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"s7_notes__6__16": {
"value": "10.5 Basis for preparation of financial statements Accounting policiesMedistim ASA is a public company listed at the Oslo stock exchange. Medistim ASA is incorporated in Norway. The main office is located in \u00d8kernveien 94, 0579 Oslo, Norway. The Medistim group\u2019s business is within developing, producing, service, leasing and distribution of medical devices. The board of Director\u2019s and the CEO authorized these financial statements for issue on March 21, 2024.The financial statement for the group is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31.12.2023.The consolidated accounts have been prepared using consistent accounting policies for similartransactions and events. The accounting principles for the group for 2023 are the same as for the principles used in 2022.The group presents its financial statements in NOK. This is also the functional currency for the parent company. Asset and liabilities of subsidiaries with other functional currency than NOK, are translated to NOK using the exchange rate at the balance sheet date. For the income statement, the average monthly rate in the period is used. Translationdifferences arising from translation to presentation currency, is recognized in other comprehensive income and presented as \u201cother reserves\u201d in the balance sheet. Translation differences is recognized in profit and loss when the investment is sold.Exchange rate differences on monetary assetsand liabilities that in substance is part of the netinvestment in a foreign operation, is also included in translation differences.The consolidated accounts include Medistim ASA and companies controlled by Medistim ASA",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__14": {
"value": "10.5 Basis for preparation of financial statements Accounting policiesMedistim ASA is a public company listed at the Oslo stock exchange. Medistim ASA is incorporated in Norway. The main office is located in \u00d8kernveien 94, 0579 Oslo, Norway. The Medistim group\u2019s business is within developing, producing, service, leasing and distribution of medical devices. The board of Director\u2019s and the CEO authorized these financial statements for issue on March 21, 2024.The financial statement for the group is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31.12.2023.The consolidated accounts have been prepared using consistent accounting policies for similartransactions and events. The accounting principles for the group for 2023 are the same as for the principles used in 2022.The group presents its financial statements in NOK. This is also the functional currency for the parent company. Asset and liabilities of subsidiaries with other functional currency than NOK, are translated to NOK using the exchange rate at the balance sheet date. For the income statement, the average monthly rate in the period is used. Translationdifferences arising from translation to presentation currency, is recognized in other comprehensive income and presented as \u201cother reserves\u201d in the balance sheet. Translation differences is recognized in profit and loss when the investment is sold.Exchange rate differences on monetary assetsand liabilities that in substance is part of the netinvestment in a foreign operation, is also included in translation differences.The consolidated accounts include Medistim ASA and companies controlled by Medistim ASA",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__13": {
"value": "Medistim ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__12": {
"value": "Medistim ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__5": {
"value": "Medistim ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__6": {
"value": "public company listed",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__7": {
"value": "Oslo",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__10": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__8": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__9": {
"value": "\u00d8kernveien 94, 0579 Oslo",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__11": {
"value": "The Medistim group\u2019s business is within developing, producing, service, leasing and distribution of medical devices",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__15": {
"value": "The board of Director\u2019s and the CEO authorized these financial statements for issue on March 21, 2024.The financial statement for the group is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__19": {
"value": "The financial statement for the group is prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU and effective as of 31.12.2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__17": {
"value": "The consolidated accounts have been prepared using consistent accounting policies for similartransactions and events. The accounting principles for the group for 2023 are the same as for the principles used in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__21": {
"value": "The group presents its financial statements in NOK. This is also the functional currency for the parent company. Asset and liabilities of subsidiaries with other functional currency than NOK, are translated to NOK using the exchange rate at the balance sheet date. For the income statement, the average monthly rate in the period is used. Translationdifferences arising from translation to presentation currency, is recognized in other comprehensive income and presented as \u201cother reserves\u201d in the balance sheet. Translation differences is recognized in profit and loss when the investment is sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfPresentationCurrency",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__20-1": {
"value": "The group presents its financial statements in NOK. This is also the functional currency for the parent company. Asset and liabilities of subsidiaries with other functional currency than NOK, are translated to NOK using the exchange rate at the balance sheet date. For the income statement, the average monthly rate in the period is used. Translationdifferences arising from translation to presentation currency, is recognized in other comprehensive income and presented as \u201cother reserves\u201d in the balance sheet. Translation differences is recognized in profit and loss when the investment is sold.Exchange rate differences on monetary assetsand liabilities that in substance is part of the netinvestment in a foreign operation, is also included in translation differences.Transactions in foreign currency Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. Financial instruments in foreign currency are translated to Norwegian kroner at the closing rate of the balance day. Non-financial items measured at historic cost are translated to Norwegian kroner using the exchange rate at the time of the transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__18": {
"value": "The group presents its financial statements in NOK. This is also the functional currency for the parent company. Asset and liabilities of subsidiaries with other functional currency than NOK, are translated to NOK using the exchange rate at the balance sheet date. For the income statement, the average monthly rate in the period is used. Translationdifferences arising from translation to presentation currency, is recognized in other comprehensive income and presented as \u201cother reserves\u201d in the balance sheet. Translation differences is recognized in profit and loss when the investment is sold.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__23": {
"value": "10.6 Use of estimates and judgementThe preparation of the consolidated financialstatements requires management to makejudgments, estimates and assumptions that impact the recognition and measurement of certain assets, liabilities, revenue and cost. The following areainvolves the most critical estimates and judgements for the company: \u2022 Research and development cost relating to internally developed technology and software (Note 12) \u2022 Goodwill (Note 12) \u2022 Deferred tax assets (Note 10) \u2022 Inventory provision (Note 14) \u2022 Provison for bad debt (Note 15)The global market is in macro-economic turmoil,with energy crisis, inflation pressure, increasinginterest rates and higher cost levels. Long-term consequences of the growing geopoliticaluncertainty are unclear but might lead to continuing challenges in the global flow of goods. Medistim is taking mitigating actions to ensure access to keycomponents to secure production and maintaingrowth and profitability also for the future.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__25": {
"value": "10.7 New and amended standards effective from 2023 From 1. January 2023 there are changes in IAS 1Presentation of Financial Statements related torequirements to disclose material accounting policy information. To reflect these new requirementscertain adjustment have been made in the group\u2019s annual report for 2023, including moving therelevant accounting policy information to theapplicable note instead of a separate chapter foraccounting policies.In IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors a definition of an accounting estimate has been included. The introduction of the definition doesn\u2019t have any impact to the groupsfinancial statement.IAS 12 Income Taxes related to the Pilar Two model rules is not relevant for Medistim.IFRS 17 Insurance Contracts is not relevant forMedistim.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__24-1": {
"value": "10.7 New and amended standards effective from 2023 From 1. January 2023 there are changes in IAS 1Presentation of Financial Statements related torequirements to disclose material accounting policy information. To reflect these new requirementscertain adjustment have been made in the group\u2019s annual report for 2023, including moving therelevant accounting policy information to theapplicable note instead of a separate chapter foraccounting policies.In IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors a definition of an accounting estimate has been included. The introduction of the definition doesn\u2019t have any impact to the groupsfinancial statement.IAS 12 Income Taxes related to the Pilar Two model rules is not relevant for Medistim.IFRS 17 Insurance Contracts is not relevant forMedistim.10.8 New and amended standards not yet effectiveStandards that are effective in 2024 and 2025,interpretations or amendments that are issued,but not yet effective, are not expected to causeany significant changes for Medistim.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__27": {
"value": "10.8 New and amended standards not yet effectiveStandards that are effective in 2024 and 2025,interpretations or amendments that are issued,but not yet effective, are not expected to causeany significant changes for Medistim.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__30-1": {
"value": "Note 1 RevenueMedistim uses the 5-step model as a basis forincome recognition. Based on the contract model applied and the obligations in the contract, theprice is determined and allocated. Depending on the first 4 steps, income recognition is initiated. The different ways of income recognition are described in detail below. Revenue from contracts withcustomers 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. The assets that are leased to customers are recognized as property, plant and equipment in the balance sheet. Direct cost related to the leasing agreement is added to the carrying amount of the leased assets and is depreciated over the lease term. Group revenue can be split in three differentcategories that have different risk and returnon investment profile. The split is according tothe company\u2019s internal reporting structure. The categories are as follows: 1. Revenue from sale of capital equipment (MiraQ) and consumable (probes) 2. Revenue from lease of equipment (MiraQ and probes) 3. Distribution and sales of third-party productsCategory 1 and 2 covers the same equipment(MiraQ system) and consumables (probes). This is the products that are developed and produced by Medistim and is distributed through local partners unless Medistim has local representation. 1. Sale of capital equipment and consumable: The sale of the equipment and the sale of theconsumables are considered separate deliveries (performance obligations). Revenue recognition varies with shipping anddelivery terms that decide the timing of when the customer takes over control of the goods. Standard delivery terms is either EXW or FCA. With EXW terms customer take over ownership when itproducts is shipped from factory and revenue is recognized at this point. With FCA terms customer take over ownership when products are delivered at customer site and revenue is recognized when products arrive at customer site.Payment terms varies from 30 to 90 days. The group provides warranties for general repairs of defectsthat existed at the time of sale. This is considered an ordinary assurance type warranty, and nota separate performance obligation. A warrantyprovision is recognized, see note 21. In addition,service contracts / extended warranty options can be arranged. Revenue related to these contracts are recognized on straight line basis over the duration of the contract. 2. Revenue from lease of equipment and probes:The group has a range of contracts related to lease of equipment and probes and can be split in twocategories\u2022 Payment per procedures \u2022 Lease of equipment and sale / lease of probesPayment per procedure: Under this model, the equipment and probes are placed at the customer site free of charge. Medistim owns all equipment placed at the customer site. For the customer to be able to use the equipment a procedure (smart card) must be purchased. One procedure equals one surgery. The customer purchases a smart card that makes the system available for use. The agreement is considered a lease with variable lease payments. Revenue is variable and recognized related to the actual use of the equipment andprobes. For Medistim, this means that revenueis recognized when a new card is shipped to acustomer. There are two types of customers, flow customers and flow and imaging customers. Flowcustomers purchases a flow procedure, whileflow and imaging customers purchase both a flow procedure and an imaging procedure. It is therefore a split of revenue between flow procedures andimaging procedures. Revenue is recognized whensmartcards are shipped to the customer. Thecustomer is dependent upon the smartcard to open the equipment and probe for use. The agreements are operational since equipment is returned when the agreement expires.The individual agreement contains a minimum use clause. The duration of the agreement is 1-3 years, but divided into 12-month cycles, so minimumusage applies for 12 months at a time. If minimum usage is not achieved, Medistim has the right toextract the equipment from the customer site.Lease of systems and sales / lease of probes: Under this model, the customer leases the system and purchases probes when needed. The system revenue is recognized on a straight-line basis over the lease term. Probe revenue is recognized when the probe is delivered to the customer.When probes are leased the expected probeconsumption according to the contract is recognized on straight line basis but on a regular adjusted for actual probe consumption.Other terms in the agreements: If a customer with a pay per procedure or lease agreement does not handle the equipment properly, the customer is liable towards Medistim to compensate for the damage and repair. It happens that customers after too low consumption want to keep the equipment. In such cases, the customer may purchase the equipment. In this case, this is registered as a system sale.3. Third party sales: Sale of other third-party medical equipment is recognized when the equipment is delivered to the customer. Payment from customers is mainly due within 30 days. Other revenue in the P&L includes service, spareparts, grants and other revenue that is not ownproducts or third-party products.Se note 2 for split of revenue.Note 2 SegmentsThe group's activities are divided into strategic business units that are organized and managed separately. The group is organized, for management purpose, in two divisions dependent upon products and services. The segments are identified based upon different risk and return on investment profile. The division is also in accordance with the group's internal reporting structure. The main divisions are sale of own products and sale of 3. party products. Sale of own products has two business models, the capital model and the lease model. The segment reporting is similar to the internal reports that are given to the decision makers in the company. Focus in the reporting is sales in NOK and units for the respective segments.Transactions between internal business units are performed at market terms. Revenue, cost and result for each segment includes transaction between the segments. On group level these transactions are eliminated.Own Products: Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment orpurchase the capital equipment and buy probes as consumable. The lease model in the USAhas been successful since it does not demandupfront capital to have the equipment available. However, several customers prefer to invest in the equipment and purchase probes as consumables and Medistim promotes both solutions. Medistim has direct representation in the USA, which makes it manageable to handle the lease model properly. Medistim only offers the lease option in directmarkets. In recent years, the lease options have also been introduced in Spain and UK. Lease revenueoutside the US is at a moderate level. Split of revenue between coronary surgery and vascular surgery: The company has in addition to coronary surgery a strategy and focus towards vascular surgery. The principles for guiding and quality assurance within vascular surgery is similar to the need within coronary surgery. Within coronary surgery, the surgeons focus is to supply sufficient blood to the heart. Within vascular surgery, the focus is to supply blood flow in other parts in the body or organs. The vascular market is an opportunity with a market size even larger than coronary surgery. It is therefore natural to report sales split between cardiac surgery and vascular surgery. Additional sales information: From 2023 on, a new reporting structure has been implemented in Medistim. Geographical sales split is monitored to be able to follow the development in sales in AMERICAS, APAC and EMEA. Third-party products: Distribution of third-party products:Distribution and sale of third-party products is aseparate segment. The group sells medical devices from third party manufacturers in Norway, Sweden and Denmark. The product portfolio is carefullyselected and mainly instruments and consumables within surgery. Geographic split of sales in NOK per product group2023 2022All numbers in NOK 1000AMERICASPPP and lease:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 15 492 14 579 Flow and imaging systems 35 566 44 984 Flow probes 48 980 41 256 Imaging probes 8 374 9 000 Total sales AMERICAS 209 023 203 608APAC Flow systems 19 468 17 654 Flow and imagin 20 027 19 925 Flow probes 40 019 38 106 Imaging probes 3 469 3 315 Total sales APAC 82 983 79 000 EMEAFlow systems 20 589 17 431 Flow and imaging systems 25 892 21 524 Flow probes 104 059 89 820 Imaging probes 4 389 4 721 Total sales EMEA 154 929 133 496 Total sales in NOKPPP and lease revenue:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 55 548 49 664 Flow and imaging systems 81 485 86 433 Flow probes 193 058 169 182 Imaging probes 16 232 17 036 Total sales own products 446 935 416 104 Sale of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF SALES BETWEEN CORONARY AND VASCULAR 2023 2022SURGERY AND 3 PARTY PRODUCTSAll numbers in NOK 1000Split of own productsSales within coronary surgery 365 641 346 550 Sales within vascular surgery 81 294 69 554 Other - - Sales of third party products 79 429 75 833 Total sales 526 364491 937SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS 2023 2022AND 3RD PARTY PRODUCTSAll numbers in NOK 1000Flow products 312 976 279 943 Imaging products 133 959 136 161 Sales of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF EBIT PER SEGMENT 2023 20221 =NOK 1000EBIT from Medistim products 120 053 128 653 EBIT margin Medistim products 26.9 % 30.9 %EBIT from 3. party products 11 389 12 598 EBIT margin 3. party products 17.7 % 20.6 %R&D - -Administrasjon -- Totalt EBIT 131 442 141 251EBIT % 24.97 %28.71 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__29-1": {
"value": "Note 1 RevenueMedistim uses the 5-step model as a basis forincome recognition. Based on the contract model applied and the obligations in the contract, theprice is determined and allocated. Depending on the first 4 steps, income recognition is initiated. The different ways of income recognition are described in detail below. Revenue from contracts withcustomers 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. The assets that are leased to customers are recognized as property, plant and equipment in the balance sheet. Direct cost related to the leasing agreement is added to the carrying amount of the leased assets and is depreciated over the lease term. Group revenue can be split in three differentcategories that have different risk and returnon investment profile. The split is according tothe company\u2019s internal reporting structure. The categories are as follows: 1. Revenue from sale of capital equipment (MiraQ) and consumable (probes) 2. Revenue from lease of equipment (MiraQ and probes) 3. Distribution and sales of third-party productsCategory 1 and 2 covers the same equipment(MiraQ system) and consumables (probes). This is the products that are developed and produced by Medistim and is distributed through local partners unless Medistim has local representation. 1. Sale of capital equipment and consumable: The sale of the equipment and the sale of theconsumables are considered separate deliveries (performance obligations). Revenue recognition varies with shipping anddelivery terms that decide the timing of when the customer takes over control of the goods. Standard delivery terms is either EXW or FCA. With EXW terms customer take over ownership when itproducts is shipped from factory and revenue is recognized at this point. With FCA terms customer take over ownership when products are delivered at customer site and revenue is recognized when products arrive at customer site.Payment terms varies from 30 to 90 days. The group provides warranties for general repairs of defectsthat existed at the time of sale. This is considered an ordinary assurance type warranty, and nota separate performance obligation. A warrantyprovision is recognized, see note 21. In addition,service contracts / extended warranty options can be arranged. Revenue related to these contracts are recognized on straight line basis over the duration of the contract. 2. Revenue from lease of equipment and probes:The group has a range of contracts related to lease of equipment and probes and can be split in twocategories\u2022 Payment per procedures \u2022 Lease of equipment and sale / lease of probesPayment per procedure: Under this model, the equipment and probes are placed at the customer site free of charge. Medistim owns all equipment placed at the customer site. For the customer to be able to use the equipment a procedure (smart card) must be purchased. One procedure equals one surgery. The customer purchases a smart card that makes the system available for use. The agreement is considered a lease with variable lease payments. Revenue is variable and recognized related to the actual use of the equipment andprobes. For Medistim, this means that revenueis recognized when a new card is shipped to acustomer. There are two types of customers, flow customers and flow and imaging customers. Flowcustomers purchases a flow procedure, whileflow and imaging customers purchase both a flow procedure and an imaging procedure. It is therefore a split of revenue between flow procedures andimaging procedures. Revenue is recognized whensmartcards are shipped to the customer. Thecustomer is dependent upon the smartcard to open the equipment and probe for use. The agreements are operational since equipment is returned when the agreement expires.The individual agreement contains a minimum use clause. The duration of the agreement is 1-3 years, but divided into 12-month cycles, so minimumusage applies for 12 months at a time. If minimum usage is not achieved, Medistim has the right toextract the equipment from the customer site.Lease of systems and sales / lease of probes: Under this model, the customer leases the system and purchases probes when needed. The system revenue is recognized on a straight-line basis over the lease term. Probe revenue is recognized when the probe is delivered to the customer.When probes are leased the expected probeconsumption according to the contract is recognized on straight line basis but on a regular adjusted for actual probe consumption.Other terms in the agreements: If a customer with a pay per procedure or lease agreement does not handle the equipment properly, the customer is liable towards Medistim to compensate for the damage and repair. It happens that customers after too low consumption want to keep the equipment. In such cases, the customer may purchase the equipment. In this case, this is registered as a system sale.3. Third party sales: Sale of other third-party medical equipment is recognized when the equipment is delivered to the customer. Payment from customers is mainly due within 30 days. Other revenue in the P&L includes service, spareparts, grants and other revenue that is not ownproducts or third-party products.Se note 2 for split of revenue.Note 2 SegmentsThe group's activities are divided into strategic business units that are organized and managed separately. The group is organized, for management purpose, in two divisions dependent upon products and services. The segments are identified based upon different risk and return on investment profile. The division is also in accordance with the group's internal reporting structure. The main divisions are sale of own products and sale of 3. party products. Sale of own products has two business models, the capital model and the lease model. The segment reporting is similar to the internal reports that are given to the decision makers in the company. Focus in the reporting is sales in NOK and units for the respective segments.Transactions between internal business units are performed at market terms. Revenue, cost and result for each segment includes transaction between the segments. On group level these transactions are eliminated.Own Products: Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment orpurchase the capital equipment and buy probes as consumable. The lease model in the USAhas been successful since it does not demandupfront capital to have the equipment available. However, several customers prefer to invest in the equipment and purchase probes as consumables and Medistim promotes both solutions. Medistim has direct representation in the USA, which makes it manageable to handle the lease model properly. Medistim only offers the lease option in directmarkets. In recent years, the lease options have also been introduced in Spain and UK. Lease revenueoutside the US is at a moderate level. Split of revenue between coronary surgery and vascular surgery: The company has in addition to coronary surgery a strategy and focus towards vascular surgery. The principles for guiding and quality assurance within vascular surgery is similar to the need within coronary surgery. Within coronary surgery, the surgeons focus is to supply sufficient blood to the heart. Within vascular surgery, the focus is to supply blood flow in other parts in the body or organs. The vascular market is an opportunity with a market size even larger than coronary surgery. It is therefore natural to report sales split between cardiac surgery and vascular surgery. Additional sales information: From 2023 on, a new reporting structure has been implemented in Medistim. Geographical sales split is monitored to be able to follow the development in sales in AMERICAS, APAC and EMEA. Third-party products: Distribution of third-party products:Distribution and sale of third-party products is aseparate segment. The group sells medical devices from third party manufacturers in Norway, Sweden and Denmark. The product portfolio is carefullyselected and mainly instruments and consumables within surgery. Geographic split of sales in NOK per product group2023 2022All numbers in NOK 1000AMERICASPPP and lease:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 15 492 14 579 Flow and imaging systems 35 566 44 984 Flow probes 48 980 41 256 Imaging probes 8 374 9 000 Total sales AMERICAS 209 023 203 608APAC Flow systems 19 468 17 654 Flow and imagin 20 027 19 925 Flow probes 40 019 38 106 Imaging probes 3 469 3 315 Total sales APAC 82 983 79 000 EMEAFlow systems 20 589 17 431 Flow and imaging systems 25 892 21 524 Flow probes 104 059 89 820 Imaging probes 4 389 4 721 Total sales EMEA 154 929 133 496 Total sales in NOKPPP and lease revenue:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 55 548 49 664 Flow and imaging systems 81 485 86 433 Flow probes 193 058 169 182 Imaging probes 16 232 17 036 Total sales own products 446 935 416 104 Sale of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF SALES BETWEEN CORONARY AND VASCULAR 2023 2022SURGERY AND 3 PARTY PRODUCTSAll numbers in NOK 1000Split of own productsSales within coronary surgery 365 641 346 550 Sales within vascular surgery 81 294 69 554 Other - - Sales of third party products 79 429 75 833 Total sales 526 364491 937SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS 2023 2022AND 3RD PARTY PRODUCTSAll numbers in NOK 1000Flow products 312 976 279 943 Imaging products 133 959 136 161 Sales of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF EBIT PER SEGMENT 2023 20221 =NOK 1000EBIT from Medistim products 120 053 128 653 EBIT margin Medistim products 26.9 % 30.9 %EBIT from 3. party products 11 389 12 598 EBIT margin 3. party products 17.7 % 20.6 %R&D - -Administrasjon -- Totalt EBIT 131 442 141 251EBIT % 24.97 %28.71 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__28": {
"value": "Note 1 RevenueMedistim uses the 5-step model as a basis forincome recognition. Based on the contract model applied and the obligations in the contract, theprice is determined and allocated. Depending on the first 4 steps, income recognition is initiated. The different ways of income recognition are described in detail below. Revenue from contracts withcustomers 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. The assets that are leased to customers are recognized as property, plant and equipment in the balance sheet. Direct cost related to the leasing agreement is added to the carrying amount of the leased assets and is depreciated over the lease term. Group revenue can be split in three differentcategories that have different risk and returnon investment profile. The split is according tothe company\u2019s internal reporting structure. The categories are as follows: 1. Revenue from sale of capital equipment (MiraQ) and consumable (probes) 2. Revenue from lease of equipment (MiraQ and probes) 3. Distribution and sales of third-party productsCategory 1 and 2 covers the same equipment(MiraQ system) and consumables (probes). This is the products that are developed and produced by Medistim and is distributed through local partners unless Medistim has local representation. 1. Sale of capital equipment and consumable: The sale of the equipment and the sale of theconsumables are considered separate deliveries (performance obligations). Revenue recognition varies with shipping anddelivery terms that decide the timing of when the customer takes over control of the goods. Standard delivery terms is either EXW or FCA. With EXW terms customer take over ownership when itproducts is shipped from factory and revenue is recognized at this point. With FCA terms customer take over ownership when products are delivered at customer site and revenue is recognized when products arrive at customer site.Payment terms varies from 30 to 90 days. The group provides warranties for general repairs of defectsthat existed at the time of sale. This is considered an ordinary assurance type warranty, and nota separate performance obligation. A warrantyprovision is recognized, see note 21. In addition,service contracts / extended warranty options can be arranged. Revenue related to these contracts are recognized on straight line basis over the duration of the contract. 2. Revenue from lease of equipment and probes:The group has a range of contracts related to lease of equipment and probes and can be split in twocategories\u2022 Payment per procedures \u2022 Lease of equipment and sale / lease of probesPayment per procedure: Under this model, the equipment and probes are placed at the customer site free of charge. Medistim owns all equipment placed at the customer site. For the customer to be able to use the equipment a procedure (smart card) must be purchased. One procedure equals one surgery. The customer purchases a smart card that makes the system available for use. The agreement is considered a lease with variable lease payments. Revenue is variable and recognized related to the actual use of the equipment andprobes. For Medistim, this means that revenueis recognized when a new card is shipped to acustomer. There are two types of customers, flow customers and flow and imaging customers. Flowcustomers purchases a flow procedure, whileflow and imaging customers purchase both a flow procedure and an imaging procedure. It is therefore a split of revenue between flow procedures andimaging procedures. Revenue is recognized whensmartcards are shipped to the customer. Thecustomer is dependent upon the smartcard to open the equipment and probe for use. The agreements are operational since equipment is returned when the agreement expires.The individual agreement contains a minimum use clause. The duration of the agreement is 1-3 years, but divided into 12-month cycles, so minimumusage applies for 12 months at a time. If minimum usage is not achieved, Medistim has the right toextract the equipment from the customer site.Lease of systems and sales / lease of probes: Under this model, the customer leases the system and purchases probes when needed. The system revenue is recognized on a straight-line basis over the lease term. Probe revenue is recognized when the probe is delivered to the customer.When probes are leased the expected probeconsumption according to the contract is recognized on straight line basis but on a regular adjusted for actual probe consumption.Other terms in the agreements: If a customer with a pay per procedure or lease agreement does not handle the equipment properly, the customer is liable towards Medistim to compensate for the damage and repair. It happens that customers after too low consumption want to keep the equipment. In such cases, the customer may purchase the equipment. In this case, this is registered as a system sale.3. Third party sales: Sale of other third-party medical equipment is recognized when the equipment is delivered to the customer. Payment from customers is mainly due within 30 days. Other revenue in the P&L includes service, spareparts, grants and other revenue that is not ownproducts or third-party products.Se note 2 for split of revenue.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__34": {
"value": "Note 2 SegmentsThe group's activities are divided into strategic business units that are organized and managed separately. The group is organized, for management purpose, in two divisions dependent upon products and services. The segments are identified based upon different risk and return on investment profile. The division is also in accordance with the group's internal reporting structure. The main divisions are sale of own products and sale of 3. party products. Sale of own products has two business models, the capital model and the lease model. The segment reporting is similar to the internal reports that are given to the decision makers in the company. Focus in the reporting is sales in NOK and units for the respective segments.Transactions between internal business units are performed at market terms. Revenue, cost and result for each segment includes transaction between the segments. On group level these transactions are eliminated.Own Products: Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment orpurchase the capital equipment and buy probes as consumable. The lease model in the USAhas been successful since it does not demandupfront capital to have the equipment available. However, several customers prefer to invest in the equipment and purchase probes as consumables and Medistim promotes both solutions. Medistim has direct representation in the USA, which makes it manageable to handle the lease model properly. Medistim only offers the lease option in directmarkets. In recent years, the lease options have also been introduced in Spain and UK. Lease revenueoutside the US is at a moderate level. Split of revenue between coronary surgery and vascular surgery: The company has in addition to coronary surgery a strategy and focus towards vascular surgery. The principles for guiding and quality assurance within vascular surgery is similar to the need within coronary surgery. Within coronary surgery, the surgeons focus is to supply sufficient blood to the heart. Within vascular surgery, the focus is to supply blood flow in other parts in the body or organs. The vascular market is an opportunity with a market size even larger than coronary surgery. It is therefore natural to report sales split between cardiac surgery and vascular surgery. Additional sales information: From 2023 on, a new reporting structure has been implemented in Medistim. Geographical sales split is monitored to be able to follow the development in sales in AMERICAS, APAC and EMEA. Third-party products: Distribution of third-party products:Distribution and sale of third-party products is aseparate segment. The group sells medical devices from third party manufacturers in Norway, Sweden and Denmark. The product portfolio is carefullyselected and mainly instruments and consumables within surgery.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__32": {
"value": "Note 2 SegmentsThe group's activities are divided into strategic business units that are organized and managed separately. The group is organized, for management purpose, in two divisions dependent upon products and services. The segments are identified based upon different risk and return on investment profile. The division is also in accordance with the group's internal reporting structure. The main divisions are sale of own products and sale of 3. party products. Sale of own products has two business models, the capital model and the lease model. The segment reporting is similar to the internal reports that are given to the decision makers in the company. Focus in the reporting is sales in NOK and units for the respective segments.Transactions between internal business units are performed at market terms. Revenue, cost and result for each segment includes transaction between the segments. On group level these transactions are eliminated.Own Products: Medistim sells its own products either through a lease or as capital. Medistim has a flexible business model in the US and leaves it up to the customer whether they want to lease the equipment orpurchase the capital equipment and buy probes as consumable. The lease model in the USAhas been successful since it does not demandupfront capital to have the equipment available. However, several customers prefer to invest in the equipment and purchase probes as consumables and Medistim promotes both solutions. Medistim has direct representation in the USA, which makes it manageable to handle the lease model properly. Medistim only offers the lease option in directmarkets. In recent years, the lease options have also been introduced in Spain and UK. Lease revenueoutside the US is at a moderate level. Split of revenue between coronary surgery and vascular surgery: The company has in addition to coronary surgery a strategy and focus towards vascular surgery. The principles for guiding and quality assurance within vascular surgery is similar to the need within coronary surgery. Within coronary surgery, the surgeons focus is to supply sufficient blood to the heart. Within vascular surgery, the focus is to supply blood flow in other parts in the body or organs. The vascular market is an opportunity with a market size even larger than coronary surgery. It is therefore natural to report sales split between cardiac surgery and vascular surgery. Additional sales information: From 2023 on, a new reporting structure has been implemented in Medistim. Geographical sales split is monitored to be able to follow the development in sales in AMERICAS, APAC and EMEA. Third-party products: Distribution of third-party products:Distribution and sale of third-party products is aseparate segment. The group sells medical devices from third party manufacturers in Norway, Sweden and Denmark. The product portfolio is carefullyselected and mainly instruments and consumables within surgery. Geographic split of sales in NOK per product group2023 2022All numbers in NOK 1000AMERICASPPP and lease:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 15 492 14 579 Flow and imaging systems 35 566 44 984 Flow probes 48 980 41 256 Imaging probes 8 374 9 000 Total sales AMERICAS 209 023 203 608APAC Flow systems 19 468 17 654 Flow and imagin 20 027 19 925 Flow probes 40 019 38 106 Imaging probes 3 469 3 315 Total sales APAC 82 983 79 000 EMEAFlow systems 20 589 17 431 Flow and imaging systems 25 892 21 524 Flow probes 104 059 89 820 Imaging probes 4 389 4 721 Total sales EMEA 154 929 133 496 Total sales in NOKPPP and lease revenue:Flow procedures (PPP/card based) 64 369 61 096 Imaging and flow prosedures (PPP/card based) 36 242 32 693 Capital sales:Flow systems 55 548 49 664 Flow and imaging systems 81 485 86 433 Flow probes 193 058 169 182 Imaging probes 16 232 17 036 Total sales own products 446 935 416 104 Sale of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF SALES BETWEEN CORONARY AND VASCULAR 2023 2022SURGERY AND 3 PARTY PRODUCTSAll numbers in NOK 1000Split of own productsSales within coronary surgery 365 641 346 550 Sales within vascular surgery 81 294 69 554 Other - - Sales of third party products 79 429 75 833 Total sales 526 364491 937SPLIT OF SALES BETWEEN FLOW PRODUCTS, IMAGING PRODUCTS 2023 2022AND 3RD PARTY PRODUCTSAll numbers in NOK 1000Flow products 312 976 279 943 Imaging products 133 959 136 161 Sales of 3rd party products 79 429 75 833 Total sales 526 364 491 937 SPLIT OF EBIT PER SEGMENT 2023 20221 =NOK 1000EBIT from Medistim products 120 053 128 653 EBIT margin Medistim products 26.9 % 30.9 %EBIT from 3. party products 11 389 12 598 EBIT margin 3. party products 17.7 % 20.6 %R&D - -Administrasjon -- Totalt EBIT 131 442 141 251EBIT % 24.97 %28.71 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__36": {
"value": "Note 3 Split of cost of goods soldSPLIT OF COST OF GOODS SOLD 2023 20221 = NOK 1000Change in inventory of third party products 44 833 42 828Change of inventory of finished goods 48 042 52 7463.party services 743 767Raw materials and consumables used 12 586 6 059Packing material and other materials 55 54Freight 6 020 4 032Total cost of goods sold 112 280 106 485",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__38": {
"value": "Note 4 Split of salary expensesSPLIT OF SALARY EXPENSES 2023 20221 = NOK 1000Salary 129 501 108 056Employeers tax 18 786 15 778Bonus 6 283 14 878Cost for contribution pension plan 6 260 5 590Compensation to the Board 2 122 1 558Other social costs -354 517Total salary and social cost 162 597 146 376Full time equivalent employeesUSA 25 25 Germany 5 3 UK 1 1 Canada 2 - Sweden 1 - Spain 4 4 Denmark 1 1 Norway 111 98 Total 150 132 Employees in Medistim with a pension plan are included in a contribution plan where an agreed percentage of the employee\u2019s salary is paid to the employee pension account. The company\u2019s payment of contributions is expensed in the period it is incurred.For the 111 Norwegian employees there is a contribution plan that covers 5 % of salary up to 7.1G and 8 % of salary between 7.1G and 12G. 1G is the base amount in the social security system. The 25 employees in the US follows a pension plan, a 401k match that covers 4 % of salary. The total cost for the contribution plans was in 2023 TNOK 6.26, while it was TNOK 5.59 in 2022. It is compulsory by law for the company to have a pension plan for its employees in Norway. The pension plans in the company fulfill the obligation in the Norwegian law. Employees outside Norway and US do not have a pension plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__37": {
"value": "Note 4 Split of salary expensesSPLIT OF SALARY EXPENSES 2023 20221 = NOK 1000Salary 129 501 108 056Employeers tax 18 786 15 778Bonus 6 283 14 878Cost for contribution pension plan 6 260 5 590Compensation to the Board 2 122 1 558Other social costs -354 517Total salary and social cost 162 597 146 376Full time equivalent employeesUSA 25 25 Germany 5 3 UK 1 1 Canada 2 - Sweden 1 - Spain 4 4 Denmark 1 1 Norway 111 98 Total 150 132 Employees in Medistim with a pension plan are included in a contribution plan where an agreed percentage of the employee\u2019s salary is paid to the employee pension account. The company\u2019s payment of contributions is expensed in the period it is incurred.For the 111 Norwegian employees there is a contribution plan that covers 5 % of salary up to 7.1G and 8 % of salary between 7.1G and 12G. 1G is the base amount in the social security system. The 25 employees in the US follows a pension plan, a 401k match that covers 4 % of salary. The total cost for the contribution plans was in 2023 TNOK 6.26, while it was TNOK 5.59 in 2022. It is compulsory by law for the company to have a pension plan for its employees in Norway. The pension plans in the company fulfill the obligation in the Norwegian law. Employees outside Norway and US do not have a pension plan.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__39": {
"value": "Employees in Medistim with a pension plan are included in a contribution plan where an agreed percentage of the employee\u2019s salary is paid to the employee pension account. The company\u2019s payment of contributions is expensed in the period it is incurred.For the 111 Norwegian employees there is a contribution plan that covers 5 % of salary up to 7.1G and 8 % of salary between 7.1G and 12G. 1G is the base amount in the social security system. The 25 employees in the US follows a pension plan, a 401k match that covers 4 % of salary. The total cost for the contribution plans was in 2023 TNOK 6.26, while it was TNOK 5.59 in 2022. It is compulsory by law for the company to have a pension plan for its employees in Norway. The pension plans in the company fulfill the obligation in the Norwegian law. Employees outside Norway and US do not have a pension plan.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__41": {
"value": "Note 5 Audit feeAUDIT FEE FOR THE GROUP 2023 20221 = NOK 1000Statutory Audit 2 027 1 842Other services 200 110 Total Audit fee 2 227 1 952 The amounts are without VAT",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__43": {
"value": "Note 6 Property, plant and equipmentProperty, plant and equipment is recorded at cost less accumulated depreciations and write-downs. When an asset is sold, the carrying value of the asset is derecognized and any gain or loss from the sale is recognized in the income statement.Items of property, plant and equipment are depreciated straight line over the estimated useful life from the time it is available for use. Useful life is as follows:Machinery and equipment 3-7 years Other assets 3-5 yearsProperty, plant and equipment are tested for impairment if there are indication of impairment. If the carrying amount exceeds the assets recoverable amount, being the higher of value in use and fair value less cost of disposal, the asset is written down to the recoverable amount. Depreciation time and method is evaluated on a yearly basis.PROPERTY PLANT AND EQUIPMENT 2023Right-of-1 = NOK 1000 Equipment Other assetsTotal assetsuse assetsHistorical costBalance 1. January92 977 28 144 43 688 164 809Additions10 462 6 442 8 920 25 82531. December103 440 34 587 52 608 190 634Accumulated depreciation and impairmentBalance 1. January 66 023 20 892 26 583 113 497Depreciation this year 8 125 3 142 8 383 19 649Exchange rate differences 36 -219 1 -18231. December 74 112 24 252 34 965 133 329Book value29 328 10 335 17 643 57 305Depreciation in %14-33 % 20-33 % 12.5-50 %Useful life 3-7 years 3-5 years 2-8 yearsDepreciation method Linear Linear LinearPROPERTY PLANT AND EQUIPMENT 2022Right-of-use Total 1 = NOK 1000 Equipment Other assetsassetsassetsHistorical costBalance 1. January85 868 25 497 43 688 155 053Additions7 109 2 647 - 9 75631. December92 977 28 144 43 688 164 809Accumulated depreciation and impairmentBalance 1. January 58 821 17 875 19 496 96 191Depreciation this year 7 198 3 054 7 086 17 337Exchange rate differences -4 36 -1 3131. December 66 023 20 892 26 583 113 497Book value26 954 7 253 17 105 51 31214-33 % 20-33 % 12.5-50 %Depreciation in %Useful life 3-7 years 3-5 years 2-8 yearsDepreciation method Linear Linear LinearRight to use assetsSee note 7 for details.Fully depreciated assetsSome assets with total historic cost value of 3.9 MNOK is fully depreciated as of 31.12.2023 but are still in use. SecurityEquipment and other assets is pledged as security as of 31.12.2023. The security is related to bank guarantees, guarantee towards landlord for rent and hedging credit facility. The group\u2019s bank had the same security as of 31.12.2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__42": {
"value": "Note 6 Property, plant and equipmentProperty, plant and equipment is recorded at cost less accumulated depreciations and write-downs. When an asset is sold, the carrying value of the asset is derecognized and any gain or loss from the sale is recognized in the income statement.Items of property, plant and equipment are depreciated straight line over the estimated useful life from the time it is available for use. Useful life is as follows:Machinery and equipment 3-7 years Other assets 3-5 yearsProperty, plant and equipment are tested for impairment if there are indication of impairment. If the carrying amount exceeds the assets recoverable amount, being the higher of value in use and fair value less cost of disposal, the asset is written down to the recoverable amount. Depreciation time and method is evaluated on a yearly basis.PROPERTY PLANT AND EQUIPMENT 2023Right-of-1 = NOK 1000 Equipment Other assetsTotal assetsuse assetsHistorical costBalance 1. January92 977 28 144 43 688 164 809Additions10 462 6 442 8 920 25 82531. December103 440 34 587 52 608 190 634Accumulated depreciation and impairmentBalance 1. January 66 023 20 892 26 583 113 497Depreciation this year 8 125 3 142 8 383 19 649Exchange rate differences 36 -219 1 -18231. December 74 112 24 252 34 965 133 329Book value29 328 10 335 17 643 57 305Depreciation in %14-33 % 20-33 % 12.5-50 %Useful life 3-7 years 3-5 years 2-8 yearsDepreciation method Linear Linear LinearPROPERTY PLANT AND EQUIPMENT 2022Right-of-use Total 1 = NOK 1000 Equipment Other assetsassetsassetsHistorical costBalance 1. January85 868 25 497 43 688 155 053Additions7 109 2 647 - 9 75631. December92 977 28 144 43 688 164 809Accumulated depreciation and impairmentBalance 1. January 58 821 17 875 19 496 96 191Depreciation this year 7 198 3 054 7 086 17 337Exchange rate differences -4 36 -1 3131. December 66 023 20 892 26 583 113 497Book value26 954 7 253 17 105 51 31214-33 % 20-33 % 12.5-50 %Depreciation in %Useful life 3-7 years 3-5 years 2-8 yearsDepreciation method Linear Linear LinearRight to use assetsSee note 7 for details.Fully depreciated assetsSome assets with total historic cost value of 3.9 MNOK is fully depreciated as of 31.12.2023 but are still in use. SecurityEquipment and other assets is pledged as security as of 31.12.2023. The security is related to bank guarantees, guarantee towards landlord for rent and hedging credit facility. The group\u2019s bank had the same security as of 31.12.2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__45": {
"value": "Property, plant and equipment is recorded at cost less accumulated depreciations and write-downs. When an asset is sold, the carrying value of the asset is derecognized and any gain or loss from the sale is recognized in the income statement.Items of property, plant and equipment are depreciated straight line over the estimated useful life from the time it is available for use. Useful life is as follows:Machinery and equipment 3-7 years Other assets 3-5 yearsProperty, plant and equipment are tested for impairment if there are indication of impairment. If the carrying amount exceeds the assets recoverable amount, being the higher of value in use and fair value less cost of disposal, the asset is written down to the recoverable amount. Depreciation time and method is evaluated on a yearly basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__44": {
"value": "Property, plant and equipment is recorded at cost less accumulated depreciations and write-downs. When an asset is sold, the carrying value of the asset is derecognized and any gain or loss from the sale is recognized in the income statement.Items of property, plant and equipment are depreciated straight line over the estimated useful life from the time it is available for use. Useful life is as follows:Machinery and equipment 3-7 years Other assets 3-5 yearsProperty, plant and equipment are tested for impairment if there are indication of impairment. If the carrying amount exceeds the assets recoverable amount, being the higher of value in use and fair value less cost of disposal, the asset is written down to the recoverable amount. Depreciation time and method is evaluated on a yearly basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__46": {
"value": "Note 7 Right to use assets and liabilitiesRight to use assetsThe company is renting offices in \u00d8kernveien 94 in Oslo, Bromsveien 17 and Raveien 205 in Horten and in 14000 25ave. N. Suite 108 in Plymouth in Minneapolis, Minnesota, USA. In Oslo and Raveien 205 in Horten the rental agreement expires in 2025. Bromsveien 17 in Horten expires in 2027. In the USA, the rental agreement expires year-end 2030. The rent is adjusted yearly according to National indexes for goods and services. The lease in \u00d8kernveien 94 may be prolonged with 5 years after 2025, the lease in Bromsveien 17 may be prolonged with 2 years after 2027 and Raveien 205 may be prolonged with 2 years after 2025. It is at present uncertain whether these leases will be prolonged. The group also leases office equipment and cars. The longest remaining lease term for office equipment and cars is until December 2025 and December 2026 respectively.Medistim have some other leases that are minor and not included in the balance sheet as right to use assets and liabilities. The company recognizes a lease liability and a right-of-use asset for leases with a duration of more than 12 months, provided that the underlying asset is not of low value. The lease liability is the present value of the lease payment over the lease term. Lease paymentincludes fixed payments and variable leasepayments that depend on an index or a rate. Thelease term is the non-cancellable period of thelease together periods covered by an option toextend the lease when the exercise of the optionis reasonably certain. Right-of-use assets are depreciated over the shortest of the lease term and useful life. Depreciation ofright-of-use assets is presented together with other depreciation in the income statement. Lease payments are allocated between installments and interest based on a constant periodic rate ofinterest being the interest used to calculate thelease liability. The interest expense is presented as a financial expense in the income statement. Leased assets are recorded in the balance sheetwith a corresponding debt and the lease expenserecorded as depreciation and interest expense.Medistim\u2019s leased assets with right to use andliabilities are shown below. NOTE RIGHT-OF -USE ASSETS AND LEASE LIABILITIES 20231 =NOK 1000Machinery and Right-of-use assets BuildingsVehicles equipmentRecognition of right to use of asset 1. January 15 065 126 1 915 17 105 Addition of right-of-use assets, CPI adjustments 6 899 199 1 822 8 920 and other reassessmentAmortisation 6 609 122 1 652 8 383 Carrying amount of right-of-use assets 31 15 355 203 2 085 17 643DecemberLower of remaining lease term or economic life 4-8 years 2-5 years 1-5 yearsDepreciation method Linear Linear LinearLease liabilitiesUndiscounted lease liabilities and maturity of cash outflows 2 023Less than 1 year 6 609 122 1 652 8 3831-2 years 4 022 92 704 4 8183-4 years 2 453 - - 2 4534-5 years 1 773 - - 1 773More than 5 years 2 192 - - 2 192Total undiscounted lease liabilities at 31 17 049 214 2 356 19 619 DecemberSummary of the lease liabilities in the financial Statement of: 2023statementsLease liabilities as of January 1st 17 105 New lease liabilities recognised in the year 8 920Cash payments for the principal portion of the Cash flows 8 383 lease liabilityInterest expense on lease liabilities Profit and loss 309 Total lease liabilities at 31. December 17 643 Current lease liabilities Financial position 8 383 Non-current lease liabilities Financial position 9 260 Total cash outflows for leases Cash flows 8 692 NOTE RIGHT-OF -USE ASSETS AND LEASE LIABILITIES 20221 =NOK 1000Machinery and Right-of-use assets BuildingsVehicles equipmentRecognition of right to use of asset 1 January 20 782 206 3 204 24 Addition of right-of-use assets, CPI adjustments and - - - - other reassessmentAmortisation 5 717 80 1 289 7 086 Carrying amount of right-of-use assets 31 15 065 126 1 915 17 106 DecemberLower of remaining lease term or economic life 4-8 years 2-5 years 1-5 yearsDepreciation method Linear Linear LinearLease liabilitiesUndiscounted lease liabilities and maturity of cash outflows 2 022 Less than 1 year 5 773 80 1 315 7 1681-2 years 5 340 74 742 6 1563-4 years 2 962 - 167 3 129 4-5 years 2 212 - - 2 212 More than 5 years - - - - Total undiscounted lease liabilities at 31 December 16 287 154 2 224 18 665 Summary of the lease liabilities in the financial Statement of: 2022statementsLease liabilities as of January 1st 24 192 New lease liabilities recognised in the year - Cash payments for the principal portion of the lease Cash flows 7 086 liabilityInterest expense on lease liabilities Profit and loss 226 Total lease liabilities at 31. December 17 106 Current lease liabilities Financial position 7 086 Non-current lease liabilities Financial position 10 020 Total cash outflows for leases Cash flows 7 312",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__48": {
"value": "Right to use assetsThe company is renting offices in \u00d8kernveien 94 in Oslo, Bromsveien 17 and Raveien 205 in Horten and in 14000 25ave. N. Suite 108 in Plymouth in Minneapolis, Minnesota, USA. In Oslo and Raveien 205 in Horten the rental agreement expires in 2025. Bromsveien 17 in Horten expires in 2027. In the USA, the rental agreement expires year-end 2030. The rent is adjusted yearly according to National indexes for goods and services. The lease in \u00d8kernveien 94 may be prolonged with 5 years after 2025, the lease in Bromsveien 17 may be prolonged with 2 years after 2027 and Raveien 205 may be prolonged with 2 years after 2025. It is at present uncertain whether these leases will be prolonged. The group also leases office equipment and cars. The longest remaining lease term for office equipment and cars is until December 2025 and December 2026 respectively.Medistim have some other leases that are minor and not included in the balance sheet as right to use assets and liabilities. The company recognizes a lease liability and a right-of-use asset for leases with a duration of more than 12 months, provided that the underlying asset is not of low value. The lease liability is the present value of the lease payment over the lease term. Lease paymentincludes fixed payments and variable leasepayments that depend on an index or a rate. Thelease term is the non-cancellable period of thelease together periods covered by an option toextend the lease when the exercise of the optionis reasonably certain. Right-of-use assets are depreciated over the shortest of the lease term and useful life. Depreciation ofright-of-use assets is presented together with other depreciation in the income statement. Lease payments are allocated between installments and interest based on a constant periodic rate ofinterest being the interest used to calculate thelease liability. The interest expense is presented as a financial expense in the income statement. Leased assets are recorded in the balance sheetwith a corresponding debt and the lease expenserecorded as depreciation and interest expense.Medistim\u2019s leased assets with right to use andliabilities are shown below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__47": {
"value": "NOTE RIGHT-OF -USE ASSETS AND LEASE LIABILITIES 20231 =NOK 1000Machinery and Right-of-use assets BuildingsVehicles equipmentRecognition of right to use of asset 1. January 15 065 126 1 915 17 105 Addition of right-of-use assets, CPI adjustments 6 899 199 1 822 8 920 and other reassessmentAmortisation 6 609 122 1 652 8 383 Carrying amount of right-of-use assets 31 15 355 203 2 085 17 643DecemberLower of remaining lease term or economic life 4-8 years 2-5 years 1-5 yearsDepreciation method Linear Linear LinearLease liabilitiesUndiscounted lease liabilities and maturity of cash outflows 2 023Less than 1 year 6 609 122 1 652 8 3831-2 years 4 022 92 704 4 8183-4 years 2 453 - - 2 4534-5 years 1 773 - - 1 773More than 5 years 2 192 - - 2 192Total undiscounted lease liabilities at 31 17 049 214 2 356 19 619 DecemberSummary of the lease liabilities in the financial Statement of: 2023statementsLease liabilities as of January 1st 17 105 New lease liabilities recognised in the year 8 920Cash payments for the principal portion of the Cash flows 8 383 lease liabilityInterest expense on lease liabilities Profit and loss 309 Total lease liabilities at 31. December 17 643 Current lease liabilities Financial position 8 383 Non-current lease liabilities Financial position 9 260 Total cash outflows for leases Cash flows 8 692 NOTE RIGHT-OF -USE ASSETS AND LEASE LIABILITIES 20221 =NOK 1000Machinery and Right-of-use assets BuildingsVehicles equipmentRecognition of right to use of asset 1 January 20 782 206 3 204 24 Addition of right-of-use assets, CPI adjustments and - - - - other reassessmentAmortisation 5 717 80 1 289 7 086 Carrying amount of right-of-use assets 31 15 065 126 1 915 17 106 DecemberLower of remaining lease term or economic life 4-8 years 2-5 years 1-5 yearsDepreciation method Linear Linear LinearLease liabilitiesUndiscounted lease liabilities and maturity of cash outflows 2 022 Less than 1 year 5 773 80 1 315 7 1681-2 years 5 340 74 742 6 1563-4 years 2 962 - 167 3 129 4-5 years 2 212 - - 2 212 More than 5 years - - - - Total undiscounted lease liabilities at 31 December 16 287 154 2 224 18 665 Summary of the lease liabilities in the financial Statement of: 2022statementsLease liabilities as of January 1st 24 192 New lease liabilities recognised in the year - Cash payments for the principal portion of the lease Cash flows 7 086 liabilityInterest expense on lease liabilities Profit and loss 226 Total lease liabilities at 31. December 17 106 Current lease liabilities Financial position 7 086 Non-current lease liabilities Financial position 10 020 Total cash outflows for leases Cash flows 7 312",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__49": {
"value": "Note 8 Other operating expensesOTHER OPERATING EXPENSES 2023 20221 = NOK 1000Office expenses 1 378 1 722 Travel cost 15 620 10 843 Marketing 6 391 5 910 Consultants 38 058 27 254 Insurance 2 718 2 465 Freight 3 326 2 596 Communication 1 391 1 313 IT cost 18 588 14 463 Other 8 919 7 971 Total 96 388 74 537",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__50": {
"value": "Note 9 Financial revenue and expenses As of 31.12.2023, the company had 17.6 MNOK in interest bearing liability related to lease contracts shown in note 7. Additional cash in the group gave interest revenue of 3 275 TNOK. Other finance income and expenses was realized or unrealized gains or losses towards foreign currency. Financial income and expenses are shown below. See note 20 for comment about financial risks and exposure.FINANCIAL REVENUE AND EXPENSES 2023 2022 1 = 1000 NOKInterest income 3 275 920 Other financial income 137 1 199 Gains on foreign exchange 13 710 14 427Total financial income 17 123 16 546 Loss on foreign exchange -12 780 -11 363Interest cost on loans -151 -123Other financial expenses -422 -262Total financial expenses -13 352 -11 748Total financial income (+) expenses (-) 3 770 4 700",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__51": {
"value": "FINANCIAL REVENUE AND EXPENSES 2023 2022 1 = 1000 NOKInterest income 3 275 920 Other financial income 137 1 199 Gains on foreign exchange 13 710 14 427Total financial income 17 123 16 546 Loss on foreign exchange -12 780 -11 363Interest cost on loans -151 -123Other financial expenses -422 -262Total financial expenses -13 352 -11 748Total financial income (+) expenses (-) 3 770 4 700",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__52": {
"value": "FINANCIAL REVENUE AND EXPENSES 2023 2022 1 = 1000 NOKInterest income 3 275 920 Other financial income 137 1 199 Gains on foreign exchange 13 710 14 427Total financial income 17 123 16 546 Loss on foreign exchange -12 780 -11 363Interest cost on loans -151 -123Other financial expenses -422 -262Total financial expenses -13 352 -11 748Total financial income (+) expenses (-) 3 770 4 700",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__54": {
"value": "Note 10 Income tax INCOME TAX 2023 20221 = NOK 1000Current income tax charge 32 402 32 879Correction from previous year -450Deferred tax expense -1 013 -352Tax expense from statement of profit and loss 31 389 32 077Reconciling tax expense towards income before taxTax expense for the year 31 389 32 07722 % of income before tax 29 892 32 131Change in deferred tax, temporary differences -1 013 -352 Permanent differences and different tax rates -1 497 54Calculation of effective tax rate 2023 2022Expected income tax at tax rate 22 % in Norway 29 892 32 131Permanent and other differences - -Foreign tax rate differences 1 497 -54 Income tax expense 31 389 32 077Effective income tax rate 23.2 % 22.0 %Payable tax from statement of financial position 2023 2022Income tax expense 32 419 32 879Prepaid tax -4 340 -7 006 Change deferred tax asset 325 -Income tax payable 28 404 25 873Specification of deferred taxDifference in values 2023 2022Non current assets 1 424 -1 769Current assets -25 078 -14 905Other obligations 279 348Total differences -23 375 -16 326Deferred tax asset 22 % -5 143 -3 592Deferred tax asset recognized in the balance sheet -5 143 -3 592The 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 and carrying amount of assets and liabilities. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.The deferred tax asset in the balance sheet is based upon future utilization of deductible temporary differences. There is no time limitation for utilization of the temporary differences. Tax rates in Germany and in the US are different from Norwegian rates. The difference in tax rates reduces average tax rate in 2023 to 23.1 %. TAX EXPENSE FOR THE GROUP IS GEOGRAPHICALLY SPLIT AS FOLLOWS: 2023 20221 = NOK 1000 Norway 27 260 26 231Germany 2 022 2 354USA 1 669 3 154Spain 304 -Denmark 134 338Total 31 389 32 077",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__53": {
"value": "Note 10 Income tax INCOME TAX 2023 20221 = NOK 1000Current income tax charge 32 402 32 879Correction from previous year -450Deferred tax expense -1 013 -352Tax expense from statement of profit and loss 31 389 32 077Reconciling tax expense towards income before taxTax expense for the year 31 389 32 07722 % of income before tax 29 892 32 131Change in deferred tax, temporary differences -1 013 -352 Permanent differences and different tax rates -1 497 54Calculation of effective tax rate 2023 2022Expected income tax at tax rate 22 % in Norway 29 892 32 131Permanent and other differences - -Foreign tax rate differences 1 497 -54 Income tax expense 31 389 32 077Effective income tax rate 23.2 % 22.0 %Payable tax from statement of financial position 2023 2022Income tax expense 32 419 32 879Prepaid tax -4 340 -7 006 Change deferred tax asset 325 -Income tax payable 28 404 25 873Specification of deferred taxDifference in values 2023 2022Non current assets 1 424 -1 769Current assets -25 078 -14 905Other obligations 279 348Total differences -23 375 -16 326Deferred tax asset 22 % -5 143 -3 592Deferred tax asset recognized in the balance sheet -5 143 -3 592The 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 and carrying amount of assets and liabilities. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.The deferred tax asset in the balance sheet is based upon future utilization of deductible temporary differences. There is no time limitation for utilization of the temporary differences. Tax rates in Germany and in the US are different from Norwegian rates. The difference in tax rates reduces average tax rate in 2023 to 23.1 %. TAX EXPENSE FOR THE GROUP IS GEOGRAPHICALLY SPLIT AS FOLLOWS: 2023 20221 = NOK 1000 Norway 27 260 26 231Germany 2 022 2 354USA 1 669 3 154Spain 304 -Denmark 134 338Total 31 389 32 077",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__57": {
"value": "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 and carrying amount of assets and liabilities. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.The deferred tax asset in the balance sheet is based upon future utilization of deductible temporary differences. There is no time limitation for utilization of the temporary differences. Tax rates in Germany and in the US are different from Norwegian rates. The difference in tax rates reduces average tax rate in 2023 to 23.1 %.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__56": {
"value": "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 and carrying amount of assets and liabilities. Tax payable and deferred tax is recorded against equity if the transaction is an equity transaction.The deferred tax asset in the balance sheet is based upon future utilization of deductible temporary differences. There is no time limitation for utilization of the temporary differences. Tax rates in Germany and in the US are different from Norwegian rates. The difference in tax rates reduces average tax rate in 2023 to 23.1 %.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__55": {
"value": "The deferred tax asset in the balance sheet is based upon future utilization of deductible temporary differences. There is no time limitation for utilization of the temporary differences. Tax rates in Germany and in the US are different from Norwegian rates. The difference in tax rates reduces average tax rate in 2023 to 23.1 %.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__58": {
"value": "Note 11 Earnings per shareEARNINGS PER SHARE 2023 20221 = NOK 1000Profit for the year 103 823 113 973Average numbers of shares outstanding Average number of shares used in basic EPS 18 267 18 248Effect of share options 29 29 Average numbers of sharesused in diluted EPS 18 296 18 2771 = NOK 1Profit per share 2023 2022Ordinary 5.68 6.25Diluted 5.67 6.24Paid dividend 82 180 68 396 Dividend per share 4.50 3.75Suggested dividend per share 4.50 4.50The company has only one class of shares. Ordinary earning per share is calculated as the relation between profits for the year that is allocated to ordinary shareholders divided with average number of shares outstanding. Treasury shares are not included and average number of treasury shares are excluded from the calculation. In 2023, there were share options to CEO. The share option plan to CEO is described under chapter 3 compensation to management and note 21. By year-end the company had 55,617 own shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__59": {
"value": "EARNINGS PER SHARE 2023 20221 = NOK 1000Profit for the year 103 823 113 973Average numbers of shares outstanding Average number of shares used in basic EPS 18 267 18 248Effect of share options 29 29 Average numbers of sharesused in diluted EPS 18 296 18 2771 = NOK 1Profit per share 2023 2022Ordinary 5.68 6.25Diluted 5.67 6.24Paid dividend 82 180 68 396 Dividend per share 4.50 3.75Suggested dividend per share 4.50 4.50",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__60": {
"value": "4.5",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__7__61": {
"value": "3.75",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"s7_notes__6__63": {
"value": "Note 12 Intangible assets Product technology and additions, goodwill and license agreementIntangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the company, and the cost of the asset can be measured reliable. Intangible asset with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on a straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized but tested for impairment at least annually. Research and development:Research cost is expensed as incurred. Cost tointernal development of technology or software is capitalized as an intangible asset when it isdemonstrated that:\u2013 it is technical feasible to complete the asset, \u2013 the company has the recourse to complete the project \u2013 the product will generate future economic benefits, and \u2013 expenditure can be reliable measured. Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortization starts when the asset is available for use. Intangible assets not ready for use, is tested for impairment on a yearly basis. Capitalized development costs are written down when a new product is ready for sale, or an improved product is ready for sale. Internally develop intangible asset is tested for impairment on a regular basis by discounting expected cash flow generated from the asset. If the discounted value is lower than the carrying amount the asset is written down. Capitalized cost related to development of own products are depreciated on a straight-line basis over expected lifetime. Expected lifetimevaries from 3 to 8 years. Development cost related to technology andsoftware has been recognized as an intangible asset because Medistim can demonstrate technological feasibility for the asset to be available for salefor both existing products and new products.The revenue potential for the projects exceedsthe investment. The balance sheet value as of31.12.2023 was MNOK 6.1. The estimates that form the basis for the intangible asset are performed by the management of the company, and there willalways be a level of uncertainty in relation to theassessments that are performed on future revenue for future products. Capitalized development costs are depreciated over 3 to 8 years. 8 years is used if it is a new product on a new technological platform that creates the basis for a new generation ofproducts. Based upon a platform or new generation of products there will be further developmentsand improvements. These enhancements of theproducts are depreciated over 3 years because of rapid technological development. Within 3 years, it is assumed that parts or all of existing technologyis updated.In 2023, 13.3 MNOK of product technologyadditions, was recognized in the balance sheetrelated to the MiraQ products. The MiraQ platform forms the basis for future models from Medistim. All development activity is performed in the parent company. INTANGIBLE ASSETS 2023Product under Technology & Total Goodwilldevelopmentdevelopment costintangible1 = NOK 1000Historic cost 01.01 11 851 81 928 14 128 107 907 Internal additions in use - - - - External additions in use 3 543 - - 3 543Additions under development 9 784 - - 9 784 Historic cost 31.12 25 178 81 928 14 128 121 234 Accumulated depreciation - 71 839 - 71 839 and amortization expenseDepreciations for the year - 4 021 - 4 021 Total depreciation as of 31.12 - 75 860 - 75 860 Carrying amount 31.12 25 178 6 068 14 128 45 374 Product technologyProbes to vascular surgery \u2013 the PV probe:Within vascular surgery, there is a corresponding need to measure blood flow in the same manner as within cardiac surgery. Some vascular surgeons are already using Medistim\u2019s equipment even though the probes are designed for cardiac surgery. Thecompany has seen an increasing demand over time and in 2011, the company developed a speciallydesigned probe for use in the vascular area.The market in vascular surgery is large and it isperformed about 1,300,000 procedures annually. In comparison, about 700,000 procedures areperformed per year within cardiac surgery. This is a significant market where Medistim can customize its solution with a modest investment. Book value as of 31.12.2023 was 1.3 MNOK. Expected useful life for the PV probes are 8 years.4th generation of systems; the MiraQEntering into 2023, Medistim had invested 39.2MNOK in the system platform that representMedistims 4th generation of systems within flowmeasurement and imaging to ensure qualityand guiding during surgery. The platform has aflexibility that will allow customer adaption andnew applications. The technological improvements have secured and strengthen Medistim\u2019s leading position. The product, MiraQ Cardiac, based upon the platform, was launched in 2014. The MiraQVascular system was introduced in 2015 together with the new vascular flow probes late 2015. At the same time the MiraQ Ultimate was introduced that combines the two cardiac and vascular modalities. Book value for the MiraQ platform by year-endwas 4.8 MNOK. Expected lifetime for the productis 8 years. In the table abow PV probes and MiraQ system is shown under technology and development cost.Additions under development:This is related to the development of new cardiacflow probes. The aim is to modernize design for the user to make it easier to use, but also develop adesign that is more efficient to have in production. Medistim has several years of experience withinhouse production and input from customers ona better design on the probe for the user. With this extensive experience and knowledge, it is likelythat a new probe will be developed with success.In 2023 4.9 MNOK was invested in the project and book value by year end 2023 was 9.8 MNOK.The next generation of software within bothcardiac segment and vascular segment was underdevelopment during 2023. The new software has a new user interface and tools to aid the interpretation of the results. Medistim\u2019s Innovation team hastogether with Key Opinion Leaders tested severalprototypes to identify the preferred solution. In2023 8.1 MNOK was invested in the software project and book value by year end 2023 was 13.2 MNOK.INTANGIBLE ASSETS 2022Product under Technology & Goodwill Total intangible development development cost assets1 = NOK 1000Historic cost 01.01 1 334 80 594 14 128 96 056Internal additions in use (1 334) 1 334 - - External additions in use - - - - Additions under development 11 851 - - 11 851Historic cost 31.12 11 851 81 928 14 128 107 907 Accumulated depreciation 65 887 - 65 887and amortization expense -Depreciations for the year - 5 952 - 5 952 Total depreciation as of 31.12 - 71 839 - 71 839Carrying amount 31.12 11 851 10 089 14 128 36 068 Intangible assets are depreciated on a straight-line basis over the useful life. Useful life for capitalized product development is 3 to 8 years.Medistim need to be compliant with the newMedical Device Regulation (MDR) In 2023, 0.3 MNOK was invested in making Medistim MDR compliant and book value at year end 2023 was 2.2 MNOK. In the table abow additions under development is shown under product under development.Summary product technologyIn total 13.9 MNOK of the R & D expenses was recorded in the P & L in 2022. Similar expense was 14.5 MNOK in 2021. With 11.85 MNOK recognized as asset a total of 25.75 MNOK was used in R & D in 2022. Comparable number for 2021 was 18.6 MNOK. Medistim received TNOK 376 in Skattefunn funds in 2021 and TNOK 236 in 2022.In the estimates used to test for impairment, the 3-year strategy plan is used with a discount rate of 14.6 %. See comment under goodwill with regard to discount rate. GoodwillA yearly test of values is done for the cash flow generating units that has a goodwill value in the balance sheet. GOODWILL 2023 20221 = NOK 1000Acquisition of Medi-Stim 7 960 7 960 Norge ASAcquisition of Kir-Op AS (merged with Medistim 6 168 6 168 Norge AS in 2006)Total goodwill 14 128 14 128 A test of values is performed by estimating the cash flow for Medistim Norge AS. This is estimated using the company\u2019s budget for 2023 and 3-year strategy plan for the years 2024 to 2026 with the assumption of 2 % growth in 2026 compared to 2025. Cash flows for more than five years are estimated by using Gordon\u2019s growth formula with a 2 % growth in the terminal year. The cash flow is discounted using 14.6 % discount rate. This includes an additional yield of 9.1 % compared to risk free interest. The value of the discounted cash flow exceeded the recorded book value in the balance sheet and there was no need for a write down of goodwill.The estimates in the tests are most sensitive to changes in the following parameters:\u2022 Maintaining market share and product lines\u2022 Maintaining margins and keep competitive prices\u2022 Level of minimum return on investment\u2022 Future growth\u2022 Employee know-howMaintaining market share and product lines:Within the medical device industry there are major investments done in the development of products. Medistim Norge has certain product lines that have a large portion of total sales. Medistim Norge\u2019s financial situation will be affected if a new product wasreleased in the market that would replace existingkey products, and Medistim Norge is not distributor for the new product. The company would also beaffected if a supplier changes distributor or chooses to go direct in the Norwegian market. For this reason it is important for the company to maintain knowhow and performance to secure key product lines.It is equally important that the company is able tosee trends and take in new products with a futurepotential. The largest product line for the company has 20 % of total sales. If this product line is losttogether with another line that is 5 \u2013 10 % of totalsales, all goodwill needs to be written down.Maintain margins and keep competitive prices:Medistim Norge AS largest customers are Norwegian hospitals. The hospitals are continuously improving their purchasing routines and purchasing iscentralized and professionalized. This increasesthe demand for better quality and prices from thesuppliers. The company\u2019s ability to maintain prices by offering quality products and services is crucial in the competition for future contracts. The company is well connected to its suppliers and when the competition increases the suppliers is contributing by loweringtheir prices. However, it is not realistic to expect that the suppliers will compensate for all of the reduction in prices. The company\u2019s experience is that about 50 % of the price change is covered by the suppliers in an increased competitive situation. A price reduction of 10 % without any compensation from the suppliers is the break-even level for write down of goodwill. Weighted average capital cost (WACC)e:The company uses a WACC that is equal to riskfree interest with an addition of 9.6 %. This levelis evaluated on a yearly basis and a change in theWACC could affect the evaluation of the intangibleassets. Risk-free interest rate is based on 10-yeargovernment bond that at the beginning of the year was 5.5 %. Including risk free interest of 5.0 % thetotal discount rate in 2023 is set to 14.6 %.Future growth:It is projected growth in sales with a variation from 3 % to 2 % in the budget and strategy period, and with 2 % growth in the terminal value. To be able to maintain this increase it is crucial that the company handles existing product lines in an effective manner and that the company is able to identify and get distribution agreements for new product lines that create more business than lost product lines. Employee know-how:Medistim Norge has over the years built a competence within the medical device industry and distribution. It is essential that this know-how is updated and passed on to new employees.Sensitivity analysis:With the assumption used in the impairment test, the recoverable amount exceeds the carryingamount with 75.3 MNOK (\"headroom\"), and noimpairment loss is recognized. Operating margin and growth is based upon historic achieved margin and sales growth. In the estimates the budget andthe projections from the 3-year strategy update isused. The operating margin in the projections varybetween 13.7 and 15.7 %. Sales growth vary between 3 % and 2 %If the operating margin is reduced from 15.0 % to3.5 % everything else equal, carrying amount would require an evaluation of impairment loss. A change in the discount rate from 12.1 % to 55.0 % everything else equal, would cause an impairment loss. Seeoverview below.Discount rate 14.6 % 28.0 % 55.0 %Headroom in MNOK 75.3 14.3 9.3 Operating margin 13.0 % 7.7 % 3.5 %Headroom in MNOK 75.3 15.7 -11.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__62": {
"value": "Note 12 Intangible assets Product technology and additions, goodwill and license agreementIntangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the company, and the cost of the asset can be measured reliable. Intangible asset with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on a straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized but tested for impairment at least annually. Research and development:Research cost is expensed as incurred. Cost tointernal development of technology or software is capitalized as an intangible asset when it isdemonstrated that:\u2013 it is technical feasible to complete the asset, \u2013 the company has the recourse to complete the project \u2013 the product will generate future economic benefits, and \u2013 expenditure can be reliable measured. Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortization starts when the asset is available for use. Intangible assets not ready for use, is tested for impairment on a yearly basis. Capitalized development costs are written down when a new product is ready for sale, or an improved product is ready for sale. Internally develop intangible asset is tested for impairment on a regular basis by discounting expected cash flow generated from the asset. If the discounted value is lower than the carrying amount the asset is written down. Capitalized cost related to development of own products are depreciated on a straight-line basis over expected lifetime. Expected lifetimevaries from 3 to 8 years. Development cost related to technology andsoftware has been recognized as an intangible asset because Medistim can demonstrate technological feasibility for the asset to be available for salefor both existing products and new products.The revenue potential for the projects exceedsthe investment. The balance sheet value as of31.12.2023 was MNOK 6.1. The estimates that form the basis for the intangible asset are performed by the management of the company, and there willalways be a level of uncertainty in relation to theassessments that are performed on future revenue for future products. Capitalized development costs are depreciated over 3 to 8 years. 8 years is used if it is a new product on a new technological platform that creates the basis for a new generation ofproducts. Based upon a platform or new generation of products there will be further developmentsand improvements. These enhancements of theproducts are depreciated over 3 years because of rapid technological development. Within 3 years, it is assumed that parts or all of existing technologyis updated.In 2023, 13.3 MNOK of product technologyadditions, was recognized in the balance sheetrelated to the MiraQ products. The MiraQ platform forms the basis for future models from Medistim. All development activity is performed in the parent company. INTANGIBLE ASSETS 2023Product under Technology & Total Goodwilldevelopmentdevelopment costintangible1 = NOK 1000Historic cost 01.01 11 851 81 928 14 128 107 907 Internal additions in use - - - - External additions in use 3 543 - - 3 543Additions under development 9 784 - - 9 784 Historic cost 31.12 25 178 81 928 14 128 121 234 Accumulated depreciation - 71 839 - 71 839 and amortization expenseDepreciations for the year - 4 021 - 4 021 Total depreciation as of 31.12 - 75 860 - 75 860 Carrying amount 31.12 25 178 6 068 14 128 45 374 Product technologyProbes to vascular surgery \u2013 the PV probe:Within vascular surgery, there is a corresponding need to measure blood flow in the same manner as within cardiac surgery. Some vascular surgeons are already using Medistim\u2019s equipment even though the probes are designed for cardiac surgery. Thecompany has seen an increasing demand over time and in 2011, the company developed a speciallydesigned probe for use in the vascular area.The market in vascular surgery is large and it isperformed about 1,300,000 procedures annually. In comparison, about 700,000 procedures areperformed per year within cardiac surgery. This is a significant market where Medistim can customize its solution with a modest investment. Book value as of 31.12.2023 was 1.3 MNOK. Expected useful life for the PV probes are 8 years.4th generation of systems; the MiraQEntering into 2023, Medistim had invested 39.2MNOK in the system platform that representMedistims 4th generation of systems within flowmeasurement and imaging to ensure qualityand guiding during surgery. The platform has aflexibility that will allow customer adaption andnew applications. The technological improvements have secured and strengthen Medistim\u2019s leading position. The product, MiraQ Cardiac, based upon the platform, was launched in 2014. The MiraQVascular system was introduced in 2015 together with the new vascular flow probes late 2015. At the same time the MiraQ Ultimate was introduced that combines the two cardiac and vascular modalities. Book value for the MiraQ platform by year-endwas 4.8 MNOK. Expected lifetime for the productis 8 years. In the table abow PV probes and MiraQ system is shown under technology and development cost.Additions under development:This is related to the development of new cardiacflow probes. The aim is to modernize design for the user to make it easier to use, but also develop adesign that is more efficient to have in production. Medistim has several years of experience withinhouse production and input from customers ona better design on the probe for the user. With this extensive experience and knowledge, it is likelythat a new probe will be developed with success.In 2023 4.9 MNOK was invested in the project and book value by year end 2023 was 9.8 MNOK.The next generation of software within bothcardiac segment and vascular segment was underdevelopment during 2023. The new software has a new user interface and tools to aid the interpretation of the results. Medistim\u2019s Innovation team hastogether with Key Opinion Leaders tested severalprototypes to identify the preferred solution. In2023 8.1 MNOK was invested in the software project and book value by year end 2023 was 13.2 MNOK.INTANGIBLE ASSETS 2022Product under Technology & Goodwill Total intangible development development cost assets1 = NOK 1000Historic cost 01.01 1 334 80 594 14 128 96 056Internal additions in use (1 334) 1 334 - - External additions in use - - - - Additions under development 11 851 - - 11 851Historic cost 31.12 11 851 81 928 14 128 107 907 Accumulated depreciation 65 887 - 65 887and amortization expense -Depreciations for the year - 5 952 - 5 952 Total depreciation as of 31.12 - 71 839 - 71 839Carrying amount 31.12 11 851 10 089 14 128 36 068 Intangible assets are depreciated on a straight-line basis over the useful life. Useful life for capitalized product development is 3 to 8 years.Medistim need to be compliant with the newMedical Device Regulation (MDR) In 2023, 0.3 MNOK was invested in making Medistim MDR compliant and book value at year end 2023 was 2.2 MNOK. In the table abow additions under development is shown under product under development.Summary product technologyIn total 13.9 MNOK of the R & D expenses was recorded in the P & L in 2022. Similar expense was 14.5 MNOK in 2021. With 11.85 MNOK recognized as asset a total of 25.75 MNOK was used in R & D in 2022. Comparable number for 2021 was 18.6 MNOK. Medistim received TNOK 376 in Skattefunn funds in 2021 and TNOK 236 in 2022.In the estimates used to test for impairment, the 3-year strategy plan is used with a discount rate of 14.6 %. See comment under goodwill with regard to discount rate. GoodwillA yearly test of values is done for the cash flow generating units that has a goodwill value in the balance sheet. GOODWILL 2023 20221 = NOK 1000Acquisition of Medi-Stim 7 960 7 960 Norge ASAcquisition of Kir-Op AS (merged with Medistim 6 168 6 168 Norge AS in 2006)Total goodwill 14 128 14 128 A test of values is performed by estimating the cash flow for Medistim Norge AS. This is estimated using the company\u2019s budget for 2023 and 3-year strategy plan for the years 2024 to 2026 with the assumption of 2 % growth in 2026 compared to 2025. Cash flows for more than five years are estimated by using Gordon\u2019s growth formula with a 2 % growth in the terminal year. The cash flow is discounted using 14.6 % discount rate. This includes an additional yield of 9.1 % compared to risk free interest. The value of the discounted cash flow exceeded the recorded book value in the balance sheet and there was no need for a write down of goodwill.The estimates in the tests are most sensitive to changes in the following parameters:\u2022 Maintaining market share and product lines\u2022 Maintaining margins and keep competitive prices\u2022 Level of minimum return on investment\u2022 Future growth\u2022 Employee know-howMaintaining market share and product lines:Within the medical device industry there are major investments done in the development of products. Medistim Norge has certain product lines that have a large portion of total sales. Medistim Norge\u2019s financial situation will be affected if a new product wasreleased in the market that would replace existingkey products, and Medistim Norge is not distributor for the new product. The company would also beaffected if a supplier changes distributor or chooses to go direct in the Norwegian market. For this reason it is important for the company to maintain knowhow and performance to secure key product lines.It is equally important that the company is able tosee trends and take in new products with a futurepotential. The largest product line for the company has 20 % of total sales. If this product line is losttogether with another line that is 5 \u2013 10 % of totalsales, all goodwill needs to be written down.Maintain margins and keep competitive prices:Medistim Norge AS largest customers are Norwegian hospitals. The hospitals are continuously improving their purchasing routines and purchasing iscentralized and professionalized. This increasesthe demand for better quality and prices from thesuppliers. The company\u2019s ability to maintain prices by offering quality products and services is crucial in the competition for future contracts. The company is well connected to its suppliers and when the competition increases the suppliers is contributing by loweringtheir prices. However, it is not realistic to expect that the suppliers will compensate for all of the reduction in prices. The company\u2019s experience is that about 50 % of the price change is covered by the suppliers in an increased competitive situation. A price reduction of 10 % without any compensation from the suppliers is the break-even level for write down of goodwill. Weighted average capital cost (WACC)e:The company uses a WACC that is equal to riskfree interest with an addition of 9.6 %. This levelis evaluated on a yearly basis and a change in theWACC could affect the evaluation of the intangibleassets. Risk-free interest rate is based on 10-yeargovernment bond that at the beginning of the year was 5.5 %. Including risk free interest of 5.0 % thetotal discount rate in 2023 is set to 14.6 %.Future growth:It is projected growth in sales with a variation from 3 % to 2 % in the budget and strategy period, and with 2 % growth in the terminal value. To be able to maintain this increase it is crucial that the company handles existing product lines in an effective manner and that the company is able to identify and get distribution agreements for new product lines that create more business than lost product lines. Employee know-how:Medistim Norge has over the years built a competence within the medical device industry and distribution. It is essential that this know-how is updated and passed on to new employees.Sensitivity analysis:With the assumption used in the impairment test, the recoverable amount exceeds the carryingamount with 75.3 MNOK (\"headroom\"), and noimpairment loss is recognized. Operating margin and growth is based upon historic achieved margin and sales growth. In the estimates the budget andthe projections from the 3-year strategy update isused. The operating margin in the projections varybetween 13.7 and 15.7 %. Sales growth vary between 3 % and 2 %If the operating margin is reduced from 15.0 % to3.5 % everything else equal, carrying amount would require an evaluation of impairment loss. A change in the discount rate from 12.1 % to 55.0 % everything else equal, would cause an impairment loss. Seeoverview below.Discount rate 14.6 % 28.0 % 55.0 %Headroom in MNOK 75.3 14.3 9.3 Operating margin 13.0 % 7.7 % 3.5 %Headroom in MNOK 75.3 15.7 -11.4",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__66": {
"value": "Product technology and additions, goodwill and license agreementIntangible assets are recognized in the balance sheet if it is probable that the future economic benefits will flow to the company, and the cost of the asset can be measured reliable. Intangible asset with finite economic life is measured at cost less accumulated amortization and write-downs. Amortization is done on a straight-line basis over expected lifetime. The amortization period and method are reviewed on a yearly basis. Intangible assets with indefinite useful life are not amortized but tested for impairment at least annually.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__67": {
"value": "Research and development:Research cost is expensed as incurred. Cost tointernal development of technology or software is capitalized as an intangible asset when it isdemonstrated that:\u2013 it is technical feasible to complete the asset, \u2013 the company has the recourse to complete the project \u2013 the product will generate future economic benefits, and \u2013 expenditure can be reliable measured. Cost capitalized include materials, salary and social expenses and other expenses that can be allocated to the development of the asset. Internally developed intangible assets are amortized on a straight-line basis over the expected useful life. Amortization starts when the asset is available for use. Intangible assets not ready for use, is tested for impairment on a yearly basis. Capitalized development costs are written down when a new product is ready for sale, or an improved product is ready for sale. Internally develop intangible asset is tested for impairment on a regular basis by discounting expected cash flow generated from the asset. If the discounted value is lower than the carrying amount the asset is written down. Capitalized cost related to development of own products are depreciated on a straight-line basis over expected lifetime. Expected lifetimevaries from 3 to 8 years. Development cost related to technology andsoftware has been recognized as an intangible asset because Medistim can demonstrate technological feasibility for the asset to be available for salefor both existing products and new products.The revenue potential for the projects exceedsthe investment. The balance sheet value as of31.12.2023 was MNOK 6.1. The estimates that form the basis for the intangible asset are performed by the management of the company, and there willalways be a level of uncertainty in relation to theassessments that are performed on future revenue for future products. Capitalized development costs are depreciated over 3 to 8 years. 8 years is used if it is a new product on a new technological platform that creates the basis for a new generation ofproducts. Based upon a platform or new generation of products there will be further developmentsand improvements. These enhancements of theproducts are depreciated over 3 years because of rapid technological development. Within 3 years, it is assumed that parts or all of existing technologyis updated.In 2023, 13.3 MNOK of product technologyadditions, was recognized in the balance sheetrelated to the MiraQ products. The MiraQ platform forms the basis for future models from Medistim. All development activity is performed in the parent company.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__64": {
"value": "Additions under development:This is related to the development of new cardiacflow probes. The aim is to modernize design for the user to make it easier to use, but also develop adesign that is more efficient to have in production. Medistim has several years of experience withinhouse production and input from customers ona better design on the probe for the user. With this extensive experience and knowledge, it is likelythat a new probe will be developed with success.In 2023 4.9 MNOK was invested in the project and book value by year end 2023 was 9.8 MNOK.The next generation of software within bothcardiac segment and vascular segment was underdevelopment during 2023. The new software has a new user interface and tools to aid the interpretation of the results. Medistim\u2019s Innovation team hastogether with Key Opinion Leaders tested severalprototypes to identify the preferred solution. In2023 8.1 MNOK was invested in the software project and book value by year end 2023 was 13.2 MNOK.INTANGIBLE ASSETS 2022Product under Technology & Goodwill Total intangible development development cost assets1 = NOK 1000Historic cost 01.01 1 334 80 594 14 128 96 056Internal additions in use (1 334) 1 334 - - External additions in use - - - - Additions under development 11 851 - - 11 851Historic cost 31.12 11 851 81 928 14 128 107 907 Accumulated depreciation 65 887 - 65 887and amortization expense -Depreciations for the year - 5 952 - 5 952 Total depreciation as of 31.12 - 71 839 - 71 839Carrying amount 31.12 11 851 10 089 14 128 36 068 Intangible assets are depreciated on a straight-line basis over the useful life. Useful life for capitalized product development is 3 to 8 years.Medistim need to be compliant with the newMedical Device Regulation (MDR) In 2023, 0.3 MNOK was invested in making Medistim MDR compliant and book value at year end 2023 was 2.2 MNOK. In the table abow additions under development is shown under product under development.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__68": {
"value": "GoodwillA yearly test of values is done for the cash flow generating units that has a goodwill value in the balance sheet. GOODWILL 2023 20221 = NOK 1000Acquisition of Medi-Stim 7 960 7 960 Norge ASAcquisition of Kir-Op AS (merged with Medistim 6 168 6 168 Norge AS in 2006)Total goodwill 14 128 14 128 A test of values is performed by estimating the cash flow for Medistim Norge AS. This is estimated using the company\u2019s budget for 2023 and 3-year strategy plan for the years 2024 to 2026 with the assumption of 2 % growth in 2026 compared to 2025. Cash flows for more than five years are estimated by using Gordon\u2019s growth formula with a 2 % growth in the terminal year. The cash flow is discounted using 14.6 % discount rate. This includes an additional yield of 9.1 % compared to risk free interest. The value of the discounted cash flow exceeded the recorded book value in the balance sheet and there was no need for a write down of goodwill.The estimates in the tests are most sensitive to changes in the following parameters:\u2022 Maintaining market share and product lines\u2022 Maintaining margins and keep competitive prices\u2022 Level of minimum return on investment\u2022 Future growth\u2022 Employee know-how",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__65": {
"value": "GoodwillA yearly test of values is done for the cash flow generating units that has a goodwill value in the balance sheet. GOODWILL 2023 20221 = NOK 1000Acquisition of Medi-Stim 7 960 7 960 Norge ASAcquisition of Kir-Op AS (merged with Medistim 6 168 6 168 Norge AS in 2006)Total goodwill 14 128 14 128 A test of values is performed by estimating the cash flow for Medistim Norge AS. This is estimated using the company\u2019s budget for 2023 and 3-year strategy plan for the years 2024 to 2026 with the assumption of 2 % growth in 2026 compared to 2025. Cash flows for more than five years are estimated by using Gordon\u2019s growth formula with a 2 % growth in the terminal year. The cash flow is discounted using 14.6 % discount rate. This includes an additional yield of 9.1 % compared to risk free interest. The value of the discounted cash flow exceeded the recorded book value in the balance sheet and there was no need for a write down of goodwill.The estimates in the tests are most sensitive to changes in the following parameters:\u2022 Maintaining market share and product lines\u2022 Maintaining margins and keep competitive prices\u2022 Level of minimum return on investment\u2022 Future growth\u2022 Employee know-how",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__70": {
"value": "Note 13 Shares in subsidiariesSHARES IN SUBSIDIARIES1 = NOK 1000Unit Country Segment Owner- Value ship31.12.23Medistim USA Inc. USA Lease and sale within bypass surgery and 100 % 135vascular surgeryMedistim Deutschland Germany Capital sales within bypass surgery and 100 % 188GmbHvascular surgeryMedistim Norge AS Norway Sale of 3 pary products and capital sales within 100 % 36 953bypass surgery and vascular surgeryMedistim UK LTD UK Capital sales within bypass surgery and 100 % 1vascular surgeryMedistim Japan KK JapanDornmat company100 % 86Medistim Canada Inc.CanadaCapital sales within bypass surgery and 100 % 1vascular surgeryMedistim China Ltd China Service provider for distributors in China 100 %1 002Medistim Spain S.L SpainCapital sales within bypass surgery and 100 %28vascular surgeryMedistim Danmark Aps DenmarkSale of 3 pary products and capital sales within 100 %bypass surgery and vascular surgeryMedistim Sweden AB SwedenSale of 3 pary products and capital sales within 100 %bypass surgery and vascular surgeryTotal38 395",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__69": {
"value": "Note 13 Shares in subsidiariesSHARES IN SUBSIDIARIES1 = NOK 1000Unit Country Segment Owner- Value ship31.12.23Medistim USA Inc. USA Lease and sale within bypass surgery and 100 % 135vascular surgeryMedistim Deutschland Germany Capital sales within bypass surgery and 100 % 188GmbHvascular surgeryMedistim Norge AS Norway Sale of 3 pary products and capital sales within 100 % 36 953bypass surgery and vascular surgeryMedistim UK LTD UK Capital sales within bypass surgery and 100 % 1vascular surgeryMedistim Japan KK JapanDornmat company100 % 86Medistim Canada Inc.CanadaCapital sales within bypass surgery and 100 % 1vascular surgeryMedistim China Ltd China Service provider for distributors in China 100 %1 002Medistim Spain S.L SpainCapital sales within bypass surgery and 100 %28vascular surgeryMedistim Danmark Aps DenmarkSale of 3 pary products and capital sales within 100 %bypass surgery and vascular surgeryMedistim Sweden AB SwedenSale of 3 pary products and capital sales within 100 %bypass surgery and vascular surgeryTotal38 395",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__71": {
"value": "Note 14 InventorySPECIFICATION OF INVENTORY 2023 20221 = NOK 1000Raw material 65 035 54 263Work in progress 3 604 2 467Finished goods 64 047 42 836Spare parts 9 638 9 694Third party products 11 285 12 001Inventory provision -8 217 -6 928Total 145 391 114 333Inventory is valued at the lower of cost, using the FIFO principle, and net realizable value. Production cost includes the cost for components, cost of conversion (including direct labor cost) and other cost in bringing the inventories to their present location and condition. Net realizable value is the estimated sales price in the ordinary course of business less cost of completion and selling cost. It is necessary for the company to keep an additional security inventory for critical components for own developed products. Due to a strict regulatory regime within medical device, it takes time to introduce new devices or components. At the same time the tendency is that electronical components life circle is shorter. For this reason, inventory level is high to secure future deliveries for Medistim developed products. Inventory is used as security for loan, see note 18.SPECIFICATION OF INVENTORY PROVISION 2023 20221=NOK 1000Gross value Provision Gross value ProvisionDemonstration products 4 554 3 837 4 763 2 687 Spare parts 9 638 4 180 9 694 4 041 Third party products 11 285 200 12 001 200 Total 25 477 8 217 26 458 6 928",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__72": {
"value": "Inventory is valued at the lower of cost, using the FIFO principle, and net realizable value. Production cost includes the cost for components, cost of conversion (including direct labor cost) and other cost in bringing the inventories to their present location and condition. Net realizable value is the estimated sales price in the ordinary course of business less cost of completion and selling cost. It is necessary for the company to keep an additional security inventory for critical components for own developed products. Due to a strict regulatory regime within medical device, it takes time to introduce new devices or components. At the same time the tendency is that electronical components life circle is shorter. For this reason, inventory level is high to secure future deliveries for Medistim developed products. Inventory is used as security for loan, see note 18.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__73": {
"value": "Note 15 Accounts receivables and other receivablesACCOUNTS RECEIVABLE 2023 20221 = NOK 1000Accounts receivable 75 300 102 654Provision for bad debt -997 -997 Total 74 303 101 657 POVISION FOR BAD DEBT 2023 20221 = NOK 1000Inbound provision 997 359 Increased provision - -638Total 997 997 AGING ACCOUNTS RECEIVABLE0-30 31 - 60 61 - 90 Over 1 = NOK 1000Not dueTotaldaysdaysdays91 daysExpected loss in % 0.00 % 0.00 % 0.00 % 0.00 % 31.90 %Year 2023Book value of receivables 38 889 13 000 6 959 13 327 3 125 75 300 Expected credit loss - - - - 997 997 Total 38 889 13 000 6 959 13 327 2 128 74 303 0-30 31 - 60 61 - 90 61 - 90 1 = NOK 1000Not dueTotaldaysdaysdaysdaysExpected loss in % 0.00 % 0.00 % 1.00 % 5.77 % 31.50 %Year Book value of receivables 72 381 9 885 11 597 6 886 1 905 102 654 2022Expected credit loss - - - 397 600 997 Total 72 593 9 885 11 597 3 6 489 1 305 101 657 All receivables are due within one year. Historically the group losses have been limited. End customers are often public hospitals with government funding and the risks for losses are low. However, days sales outstanding is high compared to other businesses, something that the aging receivables confirm. Receivables is used as security for loan, see note 18.Other receivables are shown below: OTHER RECEIVABLES 2023 20221 = NOK 1000Other pre-payments 4 671 4 553 Unrealised value foreign currency 3 389 3 880 VAT receivable 6 958 8 840 Other 2 982 (10)Total 18 000 17 263",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__74": {
"value": "All receivables are due within one year. Historically the group losses have been limited. End customers are often public hospitals with government funding and the risks for losses are low. However, days sales outstanding is high compared to other businesses, something that the aging receivables confirm. Receivables is used as security for loan, see note 18.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__75": {
"value": "Note 16 CashCASH EQUIVALENTS 2023 20221 = NOK 1000Available cash in bank 146 082 144 164Restricted cash in bank 7 790 8 477Cash 153 872 152 641Credit limit - - Cash 146 082 144 164 Cash includes bank deposits. Restricted cash as of 31.12.2023 was TNOK 7.79 and was related to tax withheld from salaries. As of 31.12.2022 the restricted cash was TNOK 8.477 related to tax withheld on salaries. The holding company did not have a credit facility by year end 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__76": {
"value": "Restricted cash as of 31.12.2023 was TNOK 7.79 and was related to tax withheld from salaries. As of 31.12.2022 the restricted cash was TNOK 8.477 related to tax withheld on salaries. The holding company did not have a credit facility by year end 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__78": {
"value": "Note 17 Shareholder informationThe company had 18,337.336 shares at par value of NOK 0.25 per share and total share capital amount to NOK 4,584.334. There is only one class of shares, and all shares are treated equally. Each share represents one vote.Change in issued share capital in 2023:STATUS FOR THE PERMISSIONS AS OF 31.12.2023Number of Par value Share capital sharesper sharein NOKShare capital 01.01.2023 1 833 733 NOK 0.25 NOK 4 548 334.00Changes - -Share capital 31.12.23 1 833 733 NOK 0.25 NOK 4 584 334.00The Board of Directors received by the shareholders meeting the 24th of April 2023 permission to purchase up to 1,833,733 Medistim ASA shares at par value NOK 458,433.25. The permission is valid until the next ordinary general assembly in 2024 in the price range of NOK 0.25 to NOK 500 per share. Further the Board of Directors got permission to increase share capital with NOK 458,433.25 or issue 1,833,733 new shares at par value NOK 0.25. The permission can be used if there is a decision to enter into a merger, acquire another company or to create an option program. The permission is valid until the next ordinary shareholders meeting in 2024. See below for changes in the equity for the last year.Status for the permissions as of 31.12.2023:STATUS FOR THE PERMISSIONS AS OF 31.12.2023Capital increase Medistim sharesPermission given at the shareholders meeting in 2023 1 833 733 1 833 733Permissions used - -Number of shares 31.12.2023 1 833 733 1 833 733The company owned 55,617 Medistim shares as of 31.12.2023. Number of Medistim shares by 01.01.2023 was 80,046. The 20 largest shareholders in the company were as of 31.12.2023:SHAREHOLDER Number of shares In % of totalACAPITAL MEDI HOLDCO AS 1 900 219 10,36STATE STREET BANK AND TRUST COMP 1 296 373 7,07FL\u00d8TEMARKEN AS 1 285 000 7,01VERDIPAPIRFOND ODIN NORDEN 1 180 000 6,43FOLLUM INVEST AS 970 000 5,29STATE STREET BANK AND TRUST COMP 920 390 5,02SKANDINAVISKA ENSKILDA BANKEN AB 874 584 4,77STATE STREET BANK AND TRUST COMP 637 398 3,48ODIN SMALL CAP 600 000 3,27THE NORTHERN TRUST COMP, LONDON BR 440 375 2,40SKANDINAVISKA ENSKILDA BANKEN AB 429 248 2,34SKANDINAVISKA ENSKILDA BANKEN AB 389 966 2,13VERDIPAPIRFONDET HOLBERG NORGE 383 421 2,09BUANES ASBJ\u00d8RN JOHN 381 876 2,08STATE STREET BANK AND TRUST COMP 336 919 1,84SKANDINAVISKA ENSKILDA BANKEN AB 305 318 1,67J.P. MORGAN SE 286 334 1,56BNP PARIBAS 275 041 1,50SKANDINAVISKA ENSKILDA BANKEN AB 274 380 1,50THE BANK OF NEW YORK MELLON SA/NV 250 000 1,36Total number owned by top 20 13 416 842Total number of shares 18 337 336,00Total number of shares outstanding 18 337 336 20 largest shareholders in % 73.31 %Board members and management team with shares in the company:BOARD MEMBERS AND MANAGEMENT TEAM WITH SHARES IN THE COMPANYShareholder Number of shares In % of total PositionTove Raanes via Trane AS 1 990 0.01 % Board MemberRoger Morberg 16 259 0.09 % VP Sales APACErik Swensen 10 994 0.06 % VP DevelopmentThomas Jakobsen 30 526 0.17 % CFOKari Eian Krogstad 38 083 0.21 % CEO\u00d8yvin A. Br\u00f8ymer (Fl\u00f8temarken AS) 1 285 000 7.01 % ChairAnne Waaler 2 440 0.01 % VP Medical H\u00e5kon Gr\u00f8the (Gr\u00f8ten Invest AS) 7 821 0.04 % VP InnovationStephanie d'Avout Stenhagen 2 784 0.02 % VP Sales EMEAOle J\u00f8rgen Robsrud 3 442 0.02 % Man.Dir. MSN ASTone Veiteberg 1 990 0.01 % VP QA\\RegulatoryH\u00e6ge Wetterhus 1 591 0.01 % VP MarketingOle Arne Eiksund 5 872 0.03 % CBDOLars R\u00f8nn 2 506 0.01 % Board MemberThere were no share options outstanding as of 31.12.2023 except from the share program to CEO described under chapter 8 Corporate Governance under compensation to management and note 21.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__77-1": {
