022 Revenue from contract with customers 135 153 101 636 Public grants 6 154 10 287 Other revenue 1 040 - Total 142 347 111 922 Geographical split of revenue from contract with customers 2023 2022 Europe 92 757 71 571 Asia 33 673 23 609 USA 8 722 6 456 Total 135 153 101 636 Sales by product 2023 2022 Renal diagnostic products 56 321 39 966 Inflammation diagnostic products 51 770 42 886 Other diagnostic products 27 062 18 784 Total 135 153 101 636 Timing of revenue recognition 2023 2022 Goods transferred at a point in time 135 153 101 636 Goods and services transferred over time - - Total 135 153 101 636
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f2932": { "value": "
Note 6 - Revenue Revenue by classification 2023 2022 Revenue from contract with customers 135 153 101 636 Public grants 6 154 10 287 Other revenue 1 040 - Total 142 347 111 922 Geographical split of revenue from contract with customers 2023 2022 Europe 92 757 71 571 Asia 33 673 23 609 USA 8 722 6 456 Total 135 153 101 636 Sales by product 2023 2022 Renal diagnostic products 56 321 39 966 Inflammation diagnostic products 51 770 42 886 Other diagnostic products 27 062 18 784 Total 135 153 101 636 Timing of revenue recognition 2023 2022 Goods transferred at a point in time 135 153 101 636 Goods and services transferred over time - - Total 135 153 101 636
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 2023 2022 (NOK 1000) Revenue from contracts with customers 135 153 101 636 Revenue growth 33 517 18 538 Impact using exchange rates from last period -11 887 -1 750 Impact M&A - - Organic revenue growth 21 630 16 788 Organic revenue growth % 21 % 20 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3004": { "value": "
Note 7 - Public grants The company Gentian AS receives public grants from the Norwegian Research Council, Innovation Norway and SkatteFUNN. 2023 2022 Norwegian Research Council 3 952 6 298 SkatteFUNN* 2 202 3 989 Total 6 154 10 287 *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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3027": { "value": "
Note 8 - Costs of goods sold 2023 2022 Change in inventory of goods under manufacture and finished goods -2 410 1 368 Cost of materials 39 971 24 412 Other production expenses 5 746 5 877 Total cost of materials 43 307 31 657 Production salary 23 443 20 978 Total Cost of goods sold 66 750 52 635
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3053": { "value": "
Note 9 - Employee benefit expenses 2023 2022 Wages and salaries 54 203 48 456 Payroll tax 8 660 5 876 Pension costs (mandatory occupational pension) 3 075 3 171 Share based payments 3 038 3 353 Other expenses 1 819 1 032 Transfer to COGS -23 443 -20 978 Total 47 352 40 910
The group had 58 employees per 31 December 2023. The corresponding number per 31 December 2022 was 55 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 2023, fourteen 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 and 2023, 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 settled 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. 2023 2022 Outstanding options 01.01 960 586 740 590 Options granted 339 962 219 996 Options forfeited - - Options terminated -10 000 - Options expired -174 954 - Outstanding options 31.12 1 115 594 960 586
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 209 996 2028-11 40.17 339 962 1 115 594 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 (42.21%), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (3.681%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2023 had a weighted average strike price of NOK 40.17 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.
Management salary 2023 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 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 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 2023 2022 Hilja Ibert Chief Executive Officer 359 924 359 925 Njaal Kind Group Chief Financial Officer 180 670 175 661 Aleksandra Havelka Chief Scientific Officer from 1.1.23 70 000 - Erling Sundrehagen Chief Scientific Officer in 2022 - 120 000 Markus Jaquemar Chief Commercial Officer 87 500 47 500 Share options 698 094 703 086 Board remuneration* 2023 2022 Remuneration to the board 1 250 1 100
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 in Norway receive 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 22 \u2013 Business combinations On 3 July 2023 Gentian Diagnostics ASA acquired 100 % of the shares in Getica AB for a cash consideration of NOK 2.78 million. Getica AB, located in Gothenburg Sweden, has been providing Gentian with antibody purification services through many years in addition to providing diagnostics research and development services. Through this acquisition, Gentian secures critical production competence in an essential step in the manufacturing process. Gentian will also gain access to unique R&D capabilities. The acquisition was financed in cash. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows.
