Financial Info - Exeger

2021 ANNUAL REPORT
EXEGER SWEDEN AB (PUBL))

Corporate ID no.: 556777-6926
Exeger Sweden AB (publ)

Corporate ID no. 556777-6926 0
CONTENTS
ADMINISTRATION REPORT ..................................................................................................................................................................................................... 2
MULTI-YEAR OVERVIEW ........................................................................................................................................................................................................... 3
EMPLOYEES.................................................................................................................................................................................................................................. 3
PROPOSED DISTRIBUTION OF PROFIT ............................................................................................................................................................................... 3
CONSOLIDATED INCOME STATEMENT ............................................................................................................................................................................... 4
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME.................................................................................................................................... 5
CONSOLIDATED BALANCE SHEET ....................................................................................................................................................................................... 6
CONSOLIDATED BALANCE SHEET, CONT’D ...................................................................................................................................................................... 7
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ............................................................................................................................................... 8
CONSOLIDATED STATEMENT OF CASH FLOWS..............................................................................................................................................................9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ...................................................................................................................................... 10
PARENT COMPANY INCOME STATEMENT ...................................................................................................................................................................... 29
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME ........................................................................................................................... 29
PARENT COMPANY BALANCE SHEET ............................................................................................................................................................................... 30
PARENT COMPANY STATEMENT OF CHANGES IN EQUITY........................................................................................................................................ 31
PARENT COMPANY STATEMENT OF CASH FLOWS ..................................................................................................................................................... 32
NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS ............................................................................................................................ 33
SIGNATURES ............................................................................................................................................................................................................................. 36

ADMINISTRATION REPORT
The Board of Directors and the Chief Executive Officer of November saw the approval of the annual ISO 9001
Exeger Sweden AB (publ) hereby present the accounts for audit, marking Exeger’s fourth year with ISO 9001
the period January 1 to December 31, 2021. The annual certification.
accounts have been prepared in thousands of Swedish
kronor unless otherwise stated. During the year, 57 patents were granted and Exeger had
a total of 189 granted patents at year-end.
Information about the business
Exeger engages in sales, development, production and
Significant events after the reporting period
commercialization of third-generation solar cells, known On March 15, the Board of Directors passed a decision to
as Dye Sensitized Solar Cells (DSC). The Company raise funds through two directed new issues, based on a
engages in “business to business” sales; it does not sell mandate previously received from the General Meeting.
directly to the end consumer. The Company’s solar cells Through the first issue, 774,375 shares will be subscribed
are sold under the Powerfoyle brand. The Company’s for with payment of the subscription settlement of SEK
products focus on applications in areas such as consumer 123,900,000 by March 25. Through the second issue,
electronics, Internet of Things and Smart Worker. 343,750 shares will be subscribed for with payment of
the subscription settlement of SEK 55,000,000 by July
The Company’s primary operations are based in 15.
Stockholm and had an average of 155 employees in 2021
from over 20 countries. The business is conducted in Risks, uncertainties and risk management
accordance with the international standard for ISO9001. Exeger is at a stage where it is transitioning from
development to large-scale production and commercial
COVID-19 sales. This transition could lead to unforeseen problems
The Company has followed government that management has not been able to address early on.
recommendations and pursued a successful strategy to
minimize the spread of infection within the Company. Market risk decreased in 2021 given the successful
product launch, which confirmed the Company’s
The consumer electronics market was strongly impacted assumptions regarding market acceptance and
by the side effects of COVID-19 in 2021. Production willingness to pay.
disruptions in China led to delays in both production of
complete products and components. Global travel The Company's future competitiveness depends on
restrictions also had a negative impact on opportunities continued development and successful research, which is
for international development work. Given these always associated with uncertainty and risk.
circumstances, Exeger increased its focus on customers Since the Company operates in a global market, risk
with representation in Sweden and Europe in 2021. related to assumptions, the market and the future will
increase further in the event of pandemics or other global
Significant events during the financial year events.
During the second half of 2021, Exeger Sweden AB (publ)
raised a total of SEK 150 million through two directed
share issues to Ilija Batljan Invest AB.
Ownership
The Company is affiliated with EuroClear and at the turn
During the year, the first product with Powerfoyle of the year the number of shareholders was 2,623, an
successfully reached the market through headphone increase of 1,093 shareholders from the previous year.
manufacturer Urbanista’s Los Angeles headphones.
The Company signed several customer contracts during

the year, as well as partner contracts. In addition, the
Dutch company Intivation B.V., a key partner, was also
acquired. During the autumn, the subsidiary Exeger Asia
Limited was also established with the intention of gaining
a presence in Asia.

MULTI-YEAR OVERVIEW
Amounts in SEK million (SEKm) 2021 2020 2019 2018 2017 2016
Profit/loss
Net sales 6.0 0.2 0.3 ─ ─ ─
Operating profit/loss before interest, tax, depreciation
-227.5 -105.4 -67 -25.6 -11.9 -12.9
and amortization, EBITDA
Operating margin, %, EBITDA -3,813.1 ─ ─ ─ ─ ─
Total assets 740.5 638.1 593.4 258.4 216.5 250.3
Equity 413.5 537.8 486 187.2 148.5 187.8
Equity ratio, % 55.8 84.3 81.9 72.4 68.6 74.5
Average number of employees 154.7 130.8 102.78 74.13 53.71 41.91
EMPLOYEES
The average number of employees rose to 154.7 (130.8) during the year.
PROPOSED DISTRIBUTION OF PROFIT

The Board of Directors proposes the following distribution of earnings
(SEK):
Profit at the disposal of the Annual General Meeting:
Retained earnings 823,481,212
Profit/loss for the year -271,790

Total 823,209,422
The Board of Directors proposes that

the following amount should be carried 823,209,422
forward:

CONSOLIDATED INCOME STATEMENT
January – December, SEK 000s Note 2021 2020
Net sales G1 5,965 172

Capitalized development cost G8, G10 34,680 61,759
Other operating income G3 1,152 3,667
Total operating income 41,797 65,598
Operating costs
Material costs -66,434 -34,533
Other external costs G4 -76,346 -48,547
Employee costs G5 -125,123 -87,879
Depreciation/amortization of fixed assets G8, G9, G11 -65,319 -30,358
Other operating costs G3 -1,348 –

Total operating costs -334,570 -201,318
Operating profit/loss -292,773 -135,720
Other interest income and similar profit and loss items G6 6,770 654
Interest expense and similar profit and loss items G6 -3,534 -6,494
Profit/loss from financial items 3,236 -5,841
Profit/loss before tax -289,537 -141,560
Tax G7 8 –
Profit/loss for the year -289,529 -141,560
The year’s result attributable to:

Owner of the parent company -277,700 -135,648
Non-controlling interest -11,829 -5,913
Total profit/loss: -289,529 -141,560

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
January – December, SEK 000s 2021 2020
Profit/loss for the period -289,529 -141,560
Other comprehensive income for the period
Translation differences 82 –
Total other comprehensive income for the period 82 –
Comprehensive income for the period -289,447 -141,560
Comprehensive income attributable to:

Parent company shareholders -277,621 -135,648
Non-controlling interest -11,826 -5,913

CONSOLIDATED BALANCE SHEET
December 31, SEK 000s Note 2021 2020
ASSETS
Non-current assets
Intangible assets
Capitalized costs for development work, etc. G8 223,461 228,294
Patents and trademarks G8 33,396 19,678
Other intangible assets G8 967 34
Total intangible assets 257,824 248,006
Property, plant and equipment

Leasehold improvements G9 41,896 30,181
Machinery and equipment G9 51,084 45,273
Building installations, leasehold G9 1,821 2,211
Advance payments and machinery in progress regarding property, plant
G10 71,703 25,263
and equipment
Total property, plant and equipment 166,504 102,928
Right-of-use assets G11 111,383 14,427
Financial assets
Other financial investments G12 10,239 –
Deferred tax assets G7 70 –
Total financial assets 10,309 –
Total non-current assets 546,020 365,361
Current assets
Inventories G13 26,285 11,390
Current receivables
Accounts receivable G14 25,034 –
Other receivables G15 21,240 6,512
Prepaid expenses and accrued income G16 11,490 5,127
Total current receivables 57,764 11,639
Cash and cash equivalents G17 110,443 249,756
Total current assets 194,492 272,785
TOTAL ASSETS 740,512 638,146

CONSOLIDATED BALANCE SHEET, CONT’D
EQUITY
Equity attributable to the owner of the parent company G18 403,175 515,696
Non-controlling interest G18 10,295 22,121
Equity 413,470 537,817
LIABILITIES
Non-current liabilities
Lease liability G19 102,244 8,506
Liabilities to credit institutions, non-current portion G20 54,364 –
Borrowings G20 58,213 55,516
Total non-current liabilities 214,821 64,022
Provisions
Other provisions 294 –
Total provisions 294 –
Current liabilities
Liabilities to credit institutions, current portion G20 13,636 –
Accounts payable 60,262 13,505
Other liabilities G21 2,309 1,810
Lease liability G19 10,408 4,719
Accrued expenses and deferred income G22 25,312 16,273
Total current liabilities 111,927 36,307
TOTAL LIABILITIES AND EQUITY 740,512 638,146

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Equity
Retained
attributable to
Share Other paid-in earnings incl. Non-controlling
the parent Total equity
capital capital profit/loss for interest
company's
the year
shareholders
January 1, 2021 862 952,300 -437,466 515,696 22,121 537,817
Comprehensive income
Profit/loss for the year -277,700 -277,700 -11,829 -289,529
Change in translation
79 79 3 82
differences
Other comprehensive income
Total comprehensive income – – -277,621 -277,621 -11,826 -289,447
Transactions with
shareholders
Non-controlling interest
Transfer
Warrant program 15,100 15,100 15,100
New share issue 19 149,981 150,000 150,000
Total transactions with
19 165,081 0 165,100 165,100
shareholders
As of December 31, 2021 881 1,117,381 -715,087 403,175 10,295 413,470
January 1, 2020 836 752,326 -288,040 465,122 20,899 486,021

Comprehensive income
Profit/loss for the year -135,648 -135,648 -5,913 -141,560
Other comprehensive income
Total comprehensive income – – -135,648 -135,648 -5,913 -141,560
Transactions with
shareholders
Non-controlling interest -13,778 -13,778 7,135 -6,644
New share issue 26 199,974 200,000 200,000

26 199,974 200,000 200,000
shareholders
December 31, 2020 862 952,300 -437,466 515,696 22,121 537,817

CONSOLIDATED STATEMENT OF CASH FLOWS
Cash flow from operating activities
Operating profit/loss -292,773 -135,720

Adjustments for non-cash items
- Reversal of depreciation/amortization 65,319 30,358
- Change in provisions 294
- Other non-cash items 7,496 -2,624
Interest received – 654
Interest paid -1,531 -3,870
Tax paid -12,254 -1,083
Cash flow from operating activities before changes in working capital -233,449 -112,285
Changes in working capital

Increase/decrease in inventories -14,896 -4,692
Increase/decrease in other current receivables -34,465 -3,817
Increase/decrease in other current liabilities 55,861 1,444
Total changes in working capital 6,500 -7,065
Cash flow from operating activities -226,949 -119,350
Cash flow from investing activities

Investments in intangible assets -32,256 -70,790
Investments in property, plant and equipment -85,925 -50,213
Acquisition of subsidiaries and businesses (net) -5,960 –
Other investment activities -10,239 –
Cash flow from investing activities -134,380 -121,003
Cash flow from financing activities

New share issue 150,000 200,000
Warrant program 15,100 –
Borrowings 68,000 –
Amortization lease liability -11,097 -4,831
Cash flow from financing activities 222,003 195,169
Translation differences in cash and cash equivalents 13 –

Cash flow for the period -139,313 -45,184
Cash and cash equivalents at start of period 249,756 294,940

Cash and cash equivalents at close of period G17 110,443 249,756

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
G1. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND ASSESSMENTS FOR

ACCOUNTING PURPOSES
Introduction
Exeger Sweden AB (publ) and its subsidiaries engage in activities that include development and commercialization of Dye
Sensitized Solar Cells (DSC).
The consolidated financial accounts were prepared in the parent company Exeger Sweden AB (publ) 556777-6926, a limited
liability company registered in Sweden and domiciled in Stockholm. The street address for the corporate headquarters is
Brinellvägen 32 and the mailing address is Box 55597, SE-102 04 Stockholm, Sweden.
This annual report was approved for publication by the Board of Directors on April 26, 2022.
All amounts are presented in SEK thousands (SEK 000s) unless otherwise stated.
Basis of preparation
The most important accounting policies applied when preparing this Annual Report are presented below.
The annual accounts of Exeger Sweden AB were prepared in accordance with the Swedish Annual Accounts Act and
recommendation RFR 2 Accounting for Legal Entities, from the Swedish Financial Reporting Board. As a main rule, this means
that the Company has applied the international financial reporting standards (IFRS/IAS) adopted by the European Union as far
as possible, but some exceptions occur that mainly relate to the Swedish Annual Accounts Act. Exeger Sweden AB continually
evaluates changes in accounting rules as they arise and takes them into account to the extent permitted by RFR 2.
The Group’s annual report has been prepared in accordance with IFRS.
At the time of preparation of the annual accounts as of December 31, 2021, no changes came into force that affect the business,
nor are there any planned changes that would have a material impact on the business.
Translation of foreign currency

Functional currency and reporting currency
Items included in the financial statements of the various entities of the Company are valued in the currency used in the primary
economic environment of each company’s operations (functional currency). Swedish kronor (SEK) is used as the reporting
currency in the financial statements.
Transactions and balance-sheet items

Transactions in foreign currency are translated into the functional currency in accordance with the exchange rate prevailing
on the transaction date. Exchange rate gains and losses resulting from settlement of such transactions and from the translation
at the closing rate of monetary assets and liabilities in foreign currency are recognized in the income statement. Exchange rate
differences on cash and cash equivalents, lending and borrowings are recognized in net financial items, while other exchange
rate differences are included in operating profit or loss.
Business combinations
Upon acquisition of a business, the cost of the acquisition is calculated as the fair value of the assets and liabilities transferred
on the day of the acquisition, including the fair value of any additional purchase consideration. Transaction costs attributable
to the acquisition are expensed in accordance with IFRS.
Statement of cash flows

The statement of cash flows is prepared according to the indirect method. Cash and cash equivalents include bank balances
with a maturity of three months or less from the acquisition date.

Intangible assets
Capitalized development costs
Development costs that are directly attributable to the development and testing of identifiable and unique products
controlled by the Company are recognized as intangible assets when the following criteria are met:
i. It is technically feasible to complete the product so that it can be used,
ii. the Company intends to complete the product and to use or sell it.
iii. there are appropriate conditions for the project to be used or sold,
iv. it can be shown that the product will generate probable future economic benefits,
v. adequate technical, financial and other resources are available to complete development and to use or sell the
product, and
vi. costs attributable to the product during its development can be reliably estimated.
Directly attributable costs that are capitalized as part of the asset include costs for staff, materials and an appropriate
portion of overhead. Upon capitalization, the portion of expenses recognized as income against received/expected
contributions is taken into account. Capitalized development costs are recognized as intangible assets and are amortized
starting from the date when the asset is ready for use.
The amortization period for capitalized development costs is 5 years
Research and development costs that do not meet the criteria are expensed as incurred. Development costs expensed in
previous periods are not recognized as an asset in the subsequent period.
Patents and trademarks

Patents and trademarks acquired separately are recognized at cost. Patents acquired through a business combination are
recognized at fair value on the acquisition date. Patents have a finite useful life and are recognized at cost less accumulated
amortization and any impairment losses. Costs for discontinued patents are recognized as an intangible asset and amortization
begins at the time the patent was granted. Unless otherwise stated, the amortization period for patents is 5 years.

All property, plant and equipment are recognized at cost less depreciation.
The cost includes expenditure that is directly attributable to the acquisition of the asset. This includes work directly
attributable to the design and modification of machines that are designed and/or modified in-house to be adapted to the
Company's production process.
Subsequent expenditure is added to the asset’s carrying amount or recognized as a separate asset, as appropriate, only when
it is probable that the future economic benefits associated with the asset will flow to the Company and the asset’s acquisition
value can be measured reliably. The carrying amount of the replaced part is derecognized. All other forms of repair and
maintenance are recognized as expenses in the income statement during the period in which they arise.
Depreciation of other assets, to distribute their cost down to the estimated residual value over the estimated useful life, is
calculated on a straight-line basis as follows: Technical assets 5-15 years; improvement costs, leaseholds 5-15 years;
machinery and equipment 3-5 years.
The residual value and useful lives of the assets are reviewed at each balance sheet date and adjusted if necessary. An asset’s
carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its
estimated recoverable amount.
Gains and losses on disposals are determined by comparing the sales proceeds and the carrying amount and are recognized in
Other operating income and Other operating costs in the income statement.
Impairment of non-financial assets

Intangible assets that have an indefinite useful life or intangible assets not ready for use are not subject to amortization, but
are tested annually for impairment.
Property, plant, and equipment and intangible assets that are depreciated or amortized are assessed with respect to
impairment whenever events or changes in circumstances indicate that the carrying amount might not be recoverable. An
impairment loss is recorded for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less selling costs and its value in use. When assessing impairment,
assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash generating units). Previously
impaired property, plant and equipment and intangible assets are tested for reversal at each balance sheet date.

Financial instruments
Exeger classifies its financial assets and liabilities under the following valuation categories:
Financial assets measured at amortized cost: Assets held for the purpose of collecting contractual cash flows, and where these
cash flows only consist of capital amounts and interest, are recognized at amortized cost. Exeger includes accounts receivable,
cash and cash equivalents and the portion of other current receivables relating to financial instruments in this category.
Financial liabilities measured at amortized cost: Exeger’s liabilities include other borrowings, accounts payable, and the portion
of other current liabilities relating to financial instruments in this category.
Accounting, valuation and derecognition from the balance sheet

Purchases and sales of financial instruments are recognized on the trade date, the date on which the Group commits to buy or
sell the asset. Financial instruments are initially recognized at fair value plus transaction costs, which applies to all financial
instruments that are not recognized at fair value through profit or loss. Financial instruments measured at fair value through
profit or loss are initially recognized at fair value, while attributable transaction costs are recognized in the statement of
comprehensive income.
Financial assets are derecognized when the rights to receive cash flows from the instrument have expired or have been
transferred, and the Group has transferred virtually all risks and benefits associated with ownership. Financial liabilities are
derecognized when the contractual obligations have been fulfilled or otherwise terminated.
Financial assets and liabilities measured at amortized cost are recognized after the acquisition date at amortized cost using
the effective interest method. Interest income and expenses are recognized as financial income and expenses. Profits and
losses arising from derecognition from the balance sheet are recognized directly in the income statement under Other profit
and loss along with exchange rate earnings.
Offsetting of financial instruments

Financial assets and liabilities are offset and recognized as a net amount on the balance sheet, only when there is a legal right
to offset the recognized amount and an intention to settle this with a net amount or to simultaneously realize the asset and
settle the debt. The legal right may not be dependent on future events and must be legally binding on the Company and the
counterparty, both in normal business operations and in the event of suspension of payments, insolvency or bankruptcy.
Impairment of financial assets

The loss reserve for financial assets is based on assumptions about the risk of default and expected loss levels. Exeger makes
its own assessments of these assumptions and the choice of input data for calculation of the impairment. These are based on
history, known market conditions and forward-looking calculations at the end of each reporting period.
Exeger applies the simplified method for calculating expected credit losses on accounts receivable. This means that expected
losses for the entire life of the claim are used as the basis for accounts receivable and contractual assets.
To calculate expected credit losses, accounts receivable have been grouped by credit risk characteristics and number of days
overdue. The expected credit loss levels are based on customers' payment history. Historical losses are then adjusted to take
into account current and forward-looking information on macroeconomic factors that may affect customers' ability to pay the
claim. Credit losses on accounts receivable are recognized as credit losses — net as other external costs. Recoveries of amounts
previously written off are recognized against the same line in the income statement.
Accounts receivable
Accounts receivable are financial instruments consisting of amounts to be paid by customers for services sold in the ordinary
course of operations. If payment is expected within one year or earlier, they are classified as current assets. If not, they are
recognized as non-current assets.
Accounts receivable are initially recognized at fair value and subsequently at amortized cost using the effective interest
method less expected credit losses.
Cash and cash equivalents

Cash and cash equivalents include bank balances with a maturity of three months or less from the acquisition date.

