Elopak ASA

Interim / Quarterly Report • Aug 24, 2021

Second quarter 2021 report

Second quarter 2021 highlights

• • Continued strong profitability performance, adjusted EBITDA of EUR 34.7 million compared with EUR 37.3 million in the second quarter of 2020, and an EBITDA margin of 14.3% compared with 14.7% in the second quarter of 2020.
• • Revenue decreased by 4% compared with second quarter last year due to stockpiling in the initial phase of the pandemic. On a constant currency basis revenue decreased by 3%.
• • Raw material price increases are starting to impact results. Most of the short-term exposure is secured by hedging.
• • Elopak was listed on Oslo Børs 17 June 2021. The company's financial position was significantly strengthened post-IPO with additional EUR 50 million in new equity raised, resulting in a Leverage Ratio of 2.1 as of end of second quarter 2021.

Summary underlying financial and operating results and liquidity

		Quarter ended 30 Jun			Year to date ended 30 Jun
(EUR 1,000,000)	2021	2020	Change	2021	2020	Change
Revenues	242.1	252.8	-4%	464.9	485.9	-4%
EBITDA1)	29.4	36.0	-18%	60.1	63.1	-5%
Adjusted EBITDA1)	34.7	37.3	-7%	67.1	66.1	2%
Adjusted EBITDA margin	14.3 %	14.7 %	-3%	14.4 %	13.6 %	6%
Profit for the period	12.4	13.4	-7%	23.4	29.2	-20%
Adjusted profit for the period1)	15.8	14.9	6%	27.3	30.6	-11%
Leverage ratio 1)	2.1	N/A	-	2.5	N/A	-
Adjusted basic and diluted earnings per share (in EUR)	0.06	0.06	-	0.11	0.12	-

1) Definition of Alternative Performance Measures, including specification of adjustments, at the end of this report

Consolidated Financial Statements — Q2 2021 3Financial Review Revenues (EURm) 233 223 253 242 -4% -4% Q1 Q2

Adjusted EBITDA (EURm) and margin (%)

Business performance

Satisfactory business performance

In the first half of 2021 Elopak has continued to show resilient financial performance in a business environment still impacted by the Covid-19 pandemic. The total revenue for the first half of 2021 is slightly lower compared with the same period last year, primarily due to the stockpiling effects we experienced in Europe during the second quarter of 2020. We are pleased to see that our European business is performing in line with expectations, especially the strategically important aseptic business. The Americas business performance is slightly below last year, and still negatively impacted by the pandemic and the customer losses experienced in 2020.

Elopak Group profitability remains strong in the second quarter, despite inflationary pressure and rising raw material costs. For Europe, we expect the increasing raw material costs to further impact profitability into the second half of the year. Short term, our financial hedging and inventory positions provide some protection from the raw material hikes in the first half of 2021.

A number of regulatory measures were implemented in the second quarter, supporting the plastic-tocarton conversion trend driving more customers to consider sustainable packaging.

Europe

Our European business performed well during the second quarter. Sales in aseptic segments in both North and South Europe increased. The revenue decreased somewhat compared with the same period last year primarily as a result of high sales in the second quarter of 2020 due to stockpiling from our customers, and a decline in fresh dairy across Europe. Another contributor to the revenue decrease was challenging market conditions in Russia. The revenue decrease has primarily been in products with relatively lower margins, while margins are generally stronger in the aseptic segment.

We are currently seeing positive signs in the market with customers wanting to switch to carton from plastic packaging. Sustainability remains the key topic in most of our customer dialogues and our solutions aim to meet the demands of our customers and their consumers alike.

Americas

Our Americas business performed slightly below last year in the second quarter. The revenue decreased by 14% compared with the same period in 2020, but 6% on a constant currency basis. The main drivers for the revenue decrease was loss of customers in 2020. The closures business is performing well.

It has proved challenging to grow our business and place new filling machines in a restrictive Covid-19 environment.

Group

All-in-all we are pleased with the business performance in the second quarter of 2021, although our revenue was slightly behind expectations. Business operations in all our plants continue to perform well partly offsetting the raw material increases.

Sustainability – our key value driver

The business environment in which we operate, especially in Europe, is heavily impacted by the critical climate changes. Sustainable products and packaging solutions are a primary concern for all our customers across all markets. During the second quarter, the sustainability challenges were highlighted by several new regulations, reinforcing the importance of combating climate change. The Europe Forest Strategy was announced in the second quarter and will, together with the launch of the EU Taxonomy and the newly released UN Climate report, be important drivers going forward.

Elopak's commitment to the 1.5 degree target remains firm, and we believe the move from plastic to carton is an important contributor to a low carbon and circular economy. We monitor and respond to relevant new regulations and continue to drive sustainable innovations in the market. In the second quarter, Elopak launched the tethered cap to meet requirements of the single-use-plastics directive. Another key sustainability innovation is Pure-Pak® eSense, which will be made available to customers who want to replace the aluminum barrier in their aseptic cartons.

Elopak is well positioned to further drive the plasticto-carton conversion in the liquid beverage packaging market, and we are working closely with customers, suppliers, NGOs and industry organisations to ensure that carton packaging is a part of the solution to the global climate challenges.

IPO strengthened our financial position

As a result of the IPO in June 2021, Elopak's financial position is strengthened through the capital raise of EUR 50 million. The listing resulted in a healthy balance sheet and strong liquidity position, providing the company with an excellent platform for further growth.

Outlook

Elopak expects to continue to perform as a resilient company through the pandemic and there are no changes to our mid-term targets. In the shorter term we believe the inflationary pressure and increased raw material prices will put pressure on our margins. Managing this will be a key focus area going forward. With the resurgence of infections from Covid-19, we also expect a slower recovery of our business in Americas compared with our previously stated anticipations. Consolidated Financial Statements — Q2 2021 5Financial Review

Elopak is actively evaluating further growth opportunities and we are confident that we are well positioned to expand our business in the coming quarters, both organically and through value-accretive acquisition.

Financial review

Geographic revenue (EURm)

Q1 Q2 183 180 -2% 216 202 -7%

Revenues

In the second quarter of 2021, revenues decreased by 4%, or EUR 10.8 million. Currency effects (EUR to USD) represent EUR 4 million of this decrease.

In Europe, the revenue decrease was caused by artificially high revenues in the same period last year, due to stockpiling by retailers and customers following the Covid-19 pandemic outbreak. Revenues from sales of Pure-Pak® aseptic cartons grew, as we see positive volume development in both UHT and juice. The growth in juice comes from conversion from plastic to carton.

In Americas the main reason for the decrease was the loss of a Roll Fed customer to competition, in addition to the currency effects.

