Accounting policies
This interim report was prepared in accordance with IFRS and IAS 34 Interim Financial Reporting. Information in accordance with IAS 34.16A exist, except in the financial statements and the related notes also in other parts of the interim report. The interim report for the parent company was prepared in accordance with the Swedish Annual Accounts Act (1995:1554) and the Securities Market Act (2007:528) in compliance with recommendation RFR 2 Accounting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies and basis for calculations applied in the 2021 annual report for AddLife AB were also used in the interim report. The amendments to IFRSs applicable from 1 January, 2022 have no effects to AddLife's financial reports for the interim period ended 31 March, 2022.
Alternative performance measures
AddLife presents certain financial measures in the interim report that are not defined according to IFRS. The Company believes that these measures provide valuable supplemental information to investors and the Company's management as they allow for evaluation of trends and the Company’s performance. For additional information regarding choosen key ratios, please refer to AddLife's annual report 2021. Since all companies do not calculate financial measures in the same way these are not always comparable to measures used by other companies. These financial measures should therefore not be considered as a replacement for measurements as defined under IFRS. This report provides information in greater detail regarding definitions of financial performance measures.
Transactions with related parties
No transactions with related parties that materially affected the Group’s financial position and earnings took place during the interim period.
Events after the end of the interim period
On 1 April 2022, AddLife acquired all shares in the Irish company O’Flynn Medical Ltd. O’Flynn Medical is an independent distributor offering product sales, rental and technical services to the hospital sector, private customers and nursing homes in Ireland. The company will become part of the Healthcare 21 Group, which AddLife acquired to the business area Medtech in 2021. O'Flynn has sales of approximately EUR 6.4 million and 36 employees.
On 1 April 2022, AddLife acquired all shares in the German company BioCat GmbH in the Labtech business area. BioCat is a specialized distributor of products and services to the life science research market with annual revenues of EUR 9 million and has 20 employees. The company is located in Germany but also has sales in Austria and Switzerland.
The Board of Directors of AddLife AB (publ) has on 21 April 2022 appointed Fredrik Dalborg as the new President and CEO of AddLife. Fredrik Dalborg succeeds Kristina Willgård, who previously announced her decision to resign no later than during the fourth quarter of 2022, when Fredrik Dalborg is expected to take over.
No other events of significance to the Group occurred after the end of the interim period.
Risks and uncertainties
AddLife’s earnings and financial position, as well as its strategic position, are affected by various internal factors within AddLife’s control and various external factors over which AddLife has limited influence. AddLife’s most significant external risks are the state of the economy and market trends combined with public sector contracts and policy decisions, as well as competition. The risks and uncertainties are the same as in previous periods. For more information, see the section “Risks and uncertainties” in the administration report, in AddLife’s annual report 2021. The Parent Company is indirectly affected by the above risks and uncertainties through its function in the Group.