ABL Group — Investor Presentation 2019

May 13, 2019

Aqualis ASA 2019 Q1 results May 13, 2019

Disclaimer

• This Presentation has been produced by Aqualis ASA (the "Company" or "Aqualis ") solely for use at the presentation to investors and other stake holders and may not be reproduced or redistributed, in whole or in part, to any other person. This presentation is strictly confidential, has not been reviewed or registered with any public authority or stock exchange, and may not be reproduced or redistributed, in whole or in part, to any other person. To the best of the knowledge of the Company, the information contained in this Presentation is in all material respect in accordance with the facts as of the date hereof, and contains no material omissions likely to affect its importance. However, no representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its subsidiary companies or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this Presentation. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.
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Agenda

1. Highlights David Wells CEO

1. Financial review Kim Boman CFO

1. Outlook David Wells

CEO

Q1 2019 Highlights

• Revenues of USD 8.2 million in Q1 2019, same level as in Q1 2018
• Operating loss (EBIT) of USD 0.2m vs operating profit of USD 0.2 million in Q1 2018
• Adjusted EBIT of USD 0.1 million in Q1 2019 vs USD 0.2 million in Q1 2018
• Positive operational cash flow of USD 1.8 million
• Billing ratio¹ of 79% in Q1 2019
• Continued solid HSE performance and no lost time incidents (LTIs) during the quarter
• Robust financial position with cash balance of USD 7.2 million
• Offshore renewable business continues strong growth
• Opening up of new office in Boston, US to target renewables market
• Order backlog up to USD 9.0 million with increase in pipeline of opportunities

Subsequent event

• Entered into agreement to acquire three business lines (Adjusting, Marine and Offshore, jointly "BTS") representing the majority of Braemar Technical Services division

⁽¹⁾ Billing ratio for technical staff including subcontractors

Aqualis at a glance – A leading global energy consultancy

Listed on Oslo Stock Exchange

Experience

Order backlog development

Order backlog (USDm) Highlights Q1 2019

• Order backlog increases to USD 9.0m
• Pipeline of future opportunities rising
• Pipeline of work expected from call out contracts is positive and increasing, but visibility in our industry is limited and timing could be uncertain.
• Current focus is on supporting clients on dayto-day service operations - typically call-out contracts that are only included in backlog figures when reliable estimates are available

Staff level development

Staff level development¹ Highlights Q1 2019

• Staff levels decreased from last quarter driven by reduced number of subcontractors
• Employment opportunities in Aqualis attractive in the job market
• The use of subcontractors allows for a more flexible cost base whilst the short term outlook / position of the market is assessed

(1) Average full time equivalent in the quarter. Numbers include subcontractors on 100% utilisation equivalent basis and excludes staff made temporary redundant

Billing ratio development

- Total technical staff (including subcontractors), billing ratio¹ %

(1) Billing ratio for technical staff including subcontractors. It excludes management, business development, administrative support staff and temporary redundancies. Figure calculated as billable hours over available hours. Available hours excludes paid absence (public holidays, time off in-lieu, compassionate leave, authorised annual leave) and unpaid absence (sabbatical and other unpaid leave).

OWC opens office in Boston (US) and launches new service

• OWC established a new office in Boston, US, to support renewables development in region
• OWC launched a regulatory & permitting advisory team to meet offshore wind needs in the US
  • Assist developers to meet regulatory requirements, obtain necessary permits, and identify cost-effective solutions
• OWC will offer the full suite of the company's services including;
  • Early stage Technical Consultancy
  • Engineering Consultancy such as Site Risk/Characterisation and cable marine consultancy
  • Project Management Consultancy

Agenda

1. Highlights David Wells CEO

2. Financial review Kim Boman CFO

1. Outlook David Wells CEO

Revenue and adjusted EBIT trend

Revenue (USDm) Adjusted EBIT ¹ development(USDm, %)

Revenue LTM (USDm) Adjusted EBIT ¹ LTM (USDm, %)

1) Adjusted EBIT: Earnings before interest and taxes adjusted for goodwill impairments, share of net profit / (loss) from associates and impairment of loan to and investment in associates

Geographical split

• Regional revenue differences y-o-y for entities respectively in Middle East 5%, Far East 34%, Americas -3% and Europe -6% (note: Revenue from OWC entities constitutes 21% and 14% of group consolidated revenue in Q1 2019 and Q1 2018 respectively. OWC revenue increased by 51% y-o-y).

1) Adjusted EBIT after allocation of group costs to entities. Corporate group costs that are not allocated to entities are included in «other»

2) Other excludes goodwill impairments, share of net profit / (loss) from associates and impairment of loan to and investment in associates

Income Statement

USD thousands

Consolidated income statement	Q1 2019	Q1 2018	FY 2018
Revenue	8 182 ,	8 159 ,	36 185 ,
Total revenues	8 182 ,	159 8 ,	185 36 ,
Payroll and payroll related expenses	(3 849) ,	(3 821) ,	(15 682) ,
Other operating expenses	(4 543) ,	(4 107) ,	(17 981) ,
Depreciation , amortisation and impairment	(38)	(33)	(129)
Share (loss) of profit from associates net	-	-	291
Operating profit (loss) (EBIT)	(248)	197	2 684 ,
Finance income	1 3	2 5	167
Finance expenses	(14)	(6)	-
Net foreign exchange gain (loss)	(119)	(399)	2 7
financial items Net	(120)	(379)	194
Profit (loss) before taxes	(368)	(182)	2 878 ,
Income tax expenses	(118)	(66)	(456)
(loss) Profit after taxes	(486)	(247)	2 422 ,
Financial ratios:
Adjusted EBIT	136	197	2 393 ,
EBITDA	(210)	231	2 813 ,
Adjusted EBITDA	174	231	2 522 ,
(USD): Earnings share basic and diluted per	(0 01)	(0 01)	0 06

• Revenues for Q1 2019 up 0.3 % from Q1 2018
• Results impacted by transaction costs of USD 0.4 million
• Adjusted EBITDA of USD 0.2 million

Highlights Q1 2019 Working capital¹

• Solid financial position with no interest bearing debt and USD 7.2 million in cash
• Positive operational cash flow of USD 1.8 million
• Working capital of USD 5.9 million, down from USD 8.1 million in Q4 2018
• The working capital % will fluctuate during the year with regional mix, type of projects and milestone payments

(%)

(1) Working capital ratio calculated as working capital over average quarterly revenues for last 2 quarters

Agenda

1. Highlights David Wells CEO

2. Financial review Kim Boman CFO

CEO

3. Outlook David Wells

Outlook

• Q1 2019 started weaker than expected and was affected by the fluctuations in the call out contracting market with delays in some operations
• The O&G sector continues to face challenging market conditions, but signs of recovery
• Offshore O&G exploration budgets increasing with 10 20% in 2019. Expected to lead to market improvement for Aqualis in 2020 and beyond
• The marine consultancy market in Middle East remains strong, but weaker in other regions
• Acquisition of BTS will increase scale, broaden service offering and position the combined company as a leading adjusting, marine, offshore and renewable consultancy
  • With time the M&A will provide growth opportunities and increased efficiencies
  • Consolidation is needed in the consultancy market where competition levels have increased and rates pressures continue
• Aqualis still expects to gain market share, expand and develop new business lines
• The global offshore renewables market is still strengthening in terms of opportunities leading us to plan for further expansion
• Recruitment drive ongoing and job applications increasing

Appendix

Adjustment items

(EBITDA) Adjustment items	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
Gain (loss) on disposal of interest in associates	240	(7)	113	3 080 ,	3 426 ,	-	(291)	-	-	(291)	-
Transaction cost	-	-	-	-	-	-	-	-	-	-	384
Total adjustment items (EBITDA)	240	(7)	113	3,080	3,426	-	(291)	-	-	(291)	384
(EBIT) Adjustment items	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
Adjustment items (EBITDA)	240	(7)	113	3 080 ,	3 426 ,	-	(291)	-	-	(291)	384
Amortisation and impairment	-	-	-	3 930 ,	3 930 ,	-	-	-	-	-	-
Total adjustment items (EBIT)	240	(7)	113	7,010	7,356	-	(291)	-	-	(291)	384

Adjustment items (profit (loss) after taxes)	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
(EBIT) Adjustment items	240	(7)	113	7 010 ,	7 356 ,	-	(291)	-	-	(291)	384
adjustment items (profit (loss) after taxes) Total	240	(7)	113	7,010	7,356	-	(291)	-	-	(291)	384

General

Basis of preparations

This presentation provides consolidated financial highlights for the quarter of the Company and its subsidiaries. The consolidated financial information is not reported according to requirements in IAS 34 (Interim Financial Reporting) and the figures are not audited.

The accounting policies adopted in the preparation of this presentation are consistent with those followed in the preparation of the last annual consolidated financial statements for the year ended 31 December 2018, except for the adoption of new standard IFRS 16 Leases have been implemented as of 1 January 2019. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) on page 37 in the Aqualis annual report 2018 available on www.aqualis.no. The Company has applied the simplified transition approach and comparative amounts are not restated for the year prior to first adoption.

The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective.

Alternative Performance Measures (APMs)

Aqualis discloses APMs in addition to those normally required by IFRS. APMs are meant to provide an enhanced insight into the operations, financing and future prospects of the company. Adjustment items are excluded from alternate profit measures to provide enhanced insight into the financial development of the business operations and to improve comparability between different periods. The Company has defined and explained the purpose of the following APMs:

Adjusted EBITDA which excludes share of net profit / (loss) from associates, depreciation, amortisation and impairments is a useful measure because it provides useful information regarding the Company's ability to fund capital expenditures and provides a helpful measure for comparing its operating performance with that of other companies. EBITDA may not be comparable to other similarly titled measures from other companies.

Adjusted EBIT which excludes share of net profit / (loss) from associates, impairments of goodwill and investments in associates is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/ or decisions in the period that are expected to occur less frequently.

Adjusted profit (loss) after taxes which excludes share of net profit / (loss) from associates, impairments of goodwill and investments in associates is a useful measure because it provides an indication of the profitability of the Company's operating activities for the period without regard to significant events and/or decisions in the period that are expected to occur less frequently.

Order backlog is defined as the aggregate value of future work on signed customer contracts or letters of award. Aqualis' services are shifting towards "call out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call out contacts" are only included in the order backlog when reliable estimates are available. Management believes that the order backlog is a useful measure in that it provides an indication of the amount of customer backlog and committed activity in the coming periods.

Working capital is a measure of the current capital tied up in operations. The amount of working capital will normally be dependent on the revenues earned over the past quarters. Working capital includes trade receivables and other current assets, trade payables, current tax payable and other current liabilities. Working capital may not be comparable to other similarly titled measures from other companies. Working capital ratio provides an indication of the working capital tied up relative to the average quarterly revenue over the past two quarters.

APMs and Key Figures

USD thousands
Profitability measures	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
(loss) (EBIT) Operating profit	220	406	130	(6,383)	(5,628)	197	1,032	594	860	2,684	(248)
Depreciation, amortisation and impairment	3 2	3 1	3 4	3,963	4,061	3 3	3 4	3 0	3 2	129	3 8
EBITDA	253	437	164	(2,420)	(1,566)	231	1,066	624	892	2,813	(210)
Total adjustment items (EBITDA)	240	(7)	113	3,080	3,426	-	(291)	-	-	(291)	384
Adjusted EBITDA	493	429	277	660	1,860	231	776	624	892	2,522	174
Operating profit (loss) (EBIT)	220	406	130	(6,383)	(5,628)	197	1,032	594	860	2,684	(248)
Total adjustment items (EBIT)	240	(7)	113	7,010	7,356	-	(291)	-	-	(291)	384
Adjusted EBIT	461	398	243	627	1,729	197	742	594	860	2,393	136
Profit (loss) after taxes	100	7 9	(426)	(6,231)	(6,477)	(247)	1,357	499	814	2,422	(486)
Total adjustment items (profit (loss) after taxes)	240	(7)	113	7,010	7,356	-	(291)	-	-	(291)	384
Adjusted profit (loss) after taxes	340	2 7	(312)	779	879	(247)	1,066	499	814	2,131	(102)
Basic earnings per share (USD)	0.00	0.00	(0.01)	(0.15)	(0.15)	(0.01)	0.03	0.01	0.02	0.06	(0.01)
Working capital	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
Trade receivables	5,130	5,994	5,839	7,886	7,886	7,080	7,663	7,663	8,289	8,289	6,901
Other current assets	3,510	3,673	4,018	3,033	3,033	4,248	3,242	3,749	3,878	3,878	3,379

(2 ,734) (3	(2 ,412)	(2 ,494)	(2 ,540)	(2 ,540)	(2 ,840)
(74)	(76)	(75)	(159)	(159)	(152)
(1 ,888) (1	(1 ,242)	(1 ,882)	(1 ,352)	(1 ,352)	(1 ,377)
		,657) (81) ,154)

Operational metrics	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
Order (USD backlog the end of the period million) at	10.0	10.3	8.5	8.9	8.9	7.2	6.8	6.4	7.8	7.8	9.0
(1) of full-time Average number equivalent employees	162	160	171	181	164	171	188	185	192	184	182
period(2) Average billing ratio during the	78%	83%	83%	86%	83%	81%	84%	82%	84%	83%	79%

1) Full time equivalent numbers include subcontractors on 100% utilization equivalent basis

2) Billing ratio for technical staff includes ubcontractors on 100% basis

Consolidated Statement of Income

USD thousands
Consolidated income statement	Q1 2017	Q2 2017	Q3 2017	Q4 2017	FY 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	FY 2018	Q1 2019
Revenues	7 550 ,	7 324 ,	7 312 ,	8 948 ,	31 134 ,	8 159 ,	9 595 ,	8 603 ,	9 828 ,	36 185 ,	8 182 ,
Total revenues	7,550	7,324	7,312	8,948	31,134	8,159	9,595	8,603	9,828	36,185	8,182
Payroll and payroll related expenses	(4 088) ,	(3 667) ,	(3 706) ,	(3 864) ,	(15 324) ,	(3 821) ,	(4 052) ,	(3 766) ,	(4 043) ,	(15 682) ,	(3 849) ,
Other operating expenses	(2 969) ,	(3 228) ,	(3 329) ,	(4 424) ,	(13 951) ,	(4 107) ,	(4 767) ,	(4 213) ,	(4 893) ,	(17 981) ,	(4 543) ,
Depreciation , amortisation and impairment	(32)	(31)	(34)	(3 963) ,	(4 061) ,	(33)	(34)	(30)	(32)	(129)	(38)
Share of profit (loss) from associates net	(240)	7	(113)	(161)	(507)	-	291	-	0	291	-
Impairment of investment in associates	-	-	-	(2 919) ,	(2 919) ,	-	-	-	-	-	-
Operating profit (loss) (EBIT)	220	406	130	(6 ,383)	(5 ,628)	197	1,032	594	860	2,684	(248)
Finance income	1 9	2 2	1 2	1 7	7 1	2 5	2 1	2	118	167	1 3
Finance expenses	0	(2)	-	2	-	(6)	(1)	6	1	-	(14)
foreign (loss) Net exchange gain	(120)	(322)	(464)	131	(776)	(399)	374	(42)	9 4	2 7	(119)
Profit (loss) before taxes	120	104	(323)	(6 ,234)	(6 ,333)	(182)	1,427	560	1,073	2,878	(368)
Income tax expenses	(20)	(24)	(103)	3	(144)	(66)	(70)	(62)	(259)	(456)	(118)
Profit (loss) after taxes	100	7 9	(426)	(6 ,231)	(6 ,477)	(247)	1,357	499	814	2,422	(486)
(loss) Profit after attributable taxes to:
of Equity holders the parent company	100	7 9	(426)	(6 231) ,	(6 477) ,	(247)	1 357 ,	499	814	2 422 ,	(486)

Consolidated Statement of Financial Position

USD thousands
Consolidated balance sheet	Q1 2017	Q2 2017	Q3 2017	Q4 2017	Q1 2018	Q2 2018	Q3 2018	Q4 2018	Q1 2019
ASSETS
Property, plant and equipment	163	162	191	160	153	180	167	141	223
Intangible assets	16,470	16,696	17,022	13,063	13,234	12,908	12,867	12,864	12,921
Investment in associates	2,632	2,731	2,812	-	-	-	-	-	-
Loan associates (non-current) to	296	278	234	-	-	-	-	-	-
Deferred tax assets	125	127	103	6 9	0 7	6 7	6 7	7	7
Trade receivables	5,130	5,994	5,839	7,886	7,080	7,663	7,663	8,289	6,901
Other current assets	3,510	3,673	4,018	3,033	4,248	3,242	3,749	3,878	3,379
Cash and cash equivalents	9,615	8,949	9,753	9,709	9,778	9,839	5,814	5,454	7,224
Total assets	37,941	38,610	39,972	33,920	34,563	33,899	30,327	30,633	30,655
LIABILITIES EQUITY AND
Share capital	690	690	690	690	690	690	690	690	690
Share premium	47,344	47,344	47,344	47,344	47,344	42,670	42,670	42,670	42,670
Other paid in capital	557	561	561	563	564	565	566	567	568
Retained earnings	(982)	(903)	(1,328)	(7,559)	(7,807)	(6,450)	(5,951)	(5,137)	(5,623)
Foreign currency translation reserve	(14,074)	(13,414)	(12,403)	(12,587)	(11,942)	(12,811)	(12,909)	(13,235)	(13,077)
Deferred liability tax	426	437	460	156	163	158	158	314	316
Other liabilities non-current	573	555	574	617	659	673	652	713	743
Trade payables	1,055	1,046	1,569	1,888	1,657	1,242	1,882	1,352	1,377
Income payable tax	-	-	-	7 4	8 1	7 6	7 5	159	152
Dividends payable	-	-	-	-	-	4,674	-	-	-
Other liabilities current	2,352	2,295	2,504	2,734	3,154	2,412	2,494	2,540	2,840
Total equity and liabilities	37,941	38,610	39,972	33,920	34,563	33,899	30,327	30,633	30,655
Working capital	5,233	6,327	5,785	6,223	6,436	7,174	6,961	8,116	5,913
USD Net debt, thousands	(9,615)	(8,949)	(9,753)	(9,709)	(9,778)	(9,839)	(5,814)	(5,454)	(7,224)
Equity	33,535	34,278	34,865	28,451	28,849	24,664	25,066	25,555	25,228
Equity/Assets ratio, %	88%	89%	87%	84%	83%	73%	83%	83%	82%

Consolidated Statement of Cash flow

USD thousands
Consolidated cashflow statement	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19
Profit (loss) before taxes	120	104	(322)	(6 234) ,	(6 333) ,	(182)	1 427 ,	560	1 073 ,	2 878 ,	(368)
Non-cash adjustment reconcile profit before cash flow: to tax to
of Estimated value employee share options	1 4	3	1	1	2 0	1	1	1	1	4	1
Depreciation , amortisation and impairment	3 2	3 1	3 4	3 963 ,	4 061 ,	3 3	3 4	3 0	3 2	129	3 8
Share of loss from associates net	240	(7)	113	3 080 ,	3 426 ,	-	-	-	-	-	-
Gain on disposal of interest in associates	-	-	-	-	-	-	(291)	-	-	(291)	-
Changes in working capital:
Changes in trade receivables and trade creditors	308	(873)	678	(1 ,728)	(1 616) ,	575	(998)	640	(1 156) ,	(939)	1 413 ,
Changes in other receivables and other liabilities current	(1 076) ,	(239)	(115)	1 331 ,	(99)	(753)	279	(446)	(23)	(943)	740
Interest received	(19)	(12)	(10)	(20)	(61)	(19)	(20)	(2)	(7)	(47)	(9)
Income paid tax	(20)	(24)	(77)	(27)	(148)	(61)	(71)	(62)	(100)	(294)	(124)
Effects related currency unrealised to	7 5	327	497	(412)	487	390	(432)	(36)	(107)	(185)	9 0
Cash flow from (used in) operating activities	(325)	(691)	799	(45)	(263)	(16)	(71)	685	(287)	312	1,780
Purchase of equipment	(6)	(29)	(62)	(3)	(99)	(23)	(63)	(21)	(18)	(124)	(19)
Interest received	1 9	1 2	1 0	2 0	6 1	1 9	2 0	2	7	4 7	9
Proceeds on disposal of interest in associates	-	-	-	-	-	-	291	-	-	291	-
Cash flow from (used in) investing activities	1 4	(17)	(52)	1 7	(38)	(4)	248	(19)	(11)	214	(10)
Dividends paid	-	-	-	-	-	-	-	(4 674) ,	-	(4 674) ,	-
Payment of lease liabilities	-	-	-	-	-	-	-	-	-	-	(10)
Cash flow from (used in) financing activities	-	-	-	-	-	-	-	(4 ,674)	-	(4 ,674)	(10)
(decrease) Net increase in cash and cash equivalents	(312)	(708)	748	(29)	(301)	(20)	177	(4 ,007)	(298)	(4 ,148)	1,760
Cash and cash equivalents the beginning of the period at	9 910 ,	9 615 ,	8 948 ,	9 ,754	9 910 ,	9 ,709	9 ,778	9 839 ,	5,814	9 ,709	5,454
Effect of exchange changes on cash and cash equivalents rate	1 7	4 1	5 8	(16)	100	8 9	(116)	(17)	(62)	(107)	1 0
Cash and cash equivalents the end of the period at	9,615	8,948	9,754	9,710	9,709	9,778	9,839	5,814	5,454	5,454	7,224

Revenues and EBIT - split per segment

Revenues	7 550 ,	7 324 ,	7 312 ,	8 948 ,	31 134 ,	8 159 ,	9 595 ,	8 603 ,	9 828 ,	36 185 ,	8 182 ,
Therein: OWC entities	(65)	(140)	(63)	(29)	(298)	-	-	(173)	(663)	(837)	(457)
Eliminations	(285)	(368)	(249)	(696)	(1 598) ,	(474)	(634)	(878)	(1 353) ,	(3 339) ,	(1 024) ,
Americas	772	640	932	1 090 ,	3 434 ,	1 060 ,	1 173 ,	1 270 ,	890	4 392 ,	1 031 ,
OWC Therein: entities	861	1 134 ,	1 139 ,	1 305 ,	4 439 ,	1 145 ,	1 260 ,	1 587 ,	1 689 ,	5 680 ,	1 482 ,
Europe	2 052 ,	2 288 ,	2 098 ,	2 590 ,	9 029 ,	1 995 ,	2 168 ,	2 201 ,	2 361 ,	8 725 ,	1 876 ,
Therein: OWC entities	-	-	-	-	-	-	-	237	1 015 ,	1 251 ,	708
Far East	1 643 ,	1 913 ,	1 947 ,	2 262 ,	764 7 ,	1 595 ,	1 858 ,	2 155 ,	3 002 ,	8 610 ,	2 135 ,
Middle East	3 368 ,	2 851 ,	2 585 ,	3 702 ,	12 505 ,	3 984 ,	5 029 ,	3 855 ,	4 928 ,	17 796 ,	4 164 ,
Revenues	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19
USD thousands

Operating profit (loss) (EBIT)	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19
Middle East	299	281	270	246	1 097 ,	400	860	263	545	2 068 ,	291
Far East	131	166	142	165	603	3 7	153	211	505	906	(71)
Therein: OWC entities	-	-	-	-	-	-	-	23	157	180	47
Europe	196	245	(186)	138	392	(175)	(141)	(21)	(32)	(370)	(36)
OWC Therein: entities	257	225	(133)	91	440	(21)	(110)	112	60	40	100
Americas	(3)	(142)	9 2	153	101	5 6	100	220	(14)	362	4 3
Corporate costs group	(162)	(152)	(75)	(75)	(464)	(121)	(230)	(78)	(144)	(574)	(475)
Share (loss) of profit from associates net	(240)	7	(113)	(161)	(507)	-	291	-	0	291	-
Impairment of investment in associates	-	-	-	(2 919) ,	(2 919) ,	-	-	-	-	-	-
Impairment of goodwill	-	-	-	(3 930) ,	(3 930) ,	-	-	-	-	-	-
EBIT	220	406	130	(6 383) ,	(5 628) ,	197	1 032 ,	594	861	2 684 ,	(248)

Trade receivable & Cash and cash equivalents - split per segment

USD thousands
Trade receivables	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19
Middle East	2 219 ,	2 527 ,	2 139 ,	3 400 ,	3 400 ,	3 413 ,	4 099 ,	3 865 ,	4 824 ,	4 824 ,	4 069 ,
Far East	985	1 050 ,	1 241 ,	1 897 ,	1 897 ,	1 271 ,	1 456 ,	1 845 ,	1 992 ,	1 992 ,	1 016 ,
OWC Therein: entities	-	-	-	-	-	-	-	-	316	316	-
Europe	1 025 ,	1 541 ,	1 487 ,	1 971 ,	1 971 ,	1 462 ,	1 030 ,	1 083 ,	602	602	879
OWC Therein: entities	95	477	676	1 207 ,	1 207 ,	796	331	499	149	149	557
Americas	901	876	972	618	618	934	1 078 ,	870	872	872	937
Trade receivables	5 130 ,	5 994 ,	5 839 ,	886 7 ,	886 7 ,	080 7 ,	663 7 ,	663 7 ,	8 289 ,	8 289 ,	6 901 ,

Cash and cash equivalents	Q1 17	Q2 17	Q3 17	Q4 17	FY 2017	Q1 18	Q2 18	Q3 18	Q4 18	FY 2018	Q1 19
Middle East	367	104	454	536	536	546	366	958	747	747	1 168 ,
Far East	599	554	887	711	711	981	983	1 632 ,	1 374 ,	1 374 ,	2 607 ,
Therein: OWC entities	-	-	-	-	-	-	-	541	97	97	881
Europe	1 071 ,	917	1 088 ,	1 010 ,	1 010 ,	944	858	805	1 005 ,	1 005 ,	1 086 ,
Therein: OWC entities	586	519	765	425	425	535	445	482	682	682	931
Americas	309	261	138	421	421	272	291	470	446	446	563
Corporate group	270 7 ,	112 7 ,	187 7 ,	031 7 ,	031 7 ,	035 7 ,	341 7 ,	1 949 ,	1 882 ,	1 882 ,	1 800 ,
Cash and cash equivalents	9 615 ,	8 949 ,	9 753 ,	9 709 ,	9 709 ,	9 778 ,	9 839 ,	5 814 ,	5 454 ,	5 454 ,	7 224 ,

Top 20 shareholders

#	Name of shareholder	No . of shares	% ownership
1	Gross AS Management	7 367 996 , ,	17 4
2	Carnegie Investment Bank AB	2 711 291 , ,	6 4
3	AS Tigerstaden	1 886 663 , ,	4 5
4	A/S Danske Bank	1 702 036 , ,	4 0
5	Mp Pensjon Pk	1 463 128 , ,	3 5
6	AG Lgt Bank	1 402 923 , ,	3 3
7	Oma Invest AS	1 400 000 , ,	3 3
8	Saxo A/S Bank	1 309 670 , ,	3 1
9	Badreddin Diab	1 001 302 , ,	2 4
10	Nordnet Bank AB	982 365 ,	2 3
11	Philip Alan Lenox	830 583 ,	2 0
12	Gislerød Magne	800 000 ,	1 9
13	Acme Capital AS	675 000 ,	1 6
14	Six Sis AG	641 451 ,	1 5
15	Consultancy Alsto Ltd	598 122 ,	1 4
16	J P Morgan Securities Plc	516 243 ,	1 2
17	Theofanatos Andreas	512 188 ,	1 2
18	Ian Dennis Bonnon	508 260 ,	1 2
19	AS Kula Invest	504 362 ,	1 2
20	Kim Magnus Boman	500 000 ,	1 2
	Top 20 shareholders	583 27 313 , ,	64 6

Source: VPS, 08.05.2019