Getica AB (Figures in NOK thousands) Assets Non-Current Assets Property, plants, and equipment 399 Financial assets 146 Total Non-Current Assets 545 Current Assets Inventory 1 264 Accounts receivables and other receivables 508 Cash and cash equivalents 2 388 Total Current Assets 4 160 Total Assets 4 705 Current liabilities Accounts payable and other current liabilities 1 035 Total current liabilities 1 035 Net identifiable assets and liabilities at fair value 3 670 Badwill -892 Total consideration for the shares 2 778 Paid in cash -2 778 Cash received 2 388 Net decrease in cash -390 The main costumer of Getica AB has been Gentian AS. For the period between the date of acquisition and 31 December 2023, Getica AB has contributed with net savings of NOK 0.8 million. If the business combination had taken place at the beginning of the year, the group\u2019s revenues would have been unchanged, and the profit before tax would have been improved with NOK 1.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3092": { "value": "
The group had 58 employees per 31 December 2023. The corresponding number per 31 December 2022 was 55 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3098": { "value": "
The company has a share option program covering certain key employees. As of 31 December 2023, fourteen 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 and 2023, 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 settled 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. 2023 2022 Outstanding options 01.01 960 586 740 590 Options granted 339 962 219 996 Options forfeited - - Options terminated -10 000 - Options expired -174 954 - Outstanding options 31.12 1 115 594 960 586
The outstanding options are subject to the following conditions: Expiry date Average strike price Number of share options 2024-11 47.51 259 962 2025-11 62.88 150 000 2026-11 72.60 155 674 2027-12 46.67 209 996 2028-11 40.17 339 962 1 115 594 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 (42.21%), expected dividend yield (0 %), expected term of 5 years, annual risk-free interest rate (3.681%). The volatility is based on other comparable companies\u2019 stock price volatility. Options granted in 2023 had a weighted average strike price of NOK 40.17 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.
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. 2023 2022 (NOK 1000) Non-cash shared-based compensation 3 038 3 353
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3195": { "value": "
Management salary 2023 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 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 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 2023 2022 Hilja Ibert Chief Executive Officer 359 924 359 925 Njaal Kind Group Chief Financial Officer 180 670 175 661 Aleksandra Havelka Chief Scientific Officer from 1.1.23 70 000 - Erling Sundrehagen Chief Scientific Officer in 2022 - 120 000 Markus Jaquemar Chief Commercial Officer 87 500 47 500 Share options 698 094 703 086 Board remuneration* 2023 2022 Remuneration to the board 1 250 1 100
Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3197": { "value": "
Management salary 2023 Wages and salaries Bonus Pension costs** Share based payments Other remuner- ation Total Hilja Ibert Chief Executive Officer 3 141 449 - 624 158 4 371 Njaal Kind Group Chief Financial Officer 2 161 220 67 584 9 3 041 Aleksandra Havelka Chief Scientific Officer 1 270 93 344 191 3 1 901 Markus Jaquemar Chief Commercial Officer 2 360 247 - 226 - 2 833 Total management salary 8 932 1 008 411 1 625 170 12 145 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 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 2023 2022 Hilja Ibert Chief Executive Officer 359 924 359 925 Njaal Kind Group Chief Financial Officer 180 670 175 661 Aleksandra Havelka Chief Scientific Officer from 1.1.23 70 000 - Erling Sundrehagen Chief Scientific Officer in 2022 - 120 000 Markus Jaquemar Chief Commercial Officer 87 500 47 500 Share options 698 094 703 086 Board remuneration* 2023 2022 Remuneration to the board 1 250 1 100
Shares controlled by board members and the Management Tomas Settevik (Mutus AS) 210 465 1.36 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 %
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Note 10 - Other operating expenses 2023 2022 Marketing expenses 2 102 2 390 Purchase of external services 11 775 20 042 Patent, certification and license costs 1 057 1 465 Costs premises and office costs 2 429 3 287 Laboratory costs 3 576 4 042 Other expenses 5 380 2 480 Capitalised other expenses* -1 348 -2 336 Total 24 972 31 369 *See Note 11.
Auditor The remuneration to the auditor is distributed as follows: 2023 2022 Audit fee 1 110 1 230 Other attestation services 3 64 Other services non-audit related 48 27 Total (ex. VAT) 1 161 1 321
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 2023 2022 (NOK 1000) Employee benefit expenses 47 352 40 910 Other operating expenses 24 972 31 369 Total other operating expenses after capitalisation of R&D expenses 72 323 72 279 Capitalisation 3 532 6 029 Total other operating expenses before capitalisation of R&D expenses 75 855 78 308 Reconciliation 2023 2022 (NOK 1000) Other non-salary related operating expenses after capitalisation of R&D expenses 24 972 31 369 Capitalisation 1 348 2 336 Other non-salary related operating expenses before capitalisation of R&D expenses 26 320 33 705
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3385": { "value": "
Note 10 - Other operating expenses 2023 2022 Marketing expenses 2 102 2 390 Purchase of external services 11 775 20 042 Patent, certification and license costs 1 057 1 465 Costs premises and office costs 2 429 3 287 Laboratory costs 3 576 4 042 Other expenses 5 380 2 480 Capitalised other expenses* -1 348 -2 336 Total 24 972 31 369 *See Note 11.
Auditor The remuneration to the auditor is distributed as follows: 2023 2022 Audit fee 1 110 1 230 Other attestation services 3 64 Other services non-audit related 48 27 Total (ex. VAT) 1 161 1 321
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 2023 2022 (NOK 1000) Employee benefit expenses 47 352 40 910 Other operating expenses 24 972 31 369 Total other operating expenses after capitalisation of R&D expenses 72 323 72 279 Capitalisation 3 532 6 029 Total other operating expenses before capitalisation of R&D expenses 75 855 78 308 Reconciliation 2023 2022 (NOK 1000) Other non-salary related operating expenses after capitalisation of R&D expenses 24 972 31 369 Capitalisation 1 348 2 336 Other non-salary related operating expenses before capitalisation of R&D expenses 26 320 33 705
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3428": { "value": "
Auditor The remuneration to the auditor is distributed as follows: 2023 2022 Audit fee 1 110 1 230 Other attestation services 3 64 Other services non-audit related 48 27 Total (ex. VAT) 1 161 1 321
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3447": { "value": "
Note 11 - Research and development expenses The Gentian Group has per 31 December 2023 three ongoing R&D projects. Costs related to the projects consist of salary, external procurement of services, and other operating expenses. One of the projects advanced to the development phase in 2021, and consequently the capitalisation of the costs on this project was started. In addition, the R&D department is responsible for application validation. Recognised research and development expenses 2023 2022 Purchase of external services 5 700 7 972 Salary and other operating expenses 22 843 20 873 Capitalised salary expenses -2 184 -3 693 Capitalised other expenses -1 348 -2 336 Total 25 012 22 817
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Note 12 - Finance income and finance cost
Finance income 2023 2022 Interest income 2 666 1 114 Foreign exchange gains 3 141 2 698 Other finance income 1 19 Total finance income 5 807 3 831
Finance cost 2023 2022 Foreign exchange loss -2 540 -2 896 Interest leasing liabilities -795 -1 255 Other financial costs -76 -63 Total finance cost -3 411 -4 213 Net financial items 2 396 -382
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3484": { "value": "
Note 12 - Finance income and finance cost
Finance income 2023 2022 Interest income 2 666 1 114 Foreign exchange gains 3 141 2 698 Other finance income 1 19 Total finance income 5 807 3 831
Finance cost 2023 2022 Foreign exchange loss -2 540 -2 896 Interest leasing liabilities -795 -1 255 Other financial costs -76 -63 Total finance cost -3 411 -4 213 Net financial items 2 396 -382
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3486": { "value": "
Note 12 - Finance income and finance cost
Finance income 2023 2022 Interest income 2 666 1 114 Foreign exchange gains 3 141 2 698 Other finance income 1 19 Total finance income 5 807 3 831
Finance cost 2023 2022 Foreign exchange loss -2 540 -2 896 Interest leasing liabilities -795 -1 255 Other financial costs -76 -63 Total finance cost -3 411 -4 213 Net financial items 2 396 -382
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3489": { "value": "
Finance income 2023 2022 Interest income 2 666 1 114 Foreign exchange gains 3 141 2 698 Other finance income 1 19 Total finance income 5 807 3 831
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3506": { "value": "
Finance cost 2023 2022 Foreign exchange loss -2 540 -2 896 Interest leasing liabilities -795 -1 255 Other financial costs -76 -63 Total finance cost -3 411 -4 213 Net financial items 2 396 -382
