Mips : The annual report 2022

ANNUAL REPORT 2022

Contents

Who is Mips?	02
2022 in brief	04
Message from the CEO	06
Business model, strategy and targets	10
Market overview	19
Operations	27
Risks and risk management	37
Sustainability report	43
Auditor's limited assurance report,
sustainability	73
Financial information	74
Director's report	75
The Group
Financial statements	80
Notes	84
Parent company
Financial statements	106
Notes	110
Board of Directors' assurance	118
Auditor's report	119
Financial and alternative
performance measures	123
Corporate governance report	125
Board of Directors	132
Management	134
Statement from the auditor on
the corporate governance report	136
GRI content index	137
Share information	140
Information to shareholders	141

MIPS - ANNUAL REPORT 2022

Mips Integra TX is a textile solution that is fully integrated into the lining of the helmet and replaces the existing lining of the helmet. The integrated low-friction liner allows a movement between the head and the helmet upon oblique impact. Since TX is integrated into the liner, no modifications are needed to the original helmet.

01

Who is Mips?

Mips is a global leader in helmet safety. The company's patented safety system was born from science and is based on more than 25 years of research.

Rotational motion is a combination of rotational acceleration and rotational velocity. This motion leads to shearing and/or stretching of the brain tissues and increases the risk of brain injuries from oblique impact to the head. The main component in Mips' safety system is the Mips low-friction layer, which is designed to mimic the brain's own protection system and allows a small movement between the head and the helmet.

The Mips safety system can be fitted in both new and existing helmet models. Many of Mips' customers are leading helmet suppliers who incorporate the Mips safety system into their helmets. For helmet-industry brands, this means they can sell a helmet that has been designed with added protection against rotational motion, and thereby create added value and differentiate their brand. Mips' customers market the benefits of Mips' safety system and Mips' brand to the end user.

02	MIPS - ANNUAL REPORT 2022

contents	message	business model,	market	operations	risk & risk	sustainability	financial	corporate	share
	from the ceo	strategy & targets	overview		management	report	information	governance	information

What Mips do

Mips are global leaders in helmet solutions that are designed with added protection against harmful rotational motion through our patented safety system for helmets. Mips are an ingredient brand, which means that we sell our products and license the associated technology to helmet brands who manufacture, market, and sell helmets to end- users.

Why

Mips was born from science and research, and our mission is to lead the world towards safer helmets.

For whom

Mips works with many of the leading helmet manufacturers in the Sports helmet and the Motorcycle helmet categories, and also sells solutions to brands in the Safety helmet category.

Mips in brief

03