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"NEX:IncreaseDecreaseThroughTransfersToFromSharePremium", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:NOK" } }, "f8632": { "value": "43723000", "decimals": -3, "dimensions": { "concept": "NEX:IncreaseDecreaseThroughTransfersToFromSharePremium", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "f8635": { "value": "0", "decimals": -3, "dimensions": { "concept": "NEX:IncreaseDecreaseThroughTransfersToFromSharePremium", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f8642": { "value": "91981000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:NOK" } }, "f8645": { "value": "4049000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:NOK" } }, "f8648": { "value": "26069000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:NOK" } }, "f8651": { "value": "-26099000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:NOK" } }, "f8654": { "value": "96000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00", "unit": "iso4217:NOK" } }, "s7_notes__6__16": { "value": "Note 1 \u2013 general informationNEXT Biometrics Group ASA (\u201cParent company\u201d) is a public limited liability company, incorporated and domiciled in Norway, with headquarter in Apotekergata 10B, 0180 Oslo, Norway. The Parent company and its subsidiaries (\u201cNEXT\u201d or \u201cthe Group\u201d) provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets.The Group has five operating subsidiaries (all are 100% owned): NEXT Biometrics AS (Norway) and its subsidiaries NEXT Biometrics Inc. (Seattle, USA), NEXT Biometrics China Ltd. (Shanghai, China), NEXT Biometrics Taiwan Ltd. (Taipei, Taiwan) and NEXT Biometrics Solutions India Pvt. Ltd. (Bengaluru, India).NEXT ASA\u2019s shares are listed on the Oslo Stock Exchange.The purpose of the company as stated in the articles of association is to conduct research, development and commercialization of security products, as well as other activities that will naturally fall under this.The financial statements have been approved for issuance by the Board of Directors on 23 April 2024 and is subject to approval by the Annual General Meeting on 16 May 2024. Changes in accounting policiesThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2023 are consistent with those applied in the preparation of the prior year financial statements. New and amended standards and interpretations adopted by the Group as of 1 January 2023There are no new amendments applicable for the first time for the annual reporting period commencing 1 January 2023 have been adopted by Next Biometrics Group. New and amended standards and interpretations not yet adoptedThere are no new and amended standards and interpretations that have been published (and not mandatory for financial statements as of 31 December 2023) that have been early adopted by the Group. The new and amended standards are not expected to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__14": { "value": "NEXT Biometrics Group ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__13": { "value": "NEXT Biometrics Group ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__6": { "value": "NEXT Biometrics Group ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__9": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__10": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__7": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__11": { "value": "Apotekergata 10B, 0180 Oslo", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__8": { "value": "The Parent company and its subsidiaries (\u201cNEXT\u201d or \u201cthe Group\u201d) provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__12": { "value": "The Group has five operating subsidiaries (all are 100% owned): NEXT Biometrics AS (Norway) and its subsidiaries NEXT Biometrics Inc. (Seattle, USA), NEXT Biometrics China Ltd. (Shanghai, China), NEXT Biometrics Taiwan Ltd. (Taipei, Taiwan) and NEXT Biometrics Solutions India Pvt. Ltd. (Bengaluru, India)", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__18": { "value": "Changes in accounting policiesThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2023 are consistent with those applied in the preparation of the prior year financial statements. New and amended standards and interpretations adopted by the Group as of 1 January 2023There are no new amendments applicable for the first time for the annual reporting period commencing 1 January 2023 have been adopted by Next Biometrics Group. New and amended standards and interpretations not yet adoptedThere are no new and amended standards and interpretations that have been published (and not mandatory for financial statements as of 31 December 2023) that have been early adopted by the Group. The new and amended standards are not expected to have a material impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__17": { "value": "Changes in accounting policiesThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2023 are consistent with those applied in the preparation of the prior year financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__15": { "value": "Notes to financial statement - GroupNote 1 \u2013 general informationNEXT Biometrics Group ASA (\u201cParent company\u201d) is a public limited liability company, incorporated and domiciled in Norway, with headquarter in Apotekergata 10B, 0180 Oslo, Norway. The Parent company and its subsidiaries (\u201cNEXT\u201d or \u201cthe Group\u201d) provides advanced fingerprint sensor technology that delivers uncompromised security and accuracy for the best possible user experience in the smart card, government ID, access control and notebook markets.The Group has five operating subsidiaries (all are 100% owned): NEXT Biometrics AS (Norway) and its subsidiaries NEXT Biometrics Inc. (Seattle, USA), NEXT Biometrics China Ltd. (Shanghai, China), NEXT Biometrics Taiwan Ltd. (Taipei, Taiwan) and NEXT Biometrics Solutions India Pvt. Ltd. (Bengaluru, India).NEXT ASA\u2019s shares are listed on the Oslo Stock Exchange.The purpose of the company as stated in the articles of association is to conduct research, development and commercialization of security products, as well as other activities that will naturally fall under this.The financial statements have been approved for issuance by the Board of Directors on 23 April 2024 and is subject to approval by the Annual General Meeting on 16 May 2024. Changes in accounting policiesThe accounting policies applied in preparation of the financial statements for the year ended 31 December 2023 are consistent with those applied in the preparation of the prior year financial statements. New and amended standards and interpretations adopted by the Group as of 1 January 2023There are no new amendments applicable for the first time for the annual reporting period commencing 1 January 2023 have been adopted by Next Biometrics Group. New and amended standards and interpretations not yet adoptedThere are no new and amended standards and interpretations that have been published (and not mandatory for financial statements as of 31 December 2023) that have been early adopted by the Group. The new and amended standards are not expected to have a material impact on the Group. Note 2 \u2013 summary of material accounting policiesBasis of preparationThese financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU per 31 December 2023. Going concernThe Board of Directors confirms that the financial statements have been prepared under the assumption of going concern. Currency These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group uses the local currency of where it is domiciled and has its operations as functional currency. Property, plant and equipmentProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss. InventoryRaw materials, work in progress and finished products are valued at the lower of cost and net realizable value after deduction for obsolescence. Costs are determined using the FIFO and average cost method. Cash flowThe cash flow statement has been drawn up in accordance with the indirect method and reports cash flows during the period classified by operating, investing and financing activities. Significant estimates and judgementsPreparation of financial statements in accordance with IFRS requires that the management makes judgements and prepares estimates and assumptions which have an impact on the recognized amounts for assets, liabilities, revenue and costs. Estimates and related assumptions have been based on the management\u2019s best knowledge of past and recent events, experience and other factors which are considered reasonable under the circumstances. Actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous evaluation.Critical account estimates for the Group are:Share-based remuneration: The cost of options granted to employees and employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. Please see note 18 for further details. Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale. Note 3 - Revenues and segment reportingIn general, sales are recognized when control of the products (the physical hardware) has transferred at delivery according to delivery terms. The goods are sold based on either fixed prices or variable consideration, and recognised point in time as the risk and control is transferred to the customer. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery, which is consistent with market practice. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products to any end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.(amounts in NOK 1,000) 2023 2022Fingerprint sensor technology 33,717 46,508Total operating revenues 33,717 46,508The Group targets four customer groups and application areas for the technology:(i) Office & Notebooks(ii) Payment & Fintech(iii) Access control (iv) Public SecurityThe same generic fingerprint sensor technology and products is used for all customers. Most of the Group\u2019s key IP, including our NEXT Active Thermal\u00ae is shared and used in all products. The employees in the Group work across all products and customers. The R&D personnel are focused on technology, rather than specific customer groups such as Office & Notebooks or Public Security. Based on this, the Group consider that we only operate within one business segment, and therefore also report only within one business segment, \u201cFingerprint sensor technology\u201d.The operating revenue, both in 2023 and in 2022, was mainly related to customers geographically located in Asia (Japan, Singapore, China, Taiwan and India).All of the group\u2019s revenue is point in time type of revenue.Other revenue of NOK 0.7 million mainly relates to sale of electronic components and other fees.The CEO is the chief operating decision maker (CODM) of the group. Note 4 \u2013 Payroll expenses(amounts in NOK 1,000) 2023 2022Salaries, fees -26,507 -27,025Share based remuneration (salary part) -5,729 -4,728Share based remuneration (employer's tax) -4,611 2,663Social security taxes -3,515 -2,598Pension contribution -804 -747Other personnel expenses -1,204 -951Total payroll expenses -42,370 -33,385Average numbers of employees 24 27The Group employed an average number of employees of 24. In addition, the company has 17 contractors who are working for the company on a part time or full time basis.The parent company, NEXT Biometrics Group ASA, provides a contribution-based pension insurance scheme for all employees. The scheme satisfies the mandatory service pension (\u2018OTP\u2019) in Norway.NEXT Biometrics Inc has a 401-K plan for its employees, which allows employees to save for retirement with pre-tax funds. The company currently does not contribute to this plan but pays for its administration. NEXT Biometrics Taiwan Ltd offers an employee pension plan with an annual contribution of 6% of the salary, but capped at TWD 9000 per month per employee (NOK 2900 per month). NEXT Biometrics China Ltd and NEXT Biometrics Solutions Pvt Ltd have no local pension plans.Termination benefitsTermination benefits are payable when the employment is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.Note 5 \u2013 Other operating expenses(amounts in NOK 1,000) 2023 2022Product and marketing costs -4,434 -2,657R&D costs -2,600 -5,516Business services costs -10,632 -6,7931R&D and government grants1,754 2242Fees to contractors, auditors, lawyers and others-4,331 -4,6153Other expenses-2,807 -2,8454Share based remuneration (operating part)-167 -5Total other operating expenses (23,218) (22,207)The Group\u2019s business service costs increased from NOK 6.8 million in 2022 to NOK 10.6 million in 2023 largely due to transfer of personnel from hired employees to contractors, increased number of contractors in the areas of sales, product and marketing as well as due to higher travel activity.1. R&D grants and other government grants are related to Skattefunn grants in 2022/2023.2. Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3. Other expenses include software expenses, IT cost, insurance fees, non deductable VAT and stock exchange related fees.4. Share based remuneration (operating part) refers to share options granted to contractors (see note 18 for further information)Note 6 \u2013 Research and development costIn general, research costs are expensed when incurred. Internal and external research and development performed in 2023 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included in payroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 9.0 million in 2023 (2022: NOK 11.2 million), of which NOK 6.4 million (2022: NOK 5.7 million) is presented in payroll expenses and NOK 2.6 million (2022: NOK 5.5 million) in other operating expenses.Government grantsGovernment grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.The subsidiary NEXT Biometrics AS\u2019 estimated estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2023 is NOK 1.5 million (2022: NOK 1.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly led to a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676Note 8 \u2013 Income taxesThe tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.(amounts in NOK 1,000) 2023 2022Current taxes (enties located in Norway) - - Current taxes (International subsidiaries*) 196 49Change in deferred taxes (International subsidiaries*) 38 -109Total income tax expenses 234 -60* Subsidiaries in Taiwan, USA, India and ChinaIncome tax expense reconciliation:Profit (loss) before taxes -65,498 -46,394Expected income tax expenses at Norwegian nominal tax rate (22%) -14,410 -10,207Difference between local tax rates and Norwegian nominal tax rate -72 -88Effect of change in local tax rates - - Tax effect of permanent differences -29 529Change in deferred tax assets not recognized 14,417 11,020Prior year underaccrual/(overaccrual) of income tax -5,132 -5,513 Other 5,459 4,199Actual income tax expenses 234 -60Effective tax rate 0% 0%Deferred tax related to the following temporary differences:(amounts in NOK 1,000) 2023 2022Property, plant and equipment -2,971 -1,783Inventories -17,200 -13,254Accounts receivables and other assets -2,932 -3,175Lease liabilities -430 -863Other temporary differences -7,193 -2,817Tax losses carried forward -1,320,961 -1,262,587Total temporay differences and tax losses carried forward -1,351,686 -1,284,480Deferred tax assets (amounts in NOK 1,000) 2023 2022Property, plant and equipment 654 393Inventories 3,784 2,916Accounts receivables and other assets 645 699Lease liabilities 95 190Other temporary differences 1,614 594Tax losses carried forward 290,611 277,769Deferred tax assets not recognized -297,403 -282,598Deferred tax assets(-)/liability(+) in the balance sheet - -38 As of 31 December 2023, NOK 1 321 million (2022: NOK 1 263 million) of tax losses carried forward are related to the Norwegian companies with no limitiations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Deferred tax assets - 38Deferred tax liabilities - - Net deferred taxes as of 31 December - 38Note 9 \u2013 Earnings per shareThe calculations of earnings per share attributable to the equity holders of the parent company are based on the following data:2023 2022Profit (loss) after taxes (NOK 1,000) -65,732 -46,333Number of shares outstanding as of 1 January 91,980,763 91,680,763New shares issued during the year (see note 18) 12,000,000 - Excercised incentive options during the year (see note 18) 44,166 300,000Number of shares outstanding as of 31 December 104,024,929 91,980,763Weighted average number of shares for the year 95,151,133 91,791,722Effect of dilution option programmes - - Weighted average number of shares adjusted for effect of dilution 95,151,133 91,791,722Earnings per share, basic and diluted (NOK) -0.69 -0.50Earnings per shareEarnings per share are calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares outstanding over the course of the period. Earnings per share fully diluted are calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.Note 10 \u2013 Intangible assetsIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u00ae Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2023 2022Accumulated cost as of 1 January 29,779 27,471Additions - - Disposals at cost - - Translation differences 715 2,308Accumulated cost as of 31 December 30,494 29,779 Accumulated amortization and impairment losses as of 1 January -27,200 -23,545Amortization -1,100 -1,393Accumulated amortization and impairment losses of disposed items - - Translation differences -662 -2,262Accumulated amortization and impairment losses as of 31 December (28,963) (27,200)Carrying amount as of 31 December 1,530 2,579Amortization period in years (straight line) 3-12 3-12As of 31 December 2023, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 1.5 million (2022: NOK 2.6 million) are separately acquired assets. There are no impairments related to intangible assets in 2023 and 2022.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition).Note 11 \u2013 Property, plant and equipment2023 2022RoU-RoU-(amounts in NOK 1,000) PPEassets Total PPEassets TotalAccumulated cost as of 1 January 36,097 5,421 41,519 41,595 4,852 46,447Additions 13 1,066 1,079 68 1,020 1,089Disposals at cost -1,448 -1,270 -2,719 -6,924 -817 -7,741Translation differences 1,103 100 1,204 1,357 366 1,724Accumulated cost as of 31 December 35,766 5,317 41,083 36,097 5,421 41,519 Accumulated depreciation and impairment losses as of -26,629 -2,542 -29,171 -28,581 -1,361 -29,9421 JanuaryDepreciation -3,896 -2,076 -5,973 -3,946 -1,887 -5,833Impairment losses -1,139 - -1,139 - - Accumulated depreciation and impairment losses of 1,448 1,186 2,634 6,875 817 7,692disposed itemsTranslation differences -654 -40 -694 -977 -111 -1,088Accumulated depreciation and impairment (30,871) (3,472) (34,343) (26,629) (2,542) (29,171)losses as of 31 DecemberCarrying amount as of 31 December 4,895 1,845 6,738 9,468 2,879 12,347Depreciation period in years (straight line) 3-10 2-4 3-10 2-4In 2023, the group booked an impairment of NOK 1.1 million relating to a machine that was not in use and also not expected to be used in the future. As of 31 December 2023, carrying amount of property, plant and equipment consists of machinery of NOK 4.8 million (2022: NOK 9.3 million) and office equipment of NOK 0.1 million (2022: NOK 0.2 million).Additions in 2023 for right-of-use assets (RoU-assets) were mainly related to new office leases in Taiwan and China. See also note 17 for further information regarding leases. Right-of-use assets (RoU-assets) represent office leases.Note 12 \u2013 Inventories(amounts in NOK 1,000) 2023 2022Raw material, consumables and supplies 17,143 12,732 Work in progress 2,367 3,139 Finished products 3,615 7,065 Total inventories 23,126 22,935 Cost of goods sold is defined as cost of materials and production service expenses.Cost of goods sold includes net write-downs of inventories. In 2023, write-downs on inventories was NOK 4.04 million while the write-down of inventories was NOK -0.05 million in 2022 (net gain).Note 13 \u2013 Accounts receivables(amounts in NOK 1,000) 2023 2022Accounts receivables - gross 15,269 9,115 Accounts receivables - loss allowance -2,966 -2,853Total accounts receivables as of 31 December 12,303 6,261 More than More than More than 30 days past 60 days past 120 days 2023 (amounts in NOK 1,000) Currentdueduepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 11,531 - - 727Loss allowance (Class 1 and 2) - - - 36 36 Gross carrying amount (Class 3) 3,011Loss allowance (Class 3: individual assessment) 2,930 2,930 Total loss allowance 2,966 More than More than More than 30 days past 60 days past 120 days 2022 (amounts in NOK 1,000) Currentdueduepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 3,754 1 80 276Loss allowance (Class 1 and 2) - 0 2 14 15 Gross carrying amount (Class 3) 2,165 2,839Loss allowance (Class 3: individual assessment) 2,839 2,839 Total loss allowance 2,853 (amounts in NOK 1,000) 2023 2022Opening balance 2,853 2,291This year's allowance for expected credit loss 36 15This year actual credit loss -439 -4 Change in estimate previous year's expected credit loss 515 551 Closing balance 2,966 2,853 NEXT\u2019s major customers are represented in class one while other customers are defined as class two. Further, class three customers are defined as customers that have significant overdue balances and/or where there is an increased risk of non-payment relative to class one and two. Impairment of financial assetsThe slight increase in allowance for expected credit loss as per 31 December is due to strengthening of the USD/NOK exchange rate from 2022 to 2023 partly offset by reversal of earlier year credit provisions on long dated receivables. Financial assets (including accounts receivables)Initial recognition and measurementFinancial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originated. A financial asset is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL). The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.Financial asset write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Note 14 \u2013 Other current assets(amounts in NOK 1,000) 2023 2022Prepayments 2,564 2,060 Government grants (see note 6) 1,527 1,541 Deposits 320 923 Income taxes and other taxes receivables 359 325 Other receivables 2,680 3,538 Total other current assets as of 31 December 7,451 8,387Note 15 - CashCash include cash in hand, deposits held at call with banks and bank deposits related to employee withholding tax (restricted funds).(amounts in NOK 1,000) 2023 2022Cash - unrestricted 67,332 68,682 Cash - employee withholding tax deposits 422 621 Total cash 67,753 69,302Note 16 \u2013 Other current liabilities(amounts in NOK 1,000) 2023 2022Accrued salary, vacation pay and board remuneration 1,863 1,797 Public duties payable 1,504 3,430 Share options social security tax 6,225 1,614 Other current liabilities 7,001 8,064 Total other current liabilities 16,594 14,904 Other current liabilities of NOK 7 million mainly relates to uninvoiced goods and services that has been received by the group. In 2020, NEXT provided biometric products to a former client. The client failed to meet the agreed-upon payments, leading NEXT to decide to pursue these payments through the courts, citing a breach of contract. The arbitration court proceedings are ongoing. The book value of the NEXT receivable relating to this claim is zero as per 31 December 2023. Subsequent to the year-end, the former client countersued NEXT for breach of contract and is seeking damages from NEXT. NEXT\u2019s management, in consultation with its legal advisors, considers this countersuit to be without merit and with an extremely low likelihood of succeeding. As such, in accordance with IAS 37, no provision has been recognized for this potential liability in the financial statements as of 31 December 2023. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.ProvisionsProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlement will take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to time is recorded as other financial expenses.Contingent liabilities and assetsContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but is disclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.Note 17 \u2013 LeasesThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Property - office leases (included in \"Property, plant and equipment\") 1,845 2,879Total right-of-use assets 1,845 2,879Non-current lease liabilities 194 1,218Current lease liabilities 1,745 1,748Total lease liabilities 1,940 2,966See note 11 for more information regarding right-of-use assets. As per 31 December 2023, the Group has office lease agreements in Norway, China, USA and Taiwan.The individual lease terms for the Group\u2019s office leases are generally 2-3 years including extension periods at inception of the lease period. The Group has multiple office leases that have a short remaining lease period as per 31 December 2023, which are due for contract renewal during 2024.The table below shows the amounts related to leases recognized in the statement of comprehensive income:(amounts in NOK 1,000) 2023 2022Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -2,076 -1,887Interest income (included in \"Financial income\") - 19Interest expenses (included in \"Financial expenses\") -146 -111Net expenses related to leases -2,223 -1,979The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2023 2022Opening balance 2,966 4,496Changes from financing cash flows -2,078 -2,738Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 986 992Other changes -46 -88Translation differences 113 304Closing balance as of 31 December 1,940 2,966The total cash outflow for leases in 2023 was NOK 2.1 million (2022: NOK 2.7 million). The table below shows the maturity profile for the lease liabilities based on contractual undisocunted payments:(amounts in NOK 1,000) 2023 2022Within one year 1,745 2,140More than 1 year but within 5 years 194 1,033After 5 years - - Total contractual cash flows related to leases 1,940 3,173 Leasing agreementsCurrently, the Group\u2019s only leases are office leases. The intial fixed lease period for the office leases are generally 1-4 years at inception of the individual leases. Currently, no office lease extension options have been recognized. The Group recognizes the office lease liability and a corresponding office right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rate implicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.Note 18 \u2013 Share capital, shareholder\u2019s information and share-based optionsThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 104,024,929 shares in the company on 31 December 2023, compared to 91,980,763 shares on 31 December 2022. At the end of 2023 there were 4,079 shareholder accounts compared to 4,392 at the end of 2022.Number of shares outstanding 2023 2022Opening balance 91,980,763 91,680,763Share issue(s) 12,000,000 - Exercised incentive share options 44,166 300,000Closing balance 104,024,929 91,980,763In September 2023, NEXT successfully completed a private placement issuing 12,000,000 new shares at a subscription price of NOK 5.0 per share, corresponding to gross proceeds of NOK 60.0 million. Direct expenses and underwriting commission in relation to the private placement w as NOK 3.1 million and net proceeds were NOK 56.9 million. Moreover, in May and September 2023, 44,166 share options were exercised at an average subscription price of NOK 3.4 per share with total gross proceeds of NOK 0.15 million. Total net proceeds for the year 2023 amounted to NOK 57.0 million.In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.Capital resourcesNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2023.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2023 2022Total equity 94,351 96,000Total assets 118,900 121,850Equity share 79% 79%Capital resources 2023 2022Current debt 24,355 24,571Non-current debt 194 1,279Less cash -67,753 -69,302Net debt (net cash) -43,204 -43,452Total equity 94,351 96,000Total capital resources 51,147 52,548Gearing ratio (%) -84% -83%The largest shareholders at year end and shares owned by executive and Directors of the Board:Percent of Top 20 shareholders at 31 December 2023 Number of sharessharesSkandinaviska Enskilda Banken AB 7,413,614 7.1 %TVENGE TORSTEIN INGVALD 6,400,000 6.2 %SILVERCOIN INDUSTRIES AS 5,805,008 5.6 %NORUS AS 5,739,522 5.5 %SONGA CAPITAL AS 3,905,486 3.8 %J.P. Morgan SE 3,866,900 3.7 %UBS Switzerland AG 3,341,650 3.2 %NORUS HOLDING DATTER AS 3,207,249 3.1 %CAMACA AS 3,100,000 3.0 %EDGEWATER AS 2,960,065 2.8 %CAMIKO AS 2,475,000 2.4 %LUCELLUM AS 2,350,000 2.3 %DNB Markets Aksjehandel/-analyse 1,913,458 1.8 %CONVEXA AS 1,747,000 1.7 %VALSET INVEST AS 1,700,000 1.6 %AS AUDLEY 1,682,027 1.6 %SIX-SEVEN AS 1,587,451 1.5 %ECOMNEX HOLDING AS 1,519,484 1.5 %AVEO INVEST AS 1,420,000 1.4 %HANOMA HOLDING AS 1,300,000 1.2 %TOTAL top 20 63,433,914 61.0 %Others 40,591,015 39.0%Total number of shares 104,024,929 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesUlf Ritsvall, CEO 17,000 0.02%Eirik Underthun, CFO 0 0.00%Marcus Lauren, CPO 20,000 0.02%Digvijay Singh Kanwar, SVP Head of Sales IUEA 0 0.00%Joshua Chui, SVP Head of Sales South-East Asia 0 0.00%Peter Heuman, former CEO 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 1,032,779 0.99% Fjellstad Holding ASOdd-Harald Hauge 548,907 0.53% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.08%Nomination CommitteeJon Frode Vaksvik 35,000 0.03% Jon Frode Vaksvik & Skavak Invest ASSilvercoin Industries AS, Fredrikstad Spillerinvest AS, Six-Seven AS & 1Haakon S\u00e6ter7,631,926 7.34%Haakon S\u00e6terNORUS AS, Norus Holding Datter AS, Hans Herman Horn 10,080,708 9.69%Edgewater AS & Hans Herman Horn19,446,058 18.69%1 In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2023. As of 31 December 2023, the Company has one share option program:i) Long-term share options programNEXT has allotted long-term share options to employees. The options in the 2016, 2020 and 2021 program are fully vested as per 31. December 2023. The options in the 2021 program did vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options allocated to employees in the 2023 program vest 1/3 in quarter three 2024, 1/3 in quarter three 2025 and 1/3 in quarter one 2025. The options in the 2020 and 2021 program were extended during 2023 and these options expire in 2026. The options in the 2022 program expire 3 years after the options have been granted (2025) while the optins in the 2023 program expire in 2028 (5 years after the options have been granted).There are currently an accumulated 14,048,519 (13.5% of total number of shares in the Company) share options outstanding. Out of these, 10,710,182 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined in the individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted. At the Annual General Meeting (AGM) 12 May 2023 the Board of Directors was granted authorization to issue up to 10,900,558 shares shares in the company in relation to options granted to employees and board members. 2023 2022Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 11,932,228 4.86 9,828,646 4.84 Granted 2,500,000 5.99 2,681,000 4.83 Exercised (44,166) 3.39 -300,000 2.49 Forfeited or expired (339,543) 15.45 -277,418 - Outstanding options - End period 14,048,519 4.86 11,932,228 4.86 Vested options - End period 10,710,182 4.66 8,755,897 4.66 2023 2022Weighted average Weighted average Number of optionsfair value Number of optionsfair valueGranted options - During period 2,500,000 1.93 2,681,000 1.32 Of which adjustment prior periods expense beause of change in estimated number of Remaining expense Number of options Net expense in the options that will vest future periods expected to vest 2023period (NOK 1,000)(NOK 1,000)(NOK 1,000)(number of options)2016-2019 grants - - - 567,355 2020 grants 199 199 - 4,558,500 2021 grants 3,096 2,007 - 3,874,330 2022 grants 1,443 - 795 2,548,334 2023 grants 1,157 - 3,680 2,500,000 Total 5,896 2,206 4,475 14,048,519 Weighted average Number of options Total number of options remaining contractual expected to vest outstanding (number of 2023 Range of exercise pricelife (years)(number of options)options)2016-2019 grants 3,13-77,35 1.51 567,335 567,355 2020 grants 2,49-3,21 2.47 4,558,500 4,558,500 2021 grants 4,32-7,45 2.47 3,874,330 3,874,330 2022 grants 4,48-4,89 1.42 2,422,583 2,548,334 2023 grants 5,94-6,46 4.46 2,213,984 2,500,000 Total - - 13,636,732 14,048,519 The fair value for the share-based options granted in the year has been calculated by use of the Black-Scholes and the following assumptions have been applied in 2023 and 2022: Exercise price:2023: Weighted average NOK 5.99 per share2022: Weighted average NOK 4.83 per shareVesting period:2023 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 2.5 years2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 yearsVolatility:2023: 41%-68% depending on time to maturity of individual options.2022: 45%-93% depending on time to maturity of individual options.Risk free interest rate:2023: 3.68%-4.21% depending on time to maturity of individual options.2022: 1.24%-2.92% depending on time to maturity of individual options.Attrition:2023: Estimated 8% employee attrition for individual non-vested share-based options.2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend payment Note 19 \u2013 Remuneration key personnel and audit feesActual remuneration - senior executives2023 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options *remunerationSenior Executives1Ulf Ritsvall, CEO - 2,130 100 19 - 1,650 3,900Eirik Underthun, CFO - 1,878 100 4 172 862 3,016Marcus Lauren, 2CPO - 418 - - - 11 429Digvijay Singh Kanwar, SVP Head 3of Sales IUEA - 684 82 - - 127 893Joshua Chui, SVP Head of Sales 3South-East Asia - 313 - - - 11 325Peter Heuman, 4former CEO - 3,186 - 3 131 1,783 5,103Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum 200 - - - - 73 273Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 8,610 282 27 303 4,518 14,909* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information).Board remuneration reported above is based on paid-out amounts.1Ulf Ritsvall was promoted to NEXT Biometrics Group CEO effective from 1 October 2023. Ulf Ritsvall previously was NEXT SVP Sales and Marketing.2 Marcus Lauren was hired as Chief Product Officer effective from 1 November 2023.3 Joshua Chui was hired as VP Head of Sales South-East Asia effective from 1 November 2023. Digvijay Singh Kanwar was promoted to SVP Head of Sales IUEA effective from 1 November 2023.4 Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman was advisor to the CEO and board of directors.Actual remuneration - senior executives2022 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options*remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and marketing - 1,706 - 2 - 1,402 3,110Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum - - - - - 96 96Live Haukvik 200 - - - - - 200Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020CEO remunerationUlf Ritsvall has a salary of NOK 2.5 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Ulf Ritsvall was awarded a bonus in 2023 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman has been engaged as an advisor to the CEO and board of directors. When engaged as CEO during 2023, Peter Heuman had a base salary of NOK 3.0 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.SeveranceUlf Ritsvall has a severance agreement whereby he will receive 100% pay for 6 months for termination by the Company without cause.Loans and guarantees for senior executivesThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2023. Share based remunerationShare-based payments are equity-settled share options granted to employees, contractors and members of the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses. Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date.For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2023, the number of outstanding options to senior executives amounted to 11,505,000 corresponding to 11.0% of the share capital. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. For further details regarding share-based remuneration, see note 18.Options - Share based remunerationAccumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2023options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesUlf Ritsvall, CEO 1,900,000 825,000 - - - 2,725,000 5.53Eirik Underthun, CFO 1,500,000 250,000 - - - 1,750,000 4.86Marcus Lauren, CPO - 75,000 - - - 75,000 6.46Digvijay Singh Kanwar, SVP Head of Sales IUEA 100,000 100,000 - - - 200,000 5.21Joshua Chui, SVP Head of Sales South-East Asia - 75,000 - - - 75,000 6.46Peter Heuman, former CEO 4,720,000 300,000 - - - 5,020,000 4.11Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 200,000 - - - - 200,000 4.89Total 9,880,000 1,625,000 - - 11,505,000Accumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2022options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales and Marketing 400,000 1,500,000 - - - 1,900,000 5.34Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 0 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - -200,000 9,780,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK)Audit fees(amounts in NOK 1,000) 2023 2022Audit fee 532 829 Attestation 145 75 Tax services - 74 Non-audit services 74 - Total audit fees 751 979Note 20 \u2013 Climate riskThe Group does not own or operate manufacturing facilities. Manufacturing is done through third parties. Climate impact and potential risk is low in the short to medium term. The Group is not directly impacted by physical climate risk such as potential flooding or general increase in the sea level. Moreover, the Group does not face any potential liabilities due to damage caused by climate change. Still, the Group is likely to be impacted by the regulatory and technological changes that are to be implemented (in the future) to reach a carbon neutral society, which may lead to long term increased electronic component purchase and manufacturing costs. Note 21 - Related partiesThe Group\u2019s significant shareholders, board members and management are considered related parties. Transactions between related parties are always aimes at being carried at arm\u2019s lenght principle. Board members have received remuneration according to the general meetings decisions. In addition, board members have been granted options. Salary and board remuneration to related parties have been disclosed in note 19.Note 22 - Events occurring after the balance sheet dateBetween 31 December 2023 and the resolution of these financial statements, there has not been any event which have had any noticeable impact on the Group\u2019s or the parent company\u2019s result for 2023 or the value of the Group or the parent company\u2019s assets and liabilities as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__19": { "value": "Note 2 \u2013 summary of material accounting policiesBasis of preparationThese financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU per 31 December 2023. Going concernThe Board of Directors confirms that the financial statements have been prepared under the assumption of going concern. Currency These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group uses the local currency of where it is domiciled and has its operations as functional currency. Property, plant and equipmentProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss. InventoryRaw materials, work in progress and finished products are valued at the lower of cost and net realizable value after deduction for obsolescence. Costs are determined using the FIFO and average cost method. Cash flowThe cash flow statement has been drawn up in accordance with the indirect method and reports cash flows during the period classified by operating, investing and financing activities. Significant estimates and judgementsPreparation of financial statements in accordance with IFRS requires that the management makes judgements and prepares estimates and assumptions which have an impact on the recognized amounts for assets, liabilities, revenue and costs. Estimates and related assumptions have been based on the management\u2019s best knowledge of past and recent events, experience and other factors which are considered reasonable under the circumstances. Actual results may deviate from such assumptions. Estimates and underlying assumptions are subject to continuous evaluation.Critical account estimates for the Group are:Share-based remuneration: The cost of options granted to employees and employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. Please see note 18 for further details. Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__21": { "value": "Basis of preparationThese financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU per 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__20": { "value": "Basis of preparationThese financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU per 31 December 2023.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__22": { "value": "Going concernThe Board of Directors confirms that the financial statements have been prepared under the assumption of going concern.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__24": { "value": "Currency These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group uses the local currency of where it is domiciled and has its operations as functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__23": { "value": "Currency These financial statements are presented in Norwegian kroner, which is also the Parent company\u2019s functional currency. Each entity in the Group uses the local currency of where it is domiciled and has its operations as functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__25": { "value": "Property, plant and equipmentProperty, plant and equipment are held at cost less accumulated depreciation and impairment losses. When assets are sold or disposed, the gross carrying amount and accumulated depreciations are reversed. Any gain or loss on the sale or disposal is recognized in the profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__26": { "value": "InventoryRaw materials, work in progress and finished products are valued at the lower of cost and net realizable value after deduction for obsolescence. Costs are determined using the FIFO and average cost method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__27": { "value": "Cash flowThe cash flow statement has been drawn up in accordance with the indirect method and reports cash flows during the period classified by operating, investing and financing activities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__28": { "value": "Share-based remuneration: The cost of options granted to employees and employee option social security costs are classified as employee costs while cost of options granted to consultants/contractors are classified as other operating costs. Please see note 18 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__31": { "value": "Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__30": { "value": "Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__29": { "value": "Research and development expenses/ Intangible assets: Research costs are expensed as incurred. An intangible asset arising from the development expenditure on an individual project is recognized only when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, the Group\u2019s intention and capability of completing the development and realize the assets, and the net future financial benefits of use or sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__32": { "value": "Note 3 - Revenues and segment reportingIn general, sales are recognized when control of the products (the physical hardware) has transferred at delivery according to delivery terms. The goods are sold based on either fixed prices or variable consideration, and recognised point in time as the risk and control is transferred to the customer. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery, which is consistent with market practice. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products to any end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition.(amounts in NOK 1,000) 2023 2022Fingerprint sensor technology 33,717 46,508Total operating revenues 33,717 46,508The Group targets four customer groups and application areas for the technology:(i) Office & Notebooks(ii) Payment & Fintech(iii) Access control (iv) Public SecurityThe same generic fingerprint sensor technology and products is used for all customers. Most of the Group\u2019s key IP, including our NEXT Active Thermal\u00ae is shared and used in all products. The employees in the Group work across all products and customers. The R&D personnel are focused on technology, rather than specific customer groups such as Office & Notebooks or Public Security. Based on this, the Group consider that we only operate within one business segment, and therefore also report only within one business segment, \u201cFingerprint sensor technology\u201d.The operating revenue, both in 2023 and in 2022, was mainly related to customers geographically located in Asia (Japan, Singapore, China, Taiwan and India).All of the group\u2019s revenue is point in time type of revenue.Other revenue of NOK 0.7 million mainly relates to sale of electronic components and other fees.The CEO is the chief operating decision maker (CODM) of the group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__33": { "value": "In general, sales are recognized when control of the products (the physical hardware) has transferred at delivery according to delivery terms. The goods are sold based on either fixed prices or variable consideration, and recognised point in time as the risk and control is transferred to the customer. No significant element of financing is deemed present as the sales are normally made with a credit term of 30 days upon delivery, which is consistent with market practice. The Group delivers products and send invoices both to distributors and directly to end-customers. The Group assess individual contracts and determines whether a distributor is a customer or a sales agent. When making this assessment it will be considered whether the buyer could have the opportunity to return products to the Group, whether the distributor/agent independently can set end customer prices and sell products to any end customer. The classification of a distributor as a customer or a sales agent will have an impact on the timing and measurement of revenue recognition", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__35-1": { "value": "Note 4 \u2013 Payroll expenses(amounts in NOK 1,000) 2023 2022Salaries, fees -26,507 -27,025Share based remuneration (salary part) -5,729 -4,728Share based remuneration (employer's tax) -4,611 2,663Social security taxes -3,515 -2,598Pension contribution -804 -747Other personnel expenses -1,204 -951Total payroll expenses -42,370 -33,385Average numbers of employees 24 27The Group employedi) Long-term share options programNEXT has allotted long-term share options to employees. The options in the 2016, 2020 and 2021 program are fully vested as per 31. December 2023. The options in the 2021 program did vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options allocated to employees in the 2023 program vest 1/3 in quarter three 2024, 1/3 in quarter three 2025 and 1/3 in quarter one 2025. The options in the 2020 and 2021 program were extended during 2023 and these options expire in 2026. The options in the 2022 program expire 3 years after the options have been granted (2025) while the optins in the 2023 program expire in 2028 (5 years after the options have been granted).There are currently an accumulated 14,048,519 (13.5% of total number of shares in the Company) share options outstanding. Out of these, 10,710,182 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined in the individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted. At the Annual General Meeting (AGM) 12 May 2023 the Board of Directors was granted authorization to issue up to 10,900,558 shares shares in the company in relation to options granted to employees and board members. 2023 2022Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 11,932,228 4.86 9,828,646 4.84 Granted 2,500,000 5.99 2,681,000 4.83 Exercised (44,166) 3.39 -300,000 2.49 Forfeited or expired (339,543) 15.45 -277,418 - Outstanding options - End period 14,048,519 4.86 11,932,228 4.86 Vested options - End period 10,710,182 4.66 8,755,897 4.66 2023 2022Weighted average Weighted average Number of optionsfair value Number of optionsfair valueGranted options - During period 2,500,000 1.93 2,681,000 1.32 Of which adjustment prior periods expense beause of change in estimated number of Remaining expense Number of options Net expense in the options that will vest future periods expected to vest 2023period (NOK 1,000)(NOK 1,000)(NOK 1,000)(number of options)2016-2019 grants - - - 567,355 2020 grants 199 199 - 4,558,500 2021 grants 3,096 2,007 - 3,874,330 2022 grants 1,443 - 795 2,548,334 2023 grants 1,157 - 3,680 2,500,000 Total 5,896 2,206 4,475 14,048,519 Weighted average Number of options Total number of options remaining contractual expected to vest outstanding (number of 2023 Range of exercise pricelife (years)(number of options)options)2016-2019 grants 3,13-77,35 1.51 567,335 567,355 2020 grants 2,49-3,21 2.47 4,558,500 4,558,500 2021 grants 4,32-7,45 2.47 3,874,330 3,874,330 2022 grants 4,48-4,89 1.42 2,422,583 2,548,334 2023 grants 5,94-6,46 4.46 2,213,984 2,500,000 Total - - 13,636,732 14,048,519 The fair value for the share-based options granted in the year has been calculated by use of the Black-Scholes and the following assumptions have been applied in 2023 and 2022: Exercise price:2023: Weighted average NOK 5.99 per share2022: Weighted average NOK 4.83 per shareVesting period:2023 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 2.5 years2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 yearsVolatility:2023: 41%-68% depending on time to maturity of individual options.2022: 45%-93% depending on time to maturity of individual options.Risk free interest rate:2023: 3.68%-4.21% depending on time to maturity of individual options.2022: 1.24%-2.92% depending on time to maturity of individual options.Attrition:2023: Estimated 8% employee attrition for individual non-vested share-based options.2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend paymentNote 19 \u2013 Remuneration key personnel and audit feesActual remuneration - senior executives2023 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options *remunerationSenior Executives1Ulf Ritsvall, CEO - 2,130 100 19 - 1,650 3,900Eirik Underthun, CFO - 1,878 100 4 172 862 3,016Marcus Lauren, 2CPO - 418 - - - 11 429Digvijay Singh Kanwar, SVP Head 3of Sales IUEA - 684 82 - - 127 893Joshua Chui, SVP Head of Sales 3South-East Asia - 313 - - - 11 325Peter Heuman, 4former CEO - 3,186 - 3 131 1,783 5,103Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum 200 - - - - 73 273Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 8,610 282 27 303 4,518 14,909* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information).Board remuneration reported above is based on paid-out amounts.1Ulf Ritsvall was promoted to NEXT Biometrics Group CEO effective from 1 October 2023. Ulf Ritsvall previously was NEXT SVP Sales and Marketing.2 Marcus Lauren was hired as Chief Product Officer effective from 1 November 2023.3 Joshua Chui was hired as VP Head of Sales South-East Asia effective from 1 November 2023. Digvijay Singh Kanwar was promoted to SVP Head of Sales IUEA effective from 1 November 2023.4 Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman was advisor to the CEO and board of directors.Actual remuneration - senior executives2022 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options*remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and marketing - 1,706 - 2 - 1,402 3,110Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum - - - - - 96 96Live Haukvik 200 - - - - - 200Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020CEO remunerationUlf Ritsvall has a salary of NOK 2.5 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Ulf Ritsvall was awarded a bonus in 2023 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman has been engaged as an advisor to the CEO and board of directors. When engaged as CEO during 2023, Peter Heuman had a base salary of NOK 3.0 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.SeveranceUlf Ritsvall has a severance agreement whereby he will receive 100% pay for 6 months for termination by the Company without cause.Loans and guarantees for senior executivesThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2023. Share based remunerationShare-based payments are equity-settled share options granted to employees, contractors and members of the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses. Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date.For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2023, the number of outstanding options to senior executives amounted to 11,505,000 corresponding to 11.0% of the share capital. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. For further details regarding share-based remuneration, see note 18.Options - Share based remunerationAccumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2023options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesUlf Ritsvall, CEO 1,900,000 825,000 - - - 2,725,000 5.53Eirik Underthun, CFO 1,500,000 250,000 - - - 1,750,000 4.86Marcus Lauren, CPO - 75,000 - - - 75,000 6.46Digvijay Singh Kanwar, SVP Head of Sales IUEA 100,000 100,000 - - - 200,000 5.21Joshua Chui, SVP Head of Sales South-East Asia - 75,000 - - - 75,000 6.46Peter Heuman, former CEO 4,720,000 300,000 - - - 5,020,000 4.11Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 200,000 - - - - 200,000 4.89Total 9,880,000 1,625,000 - - 11,505,000Accumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2022options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales and Marketing 400,000 1,500,000 - - - 1,900,000 5.34Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 0 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - -200,000 9,780,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK)", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__34": { "value": "Note 4 \u2013 Payroll expenses(amounts in NOK 1,000) 2023 2022Salaries, fees -26,507 -27,025Share based remuneration (salary part) -5,729 -4,728Share based remuneration (employer's tax) -4,611 2,663Social security taxes -3,515 -2,598Pension contribution -804 -747Other personnel expenses -1,204 -951Total payroll expenses -42,370 -33,385Average numbers of employees 24 27The Group employed an average number of employees of 24. In addition, the company has 17 contractors who are working for the company on a part time or full time basis.The parent company, NEXT Biometrics Group ASA, provides a contribution-based pension insurance scheme for all employees. The scheme satisfies the mandatory service pension (\u2018OTP\u2019) in Norway.NEXT Biometrics Inc has a 401-K plan for its employees, which allows employees to save for retirement with pre-tax funds. The company currently does not contribute to this plan but pays for its administration. NEXT Biometrics Taiwan Ltd offers an employee pension plan with an annual contribution of 6% of the salary, but capped at TWD 9000 per month per employee (NOK 2900 per month). NEXT Biometrics China Ltd and NEXT Biometrics Solutions Pvt Ltd have no local pension plans.Termination benefitsTermination benefits are payable when the employment is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__36": { "value": "Termination benefitsTermination benefits are payable when the employment is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognizes termination benefits when the Group can no longer withdraw the offer.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__38": { "value": "Note 5 \u2013 Other operating expenses(amounts in NOK 1,000) 2023 2022Product and marketing costs -4,434 -2,657R&D costs -2,600 -5,516Business services costs -10,632 -6,7931R&D and government grants1,754 2242Fees to contractors, auditors, lawyers and others-4,331 -4,6153Other expenses-2,807 -2,8454Share based remuneration (operating part)-167 -5Total other operating expenses (23,218) (22,207)The Group\u2019s business service costs increased from NOK 6.8 million in 2022 to NOK 10.6 million in 2023 largely due to transfer of personnel from hired employees to contractors, increased number of contractors in the areas of sales, product and marketing as well as due to higher travel activity.1. R&D grants and other government grants are related to Skattefunn grants in 2022/2023.2. Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3. Other expenses include software expenses, IT cost, insurance fees, non deductable VAT and stock exchange related fees.4. Share based remuneration (operating part) refers to share options granted to contractors (see note 18 for further information)", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__37-1": { "value": "Note 5 \u2013 Other operating expenses(amounts in NOK 1,000) 2023 2022Product and marketing costs -4,434 -2,657R&D costs -2,600 -5,516Business services costs -10,632 -6,7931R&D and government grants1,754 2242Fees to contractors, auditors, lawyers and others-4,331 -4,6153Other expenses-2,807 -2,8454Share based remuneration (operating part)-167 -5Total other operating expenses (23,218) (22,207)The Group\u2019s business service costs increased from NOK 6.8 million in 2022 to NOK 10.6 million in 2023 largely due to transfer of personnel from hired employees to contractors, increased number of contractors in the areas of sales, product and marketing as well as due to higher travel activity.1. R&D grants and other government grants are related to Skattefunn grants in 2022/2023.2. Fees to contractors, auditors, lawyers refers to amounts paid the company\u2019s contractors and service providers who are working for the company on a part time or full time basis3. Other expenses include software expenses, IT cost, insurance fees, non deductable VAT and stock exchange related fees.4. Share based remuneration (operating part) refers to share options granted to contractors (see note 18 for further information)Note 6 \u2013 Research and development costIn general, research costs are expensed when incurred. Internal and external research and development performed in 2023 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included in payroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 9.0 million in 2023 (2022: NOK 11.2 million), of which NOK 6.4 million (2022: NOK 5.7 million) is presented in payroll expenses and NOK 2.6 million (2022: NOK 5.5 million) in other operating expenses.Government grantsGovernment grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.The subsidiary NEXT Biometrics AS\u2019 estimated estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2023 is NOK 1.5 million (2022: NOK 1.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly led to a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__48": { "value": "Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__47": { "value": "Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__46": { "value": "Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__45": { "value": "Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__44": { "value": "Note 7 \u2013 Financial items(amounts in NOK 1,000) 2023 2022Interest income 1,054 693Interest income on sub-leases (see note 17) - 19Total financial income 1,054 712Interest expenses -157 -20Interest expenses leases (see note 18) -146 -111Other financial expenses 241 13Total financial expenses -62 -118Realized currency gains (losses) -62 125Change in unrealized currency gains (losses) -12 957Net currency gains (losses) -74 1,082Net financial items 918 1,676", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__42": { "value": "Note 6 \u2013 Research and development costIn general, research costs are expensed when incurred. Internal and external research and development performed in 2023 do not meet the Group\u2019s capitalization criteria. The reported research and development (R&D) costs includes external project costs for work and material purchased from various companies and institutions. The payroll cost of R&D staff is included in payroll, and any capitalization reported as a credit on a separate line. The major parts of the R&D costs are related to development of the sensor technology as well as production trials and pilot production of new sensor modules. Expensed R&D costs for the Group amounted to NOK 9.0 million in 2023 (2022: NOK 11.2 million), of which NOK 6.4 million (2022: NOK 5.7 million) is presented in payroll expenses and NOK 2.6 million (2022: NOK 5.5 million) in other operating expenses.Government grantsGovernment grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.The subsidiary NEXT Biometrics AS\u2019 estimated estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2023 is NOK 1.5 million (2022: NOK 1.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly led to a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__43": { "value": "Government grantsGovernment grants are recognized when there is reasonable assurance that the grant will be received, and all attaching conditions will be complied with. When the grant relates to an expense item, it is recognized as a reduction in expense. When the grant can be viewed as payment for a deliverable or performance of service, it is recognized as other revenue.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__40": { "value": "The subsidiary NEXT Biometrics AS\u2019 estimated estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2023 is NOK 1.5 million (2022: NOK 1.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly led to a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__39": { "value": "The subsidiary NEXT Biometrics AS\u2019 estimated estimated R&D public grant in connection with SkatteFUNN (Norwegian tax deduction scheme) for 2023 is NOK 1.5 million (2022: NOK 1.5 million). The total amount is presented as part of \u201cOther current assets\u201d in the balance sheet and has correspondingly led to a reduction in other operating expenses. The grant is subject to final approval by the tax authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__51": { "value": "Note 8 \u2013 Income taxesThe tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.(amounts in NOK 1,000) 2023 2022Current taxes (enties located in Norway) - - Current taxes (International subsidiaries*) 196 49Change in deferred taxes (International subsidiaries*) 38 -109Total income tax expenses 234 -60* Subsidiaries in Taiwan, USA, India and ChinaIncome tax expense reconciliation:Profit (loss) before taxes -65,498 -46,394Expected income tax expenses at Norwegian nominal tax rate (22%) -14,410 -10,207Difference between local tax rates and Norwegian nominal tax rate -72 -88Effect of change in local tax rates - - Tax effect of permanent differences -29 529Change in deferred tax assets not recognized 14,417 11,020Prior year underaccrual/(overaccrual) of income tax -5,132 -5,513 Other 5,459 4,199Actual income tax expenses 234 -60Effective tax rate 0% 0%Deferred tax related to the following temporary differences:(amounts in NOK 1,000) 2023 2022Property, plant and equipment -2,971 -1,783Inventories -17,200 -13,254Accounts receivables and other assets -2,932 -3,175Lease liabilities -430 -863Other temporary differences -7,193 -2,817Tax losses carried forward -1,320,961 -1,262,587Total temporay differences and tax losses carried forward -1,351,686 -1,284,480Deferred tax assets (amounts in NOK 1,000) 2023 2022Property, plant and equipment 654 393Inventories 3,784 2,916Accounts receivables and other assets 645 699Lease liabilities 95 190Other temporary differences 1,614 594Tax losses carried forward 290,611 277,769Deferred tax assets not recognized -297,403 -282,598Deferred tax assets(-)/liability(+) in the balance sheet - -38 As of 31 December 2023, NOK 1 321 million (2022: NOK 1 263 million) of tax losses carried forward are related to the Norwegian companies with no limitiations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Deferred tax assets - 38Deferred tax liabilities - - Net deferred taxes as of 31 December - 38", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__50": { "value": "Note 8 \u2013 Income taxesThe tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.(amounts in NOK 1,000) 2023 2022Current taxes (enties located in Norway) - - Current taxes (International subsidiaries*) 196 49Change in deferred taxes (International subsidiaries*) 38 -109Total income tax expenses 234 -60* Subsidiaries in Taiwan, USA, India and ChinaIncome tax expense reconciliation:Profit (loss) before taxes -65,498 -46,394Expected income tax expenses at Norwegian nominal tax rate (22%) -14,410 -10,207Difference between local tax rates and Norwegian nominal tax rate -72 -88Effect of change in local tax rates - - Tax effect of permanent differences -29 529Change in deferred tax assets not recognized 14,417 11,020Prior year underaccrual/(overaccrual) of income tax -5,132 -5,513 Other 5,459 4,199Actual income tax expenses 234 -60Effective tax rate 0% 0%Deferred tax related to the following temporary differences:(amounts in NOK 1,000) 2023 2022Property, plant and equipment -2,971 -1,783Inventories -17,200 -13,254Accounts receivables and other assets -2,932 -3,175Lease liabilities -430 -863Other temporary differences -7,193 -2,817Tax losses carried forward -1,320,961 -1,262,587Total temporay differences and tax losses carried forward -1,351,686 -1,284,480Deferred tax assets (amounts in NOK 1,000) 2023 2022Property, plant and equipment 654 393Inventories 3,784 2,916Accounts receivables and other assets 645 699Lease liabilities 95 190Other temporary differences 1,614 594Tax losses carried forward 290,611 277,769Deferred tax assets not recognized -297,403 -282,598Deferred tax assets(-)/liability(+) in the balance sheet - -38 As of 31 December 2023, NOK 1 321 million (2022: NOK 1 263 million) of tax losses carried forward are related to the Norwegian companies with no limitiations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Deferred tax assets - 38Deferred tax liabilities - - Net deferred taxes as of 31 December - 38", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__49": { "value": "Note 8 \u2013 Income taxesThe tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.(amounts in NOK 1,000) 2023 2022Current taxes (enties located in Norway) - - Current taxes (International subsidiaries*) 196 49Change in deferred taxes (International subsidiaries*) 38 -109Total income tax expenses 234 -60* Subsidiaries in Taiwan, USA, India and ChinaIncome tax expense reconciliation:Profit (loss) before taxes -65,498 -46,394Expected income tax expenses at Norwegian nominal tax rate (22%) -14,410 -10,207Difference between local tax rates and Norwegian nominal tax rate -72 -88Effect of change in local tax rates - - Tax effect of permanent differences -29 529Change in deferred tax assets not recognized 14,417 11,020Prior year underaccrual/(overaccrual) of income tax -5,132 -5,513 Other 5,459 4,199Actual income tax expenses 234 -60Effective tax rate 0% 0%Deferred tax related to the following temporary differences:(amounts in NOK 1,000) 2023 2022Property, plant and equipment -2,971 -1,783Inventories -17,200 -13,254Accounts receivables and other assets -2,932 -3,175Lease liabilities -430 -863Other temporary differences -7,193 -2,817Tax losses carried forward -1,320,961 -1,262,587Total temporay differences and tax losses carried forward -1,351,686 -1,284,480Deferred tax assets (amounts in NOK 1,000) 2023 2022Property, plant and equipment 654 393Inventories 3,784 2,916Accounts receivables and other assets 645 699Lease liabilities 95 190Other temporary differences 1,614 594Tax losses carried forward 290,611 277,769Deferred tax assets not recognized -297,403 -282,598Deferred tax assets(-)/liability(+) in the balance sheet - -38 As of 31 December 2023, NOK 1 321 million (2022: NOK 1 263 million) of tax losses carried forward are related to the Norwegian companies with no limitiations in expiry date.Due to a history of losses, deferred tax assets are not recognized.The following table illustrates the deferred tax balance recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Deferred tax assets - 38Deferred tax liabilities - - Net deferred taxes as of 31 December - 38", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__53": { "value": "The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__52": { "value": "The tax expense consists of the tax payable and changes in deferred tax. Deferred tax has been calculated based on the temporary differences between the recorded and tax values, as well as on any tax loss carry-forward at the balance sheet closing date. Any temporary differences increasing or reducing tax that will or may reverse in the same period, have been netted.A deferred tax asset will be recognized when it is probable that the Group will have sufficient profit for tax purposes to utilize the tax asset. At each balance sheet date, the Group reviews its unrecognized deferred tax assets and the value it has recognized. The Group recognizes an unrecognized deferred tax asset to the extent that is has become probable that the Group can utilize the deferred tax asset. Similarly, the Group will reduce its deferred tax asset to the extent that it can no longer utilize it.Deferred tax and deferred tax assets are measured on the basis of the expected future tax rates. Deferred tax assets related to losses carried forward is recognized when it is probable that the loss carried forward may be utilized. Evaluation of probability is based on historical earnings, expected future margins and the size of the order backlog. Future events may lead to these estimates being changed. Such changes will be recognized when reliable new estimates can be made.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__54": { "value": "Note 9 \u2013 Earnings per shareThe calculations of earnings per share attributable to the equity holders of the parent company are based on the following data:2023 2022Profit (loss) after taxes (NOK 1,000) -65,732 -46,333Number of shares outstanding as of 1 January 91,980,763 91,680,763New shares issued during the year (see note 18) 12,000,000 - Excercised incentive options during the year (see note 18) 44,166 300,000Number of shares outstanding as of 31 December 104,024,929 91,980,763Weighted average number of shares for the year 95,151,133 91,791,722Effect of dilution option programmes - - Weighted average number of shares adjusted for effect of dilution 95,151,133 91,791,722Earnings per share, basic and diluted (NOK) -0.69 -0.50Earnings per shareEarnings per share are calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares outstanding over the course of the period. Earnings per share fully diluted are calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__55": { "value": "Earnings per shareEarnings per share are calculated by dividing the profit or loss for the period by the weighted average number of ordinary shares outstanding over the course of the period. Earnings per share fully diluted are calculated based on the result or the year divided by the average number of shares fully diluted. The effect of dilution is not counted in when the result is a decrease loss per share.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__57": { "value": "Note 10 \u2013 Intangible assetsIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u00ae Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2023 2022Accumulated cost as of 1 January 29,779 27,471Additions - - Disposals at cost - - Translation differences 715 2,308Accumulated cost as of 31 December 30,494 29,779 Accumulated amortization and impairment losses as of 1 January -27,200 -23,545Amortization -1,100 -1,393Accumulated amortization and impairment losses of disposed items - - Translation differences -662 -2,262Accumulated amortization and impairment losses as of 31 December (28,963) (27,200)Carrying amount as of 31 December 1,530 2,579Amortization period in years (straight line) 3-12 3-12As of 31 December 2023, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 1.5 million (2022: NOK 2.6 million) are separately acquired assets. There are no impairments related to intangible assets in 2023 and 2022.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__56-1": { "value": "Note 10 \u2013 Intangible assetsIntangible assets mainly consist of the patent and know-how (IP) described as the NEXT Active Thermal\u00ae Sensing principle, internally generated ASIC designs and source code license.(amounts in NOK 1,000) 2023 2022Accumulated cost as of 1 January 29,779 27,471Additions - - Disposals at cost - - Translation differences 715 2,308Accumulated cost as of 31 December 30,494 29,779 Accumulated amortization and impairment losses as of 1 January -27,200 -23,545Amortization -1,100 -1,393Accumulated amortization and impairment losses of disposed items - - Translation differences -662 -2,262Accumulated amortization and impairment losses as of 31 December (28,963) (27,200)Carrying amount as of 31 December 1,530 2,579Amortization period in years (straight line) 3-12 3-12As of 31 December 2023, in carrying amount, there is no internally generated assets, the net book value of intangible assets of NOK 1.5 million (2022: NOK 2.6 million) are separately acquired assets. There are no impairments related to intangible assets in 2023 and 2022.The patent and know-how (IP) is amortized over 12 years (equal to the patent life from initial recognition).Note 11 \u2013 Property, plant and equipment2023 2022RoU-RoU-(amounts in NOK 1,000) PPEassets Total PPEassets TotalAccumulated cost as of 1 January 36,097 5,421 41,519 41,595 4,852 46,447Additions 13 1,066 1,079 68 1,020 1,089Disposals at cost -1,448 -1,270 -2,719 -6,924 -817 -7,741Translation differences 1,103 100 1,204 1,357 366 1,724Accumulated cost as of 31 December 35,766 5,317 41,083 36,097 5,421 41,519 Accumulated depreciation and impairment losses as of -26,629 -2,542 -29,171 -28,581 -1,361 -29,9421 JanuaryDepreciation -3,896 -2,076 -5,973 -3,946 -1,887 -5,833Impairment losses -1,139 - -1,139 - - Accumulated depreciation and impairment losses of 1,448 1,186 2,634 6,875 817 7,692disposed itemsTranslation differences -654 -40 -694 -977 -111 -1,088Accumulated depreciation and impairment (30,871) (3,472) (34,343) (26,629) (2,542) (29,171)losses as of 31 DecemberCarrying amount as of 31 December 4,895 1,845 6,738 9,468 2,879 12,347Depreciation period in years (straight line) 3-10 2-4 3-10 2-4In 2023, the group booked an impairment of NOK 1.1 million relating to a machine that was not in use and also not expected to be used in the future. As of 31 December 2023, carrying amount of property, plant and equipment consists of machinery of NOK 4.8 million (2022: NOK 9.3 million) and office equipment of NOK 0.1 million (2022: NOK 0.2 million).Additions in 2023 for right-of-use assets (RoU-assets) were mainly related to new office leases in Taiwan and China. See also note 17 for further information regarding leases. Right-of-use assets (RoU-assets) represent office leases.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__60-1": { "value": "Note 11 \u2013 Property, plant and equipment2023 2022RoU-RoU-(amounts in NOK 1,000) PPEassets Total PPEassets TotalAccumulated cost as of 1 January 36,097 5,421 41,519 41,595 4,852 46,447Additions 13 1,066 1,079 68 1,020 1,089Disposals at cost -1,448 -1,270 -2,719 -6,924 -817 -7,741Translation differences 1,103 100 1,204 1,357 366 1,724Accumulated cost as of 31 December 35,766 5,317 41,083 36,097 5,421 41,519 Accumulated depreciation and impairment losses as of -26,629 -2,542 -29,171 -28,581 -1,361 -29,9421 JanuaryDepreciation -3,896 -2,076 -5,973 -3,946 -1,887 -5,833Impairment losses -1,139 - -1,139 - - Accumulated depreciation and impairment losses of 1,448 1,186 2,634 6,875 817 7,692disposed itemsTranslation differences -654 -40 -694 -977 -111 -1,088Accumulated depreciation and impairment (30,871) (3,472) (34,343) (26,629) (2,542) (29,171)losses as of 31 DecemberCarrying amount as of 31 December 4,895 1,845 6,738 9,468 2,879 12,347Depreciation period in years (straight line) 3-10 2-4 3-10 2-4In 2023, the group booked an impairment of NOK 1.1 million relating to a machine that was not in use and also not expected to be used in the future. As of 31 December 2023, carrying amount of property, plant and equipment consists of machinery of NOK 4.8 million (2022: NOK 9.3 million) and office equipment of NOK 0.1 million (2022: NOK 0.2 million).Additions in 2023 for right-of-use assets (RoU-assets) were mainly related to new office leases in Taiwan and China. See also note 17 for further information regarding leases. Right-of-use assets (RoU-assets) represent office leases.Note 17 \u2013 LeasesThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Property - office leases (included in \"Property, plant and equipment\") 1,845 2,879Total right-of-use assets 1,845 2,879Non-current lease liabilities 194 1,218Current lease liabilities 1,745 1,748Total lease liabilities 1,940 2,966See note 11 for more information regarding right-of-use assets. As per 31 December 2023, the Group has office lease agreements in Norway, China, USA and Taiwan.The individual lease terms for the Group\u2019s office leases are generally 2-3 years including extension periods at inception of the lease period. The Group has multiple office leases that have a short remaining lease period as per 31 December 2023, which are due for contract renewal during 2024.The table below shows the amounts related to leases recognized in the statement of comprehensive income:(amounts in NOK 1,000) 2023 2022Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -2,076 -1,887Interest income (included in \"Financial income\") - 19Interest expenses (included in \"Financial expenses\") -146 -111Net expenses related to leases -2,223 -1,979The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2023 2022Opening balance 2,966 4,496Changes from financing cash flows -2,078 -2,738Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 986 992Other changes -46 -88Translation differences 113 304Closing balance as of 31 December 1,940 2,966The total cash outflow for leases in 2023 was NOK 2.1 million (2022: NOK 2.7 million). The table below shows the maturity profile for the lease liabilities based on contractual undisocunted payments:(amounts in NOK 1,000) 2023 2022Within one year 1,745 2,140More than 1 year but within 5 years 194 1,033After 5 years - - Total contractual cash flows related to leases 1,940 3,173 Leasing agreementsCurrently, the Group\u2019s only leases are office leases. The intial fixed lease period for the office leases are generally 1-4 years at inception of the individual leases. Currently, no office lease extension options have been recognized. The Group recognizes the office lease liability and a corresponding office right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rate implicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__61": { "value": "Note 12 \u2013 Inventories(amounts in NOK 1,000) 2023 2022Raw material, consumables and supplies 17,143 12,732 Work in progress 2,367 3,139 Finished products 3,615 7,065 Total inventories 23,126 22,935 Cost of goods sold is defined as cost of materials and production service expenses.Cost of goods sold includes net write-downs of inventories. In 2023, write-downs on inventories was NOK 4.04 million while the write-down of inventories was NOK -0.05 million in 2022 (net gain).", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__59-1": { "value": "In 2023, the group booked an impairment of NOK 1.1 million relating to a machine that was not in use and also not expected to be used in the future.The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__62": { "value": "Note 13 \u2013 Accounts receivables(amounts in NOK 1,000) 2023 2022Accounts receivables - gross 15,269 9,115 Accounts receivables - loss allowance -2,966 -2,853Total accounts receivables as of 31 December 12,303 6,261 More than More than More than 30 days past 60 days past 120 days 2023 (amounts in NOK 1,000) Currentdueduepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 11,531 - - 727Loss allowance (Class 1 and 2) - - - 36 36 Gross carrying amount (Class 3) 3,011Loss allowance (Class 3: individual assessment) 2,930 2,930 Total loss allowance 2,966 More than More than More than 30 days past 60 days past 120 days 2022 (amounts in NOK 1,000) Currentdueduepast due TotalExpected loss rate 0% 1% 2% 5%Gross carrying amount (Class 1 and 2) 3,754 1 80 276Loss allowance (Class 1 and 2) - 0 2 14 15 Gross carrying amount (Class 3) 2,165 2,839Loss allowance (Class 3: individual assessment) 2,839 2,839 Total loss allowance 2,853 (amounts in NOK 1,000) 2023 2022Opening balance 2,853 2,291This year's allowance for expected credit loss 36 15This year actual credit loss -439 -4 Change in estimate previous year's expected credit loss 515 551 Closing balance 2,966 2,853 NEXT\u2019s major customers are represented in class one while other customers are defined as class two. Further, class three customers are defined as customers that have significant overdue balances and/or where there is an increased risk of non-payment relative to class one and two. Impairment of financial assetsThe slight increase in allowance for expected credit loss as per 31 December is due to strengthening of the USD/NOK exchange rate from 2022 to 2023 partly offset by reversal of earlier year credit provisions on long dated receivables. Financial assets (including accounts receivables)Initial recognition and measurementFinancial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originated. A financial asset is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL). The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.Financial asset write-off The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__63": { "value": "Initial recognition and measurementFinancial assets are initially recognized when the Group becomes a party to the contractual provisions of the instrument. Trade receivables are initially recognized when they are originated. A financial asset is initially measured at fair value plus, for an item not at fair value through profit or loss, transaction costs that are directly attributable to its acquisition or issue. A trade receivable without a significant financing component is initially measured at the transaction price.On initial recognition, a financial asset is classified as measured at amortized cost, fair value through other comprehensive income (FVOCI) or fair value through profit or loss (FVTPL). The Group makes an assessment of the objective of the business model in which a financial asset is held. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial asset or both. In assessing whether the contractual cash flows are solely payments of principal and interest (SPPI test), the Group considers the contractual terms of the instrument. The Groups financial assets at amortized cost includes trade receivables. Financial assets are not reclassified subsequent to their initial recognition unless the Group changes its business model for managing financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__64": { "value": "Financial asset impairment The Group recognizes loss allowances for ECLs on financial assets measured at amortized cost. For trade receivables that do not contain a significant financing component, the simplified approach is applied, and the Group recognize lifetime expected credit loss (ECL). The Group applies the provision matrix as a practical expedient to calculate ECL. The provision matrix is based on historical losses and forward-looking information and is updated at each reporting date. In addition, the trade receivables are grouped in customer segments that have a similar loss pattern. For trade receivables which are individually assessed the ECL is calculated as the exposure at default multiplied with the probability of default multiplied with the exposure at default. The Group consider the rebuttable presumption that default does not occur later than 90 days past due as its policy.When determining whether the credit risk of a financial asset has increased significantly since initial recognition and when estimating ECLs, the Group considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on the Group\u2019s historical experience and informed credit assessment and including forward-looking information.ECLs are discounted at the effective interest rate of the financial asset. For trade receivables without significant financing component, the time value of money will not need to be considered as it is insignificant and the ECL will therefore not be discounted. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__67": { "value": "Note 14 \u2013 Other current assets(amounts in NOK 1,000) 2023 2022Prepayments 2,564 2,060 Government grants (see note 6) 1,527 1,541 Deposits 320 923 Income taxes and other taxes receivables 359 325 Other receivables 2,680 3,538 Total other current assets as of 31 December 7,451 8,387", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__66": { "value": "Note 14 \u2013 Other current assets(amounts in NOK 1,000) 2023 2022Prepayments 2,564 2,060 Government grants (see note 6) 1,527 1,541 Deposits 320 923 Income taxes and other taxes receivables 359 325 Other receivables 2,680 3,538 Total other current assets as of 31 December 7,451 8,387", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__68-1": { "value": "Note 15 - CashCash include cash in hand, deposits held at call with banks and bank deposits related to employee withholding tax (restricted funds).(amounts in NOK 1,000) 2023 2022Cash - unrestricted 67,332 68,682 Cash - employee withholding tax deposits 422 621 Total cash 67,753 69,302Capital resourcesNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2023.NEXT targets to have an equity ratio above 80%,", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__69": { "value": "Cash include cash in hand, deposits held at call with banks and bank deposits related to employee withholding tax (restricted funds).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__71": { "value": "Note 16 \u2013 Other current liabilities(amounts in NOK 1,000) 2023 2022Accrued salary, vacation pay and board remuneration 1,863 1,797 Public duties payable 1,504 3,430 Share options social security tax 6,225 1,614 Other current liabilities 7,001 8,064 Total other current liabilities 16,594 14,904 Other current liabilities of NOK 7 million mainly relates to uninvoiced goods and services that has been received by the group. In 2020, NEXT provided biometric products to a former client. The client failed to meet the agreed-upon payments, leading NEXT to decide to pursue these payments through the courts, citing a breach of contract. The arbitration court proceedings are ongoing. The book value of the NEXT receivable relating to this claim is zero as per 31 December 2023. Subsequent to the year-end, the former client countersued NEXT for breach of contract and is seeking damages from NEXT. NEXT\u2019s management, in consultation with its legal advisors, considers this countersuit to be without merit and with an extremely low likelihood of succeeding. As such, in accordance with IAS 37, no provision has been recognized for this potential liability in the financial statements as of 31 December 2023. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.ProvisionsProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlement will take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to time is recorded as other financial expenses.Contingent liabilities and assetsContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but is disclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__70": { "value": "Note 16 \u2013 Other current liabilities(amounts in NOK 1,000) 2023 2022Accrued salary, vacation pay and board remuneration 1,863 1,797 Public duties payable 1,504 3,430 Share options social security tax 6,225 1,614 Other current liabilities 7,001 8,064 Total other current liabilities 16,594 14,904 Other current liabilities of NOK 7 million mainly relates to uninvoiced goods and services that has been received by the group. In 2020, NEXT provided biometric products to a former client. The client failed to meet the agreed-upon payments, leading NEXT to decide to pursue these payments through the courts, citing a breach of contract. The arbitration court proceedings are ongoing. The book value of the NEXT receivable relating to this claim is zero as per 31 December 2023. Subsequent to the year-end, the former client countersued NEXT for breach of contract and is seeking damages from NEXT. NEXT\u2019s management, in consultation with its legal advisors, considers this countersuit to be without merit and with an extremely low likelihood of succeeding. As such, in accordance with IAS 37, no provision has been recognized for this potential liability in the financial statements as of 31 December 2023. For financial liabilities at amortised cost, the carrying amount is assessed to be a reasonable approximation of fair value. All items above are at amortised cost or nominal value.ProvisionsProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlement will take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to time is recorded as other financial expenses.Contingent liabilities and assetsContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but is disclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__72": { "value": "ProvisionsProvisions are recognized when, and only when, the Group has a valid liability (legal or constructive) as a result of events that have taken place and it is more probable than not that a financial settlement will take place as a result of the event(s), and the size of the amount can be measured reliably. Provisions are reviewed on each balance sheet date and their level reflects the best estimate of the liability. When the effect of time is insignificant, the provisions will be equal to the size of the expense necessary to be free of the liability. When the effect of time is significant, the provisions will amount to the present value of future payments to cover the liability. Any increase in the provisions due to time is recorded as other financial expenses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__73": { "value": "Contingent liabilities and assetsContingent liabilities are possible obligations resulting from past events which existence depends on future events; obligations that are not recognized because it is not probable that they will lead to an outflow of resources; and obligations that cannot be measured with sufficient reliability.Contingent liabilities are not recognized in the annual financial statements but will be disclosed in the notes if applicable. A contingent asset is not recognized in the annual financial statements but is disclosed in the notes if there is a degree of probability that a benefit will accrue to the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__76": { "value": "(amounts in NOK 1,000) 2023 2022Property - office leases (included in \"Property, plant and equipment\") 1,845 2,879Total right-of-use assets 1,845 2,879Non-current lease liabilities 194 1,218Current lease liabilities 1,745 1,748Total lease liabilities 1,940 2,966", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__77": { "value": "(amounts in NOK 1,000) 2023 2022Property - office leases (included in \"Property, plant and equipment\") 1,845 2,879Total right-of-use assets 1,845 2,879Non-current lease liabilities 194 1,218Current lease liabilities 1,745 1,748Total lease liabilities 1,940 2,966", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__74": { "value": "Note 17 \u2013 LeasesThe table below shows the amounts related to leases recognized in the statement of financial position:(amounts in NOK 1,000) 2023 2022Property - office leases (included in \"Property, plant and equipment\") 1,845 2,879Total right-of-use assets 1,845 2,879Non-current lease liabilities 194 1,218Current lease liabilities 1,745 1,748Total lease liabilities 1,940 2,966See note 11 for more information regarding right-of-use assets. As per 31 December 2023, the Group has office lease agreements in Norway, China, USA and Taiwan.The individual lease terms for the Group\u2019s office leases are generally 2-3 years including extension periods at inception of the lease period. The Group has multiple office leases that have a short remaining lease period as per 31 December 2023, which are due for contract renewal during 2024.The table below shows the amounts related to leases recognized in the statement of comprehensive income:(amounts in NOK 1,000) 2023 2022Depreciation property right-of-use assets (included in \"Depreciation and amortization\") -2,076 -1,887Interest income (included in \"Financial income\") - 19Interest expenses (included in \"Financial expenses\") -146 -111Net expenses related to leases -2,223 -1,979The table below shows a reconciliation of the opening and closing balance for lease liabilities arising from financing activities:(amounts in NOK 1,000) 2023 2022Opening balance 2,966 4,496Changes from financing cash flows -2,078 -2,738Changes in lease liabilities due to new/amended lease agreements or CPI adjustments 986 992Other changes -46 -88Translation differences 113 304Closing balance as of 31 December 1,940 2,966The total cash outflow for leases in 2023 was NOK 2.1 million (2022: NOK 2.7 million). The table below shows the maturity profile for the lease liabilities based on contractual undisocunted payments:(amounts in NOK 1,000) 2023 2022Within one year 1,745 2,140More than 1 year but within 5 years 194 1,033After 5 years - - Total contractual cash flows related to leases 1,940 3,173 Leasing agreementsCurrently, the Group\u2019s only leases are office leases. The intial fixed lease period for the office leases are generally 1-4 years at inception of the individual leases. Currently, no office lease extension options have been recognized. The Group recognizes the office lease liability and a corresponding office right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rate implicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__75": { "value": "The Group recognizes the office lease liability and a corresponding office right-of-use asset at the commencement date of the lease. Lease liabilities are measured at the present value of the remaining lease payments not paid at the commencement date. The lease payments are discounted using the lessee\u2019s interest rate implicit in the lease, or incremental borrowing rate when the interest rate implicit in the lease cannot be readily determined. Lease payments consists of the following elements: fixed payments, variable lease payment that are based on an index or a rate, amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and payments of penalties for terminating the lease if the lease term reflects the lessee exercising that option. A corresponding asset representing the right to use the underlying asset during the lease term (right-of-use asset) is recognized, adjusted for prepayments done before commencement date, and initial direct costs and restoration costs if any. The right-of-use-asset is depreciated over the lease term and the depreciation expense is recognized as an operating expense. Interest expense on the lease liability is recognized as a financial expense.Lease contracts entered with a duration of less than 12 months and leases with a low value will not be recognized in the statement of financial position but recognized as an operating expense over the lease period. Lessees will be also required to remeasure the lease liability upon the occurrence of certain events (e.g., a change in the lease term, a change in future lease payments resulting from a change in an index or rate used to determine those payments). The lessee will generally recognize the amount of the remeasurement of the lease liability as an adjustment to the right-of-use asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__81": { "value": "Note 18 \u2013 Share capital, shareholder\u2019s information and share-based optionsThere is one class of shares. All shares have equal rights and are freely negotiable. The share capital is fully paid in. The par value of the shares is NOK 1 per share.There were 104,024,929 shares in the company on 31 December 2023, compared to 91,980,763 shares on 31 December 2022. At the end of 2023 there were 4,079 shareholder accounts compared to 4,392 at the end of 2022.Number of shares outstanding 2023 2022Opening balance 91,980,763 91,680,763Share issue(s) 12,000,000 - Exercised incentive share options 44,166 300,000Closing balance 104,024,929 91,980,763In September 2023, NEXT successfully completed a private placement issuing 12,000,000 new shares at a subscription price of NOK 5.0 per share, corresponding to gross proceeds of NOK 60.0 million. Direct expenses and underwriting commission in relation to the private placement w as NOK 3.1 million and net proceeds were NOK 56.9 million. Moreover, in May and September 2023, 44,166 share options were exercised at an average subscription price of NOK 3.4 per share with total gross proceeds of NOK 0.15 million. Total net proceeds for the year 2023 amounted to NOK 57.0 million.In August 2022, 300,000 share options were exercised at an average subscription price of NOK 2.49 per share, corresponding to gross proceeds of NOK 0.7 million. Total net proceeds from share issues for the year 2022 amounted to NOK 0.7 million.There are no authorizations to the board to purchase own shares.Capital resourcesNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2023.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.Equity ratio 2023 2022Total equity 94,351 96,000Total assets 118,900 121,850Equity share 79% 79%Capital resources 2023 2022Current debt 24,355 24,571Non-current debt 194 1,279Less cash -67,753 -69,302Net debt (net cash) -43,204 -43,452Total equity 94,351 96,000Total capital resources 51,147 52,548Gearing ratio (%) -84% -83%The largest shareholders at year end and shares owned by executive and Directors of the Board:Percent of Top 20 shareholders at 31 December 2023 Number of sharessharesSkandinaviska Enskilda Banken AB 7,413,614 7.1 %TVENGE TORSTEIN INGVALD 6,400,000 6.2 %SILVERCOIN INDUSTRIES AS 5,805,008 5.6 %NORUS AS 5,739,522 5.5 %SONGA CAPITAL AS 3,905,486 3.8 %J.P. Morgan SE 3,866,900 3.7 %UBS Switzerland AG 3,341,650 3.2 %NORUS HOLDING DATTER AS 3,207,249 3.1 %CAMACA AS 3,100,000 3.0 %EDGEWATER AS 2,960,065 2.8 %CAMIKO AS 2,475,000 2.4 %LUCELLUM AS 2,350,000 2.3 %DNB Markets Aksjehandel/-analyse 1,913,458 1.8 %CONVEXA AS 1,747,000 1.7 %VALSET INVEST AS 1,700,000 1.6 %AS AUDLEY 1,682,027 1.6 %SIX-SEVEN AS 1,587,451 1.5 %ECOMNEX HOLDING AS 1,519,484 1.5 %AVEO INVEST AS 1,420,000 1.4 %HANOMA HOLDING AS 1,300,000 1.2 %TOTAL top 20 63,433,914 61.0 %Others 40,591,015 39.0%Total number of shares 104,024,929 100.0%Number of Percent of Shares owned by Executives and Directors of the Boardsharesshares Held throughSenior ExecutivesUlf Ritsvall, CEO 17,000 0.02%Eirik Underthun, CFO 0 0.00%Marcus Lauren, CPO 20,000 0.02%Digvijay Singh Kanwar, SVP Head of Sales IUEA 0 0.00%Joshua Chui, SVP Head of Sales South-East Asia 0 0.00%Peter Heuman, former CEO 0 0.00%Board of DirectorsPetter Fjeldstad, Chairman 1,032,779 0.99% Fjellstad Holding ASOdd-Harald Hauge 548,907 0.53% Odd-Harald HaugeSiri B\u00f8rsum 0 0.00%Emine Lundkvist 79,738 0.08%Nomination CommitteeJon Frode Vaksvik 35,000 0.03% Jon Frode Vaksvik & Skavak Invest ASSilvercoin Industries AS, Fredrikstad Spillerinvest AS, Six-Seven AS & 1Haakon S\u00e6ter7,631,926 7.34%Haakon S\u00e6terNORUS AS, Norus Holding Datter AS, Hans Herman Horn 10,080,708 9.69%Edgewater AS & Hans Herman Horn19,446,058 18.69%1 In addition to the shares held directly through Silvercoin Industries AS and Six-Seven AS, Silvercoin Industries AS held futures contracts on 2,000,000 NEXT shares as per 31 December 2023. As of 31 December 2023, the Company has one share option program:i) Long-term share options programNEXT has allotted long-term share options to employees. The options in the 2016, 2020 and 2021 program are fully vested as per 31. December 2023. The options in the 2021 program did vest 1/3 in quarter three 2021, 1/3 in quarter three 2022 and 1/3 in quarter three 2023. The options allocated to employees in the 2022 program vest 1/3 in quarter three 2022, 1/3 in quarter three 2023 and 1/3 in quarter three 2024. The options allocated to the board member in the 2022 program vest 1/2 in quarter three 2022 and 1/2 in quarter three 2023. The options allocated to employees in the 2023 program vest 1/3 in quarter three 2024, 1/3 in quarter three 2025 and 1/3 in quarter one 2025. The options in the 2020 and 2021 program were extended during 2023 and these options expire in 2026. The options in the 2022 program expire 3 years after the options have been granted (2025) while the optins in the 2023 program expire in 2028 (5 years after the options have been granted).There are currently an accumulated 14,048,519 (13.5% of total number of shares in the Company) share options outstanding. Out of these, 10,710,182 share options have vested.Each option gives the holder the right to acquire one share from the Company at a strike price defined in the individual share option agreement.The option agreements include a clause on accelerated vesting in case of a majority of shares in the Company are (i) sold to an acquirer, (ii) the Company is merged with another company, (iii) a demerger occurs, and (iv) if the company\u2019s shares are delisted. At the Annual General Meeting (AGM) 12 May 2023 the Board of Directors was granted authorization to issue up to 10,900,558 shares shares in the company in relation to options granted to employees and board members. 2023 2022Weighted average Weighted average Options - movement Number of optionsexercise price Number of optionsexercise priceOutstanding options - Beginning period 11,932,228 4.86 9,828,646 4.84 Granted 2,500,000 5.99 2,681,000 4.83 Exercised (44,166) 3.39 -300,000 2.49 Forfeited or expired (339,543) 15.45 -277,418 - Outstanding options - End period 14,048,519 4.86 11,932,228 4.86 Vested options - End period 10,710,182 4.66 8,755,897 4.66 2023 2022Weighted average Weighted average Number of optionsfair value Number of optionsfair valueGranted options - During period 2,500,000 1.93 2,681,000 1.32 Of which adjustment prior periods expense beause of change in estimated number of Remaining expense Number of options Net expense in the options that will vest future periods expected to vest 2023period (NOK 1,000)(NOK 1,000)(NOK 1,000)(number of options)2016-2019 grants - - - 567,355 2020 grants 199 199 - 4,558,500 2021 grants 3,096 2,007 - 3,874,330 2022 grants 1,443 - 795 2,548,334 2023 grants 1,157 - 3,680 2,500,000 Total 5,896 2,206 4,475 14,048,519 Weighted average Number of options Total number of options remaining contractual expected to vest outstanding (number of 2023 Range of exercise pricelife (years)(number of options)options)2016-2019 grants 3,13-77,35 1.51 567,335 567,355 2020 grants 2,49-3,21 2.47 4,558,500 4,558,500 2021 grants 4,32-7,45 2.47 3,874,330 3,874,330 2022 grants 4,48-4,89 1.42 2,422,583 2,548,334 2023 grants 5,94-6,46 4.46 2,213,984 2,500,000 Total - - 13,636,732 14,048,519 The fair value for the share-based options granted in the year has been calculated by use of the Black-Scholes and the following assumptions have been applied in 2023 and 2022: Exercise price:2023: Weighted average NOK 5.99 per share2022: Weighted average NOK 4.83 per shareVesting period:2023 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 2.5 years2022 employee options: 1/3 have 1 years, 1/3 have 2 years and 1/3 have 3 years2022 board of director options: 1/2 have 1 years, 1/2 have 2 yearsVolatility:2023: 41%-68% depending on time to maturity of individual options.2022: 45%-93% depending on time to maturity of individual options.Risk free interest rate:2023: 3.68%-4.21% depending on time to maturity of individual options.2022: 1.24%-2.92% depending on time to maturity of individual options.Attrition:2023: Estimated 8% employee attrition for individual non-vested share-based options.2022: Estimated 10%-15% attrition depending on time to maturity of individual non-vested share-based options.No expected dividend payment", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__82": { "value": "Capital resourcesNEXT manages its liquidity passively, which means that funds are placed in floating-interest bank accounts. The majority of cash is held in Norwegian kroner at parent company level and is distributed when appropriate to the affiliates. This is both to have control of the overall liquidity situation and to manage expense levels in the affiliates.NEXT has no interest bearing debt by the end of 2023.NEXT targets to have an equity ratio above 80%, measured as total equity divided by total assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__83": { "value": "Note 19 \u2013 Remuneration key personnel and audit feesActual remuneration - senior executives2023 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options *remunerationSenior Executives1Ulf Ritsvall, CEO - 2,130 100 19 - 1,650 3,900Eirik Underthun, CFO - 1,878 100 4 172 862 3,016Marcus Lauren, 2CPO - 418 - - - 11 429Digvijay Singh Kanwar, SVP Head 3of Sales IUEA - 684 82 - - 127 893Joshua Chui, SVP Head of Sales 3South-East Asia - 313 - - - 11 325Peter Heuman, 4former CEO - 3,186 - 3 131 1,783 5,103Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum 200 - - - - 73 273Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 8,610 282 27 303 4,518 14,909* Fair value of granted options is equal to expensed share option remuneration for the year, which is based on fair value at grant date and vesting period (see note 2 for further information).Board remuneration reported above is based on paid-out amounts.1Ulf Ritsvall was promoted to NEXT Biometrics Group CEO effective from 1 October 2023. Ulf Ritsvall previously was NEXT SVP Sales and Marketing.2 Marcus Lauren was hired as Chief Product Officer effective from 1 November 2023.3 Joshua Chui was hired as VP Head of Sales South-East Asia effective from 1 November 2023. Digvijay Singh Kanwar was promoted to SVP Head of Sales IUEA effective from 1 November 2023.4 Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman was advisor to the CEO and board of directors.Actual remuneration - senior executives2022 (amounts Board Other Fair value Total in NOK 1,000)remuneration Salary Bonusbenefits Pension costgranted options*remunerationSenior ExecutivesPeter Heuman, CEO - 3,493 800 4 162 1,509 5,968Eirik Underthun, CFO - 1,805 - 4 162 704 2,675Ulf Ritsvall, SVP Sales and marketing - 1,706 - 2 - 1,402 3,110Board of DirectorsPetter Fjeldstad, Chairman 500 - - - - - 500Odd Harald Hauge 200 - - - - - 200Emine Lundkvist 200 - - - - - 200Siri B\u00f8rsum - - - - - 96 96Live Haukvik 200 - - - - - 200Nomination committee Jon Frode Vaksvik, Chairman 30 - - - - - 30Haakon S\u00e6ter 20 - - - - - 20Hans-Herman Horn 20 - - - - - 20Total remuneration 1,170 7,004 800 10 324 3,712 13,020CEO remunerationUlf Ritsvall has a salary of NOK 2.5 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Ulf Ritsvall was awarded a bonus in 2023 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.Peter Heuman was NEXT Biometrics Group CEO until 30 September 2023. From 1 October 2023 Peter Heuman has been engaged as an advisor to the CEO and board of directors. When engaged as CEO during 2023, Peter Heuman had a base salary of NOK 3.0 million per year. In addition, he is part of the Company\u2019s option plan and the bonus program, which provides annual bonuses based upon the achievement of performance objectives established by the company. Further, the CEO is entitled to a pension benefit of 15% of annual base salary. Peter Heuman was awarded a bonus in 2022 and the company also paid pension benefits as salary for the amount in excess of the company\u2019s standard pension contribution for 2023 and 2022, which is reported under salary in the tables above.SeveranceUlf Ritsvall has a severance agreement whereby he will receive 100% pay for 6 months for termination by the Company without cause.Loans and guarantees for senior executivesThe Company has not made any advance payments or issued loans to, or guarantees in favor of, any senior executives or members of the board as per 31 December 2023. Share based remunerationShare-based payments are equity-settled share options granted to employees, contractors and members of the board of directors. The options are charged against the income statements at their fair value over the vesting period, with a corresponding increase in equity. The fair value of share-based options is determined using the Black-Scholes option-pricing model. The social security contribution payable in connection with the exercise of the share options is accrued on a straight-line basis as current liabilities, based on the intrinsic value of the share options at the end of each accounting period with consequent charges to the payroll expenses. Share-based remuneration and option social security costs related to employees and members of the board are charged as payroll expenses, while costs related to contractors are charged as other operating expenses.Salary, pension and any bonuses will attract employer\u2019s tax, which will be expensed simultaneously with the remuneration. The notional cost of options as share-based remuneration is expensed, but the equity effect is nil because the contra item is a notional equity injection of equal amount. In addition, employer\u2019s tax is accrued on the intrinsic value of the option on the balance sheet date.For the shareholders, a possible exercise of share options will represent a dilution. At the end of 2023, the number of outstanding options to senior executives amounted to 11,505,000 corresponding to 11.0% of the share capital. At the end of 2022, the number of outstanding options to senior executives amounted to 9,780,000 corresponding to 10.6% of the share capital. For further details regarding share-based remuneration, see note 18.Options - Share based remunerationAccumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2023options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesUlf Ritsvall, CEO 1,900,000 825,000 - - - 2,725,000 5.53Eirik Underthun, CFO 1,500,000 250,000 - - - 1,750,000 4.86Marcus Lauren, CPO - 75,000 - - - 75,000 6.46Digvijay Singh Kanwar, SVP Head of Sales IUEA 100,000 100,000 - - - 200,000 5.21Joshua Chui, SVP Head of Sales South-East Asia - 75,000 - - - 75,000 6.46Peter Heuman, former CEO 4,720,000 300,000 - - - 5,020,000 4.11Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 200,000 - - - - 200,000 4.89Total 9,880,000 1,625,000 - - 11,505,000Accumulated Expired/ Average Accumulated Average quantity Granted adjusted Exercised exercise quantity options exercise 2022options OBoptions optionsoptionsprice - ACBprice - BSenior ExecutivesPeter Heuman, CEO 4,720,000 - - - - 4,720,000 3.99Eirik Underthun, CFO 1,300,000 200,000 - - - 1,500,000 4.67Ulf Ritsvall, SVP Sales and Marketing 400,000 1,500,000 - - - 1,900,000 5.34Board of DirectorsPetter Fjeldstad, Chairman 1,030,000 - - - - 1,030,000 2.66Odd Harald Hauge 200,000 - - - - 200,000 2.49Emine Lundkvist 230,000 - - - - 230,000 3.27Siri B\u00f8rsum 0 200,000 - - - 200,000 4.89Live Haukvik 200,000 - - -200,000 2.49 - Total 8,080,000 1,900,000 - -200,000 9,780,000A - Average exercise price for options exercised during the financial year (amounts in NOK)B - Average exercise price for quantity of options by the end of the financial year (amounts in NOK)", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__84": { "value": "Audit fees(amounts in NOK 1,000) 2023 2022Audit fee 532 829 Attestation 145 75 Tax services - 74 Non-audit services 74 - Total audit fees 751 979", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__86": { "value": "Note 20 \u2013 Climate riskThe Group does not own or operate manufacturing facilities. Manufacturing is done through third parties. Climate impact and potential risk is low in the short to medium term. The Group is not directly impacted by physical climate risk such as potential flooding or general increase in the sea level. Moreover, the Group does not face any potential liabilities due to damage caused by climate change. Still, the Group is likely to be impacted by the regulatory and technological changes that are to be implemented (in the future) to reach a carbon neutral society, which may lead to long term increased electronic component purchase and manufacturing costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__87": { "value": "Note 21 - Related partiesThe Group\u2019s significant shareholders, board members and management are considered related parties. Transactions between related parties are always aimes at being carried at arm\u2019s lenght principle. Board members have received remuneration according to the general meetings decisions. In addition, board members have been granted options. Salary and board remuneration to related parties have been disclosed in note 19.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "s7_notes__6__88": { "value": "Note 22 - Events occurring after the balance sheet dateBetween 31 December 2023 and the resolution of these financial statements, there has not been any event which have had any noticeable impact on the Group\u2019s or the parent company\u2019s result for 2023 or the value of the Group or the parent company\u2019s assets and liabilities as of 31 December 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXK9R405", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }