CGit

Aixia Group AB (publ)    Location: Mölndal

Company No: 556878-2295   Protocol

Financial Year: January 1, 2023 - December 31, 2023 Annual General Meeting April 25, 2024

1. Opening of the meeting

2. Election of the chairman of the meeting

Leif Nord was elected as chairman, opened the meeting, and welcomed everyone.
 

3. Establishment and approval of the voting list

A list was compiled of the shareholders, proxies, and advisors present at the meeting:

Name:                         A-shares:  B-shares:  Votes:     

Christian Gustavsson   43,000  390,323      820,323

Leif Nord    20,000  180,000      380,000

Mattias Bergkvist   37,000    90,400     460,400

Johan Ljungquist                 0            11,010          11,010

Total:    100,000  671,733  1,671,733

4. Presentation and approval of the agenda as stated in the notice

The annual general meeting declared the agenda approved.
 

5. Election of one or two persons to attest the minutes.

Leif Nord was elected as chairman and attestor to lead the meeting.

Mattias Bergkvist was elected to take the notes. Johan Ljungquist was appointed as the attestor.

6. Determination of whether the meeting has been duly convened.

It was noted that the annual general meeting had been duly convened.

7. Address by the CEO.

8. Presentation of the annual accounts and auditor's report, and, where applicable, the consolidated accounts and consolidated auditor's report.

The board's annual accounts, including the income statement and balance sheet, and the auditor's report for the past fiscal year were presented by the CEO.
 

9. Decisions

a) on the adoption of the income statement and balance sheet and, where applicable, the consolidated income statement and consolidated balance sheet. The general meeting resolved to adopt the income and balance sheets included in the annual accounts.

b) on appropriations concerning the company's profit or loss according to the adopted balance sheet

At the disposal of the annual general meeting were:

Balanced profit:        961,609

Share premium account:  5,459,991

This year's loss:                              -467,748

Total:     5,953,852
 

The annual meeting decided to appropriate the profit funds as follows in new account transfers

5,953,852

        5,953,852

c) on discharge from liability for the board members and the CEO.
The annual general meeting resolved to grant discharge from liability to the board members and the CEO for the administration during the past year

10. Determination of the number of board members and, where applicable, alternate board members and auditors

The annual general meeting resolved that the number of board members shall be 4 and without alternates.
 

11. Determination of fees for the board and auditor

The annual meeting decided that the auditor's fee shall be as per invoice during the coming fiscal year and that the board fee shall not be paid to the board members and the chairman is paid 0 SEK and 114,600 SEK (two price base amounts) to each of the other board members who are not employed by the company.
 

12. Election of the board with possible alternates and, where applicable, auditors and auditor alternates.

Election of the board. Until the next annual general meeting, the following were elected as members of the board:
Christian Gustavsson

Leif Nord (Chair)

Mattias Bergkvist

Johan Ljungquist

13. Election of auditor:

It was decided that the elected auditor for the mandate period is Baks & Co AB. Viktor Mattsson was elected as the responsible auditor.
 

14. Decision on guidelines for compensation for senior executives. The annual general meeting decides that the existing compensation model will continue to apply.
 

15. Closing of the annual general meeting.

Below is a summary of CEO Mattias Bergkvist's speech:

Here, I share Aixia's accomplishments for 2023, a year that despite challenges, marks a turning point in our history. In the fourth quarter, Aixia secured the largest deal ever in the company's history, valued at SEK 177 million. This groundbreaking agreement is not just a milestone; it is a sign of the recovery and growth that we are now beginning to see and have also demonstrated in the first quarter of 2024.

We enter 2024 with strength, having shown a remarkable increase in both revenue and profit during the first quarter. This is not a coincidence, but the result of hard work and strategic skill. Despite the global recession and a comprehensive and time-consuming legal process with CGI, which impacted both our results and our organization, we stand here stronger than ever.

The revolutionary developments in artificial intelligence (AI) during 2023 have indeed led many companies to hold off on investments during 2023, waiting to understand the full potential of AI technology. But after a period of in-depth analysis and consideration, we now see how the willingness to invest in AI is soaring.

Fourth quarter revenue landed at 27.4 MSEK, compared to 31 MSEK during the same period the previous year. Although we still saw the effects of long delivery times in 2023, we noted clear improvements at the end of the year. During the fourth quarter, we closed six major deals, including the record-breaking SEK 177 million deal, and three additional deals based on generative AI. These advances, combined with our largest service deal within AI data centers, take us into 2024 with the wind in our sails.

Our annual recurring revenue (ARR) from ongoing operations increased by 8% to 28.3 MSEK, up from 26.2 MSEK the year before. The gross margin impressively increased from 29.6% to 43.7%, an enhancement of 47.5%. Although EBITDA for 2023 landed at 935 TSEK, compared to the previous year at 5.7 MSEK, this reflects the investments we have made for our future, including costs for our name change and the legal battle with CGI.

During the fourth quarter, we also implemented an extensive savings package whose effects we are beginning to see now, and which will continue to strengthen our economy during 2024.

With these words, I want to thank everyone; our employees, our partners, and not least you, our shareholders, for your continued support and confidence. Together, we are writing the next chapter in Aixia's success story, aiming for 2024 to be the strongest year in the company's history.