This is a translation of the Swedish version of the Annual Report. When in doubt, the Swedish wording prevails. A year characterised by the pandemic, page 4 Customer-related market support a condition for long-term growth, page 6 Focus on long-term value creation, page 15 contents The year in summary 3 CEO’s comments 4 Digital communication 6 Business concept, goals and strategies 8 IVF-treatment and Vitrolife’s product offering 10 Market and sales 12 Sustainable organisation and business 15 Auditor’s report 23 Value chain 24 The Vitrolife share 26 FINANCIAL STATEMENTS* 5-year summary 29 Key ratios 30 Management Report 31 Corporate Governance Report 36 Board of Directors 40 Executive Management 41 Income statements 42 Statements of financial position 44 Changes in shareholder’s equity 46 Cash-flow statements 47 Notes 48 Auditor’s report 61 Key ratios definitions 64 Glossary 66 Shareholder information 66 Addresses 67 Our history Vitrolife was established in Sweden in 1994 when the field of assisted reproduction (IVF) was still young. The founders of Vitrolife realised the value of using culture media with consistent and repeatable performance; the manufacturing and delivering of LOT-to-LOT consistency they developed is still significant for Vitrolife today. Through well-executed product development, consistent quality controls and the acquisition of other innovative IVF companies, Vitrolife has grown with the market globally. As a result, Vitrolife provides an unbroken chain of quality products, securing results at every step of IVF treatment. Our commitment to increasing pregnancy rates has never been more dedicated. Together with equally devoted clinics, we are improving IVF success and fulfilling more couples’ greatest dream of having a baby. We are very proud to be a part of making this happen. * The Vitrolife Group’s formal financial reports are to be found on pages 31-60 and have been reviewed by the Group’s auditors.