Notes for P&L
Not 20 Share-based remuneration
LTIP 2022/2025
At the Annual General Meeting on May 20, 2022, a decision was made to implement a new warrant program LTIP 2022/2025 consisting of a total of 300,000 warrants.
Each warrant entitles, after recalculation due to dividends decided by the Annual General Meeting in 2023 and 2024, to subscription of 1.08 shares in the company during the exercise period at SEK 82.90. The original subscription price corresponded to 130 percent of the average share price during the valuation period. The warrants could be exercised during the period June 1 – September 1, 2025. Since the exercise price for the share was higher than the market price during the exercise period, no participant chose to subscribe for shares.
LTIP 2023/2026
At the Annual General Meeting on May 25, 2023, a decision was made to implement a new warrant program LTIP 2023/2026 consisting of a total of 595,000 warrants.
Each warrant entitles, after recalculation due to dividends decided by the Annual General Meeting in 2023, 2024, and 2025, to subscribe for 1.05 shares in the company during the exercise period at SEK 59.50. The original subscription price corresponded to 120 percent of the average share price during the valuation period. The warrants can be exercised during the period June 1-September 1, 2026. The price for the transfer of the warrants has been determined by PWC based on a calculated market value for the warrants at the time of transfer using the Black & Scholes valuation model.
Changes in outstanding warrants during the year
| 2025 | 2024 | |
|---|---|---|
| Outstanding as of 1 January | 895,000 | 1,755,000 |
| Share split 1:20 | - | - |
| Subscribed during the year | - | - |
| Warrents repurchased | - | - |
| Warrents lapsed during the year | -300,000 | -860,000 |
| Granted during the year | - | - |
| Outstanding as of 31 December | 595,000 | 895,000 |
| Exercisable at year-end | - | - |
| LTIP 2023/26 (Long-Term Incentive Program) | ||
| Average share price at the measurement date | 52,33 | |
| Exercise price, SEK | 59,5 | |
| Weighted average exercise price at grant date | 12,14 | |
| Maturity (years) | 3,2 | |
| Maturity, due date | 0,67 | |
| Expected volatility | 37,5% | |
| Average risk-free interest rate | 2,0% | |
| Fair value as of 31 December, SEK | 16,93 | |
| Number of unallocated warrents | 570,000 | |
| Number of allocated warrents | 25,000 | |
| Total number of outstanding warrents | 595,000 | |
| Fair value of warrents granted, SEK million | 0,4 |