ABL Group — Investor Presentation 2023

Feb 28, 2023

2022 Q4 results

28 February 2023

abl-group.com

1. Highlights Reuben Segal, CEO

1. Financial review Stuart Jackson, CFO

Reuben Segal, CEO

Disclaimer

• This Presentation has been produced by ABL Group ASA (the "Company" or "ABL Group") 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.
• This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its parent or subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation, except as required by law, to update any forward-looking statements or to conform these forward-looking statements to our actual results.
• AN INVESTMENT IN THE COMPANY INVOLVES RISK, AND SEVERAL FACTORS COULD CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT MAY BE EXPRESSED OR IMPLIED BY STATEMENTS AND INFORMATION IN THIS PRESENTATION, INCLUDING, AMONG OTHERS, RISKS OR UNCERTAINTIES ASSOCIATED WITH THE COMPANY'S BUSINESS, SEGMENTS, DEVELOPMENT, GROWTH MANAGEMENT, FINANCING, MARKET ACCEPTANCE AND RELATIONS WITH CUSTOMERS, AND, MORE GENERALLY, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN DOMESTIC AND FOREIGN LAWS AND REGULATIONS, TAXES, CHANGES IN COMPETITION AND PRICING ENVIRONMENTS, FLUCTUATIONS IN CURRENCY EXCHANGE RATES AND INTEREST RATES AND OTHER FACTORS.
• SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES MATERIALISE, OR SHOULD UNDERLYING ASSUMPTIONS PROVE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY FROM THOSE DESCRIBED IN THIS PRESENTATION. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE OR CORRECT THE INFORMATION INCLUDED IN THIS PRESENTATION.
• By attending or receiving this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the Company's business. This Presentation does not constitute an offer to sell or a solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.

2022 Highlights – Continued delivery on growth and improved profitability

• 2022 revenue of USD 167.9 million, up 11% from 2021 (2021: USD 150.7 million)
• Adjusted EBIT of USD 15.5 million (2021: USD 9.6 million)
• Total dividend of NOK 0.6 per share paid during 2022
• Organic growth driven by renewables consultancy OWC and specialist engineers Longitude
• Profitability improved, driven by improved utilisation and operational efficiency
• Completed sale of Loss Adjusting business, now trading independently as SteegeXP
• Completed acquisition of Add Energy Group, adding well services and asset integrity as business areas

Revenue and adj EBIT development 2017-2022, USDm

Q4 2022 Highlights

• Revenue of USD 42.8m, up 13% compared to Q4 2021 (USD 37.8m)
• Organic growth primarily driven by renewables consultancy OWC (+15% YoY) and specialist engineers Longitude (+18% YoY)
• Adjusted EBIT of USD 3.5m (Q4 21: USD 2.5m)
• Adjusted EBIT margin of 8.2% (Q4 21: 6.6%)
• EBIT of USD 2.5m (Q4 21: USD 1.9m)
• Net cash of USD 17.6m (Q3 22: USD 15.1m)
• Record operational cash flow of USD 6.7m amid working capital improvements
• USD 3.0 million dividends paid during quarter (NOK 0.3 per share)
• Proposing semi-annual dividend of NOK 0.35 per share in H1 2023

Our Markets

ABL Group Service Portfolio

CONSULTING & ENGINEERING

• Owner's engineering
• Technical due diligence
• Site investigations • Geotechnical &
• geophysical • Marine operations
• Construction supervision
• Advance analysis & simulation

• Client reps & secondments

• Marine design, upgrade & conversion

• Cable engineering
• HSEQ & risk engineering
• Clean shipping
• Digital services
• Asset & integrity management
• Well engineering, management & servicing

LOSS PREVENTION

Surveys, inspections & audits

• Vessel and marine assurance
• Rig inspections and assurance
• Industrial standard audit
• Vessel condition survey
• Pre-purchase survey
• Well risk management and blowout contingency

Marine warranty survey

• Renewables
• Oil & gas
• Operations • Project cargo
• Rig moving
• Decommissioning

Marine casualty support &

management • Salvage & wreck removal

• Hull & machinery (H&M) claims
• P&I claims

Well control

• Well kill support

• Relief Well Injection Spool (RWIS)

• Expert witness & litigation

• Energy expert witness & litigation
• Marine expert witness & litigations
• