Share price
474.8 SEK
Mips AB (Mips) 24.39 SEK (+5.14%)
Last updated 23 November 2024, 09:18 CET
Million SEK
Net sales
Million SEK
Operating profit
Operating margin
Distribution of net earnings
Proposed dividend for 2022
*Proposed dividend for 2022
We have grown faster than expected during recent years and are now ahead of the earlier strategic plan that covered the period until 2025. Given this and the fact that our addressable market has grown, we updated our long-term strategy in 2022 and set new financial targets with a 2027 horizon.
Net sales
Operating margin
Distribution of net earnings
A message from the CEO
Just like last year, 2022 will go down in history as a different kind of year, for the world and for Mips. We have lived with the aftermath of Covid-19, the world have been affected by the terrible Russian invasion of Ukraine, and we have experienced a significant, albeit temporary, slowdown in one of Mips’ most important categories, the bike category. At the same time we see new challenges due to the macroeconomic picture changing quickly, with raised interest rates, higher energy prices, and soaring inflation on food and other goods. Despite all the above, I am positive about the future for Mips as a company.
New Mips' safety systems
We released three new products in 2022: Mips Air Node, Mips Integra Split, and Mips Integra TX all have low-friction layers integrated into their design, which brings the same level of safety without compromising the helmets' weight or fit.
By adding more brands and models throughout the year in all of our categories; Sports, Moto, and Safety, we are effectively increasing our market share and elevating our brand awareness. At the same time, we can see that our brand awareness is rising in the important target group of helmet users that do not yet own a helmet with the Mips’ safety system. Over the past two years, awareness in this group has risen from 19-25%, an important measure as we can see that people who know Mips also tend to choose Mips.
We have an updated, ambitious strategy which we communicated externally at our Capital Markets Day in June 2022. I can also conclude that our business model works, even in turbulent times, and above all, we see that there is a demand for our products from brands and consumers all over the world and we especially see a positive development within our other helmet categories. Awareness of Mips has never been greater and we know that if people know what we are trying to achieve through our technology, they are willing to pay more for a helmet equipped with our technology. Given all these factors, we believe that it is even more important to keep investing in our journey and try to implement Mips in as many helmets as possible.
Max Strandwitz, CEO
Our new product and brand identity have been designed to enhance users’ holistic experience of the helmet. To achieve that we needed to create a more coherent design identity, centered on colors, shapes, and graphics. We strive for a higher level of safety, focused on every little detail, which is reflected in the product design.
We understand the climate challenge and support the ambitions of the Paris Agreement. To gain a better understanding of how we can reduce its climate impact, we first need full insight into what that impact is. This will guide the journey forward.
Science Based Targets
Reduce emissions per product sold by a total of 12%.
UN Global Compact
Perform third-party audits on the three most strategically important suppliers in our supply chain.
Circular product offering
Offer 100% post industrial plastic to our best selling solution with our suppliers.
In 2021, we carried out the first analysis of our total climate impact according to the Greenhouse Gas Protocol. In 2022, we had access to more granular data and were able to refine the analysis of our total emissions. This has enabled us to update the calculations used in 2021 with more exact data. In 2022, we set a goal to reduce our total emissions by 42 percent by the end of 2030 based on SBTi’s calculations, not including growth. For 2023, our target is to reduce our total emissions by 12 percent per sold unit.
| • | Production | |
|---|---|---|
| Electricity | 45.8% | |
| Raw materials | 40.3% | |
| Transportation | 4.3% | |
| Total | 90.9% |
| • | Other | |
|---|---|---|
| Other | 4,5% | |
| Travel / IT | 2,9% | |
| Refrigerants / AC | 1,4% | |
| Electricity, China | 0,4% | |
| Water | 0,1% | |
| Electricity, Sweden | 0.0% | |
| Total | 9.3% |
Part of Mips’ vision is to use our technology to ensure that helmets in all categories protect users significantly better than current test standards promote. Mips is a pioneer in this important field, so it is vital that the company can attract and retain employees with the right skills and passion to always make safer and better products. Even though Mips is the world leader in its field, Mips’ people are modest and curious, with a desire to learn more. We constantly challenge ourselves and encourage all employees to be their best selves every day.
We achieved our goal of a 40/60 distribution of women and men in the workplace, the figure for 2022 was 48% women and 52% men.
Sustainable societal development is extremely important for us, we believe that our technology and products lead to a more sustainable society since they are designed to improve helmet protection for both recreational and professional use. Improved helmet protection leads to increased safety and security while reducing risk for both short-term and long-term sick leave, as well as permanent injury.
Delivered eleven customer projects with post-industrial recycled plastic. The goal for 2022 was three such customer projects.
We do not conduct any of our own production. Instead, we use external suppliers to manufacture our products. To ensure that the supply chain and the manufacturing of the products are sustainable, we need to ensure that the supply chains of our suppliers are sustainable and comply with requirements stipulated by international laws and conventions.
Greenhouse Gas Protocol
We updated the product development process in 2022 so that it now includes a climate calculation consistent with the Greenhouse Gas Protocol (GHG).
Thank you for taking the time to review our annual report. We hope that it has provided you with valuable information about our organization’s performance. For those who would like to delve deeper, we invite you to download the full report below.