StrongPoint

Quarterly Report • Feb 15, 2018

Q4 and Year 2017

Financial report og status

Highlights fourth quarter

• Best quarter of the year, but weaker than last year
• o Operating revenues MNOK 259.1 (307.1)
• o EBITDA MNOK 20.9 (30.9)
• Cash flow from operational activities
• o MNOK 20.7 (82.8)
• Framework agreement with Utkonos delivery of 2 000 Click & Collect solutions during the next five years
• Order of 560 CIT cases from Sberbank. The deliveries were completed in the fourth quarter.
• Completed acquisition of Cub Business Systems AB, which strengthens StrongPoint's focus on e-commerce
• The Board propose an ordinary dividend of NOK 0.50 per share

MNOK	Q4 2017	Q4 2016	Year 2017	Year 2016
Revenue	259,1	307,1	951,5	1 120,2
EBITDA	20,9	30,9	52,4	111,7
Operating profit (EBIT)	12,1	22,5	19,9	78,3
Ordinary profit before tax (EBT)	10,8	23,1	14,2	79,2
Cash flow from operational activities	20,7	82,8	26,8	163,3
Disposable funds	41,5	127,1	41,5	127,1
Earnings per share (NOK)	0,19	0,57	0,23	1,68
EBITDA margin	8,1 %	10,1 %	5,5 %	10,0 %

Group

Operating revenue

Revenue	Q 4		Year
MNOK	2017	2016	2017	2016
Proprietary Technologies	124,3	166,3	449,1	579,6
3rd Party Technologies	92,7	105,2	338,6	376,5
Labels	44,2	40,1	176,4	179,0
Eliminations / ASA	-2,0	-4,5	-12,6	-15,0
Total	259,1	307,1	951,5	1 120,2

The Group operating revenue was MNOK 259.1 (307.1) in the fourth quarter. For the year, operating revenue was MNOK 951.5 (1120.2). StrongPoint's revenue is influenced by ongoing projects, and may vary considerably from quarter to quarter.

The decline in the quarter and the year, was primarily due to decreased activity in Proprietary Technologies in Norway (Cash Management) and Sweden (Cash Security). These two markets had very high activity previous year, driven by new banknotes in Norway, as well as a larger Swedish Cash Security customer who increased the security of its value transport by switching from a competing supplier to StrongPoint. EMEA is becoming an increasingly important market, and the process of strengthening the distribution network and sales resources in selected European markets is ongoing. In addition, we see a lot of exciting opportunities for our e-commerce solution Click & Collect. The value chain was further strengthened in the quarter by the acquisition of Cub Business Systems AB's software solutions and expertise in e-commerce.

Operating revenue per business area in the fourth quarter

Operating revenue per quarter (MNOK)

Service revenue consist of installation revenue and monthly service and license fees. Together with the revenue from Labels, this represents predictable income. For this quarter, these revenues represented 46 per cent of the total revenue

Service revenues have declined last year, as a result of major upgrading projects in Norway and Sweden in 2015 and 2016.

EBITDA

EBITDA	Q 4		Year
MNOK	2017	2016	2017	2016
Proprietary Technologies	9,0	25,2	20,4	80,5
3rd Party Technologies	10,6	8,3	27,0	30,9
Labels	8,9	2,4	24,9	18,2
Eliminations / ASA	-7,6	-5,0	-19,9	-17,9
Total	20,9	30,9	52,4	111,7

EBITDA was MNOK 20.9 (30.9) in the fourth quarter. For the year, EBITDA was MNOK 52.4 (111.7). The decline is mainly a result of the decreased activity after completion of two specific projects within Proprietary Technologies Retail, mainly in Norway, and Proprietary Technologies Cash Security in Sweden.

There is continuous focus on streamlining operations. The total number of FTEs is reduced, despite the increase in EMEA staffing. Payroll expenses are down by MNOK 10 on a yearly basis.

Profit before tax (EBT)

Profit before tax (EBT) was MNOK 10.8 (23.1) in the fourth quarter. For the year 2017, EBT was MNOK 14.2 (79.2).

EBITDA and EBITDA margin per quarter (MNOK)

EBITDA and EBITDA margin 12 month rolling

(MNOK)

Acquisition of business

Cub Business Systems AB

StrongPoint has designated e-commerce as a priority area and is far ahead in offering solutions for picking up goods through Click & Collect pickup stations. Cub Business Systems AB ("Cub") offers complementary solutions for efficiently picking goods in stores/warehouses, as well as providing effective delivery to customer or Click & Collect pickup stations.

The purchase price is agreed at MSEK 30, as well as an agreed earnings-based earn-out element in the years 2018-2020.

Key figures:

MSEK	2016	2016	2017
Revenue	39,4	44,6	48,7
EBITDA	2,4	2,0	2,6
EBT	2,3	1,3	2,5

Today, Cub has more than 6,000 installations mainly in Sweden, and potential is considered significant in a number of StrongPoints other markets. The company provides solutions for retail, warehouse and logistics.

The Cub is located in Täby, outside Stockholm, and has 22 employees with very high industry knowledge in the retail sector.

For more information about Cub, see www.cub.se, or video:https://youtu.be/gTmiTdnw-jA

Cub e-commerce Suite

Proprietary Technologies

Proprietary Technologies comprises sales and services of solutions, based on StrongPoints fully owned technology solutions. This consists of Retail and Cash Security.

	Q 4		Year
MNOK	2017	2016	2017	2016
Product Sales	72,3	114,3	249,8	372,3
Service	52,0	52,0	199,2	207,3
Revenue	124,3	166,3	449,1	579,6
EBITDA	9,0	25,2	20,4	80,5
EBITDA-margin	7,2 %	15,2 %	4,5 %	13,9 %
EBT	5,1	23,1	7,5	68,8

Proprietary Technololgies - Retail

Poprietary technology that improves store efficiency and simplifies the shopping experience for consumers. The business area aims to develop and sell market-leading technology-based retail solutions, including Cash Management, Vensafe (Select & Collect), Self-checkout and Click & Collect.

	Q 4		Year
MNOK	2017	2016	2017	2016
Product Sales	42,6	56,6	185,5	216,6
Service	41,6	38,5	160,0	167,4
Revenue	84,2	95,1	345,5	384,1
EBITDA	3,0	4,1	19,0	39,0
EBITDA-margin	3,6 %	4,3 %	5,5 %	10,1 %
EBT	-0,2	3,3	8,3	31,0

Proprietary Technology – Retail, focuses on four regions, Norway, Sweden, EMEA/APAC and the Baltic/Russia. The Baltic/Russian region currently has a marginal turnover in this business area, but we have high expectations for this region in the years to come. Especially within Click & Collect.

Turnover Retail Proprietary Technology last quarter by region

Operating revenue 12 month rolling

The upgrade and replacement project of existing Cash Management solutions, to handle new banknotes in Norway, was largely completed during the first quarter. The rest of the year has had low activity within Cash Management. The

inhouse-developed solutions within Self-checkout and Click & Collect are being presented to potential retail customers.

In the fourth quarter, a new supplier agreement with Rema 1000 was entered into. The agreement concerns Cash Management, Select & Collect and electronic price labels, as well as installation and other related services.

Baltic/Russia

In the fourth quarter a framework agreement was signed with Utkonos. Utkonos is a leading e-commerce business in Russia without physical stores. The company offers 24/7 deliveries to all districts in Moscow, as well as the nearby regions. The frame agreement includes an intended delivery of 2 000 StrongPoint Click & Collect locker solutions based on StrongPoint/Utkonos joint innovations during the next five years. The first order of 25 systems was received in June. 5 systems are installed and the following 20 will be installed continuously.

RIMI Lithuania and Coop Estonia continues the installation of Self-checkout solutions, consisting of StrongPoints proprietary software and hardware from a third-party supplier.

In the fourth quarter, the first contract for implementing CUB Pick & Collect solutions was signed in Estonia. Expected installation in the second quarter 2018.

Sweden

Operating revenue 12 month rolling

In March, StrongPoint signed an agreement with a Swedish grocery chain for delivery of Click & Collect solutions. Deliveries of Click & Collect pickup stations are ongoing. The grocery chain also uses Cub's advisory services and software solutions.

EMEA/APAC

Operating revenue 12 month rolling

The development in the priority markets outside Norway/Sweden are very positive. EMEA accounted for 74 per cent of all Cash Management deliveries in the fourth quarter. The development in the Spanish market is particularly strong.

In the third quarter, four Cash Management systems were installed at Travis Perkins' new store concept "BUILT" in the UK. Travis Perkins is the UK's largest builders' merchanting and home improvement retailing.

In the third quarter, StrongPoint delivered 50 Cash Management systems to our partner in Australia. StrongPoint still sees a potential for its solutions in selected markets in Asia, and has during the year worked actively and focused on market development in this region.

The rollout of Cash Management systems to Alimerka's 170 stores was completed during the second quarter. The solutions are sold as a service, which gives stable income over the next 4 to 5 years. The StrongPoint team in Spain increased by 7 service employees following the acquisition of the business of Link Informatica Technologica. These will perform aftermarket services for the growing customer base in this important market.

Cash Security Proprietary Technology

Proprietary IBNS technology (Intelligent banknote neutralization system) for securing ATM and CIT.

	Q 4		Year
MNOK	2017	2016	2017	2016
Product Sales	29,8	57,7	64,3	155,6
Service	10,4	13,6	39,2	39,9
Revenue	40,1	71,2	103,5	195,5
EBITDA	6,0	21,1	1,4	41,5
EBITDA-margin	15,0 %	29,6 %	1,3 %	21,2 %
EBT	5,3	19,9	-0,8	37,9

The activity level in both the quarter and the year has been significantly lower than in the corresponding period last year, where the business area had two major ongoing projects.

The business area has stable service revenues from the installed base of CIT and ATM products. Product sales, on the other hand, are based on negotiations and product certifications that may be time consuming. Turnover in this business area fluctuates significantly.

In the fourth quarter, StrongPoint received a follow-up order for 100 CIT cases from one of the leading CIT companies in Western Europe, and a follow-up order for 60 CIT cases and SoftCar solutions from the leading CIT company in Italy. Deliveries will be completed in the first quarter 2018.

In the fourth quarter, StrongPoint signed another agreement for more than 560 CIT cases and additional equipment with Sberbank. Deliveries were completed in the fourth quarter.

In the third quarter, StrongPoint received an order for delivery of 25 SoftCars® to one of Europe's leading CIT companies. The delivery was completed in the fourth quarter.

3rd Party Technologies

The business area delivers innovative retail solutions from third party leading technology providers.

	Q 4		Year
MNOK	2017	2016	2017	2016
Product Sales	69,2	79,2	243,1	276,6
Service	23,5	26,0	95,5	100,0
Revenue	92,7	105,2	338,6	376,5
EBITDA	10,6	8,3	27,0	30,9
EBITDA-margin	11,4 %	7,9 %	8,0 %	8,2 %
EBT	7,7	6,5	19,6	23,4

3rd Party Technologies relies on a stable product base, consisting of ERP, POS, consulting services, scales, packing machines and ESL.

A Baltic grocery chain has entered into a pilot agreement for ESL. The chain has 264 stores in the three Baltic countries.

The framework agreement with Bunnpris for delivery of ESL takes longer time than expected.

Labels

The business area offers leading expertise in the design and manufacture of adhesive labels.

	Q 4		Year
MNOK	2017	2016	2017	2016
Revenue	44,2	40,1	176,4	179,0
EBITDA	8,9	2,4	24,9	18,2
EBITDA-margin	20,1 %	5,9 %	14,1 %	10,2 %
EBT	5,1	-0,9	9,8	4,2
EBT-margin	11,6 %	-2,3 %	5,6 %	2,3 %

The business area has during the quarter, and for the year as a whole, delivered as expected despite the demanding start of merging two plants and moving to new premises in Malmö. Production of labels is capitalintensive and therefore has significant investments in new technology which is depreciated. This means that EBT is an important measurement parameter. EBT increased for the year to MNOK 9.8 (4.2).

The business area is well adapted to today's market situation with efficient work processes, modern technology and new efficient premises.

Cash flow and equity

Cash flow from operational activities in the fourth quarter was MNOK 20.7 (82.8). For the year, cash flow from operational activities was MNOK 26.8 (163.3).

Disposable funds were MNOK 54.3 per December 31, 2017.

The net interest bearing debt decreased by MNOK 17.5 compared with the end of the third quarter and totaled MNOK 51.4.

The Board will at the next General Assembly propose a dividend of NOK 0.50 per share, that will be proposed paid in May 2018.

	Fiscal year General Assembley		Dividend per share
2017	24.04.2018	Proposal, not adopted	0,50
2016	20.04.2017		0,50
2016	05.01.2017	Extraordinary	1,00
2015	28.04.2016		0,45
2014	30.04.2015		0,35
2013	25.04.2014		0,30
2012	26.04.2013		0,25
2011	08.05.2012		0,25

The Groups holding of own shares amounted to 104,544, which represents 0.2 per cent of the outstanding shares.

The Group has a shareholder program for the Group executive management and the employees in Norway and Sweden. Through these programs, employees subscribed for a total of 95,511 shares in 2016 and 67,494 shares in 2017.

The Board of Directors of StrongPoint ASA Rælingen, 14 February 2018

Svein S. Jacobsen Klaus de Vibe Camilla Tepfers Chairman Director Director

Inger J. Solhaug Morthen Johannessen Jørgen Waaler Director Director CEO

Statement from the Board

The board and group CEO have today considered and approved StrongPoint's financial statements for the fourth quarter and the year 2017, including comparative consolidated figures for the fourth quarter and the year 2016. This report has been prepared in accordance with IAS 34 on interim financial reporting as determined by the European Union, and with supplementary requirements pursuant to the Norwegian Securities Trading Act.

The board and CEO hereby declare, to the best of their knowledge, that the financial statements for the fourth quarter and the year 2017 have been prepared in accordance with prevailing accounting principles and that the information in the financial statements gives a true and fair view of the assets, liabilities, financial position and profit of the group taken as a whole at 31 December 2017 and 31 December 2016. To the best of their knowledge, the report gives a true and fair overview of important events during the accounting period and the impact of these events on the financial statements.

The Board of Directors of StrongPoint ASA Rælingen, 14 February 2018

Svein S. Jacobsen Klaus de Vibe Camilla Tepfers Chairman Director Director

Inger J. Solhaug Morthen Johannessen Jørgen Waaler Director Director CEO

Consolidated income statement

KNOK				Year 2017	Year 2016
	Q4 2017	Q4 2016	Chg. %			Chg. %
Operating revenue	259 073	307 072	-15,6 %	951 388	1 119 565	-15,0 %
Profit from AC, Service companies	60	44		90	601
Cost of goods sold	127 451	163 318	-22,0 %	472 003	572 732	-17,6 %
Payroll	74 964	76 323	-1,8 %	298 916	309 587	-3,4 %
Other operating expenses	35 856	36 606	-2,0 %	128 112	126 168	1,5 %
Total operating expenses	238 271	276 247	-13,7 %	899 032	1 008 487	-10,9 %
EBITDA	20 862	30 869	-32,4 %	52 446	111 679	-53,0 %
Depreciation tangible assets	5 183	3 989	29,9 %	18 405	15 868	16,0 %
Depreciation intangible assets	3 599	2 889	24,6 %	14 137	16 018	-11,7 %
Write down intangible assets	-	1 472	-100,0 %	-	1 472	-100,0 %
Write down goodwill	-	-	-	-	23 345	-100,0 %
Reversed earn-out New Vision	-	-	-	-	-23 338	-100,0 %
EBIT	12 080	22 519	-46,4 %	19 905	78 315	-74,6 %
Interest expenses	-95	33	-384,4 %	2 209	1 899	16,3 %
Other financial expenses	1 379	-577	338,9 %	3 465	-2 817	223,0 %
EBT	10 795	23 062	-53,2 %	14 231	79 233	-82,0 %
Taxes	2 494	-2 377	204,9 %	4 197	5 035	-16,6 %
Profit/loss after tax	8 301	25 440	-67,4 %	10 034	74 199	-86,5 %
Earnings per share	44 376 040	44 376 040		44 376 040	44 376 040
Number of shares outstanding Av. Number of shares - own shares	44 271 496	44 271 496		44 271 496	44 271 496
Earnings per share	0,19	0,57		0,23	1,68
Diluted earnings per share	0,19	0,57		0,23	1,68
EBITDA per share	0,47	0,70		1,18	2,52
Diluted EBITDA per share	0,47	0,70		1,18	2,52
Total earnings	Q4 2017	Q4 2016	Chg. %	Year 2017	Year 2016	Chg. %
Profit/loss after tax	8 301	25 440	-67,4 %	10 034	74 199	-86,5 %
Exchange differences on foreign operations	7 614	5 232	45,5 %	16 405	-30 543	153,7 %
Total earnings	15 915	30 671	-48,1 %	26 439	43 656	-39,4 %

Consolidated balance sheet

KNOK	31.12.2017	31.12.2016	30.09.2017
ASSETS
Intangible assets	81 796	55 903	47 050
Goodwill	139 213	113 253	116 088
Tangible assets	81 341	85 440	82 298
Long term investments	1 110	1 625	1 412
Deferred tax	20 930	31 445	29 763
Non-current assets	324 391	287 665	276 611
Goods	131 455	101 200	113 648
Accounts receivable	160 027	161 202	162 355
Prepaid expenses	14 061	10 799	11 149
Other receivables	24 172	31 367	23 111
Bank deposits	41 503	67 090	24 329
Current assets	371 218	371 658	334 592
TOTAL ASSETS	695 609	659 323	611 203
EQUITY AND LIABILITIES
Share capital	27 513	27 513	27 513
Holding of own shares	-65	-65	-65
Other equity	253 564	293 533	237 650
Total equity	281 013	320 981	265 098
Long term interest bearing liabilities	24 623	32 982	26 958
Other long term liabilities	27 422	5 093	3 668
Total long term liabilities	52 046	38 075	30 626
Short term interest bearing liabilities	68 229	28 706	66 236
Accounts payable	93 070	102 480	81 972
Taxes payable	1 852	399	-
Other short term liabilities	199 399	168 682	167 271
Total short term liabilities	362 551	300 267	315 479
TOTAL EQUITY AND LIABILITIES	695 609	659 323	611 203

Overview of changes in the equity

KNOK	Share capital	Treasury shares	paid-in equity	Translation variances	Other equity	Total equity
Equity 31.12.2015	27 513	-65	351 262	66 454	-147 916	297 247
Dividend 2015	-	-	-	-	-19 922	-19 922
Profit this year after tax	-	-	-	-	74 199	74 199
Other comprehensive income and expenses	-	-	-	-30 543	-	-30 543
Equity 31.12.2016	27 513	-65	351 262	35 912	-93 640	320 981
Dividend 2016	-	-	-	-	-66 407	-66 407
Profit this year after tax	-	-	-	-	10 034	10 034
Other comprehensive income and expenses	-	-	-	16 405	-	16 405
Equity 31.12.2017	27 513	-65	351 262	52 316	-150 013	281 013

Statement of cash flow

KNOK	Q4 2017	Q4 2016	Year 2017	Year 2016
Ordinary profit before tax	10 795	23 062	14 231	79 233
Net interest	-95	33	2 209	1 899
Tax paid	3 596	2 792	3 596	2 792
Share of profit, associated companies	-60	-44	-90	-601
Ordinary depreciation	8 782	6 878	32 541	31 886
Write-downs	-	1 472	-	1 472
Impairment goodwill New Vision (StrongPoint Baltic)	-	-	-	23 345
Profit / loss on sale of fixed assets	127	511	-390	503
Reversed earn-out New Vision (StrongPoint Baltic)	-	-	-	-23 338
Change in inventories	-14 468	-2 905	-24 508	21 933
Change in receivables	15 839	40 989	17 861	17 027
Change in accounts payable	-16	4 186	-22 553	11 148
Change in other accrued items	-3 843	5 865	3 863	-4 007
Cash flow from operational activities	20 658	82 841	26 760	163 291
Payments for fixed assets	-2 225	-13 892	-15 446	-29 417
Payment from sale of fixed assets	380	120	2 772	1 249
Net effect acquisitions	-462	-3 327	-462	-7 521
Interest income	2 147	1 430	2 131	1 792
Cash flow from investment activities	-160	-15 670	-11 004	-33 897
Change in long-term debt	-4 328	-11 044	-22 060	-32 409
Change in overdraft	1 912	418	49 559	-27 377
Interest expenses	-2 052	-1 463	-4 340	-3 691
Dividend paid	-	-	-66 407	-19 922
Cash flow from financing activities	-4 468	-12 089	-43 249	-83 399
Net change in liquid assets	16 030	55 083	-27 493	45 995
Cash and cash equivalents at the start of the period	24 329	11 781	67 090	22 610
Effect of foreign exchange rate fluctuations on foreign currency deposits	1 144	227	1 905	-1 514
Cash and cash equivalents at the end of the period	41 503	67 090	41 503	67 090

Key figures

KNOK	Q4 2017	Q3 2017	Q2 2017	Q1 2017	Q4 2016	Year 2017	Year 2016
Income statement
Operating revenue	259 133	237 906	237 906	249 672	307 115	951 477	1 120 166
EBITDA	20 862	6 715	6 715	10 727	30 869	52 446	111 679
Operating revenue EBIT	12 080	-1 255	-1 255	2 890	22 519	19 905	78 315
Ordinary profit before tax (EBT)	10 795	-2 765	-2 765	1 682	23 062	14 231	79 233
Profit for the year	8 301	-1 936	-1 936	1 328	25 440	10 034	74 199
EBITDA-margin	8,1 %	2,8 %	2,8 %	4,3 %	10,1 %	5,5 %	10,0 %
EBT-margin	4,2 %	-1,2 %	-1,2 %	0,7 %	7,5 %	1,5 %	7,1 %
Balance sheet
Non-current assets	324 391	287 321	287 321	282 003	287 665	324 391	287 665
Current assets	371 218	323 120	323 120	330 071	371 658	371 218	371 658
Total assets	695 609	610 440	610 440	612 074	659 323	695 609	659 323
Equity	281 013	267 361	267 361	282 608	320 981	281 013	320 981
Long-term debt	52 046	32 075	32 075	32 699	38 075	52 046	38 075
Short-term debt	362 551	311 004	311 004	296 767	300 267	362 551	300 267
Working capital	198 413	184 780	184 780	192 539	159 921	198 413	159 921
Equity ratio	40,4 %	43,8 %	43,8 %	46,2 %	48,7 %	40,4 %	48,7 %
Liquidity ratio	102,4 %	103,9 %	103,9 %	111,2 %	123,8 %	102,4 %	123,8 %
Cash Flow
Cash flow from operatinal activities	20 658	11 022	11 022	-2 718	82 841	26 760	163 291
Share information
Number of shares	44 376 040	44 376 040	44 376 040	44 376 040	44 376 040	44 376 040	44 376 040
Weighted average shares outstanding	44 271 496	44 271 496	44 271 496	44 271 496	44 271 496	44 271 496	44 271 496
EBT per shares	0,24	-0,06	-0,06	0,04	0,52	0,32	1,79
Earnings per share	0,19	-0,04	-0,04	0,03	0,57	0,23	1,68
Equity per share	6,3	6,0	6,0	6,4	7,3	6,3	7,3
Dividend per share	1,00	1,00	1,00	1,00	-	1,00	0,45
Employees
Number of employees (end of period)	580	573	573	573	580	580	580
Average number of employees	577	573	573	577	585	575	581

Definitions

Working capital	Inventories + accounts receivables – accounts payable
Equity per share	Book value equity / number of shares
Operating revenue	Sales revenue and profit from AC, Service companies
Operating revenue per employee	Operating revenue / average number of employees
Operating cost per employee	Operating cost / average number of employees
EBT	Profit before tax
EBT-margin	EBT / operating revenue
EBIT	Operating profit
EBITDA	Operating profit + depreciation fixed assets and tangible assets
EBITDA-margin	EBITDA / operating revenue
Equity ratio	Book value equity / total assets
Weighted average basic shares	Issued shares adjusted for own shares on average for the year
Liquidity ratio	Current assets / short term debt
Earnings per share	Paid dividend per share throughout the year

Note 1 Confirmation of reporting framework

The condensed and consolidated quarterly financial statements are prepared in accordance with IAS 34 Interim Financial Reporting. The quarterly financial statements do not contain all the information required in an annual financial statement and should be read in connection with the Group financial statements for 2016.

Note 2 Key accounting principles

The accounting principles for the report are described in the annual financial statements for 2016. The Group financial statements for 2016 were prepared in accordance with the IFRS principals and interpretations thereof, as defined by the EU, as well as other disclosure requirements pursuant to the Norwegian Accounting Act and the Oslo Stock Exchange regulations and rules applicable as at 31.12.2016. The quarterly report and the interim financial statements have not been revised by auditor.

Note 3 Segment information

	Q4 2017			Q4 2016			Year 2017			Year 2016
MNOK	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT	Revenue	EBITDA	EBT
Proprietary	124,3	9,0	5,1	166,3	25,2	23,1	449,1	20,4	7,5	579,6	80,5	68,8
Technologies 3rd Party	92,7	10,6	7,7	105,2	8,3	6,5	338,6	27,0	19,6	376,5	30,9	23,4
Technologies Labels	44,2	8,9	5,1	40,1	2,4	-0,9	176,4	24,9	9,8	179,0	18,2	4,2
Eliminations / ASA	-2,0	-7,6	-7,2	-4,5	-5,0	-5,6	-12,6	-19,9	-22,7	-15,0	-17,9	-17,2
Total	259,1	20,9	10,8	307,1	30,9	23,1	951,5	52,4	14,2	1 120,2	111,7	79,2

Segment: Business areas

Segment: Operating revenue by geographical market

	Q4 2017				Q4 2016			Year 2017		Year 2016
			Other			Other			Other			Other
MNOK	Norway	Sweden	markets	Norway	Sweden	markets	Norway	Sweden	markets	Norway	Sweden	markets
Proprietary	32,2	38,1	54,0	55,0	58,5	52,9	124,9	129,5	194,7	199,6	202,5	177,6
Technologies 3rd Party	24,3	44,5	23,9	36,6	43,8	24,8	120,7	142,9	75,0	137,4	152,5	86,6
Technologies Labels	17,1	26,4	0,7	13,1	26,4	0,6	60,8	111,7	4,0	58,4	117,9	2,8
Eliminations / ASA	0,0	-1,8	-0,3	-0,3	-2,5	-1,7	-0,0	-11,2	-1,4	-0,4	-12,8	-1,7
Total	73,5	107,2	78,4	104,4	126,2	76,5	306,4	372,9	272,2	394,9	460,1	265,2

Segment: Operating revenue by product and service

	Q4 2017		Q4 2016		Year 2017		Year 2016
MNOK	New sales	Service	New sales	Service	New sales	Service	New sales	Service
Proprietary	72,3	52,0	114,3	52,0	249,8	199,2	372,3	207,3
Technologies 3rd Party Technologies	69,2	23,5	79,2	26,0	243,1	95,5	276,6	100,0
Labels	44,2	0,0	40,1	0,0	176,4	0,0	179,0	0,0
Eliminations / ASA	-2,0	0,0	-4,5	0,0	-12,6	0,0	-15,0	0,0
Total	183,7	75,5	229,1	78,1	656,8	294,7	812,8	307,3

Note 4 Related parties

No significant transactions between the Group and related parties had taken place as at 31 December 2017.

Note 5 Top 20 shareholders at 31 December 2017

No. Name	No. of shares	%
1 STRØMSTANGEN AS	3 933 092	8,9 %
2 HOLMEN SPESIALFOND	2 400 000	5,4 %
3 HSBC TTEE MARLB EUROPEAN TRUST	1 976 000	4,5 %
4 AVANZA BANK AB	1 963 404	4,4 %
5 PROBITAS HOLDING AS	1 788 276	4,0 %
6 ZETTERBERG, GEORG (incl. fully owned companies)	1 610 000	3,6 %
7 NORDNET LIVSFORSIKRING AS	1 593 773	3,6 %
8 NORDNET BANK AB	1 526 111	3,4 %
9 V. EIENDOM HOLDING AS	1 007 134	2,3 %
1 0 WAALER, JØRGEN (incl. fully owned companies) ¹	1 000 000	2,3 %
1 1 GLAAMENE INDUSTRIER AS	873 549	2,0 %
1 2 RING, JAN	869 372	2,0 %
1 3 GRESSLIEN, ODD ROAR	830 000	1,9 %
1 4 MP PENSJON PK	777 402	1,8 %
1 5 NORDEA BANK AB	556 070	1,3 %
1 6 SKANDINAVISKA ENSKILDA BANKEN AB	528 803	1,2 %
1 7 JOHANSEN, STEIN	450 000	1,0 %
1 8 BUDVILAITIS, EVALDAS (incl. fully owned companies) ¹	408 561	0,9 %
1 9 SVENSKA HANDELSBANKEN AB	406 485	0,9 %
2 0 NHO - P665AK	405 342	0,9 %
Sum 20 largest shareholders	24 903 374	56,1 %
Sum 1 859 other shareholders	19 472 666	43,9 %
Sum all 1 879 shareholders	44 376 040	100,0 %

¹ Primary insiders

NOTES