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3541": { "value": "
Note 13 \u2013 Taxes Reconciliation of effective tax rate 2023 2022 Profit before tax -10 366 -23 618 Calculated tax expense/(income) -2 374 -4 814 Permanent differences -2 050 -3 499 Tax depreciation on intangible assets - - Change in temporary differences -2 754 187 Temporary differences not recognised 7 459 8 125 Calculated tax expense 282 - Tax payable 209 -
Calculation of deferred tax/deferred tax asset 2023 2022 Property, plant, and equipment -1 717 -3 010 Right-of-use assets -2 756 -2 937 Inventories - -925 Other differences 355 - Tax losses carried forward -214 466 -199 331 Basis for deferred tax/deferred tax asset (gross) -218 585 -206 203 Unrecognised temporary differences 218 939 206 203 Basis for deferred tax/deferred tax asset (net) 355 - Deferred tax liability 73 - The group excluded from the financial position deferred tax asset of NOK 47.2 million 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3573": { "value": "
Calculation of deferred tax/deferred tax asset 2023 2022 Property, plant, and equipment -1 717 -3 010 Right-of-use assets -2 756 -2 937 Inventories - -925 Other differences 355 - Tax losses carried forward -214 466 -199 331 Basis for deferred tax/deferred tax asset (gross) -218 585 -206 203 Unrecognised temporary differences 218 939 206 203 Basis for deferred tax/deferred tax asset (net) 355 - Deferred tax liability 73 - The group excluded from the financial position deferred tax asset of NOK 47.2 million 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3617": { "value": "
Note 14 - Property, plant, and equipment 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 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 impairment Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Impairment during the year - - - Accumulated depreciation and impairment 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
Note 15 - 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 2023 2022 Less than 1 year 4 682 4 423 1-2 years 4 593 4 337 3-5 years 4 802 8 418 Total undiscounted lease liabilities at 31.12. 14 077 17 178 Summary of lease liabilities 2023 2022 Lease liabilities at 01.01. 15 323 18 584 New lease liabilities recognised in the year 841 454 Lease payments -4 598 -4 325 Adjustments 690 -645 Interest expense on lease liabilities 795 1 255 Total lease liabilities at 31.12. 13 050 15 323 Current lease liabilities 4 043 3 699 Non-current lease liabilities 9 006 11 624 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 11.7 million at 31 December 2023 and NOK 14.4 million on 31 December 2022.
Note 16 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2023 Cash flows New leases Reclassi- fication 31.12.2023 Lease liabilities non-current 11 624 - 841 -3 459 9 006 Lease liabilities current 3 699 -4 598 - 4 943 4 043 Total liabilities from financing activities 15 323 -4 598 841 1 485 13 050 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3619": { "value": "
Note 14 - Property, plant, and equipment 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 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 impairment Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Impairment during the year - - - Accumulated depreciation and impairment 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
Note 17 - Intangible assets 2023 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158
Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 13.4 %, 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
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 Amortisation and impairment Carrying amount at 01.01 2 395 - 2 395 Amortisation during the year 3 882 - 3 882 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3621": { "value": "
Note 14 - Property, plant, and equipment 2023 Property & Right-of-use equipment assets Total Acquisition costs Carrying amount at 01.01 21 172 24 579 45 752 Additions during the year 955 841 1 796 Additions from acquisition of companies 399 - 399 Adjustments - 690 690 Exchange differences 10 - 10 Accumulated cost as at 31.12 22 537 26 110 48 647 Depreciation and impairment Carrying amount at 01.01 11 921 12 193 24 114 Depreciation during the year 2 864 3 623 6 488 Impairment during the year - - - Accumulated depreciation and impairment as at 31.12 14 785 15 816 30 602 Carrying amount in balance sheet as at 31.12 7 751 10 294 18 045 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 impairment Carrying amount at 01.01 9 172 8 581 17 753 Depreciation during the year 2 748 3 612 6 361 Impairment during the year - - - Accumulated depreciation and impairment 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3820": { "value": "
