Notes for P&L

Note 7 Employees, personnel costs and remuneration of senior executives

Accounting policy

Pension benefits to employees

The Group has defined-contribution pension plans. Defined-contribution pension plans are classified as plans whereby the company’s obligation is limited to the contributions it has undertaken to pay. In such cases, the amount of the employee’s pension depends on the contribution the company pays to the plan, or to an insurance company and the return on capital generated by the contributions. Consequently, the employee bears the actuarial risk and the investment risk. The company’s obligation regarding contributions to defined-contribution plans is recognized as an expense in profit or loss for the year in line with contributions being vested by the employee rendering services for the company over a period of time.

Severance pay

An expense for severance pay when employees leave the company is recognized only if the company is demonstrably obligated, without a realistic possibility of withdrawing, by a formal detailed plan to terminate employment before the normal point in time.

Short-term remuneration

Short-term remuneration to employees is computed without discounting and is recognized as an expense when the related services are received. A provision is recognized for the expected cost of the profit-sharing and bonus payments when the Group becomes subject to a legal or constructive obligation to make such payments as a result of the services rendered by employees and the obligation can be measured reliably.

The division between basic salary and variable compensation should be in proportion to the executive’s duties and authorization. For the Chief Executive Officer and other senior executives, variable compensation is a maximum of 100 percent of basic annual salary, apart from sign-on bonus. Pension terms should be defined contribution pension solutions. The notice period from the company’s side should not exceed six months. During the notice period of a maximum of six months, full salary and employment benefits are due. Upon termination by the company, severance pay may be payable up to an amount corresponding to a maximum of 12 months’ salary. The notice period for the Chief Executive Officer is six months on termination by the employee and termination from the company is 12 months´salary. Decisions on share and share price-related incentive programs are taken by the general meeting of shareholders. The Board shall be entitled to depart from these guidelines if there are special reasons for this in an individual case.

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					Group
Expenses for employee benefits					2024	2023
Salaries and benefits, etc.					146.1	219.5
Pension costs, defined contribution plans					15.7	28.4
Other social security contributions					21.8	31.8
Benefits					2.5	7.1
Other employee benefits					3.3	6.0
					189.4	292.8

	2024			2023
Average number of employees	Men	Women	Total	Men	Women	Total
Sweden	30	9	39	50	16	66
Denmark	9	1	10	20	4	24
France	1	1	2	1	1	2
Japan	0	0	0	1	0	1
China	27	16	43	52	34	86
Switzerland	1	0	1	2	0	2
Great Britain	1	1	2	0	0	0
South Korea	0	0	0	3	0	3
Taiwan	5	3	8	11	4	15
USA	2	0	2	1	0	1
Total	76	31	107	141	59	200

As of December 31, 2024, the number of employees totaled 53 (159), of which 39 (111) were men and 14 (48) were women.

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	2024			2023
Salaries and other benefits allocated between senior executives and other employees
Group, SEK M	Senior executives	Other employees	Total	Senior executives	Other employees	Total
Salaries and other benefits*	20.3	125.8	146.1	22.3	197.2	219.5
of which CEO	6.6	-	6.6	7.3	-	7.3
of which, Sweden	4.6	33.3	37.9	12.5	58.0	70.5
of which foreign countries	15.7	92.5	108.1	9.8	139.2	149.0
of which bonus, etc.	4.1	0.3	4.4	2.8	20.2	23.0
Pension benefits	2.0	13.7	15.7	3.3	25.1	28.4
of which pension benefits, CEO	0.2	0.0	0.2	0.2	0.0	0.2
of which pension benefits, others	1.8	13.7	15.5	3.1	25.1	28.2

Salaries and other benefits to senior executives
		2024
Group, SEK M		Basic salary, Directors’ fee	Bonus, variable compensation	Benefits	Pension	Total
Chairman of the Board
Christian Lagerling		0.8				0.8

Directors of the Board
Alexander Kotsinas		0.4				0.4
Adam Philpott, from 2023-05 to 2023-09		-				-
Dimitrij Titov		0.4				0.4
Juan Vallejo		0.4				0.4
Mario Shiliahki, from 2024-06		0.1				0.1
Ted Elvhage, to 2024-06		-				-

Chief Executive Officer
Adam Philpott, från 2023-09 *		4.4	2.2	0.0	0.2	6.8
Ted Hansson, to 2023-09
Other senior executives (6 people) *		9.7	1.9	0.6	1.8	14.0
Total from Group and Parent Company		16.2	4.1	0.6	2.0	22.9

		2023
Group, SEK M		Basic salary, Directors’ fee	Bonus, variable compensation	Benefits	Pension	Total
Chairman of the Board
Christian Lagerling		0.8				0.8

Directors of the Board
Alexander Kotsinas		0.4				0.4
Adam Philpott, from 2023-05 to 2023-09		0.1				0.1
Dimitrij Titov		0.4				0.4
Juan Vallejo		0.4				0.4
Mario Shiliahki, from 2024-06		0.2				0.2
Ted Elvhage, to 2024-06		0.1				0.1

Chief Executive Officer
Adam Philpott, as of September 2023		1.4	0.5	0.0	0.0	1.9
Ted Hansson, to 2023-09		3.6	1.8	0.0	0.2	5.6
Other senior executives		12.0	0.5	4.8	3.1	20.4
Total from Group and Parent Company		19.4	2.8	4.8	3.3	30.3

* Bonuses to the CEO and senior executives are not paid, only refers to reserved amounts.