Gigante Salmon AS

Quarterly Report • Apr 23, 2024

THE FIRST QUARTER OF REPORT FOR

The report has been prepared in both Norwegian and English. In case of any discrepancy between the two versions, the Norwegian version shall prevail.

Photo: Gigante Salmon

TABLE OF CONTENTS

EVENTS AFTER BALANCE SHEET DATE:

• Kjell Lorentsen CEO from 23 April
• Liv Monica Stubholt recommended as new chairperson of the board by the company's nomination committee.
• Increased bank financing from SpareBank 1 Nord-Norge of MNOK 120 secured. The loan commitment is supported by Export Finance Norway (Eksfin).
• Affirmed support from main shareholder, Gigante Havbruk AS, with up to MNOK 130 in a new contemplated private placement to secure financing of increased CAPEX.
• Sparebank 1 Markets engaged to act as financial advisor in connection with the contemplated equity financing. Expected to be completed by end of Q2.

Highlights

REPORT FOR THE FIRST QUARTER OF 2024

• Smolt delivery 21 January, production started in production basin nr. 3
• External construction management, including construction manager and HSEQ coordinator, hired
• Production basin 2 under construction and progressing according to plan
• CEO terminated after revision of plan and forecast
• Kjell Lorentsen acting CEO from 19 March

3 Highlights

4 New management

6 Project development

8 Operational review

10 Financial review

12 Timeline

15 Statement by the board and CEO

16 Report for the first quarter of 2024 Gigante Salmon - Group

20 Notes

the first quarter of 2024 Gigante Salmon AS

28 Report for the first quarter of 2024 Gigante Salmon Rødøy AS

Effective from 23 April, acting CEO, Kjell Lorentsen, assumes the role as CEO of Gigante Salmon AS.

Kjell Lorentsen has decades of experience from aquaculture, and is the founder of aquaculture group Gigante Havbruk AS.

Kjell Lorentsen has extensive experience from aquaculture and is the founder of the successful and family-owned fish farming group Gigante Havbruk AS.

Kjell Lorentsen was CEO of the company from its establishment until September 2021 and has been a member of the company's board of director. Lorentsen has through his period as CEO and acting CEO convinced the Board of Directors that he has the experience, the decisiveness, the vision and the ambition to drive the further development of the Company in the best interest of its stakeholders.

• It is with great enthusiasm, I embrace the position of Chief Executive Officer at Gigante Salmon AS. Following 2.5 years of dedicated construction, it's truly rewarding to witness the success of our efforts, evidenced by the thriving fish in our facility. I look forward to developing Gigante Salmon into a commercially robust participant in the future of land-based aquaculture industry, says Kjell Lorentsen.

New

sieve boxes and associated risers in preparation for installation of intake pumps. The setup will feed seawater into production basin 2.

Work to improve the rig continued during Q1. The improvements will allow for optimal staffing and adhe rence to the timeline.

Production basin 2 is being esta blished during phase II. The basin's deep foundations and wall and floor castings have been completed according to schedule. Both of the side walls and the floor have been cast and prepared for surface treat ment. Surface treatment will start in early Q2.

The technical area for the phase II area is under construction. Work has progressed to the point where installation of the inlet pipes for basin 2's three circular-flow race ways can begin. This is expected to take place in early Q2.

As soon as the most important concrete work on basin 2 is complete, work on basin 1 will begin. While this is being done, surface treatment in basin 2 will take place, as will work to complete the technical area and installation of the four sieve boxes and risers that will service basin 1.

Preparations and planning for phase II of development are well under way. Most of our internal resources have now been committed to the operating organisation as our focus is now fully on production.

The development organisation's staff—in particular project and con struction management, HSEQ and logistics—have been hired. Additio nal resources will be made available as necessary.

Establishment of technical instal lations continued throughout Q1. The intake structure for seawater for phase 2 has now been installed on the seabed and the western embankment according to plan. The work included placement of three

Project review

Operational review

The first quarter was extremely ex citing and challenging. The reception of smolt at the end of January was in many ways the start of what we con sider to be the operational phase out here on the island. Two batches of 640,000 smolt in all were delivered. A number of deaths were recorded immediately after delivery, and the fish-health service was contacted for an inspection of the fish and our facility. The higher-than-expected mortality was also reported to the Norwegian Food Safety Authority. Most of the smolt we received died; some 160,000 survived. The die off was mainly due to problems with the smoltification process in combi nation with underlying diseases, transport, the timing of the release and temperature.