"value": "Board members and management team with shares in the company:BOARD MEMBERS AND MANAGEMENT TEAM WITH SHARES IN THE COMPANYShareholder Number of shares In % of total PositionTove Raanes via Trane AS 1 990 0.01 % Board MemberRoger Morberg 16 259 0.09 % VP Sales APACErik Swensen 10 994 0.06 % VP DevelopmentThomas Jakobsen 30 526 0.17 % CFOKari Eian Krogstad 38 083 0.21 % CEO\u00d8yvin A. Br\u00f8ymer (Fl\u00f8temarken AS) 1 285 000 7.01 % ChairAnne Waaler 2 440 0.01 % VP Medical H\u00e5kon Gr\u00f8the (Gr\u00f8ten Invest AS) 7 821 0.04 % VP InnovationStephanie d'Avout Stenhagen 2 784 0.02 % VP Sales EMEAOle J\u00f8rgen Robsrud 3 442 0.02 % Man.Dir. MSN ASTone Veiteberg 1 990 0.01 % VP QA\\RegulatoryH\u00e6ge Wetterhus 1 591 0.01 % VP MarketingOle Arne Eiksund 5 872 0.03 % CBDOLars R\u00f8nn 2 506 0.01 % Board MemberThere were no share options outstanding as of 31.12.2023 except from the share program to CEO described under chapter 8 Corporate Governance under compensation to management and note 21.Note 21 Related party transactionsCompensation to managementThe management group consists of 12 people including CEO. Compensation and benefits to the management group in 2023: COMPENSATION AND BENEFITS TO THE MANAGEMENT GROUP IN 2023Share based Management Position Salary Bonus PensioncompensationOther TotalH\u00e6ge Johanne VP Marketing 1 503 782 226 831 100 808 37 500 4 537 1 873 458 Krogh WetterhusAnne Waaler VP Medical 1 477 427 227 994 84 870 - 3 647 1 793 939 Roger Reino VP Sales APAC 1 840 941 476 081 94 635 137 750 4 537 2 553 944 MorbergErik Swensen VP Development 1 475 389 185 680 91 509 - 4 537 1 757 115 Tone Ann VP QA\\Reg 1 277 464 241 587 80 766 - 4 537 1 604 354 VeitebergStephanie d'Avout VP Sales EMEA 1 325 985 259 192 95 607 100 000 4 537 1 785 321 StenhagenHelge B\u00f8rslid VP Operations 1 355 084 214 576 93 202 - 4 537 1 667 399 Ole Arne Eiksund Busines development 1 417 361 164 435 92 000 4 537 1 678 333 H\u00e5kon Gr\u00f8the VP Innovation 1 387 576 286 963 93 153 137 750 4 537 1 909 979 Mike Farbelow VP Sales AMERICAS 2 417 828 939 175 134 280 - 135 506 3 626 789 Kari Eian Krogstad CEO Medistim group 3 025 202 1 272 321 107 642 2 796 000 4 537 7 205 702 Thomas Jakobsen CFO Medistim Group 1 995 659 498 138 92 371 183 750 4 537 2 774 455 Sum 20 499 699 4 992 973 1 160 843 3 392 750 184 523 30 230 788There is no severance pay agreements towards any in the management team in case of leaving the company. All members of the management group have a two-way arrangement of 3 months\u2019 notice. The exception is management in the US that has no notice period. The management group has the same pension plan as other employees. For Norwegian members of the management group, this is a contribution plan that covers 5 % of salary up to 7.1 G and 8 % of salary for G between 7.1 and 12. 1G equals NOK 118,620. Management in the US has a contribution plan that covers 4 % of salary. Share based paymentsThe group has a share-based payment scheme for its CEO. The program is settled in shares. The fair value of the option at the grant date, is expensed over the vesting period. The expense is included in \u201csalary and social expenses\u201d in the income statement and a corresponding amount is recognized as other paid-in capital.The board decides incentives to CEO. Bonus and incentives to the management group is decided by the CEO. Bonus and incentives for both management group and CEO is based on achieved results. The table shows the bonus paid in 2023. Some members of the management group have loan from the company related to the share program offered to the Management team in 2023. The below table shows who in the management team purchased shares at a discount and has loan form the company:SHARE PROGRAM FOR THE MANAGEMENT GROUP IN 2023Total Shares Match purchase Financing by Group purchased 25 % in of shares in Number Medistim in Management Positionin NOKNOKNOKof sharesNOKOle Arne Eiksund CBDO 551 000 137 750 688 750 3 410 551 000 Roger Reino VP Sales APAC 551 000 137 750 688 750 3 410 551 000 MorbergOle J\u00f8rgen CEO Medistim 200 000 50 000 250 000 1 237 -RobsrudNorge ASH\u00e6ge Johanne VP Marketing 150 000 37 500 187 500 928 75 00Krogh WetterhusStephanie d'Avout VP Sales EMEA 400 000 100 000 500 000 2 474 -StenhagenH\u00e5kon Gr\u00f8the VP Innovation 551 000 137 750 688 750 3 410 -CFO Medistim Thomas Jakobsen 735 000 183 750 918 750 4 547 735 000 GroupTotal 3 138 000 784 500 3 922 500 19 416 1 912 000 For every fourth share purchased one share was given for free with a vesting period of 3 years. The loans are at tax free rate and are due for payment when the vesting period is over. The agreements was entered into on the 13th of November 2023.Compensation to the board was TNOK 1,800 in 2023 and TNOK 1,450 in 2022. The chairman received TNOK 475 as compensation in 2023 and TNOK 450 in 2022 The board members received a total TNOK 265 each as compensation in 2023, a total of TNOK 1,325. In 2022 they received TNOK 250 each, a total of TNOK 1,000. The nomination committee leader received a compensation of TNOK 20, while the two other members received TNOK 15 each. In total, the nomination committee received TNOK 50 as compensation.Compensation to Audit committee and remuneration committee was TNOK 85 and TNOK 35 respectively.CEO has an agreement with the Board that she can receive up to 24,500 Medistim shares as part of compensation if in position until 2025. The Shares is received by the CEO free of charge and last shares will be received in 2026. Fair value of the share-based payment is the share price at grant date multiplied with the and number of shares granted. The fair value of the share-based payment is expensed over the vesting period. In 2023, TNOK 2.482 including social security tax was expensed in the accounts related to the arrangement. See also overview below.SHARE PROGRAM CEOYear 2023 2024 2025 2026Opening balanceExercisedShares granted 9 000 7 500 8 000 Ending balance 9 000 16 500 24 500 Share price at the time of grant in NOK 254 296 219 Total expense in NOK 2 286 000 2 220 000 1 752 000 Expense per grant per year in NOK 762 000 740 000 584 000 Annual expense in NOK for the grant in 2023 2 086 000 Transactions with related partiesThere were no other transactions than the above described share program for management towards related parties in 2023 or in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__79": {
"value": "Note 18 non-current liabilitiesLoan and borrowings are initially recognized at fair value net of directly attributable transaction costs, and subsequently measuring at amortized cost. Medistims long-term liabilities are related to lease contract. The lease agreements are described under note 7.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__80": {
"value": "Note 19 Other short term liabilitiesOTHER LIABILITIES 2023 20221 = NOK 1000Accrual for public taxes 11 388 7 168 Accrual for holiday pay 9 882 8 511 Accrual for salaries, commission and board member fee 7 192 17 070 Accrual for customer and supplier obligations 1 550 6 354 Unrealised exchange rate differences - 510 Other 1 413 2 428 Total 31 426 42 042",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__81-1": {
"value": "Note 20 Financial Risk The group\u2019s financial liabilities are leasing agreements, and accounts payable. The financial liabilities and facilities are important instruments that contribute to the financing of the group\u2019s operational activities. The group\u2019s financial assets are accounts receivables, and cash. From time to time the group also enters into financial derivative contracts to hedge currency exposure. Hedge accounting is not applied. The risk arising from financial instruments is market risk, credit risk towards customers, and liquidity riskMarket risk:Interest rate risk:The group had as of 31.12.2023 no interest-bearing liabilities. If the group needs a loan, it is group policy to have floating interest since this will be the lowest interest rate over time. In general, the group considers the exposure towards changes in interest rates as low.Credit and liquidity risk:Other financial risk as credit risk and liquidity risk is viewed by the company as low based upon the group\u2019s financial position as of 31.12.2023.Credit risk:The group is at some extent exposed towards credit risk. The general risk is low since the majority of customers are financed by public authorities. Still history records for payments, the size of the transaction and the other party\u2019s credit risk is evaluated from case to case. The level of credit given is evaluated when there is a change in market conditions. The level of risk is reduced by using bank guaranties and prepayments in cases where the level of risk is found to be higher than normally accepted. See note 15 for a table showing the aging of accounts receivable. Liquidity risk:Liquidity risk is the risk that the group is not able to meet its obligations in time. Managing liquidity risk is therefore prioritized to secure financial flexibility. Medistim main source of cash is cash generated from operations. The group has over the last 5 years experienced an increase in profit and available cash. Therefore, the group has been able to build up a cash reserve due to strong profits to handle the increased need for working capital as the group grows. The liquidity buffer also secures cash in situations where the incoming cash is delayed. Macroeconomic turmoil:Despite challenging market conditions, the company have been able to deliver solid profit and cash flow over the years. The need for Medistim\u2019s products has not changed, even if the global market has been facing macro-economic turmoil, with energy crisis, inflation pressure, increasing interest rates and higher cost levels. The long-term consequences of growing geopolitical uncertainty are unclear but might lead to continuing challenges in the global flow of goods. Medistim is taking mitigating actions to ensure access to key components to secure production and maintain growth and profitability also for the future. Further, the company is financially solid to face future challenges, with no interest-bearing debt and an equity ratio of 78.7 %.The table below sets out the maturity profile of the financial liabilities based on contractual undiscounted payments:OVERVIEW OF DEBT1 = NOK 1000Interest bearing loans - - - - - Lease liabilities 2 287 6 861 6 303 2 192 17 643 Accounts payable 25 083 - - - 25 083 Deferred revenue 557 1 670 2 006 - 4 234 Income tax - 28 404 - 28 404 Other debt (see note 18,19,22) 14 799 17 615 - - 32 414 Total 42 725 54 551 8 309 2 192 107 777 OVERVIEW OF DEBT1 = NOK 1000Between 1 to 5 Over Year 2022Within 3 monthsTotal3-12 monthsyears5 yearsInterest bearing liabilities - - - - - Lease liabilities 1 410 4 230 11 787 - 17 427 Accounts payable 24 470 - - - 24 470 Deferred revenue 338 1 015 3 773 - 5 126 Income tax - 25 873 - - 25 873 Other liability see note 42 072 - - 42 072 18,19,22Total 68 290 31 118 15 560 - 114 968 Financial strategy:Management strives to strengthen the group\u2019s healthy financial position through profit and a high level of equity. This will secure continued growth and will maximize shareholders values. The group will adjust capital structure to adapt to changes in the financial climate. Capital structure can be adjusted through dividend, repayment of share capital or issue new shares. There were no changes in the financial strategy in the group in 2023 or 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__85": {
"value": "The group\u2019s financial liabilities are leasing agreements, and accounts payable. The financial liabilities and facilities are important instruments that contribute to the financing of the group\u2019s operational activities. The group\u2019s financial assets are accounts receivables, and cash. From time to time the group also enters into financial derivative contracts to hedge currency exposure. Hedge accounting is not applied. The risk arising from financial instruments is market risk, credit risk towards customers, and liquidity risk",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__84": {
"value": "The group\u2019s financial liabilities are leasing agreements, and accounts payable. The financial liabilities and facilities are important instruments that contribute to the financing of the group\u2019s operational activities. The group\u2019s financial assets are accounts receivables, and cash. From time to time the group also enters into financial derivative contracts to hedge currency exposure. Hedge accounting is not applied. The risk arising from financial instruments is market risk, credit risk towards customers, and liquidity risk",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNatureAndExtentOfRisksArisingFromFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__82": {
"value": "Foreign exchange rates risk:The group may use forward exchange contracts to reduce exposure towards USD and EUR. Financial derivates are recognized at fair value through profit and loss. Change in fair value is recognized in profit and loss and is presented as financial income or expense. Unrealized gains or losses are recorded in the same manner as realized gains and losses.Change in exchange rates involves a direct and indirect financial risk for Medistim ASA. The company has revenue and expenses in EUR and USD where most revenue is in EUR and USD and expenses mostly in NOK. The development in NOK towards USD and EUR is continuously monitored. The group may use forward exchange contracts to reduce exposure towards USD and EUR. By the end of 2023, the company had derivative contracts for USD as shown below. Hedging contracts are entered to reduce the exchange risk towards currencies. The derivatives are recognized at fair value in the balance sheet with the changes in fair value recognized in profit and loss, presented as financial income or expense. The management and Board of directors evaluate the handling of risks related to exchange rates fluctuations continuously together with its professional advisers.HEDGING CONTRACTSNumber of Total value of Amount per Average rate Rate Unrealized Currencycontracts from contracts in monthon contracts31.12.2023gain/lossMarch 2023currencyUSD 6 300 000 1 800 000 11.11 10.17 1 679 940EUR 6 400 000 2 400 000 11.95 11.24 1 710 000Total un- 3 389 940realized loss The group had a credit facility of MNOK 6.0 to enter hedging contracts. The facility represents 10 % of the value of the contracts the group can use and the group can enter hedging contracts for a total of MNOK 60. Security related to the facility is related to assets, accounts receivable and inventory with no limit. Book value of secured items was as of 31.12.2023 MNOK 30.2 for assets, MNOK 69.2 for accounts receivables and MNOK 114.0 for inventory.FINANCIAL ASSETS AND LIABILITIES1 = NOK 10002023 2022Original value Gain/loss Book value Original value Gain/loss Book valueFinancial assetsCash in USD 8 061 2 027 10 088 1 373 1 236 2 609Cash in EUR 5 740 1 689 7 429 9 511 -129 9 382Accounts receivable in EUR 21 556 506 22 062 44 881 530 45 411Forward curency contracts in EUR - 1 710 1 710 - - - Forward curency contracts in USD - 1 680 1 680 - 775 775Financial liabilityAccounts payable in EUR 2 971 -60 3 031 2 670 1 2 669Accounts payable in USD 761 -41 720 332 3 335EFFECT ON PROFIT IF CURRENCY CHANGES WITH 5 %1 = NOK 1000 2023 2022Original value Gain/loss Book value Original value Gain/loss Book valueTotal exposure towards EUR 24 325 3 965 28 170 51 722 400 52 124Total exposure towards USD 7 300 3 748 11 048 1 041 2 008 3 0495 % increase EUR 1 409 2 6065 % increase USD 552 1525 % decrease EUR -1 341 -2 4825 % decrease USD -526 -145",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__86": {
"value": "Credit risk:The group is at some extent exposed towards credit risk. The general risk is low since the majority of customers are financed by public authorities. Still history records for payments, the size of the transaction and the other party\u2019s credit risk is evaluated from case to case. The level of credit given is evaluated when there is a change in market conditions. The level of risk is reduced by using bank guaranties and prepayments in cases where the level of risk is found to be higher than normally accepted. See note 15 for a table showing the aging of accounts receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__87": {
"value": "Liquidity risk:Liquidity risk is the risk that the group is not able to meet its obligations in time. Managing liquidity risk is therefore prioritized to secure financial flexibility. Medistim main source of cash is cash generated from operations. The group has over the last 5 years experienced an increase in profit and available cash. Therefore, the group has been able to build up a cash reserve due to strong profits to handle the increased need for working capital as the group grows. The liquidity buffer also secures cash in situations where the incoming cash is delayed. Macroeconomic turmoil:Despite challenging market conditions, the company have been able to deliver solid profit and cash flow over the years. The need for Medistim\u2019s products has not changed, even if the global market has been facing macro-economic turmoil, with energy crisis, inflation pressure, increasing interest rates and higher cost levels. The long-term consequences of growing geopolitical uncertainty are unclear but might lead to continuing challenges in the global flow of goods. Medistim is taking mitigating actions to ensure access to key components to secure production and maintain growth and profitability also for",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__90": {
