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 January 1, 2024 have not had any impact on AddLife's financial reports for the interim period ended September 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 January 1, 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 September 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.
Nomination Committee
At the 2024 Annual General Meeting, it was decided to authorize the Chairman of the Board to appoint members from among the representatives of the five largest shareholders by voting power as of September 30, 2024, to form a Nominating Committee together with the Chairman for the upcoming board elections. Accordingly, the following individuals have been appointed as members of the Nominating Committee: Johan Sjö, Chairman of the Board, Stefan Hedelius (appointed by Tom Hedelius), Håkan Roos (appointed by RoosGruppen AB), Hans Christian Bratterud (appointed by Odin Fonder), Andreas Wallheim (appointed by SEB Investment Management), and Patricia Hedelius (appointed by AMF). Information on how to contact the Nominating Committee is available on AddLife's website, https://www.add.life/investors/corporate-governance
Events after the end of the interim period
No 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 geopolitical situation in Ukraine and the Middle East has not had any significant financial impact on the financial reports, but it cannot be ruled out that this will happen in the future. We are closely monitoring market developments regarding inflation, raw material, component, freight, and energy costs, as well as interest rate trends.
Stockholm October 23, 2024
Fredrik Dalborg
President and CEO