In the first half of 2021, revenues decreased by 4%, or EUR 21 million. In Europe volumes in the fresh dairy segment decreased, reflecting a longer term trend of mature European markets. However, in the aseptic segment volumes grew as a result of the increasing installed base of aseptic filling machines. In Americas revenues decreased by EUR 21 million. Currency effects had a EUR 7 million unfavourable impact, due to stronger Euro against USD. The remaining revenue reduction was primarily caused by the loss of a Roll Fed customer.

Overall, Elopak benefits from a diversified offering both in terms of geographical spread and products. Growth in sales of filling machines compensated somewhat for the weakness in carton sales.

Adjusted EBITDA distribution (EURm)

Adjusted EBITDA and EBITDA

Adjusted EBITDA in the second quarter of 2021, decreased by 7%, or EUR 2.6 million, from EUR 37.3 million in 2020 to EUR 34.7 million in 2021. The adjusted EBITDA margin at 14.3% is slightly below the comparative period, predominantly due to increasing raw material pricing. Lower waste in manufacturing and improvements in logistics contributed positively.

In Europe adjusted EBITDA decreased by EUR 2.6 million, mainly due to increased raw material pricing. The reduced sale of Roll Fed in Americas has an impact on European margin, as the cartons are supplied from European plants. Adjusted EBITDA margin in the quarter was 15.6%, slightly below the comparative period. Improved pricing, positive mix and production efficiencies compensated for the impact of reduced volume and increased raw materials. In addition, margins on sale of filling equipment improved. In Americas, adjusted EBITDA decreased by EUR 1.1 million, mainly due to the reduced revenues and the impact of currency translation. Adjusted

EBITDA margin was 15.8%, in line with last year, as improved efficiencies in the Montreal plant compensated for the impact of reduced volume.

Adjusted EBITDA in the first half of 2021 increased by 2%, or EUR 1 million. The increase is a result of improved customer pricing, positive mix effects from the growth in aseptic and continued production efficiencies.

In Europe adjusted EBITDA increased by EUR 2.5 million. Adjusted EBITDA margin was 15.8%, up from 14.4% in the comparative period. In addition to the factors explained above, the customer price increases during the first quarter in 2020 had a significant impact.

In Americas adjusted EBITDA decreased by EUR 2.0 million, mainly due to the reduced revenues resulting from the Covid-19 pandemic and the loss of a Roll Fed customer. The relatively higher exposure to food service and school milk in Americas vs Europe

Reconciliation of EBITDA and adjusted EBITDA

onwards. Adjusted EBITDA margin was 17.8%, up from 16.1% last year. In addition to the improved efficien cies, product mix is contributing positively, as Roll Fed cartons shipped from Europe had a lower margin in Americas EBITDA in 2020.			The following table provides a reconciliation from reported operating profit to EBITDA and adjusted EBITDA. For further details and definitions, we refer to the APM section in the back of this report.
In the second quarter of 2021, earnings before depre ciations and amortisations, financial items and tax (EBITDA) decreased by 18%, or EUR 6.5 million, from EUR 36.0 million in same period last year to EUR 29.4 million in 2021. Expenses incurred in relation to the IPO had a negative impact of EUR 4.3 million, predom inantly fees to advisors reported as other operating expenses and a transaction bonus to management reported as payroll expenses.
Reconciliation of EBITDA and adjusted EBITDA	Quarter ended		Year to date ended		Year ended
	30 Jun 2021	2020	30 Jun 2021	2020	2020
	14,774	22,954	31,932	36,744	70,656
	14,664	13,000	28,161	26,379	52,209
	29,438	35,955	60,092	63,124	122,866
(EUR 1,000) Operating profit Depreciation, amortisation and impairment EBITDA Total adjusted items	4,343	-	5,163	-	-5,203
Share of net income from joint ventures (continued	945	1,336	1,827	2,937	4,627
operations) 1) 2) Impairments on joint ventures investment (continued operations) 1) 2)	-	-	-	-	-

Operating profit

In the second quarter of 2021, operating profit decreased by EUR 8.2 million, from EUR 23.0 million in same period last year to EUR 14.8 million in 2021. The margin development is a result of the factors explained above. Depreciation and amortisation increased by EUR 1.7 million, primarily due to higher amortisation of intangible assets.

Profit for the quarter

In the second quarter of 2021, profit decreased by 7%, or EUR 1.0 million, from EUR 13.4 million in the same period of 2020 to EUR 12.4 million in 2021.

In the second quarter of 2021, share of income from joint ventures increased by EUR 1.1 million, from EUR -0.2 million in the same period last year to EUR 0.9 million in 2021. The increase was primarily due to recognition of a negative currency translation difference at EUR 1.5 million which was recognised last year upon disposal of the joint venture in Saudi Arabia. The underlying business in the remaining two joint ventures in Americas is relatively stable, however with some decline as the exposure to school milk has an impact on sales.

The effective tax rate changed from 30% in the second quarter of 2020, to 21% in 2021. The reduction in tax was primarily due to higher taxable profit in the quarter in 2020 caused by a calculated currency gain.

Cash flows

In the first half of 2021, cash flow from operations decreased by EUR 8.4 million. The decrease was primarily a function of the lower results as described above. Net cash flows relating to working capital is normally negative in the first six months, due to the seasonality of our business.

Net cash flows used in investing activities decreased by EUR 16.2 million. The decrease was primarily due to lower capex in the period, mainly related to filling machines. This is predominantly a timing effect, as we expect to place several filling machines as operating leases in the second half of the year. Related to manufacturing plants, investments were broadly in line with the comparable period. The activity level will increase in the second half of the year, with the UV flexo line in Montreal as the main project.

Net cash flows used in financing activities increased by EUR 7.8 million. The increase is predominantly due to the dividend paid to shareholders. During the second quarter of 2021 a total of EUR 10.0 million was paid to shareholders as dividends. In 2020 the dividend to shareholders was paid in the third quarter.