"value": "Note 21 Related party transactionsCompensation to managementThe management group consists of 12 people including CEO. Compensation and benefits to the management group in 2023: COMPENSATION AND BENEFITS TO THE MANAGEMENT GROUP IN 2023Share based Management Position Salary Bonus PensioncompensationOther TotalH\u00e6ge Johanne VP Marketing 1 503 782 226 831 100 808 37 500 4 537 1 873 458 Krogh WetterhusAnne Waaler VP Medical 1 477 427 227 994 84 870 - 3 647 1 793 939 Roger Reino VP Sales APAC 1 840 941 476 081 94 635 137 750 4 537 2 553 944 MorbergErik Swensen VP Development 1 475 389 185 680 91 509 - 4 537 1 757 115 Tone Ann VP QA\\Reg 1 277 464 241 587 80 766 - 4 537 1 604 354 VeitebergStephanie d'Avout VP Sales EMEA 1 325 985 259 192 95 607 100 000 4 537 1 785 321 StenhagenHelge B\u00f8rslid VP Operations 1 355 084 214 576 93 202 - 4 537 1 667 399 Ole Arne Eiksund Busines development 1 417 361 164 435 92 000 4 537 1 678 333 H\u00e5kon Gr\u00f8the VP Innovation 1 387 576 286 963 93 153 137 750 4 537 1 909 979 Mike Farbelow VP Sales AMERICAS 2 417 828 939 175 134 280 - 135 506 3 626 789 Kari Eian Krogstad CEO Medistim group 3 025 202 1 272 321 107 642 2 796 000 4 537 7 205 702 Thomas Jakobsen CFO Medistim Group 1 995 659 498 138 92 371 183 750 4 537 2 774 455 Sum 20 499 699 4 992 973 1 160 843 3 392 750 184 523 30 230 788There is no severance pay agreements towards any in the management team in case of leaving the company. All members of the management group have a two-way arrangement of 3 months\u2019 notice. The exception is management in the US that has no notice period. The management group has the same pension plan as other employees. For Norwegian members of the management group, this is a contribution plan that covers 5 % of salary up to 7.1 G and 8 % of salary for G between 7.1 and 12. 1G equals NOK 118,620. Management in the US has a contribution plan that covers 4 % of salary. Share based paymentsThe group has a share-based payment scheme for its CEO. The program is settled in shares. The fair value of the option at the grant date, is expensed over the vesting period. The expense is included in \u201csalary and social expenses\u201d in the income statement and a corresponding amount is recognized as other paid-in capital.The board decides incentives to CEO. Bonus and incentives to the management group is decided by the CEO. Bonus and incentives for both management group and CEO is based on achieved results. The table shows the bonus paid in 2023. Some members of the management group have loan from the company related to the share program offered to the Management team in 2023. The below table shows who in the management team purchased shares at a discount and has loan form the company:SHARE PROGRAM FOR THE MANAGEMENT GROUP IN 2023Total Shares Match purchase Financing by Group purchased 25 % in of shares in Number Medistim in Management Positionin NOKNOKNOKof sharesNOKOle Arne Eiksund CBDO 551 000 137 750 688 750 3 410 551 000 Roger Reino VP Sales APAC 551 000 137 750 688 750 3 410 551 000 MorbergOle J\u00f8rgen CEO Medistim 200 000 50 000 250 000 1 237 -RobsrudNorge ASH\u00e6ge Johanne VP Marketing 150 000 37 500 187 500 928 75 00Krogh WetterhusStephanie d'Avout VP Sales EMEA 400 000 100 000 500 000 2 474 -StenhagenH\u00e5kon Gr\u00f8the VP Innovation 551 000 137 750 688 750 3 410 -CFO Medistim Thomas Jakobsen 735 000 183 750 918 750 4 547 735 000 GroupTotal 3 138 000 784 500 3 922 500 19 416 1 912 000 For every fourth share purchased one share was given for free with a vesting period of 3 years. The loans are at tax free rate and are due for payment when the vesting period is over. The agreements was entered into on the 13th of November 2023.Compensation to the board was TNOK 1,800 in 2023 and TNOK 1,450 in 2022. The chairman received TNOK 475 as compensation in 2023 and TNOK 450 in 2022 The board members received a total TNOK 265 each as compensation in 2023, a total of TNOK 1,325. In 2022 they received TNOK 250 each, a total of TNOK 1,000. The nomination committee leader received a compensation of TNOK 20, while the two other members received TNOK 15 each. In total, the nomination committee received TNOK 50 as compensation.Compensation to Audit committee and remuneration committee was TNOK 85 and TNOK 35 respectively.CEO has an agreement with the Board that she can receive up to 24,500 Medistim shares as part of compensation if in position until 2025. The Shares is received by the CEO free of charge and last shares will be received in 2026. Fair value of the share-based payment is the share price at grant date multiplied with the and number of shares granted. The fair value of the share-based payment is expensed over the vesting period. In 2023, TNOK 2.482 including social security tax was expensed in the accounts related to the arrangement. See also overview below.SHARE PROGRAM CEOYear 2023 2024 2025 2026Opening balanceExercisedShares granted 9 000 7 500 8 000 Ending balance 9 000 16 500 24 500 Share price at the time of grant in NOK 254 296 219 Total expense in NOK 2 286 000 2 220 000 1 752 000 Expense per grant per year in NOK 762 000 740 000 584 000 Annual expense in NOK for the grant in 2023 2 086 000 Transactions with related partiesThere were no other transactions than the above described share program for management towards related parties in 2023 or in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__88": {
"value": "Note 21 Related party transactionsCompensation to managementThe management group consists of 12 people including CEO. Compensation and benefits to the management group in 2023: COMPENSATION AND BENEFITS TO THE MANAGEMENT GROUP IN 2023Share based Management Position Salary Bonus PensioncompensationOther TotalH\u00e6ge Johanne VP Marketing 1 503 782 226 831 100 808 37 500 4 537 1 873 458 Krogh WetterhusAnne Waaler VP Medical 1 477 427 227 994 84 870 - 3 647 1 793 939 Roger Reino VP Sales APAC 1 840 941 476 081 94 635 137 750 4 537 2 553 944 MorbergErik Swensen VP Development 1 475 389 185 680 91 509 - 4 537 1 757 115 Tone Ann VP QA\\Reg 1 277 464 241 587 80 766 - 4 537 1 604 354 VeitebergStephanie d'Avout VP Sales EMEA 1 325 985 259 192 95 607 100 000 4 537 1 785 321 StenhagenHelge B\u00f8rslid VP Operations 1 355 084 214 576 93 202 - 4 537 1 667 399 Ole Arne Eiksund Busines development 1 417 361 164 435 92 000 4 537 1 678 333 H\u00e5kon Gr\u00f8the VP Innovation 1 387 576 286 963 93 153 137 750 4 537 1 909 979 Mike Farbelow VP Sales AMERICAS 2 417 828 939 175 134 280 - 135 506 3 626 789 Kari Eian Krogstad CEO Medistim group 3 025 202 1 272 321 107 642 2 796 000 4 537 7 205 702 Thomas Jakobsen CFO Medistim Group 1 995 659 498 138 92 371 183 750 4 537 2 774 455 Sum 20 499 699 4 992 973 1 160 843 3 392 750 184 523 30 230 788There is no severance pay agreements towards any in the management team in case of leaving the company. All members of the management group have a two-way arrangement of 3 months\u2019 notice. The exception is management in the US that has no notice period. The management group has the same pension plan as other employees. For Norwegian members of the management group, this is a contribution plan that covers 5 % of salary up to 7.1 G and 8 % of salary for G between 7.1 and 12. 1G equals NOK 118,620. Management in the US has a contribution plan that covers 4 % of salary. Share based paymentsThe group has a share-based payment scheme for its CEO. The program is settled in shares. The fair value of the option at the grant date, is expensed over the vesting period. The expense is included in \u201csalary and social expenses\u201d in the income statement and a corresponding amount is recognized as other paid-in capital.The board decides incentives to CEO. Bonus and incentives to the management group is decided by the CEO. Bonus and incentives for both management group and CEO is based on achieved results. The table shows the bonus paid in 2023. Some members of the management group have loan from the company related to the share program offered to the Management team in 2023. The below table shows who in the management team purchased shares at a discount and has loan form the company:SHARE PROGRAM FOR THE MANAGEMENT GROUP IN 2023Total Shares Match purchase Financing by Group purchased 25 % in of shares in Number Medistim in Management Positionin NOKNOKNOKof sharesNOKOle Arne Eiksund CBDO 551 000 137 750 688 750 3 410 551 000 Roger Reino VP Sales APAC 551 000 137 750 688 750 3 410 551 000 MorbergOle J\u00f8rgen CEO Medistim 200 000 50 000 250 000 1 237 -RobsrudNorge ASH\u00e6ge Johanne VP Marketing 150 000 37 500 187 500 928 75 00Krogh WetterhusStephanie d'Avout VP Sales EMEA 400 000 100 000 500 000 2 474 -StenhagenH\u00e5kon Gr\u00f8the VP Innovation 551 000 137 750 688 750 3 410 -CFO Medistim Thomas Jakobsen 735 000 183 750 918 750 4 547 735 000 GroupTotal 3 138 000 784 500 3 922 500 19 416 1 912 000 For every fourth share purchased one share was given for free with a vesting period of 3 years. The loans are at tax free rate and are due for payment when the vesting period is over. The agreements was entered into on the 13th of November 2023.Compensation to the board was TNOK 1,800 in 2023 and TNOK 1,450 in 2022. The chairman received TNOK 475 as compensation in 2023 and TNOK 450 in 2022 The board members received a total TNOK 265 each as compensation in 2023, a total of TNOK 1,325. In 2022 they received TNOK 250 each, a total of TNOK 1,000. The nomination committee leader received a compensation of TNOK 20, while the two other members received TNOK 15 each. In total, the nomination committee received TNOK 50 as compensation.Compensation to Audit committee and remuneration committee was TNOK 85 and TNOK 35 respectively.CEO has an agreement with the Board that she can receive up to 24,500 Medistim shares as part of compensation if in position until 2025. The Shares is received by the CEO free of charge and last shares will be received in 2026. Fair value of the share-based payment is the share price at grant date multiplied with the and number of shares granted. The fair value of the share-based payment is expensed over the vesting period. In 2023, TNOK 2.482 including social security tax was expensed in the accounts related to the arrangement. See also overview below.SHARE PROGRAM CEOYear 2023 2024 2025 2026Opening balanceExercisedShares granted 9 000 7 500 8 000 Ending balance 9 000 16 500 24 500 Share price at the time of grant in NOK 254 296 219 Total expense in NOK 2 286 000 2 220 000 1 752 000 Expense per grant per year in NOK 762 000 740 000 584 000 Annual expense in NOK for the grant in 2023 2 086 000 Transactions with related partiesThere were no other transactions than the above described share program for management towards related parties in 2023 or in 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__92-1": {
"value": "Share based paymentsThe group has a share-based payment scheme for its CEO. The program is settled in shares. The fair value of the option at the grant date, is expensed over the vesting period. The expense is included in \u201csalary and social expenses\u201d in the income statement and a corresponding amount is recognized as other paid-in capital.The board decides incentives to CEO. Bonus and incentives to the management group is decided by the CEO. Bonus and incentives for both management group and CEO is based on achieved results. The table shows the bonus paid in 2023. Some members of the management group have loan from the company related to the share program offered to the Management team in 2023. The below table shows who in the management team purchased shares at a discount and has loan form the company:For every fourth share purchased one share was given for free with a vesting period of 3 years. The loans are at tax free rate and are due for payment when the vesting period is over. The agreements was entered into on the 13th of November 2023.Compensation to the board was TNOK 1,800 in 2023 and TNOK 1,450 in 2022. The chairman received TNOK 475 as compensation in 2023 and TNOK 450 in 2022 The board members received a total TNOK 265 each as compensation in 2023, a total of TNOK 1,325. In 2022 they received TNOK 250 each, a total of TNOK 1,000. The nomination committee leader received a compensation of TNOK 20, while the two other members received TNOK 15 each. In total, the nomination committee received TNOK 50 as compensation.Compensation to Audit committee and remuneration committee was TNOK 85 and TNOK 35 respectively.CEO has an agreement with the Board that she can receive up to 24,500 Medistim shares as part of compensation if in position until 2025. The Shares is received by the CEO free of charge and last shares will be received in 2026. Fair value of the share-based payment is the share price at grant date multiplied with the and number of shares granted. The fair value of the share-based payment is expensed over the vesting period. In 2023, TNOK 2.482 including social security tax was expensed in the accounts related to the arrangement. See also overview below.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__91": {
"value": "Transactions with related partiesThere were no other transactions than the above described share program for management towards related parties in 2023 or in 2022.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__95": {
"value": "Note 22 Provisions PROVISIONS 2023 20221 = NOK 1000Warranty provision 350 350Sum 350 350The group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annuallyThe warranty provision is based upon the company\u2019s experience with sales and return of its own products. The estimate is based upon this experience to cover future obligations. The company has introduced extended warranty where customers for a fee extend the warranty period. The level of warranty contracts is in 2023 limited and there has been no expenses related to extended warranty contracts in 2023. In 2023, there are no additional provision related to the contracts. This will be monitored an if the level of extended warranty increases a method for estimating a provision is established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfTypesOfWarrantiesAndRelatedObligations",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__94": {
"value": "Note 22 Provisions PROVISIONS 2023 20221 = NOK 1000Warranty provision 350 350Sum 350 350The group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annuallyThe warranty provision is based upon the company\u2019s experience with sales and return of its own products. The estimate is based upon this experience to cover future obligations. The company has introduced extended warranty where customers for a fee extend the warranty period. The level of warranty contracts is in 2023 limited and there has been no expenses related to extended warranty contracts in 2023. In 2023, there are no additional provision related to the contracts. This will be monitored an if the level of extended warranty increases a method for estimating a provision is established.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__96": {
"value": "The group provides warranties for general repairs of defects that existed at the time of sale, as required by law. Provisions related to these assurance-type warranties are recognized when the product is sold or the service is provided to the customer. Initial recognition is based on historical experience. The initial estimate of warranty-related costs is revised annuallyThe warranty provision is based upon the company\u2019s experience with sales and return of its own products. The estimate is based upon this experience to cover future obligations. The company has introduced extended warranty where customers for a fee extend the warranty period. The level of warranty contracts is in 2023 limited and there has been no expenses related to extended warranty contracts in 2023. In 2023, there are no additional provision related to the contracts. This will be monitored an if the level of extended warranty increases a method for estimating a provision is established.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__97": {
"value": "Note 23 Exchange rates foreign currencyEXCHANGE RATES FOREIGN CURRENCYCurrency Rate 01.01.2023 Average rate Rate 31.12.2023USD 9 8573 10.5635 10.1724DKK 141.38 153.32 150.82EUR 9.9888 11.4242 11.2405GBP 10.5138 13.1361 12.9342Transactions in foreign currency Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. Financial instruments in foreign currency are translated to Norwegian kroner at the closing rate of the balance day. Non-financial items measured at historic cost are translated to Norwegian kroner using the exchange rate at the time of the transaction. Foreign subsidiariesAssets, liabilities and goodwill in foreign subsidiaries that are consolidated are translated to Norwegian kroner at the date of the balance sheet. Revenue and expenses are translated to Norwegian kroner using the rate at the transaction date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__99": {
"value": "Transactions in foreign currency Transactions in foreign currency are translated to functional currency using the exchange rate at the date of the transaction. Financial instruments in foreign currency are translated to Norwegian kroner at the closing rate of the balance day. Non-financial items measured at historic cost are translated to Norwegian kroner using the exchange rate at the time of the transaction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__100": {
"value": "Note 24 Changes in liabilities arising from financial activitiesCHANGES IN LIABILITIES ARISING FROM FINANCIAL ACTIVITIESDeferred revenue Lease Lease Interest bearing Total 1 = NOK 1000and interest bearing agreements agreements short term debt2023long term debtshort termlong termAt 1st of January 2023- 5 126 7 086 10 020 22 232Liabilities forgiveness- - - -New lease agreements- - 4 250 4 670 8 920Interest bearing liabilities - - - -Cash flows lease agreements- - -8 688 -8 688 Liabilities becomming - 9 565 -9 259 306current in 2023 - Effects of foreign exchange - - -0Deferred revenue - -893 - - 89331. December 2023 - 4 233 12 2135 431 21 877Deferred revenue Lease Lease Interest bearing Total 1 = NOK 1000and interest bearing agreements agreements short term debt2022long term debtshort termlong termAt 1st of January 2022 - 2 510 7 114 17 078 26 701liabilities forgiveness - - -New lease agreements - - - - -Interest bearing liabilities - - - - -Cash flows lease agreements - - -7 312 - -7 312liabilities becomming - - -7 284 7 058 226 current in 2022Effects of foreign exchange - - - - -Deferred revenue - 2 616 - - 2 616 31. December 2022 0 2 616 7 086 10 020 22 232",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s7_notes__6__101": {
"value": "Note 25 Events after 2023Information after the reporting period that provide evidence of conditions that existed at the end of the reporting (\u201dadjusting events\u201d), are reflected in the amounts recognized in the financial statement. Information after the reporting period that are indicative of conditions that arose after the reporting period (\u201cnon-adjusting events\u201d) are not reflected in the amounts recognized in the financial statement but are disclosed if material.The Board of directors has no knowledge about other events after 2023 that will affect the annual report and financial statement for 2023. The 20 largest shareholders in the company were as of 31.12.2023:",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXJOX483",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}