Accounting policies
The interim report has been prepared in accordance with IFRS, applying IAS 34 Interim Financial Reporting. Disclosures according to IAS 34.16A are presented not only in the financial statements and their accompanying notes but also in other parts of the interim report. The interim report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act and the Securities Market Act which is in compliance with recommendation RFR 2 Accounting for Legal Entities. The same accounting principles and basis for calculations applied as in AddLife's 2023 annual report have been applied to the interim report. The amendments to IFRSs applicable from 1 January, 2024 have not had any impact on AddLife's financial reports for the interim period ended June 30, 2024.
Information on Global Minimum Tax
The group is covered by the OECD's model rules for Pillar II. Legislation on Pillar II has been adopted in Sweden, where AddLife AB is based, and entered into force on 1 January 2024. The group's exposure to legislation within Pillar II has been calculated and analyzed. The company assesses that the effect is not material as of June 30, 2024.
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 chosen key ratios, please refer to AddLife's annual report 2023. 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 July 4, AddLife AB acquired all shares in the Spanish company BonsaiLab. BonsaiLab is a leading Spanish distributor in the field of cell and molecular biology, providing a portfolio of market-leading instruments and consumables in the field of cell and molecular biology. The company has a turnover of approximately EUR 8m and has 13 employees.
No other significant events for the group have 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 2023. The parent company is indirectly affected by the above risks and uncertainties through its function in the group.
The war in Ukraine has not had a significant economic impact on the financial reports, but it can not be ruled out that this will happen in the future. We follow market developments closely, regarding inflation, raw material, component, shipping, and energy costs as well as interest rate trends. We follow the development in the Middle East but, at this point in time, our assessment is that this does not have a significant impact on the group.