Regardless of the outcome of the smolt release, operating the facility has provided us with valuable

experience, and we have become aware of a number of issues. All of the issues can be addressed, but they require attention in both the short and long term. The issues mainly relate to sludge, dead fish and cleaning. One immediate solution was to purchase a sludge and dead fish ROV, and we are working on a permanent solution that will be both simple, manageable and less labour-intensive. Overall, basin 3 and the three operational raceways function as expected. The need to adjust and refine the concept was expected and is manageable.

We currently work two shifts, and we are looking to hire two additional operations technicians in advance of the planned release of smolt this autumn. The recruitment process is proceeding satisfactorily, and there are number of qualified applicants interested in a job on Rosøya island.

In addition to devoting time to addressing sludge, dead fish and cleaning issues, our focus has been on our feeding systems and making necessary adjustments. It has been necessary to supplement the daily ration provided by the feeding sys tem with large amounts of feed by hand and machine from the service fleet. In connection with this we pur chased manually operated feeding machines that have been effective.

Otherwise, everything is slowly but surely falling into place, and we believe the facility will live up to its potential. We are thankful to our staff for their significant contributi on towards establishing operations. Being able to participate in an operation of this sort at the early stages is extremely rewarding for all those involved, and it is hugely motivational when working towards a common goal.

After a challenging start with smolt release at Rosøya, we have, despite significant fish loss, gained important experience. Operations are being adjusted with new solutions for a more efficient everyday life, and preparations for the fall are well underway, driven by a dedicated and competent team.

Even though the group moved into a phase that entails concurrent operational and development activity in Q1, no sales income is expected before the first harvest, in Q2 2025. The group therefore had no sales income in Q1. Operating costs in Q1 were NOK 533,000, down from NOK 1.343m for the year-ago period. The operating profit for the period was equivalent to the operating costs, NOK -533,000.

Total cash flow for the group in the first quarter was NOK -81.895m. The discrepancy with the operating result is mainly due to investments in connection with the group's de velopment project in Rødøy.

The group's liquid assets were NOK 33.072m on 31 March. In addi tion, an overdraft of NOK 90m has been granted as working capital. The funds are available, but they have not been drawn on.

On 31 March, long-term debt amounted to 31.8% of total capital. This is an increase from 19.8% in Q4 2023. The increase in the proportion of long-term debt is due to increased investment in the group's develop ment project in Rødøy, which is financed through increased drawing on the group's long-term constructi on loan. The proportion of long-term debt is expected to increase throug hout the development period due to increased drawing on construction loans and leasing frameworks.

Long-term bank financing for Gigante Salmon Rødøy's develop - ment in the amount of NOK 204m has been granted by Sparebank1 Nord-Norge. Eksfin has issued a guarantee covering 50% of the loan amount. On 31 March, NOK 155.858m in financing remains .

The group's financial position is good, and, as of 31 March, the group is able to repay short-term debt using its most liquid funds.

Total capital at the end of Q1 was NOK 746.143m, compared with NOK 322.966m the end of the year-ago period. Equity on 31 March was NOK 481.234m (64.5%), compared with NOK 279.759m (86,6%) at the end of the year-ago period.

On 19 March, Gigante Salmon announced an approximately NOK 350m increase in the nvestment forecast for the construction of the facility at Lille Indre Rosøy in Rødøy council. Since the announcement was made, we have worked to assure the quality of the increased investment forecast and to obtain the necessary financing, and 23 April the company announced a commit ment for a loan of MNOK 120 from SpareBank 1 Nord-Norge. The loan commitment is supported by Export Finance Norway (Eksfin). Further, Gigante Havbruk AS (the company's largest shareholder) has confirmed that it supports an equity financing of the company for a total subscripti on amount up to MNOK 130.

The company raised MNOK 100 more than the at the time identified capital need in its private placement completed in October 2023. Thus, with the MNOK 100 from the private placement in October 2023, debt financing of MNOK 120 from SpareBank 1 Nord-Norge and a con templated equity financing with an indication of interest from Gigante Havbruk AS to invest MNOK 130, Gigante Salmon AS has a structured plan to cover the approximately MNOK 350 cost increase for the construction work in Rødøy.

The company's board of directors has engaged Sparebank 1 Markets to act as financial advisor in connection with the contemplated equity finan cing. Together with the company, Sparebank 1 Markets expects to ini tiate discussions with key sharehol ders and investors and that an equity financing will be feasible to complete in second quarter of 2024.

A complete income statement, balance sheet, cash-flow statement and notes follow.

Financial review

RESULT FOR THE FIRST QUARTER OF 2024

Total investments in Q1 rose to NOK 641.679m, compared with NOK 514.778m in Q4 2023.

*The company has an agreement with Grytåga Settefisk AS on crediting for smolt that die in a given period after production startup. Test production of about 0.15 mill smolt is the amount of smolt the company is financially responsible for.

Updated timeline

FULL PRODUCTION – 3.3 MILL SMOLT FULL PRODUCTION – 3.3 MILL SMOLT HARVEST 16,000 TONNES HOG

The board of directors and the CEO hereby declare that the consolidated accounts for the period 1 January-31 March 2024 have been prepared in accordance with the Norwegian Accounting Act and generally accepted accounting principles in Norway, and provide a correct picture of the company's assets, liabilities, financial status and income and expenses as a whole. We further declare that the Q1 update includes an accurate summary of the company's most important activities up to the presentation of the results.

Statement by the board and CEO

Eirik Sørgård Chairman of the board

Kjell Lorentsen CEO

Kristin Ingebrigtsen Member of the board

Liv Monica Stubholt Member of the board

Bodø 22.04.24

Income statement

GIGANTE SALMON AS - GROUP

(Amount in kNOK)		Group
Income statement	Note	Q1 2024	Q1 2023	2023
Other income		-	140	60
Total income		-	140	60
Employee benefits expense		219	427	746
Depreciation and amortisation expenses	1	25	25	100
Other operating expenses		289	891	2 538
Total operating expenses		533	1 343	3 384
Net income		-533	-1 203	-3 324
Interest income		862	1 288	5 570
Other finance income		-	-	27
Interest expenses		-	-	24
Other financial expense		-	-	46
Stock exchange fees		673	-	1 207
Net finances		189	1 288	4 319
Profit before income tax		-344	85	995
Income tax expense		-62	30	267
Net profit or loss for the period	2	-282	55	728
To minority interests
To majority interests		-282	55	728
Disposal
Transferred from/to equity		-282	55	728

Cash flow statement

(Amount in kNOK)

Report for the first quarter of 2024

	Group
Cash flow from operations	Q1 2024	Q1 2023	2023
Profit before income taxes	-343	85	995
Depreciation	25	25	100
Change in inventory	-2 852	-	-
Change in trade debtors	-	-331	350
Change in trade creditors	-1 080	143	1 347
Change in other provisions	-9 186	16 224	3 853
Net cash flow from operations	-13 436	16 146	6 645
Cash flow from investments
Proceeds from sale of fixed assets	23 953	-	-
Purchase of fixed assets	-114 847	-67 964	-403 793
Repayment of short term loans	-2 987	-1 066	-
Purchase of shares and investments in other companies	-	-	-100
Net cash flow from investments	-93 881	-69 030	-403 893
Cash flow from financing
Proceeds from long term loans	120 631	542	433 867
Repayment on loans	-95 209	-	-303 432
Proceeds from issuance of equity	-	-	199 683
Net cash flow from financing	25 422	542	330 118
Net change in cash and cash equivalents	-81 895	-52 342	-67 130
Cash and cash equivalents at the beginning of the period	114 967	182 097	182 097
Cash and cash equivalents at the end of the period	33 072	129 755	114 967
Which exists of: Cash and bank deposits	33 072	129 755	114 967

Balance sheet

(Amount in kNOK)

	Group
Assets Note	Q1 2024	Q1 2023	2023
Deferred tax asset	7 275	6 048	7 213
Total intangible assets	7 275	6 048	7 213
Land, buildings and other property	530 962	165 567	514 079
Ships	664	753	686
Right of use asset	110 043	-	-
Fixtures/fittings, tools, office machinery and equipment	10	21	13
Total tangible assets 1	641 679	166 341	514 778
Investments in shares	100	-	100
Total financial fixed assets	100	-	100
Total fixed assets	649 054	172 389	522 091
Inventory	2 852	-	-
Trade receivables	31 412	175	-
Other receivables	29 753	20 647	20 595
Total receivables	61 165	20 822	20 595
Cash and bank deposits	33 072	129 755	114 967
Total current assets	97 089	150 577	135 562
Total assets	746 143	322 966	657 653

Balance sheet

(Amount in kNOK)

		Group
Equity and liabilities	Note	Q1 2024	Q1 2023	2023
Share capital	3	134 174	105 556	134 174
Share premium		338 200	165 734	338 200
Total paid-in equity	2	472 374	271 290	472 374
Other equity		8 860	8 469	9 141
Total retained earnings	2	8 860	8 469	9 141
Minority interests		-	-	-
Total equity	2	481 234	279 759	481 515
Building loan		155 858	542	130 436
Lease liabilities		81 408	-	-
Total other non-current liabilities		237 266	542	130 436
Trade creditors		18 631	25 069	33 720
Public duties payable		639	260	766
Other short-term liabilities		8 373	17 334	11 216
Total current liabilities		27 643	42 663	45 702
Total liabilities		264 909	43 205	176 138
Total equity and liabilities		746 143	322 966	657 653

ACCOUNTING PRINCIPLES

Gigante Salmon quarterly accounts have been prepared in compliance with the new rules for Euronext Growth Oslo rulebook part II, implemented 1. october 2023. The accounts have been prepared in accordance with Norwegian accounting practices for larger companies.

The quarterly report is non-audited.

Notes

Gigante Salmon is currently constructing its land-based fish farm at Lille Indre Rosøy in Rødøy kommune. This explains the recent additions of fixed assets.

*The Group has capitalized own work with kNOK 811. **Disposals is due to sale-leaseback of some fixed assets

CHANGE IN PLAN OF DEPRECIATION

There has not been a change in plan of depreciation.

NOTE 2 - SHAREHOLDERS' EQUITY

Buildings and land	Right-of-use assets	Ships		Movables Total fixed assets
505 319	-	894	34	506 247
-	-	207	20	228
505 319	-	687	14	506 018
94 371	110 043	-	-	204 414
-68 730	-	-	-	-68 730
530 960	110 043	894	34	641 931
-	-	229	23	253
530 962	110 043	664	10	641 679
-	-	22	3	25

The Group owns two islands that are not depreciated.

Equity changes in the period	Share capital	Share premium	Other equity	Total
Equity 31.12.23	134 174	338 200	9 141	481 515
Profit in Q1			-282	-282
Equity 31.03.24	134 174	338 200	8 859	481 234

NOTE 3 - SHARE CAPITAL AND SHAREHOLDER INFORMATION

The share capital of NOK 134 174 259 consists of 134 174 259 shares with nominal value of NOK 1 each.

The board of directors in Gigante Salmon AS is authorized to increase the Company's share capital with up to NOK 10 000 000, equivalent 10 million new shares, through one or more capital increases. The authorization for increase of share capital was given on the ordinary general meeting 31 October 2023 and is valid until the ordinary general meeting in 2024, however not longer than to 30 June 2024.

LIST OF 20 MAJOR SHAREHOLDERS AT 31.03.24:

Shareholder	Number of shares	Ownership
GIGANTE HAVBRUK AS	68 126 888	50,77 %
KAPNORD AS	17 272 728	12,87 %
Yannick AS	4 830 277	3,60 %
HELGELAND INVEST AS	4 810 605	3,59 %
KULTA INVEST AS	3 977 777	2,96 %
J.P. Morgan SE	2 813 007	2,10 %
TORGHATTEN AQUA AS	2 727 272	2,03 %
OLAV OLSEN HOLDING AS	2 130 000	1,59 %
VERDIPAPIRFONDET NORDEA AVKASTNING	1 643 908	1,23 %
IHA INVEST AS	1 614 580	1,20 %
NYHAMN AS	1 465 211	1,09 %
JOE INVEST AS	1 185 851	0,88 %
COMMUTER 2 AS	1 090 909	0,81 %
RAVI INVESTERING AS	951 826	0,71 %
LIMT AS	910 000	0,68 %
UBS Switzerland AG	814 763	0,61 %
HAUSTA VEKST AS	700 486	0,52 %
TURNER AS	629 687	0,47 %
GH HOLDING AS	615 442	0,46 %
EIDISSEN CONSULT AS	609 578	0,45 %
Other owners	15 253 464	11,37 %
Total	134 174 259	100,0 %

SHARES OWNED BY THE MANAGEMENT AND RELATED PARTIES OF THE MANAGEMENT

Name	Position	Number of shares	Ownership
Rune Johansen	CFO	350 000	0,26 %
Linda Storholm	CCO	15 500	0,01 %
Eirik Sørgård	Chairman of the Board	200 000	0,15 %
Tor-Arne Gransjøen	Member of the Board	20 000	0,01 %
Kristin Ingebrigtsen	Member of the Board	17 763	0,01 %

Eirik Sørgård owns 200 000 shares through his wholly-owned company Pronord AS. Rune Johansen owns 40 000 shares privately and 310 000 shares through his wholly-owned company Nord-Norsk Eiendom AS.

Tor-Arne Gransjøen is a Member of the Board in Gigante Salmon Rødøy AS. Kjell Lorentsen has controlling influence through Gigante Havbruk AS who owns 68 126 888 shares (ownership 50,78%), and through Kapnord AS who owns 17 272 728 shares (12,87%), in total 63,65% ownership.

NOTE 4 - OVERVIEW OF AND TRANSACTIONS WITH RELATED PARTIES

	Related party	Ownership	Amount Detail of transaction
a)	Gigante Havbruk AS	Owns Gigante Salmon 63,65%	132 Purchase of hours in connection with the design and production of The Groups land-based fish farm
b)	KapNord AS	Gigante Havbruk owns 51%	70 Purchase of hours in connection with the design and production of The Groups land-based fish farm
c)	Polarplast AS	Gigante Havbruk owns 40%	13 016 Purchase of parts in connection with raceways. Design, production and certification (NS9416)
d)	Gildeskål Forskningsstasjon AS Gigante Havbruk	owns 100%	129 Purchase of hours in connection with the design and production of The Groups land-based fish farm and rental of boat
e)	Salten Aqua AS	Gigante Havbruk owns 35%	333 Purchase of admin fees
f)	Salmon Center AS	Gigante Havbruk owns 100%	320 Office rental
g)	Fish Farm international AS	Gigante Havbruk owns 100%	425 Ferry rental
h)	Bolga Brygge AS	Gigante Havbruk owns 100%	544 Board and lodging, and transportation
i)	Grytåga Settefisk AS*	Gigante Havbruk owns 51%	13 526 Purchase of smolt and cost of delay from buyer

Detailed planning has been activated on land, buildings and other property.

*The company has an agreement with Grytåga Settefisk AS on crediting for smolt that die in a given period after production startup. Under other receivables in the balance sheet, kNOK 2987 is for the proportion of smolt that has not been capitalized in inventory and where a credit note is expected to be received.

Income statement

(Amount in kNOK)

GIGANTE SALMON AS

Income statement Note	Q1 2024	Q1 2023	2023
Other income	852	758	3 068
Total income	852	758	3 068
Employee benefits expense	1 030	1 139	3 680
Depreciation and amortisation expenses	3	3	11
Other operating expenses	280	735	2 358
Total operating expenses	1 313	1 878	6 049
Net income	-461	-1 119	-2 980
Interest income	1 113	660	3 623
Other finance income	-		0
Interest expenses	-	-	23
Other financial expense		-	-
Stock exchange fees	672		1 207
Net finances	441	660	2 392
Profit before income tax	-21	-459	-589
Income tax expense	-	-101	-117
Net profit or loss for the period	-21	-358	-472
To minority interests		-	-
To majority interests		-358	-472
Disposal			-
Transferred from/to equity	-21	-358	-472

Report for the first quarter of 2024

Balance sheet

(Amount in kNOK)

Assets Note	Q1 2024	Q1 2023	31.12.2023
Deferred tax asset	8 195	6 778	8 195
Total intangible assets	8 195	6 778	8 195
Land, buildings and other property	1 437	1 437	1 437
Fixtures/fittings, tools, office machinery and equipment	10	21	13
Total tangible assets	1 447	1 458	1 450
Investments in subsidiaries	357 100	192 100	357 100
Loans to group companies	106 525	-	65 867
Investments in shares	100	-	100
Total financial fixed assets	473 367	200 336	432 711
Trade receivables	1 302	555	1 221
Other receivables	244	345	148
Total receivables	1 546	900	1 369
Cash and bank deposits	4 739	77 263	46 615
Total current assets	6 285	78 163	47 984
Total assets	479 652	278 499	480 695

Balance sheet

(Amount in kNOK)

Equity and liabilities Note	Q1 2024	Q1 2023	31.12.2023
Share capital	134 174	105 556	134 174
Share premium	338 200	165 734	338 200
Other paid-in equity	-	-	-
Total paid-in equity	472 374	271 290	472 374
Other equity	6 009	6 388	6 030
Uncovered loss	-	-245	-
Total retained earnings	6 009	6 143	6 030
Minority interests	-	-	-
Total equity	478 383	277 434	478 404
Trade creditors	512	545	1 742
Public duties payable	210	156	225
Other short-term liabilities	548	363	325
Total current liabilities	1 269	1 064	2 291
Total liabilities	1 269	1 064	2 291
Total equity and liabilities	479 652	278 499	480 695

Income statement

GIGANTE SALMON RØDØY AS

Income statement	Note	Q1 2024	Q1 2023	2023
Other income		-	140	140
Total income		-	140	140
Depreciation and amortisation expenses	1	22	22	90
Other operating expenses		8	156	248
Total operating expenses		31	178	337
Net income		-31	-38	-197
Interest income		408	628	2 814
Other financial income		-	-	27
Interest expenses		659	-	890
Other financial expense		-	-	24
Net finances		-251	628	1 927
Profit before income tax		-281	589	1 730
Income tax expense		-62	131	383
Net profit or loss for the period		-220	458	1 347
To minority interests			-	-
To majority interests		-220	458	1 347
Disposal				-
Transferred from/to equity		-220	458	1 347

NOTE 1 - FIXED ASSETS	Buildings and land	Right-of-use assets	Ships	Total fixed assets
Purchase cost 31.12.23	504 190	-	895	505 085
Accumulated depreciation 31.12.23	-	-	207	207
Net book value 31.12.23	504 190	-	687	504 877
Additions*	94 412	110 043	-	204 455
Disposals**	-68 729
Purchase cost 31.03.24	529 873	110 043	895	640 811
Accumulated depreciation 31.03.24	-	-	229	229
Net book value 31.03.24	529 873	110 043	664	640 580
Depreciation in Q1 2024	-		22	22

The Group owns two islands that are not depreciated.

Report for the first quarter of 2024

Balance sheet

(Amount in kNOK)
Assets Note	Q1 2024	Q1 2023	31.12.2023
Land, buildings and other property	529 873	164 335	504 190
Ships	664	753	686
Right-of-use assets	110 043	-
Total tangible assets 1	640 580	165 088	504 877
Total fixed assets	640 580	165 088	504 877
Inventory	2 852	-	-
Trade receivables	34 400	175	-
Other receivables	26 522	20 302	29 207
Total receivables	60 922	20 477	29 207
Cash and bank deposits	28 333	52 492	68 353
Total current assets	92 107	72 969	97 560
Total assets	732 687	238 057	602 436
Equity and liabilities Note	Q1 2024	Q1 2023	31.12.2023
Share capital	35 730	19 230	35 730
Share premium	321 370	172 870	321 370
Total paid-in equity	357 100	192 100	357 100
Other equity	3 200	2 531	3 419
Total retained earnings	3 200	2 531	3 419
Total equity	360 300	194 631	360 519
Deferred tax	920	730	982
Liabilities to financial institutions	155 858	542	130 436
Liabilities to group companies	106 525	-	65 867
Lease liabilities	81 408	-	-
Total other non-current liabilities	343 791	542	196 303
Trade creditors	19 421	25 079	33 200
Public duties payable	429	104	542
Other short-term liabilities	7 826	16 971	10 891
Total current liabilities	27 676	42 154	44 633
Total liabilities	372 387	43 426	241 918
Total equity and liabilities	732 687	238 057	602 436

Gigante Salmon is currently constructing its land-based fish farm at Lille Indre Rosøy in Rødøy kommune. This explains the recent additions of fixed assets.

28 1. QUARTERLY REPORT OF 2024 GIGANTE SALMON 29 CHANGE IN PLAN OF DEPRECIATION

*The Group has capitalized own work with kNOK 811. **Disposals is due to sale-leaseback of some fixed assets

There has not been a change in plan of depreciation.