The Year-End
Report 2023

Key highlights• Order intake increased by 14% y/y to SEK 6 000m
(5 269m)• Revenue increased by 14% to SEK 6 000m
(5 248m), organic growth of 9% (14%)• EBITDA amounted to SEK 1 322m (1 071m),
corresponding to a margin of 22% (20%)• Operating profit at SEK 925m (696m),
corresponding to a margin of 15% (13%)

Year-end report of Instoria Sweden AB Group
Head office
Permobil AB
Box 120861 23 Timrå
SWEDEN
Visiting address
Per Uddéns väg 20
Tel: +46 60 - 59 59 00
Fax: +46 60 - 57 52 50
www.permobil.com

The Year-End Report 2023
Table of contents
Key highlights

02

Letter from the CEO

04

This is Permobil

05

Group summary

06

Consolidated income statement

09

Consolidated statement of comprehensive income

10

Consolidated balance sheet

12Consolidated statement of changes in equity

12

Explanatory notes
Review of financial information – Deloitte AB

14 - 19
20

Letter from the CEO
It has been a very good year for Permobil, as we have achieved all the major financial
targets we set for ourselves, launched new products, expanded our business througha strategic acquisition and invested for the future. Our outstanding performance
this year is thanks to the collaborative work of the Permobil team, everyone from our
product designers to shipping clerks.
INNOVATING FOR INDIVIDUALS
We launched several flagship products in 2023 that elevated our portfolio and gives
people living with disabilities greater options to meet their needs and preferences.
The M Corpus VS, our first mid-wheel drive power wheelchair with full power standing
capability, was rolled out globally, as was the TiLite CR1, our first carbon fiber TiLite
manual wheelchair.
The real game changer was the introduction of Power Platform – a new electricalcontrol system that will eventually appear on all our M- and F-Series Corpus chairs.
The Power Platform simplifies servicing, programming and configuration, all of which
to deliver greater benefits to the users of our products.
EVER GROWING PERMOBIL FAMILY
Another highlight of the year was the acquisition of PDG Mobility in Canada, a global
leader in designing and manufacturing manual “tilt-in-space" wheelchairs. It marks
another important step in our overall strategy of developing comprehensive, next
generation complex rehab technology and services for individuals.

A HERITAGE OF LOOKING TO THE FUTURE
Looking ahead, we will open our new world class facility in Sundsvall, Sweden in 2024,
which will provide us with more space and facilities for our growing team and brings
together manufacturing, R&D, technology and operations. We are proud to continue
our decades-long association with the Västernorrland region.
Permobil remains committed to sustainability. Our carbon emissions targets remain
ambitious, the new facility in Sundsvall is being built to minimize environmental
impact and we continue to work with our suppliers on these questions. You can readmore about our work in this area in the annual sustainability report.
As we enter the new year, we are optimistic about the future prospects of our company.
We have a clear vision, a strong strategy, and a talented team. We are well-positioned to
seize the opportunities and overcome the challenges that lie ahead. We are committed
to creating value for all our stakeholders, and to making a positive impact on the
lives of people with disabilities.

Bengt Thorsson, CEO
04 The Year-End Report 2023

Stockholm, March 28, 2024

This is Permobil
Permobil is the global leader in innovative assistive
technology for people living with disabilities, with sales
in over 50 countries worldwide.
Permobil makes some of the most technicallyadvanced wheelchairs, seating and positioning
solutions available. Yet, the company’s mission is
to innovate for individuals and to celebrate humanachievements. Currently headquartered in Timrå,Sweden, Permobil is a global leader in advanced
healthcare solutions, focusing on the development andmanufacturing of our complementary set of productand services offerings: advanced power wheelchairs;
manual wheelchairs; seating and positioning
solutions; power-assist devices and software solutions.
WAY TO THE MARKET
Permobil has the most comprehensive range ofadvanced rehab solutions for users around theworld. In Scandinavia, Permobil’s products are
publicly provided through functional aids centers(“Hjälpmedelscentralen”). In most other geographies
the products are distributed by Durable Medical
Equipment (“DME”) dealers and paid by thegovernment and/or private insurance companies.
For this reason, the sales process can be complex,
typically involving a therapist, dealer, and a Permobil
representative to evaluate the needs of that specificuser and specify the requirements of the tailor-madeproduct offered.
OUR HISTORY
Permobil was founded in 1967 in Sweden, in thebasement workshop of an inventor, entrepreneur
and doctor, Per Uddén. Dr. Per Uddén, was driven bya passion to find new solutions to the problems heencountered in his work as a doctor. With a uniquefocus on the users, he and his team combined

PRODUCTION SITES 2023
Vancouver, Canada
Kunshan, China
Treviso, Italy
Oisterwijk, Netherlands
Kalmar, SwedenSpånga, SwedenTimrå, Sweden
Bridgend, UK
Belleville, IL, USA
Nashville, TN, USA
New Berlin, USA
Pasco, WA, USA

creativity with technology and mechanical ingenuity
to write the first chapter in the Permobil story.
The stories behind all the companies in the Permobil
family are similar. The commitment of our founders
to pursue their dreams of providing a better life for thephysically challenged has led to best-in class products.
It now drives us to push the boundaries of design andtechnology in pursuit of innovations that help improve
the quality of life for our users.
TODAY
Permobil’s headquarters is located in Sweden.
Permobil has 1 920 employees in 18 countries.
Production sites are located in Canada, China, Italy,
the Netherlands, Sweden, UK and USA. Since 2013,
the company has been wholly owned by Patricia
Industries, a subsidiary of Investor.
PERMOBIL’S BUSINESS STRATEGY
Permobil’s strategy is built on the following tenants:• Putting the end-user at the center of everything
we do• Developing the best advanced rehab technologies
across all product segments• Developing the market and our relationships withthe most clinically competent sales and marketingorganization• Being an excellent partner to our customers,
reliable and easy to deal with• Continuing to develop the competence within ourcompany and attract new talent• Providing outstanding customer service before,
during and after product sales• Advocating for the user’s right to get the producthe/she needs.

Permobil Sales offices
Permobil products sold via distributors

Group summary

Revenue by region

6 000
5 500

Financial details in the following summary relate to theyear 2023 are compared to the financial statements forthe year 2022.

5 000

64%

4 500
4 000
3 500

ORDERS
Order intake in 2023 increased 14% (28%) toSEK 6 000m (5 269m).

8%

3 000
2 500
2 000

28%

REVENUES
Revenues in 2023 increased 14% (29%) to SEK
6 000m (5 248m), corresponding to an organic
growth of 9% (14%).

1 500
1 000

AMR

EMEA

500

APAC

0

2015

Europe, Middle East and Africa
Revenue in EMEA increased by 12% (37%) to
SEK 1 670m (1 487m). Strong growth seen for manual
chairs and positive development especially in theGerman market.

64%

Americas
Revenue in the Americas increased by 17% (27%)
to SEK 3 868m (3 317m), driven by organic growthof 15%, supported by growth from all major product8%
segments and all US sales channels.
2023 figures include revenues from the acquired
28%
manual wheelchair company – PDG Mobility.
Asia Pacific				
Revenues in Asia Pacific increased by 4% (24%) toSEK 462m (444m), driven by organic growth of 4%.
Strong growth seen for manual chairs and positive
development especially in the New Zealand market.

Revenue – Full year

14

Million SEK

13

12

6 000
5 500

1

5 000

10

4 500

9

4 000

8

3 500

7

3 000

6

2 500

5

2 000

4

1 500

3

1 000

2

500
0
2015

2016

2017

2018

2019

2020

2021

2022

2023

EBITDA and margin – Full year
Million SEK

EARNINGS
Gross profit amounted to SEK 3 346m (2 859m),
6 000
corresponding
to a margin of 56% (54%).
5 500

Earnings before interest, tax, depreciation and
5 000
amortization (EBITDA) amounted to SEK 1 322m
4 500
(1 071m),
corresponding to a margin of 22% (20%).
4000
EBITDA
includes non-recurring items of SEK -27m

1 300
1 200
20%

1 100
1 000
900

15%

800

3 500

700

3 000

600

2 500

500

2 000

400

1 500

300

1 000

200

500

100

10%

5%

0

0
2015
2016
2017
06 The Year-End
Report20232018

25%

1 400

2019

2020

2021

2022

2023

2015

2016

2017

2018

2019

2020

2021

2022

2023

The Group’s cash position December 31, 2023 was SEK
1 037m (1 077m).

(-33m), mainly driven by M&A costs. Comparable
EBITDA adjusted for above mentioned expenses was
SEK 1 349m (1 104m).
Operating profit amounted to SEK 925m (696m),
corresponding to a margin of 15% (13%). Changes inexchange rates affected the operating profit of SEK -4m(-24m).
Net result for the period totaled SEK 405m (231m).

Employees					As of December 31, 2023 the number of employeesamounted to 1 920 (1 805), mainly driven by theacquisition of PDG Mobility.
Important events after the end of the period
No material events have taken place after the end of
the period.

INVESTMENTS
Net investments in fixed assets amounted to SEK
133m (136m). Capitalized costs for intangible assets
amounted to SEK 158m (137m) driven by investments
in a new ERP system and R&D.
Depreciation of tangible and intangible assets
amounted to SEK 397m (375m).
Financing structure
Net debt December 31, 2023 amounted to SEK 3294m (3 024m) based on the definition in the bankagreement (i.e. loans valued to average FX rates overthe last twelve months). The net debt/EBITDA ratio
was 2.6 (3.0).

Financial summary

Full Year

SEK million

Jan - Dec 2023

Jan - Dec 2022

Change (%)

Order intake

6 000

5 269

14%

Revenue

6 000

5 248

14%

Gross profit

3 346

2 859

17%

56%

54%

-2 025-1 789

34%

34%

1 322

1 071

% of Revenue

22%

20%

Operating profit

925

696

% of Revenue

15%

13%

405

231

7%

4%

% of Revenue
OPEX% of Revenue
EBITDANet income% of Revenue

23%

33%

The Year-End Report 2023 07

Income statement

Condensed consolidated

SEK million

2023

2022

Revenue

6 000

5 284

Cost of goods sold-2 654-2 389Other operating cost

-680

-626

Personnel cost

-1 344-1 162-397-375-5 076-4 553925

696

Financial income

103

66

Financial expenses

-441

-394

Financial net

-338

-328

Profit before tax

586

368

Taxes

-182

-137

Net income

405

231

405

231

-

-

405

231

Operating costs

Depreciation and amortisation of intangible and tangible assets
Total operating costs

Operating profit

Profit and loss from fInancial items

Attributable to:Equity holders of the parent company
Non-controlling interests

Net income

The Year-End Report 2023 09

Statement of othercomprehensive income

Condensed consolidated

SEK million

2023

2022

Profit for the period

405

231

-113

106

0

0

Total comprehensive income that may be reclassified subsequently to profit or loss

-113

106

Total comprehensive income

292

337

292

337

Non-controlling interests

0-

Total comprehensive income

292

337

Comprehensive income that may be reclassified subsequently to profit or loss
Exchange rate differences
Extended investment in foreign operations

Attributable to:Equity holders of the Parent company

10 The Year-End Report 2023

9Balance sheet

Condensed consolidated

2023

2022

Intangible non-current assets

7 755

7 707

Tangible non-current assets

653

670

Financial non-current assets

34

27

Inventories

840

920

Current receivables

1 354

1 277

Cash and cash equivalents

1 037

1 077

Total assets

11 674

11 677

Total equity

2 248

1 956

Non-current liabilities

8 342

8 760

Current liabilities

1 084

961

11 674

11 677

SEK million

Non-current assets

Current assets

Total equity and liabilities

Statement of changes in equity
SEK million

consolidated

2023

2022

1 956

1 368

292

337

-

251

2 247

1 956

2 247

1 956

-

-

Attributable to equity holders of the parent company
Opening balance
Total comprehensive income
Issue of Share capital
Closing balance

Attributable to:Equity holders of the parent company
Non-controlling interests

12 The Year-End Report 2023

11

Explanatory notes
SUMMARY OF KEY ACCOUNTING PRINCIPLES
Investor AB acquired Permobil Holding AB withclosing date May 14, 2013. After the acquisition,
Instoria Sweden AB (556930-2606) became the newparent company for the new Group and holds 100% of
the shares in Permobil Holding AB (556630-2054) withsubsidiaries (the Group). Investor AB (556013-8298)
is the ultimate parent and prepares full consolidated
financial statements.
Essential accounting principles applied at the
preparation of the financial information included in
the year-end report are stated below. The principles
have been applied to all financial years presented,
unless otherwise statedBasis for preparation
The financial information included in the yearend report comprise the condensed consolidated
income statement, consolidated statement of othercomprehensive income, condensed consolidatedbalance sheet and consolidated statement of changes
in equity (“the financial information”).
The Group applies International Financial ReportingStandards (IFRS), as adopted by the EU for its financial
reporting. In the year-end report the Group applies themeasurement and valuation principles in accordancewith IFRS. The explanatory notes are included for theconvenience of the reader.
All amounts are in SEK millions (SEK m), unlessotherwise stated.
Consolidated financial statements
All intra-group receivables or liabilities, income
and expenses, profit or losses incurred in entities
encompassed by the consolidated financial statement
are eliminated in their entirety.
Translation of foreign operations
A foreign operation is an operation carried out inan economic environment with a currency different
from that (the functional currency) of the Group’sreporting value, which is SEK. Assets, including
goodwill and other surplus values in such operations,
are translated to the reporting value at the balance
sheet date rate. The income statements of foreign
operations are translated at the weighted average of
exchange rates for the year. Exchange rate differences
arising from the translation are recognized in Equity
via Other Comprehensive Income. In case of divestinga foreign independent operation, the accumulated

14 The Year-End Report 2023

exchange difference is recognized in the income
statement included in the profit or loss arising fromthe divestment.
IncomeIncome is recognized at the actual value of payment
received or expected to be received for products andservices sold in the ordinary course of business of thecompany. Income is recognized upon completion ofdelivery to the customer in accordance with applicablesales conditions. Income is recognized net, excluding
value added tax and after discounts.
Cost of goods soldCost of goods sold in the consolidated financial
statements relates to all production costs includingchange in inventory, direct personnel costs and othercosts directly associated with the production facility.
Tangible and intangible non-current assets
Tangible and intangible non-current assets withlimited useful life are recognized at cost lessaccumulated depreciation and write-downs, whereappropriate. Depreciation is made on a straight-line
basis over the useful life at the estimated residualvalue. Land is not subject to depreciation.
Intangible non-current assets with indefinite usefullife are recognized at cost less any accumulated writedown. They are tested for impairment on an annual
basis
Product development
Expenditures for product development are recognized
as an intangible asset only when the following
criteria are met: a well-defined development projectwith concrete plans as to how and when the assets
will be used in the operation exists, expenses canbe reliably estimated, and the asset is assumed togenerate future economic benefits; implementationof the project is deemed technically feasible, and theGroup is assessed to have the resources required tocomplete the development. The acquisition value ofthe intangible asset includes, in addition to personnel
costs and direct purchases, the share of indirect costs
attributable to the asset. Other development expenses
are expensed as they arise.
Inventories
Inventories are valued at the lower of acquisition costand net realizable value. As regards manufactured
products the acquisition cost is the cost of
manufacturing the product. Net realizable value is theestimated sales price in the normal course of business,less expenses attributable to the sale. Acquisition costis calculated according to the first-in, first-out method,measuring that the inventory items in stock at yearend are assumed to be those most recently purchased.
Financial liabilities
Interest-bearing and non-interest-bearing financial
liabilities not held for trade are recognized as Other
financial liabilities. The basis of valuation is theaccrued acquisition value. The maturity date oflong-term liabilities is more than one year, whereas
liabilities with shorter maturity dates are recognized as
current liabilities. The expected maturity date of tradeliabilities is short, and they are therefore valued attheir nominal amounts, without discount.
Borrowing costs
Expenses associated with raising of loans arerecognized as a deduction in loan liabilities. Expenses
are released over the term of the loan and are classified
as interest expenses in the income statement.
Income tax
Income tax comprises current tax and deferred tax.
Income tax is recognized in the income statement
when it relates to items in the income statement, andin other comprehensive income, or directly in equity,

The Year-End Report 2023 15

when the underlying transaction is recognized in othercomprehensive income or directly in equity.
Current tax is a tax liability or a tax asset for the current
year, with tax rates which are presently applicable or
expected to become applicable at the balance sheet
date. Where appropriate, adjustments of current tax
relating to previous periods are also included.
Deferred tax is recognized using the balance sheet
method, entailing that deferred tax is estimated on all
identified temporary differences on the balance sheet
date, i.e. the fiscal value of the assets or liabilities on
the one hand, and their recognized values on the otherhand. Deferred tax assets are recognized in the balance
sheet, including non-utilized loss carry-forwards.
However, deferred tax liability on temporary
differences concerning goodwill is not recognized in
the balance sheet; neither is deferred tax recognized
where the temporary difference is associated withinvestments in subsidiaries and associated companies,
where the Group has a controlling influence as to whenreversal of the temporary difference shall be made, andthere is a probability that the temporary difference will
not be reversed in the foreseeable future.
Deferred tax assets are recognized only to the extent
that there is a probability that future taxable profits
will arise, against which temporary differences or
unutilized loss carryforwards will be offset. The valueof deferred tax assets is tested for impairment oneach balance sheet date, and a reduction is made in
the event that it is no longer probable that a sufficientamount of taxable profit is available to utilize all or a
portion of deferred tax assets.
Deferred tax assets and liabilities are estimated using
the tax rates expected to be applied for the period inwhich assets are utilized or liabilities settled, basedon the tax rates (and tax legislation) applicable or
expected to be applicable on the balance sheet date.
Deferred tax assets and liabilities are recognized net in
the balance sheet, provided that payment of tax will bemade in the net amount.
CRITICAL ESTIMATES AND ASSUMPTIONSThe Group makes estimates and assumptions
concerning the future. The estimates made foraccounting purposes may deviate from actual
outcome. Estimates and assumptions that may
constitute a risk of essential adjustments of recognizedvalues appear from the following.
Estimation of value and useful life for intangible fixed
assets
The intangible assets in Permobil include goodwill,trademarks, concessions, patents and capitalized
expenditures for research and development. The

16 The Year-End Report 2023

estimation of remaining useful life is done on a yearlybasis. Impairment testing is done if indications of achange in value or remaining useful life occur.
Impairment testing of intangible fixed assets withindefinite useful life
The Group is testing intangible assets with indefinite
useful life for impairment annually in accordance withthe accounting principle described above. Several
estimations need to be done in the testing process,primarily related to:• Forecasts, including operating margins and sales
growth• Discount rates• Growth rates used to extrapolate cash flow beyond
the forecast period.
Capitalization of expenditures for research anddevelopment
The Group invests significant amounts in researchand development, of which some are reported as
intangible fixed assets. The reporting of development
expenditures as asset requires estimations that the
product will be useful, technical and commercial, andthat future financial benefits are likely. Amortization ofcapitalized development expenditures is done over an
estimated remaining useful life of maximal 10 years.
The estimated sales volume and remaining useful life
can be revaluated which can lead to a need for writedown.
Inventory
The Group is performing physical stocktaking of
inventory in the production units at a minimum offour times per year. At the stocktaking, estimations ofobsolescence are done based on revised sales forecasts
and product lifecycles.
Warranty provisions
Group could have difficulties in entering new bankloan agreements and be required to use a larger part ofits cash flow for interest and debt repayment.
RISK AND RISK MANAGEMENT
Currency rate risk
The Group is exposed to currency risks through its
operations in foreign subsidiaries and the structure of
its loan financing. Primary risks are associated with thefollowing currencies; EUR, USD, NOK, AUD and CAD.
Group’s hedging policy states that the Group shall notenter forward currency contracts. The Groups opinion
is that currency exposures are minimized through anevener distribution of production (outflow) and sales(inflow) in the, for the Group, material currencies SEK,
USD, EUR, CAD, AUD and NOK.
.

EXCHANGE RATE EXPOSURE
The average year rates for the major currencies were as
follows:

Interest rate risk
The interest risk of the Group is associated with shortand long-term borrowing. Borrowings at floatinginterest rates constitute a risk in cash flow. This risk
is partly mitigated by cash funds at floating interest
rates. Borrowings at fixed interest rates constitute a fairvalue risk.
Liquidity risk
The Group is exposed to liquidity risks, defined as therisk of not having sufficient liquid funds at a given
point in time to meet its commitments, or not being
able to pursue operations in the most effective manner.
Permobil is managing that risk through follow-ups ofliquidity, forecasts, and currently retaining sufficientliquid funds to meet the requirements of the current
operations, in the short term as in the long term.
Credit risk
The Group’s credit risk relates to the risk for acounterpart not being able to fulfill its obligations
towards the Group, which could result in recognitionof a loss from bad debt. The credit risk varies between
markets, due to different local market conditions andsales channels. Each subsidiary is responsible foranalyzing and follow-up on the credit risk for eachcustomer, and if necessary, take action.
Financing risk
The Group is financing its operations partiallywith bank loans. Some loan agreements containfinancial undertakings including generally accepted
restrictions (covenants). This debt result in certain
risk exposure, for instance in case of heavily changed
market conditions, the Group could have difficulties inentering new bank loan agreements and be required touse a larger part of its cash flow for interest and debt
repayment.

