Board of Directors’ Report
Our target segments include, for instance, enterprise software, healthtech, climate technology, digital
consumer products and services, as well as robotics and hardware. These technology segments
represent markets that are extremely large globally, with also a very strong growth outlook.
Generally speaking, the Company’s investment strategy is rooted in the notion that the best possible
way of creating value for the shareholders in the long term is to select a target company whose growth
and development may be supported through leveraging the company’s extensive expertise and
experience as well as its international contact network.
Financial development
Lifeline SPAC I’s operating loss for the financial period 1 January – 31 December 2022 was EUR 0.7
(7.0) million and the loss for the period was EUR 1.6 (7.2) million. Earnings per share (basic and diluted)
was EUR -0.62 (-4.27)
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. Typically for a SPAC company in the search phase, the Company had no
revenue during the review period.
The Company’s employee benefit expenses, totalling EUR 0.4 (6.9) million, consisted of wages and
salaries and related social security expenses. In the comparative period, the Company’s Sponsors,
members of the Board of Directors and management subscribed Sponsor and Founder warrants and
series B shares, which were treated as transactions under IFRS 2 – Share-based Payments. The
Company recorded in the comparative period a total of approximately EUR 6.8 million expenses in
employee benefits from the difference between the subscription prices and the fair values of the
warrants and the series B shares.
The Company’s other operating expenses, totalling EUR 0.3 (0.1) million, consisted mainly of
administrative services related to the Company’s operations.
The Company’s financial income and expenses, totalling EUR -0.9 (-0.2) million, consisted of interest
income and expenses related to the Company’s cash reserves and the funds deposited to the escrow
account, as well as costs related to the IPO, which had been allocated as an expense to the review
period. The Company paid negative interest on its deposits up until 26 July 2022. The interest rate on
the ECB’s deposit facility increased from -0.50 percentage to 0.00 percentage on 27 July 2022, from
which onwards the Company has not paid negative interest on its deposits. After July, The ECB
continued to raise its interest rates and the interest rate on its deposit facility eventually increased up
to 2.00 percentage by the end of the review period. As a result of this development, the Company’s
deposits started to yield interest income during the financial period.
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Earnings per share = Profit for the financial period / Weighted average number of series B-shares during the period. Redeemable
series A-shares as well as Founder and Sponsor Warrants are not taken into account as dilutive potential ordinary shares in the
calculation of earnings per share.