Note 16 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2023 Cash flows New leases Reclassi- fication 31.12.2023 Lease liabilities non-current 11 624 - 841 -3 459 9 006 Lease liabilities current 3 699 -4 598 - 4 943 4 043 Total liabilities from financing activities 15 323 -4 598 841 1 485 13 050 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3822": { "value": "
Note 16 \u2013 Changes in Liabilities Reconciliation of changes in liabilities arising from financing activities is shown in the tables below: Non-cash changes 01.01.2023 Cash flows New leases Reclassi- fication 31.12.2023 Lease liabilities non-current 11 624 - 841 -3 459 9 006 Lease liabilities current 3 699 -4 598 - 4 943 4 043 Total liabilities from financing activities 15 323 -4 598 841 1 485 13 050 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
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3899": { "value": "
Note 17 - Intangible assets 2023 Completed product Projects under Development development Total Acquisition costs Carrying amount at 01.01 18 017 15 080 33 097 Additions during the year - 3 532 3 532 Adjustments - 353 353 Grants received - - - Impairment - - - Accumulated cost as at 31.12 18 017 18 965 36 982 Amortisation and impairment Carrying amount at 01.01 6 277 - 6 277 Amortisation during the year 3 078 - 3 078 Impairment during the year 6 469 - 6 469 Accumulated amortisation and impairment as at 31.12 15 824 - 15 824 Carrying amount in balance sheet as at 31.12 2 193 18 965 21 158
Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 13.4 %, 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
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 Amortisation and impairment Carrying amount at 01.01 2 395 - 2 395 Amortisation during the year 3 882 - 3 882 Impairment during the year - - - Accumulated amortisation and impairment as at 31.12 6 277 - 6 277 Carrying amount in balance sheet as at 31.12 11 740 15 080 26 820
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f3960": { "value": "
Intangible assets not ready for use, are tested for impairment on a yearly basis. Internally developed intangible assets are tested for impairment on December 31 st each year, by discounting expected cash flow generated from the asset. The impairment includes assessment of future sales, gross margin, and discount rate (WACC) currently 13.4 %, 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. The assessment as of 31 December 2023 ended in an impairment of NOK 6.5 million related to the Sars-Cov 2 Assay.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4041": { "value": "
Note 18 \u2013 Inventory The inventory on 31 December consists of the following: 2023 2022 Raw materials 17 635 16 653 Goods in process 11 173 17 127 Finished goods 8 309 5 690 Provision for obsolescence - -925 Total 37 116 38 544
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4072": { "value": "
Note 19 - Accounts receivables and other receivables 2023 2022 Accounts receivables 11 569 10 063 Claims on government grants 2 487 5 730 Public receivables (VAT, etc.) 1 172 2 711 Other receivables / Prepayments 1 748 684 Total 16 976 19 188 Due accounts receivables 2023 2022 Not due and within <30 days 8 137 7 294 30-60d 3 319 1 902 60-90d -58 58 >90d 171 810 Total 11 569 10 063
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4115": { "value": "
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:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4121": { "value": "
Note 20 - Cash and cash equivalents 2023 2022 Cash and bank deposits 85 366 79 258 Withhold tax account 2 012 2 077 Deposit account 265 265 Total 87 642 81 599
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4146": { "value": "
Note 21 - 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 2023 2022 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium 2023 2022 Share premium at period start 293 810 293 810 Share premium increase - - 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\u2019s shareholders as at 31.12.23: Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 959 272 6.22 % Safrino AS 749 700 4.86 % Carpe Diem Afseth AS 548 389 3.56 % Skandinaviska Enskilda Banken AB 436 251 2.83 % Verdipapirfondet DNB SMB 361 291 2.34 % J.P. Morgan SE 350 000 2.27 % Viola AS 320 916 2.08 % Verdipapirfondet Storebrand Vekst 311 308 2.02 % Portia AS 300 000 1.95 % Krefting, Johan Henrik 292 400 1.90 % Intertrade Shipping AS 257 716 1.67 % Cressida AS 235 000 1.52 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Mutus AS 210 465 1.36 % Salix AS 208 954 1.35 % Verdipapirfondet Delphi Kombinasjon 196 577 1.27 % Top 20 shareholders 11 132 740 72.19 % Total other shareholders 4 289 610 27.81 % 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 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 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. 2023 2022 Profit from continued operations -10 648 -23 618 Weighted average number of shares issued 15 422 15 422 Earnings per share -0.69 -1.53 Weighted average number of shares issued incl. options 16 538 16 383 Diluted earnings pr share -0.69 -1.53 Share options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4158": { "value": "