Cash flow

Cash flow
(EUR 1,000)	Year to date ended 30 Jun 2021	2020	Change
Net cash flow from operations	27,252	35,622	-23%
Net cash flow from investing activities	-3,680	-19,888	-81%
Net cash flow from financing activities	-20,323	-12,489	63%
Foreign currency translation on cash	635	-3069	-121%
Net increase/ decrease in cash	3,885	176	2107%
Capital structure
The balance sheet conditions remain satisfactory as
of June 30, 2021. Net interest-bearing bank debt has
decreased to EUR 171.5 million from EUR 223.2 million
at year end 2020. The primary reason for the reduc
tion is that proceeds from capital increase in relation
to the IPO was used for repayment of long-term debt
to financial institutions. Consequently, the Leverage
Ratio as of June 30, 2021 ended at 2.1.
For a specification of the net debt, please refer to Alternative Performance Measures section.
Book equity increased by EUR 74.6 million, from EUR 185.4 million as of December 31, 2020 to EUR 260.1 million as of June 30, 2021. The increase was primarily due to issue of new shares in relation to the IPO, with net proceeds at EUR 48.7 million. Total comprehensive
income was EUR 37.1 million.
The Board confirms that the accounts are presented under a going concern assumption.
		Consolidated Financial Statements — Q2 2021

Capital structure

Condensed consolidated interim financial statements

Condensed consolidated statement of comprehensive income

		Quarter ended 30 Jun		Year to date ended 30 Jun
		Unaudited		Unaudited
(EUR 1,000)	Note	2021	2020	2021	2020
Revenues	3	242,060	252,849	464,853	485,896
Other operating income		-	6	2	8
Total income	4	242,060	252,855	464,855	485,904
Cost of materials		-154,361	-164,519	-292,928	-315,802
Payroll expenses		-45,717	-41,397	-87,240	-83,777
Depreciation, amortisation and impairment		-14,664	-13,000	-28,161	-26,379
Other operating expenses		-12,544	-10,985	-24,594	-23,201
Total operating expenses		-227,286	-229,901	-432,923	-449,160
Operating profit	4	14,774	22,954	31,932	36,744
Financial income and expenses
Share of net income from joint ventures		945	-154	1,827	1,465
Financial income		2,224	451	3,747	3,973
Financial expenses		-2,186	-4,052	-6,035	-8,438
Profit before tax		15,756	19,199	31,471	33,744
Income tax		-3,349	-5,821	-8,114	-4,577
Profit		12,407	13,379	23,358	29,167
Profit for the year attributable to:
Elopak shareholders		12,407	13,379	23,358	29,167
Basic and diluted earnings per share (in EUR)		0.05	0.05	0.09	0.12

			Quarter ended 30 Jun		Year to date ended 30 Jun
(EUR 1,000)		Unaudited		Unaudited
OTHER COMPREHENSIVE INCOME Items that will not be reclassified subsequently to profit	Note	2021	2020	2021	2020
or loss
Net value gains / losses (-) on actuarial benefit plans, net of tax		12	-28	-18	33
Items reclassified subsequently to net income upon derecognition
Exchange differences on translation foreign operations		405	965	3,694	-5,839
Net value gains / losses (-) on cash flow hedges, net of tax		5,255	5,154	10,069	-2,490
Other comprehensive income, net of tax		5,673	6,091	13,745	-8,296
Total comprehensive income		18,080	19,470	37,103	20,871
Total comprehensive income attributable to:
Elopak shareholders		18,080	19,470	37,103	20,871

Condensed consolidated statement of comprehensive income continued

Condensed consolidated statement of financial position

(EUR 1,000)	30 Jun 2021	31 Dec 2020
ASSETS Note	Unaudited	Audited
Non-current assets
Development cost and other intangible assets	58,886	61,211
Deferred tax assets	21,364	23,544
Goodwill	52,149	52,291
Property, plant and equipment	178,462	188,429
Right-of-use assets 5	64,173	69,270
Investment in joint ventures	28,207	26,956
Other non-current assets	15,113	14,517
Total non-current assets	418,355	436,217
Current assets
Inventory	134,317	135,523
Trade receivables 1)	90,326	77,958
Other current assets 1)	109,232	92,981
Cash and cash equivalents	10,328	6,443
Total current assets	344,204	312,906
Total assets 4	762,558	749,123

1) Contract assets of EUR 35,092 thousand are reclassified from trade receivables to other current assets as of December 31, 2020. Contract assets from similar transactions of EUR 39,806 thousand are classified as other current assets as of June 30, 2021.

Condensed consolidated statement of financial position continued
(EUR 1,000) EQUITY AND LIABILITIES	Note	30 Jun 2021 Unaudited	31 Dec 2020 Audited
EQUITY
Share capital	6	50,155	47,482
Other paid-in capital	6	69,906	15,332
Currency translation reserve		-38,236	-41,930
Cash flow hedge reserve		10,066	-3
Retained earnings		168,171	164,564
Attributable to Elopak shareholders		260,061	185,444
Total equity		260,061	185,444
LIABILITIES
Non-current liabilities:
Pension liabilities		2,834	2,554
Deferred taxes		12,061	11,994
Non-current liabilities to financial institutions	7	173,896	213,135
Non-current lease liabilities		64,240	69,090
Other non-current liabilities		4,494	5,982
Total non-current liabilities		257,524	302,755
Current liabilities:
Current liabilities to financial institutions	7	7,159	15,552
Trade payables		111,929	114,273
Taxes payable		9,843	8,978
Public duties payable		19,082	20,125
Current lease liabilities Other current liabilities		18,746 78,213	19,085 82,911
Total current liabilities		244,973	260,923
Total liabilities		502,497	563,678
Total equity and liabilities		762,558	749,123
	Skøyen, August 23, 2021
Jo Olav Lunder Trond Solberg	Anna Belfrage		Seyed Mehran Johari
Chairperson Board member	Board member		Board member
Sanna Suvanto-Harsaae Erlend Sveva Board member Board member	Anette Bauer Ellingsen Board member		Thomas Körmendi CEO

Condensed consolidated statement of financial position continued

Sanna Suvanto-Harsaae Board member

Trond Solberg

Board member

Erlend Sveva Board member

Anna Belfrage Board member

Anette Bauer Ellingsen Board member

Seyed Mehran Johari Board member

Thomas Körmendi CEO

Condensed consolidated statement of cash flows

			Year to date ended 30 Jun
		2021	2020
(EUR 1,000)	Note	Unaudited	Unaudited
Profit before tax		31,471	33,744
Interest to financial institutions		1,606	3,170
Lease liability interest		2,414	2,731
Profit before tax and interest paid		35,491	39,645
Other operating cash flows		-8,239	-4,023
NET CASH FLOW FROM OPERATIONS		27,252	35,622
Purchase of non-current assets		-8,414	-24,570
Proceeds from sales of non-current assets		10	4
Proceeds from sales of business		-	1,500
Dividend from joint ventures		1,722	-
Change in other non-current assets		3,002	3,178
NET CASH FLOW FROM INVESTING ACTIVITIES		-3,680	-19,888
Proceeds of loans from financial institutions		404,183	521,270
Repayment of loans from financial institutions		-452,213	-520,376
Interest to financial institutions		-1,606	-3,170
Dividend paid		-9,988	-
Capital increase		49,582	-
Lease payments		-10,281	-10,213
NET CASH FLOW FROM FINANCING ACTIVITIES		-20,323	-12,489
Foreign currency translation on cash		635	-3,069
Net increase/ decrease in cash		3,885	176
Cash at beginning of year		6,443	15,507
Cash at end of period		10,328	15,683

Condensed consolidated statement of changes in equity

(EUR 1,000)

(EUR 1,000) Year to date 30 Jun 2021 Unaudited	Note	Share capital	Other paid-in capital	Currency translation reserve	Cash flow hedge reserve	Retained earnings	Total equity
Total equity 01.01		47,482	15,332	-41,930	-3	164,564	185,444
Profit for the period		-	-	-	-	23,358	23,358
Other comprehensive income for the period net of tax		-	-	3,694	10,069	-18	13,745
Total comprehensive income for the period		-	-	3,694	10,069	23,340	37,103
Dividend paid		-	-	-	-	-9,988	-9,988
Purchase of treasury shares		58	1,112	-	-	-	1,170
Settlement of share-based bonus		5	-2,380	-	-	-	-2,375
Bonus issue and reclassification within equity		120	9,625	-	-	-9,745	-
Issue of new shares in IPO		2,490	47,308	-	-	-	49,798
Share issue expenses		-	-1,091	-	-	-	-1,091
Total capital transactions in the period	6	2,673	54,573	-	-	-19,733	37,513
Total equity 30.06		50,155	69,906	-38,236	10,066	168,171	260,061
(EUR 1,000)
Year to date 30 Jun 2020		Share	Other paid-in	Currency translation	Cash flow hedge	Retained	Total equity
Unaudited Total equity 01.01		capital 47,482	capital 13,188	reserve -30,932	reserve -2,139	earnings 126,290	153,889
Profit for the period		-	-	-	-	29,167	29,167
Other comprehensive income for the period net of tax		-	-	-5,839	-2,490	33	-8,296
Total comprehensive income for the period		-	-	-5,839	-2,490	29,200	20,871
Total equity 30.06		47,482	13,188	-36,771	-4,629	155,490	174,761

(EUR 1,000)

Year to date 30 Jun 2020 Unaudited	Share capital	Other paid-in capital	Currency translation reserve	Cash flow hedge reserve	Retained earnings	Total equity
Total equity 01.01	47,482	13,188	-30,932	-2,139	126,290	153,889
Profit for the period	-	-	-	-	29,167	29,167
Other comprehensive income for	-	-	-5,839	-2,490	33	-8,296
the period net of tax
Total comprehensive income for
the period	-	-	-5,839	-2,490	29,200	20,871
Total equity 30.06	47,482	13,188	-36,771	-4,629	155,490	174,761

Note 1 — General information

The Elopak Group consists of Elopak ASA and its subsidiaries. Elopak ASA is a public limited company registered in Norway. The Group is a leading global supplier of carton packaging and filling equipment. The consolidated financial information has not been subject to audit or review.

All numbers are presented in EUR 1,000 unless otherwise is clearly stated.

The Board of Directors approved the condensed consolidated interim financial statements for the three months ended June 30, 2021 on August 23, 2021.

Note 2 — Basis of preparation

The consolidated condensed interim financial statements have been prepared in accordance with International Financial Reporting Standard (IFRS), IAS 34 "Interim Financial Reporting". The condensed interim financial statements do not include all information and disclosures required in the annual financial statement and should be read in conjunction with the Group's Annual Report for 2020, which has been prepared according to IFRS as adopted by EU. The accounting policies applied in the preparation of the consolidated interim financial statement are consistent with those applied in the preparation of the annual IFRS financial statement for the year ended December 31, 2020.

The preparation of interim financial statements requires the Group to make certain estimates and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates and judgements are continually evaluated by the company based on historical experience and other factors, including expectations of future events that are deemed to be reasonable under the circumstances. Actual results may differ from these estimates. The most significant judgements used in preparing these interim financial statements and the key areas of estimation uncertainty are the same as those applied in the consolidated annual report for 2020.

Note 3 — Revenues

Revenues specified by geographical area

The Group's revenues consist of revenue from contracts with customers (99%) and rental income from lease of filling equipment (1%). Revenues are primarily derived from the sale of cartons and closures, sales and rental income related to filling equipment and service.
Revenues specified by geographical area
		Quarter ended 30 Jun	Year to date ended 30 Jun
(EUR 1,000)	2021	2020	2021	2020
Germany	39,370	41,297	76,255	76,832
USA	32,673	35,349	64,409	72,625
Russia	19,329	21,257	35,449	39,531
Netherlands	14,569	13,344	27,056	25,705
Norway	5,745	6,292	12,334	12,626
Other	130,374	135,309	249,350	258,576
Total revenues		252,849	464,853
	242,060			485,896
			Other and
	EMEA	Americas	eliminations	Total
	169,792	40,070	-634	209,228
	15,036	2,521	-	17,558
	10,678	-	-118	10,560
	6,258	386	-1,930	4,714
	201,764	42,978	-2,682	242,060
The revenues are specified by location (country) of the customer. Revenues by product and operating segment (EUR 1,000) Quarter ended 30 Jun 2021 Cartons and closures 1) Equipment Service Other Total revenues
			Other and
	EMEA 177,740	Americas 49,829	eliminations -4,837	Total 222,733
Quarter ended 30 Jun 2020 Cartons and closures Equipment	18,690	8	-6,319	12,379
Service	10,461	108	-2	10,567
Other	9,103	48	-1,979	7,171

Revenues by product and operating segment

			Other and
Quarter ended 30 Jun 2021	EMEA	Americas	eliminations	Total
Cartons and closures 1)	169,792	40,070	-634	209,228
Equipment	15,036	2,521	-	17,558
Service	10,678	-	-118	10,560
Other	6,258	386	-1,930	4,714
Total revenues	201,764	42,978	-2,682	242,060

			Other and
Quarter ended 30 Jun 2020	EMEA	Americas	eliminations	Total
Cartons and closures	177,740	49,829	-4,837	222,733
Equipment	18,690	8	-6,319	12,379
Service	10,461	108	-2	10,567
Other	9,103	48	-1,979	7,171
Total revenues	215,994	49,993	-13,137	252,849

Note 3 — Revenues continued

			Other and
Year to date ended 30 Jun 2021	EMEA	Americas	eliminations	Total
Cartons and closures 1)	328,144	84,670	-930	411,884
Equipment	20,282	2,529	-	22,811
Service	21,792	-	-239	21,553
Other	11,220	764	-3,380	8,604
Total revenues	381,438	87,963	-4,549	464,853

			Other and
Year to date ended 30 Jun 2020	EMEA	Americas	eliminations	Total
Cartons and closures	339,164	108,856	-11,781	436,239
Equipment	26,978	17	-7,205	19,791
Service	21,327	406	-8	21,725
Other	11,465	106	-3,430	8,141
Total revenues	398,933	109,385	-22,422	485,896

1) Decrease in cartons and closures in Americas is mainly due to the loss of a Roll Fed customer and the impact of currency translation.

Note 4 — Operating segments

Operating segments

(EUR 1,000)

			Other and
Quarter ended 30 Jun 2021	EMEA	Americas	eliminations	Total
Total revenue and other operating income	201,764	42,978	-2,682	242,060
Operating expenses	-170,706	-37,249	-4,667	-212,622
Depreciation and amortisation	-11,698	-1,531	-630	-13,859
Impairment	-806	-	-	-806
Operating profit	18,555	4,198	-7,979	14,774
Total assets	608,897	120,920	32,741	762,558
Purchase of non-current assets during the quarter	3,893	239	727	4,859

			Other and
Quarter ended 30 Jun 2020	EMEA	Americas	eliminations	Total
Total revenue and other operating income	216,000	49,993	-13,137	252,855
Operating expenses	-181,910	-43,441	8,451	-216,900
Depreciation and amortisation	-10,954	-1,092	-871	-12,917
Impairment	-83	-	-	-83
Operating profit	23,052	5,460	-5,557	22,954
Total assets	652,841	125,634	11,907	790,382
Purchase of non-current assets during the quarter	10,840	555	3,231	14,626

Note 4 — Operating segments
Information reported to the Group's chief operating decision makers, the Group Leadership Team, for the purpose of resource allocation and assessment of segment performance is focused on two key geographical
regions – EMEA (including Commonwealth of Independent States) and Americas. Key figures representing the
financial performance of these segments are presented in the following:
Operating segments (EUR 1,000)
			Other and
Quarter ended 30 Jun 2021	EMEA	Americas	eliminations	Total
Total revenue and other operating income	201,764	42,978	-2,682	242,060
Operating expenses	-170,706	-37,249	-4,667	-212,622
Depreciation and amortisation	-11,698	-1,531	-630	-13,859
Impairment Operating profit	-806 18,555	- 4,198	- -7,979	-806 14,774
Total assets	608,897	120,920	32,741	762,558
Purchase of non-current assets during the quarter	3,893	239	727	4,859
			Other and
Quarter ended 30 Jun 2020	EMEA	Americas	eliminations	Total
Total revenue and other operating income	216,000	49,993	-13,137	252,855
Operating expenses	-181,910	-43,441	8,451	-216,900
Depreciation and amortisation	-10,954	-1,092	-871	-12,917
Impairment	-83	-	-	-83
Operating profit	23,052	5,460	-5,557	22,954
Total assets	652,841	125,634	11,907	790,382
Purchase of non-current assets during the quarter	10,840	555	3,231	14,626
			Other and
	EMEA	Americas	eliminations	Total
Year to date ended 30 Jun 2021	381,440	87,963	-4,549	464,855
Total revenue and other operating income	-321,775	-74,278	-8,709	-404,763
Operating expenses			-1,305	-27,296
Depreciation and amortisation	-23,144	-2,848
	-865	-	-	-865
Impairment Operating profit	35,657	10,838	-14,563	31,932
Total assets	608,897	120,920	32,741	762,558

Note 4 — Operating segments continued

			Other and
Year to date ended 30 Jun 2020	EMEA	Americas	eliminations	Total
Total revenue and other operating income	398,941	109,385	-22,422	485,904
Operating expenses 1)	-341,381	-94,671	13,271	-422,780
Depreciation and amortisation	-21,787	-2,519	-1,805	-26,111
Impairment	-268	-	-	-268
Operating profit	35,505	12,195	-10,956	36,744
Total assets	652,841	125,634	11,907	790,382
Purchase of non-current assets during the year	18,775	813	4,982	24,570

1) Operating expenses include cost of materials, payroll expenses, and other operating expenses.

Note 5 — Leases

The Group as lessee

Right-of-use assets

	Property and		Office and
30 Jun 2021	buildings	Machinery	transport	Total
Cost at 1.1	52,636	27,141	18,231	98,007
Net additions (disposals)	169	- 177	2,053	2,045
Cost at 30.06	52,805	26,964	20,283	100,052
Accumulated depreciation at 1.1	- 10,133	- 11,496	- 7,108	- 28,737
Current year depreciation charge	- 2,487	- 2,838	- 1,817	- 7,143
Accumulated depreciation at 30.06	- 12,621	- 14,334	- 8,925	- 35,880
Carrying amount at 30.06	40,184	12,630	11,358	64,173

Right-of-use assets
(EUR 1,000)
30 Jun 2021	Property and buildings	Machinery	Office and transport	Total
Cost at 1.1	52,636	27,141	18,231	98,007
Net additions (disposals)	169	- 177	2,053	2,045
Cost at 30.06	52,805	26,964	20,283	100,052
Accumulated depreciation at 1.1	- 10,133	- 11,496	- 7,108	- 28,737
Current year depreciation charge	- 2,487	- 2,838	- 1,817	- 7,143
Accumulated depreciation at 30.06	- 12,621	- 14,334	- 8,925	- 35,880
Carrying amount at 30.06	40,184	12,630	11,358	64,173
	Property and		Office and
31 Dec 2020	buildings	Machinery	transport	Total
Cost at 1.1	56,375	24,708	13,353	94,436
Net additions (disposals)	- 3,739	2,433	4,878	3,571
Cost at 31.12	52,636	27,141	18,231	98,007
Accumulated depreciation at 1.1	- 5,018	- 5,583	- 3,386	- 13,986
Current year depreciation charge	- 5,116	- 5,913	- 3,722	- 14,751
Accumulated depreciation at 31.12	- 10,133	- 11,496	- 7,108	- 28,737
				69,270
Carrying amount at 31.12 The Group has no significant purchase options. Terminations in the first half of 2021 and the year ended 2020 are less than 1% of the right of use assets. The gross additions to right-of-use assets, excluding adjustments to existing contracts, were EUR 2,092 thousand in the first half of 2021 and EUR 9,111 thousand in 2020. The expired	42,502 and terminated contracts in 2021 were replaced by new leases for similar underlying assets. In the first half of	15,645	11,123 2021 changes in closures moulding lease agreements resulted in a negative adjustment in machinery.

Note 5 — Leases continued

The Group has signed a lease agreement for a High Bay warehouse adjacent to its existing warehouse in Terneuzen, Netherlands. The lease is for 20 years with a nominal value of EUR 46,720 thousand, with the commencement date in 2022. Additionally, the Group has signed a contract for Tethered Cap lines with a lease term of 5 years and a nominal value of EUR 13,801 thousand for the signed contract. The commencement dates are expected to be from the second half of 2021 to the end of 2022. Finally, the Group has amended an existing lease agreement for closure moulding in Canada, which will change the production of an existing line. The total nominal investment is EUR 1,430 thousand, with the targeted commencement date in the fourth quarter of 2021.

Other off-balance sheet commitments and contingencies

(EUR 1,000)	30 Jun 2021	31 Dec 2020
Commitments for the acquisition of property, plant and equipment	5,237	4,485
Commitments for the acquisition of goods	10,643	7,283
Guarantees issued in relation to operational activities	4,208	5,562
Total	20,088	17,329

Note 6 — Equity and shareholder information

As of June 30, 2021, the share capital is NOK 376,906,620 (EUR 50,155,321) and the total number of shares outstanding for Elopak ASA was 269,219,014, each with a face value of NOK 1.4 (EUR 0.19). All shares have equal voting rights and all authorised shares are issued and fully paid.

Share-based bonus:

The provision for share based bonus per December 31, 2020 was settled in the second quarter of 2021 through the issuance of 8,959 new shares to members of the Management. The provision of EUR 2,388 thousand in other paid-in capital was reversed, whereas the issuance of shares increased share capital by EUR 63 thousand and the other paid-in capital by EUR 1,120 thousand.

The Group acquired 422,772 shares from Ferd AS in the second quarter of 2021 for EUR 1,170 thousand. All shares purchased from Ferd AS were re-issued during the second quarter as part of settling share-based bonuses to members of the Management.

Stock split and reclassification within equity:

Prior to the IPO, the Group issued 246,061,634 new shares in a stock split and transferred EUR 120 thousand from retained earnings to share capital. Additionally, the Group made a reclassification from retained earnings to other paid-in capital.

Issue of shares in IPO:

The Group issued 18,135,714 new shares for the IPO for NOK 28 (EUR 2.75) per share, resulting in gross proceeds from the IPO of EUR 49,798 thousand. The shares were issued with a face value of NOK 1.4 (EUR 0.14), which increased the share capital by EUR 2,490 thousand and the other paid-in capital by EUR 47,308 thousand. Transaction costs (net of tax) of EUR 1,091 thousand were directly attributable to the issue of new shares and have been recognised as a reduction of other paid-in capital. Net proceeds from the IPO amounted to EUR 48,707 thousand. Consolidated Financial Statements — Q2 2021 27Notes

Dividend:

The Board approved a dividend of NOK 20 per share for the financial year 2020 on May 6, 2021. The dividend payment was EUR 9,988 thousand based on 5,021,666 outstanding shares, of which EUR 9,960 thousand was paid to Ferd AS.

Note 6 — Equity and shareholder information continued

Share capital

2021
	Ordinary shares		Ordinary shares
(EUR 1,000 except number of shares)	issued	Treasury shares	outstanding
Beginning of financial year	5,012,707	-	5,012,707
Shares issued for share-based bonus	8,959	-	8,959
Shares issued in stock split	246,061,634	-	246,061,634
Shares issued in IPO	18,135,714	-	18,135,714
Treasury shares purchased	-	-422,772	-422,772
Treasury shares re-issued	-	422,772	422,772
End of financial period	269,219,014	-	269,219,014

2020	Ordinary shares		Ordinary shares
	issued	Treasury shares	outstanding
Beginning of financial year	5,012,707	-	5,012,707
End of financial year	5,012,707	-	5,012,707

Basic and diluted earnings per share

	Quarter ended 30 Jun		Year to date ended 30 Jun
(EUR 1,000 except number of shares)	2021	2020	2021	2020
Profit attributable to Elopak shareholders	12,407	13,379	23,358	29,167
Issued ordinary shares at beginning of period, adjusted for share split in the period	250,635,350	250,635,350	250,635,350	250,635,350
Effect of shares issued	2,797,100		1,406,277
Weighted-average number of ordinary shares in the period	253,432,450	250,635,350	252,041,627	250,635,350
Basic and diluted earnings per share (in EUR)	0.05	0.05	0.09	0.12

Note 6 — Equity and shareholder information continued

Shareholder's name Ferd AS				Total shareholding
				58.16%
Nippon Paper Industries Co. Ltd.				5.00%
Folketrygdfondet				3.34%
Artemis Investment Management LLP				3.13%
Handelsbanken Fonder AB				2.33%
SPSW Capital GmbH				1.72%
Pareto Asset Management AS				1.46%
Neuberger Berman Investment Advisers LLC				1.41%
Boldhaven Management LLP				1.03%
Syz Asset Management (Europe) Ltd.				0.93%
JPMorgan Asset Management (UK) Ltd.				0.92%
Blackwell Partners LLC - Series E				0.83%
Alfred Berg Kapitalforvaltning AS				0.78%
Eika Kapitalforvaltning AS				0.64%
UBS Asset Management Switzerland AG				0.56%
Arctic Fund Management AS				0.56%
Skagen AS (Investment Management)				0.54%
Forsvarets Personellservice				0.52%
Sp-Fund Management Co. Ltd. DNB Asset Management AS				0.48% 0.42%
Note 7 — Interest-bearing loans and borrowings
Interest-bearing loans and borrowings	30 Jun 2021		31 Dec 2020
(EUR 1,000)	Available	Utilised	Available	Utilised
Current liabilities to financial institutions	56,566	7,159	56,354
Non-current liabilities to financial institutions	400,000	173,896	400,000	15,552 213,135

Note 7 — Interest-bearing loans and borrowings

Interest-bearing loans and borrowings

	30 Jun 2021		31 Dec 2020
(EUR 1,000)	Available	Utilised	Available	Utilised
Current liabilities to financial institutions	56,566	7,159	56,354	15,552
Non-current liabilities to financial institutions	400,000	173,896	400,000	213,135
Total	-	181,055	-	228,687

Note 8 — Financial risk management

Balance sheet management

The Group manages the balance sheet to ensure a healthy financial position and liquidity. This is done through an annual budgeting process followed by performance management and forecasting updates to ensure adequate financial flexibility and liquidity for the company. The Group's main bank covenants, especially the net interest bearing debt/ EBITDA, are monitored closely on a continuous basis to ensure compliance at all times.

Financial risk policy

The Group is exposed to market risk, credit risk and liquidity risk. Risk management activities are governed by appropriate policies and procedures. Risks are identified, measured and managed in accordance with the Group's policies and risk objectives. It is the Group's policy that no trading in derivatives for speculative purposes shall be undertaken. There have been no significant changes in the management of risks related to financials during the period.

Market risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: currency risk, commodity price risk and interest rate risk. Elopak buys derivatives in order to manage market risks, and seeks to apply hedge accounting in order to manage volatility in profit or loss.

Derivatives

	30 Jun 2021			31 Dec 2020
(EUR 1,000)	Assets	Liabilities	Total	Assets	Liabilities	Total
Currency derivatives	2,275	2,636	- 361	1,871	1,692	179
Commodity derivatives	13,466	-	13 466	267	232	35
Interest derivatives	144	3,113	- 2 969	-	4,286	- 4 286
Total	15,884	5,749	10 136	2,138	6,210	- 4 072

The full fair value of a derivative is classified as "Other non-current assets or "Other non-current liabilities" if the remaining maturity of the derivative is more than 12 months and, as a "Other current assets" or "Other current liabilities", if the maturity of the derivative is less than 12 months. The fair value estimation of derivative financial instruments has been arrived at by applying a level 2 valuation methodology which uses inputs other than unadjusted quoted prices for identical assets and liabilities. No other material financial assets or liabilities are measured at fair value through profit or loss.

Where eligible, derivatives used for hedging are designated in cash flow hedge accounting relationships.

Note 9 — Related parties

Elopak ASA has entered into transactions with related parties in 2021. Related party transactions are carried out in accordance with the arm's length principle.

Transactions in 2021 are listed below:

• • Transactions with Tech2M, a company owned by Seyed Mehran Johari, have been carried out as part of normal operations at market terms. Seyed Mehran Johari is a member of the Board of Directors of Elopak ASA. Purchase of services from Tech2M of EUR 4 thousand in 2021 and EUR 9 thousand in 2020 were for participation in a steering group. The consultancy agreement with Tech2M has been terminated.
• • The Chief Executive Officer, Chief Financial Officer, and members of the Group Leadership Team received a share based bonus of EUR 2,000 thousand for services provided in 2021.

Note 10 — Income tax

Due to NOK recognition for tax purposes of Group financing, the currency effects in the second quarter of 2021 and 2020 decreased the tax expense by EUR 383 thousand and increased the tax expense by EUR 1,425 thousand respectively. The year to date currency effects for 2021 increased the tax expense by EUR 628 thousand and decreased the 2020 tax expense by EUR 2,914 thousand.

A dividend distribution from Elopak Systems AG to Elopak ASA, formerly Elopak AS, in 2011 and 2014 was deemed to be taxable income for Elopak ASA in a decision by Norwegian tax office in 2017. The full tax cost of NOK 69,600 thousand was recognised and paid in accordance with the ruling at that time. A subsequent appeal to the tax tribunal resulted in a ruling on June 16, 2021 supporting the 2017 conclusion from the tax office. The company does not agree with the ruling and has initiated an appeal through the courts in Norway. Consolidated Financial Statements — Q2 2021 31Notes

Note 11 — Subsequent events

There were no significant events that occurred subsequent to the balance sheet date that would have an impact on the interim financial statements.

The annual report for 2020 provides a description of the uncertainties and potential business impact from the Covid-19 pandemic outbreak.

Alternative Performance Measures (APMs)

The Group prepares and reports its consolidated financial statements in accordance with International Financial Reporting Standards as issued by the IASB and as endorsed by the EU (IFRS). In addition, the Group presents several Alternative Performance Measures (APMs).

In accordance with European Securities and Market Authority (ESMA) guidelines dated May 10, 2015, an APM is understood as a financial measure of historical or future financial performance, financial position, or cash flows, other than a financial measure defined or specified in the applicable financial reporting framework (IFRS). It should be noted that these measures do not have any standardised meaning prescribed by IFRS and therefore are not necessarily comparable to the calculation of similar measures used by other companies. The APMs are regularly reviewed by the Group's management. The APMs are reported in addition to but are not substitutes for the Group's consolidated financial statements, prepared in accordance with IFRS.

The APMs provide supplementary information to measure the Group's performance and to enhance comparability between financial periods. The APMs also provide measures commonly reported and widely used by investors, lender and other stakeholders as an indicator of the Group's performance. These APMs are among other, used in planning for and forecasting future periods, including assessing our ability to incur and service debt including covenant compliance. APMs are defined consistently over time and are based on the Group's consolidated financial statements (IFRS).

EBITDA

EBITDA is a measure of earnings before interest, taxes, depreciation, amortisation and impairments. The Group presents this APM because management considers it to provide useful supplemental information for understanding the overall picture of profit generation in the Group's operating activities and for comparing its operating performance with that of other companies.

Adjusted EBITDA

Adjusted EBITDA is a measure of EBITDA adjusted for certain items affecting comparability (the Adjustment items) and further including the Group's share of net income from joint ventures (continued operations) presented as part of financial income and expenses. The Group presents this APM because management considers it to be an important supplemental measure for understanding the underlying profit generation in the Group's operating activities and comparing its operating performance with that of other companies.

Adjusted profit attributable to Elopak shareholders

Adjusted profit attributable to Elopak shareholders represents the Group's profit attributable to Elopak shareholders adjusted for certain items affecting comparability, taking into account the Adjustment items, related estimated calculatory tax effects based on a 23% tax rate and excluding historical share of net income from joint ventures that have been discontinued. The Group presents this APM because management considers it to provide useful supplemental information for understanding the Group's profit attributable to Elopak shareholders and for comparability purposes with other companies.

Adjusted basic and diluted earnings per share (Adjusted EPS)

Represents adjusted profit attributable to Elopak shareholders divided by weighted average number of ordinary

Net debt

Net debt / adjusted EBITDA (Leverage ratio)

Adjusted EBITDA

Items excluded from adjusted EBITDA

		Quarter ended 30 Jun		Year to date ended 30 Jun
(EUR 1,000)	2021	2020	2021	2020	2020
Gain on sale of property Speyer	-	-	-	-	-5,203
Transaction costs	4,343	-	5,163	-	-
Total adjusted items	4,343	-	5,163	-	-5,203
Calculatory tax effect 1)	-999	-	-1,187	-	1,197
Total adjusted items net of tax	3,344	-	3,976	-	-4,006

Reconciliation of EBITDA and adjusted EBITDA

shares – basic and diluted. Elopak presents adjusted basic and diluted earnings per share because management considers it to be an important supplemental measure for understanding the Group's underlying profit for the year (period) on a per share basis and comparing its profit for the year (period) on a per share basis with that of other companies in the industry.
Net debt
Net debt is a measure of borrowings (including liabilities to financial institutions before amortisation costs, and also including lease liabilities) less cash and cash equivalents for the period. The Group presents this APM because management considers it as a useful indicator of the Group's indebtedness, financial flexibility and capital structure because it indicates the level of borrowings after taking into account cash and cash equivalents within the Group's business that could be utilised to pay down outstanding borrowings. Net debt is also used for monitoring the Group's financial covenants compliance by management.
Net debt / adjusted EBITDA (Leverage ratio)
Leverage ratio is a measure of net debt divided by adjusted EBITDA. The Group presents this APM because management considers it as a useful indicator of the Group's ability to meet its financial obligations. Net debt
	Quarter ended 30 Jun		Year to date ended 30 Jun		Year ended 31 Dec
	2021	2020	2021	2020	2020
	-	-	-	-	-5,203
	4,343	-	5,163	-	-
	4,343	-	5,163	-	-5,203
	-999 3,344	- -	-1,187 3,976	- -	1,197 -4,006
	14,774	22,954	31,932	36,744	70,656
	14,664	13,000	28,161	26,379	52,209
	29,438	35,955	60,092	63,124	122,866
	4,343	-	5,163	-	-5,203
	945	1,336	1,827	2,937	4,627
/ adjusted EBITDA is also used for monitoring the Group's financial covenants compliance by management. Adjusted EBITDA Items excluded from adjusted EBITDA (EUR 1,000) Gain on sale of property Speyer Transaction costs Total adjusted items Calculatory tax effect 1) Total adjusted items net of tax Reconciliation of EBITDA and adjusted EBITDA Operating profit Depreciation, amortisation and impairment EBITDA Total adjusted items Share of net income from joint ventures (continued operations) 2) 3) Impairments on joint ventures investment (continued operations) 2) 3)	-	-	-	-	-

Adjusted profit attributable to Elopak shareholders

		Quarter ended	Year to date ended		Year ended
(EUR 1,000)	30 Jun		30 Jun		31 Dec
	2021	2020	2021	2020	2020
Profit	12,407	13,379	23,358	29,167	47,828
Total adjusted items net of tax	3,344	-	3,976	-	-4,006
Excluding share of net income from joint ventures (discontinued operations) 1)	-	1,490	-	1,472	1,472
Adjusted profit	15,751	14,869	27,333	30,639	45,293

1) See reconciliation of net income from joint ventures

Net debt and leverage ratio

Quarter ended	Year ended
30 Jun	31 Dec
2021	2020
174,662	214,102
7,159	15,552
-10,328	-6,443
82,986	88,175
254,480	311,385

1) Bank debt is excluding amortised borrowing costs of EUR 767 thousand for the quarter ended June 30, 2021 and EUR 967 thousand for the year ended December 31, 2020

Leverage ratio 2)	2.1	2.5

2) Leverage ratio per June 30, 2021 is calculated based on last twelve months adjusted EBITDA of EUR 124,195 thousand

Adjusted EPS

	Quarter ended		Year to date ended	Year ended
(EUR 1,000 except number of shares)	30 Jun		30 Jun	31 Dec
	2021	2020	2021	2020	2020
Weighted-average number of ordinary shares	253,432,450	250,635,350	252,041,627	250,635,350	250,635,350
Profit	12,407	13,379	23,358	29,167	47,828
Adjusted profit	15,751	14,869	27,333	30,639	45,293
Basic and diluted earning per share (in EUR)	0.05	0.05	0.09	0.12	0.19
Adjusted basic and diluted earning per share (in EUR)	0.06	0.06	0.11	0.12	0.18

Reconciliation of net income from joint ventures

Adjusted EPS
	Quarter ended			Year to date ended	Year ended
(EUR 1,000 except number of shares)	30 Jun			30 Jun	31 Dec
Weighted-average number of ordinary shares	2021 253,432,450	2020 250,635,350	2021 252,041,627	2020 250,635,350	2020 250,635,350
Profit	12,407	13,379	23,358	29,167	47,828
Adjusted profit	15,751	14,869	27,333	30,639	45,293
Basic and diluted earning per share (in EUR)	0.05	0.05	0.09	0.12	0.19
Adjusted basic and diluted earning per share (in EUR)	0.06	0.06	0.11	0.12	0.18
Share of net income joint ventures		2021	2020 2021	2020	2020
(EUR 1,000)		Quarter ended 30 Jun		Year to date ended 30 Jun	Year ended 31 Dec
Al-Obeikan Elopak factory for Packaging Co Lala Elopak S.A. de C.V.		- 644	-1,490 614	- -1,472 1,422 1,526	-1,472 2,595
Impresora Del Yaque		301	722	406 1,411	2,032
Elopak Nampak Africa Ltd		-	-	- -	-
		945	-154	1,827 1,465
Total share of net income joint ventures Share of net income joint ventures discontiued operations		-	-1,490	- -1,472
Share of net income joint ventures continued operations		945	1,336	1,827 2,937
Impairment on joint ventures investment continued operations		-	-	- -	3,155 -1,472 4,627 -

Responsibility statement

We confirm to the best of our knowledge that the condensed set of financial statements for the period January 1 to June 30, 2021 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of the Elopak Group's assets, liabilities, financial position and result for the period. We also confirm to the best of our knowledge that the financial review includes a fair review of significant events that have occurred during the first six months of the financial year and their impact on the financial statements, any significant related parties transactions and a description of the principal risks and uncertainties for the remaining six months of the financial year.

Elopak Group Consolidated Financial Statements

Skøyen, August 23, 2021 Board of Directors in Elopak ASA

Jo Olav Lunder Chairperson

Trond Solberg Board member

Anna Belfrage Board member

Seyed Mehran Johari Board member

Sanna Suvanto-Harsaae Board member

Edund Soura

Erlend Sveva Board member

Anette Bauer Ellingsen Board member

Thomas Körmendi CEO

Additional Information

CONTACT INFORMATION Thomas Askeland Head of IR +47 992 34 557

FINANCIAL CALENDAR 2021 November 4, Third quarter results

Elopak reserves the right to revise the date

Bent Axelsen Chief Financial Officer +47 977 56 578

Cautionary note

Certain statements included in this announcement contain forward-looking information, including, without limitation, information relating to (a) forecasts, projections and estimates, (b) statements of Elopak management concerning plans, objectives and strategies, such as planned expansions, investments, divestments, curtailments or other projects, (c) targeted production volumes and costs, capacities or rates, start-up costs, cost reductions and profit objectives, (d) various expectations about future developments in Elopak's markets, particularly prices, supply and demand and competition, (e) results of operations, (f) margins, (g) growth rates, (h) risk management, and (i) qualified statements such as "expected", "scheduled", "targeted", "planned", "proposed", "intended" or similar.

Although we believe that the expectations reflected in such forward-looking statements are reasonable, these forward-looking statements are based on a number of assumptions and forecasts that, by their nature, involve risk and uncertainty. Various factors could cause our actual results to differ materially from those projected in a forward-looking statement or affect the extent to which a particular projection is realized. Factors that could cause these differences include, but are not limited to: our continued ability to reposition and restructure our upstream and downstream businesses; changes in availability and cost of energy and raw materials; global supply and demand for aluminium and aluminium products; world economic growth, including rates of inflation and industrial production; changes in the relative value of currencies and the value of commodity contracts; trends in Elopak's key markets and competition; and legislative, regulatory and political factors. No assurance can be given that such expectations will prove to have been correct. Elopak disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.