Currencies

Rate

SEK / USD

10,61

SEK / EUR

11,48

SEK / CAD

7,86

SEK / AUD

7,05

SEK / NOK

1,01

The majority of Permobil’s revenue is in US Dollar
and Euro. Significant shifts in the SEK/USD and SEK/EUR rates will therefore have a substantial impact
on revenue for the Group. The table below shows theimpact on revenue from a +/- 10% change in the SEK
against the major currencies based on the last twelve
months’ trading.
SEK million-10%

Actual

+10%

US

3 071

3 412

3 753

Euro zone

773

858

944

Australia

226

251

276

Canada

376

417

459

Norway

212

235

259

Group

5 436

6 000

6 564

RELATED PARTY TRANSACTIONS
Related parties are Instoria Holding AB (556919-2783),
Instoria MSPV 2018 AB (559163-0818), Instoria 2019 AB(559183-9153), Instoria 2020 AB (559226-7669), Instoria
2021 AB (559248-2193), Instoria 2022 AB (5593599003), Instoria 2023 AB (559400-8830) and Stiftelsen
Permobil MSPV II (802480-8555). Related party
transactions refer to interest expense, long-term loan
and accrued interest expense with Instoria Holding
AB.
The Group had SEK 0m (0m) revenue from relatedparties in 2023. Expenses to related parties’ totals to
SEK 133m (128m) for the year. Transactions between
related parties are at arm’s length.
The Group had per the balance sheet date SEK 3 013m
(3 266m) of non-current liabilities and SEK 75m (82m)of current liabilities to related parties.

The Year-End Report 2023 17

Net Working Capitaland Cash Conversion		
SEK million

Note

2023

2022

Inventory

840

920

Accounts receivable

1 216

1 149

Accounts payable

-386

-374

Total net working capital

1 670

1 695

% of net Sales

28%

32%

Net working capital

Cash conversion cycle
Days of inventory held

(1)

184

203

Days of sales outstanding

(2)

72

66

Days of payables outstanding

(3)

-79

-87

176

182

Conversion cycle

1. DIH represents Inventory (average balance LTM) divided by Direct Material (LTM) x 365
2. DSO represents account receivables (average balance LTM) divided by External revenue (LTM) x 365
3. DPO represents account payables (average balance LTM) divided by Direct Material (LTM) x 365

Stockholm

Bengt Thorsson
CEO

18 The Year-End Report 2023

Building continues on our new facility
in Västernorrland, Sweden.

Report on review offinancial information
To Instoria Sweden AB, corporate identity number 556930-2606
We have reviewed the accompanying condensed consolidated balance sheet of Instoria
Sweden AB as of December 31, 2023 and the related condensed consolidated statements
of income and changes in equity for the year then ended, and a summary of significant
accounting policies and other explanatory notes. Management is responsible forthe preparation and presentation of this financial information in accordance with
International Financial Reporting Standards (IFRS), as adopted by the EU, and theAnnual Accounts Act. Our responsibility is to express a conclusion on this financial
information based on our review.
SCOPE OF REVIEW
We have conducted our review in accordance with International Standard on Review
Engagements 2410, Review of Interim Financial Information Performed by the
Independent Auditor of the Entity. A review of financial information consists of making
inquiries, primarily of persons responsible for financial and accounting matters, andapplying analytical and other review procedures. A review has a different focus and issubstantially less in scope than an audit conducted in accordance with International
Standards on Auditing (ISA) and other generally accepted auditing practices. The
procedures performed in a review do not enable us to obtain a level of assurance thatwould make us aware of all significant matters that might be identified in an audit.
Therefore, the conclusion expressed based on a review does not give the same level ofassurance as a conclusion expressed based on an audit.
CONCLUSION
Based on our review, nothing has come to our attention that causes us to believethat the accompanying financial information does not present fairly, in all material
respects, the financial position of the entity as of December 31, 2023, and of its financial
performance for the year then ended in accordance with International Financial
Reporting Standards (IFRS), as adopted by the EU, and the Annual Accounts Act.

Stockholm
Deloitte AB

Daniel Wassberg
Authorized Public Accountant

20 The Year-End Report 2023

For further information, please contact:groupfinance@permobil.com

The Year-End Report 2023