Change in share capital 2023 2022 Share capital at period start 1 542 1 542 Share capital increase - - Share capital at period end 1 542 1 542 Change in share premium 2023 2022 Share premium at period start 293 810 293 810 Share premium increase - - 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\u2019s shareholders as at 31.12.23: Number of shares Ownership share Vatne Equity AS 2 110 224 13.68 % Kvantia AS 1 623 368 10.53 % Holta Invest AS 1 228 502 7.97 % Verdipapirfondet Delphi Nordic 959 272 6.22 % Safrino AS 749 700 4.86 % Carpe Diem Afseth AS 548 389 3.56 % Skandinaviska Enskilda Banken AB 436 251 2.83 % Verdipapirfondet DNB SMB 361 291 2.34 % J.P. Morgan SE 350 000 2.27 % Viola AS 320 916 2.08 % Verdipapirfondet Storebrand Vekst 311 308 2.02 % Portia AS 300 000 1.95 % Krefting, Johan Henrik 292 400 1.90 % Intertrade Shipping AS 257 716 1.67 % Cressida AS 235 000 1.52 % Lioness AS 220 000 1.43 % Marstal AS 212 407 1.38 % Mutus AS 210 465 1.36 % Salix AS 208 954 1.35 % Verdipapirfondet Delphi Kombinasjon 196 577 1.27 % Top 20 shareholders 11 132 740 72.19 % Total other shareholders 4 289 610 27.81 % 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 % Fredrik Thoresen (RWD AS) 28 160 0.18 % Njaal Kind 26 125 0.17 % Espen Tidemann J\u00f8rgensen 17 000 0.11 % Hilja Ibert 6 525 0.04 % Kari E. Krogstad 2 325 0.02 % Aleksandra Havelka 2 000 0.01 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4330": { "value": "
Dividend The company has not paid dividends over the last five years.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4334": { "value": "
Earnings per share Earnings per share are calculated by dividing net income by the weighted average of shares during the year. 2023 2022 Profit from continued operations -10 648 -23 618 Weighted average number of shares issued 15 422 15 422 Earnings per share -0.69 -1.53 Weighted average number of shares issued incl. options 16 538 16 383 Diluted earnings pr share -0.69 -1.53 Share options issued have a potential dilutive effect on earnings per share. No dilutive effect has been recognised 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4380": { "value": "
Note 22 \u2013 Business combinations On 3 July 2023 Gentian Diagnostics ASA acquired 100 % of the shares in Getica AB for a cash consideration of NOK 2.78 million. Getica AB, located in Gothenburg Sweden, has been providing Gentian with antibody purification services through many years in addition to providing diagnostics research and development services. Through this acquisition, Gentian secures critical production competence in an essential step in the manufacturing process. Gentian will also gain access to unique R&D capabilities. The acquisition was financed in cash. The fair values of the identifiable assets and liabilities of the business as at the acquisition date are as follows.
Getica AB (Figures in NOK thousands) Assets Non-Current Assets Property, plants, and equipment 399 Financial assets 146 Total Non-Current Assets 545 Current Assets Inventory 1 264 Accounts receivables and other receivables 508 Cash and cash equivalents 2 388 Total Current Assets 4 160 Total Assets 4 705 Current liabilities Accounts payable and other current liabilities 1 035 Total current liabilities 1 035 Net identifiable assets and liabilities at fair value 3 670 Badwill -892 Total consideration for the shares 2 778 Paid in cash -2 778 Cash received 2 388 Net decrease in cash -390 The main costumer of Getica AB has been Gentian AS. For the period between the date of acquisition and 31 December 2023, Getica AB has contributed with net savings of NOK 0.8 million. If the business combination had taken place at the beginning of the year, the group\u2019s revenues would have been unchanged, and the profit before tax would have been improved with NOK 1.6 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4453": { "value": "
Note 23 \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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4464": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4575": { "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 2023 2022 (NOK 1000) Total Revenue 142 347 111 922 Total Operating Expenses -155 109 -135 158 EBIT -12 762 -23 235 Depreciation and Amortisation 9 566 10 243 Impairment 6 469 - EBITDA 3 273 -12 992
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f4611": { "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. 2023 2022 (NOK 1000) Revenue from contracts with customers 135 153 101 636 COGS 66 750 52 635 COGS % of Revenue from contracts with customers 49 % 52 %
", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHNM861", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }