Income tax (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of major components of income tax expense

The major components of income tax benefit (expense) for the periods ended December 31, 2022, 2021, 2020 are as follows:


Amounts in thousands USD	for the year ended December 31, 2022		for the year ended December 31, 2021		for the year ended December 31, 2020
Current tax:
Current tax on profit for the year	$	(1,570)	$	(308)	$	(1,231)
Deferred income tax
(Decrease)/increase in deferred tax assets	2,726		5,324		54
Decrease/(increase) in deferred tax liabilities	1,400		3,190		1,656
Total deferred tax expense/(benefit)	4,126		8,514		1,710
Income tax (expense)/benefit	$	2,556	$	8,206	$	479

Schedule of reconciliation between reported tax expense for each period and the theoretical tax expense that would arise when applying statutory tax rate

A reconciliation between reported tax expense for each period and the theoretical tax expense that would arise when applying statutory tax rate in Sweden, 20.6% in 2022 and 2021 and 21.4% in 2020, on the Company loss before taxes, is shown in the table below:


Amounts in thousands USD	for the year ended December 31, 2022		for the year ended December 31, 2021		for the year ended December 31, 2020
Loss before tax	$	(15,407)	$	(46,545)	$	(7,259)
Income tax calculated according to tax rate in Sweden 20.6% 2022, 2021 / 21. 4% 2020	3,174		9,588		1,553
Tax effects from:
Non-deductible costs	(29)		(1,542)		(1,143)
Previously unrecognized tax losses used to reduce current tax expenses	—		184		70
Differences in overseas tax rates	40		(24)		(22)
Adjustments in respect of income tax of previous years	(275)		—		—
Other	(354)		—		21
Income tax	$	2,556	$	8,206	$	479

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities of the Company are shown in the table below:


Deferred tax assets	Lease Liabilities		Tax losses		Other		Total
	Amounts in thousands USD
Balance as of January 1, 2020	$	10	$	—	$	—	$	10
Recognized in the statement of comprehensive income	54		—		—		54
Net to deferred tax liability	(31)		—		—		(31)
Exchange differences	4		—		—		4
Balance as of December 31, 2020	$	37	$	—	$	—	$	37
Recognized in the statement of comprehensive income	113		4,935		276		5,324
Recognized in statement of Equity	—		3,825		—		3,825
Exchange differences	(6)		(223)		134		(95)
Balance as of December 31, 2021	$	144	$	8,537	$	410	$	9,091
Recognized in the statement of comprehensive income	83		743		1,899		2,725
Recognized in statement of Equity	—		—		266		266
Exchange differences	(18)		(1,136)		(82)		(1,236)
Balance as of December 31, 2022	$	209	$	8,144	$	2,493	$	10,846


Deferred tax liabilities	Deferred tax on untaxed reserves		Intangibles & Inventory Valuation		Other Temporary Differences		Total
	amounts in thousands USD
Balance as of January 1, 2020	$	895	$	29,283	$	167	$	30,345
Purchase Price Allocation	—		503		—		503
Recognized in the statement of comprehensive income	135		(2,173)		382		(1,656)
Net from deferred tax asset	—		—		(31)		(31)
Exchange differences	140		3,868		24		4,032
Balance as of December 31, 2020	$	1,170	$	31,481	$	542	$	33,193
Recognized in the statement of comprehensive income	(1,116)		(2,206)		133		(3,189)
Exchange differences	(54)		(2,864)		6		(2,912)
Balance as of December 31, 2021	$	—	$	26,411	$	681	$	27,092
Recognized in the statement of comprehensive income	—		(1,859)		459		(1,400)
Exchange differences	—		(3,480)		(16)		(3,496)
Balance as of December 31, 2022	$	—	$	21,072	$	1,124	$	22,196