Inventories
Inventories are recognized at the lower of their cost or their net realizable value. Cost consists of the direct cost of goods,
direct labor costs and attributable indirect manufacturing costs (based on normal production capacity). Cost for individual
inventory items is determined on the basis of weighted average costs.
Share capital
Ordinary shares are classified as equity. Transaction costs directly attributable to the issue of new shares are recognized, net
of tax, in equity as a deduction from the proceeds.
Accounts payable
Accounts payable are initially recognized at fair value and subsequently at amortized cost using the effective interest method.
The carrying amount of accounts payable is assumed to correspond to its fair value, due to the short-term nature of this item.
Borrowing and borrowing costs

Borrowing is initially recognized at fair value, net of transaction costs. Borrowing is subsequently recognized at amortized cost,
and any difference between the amount received (net of transaction costs) and the repayment amount is recognized in the
income statement over the term of the loan, with the application of the effective interest method.
Borrowing is derecognized from the balance sheet when the obligations have been settled, canceled or otherwise terminated.
The difference between the carrying amount of a financial liability (or part of a financial liability) that has been extinguished or
transferred to another party and the consideration paid, including transferred assets that are not cash or assumed liabilities,
is recognized in the income statement.
Borrowing is classified under current liabilities unless the Company has an unconditional right to defer payment of the liability
for at least twelve months after the balance sheet date.
Borrowing costs (interest expense) are recognized in the income statement in the period in which they are incurred.
Deferred income is recognized as part of borrowing.
Current and deferred tax

The tax expense for the period consists of current and, where applicable, deferred tax. Tax is recognized in the income
statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which
case tax is also recognized on these respective lines.
Current tax expenses are calculated on the basis of the tax rules that have been adopted or substantively enacted on the
balance sheet date. Management regularly evaluates the claims made in tax returns with respect to situations in which
applicable tax rules are subject to interpretation and, when deemed appropriate, it makes provisions for amounts that are likely
to be paid to the Swedish Tax Agency.
Deferred tax is recognized in its entirety, according to the liability method, for all temporary differences arising between the
tax base of assets and liabilities and their carrying amounts in the financial statements. The deferred tax is not recognized if it
occurs as a result of a transaction that constitutes the initial recognition of an asset or liability in a transaction other than a
business combination and that, at the time of the transaction, affects neither recognized nor taxable profit.
Deferred tax assets are recognized only to the extent that it is probable that future taxable profit will be available, against
which the temporary differences can be utilized.
Deferred tax assets and tax liabilities are offset when there is a legally enforceable right to set off tax assets against tax
liabilities, they refer to the same counterparty (taxation authority) and the intention is to settle the assets/liabilities with a net
payment.
Employee remuneration and share-based payments
Short-term remuneration to employees

Liabilities for salaries and remuneration, including non-monetary benefits and paid leave, that are expected to be settled within
12 months after the end of the financial year, are recognized as current liabilities at the undiscounted amount that is expected
to be paid when the liabilities are settled. The cost is recognized in parallel with the services carried out by the employees. The
liability is recognized as a liability regarding remuneration to employees on the balance sheet.

Pension obligations
The Company mainly has defined contribution pension plans.
For defined contribution pension plans Exeger pays contributions to publicly or privately administered pension insurance
plans on a mandatory, contractual or voluntary basis. The Company has no further payment obligations once the contributions
have been paid. The contributions are recognized as employee benefit expense when they are due. Prepaid contributions are
recognized as an asset to the extent that cash refund or a reduction in future payments is available to the Company.
Warrant program
Exeger has issued a warrant program, which is still underway as of Dec. 31, 2021. Warrants have been allocated to key
employees within the Group, for which a market price has been paid by the person to whom the warrants have been allocated.
The fair value of the warrants has been determined through application of Black & Scholes. Consequently, no employee benefit
arises for the warrant programs.
Revenue recognition
For revenue generated by the Company, income is recognized at the fair value of what has been or will be received and
recognized to the extent that it is likely that the economic benefits will flow to the Group and the revenue can be calculated
in a reliable manner.
For sales of goods, revenue is recognized when the significant benefits and risks associated with ownership of the goods have
been transferred from the Company to the buyer, which normally takes place upon delivery.
Net sales consist of income from the sale of cells, which are classified as goods. The performance commitment is fulfilled
when the goods are delivered to the customer and the revenue is recognized upon delivery. Payment is usually made within
30 days of delivery.
In general, warranties are provided for a period of 24 months after the time of delivery. Warranties are provided for defined
functional parameters within this period. Warranties are generally limited to direct damages and amount to a maximum of 75
percent of the contract value per rolling 12 months.
Government aid for development projects

The Company has posted conditional loans in the balance sheet for an amount paid out of SEK 60 million. This conditional
loan does not require amortization or interest payment until income begins to be generated.
The benefit of the conditional loan, consisting of borrowings at an interest rate below market rates, is recognized as
government aid. The loan is initially recognized at fair value. The difference between the amount received and the fair value of
the loan is recognized as government aid. In subsequent periods the loan is recognized at amortized cost using the effective
interest method.
For loans received prior to the first day of reporting in accordance with IFRS January 1, 2013, no portion is recognized as
government aid.
Government grants relating to costs are deferred and recognized in profit or loss over the same periods as the costs that they
are intended to compensate. Conditional loans are recognized using the effective interest method and thus contain an interest
component related to the discount of the loan.
Leases
Exeger rents premises, primarily offices, warehouse facilities and production space. The leases contain various terms of
contract, but no covenants.
There are options for extension, which are assessed on an agreement by agreement basis to determine whether it is reasonably
certain that they will be exercised. Options for extension are included in the term of the lease if it is reasonably certain that
they will be exercised. Leases are recognized as right-of-use assets with a corresponding lease liability, on the day on which the
leased asset is available for use by Exeger.
Depreciation of the asset and interest expenses on the liability are recognized in profit or loss. The interest component is
distributed over the lease term so that each accounting period is charged with an amount corresponding to a fixed interest
rate for the lease liability recognized during that period.

The right-of-use asset is depreciated straight-line over the shorter of the right-of-use period of the asset and the lease term.
Assets and liabilities arising from leases are initially recognized at present value. The lease liability includes the present value
of fixed lease expenses and variable lease expenses, which are mainly index-bound and rent discounts.
Lease payments are discounted with the implicit interest rate in the lease if it can be easily determined; if not, the current loan
interest rate is applied. The current loan interest rate is 2.81 percent, which is the interest rate that Exeger would have had to
pay for a loan during the same period with the same collateral on the amount that would be required to buy a similar asset in a
similar financial environment.
Lease payments for short-term leases and leases for which the underlying asset is of low value are expensed on an ongoing
basis. Short-term leases are contracts with a term of 12 months or less.
Definitions of key performance indicators in the Administration Report

Equity ratio, %
Shareholder’s equity divided by balance sheet total
Operating margin, %
Operating profit/loss excluding items affecting comparability, depreciation, amortization and impairment of plant, property,
and equipment and intangible assets, divided by net sales.
EBITDA
Operating profit/loss before depreciation, amortization and impairment, as well as before items affecting comparability.
Critical estimates and assessments when applying the Company’s accounting policies
Estimates and assessments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are considered reasonable under the prevailing circumstances.
Critical accounting estimates and assumptions

The Company makes estimates and assumptions about the future. The resulting accounting estimates will, by definition,
seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material
adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below.
Valuation of tax loss carryforwards

The Company has made the assessment not to report deferred tax on accumulated loss carryforwards, taking into account its
history of losses. Measurement of loss carryforwards is subject to ongoing review, for which reason a value for the deficit may
be recognized as soon as taxable surpluses can be reliably calculated.
Impairment testing of capitalized costs

Exeger annually tests for impairment in accordance with the accounting policy described in the section Impairment of non-
financial assets. The recoverable amount for cash-generating units (currently one cash-generating unit) has been determined
by calculating value in use. For these calculations, certain estimates must be made. Based on assumptions about future
earnings, discount rates and investments, value in use is marginally higher than the carrying amount of the assets.
For a more detailed description of the assumptions about growth and yield targets refer to Note G8 - Intangible assets.

G2. Financial risk management
The Group is exposed through its business to a number of financial risks, mainly attributable to accounts receivable, accounts
payable and liabilities to credit institutions. The financial risks consist of market risk, mainly currency risk, credit risk and
liquidity risk. The Group strives to minimize the potentially adverse effects of these risks on the Group's financial
performance.
The goal of the Group's financing activities is to:

- ensure that the Group can fulfill its payment obligations
- manage financial risks
- ensure a supply of necessary funding
- optimize the Group's net financial items
The Company does not apply hedge accounting in accordance with the rules in IFRS 9.
Market risk/Currency risk

Exeger mainly operates in Sweden. This means that currency risk in the Company is largely related to purchases denominated
in a foreign currency, primarily EUR and USD, in addition to the foreign holding in Intivation B.V.
Cash flow interest rate risk and fair value interest rate risk
Since the Company does not hold significant interest-bearing assets, its income and cash flow from operating activities are
essentially unaffected by changes in market interest rates.
The Company’s interest rate risk primarily arises from non-current borrowings. As of the balance sheet date, the Company has
conditional loans and loans from Svensk Exportkredit (Swedish Export Credit Corporation). The conditional loans are interest-
free until the first amortization occurs.
The loans are recognized at amortized cost using the effective interest method. See also the section Government aid for
development projects above for a more detailed description of the conditional loans. The loans carry a fixed interest rate from
the first amortization date, for which reason no cash flow risk is deemed to be present. However, the fair value of the loan may
be affected by changes in market interest rates.
See also Notes G19 – Lease liabilities and G20 – Non-current liabilities, which describe the terms of the loans in greater detail
and present a table analyzing maturity.
Liquidity risk
Liquidity risk refers to the risk that the Group will not be able to meet its short-term payment commitments due to
insufficient funds. The management monitors rolling forecasts for the Group's liquidity reserve (including credit facilities)
and cash and cash equivalents based on expected cash flows. Because of the Group’s growth profile, flexible risk
management is required with respect to liquidity risk.
The Group's liquidity consists of cash and bank balances of SEK 110.4 million and an operating credit of SEK 100 million,
which as of December 31 was unutilized.
The undiscounted cash flows arising from the Company’s liabilities in the form of financial instruments, based on the
contractual earliest remaining maturities as of the balance sheet date can be found in Note G20 – Non-current liabilities.
Amounts due within 12 months agree with the booked amounts, since the discount has no material effect.
The Swedish Energy Agency may decide to waive the remaining repayment obligation in cases where the Swedish Energy
Agency determines, upon written request from the borrower, that projects have not provided, nor can they be expected to
provide, economic return.

G3. OTHER OPERATING INCOME AND OTHER OPERATING COSTS
Other operating income 2021 2020

Generated project costs – 3,416
Exchange rate differences 622 –
Other 530 251
Total other operating income 1,152 3,667
Other operating costs 2021 2020

Exchange rate differences -1,348 –
Other operating costs – –
Total other operating income -1,348 –
G4. AUDIT FEES

2021 2020
Öhrlings PricewaterhouseCoopers AB
Audit assignments 1,247 909

Tax consultation 74 13
Other advisory services 224 –
Total 1,545 922
“Audit assignments” refer to the audit of the annual report and accounting records, as well as the administration of the
Company by the Board of Directors and the Chief Executive Officer, other tasks incumbent on the Company's auditor and
advice or other assistance resulting from observations made during audits or the performance of such tasks. Everything else
is divided into tax consultations and other assignments.
G5. EMPLOYEE REMUNERATION AND PERSONNEL INFORMATION
Employee remuneration 2021 2020

Wages, salaries and remuneration 86,307 63,075
Social security contributions 25,590 17,550
Pension costs 9,208 7,254
Other personnel costs 4,018
Total 125,123 87,879
Average number of employees

2021 2020
- men - men
Sweden 154.7 67.0% 130.8 78.6%
Total 154.7 67.0% 130.8 78.6%

Gender distribution for Board members and other senior executives
Number of Board members on balance sheet

day
2021 2020
- men - men
Board members 6 83% 6 100%
Chief Executive Officer 1 100% 1 100%
Total 7 86% 7 100%
For specification of remuneration to the Board of Directors and the Chief Executive Officer, see G24 — Transactions with
related parties.
G6. FINANCIAL INCOME AND EXPENSES

2021 2020
Financial income
Exchange rate differences 6,770 –
Interest income – 654
Total financial income 6,770 654
Financial expenses
Exchange rate differences – -2,624
Interest expense -2,515 -3
Unwinding of discount -1,019 -3,867
Total financial expenses -3,534 -6,494
Profit/loss from financial items, net 3,236 -5,841
G7. TAX ON INCOME

The differences between recognized tax expense and an estimated tax expense based on the applicable tax rate are as
follows
2021 2020
Profit/loss before tax -289,537 -140,541
Tax on income calculated according to the current tax rate 59,689 30,075
Tax effect, non-deductible expenses -334 -64
Tax loss carryforward for which no deferred tax asset has been recognized -59,381 -30,011
Deferred tax related to temporary differences 70 –

Other -36 –
Tax on income 8 –
Change in deferred tax in temporary differences

Recognized in profit As of December 31,
December 31, 2020
or loss 2021
Right-of-use assets – 70 70
Total – 70 70

G8. INTANGIBLE ASSETS
Capitalized development costs 2021 2020

Opening cost 323,257 266,328
Purchases for the year 22,645 53,909
IFRS adjustment – 3,020
Closing cost 345,902 323,257
Opening amortization -94,964 -77,301
Amortization for the year -27,477 -17,664
Closing accumulated amortization -122,441 -94,964
Closing carrying amount 223,461 228,294
Patent and trademark costs 2021 2020

Opening cost 23,398 18,137
Through acquisition of company 8,885 –
Purchases for the year 8,329 5,261
Translation difference 90 –
Closing cost 40,702 23,398
Translation difference -7 –
Expenditure on other intangible assets 2021 2020

Opening cost 166 166
Purchases for the year 1,282 –
Closing cost 1,448 166
Opening amortization -132 -121
Amortization for the year -349 -11
Closing accumulated amortization -481 -132
Closing carrying amount 967 34
Capitalized development costs that have not yet been completed are not amortized. Instead, such assets are tested for
impairment. The recoverable amount of capitalized development costs has been determined based on value in use. The
calculation is based on estimated future cash flows, which in turn are based on the 2022 budget and forecasts for the period
2023-2026 prepared by Group management and approved by the Board.
The forecasts are based partly on historical costs, a best assessment of revenue from the Group's development, as well as on
the basis of external information about market growth etc. Forecasts are formulated based on a number of assumptions
regarding future growth and operating margin.
The calculated recoverable amount is compared with the carrying amount. Cash flows beyond the three-year period, i.e. after
2026, are extrapolated using an estimated growth rate of 2 percent, which corresponds to a weighted average growth rate
under the Riksbanken’s (the Swedish Central Bank) inflation target and is in line with sustainable growth for the industry.

When discounting expected future cash flows, a weighted average cost of capital (WACC) before tax was used, which is
currently 25 percent. Some of the most critical assumptions used in the impairment test were:
- Risk-free interest rate: Ten-year Swedish treasury bond rate

- Growth beyond the forecast period: 2%
- Discount rate: 25%
With a change +/- 1 percentage point in the discount rate, there is no need for impairment.
Given a change in growth of +/- 1 percentage point beyond the projection period, there is still no need for impairment.
G9. PROPERTY, PLANT AND EQUIPMENT
Leasehold improvements 2021 2020

Purchases 14,114 11,009

Machinery and equipment 2021 2020

Reclassification 2,372 –
Purchases 25,371 32,313

Reclassification -2,371
Building installations 2021 2020

Purchases 0

Amortization for the year -390 -390

G10. ADVANCED PAYMENTS AND CAPITALIZED DEVELOPMENT REGARDING PROPERTY,
PLANT AND EQUIPMENT
2021 2020
Purchases 1) 46,440 11,719
Delivered during the year – -5,208
1)
Of which capitalized development cost related to design of machinery 12,035 (0)
G11. RIGHT-OF-USE ASSETS

In Exeger’s case, right-of-use assets refer to the absolute majority agreements regarding premises and rent.
Right-of-use lease 2021 2020

Additional right-of-use assets 108,533 –
Adjustment -12 –

Depreciation -11,565 -4,645
Total cash flow with respect to lease payments related to leases in 2021 was SEK 12,303 (5,337)
G12. FINANCIAL ASSETS
Carrying amount SEK

Company Registered office Holding, % 000s
Mayht Holding BV Netherlands 3.9 10,239
G13. INVENTORIES
2021 2020
Inventories, raw materials 26,285 11,390
Total inventories 26,285 11,390
The cost of assets in inventory is determined using standard prices.

G14. ACCOUNTS RECEIVABLE
Accounts receivable aging analysis 2021 2020

Not past due 13,947 –
Past due 0-30 days 8,773 –
Due 31-60 days 2,106 –
Past due 51-90 days 204 –
Past due more than 90 days 4 –
Total accounts receivable 25,034 –
G15. OTHER RECEIVABLES
2021 2020
Tax asset 12,486
Input VAT 6,008 5,381
Other receivables 2,746 1,131
Total other receivables 21,240 6,512
G16. PREPAID EXPENSES AND ACCRUED INCOME
2021 2020
Prepaid rent 4,146 1,201
Prepaid pension insurance 1,708
Prepaid license fees 1,033
Other items 4,603 3,926
Total prepaid expenses and accrued income 11,490 5,127
G17. CASH AND CASH EQUIVALENTS
2021 2020
Balance sheet
Cash and cash equivalents 110,443 249,756
Total cash and cash equivalents on the balance sheet 110,443 249,756
Cash and cash equivalents 110,443 249,756
Total cash and cash equivalents in statement of cash flows 110,443 249,756

G18. EQUITY AND OTHER COMPREHENSIVE INCOME
Specification of changes in equity can be found in the Statement of changes in equity, which follows immediately after the
balance sheet.
All amounts are in SEK thousand (SEK 000s) Number of shares Share capital
Closing balance as of December 31, 2019 41,805,064 836
New share issue cash 1,307,188 26
New share issue cash 937,500 19
The shares have a par value of SEK 0.02 per share. Each share carries one vote. All shares registered as of the balance sheet
date are fully paid. The total number of registered shares on the balance sheet date is 44,049,752 and total registered share
capital is SEK 880,995.15 SEK.
G19. LEASE LIABILITIES
Lease liability 2021 2020

Current lease liabilities 10,408 4,719
Non-current lease liabilities 102,244 8,506
Valuation of right-of-use assets

Right-of-use assets have been measured at the value of the lease liabilities, with adjustment for any prepaid or accrued lease
expenses recognized in the balance sheet as of December 31, 2021.
G20. NON-CURRENT LIABILITIES
Conditional loan - Swedish Energy Agency

(Energimyndigheten) 2021 2020
Nominal amount Conditional loan - Tranche 1 30,000 30,000
Discount -893 -2,242
Tranche 1 29,107 27,758
Discount -596 -1,495
Tranche 2 19,404 18,505

Discount -298 -747
Tranche 3 9,702 9,253
58,213 55,516
Svensk exportkredit (Swedish Export Credit Corporation) 54,364 –

Total non-current liabilities 112,577 55,516

The conditional loans will begin to be amortized nine months after the financial year with income from operations, which
occurred in 2021. According to projections regarding sales, the loan will be paid off at the end of 2023.
The loan is considered to be interest-free until interest begins to be paid starting in September 2021.
Liabilities to credit institution 2021 2020

Current portion 13,636 –
Non-current portion 54,364 –
Closing carrying amount 68,000 –
Dec 31, 2021

Maturity analysis <3 months 3-12 months 1-3 years 3-5 years >5 years Total
Liabilities to credit institution - 13,636 54,364 - - 68,000
Conditional loans 60,000 60,000
1)
Lease commitments 3,300 9,880 35,307 23,300 58,250 130,037
Accounts payable 60,262 - - - - 60,262
Total 63,562 23,516 149,671 23,300 58,250 318,299
1)
Future lease commitments, nominal lease liability.
G21. OTHER CURRENT LIABILITIES
2021 2020
Employee tax 2,309 1,810
Total other current liabilities 2,309 1,810
G22. ACCRUED EXPENSES AND DEFERRED INCOME
2021 2020
Accrued vacation pay 9,727 6,242
Accrued social security costs 5,306 3,351
Special employers’ contribution 3,720 1,487
Deferred income 1,788 4,484
Other 4,771 709
Total accrued expenses and deferred income 25,312 16,273

G23. PLEDGED ASSETS AND CONTINGENT LIABILITIES
Pledged assets 2021 2020

Chattel mortgage 168,000 –
Bank balances 1) 11,733 83
Endowment insurance 2,658 1,871
Total 182,391 1,954
1)
Relates mainly to collateral pledged for properties in Kista - Stockholm II.
G24. RELATED PARTY TRANSACTIONS
(SEK 000s) Basic salary/Board fee Other benefits Pension costs Total
2020
Board fees 275 275
CEO, Board member 1,006 2 320 1,328
Total 1,281 2 320 1,603
2021
Board fees 275 275
CEO, Board member 1,540 5 1,082 2,627
Total 1,815 5 1,082 2,902

Note 25. AMENDED ACCOUNTING POLICIES, ADJUSTMENTS AND CORRECTIONS
The changes in the balance sheet for the comparison year 2020 are related to:
- Change in the handling of patents and trademarks in the approval process. In previous years, these were handled under
prepaid expenses and accrued income. Given the development activities that are underway, Exeger has chosen to view
this as an investment in intangible assets. This change also affects opening balances for Note G8 – Intangible assets, as
well as cash flow for 2020 with corresponding items.
- Reclassification of advances to suppliers from accounts receivable to advances in inventory.
- Correction of handling regarding advances on machinery and equipment, which in the previous year was handled as a
purchase of machinery and equipment.
- Correction of previous years' annual report (before 2019) regarding cost and depreciation compared with the
accounting system — see details in Note G9 — Property, plant and equipment.
- Correction regarding handling of present value calculation and discount related to the conditional loan from the
Swedish Energy Agency under the item borrowing, prepaid grants and accrued expenses and deferred income.
December 31, Increase/ December 31, December 31, Increase/ January 1, 2020
Balance sheet (extract) 2020 decrease 2020 adjusted 2019 decrease adjusted
ASSETS
Non-current assets
Intangible assets
Capitalized costs for development
228,294 228,294 189,027 189,027
work, etc.
Patents and trademarks 5,525 14,153 19,678 5,351 10,123 15,474
Other intangible assets 34 34 0
Total intangible assets 233,820 14,187 248,006 194,378 10,123 204,501

Leasehold improvements 30,181 30,181 20,661 20,661
Machinery and equipment 52,163 -6,891 45,272 18,335 18,335
Building installations, leasehold 2,211 2,211 2,601 2,601
Advance payments and machinery in
progress regarding property, plant and 18,372 6,891 25,263 18,752 18,752
equipment
Total property, plant and equipment 102,927 – 102,927 60,349 60,349
Current assets
Inventories 10,197 1,193 11,390 4,403 2,295 6,698
0
Current receivables 0
Accounts receivable 1,193 -1,193 0 2,585 -2,295 290
Other receivables 6,512 6,512 4,400 4,400
Prepaid expenses and accrued income 19,314 -14,187 5,127 13,254 -10,123 3,131
Total current receivables 27,019 -15,380 11,639 20,587 -12,418 8,169

Specification of adjustment in note regarding intangible assets
Increase/ 2020
Patents and trademark costs 2020
decrease adjusted
Opening cost 8,173 9,964 18,137
Purchases for the year 1,204 4,057 5,261
Closing cost 9,377 14,021 23,398
Opening amortization -2,822 121 -2,701

Amortization for the year -1,030 11 -1,019
Closing accumulated amortization -3,852 132 -3,720
Closing carrying amount 5,525 14,153 19,678
Increase/ 2020
Expenditure on other intangible assets 2020
decrease adjusted
Opening cost ─ 166 166
Purchases for the year ─ ─ ─
Closing cost ─ 166 166
Opening amortization ─ -121 -121

Amortization for the year ─ -11 -11
Closing accumulated amortization ─ -132 -132
Closing carrying amount ─ 34 34
January 1,
December 31, Increase/ December 31, December 31, Increase/
2020
Balance sheet (extract) 2020 decrease 2020 adjusted 2019 decrease
adjusted
Non-current liabilities
Liabilities to credit institutions, non-
current portion
Borrowings 50,365 5,151 55,516 54,192 -1,257 52,935
Total non-current liabilities 50,365 5,151 55,516 54,192 -1,257 52,935
Current liabilities
Accounts payable 13,505 13,505 14,982 14,982
Liabilities to credit institutions, current
– – – –
portion
Other liabilities 1,810 1,810 1,938 1,938
Other liabilities, Group companies 5,613 5,613 6,257 6,257
Prepaid grants 8,616 -8,616 0 6,316 -6,316 0
Accrued expenses and deferred income 12,682
3,465 16,147 11,363 7,573 18,936
Total current liabilities 42,226 -5,151 37,075 40,856 1,257 42,113

G26. EVENTS AFTER THE BALANCE SHEET DATE
On March 15, the Board of Directors passed a decision to raise funds through two directed new issues, based on a mandate
previously received from the General Meeting. Through the first issue, 774,375 shares will be subscribed for with payment of
the subscription settlement of SEK 123,900,000 by March 25. Through the second issue, 343,750 shares will be subscribed
for with payment of the subscription settlement of SEK 55,000,000 by July 15.

PARENT COMPANY INCOME STATEMENT
Operating income
Net sales – –
Capitalized development cost – –
Other operating income – –
Total operating income – –
Operating costs
Other external costs P2 -270 -110
Employee costs – –
Other operating costs – –
Total operating costs -270 -110
Operating profit/loss -270 -110
Other interest income and similar profit and loss items P3 – –

Interest expense and similar profit and loss items P3 -2 –
Profit/loss from financial items -2 –
Profit/loss before tax -272 -110

Tax on profit/loss for the year P4 – –
Profit/loss for the year -272 -110
PARENT COMPANY STATEMENT OF COMPREHENSIVE INCOME

January – December, SEK 000s 2021 2020
Profit/loss for the period -272 -110
Other comprehensive income for the period – –
Comprehensive income for the period -272 -110

PARENT COMPANY BALANCE SHEET
ASSETS
Financial assets
Participations in Group companies P5, P6 815,830 665,830
Total financial assets 815,830 665,830
Total non-current assets 815,830 665,830
Current assets
Current receivables
Receivable Group company P7 7,208 7,208
Other receivables P7 655 872
Total current receivables 7,863 8,079
Cash and cash equivalents P8 522 578
Total current assets 8,385 8,657
TOTAL ASSETS 824,215 674,487
EQUITY AND LIABILITIES

Equity P9
Restricted equity
Share capital 881 862
Total restricted equity 881 862
Non-restricted equity
Capital surplus 921,181 771,200
Retained earnings -97,700 -97,590
Total non-restricted equity 823,209 673,500
Total equity 824,090 674,362
Current liabilities
Accounts payable – –
Other liabilities – –
Prepaid grants – –
Accrued expenses and deferred income P10 125 125
Total current liabilities 125 125
TOTAL LIABILITIES AND EQUITY 824,215 674,487

PARENT COMPANY STATEMENT OF CHANGES IN EQUITY
Retained Profit/loss for the
SEK 000s Note Share capital Capital surplus earnings year Total equity
January 1, 2021 P9 862 771,200 -97,590 -110 674,362
Comprehensive income:
Proposed distribution of profit
according to AGM resolution
- Profit/loss to be carried
-110 110 –
forward
Total comprehensive income -110 -162 -272
Transactions with shareholders
New share issue 19 149,981 150,000
19 149,981 150,000
shareholders
As of December 31, 2021 P9 881 921,181 -97,700 -272 824,090
January 1, 2020 P9 836 571,226 -96,966 -627 474,472
Comprehensive income:
Proposed distribution of profit
according to AGM resolution
- Profit/loss to be carried
-627 627 –
forward
Total comprehensive income -627 517 -110
Transactions with shareholders
New share issue 26 199,974 200,000
26 199,974 200,000
shareholders
December 31, 2020 P9 862 771,200 -97,590 -110 674,362

PARENT COMPANY STATEMENT OF CASH FLOWS
Cash flow from operating activities

Operating profit/loss -270 -110
Adjustments for non-cash items
- Other non-cash items 46
Interest received – –
Interest paid -2
Cash flow from operating activities before changes in working capital -226 -110
Changes in working capital

Increase/decrease in other current receivables 170 617
Increase/decrease in other current liabilities – -571
Total changes in working capital -56 46
Cash flow from operating activities -56 -64
Cash flow from investing activities

Investments in intangible assets – –
Investments in property, plant and equipment – –
Financial assets -150,000 -200,000
Cash flow from investing activities -150,000 -200,000
Cash flow from financing activities

New share issue 150,000 200,000
Warrant program
Loans granted
Grants received
Cash flow from financing activities 150,000 200,000
Cash flow for the period -56 -64
Cash and cash equivalents at start of period 578 642
Cash and cash equivalents at close of period P8 522 578

NOTES TO THE PARENT COMPANY’S FINANCIAL STATEMENTS
P1. SIGNIFICANT ACCOUNTING POLICIES
The parent company, Exeger Sweden AB, applies the Swedish Annual Accounts Act and recommendation RFR 2 Accounting
for Legal Entities, from the Swedish Financial Reporting Board. RFR 2 requires the parent company to apply the same
accounting policies as the Group, i.e. IFRS to the extent permitted by RFR 2.
The main differences between accounting policies adopted for the Group and accounting policies for the parent company
are:
Group companies
Investments are recognized according to the cost method. Investments
are recognized at cost and only dividends are recognized in the income statement. Impairment tests are performed annually
and impairment is recognized if it can be assumed that the decline in value is permanent.
Shareholder contributions are recognized in accordance with RFR 2.

Shareholder contributions increase the parent company's investment.
Business combinations
Acquisition-related costs are included in cost in the accounts of the acquiring company,
while they are expensed for the Group when they arise.
Important accounting policies, estimates and assessments for accounting purposes

See the Notes to the Group’s accounts, Note G1, “Significant Accounting Policies, Estimates And Assessments For
Accounting Purposes.”
P2. OTHER EXTERNAL COSTS
2021 2020
Audit – -75
Other -270 -35
Total -270 -110
P3. FINANCIAL INCOME AND EXPENSES
2021 2020
Financial income
Interest income – –
Total financial income – –
Financial expenses
Interest expense -2 –
Total financial expenses -2 –
Profit/loss from financial items, net -2 –

P4. TAX ON INCOME
The differences between recognized tax expense and an estimated tax expense are as follows
2021 2020
Profit/loss before tax -272 -110
1)
Tax on income calculated according to the current tax rate 56 23
Non-deductible expenses -44
Tax loss carryforward for which no deferred tax asset has been recognized -12 -23
Deferred tax assets – –
Tax on income – –
1)
Tax rate 20.6% 2021 and 21.4% for 2020 and 2019
P5. FINANCIAL ASSETS

Group companies
2021 2020
Opening balance 665,830 465,830
Purchase and new issues 150,000 200,000
Shareholder contribution – –
Closing balance 815,830 665,830
P6. SHARES AND PARTICIPATIONS
The list below includes directly and indirectly owned shares as of December 31, 2021.
Shares owned directly by the parent

company
Carrying
Registered Nominal holding in local amount SEK
Company Corporate ID no. office Holding, % currency, thousands 000s
Exeger Incentive Sweden AB 556976-3997 Stockholm 100 50 100
Exeger Operations AB 559073-6806 Stockholm 95.91 55 815,730
Shares owned by Group companies
Company Registered office Holding, % Indirect holding, %

Intivation Holding BV Netherlands 100 95.91
Intivation BV Netherlands 100 95.91
Exeger Asia LTD Hong Kong 100 95.91

P7. OTHER RECEIVABLES
2021 2020
Input VAT – 169
Receivable Group company 7,208 7,208
Other receivables 655 702
Total other receivables 7,863 8,079
P8. CASH AND CASH EQUIVALENTS
2021 2020
Balance sheet
Cash and bank balances 522 578
Total cash and cash equivalents on the balance sheet 522 578
Cash and bank balances 522 578
Total cash and cash equivalents in statement of cash flows 522 578
P9. SHARE CAPITAL, CAPITAL SURPLUS AND WARRANTS
Specification of changes in equity can be found in the Statement of changes in equity, which follows immediately after the
balance sheet.
Number of
All amounts are in SEK thousand (SEK 000s) Share capital Capital surplus Total
shares
Closing balance as of December 31, 2019 41,805,064 836 571,226 572,062
New share issue cash 1,307,188 26 199,974 200,000
New share issue cash 937,500 19 149,981 150,000
The shares have a par value of SEK 0.02 per share. Each share carries one vote. All shares registered as of the balance sheet
date are fully paid. The total number of registered shares on the balance sheet date is 44,049,752 and total registered share
capital is SEK 880,995.15.
P10. ACCRUED EXPENSES AND DEFERRED INCOME
2021 2020
Other 125 125
Total accrued expenses and deferred income 125 125

SIGNATURES
The Company’s income statement and balance sheet will be presented to the Annual General Meeting on , 2022 for
adoption.
Stockholm, April 26 2022
Kai Gruner
Chairman of the Board
Per Langer Robert Taflin

Board member Board member
Carl-Johan Svennewall Astrid Rauchfuss

Board member Board member
Giovanni Fili Karl Swartling

Chief Executive Officer and Board member Board member
Our Auditor’s Report was submitted April 26 2022

Öhrlings PricewaterhouseCoopers AB
Niklas Jonsson
Authorized Public Accountant


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2021 ANNUAL REPORT

EXEGER SWEDEN AB (PUBL))

Exeger Sweden AB (publ)

Exeger Sweden AB (publ)

The Company signed several customer contracts during

Exeger Sweden AB (publ)

PROPOSED DISTRIBUTION OF PROFIT

Profit at the disposal of the Annual General Meeting:

Retained earnings 823,481,212

Profit/loss for the year -271,790

The Board of Directors proposes that

Exeger Sweden AB (publ)

Net sales G1 5,965 172

Depreciation/amortization of fixed assets G8, G9, G11 -65,319 -30,358

Other operating costs G3 -1,348 –

Operating profit/loss -292,773 -135,720

Profit/loss before tax -289,537 -141,560

The year’s result attributable to:

Exeger Sweden AB (publ)

Comprehensive income attributable to:

Exeger Sweden AB (publ)

Total intangible assets 257,824 248,006

Property, plant and equipment

Right-of-use assets G11 111,383 14,427

Other financial investments G12 10,239 –

Deferred tax assets G7 70 –

Total financial assets 10,309 –

Total non-current assets 546,020 365,361

Inventories G13 26,285 11,390

Total current receivables 57,764 11,639

Cash and cash equivalents G17 110,443 249,756

Total current assets 194,492 272,785

TOTAL ASSETS 740,512 638,146

Exeger Sweden AB (publ)

TOTAL LIABILITIES AND EQUITY 740,512 638,146

Exeger Sweden AB (publ)

January 1, 2020 836 752,326 -288,040 465,122 20,899 486,021

New share issue 26 199,974 200,000 200,000

Exeger Sweden AB (publ)

Cash flow from operating activities

Operating profit/loss -292,773 -135,720

Changes in working capital

Total changes in working capital 6,500 -7,065

Cash flow from operating activities -226,949 -119,350

Cash flow from investing activities

Cash flow from investing activities -134,380 -121,003

Cash flow from financing activities

Cash flow from financing activities 222,003 195,169

Translation differences in cash and cash equivalents 13 –

Cash and cash equivalents at start of period 249,756 294,940

Exeger Sweden AB (publ)

G1. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND ASSESSMENTS FOR

Translation of foreign currency

Transactions and balance-sheet items

Statement of cash flows

Exeger Sweden AB (publ)

Patents and trademarks

Property, plant and equipment

Impairment of non-financial assets

Exeger Sweden AB (publ)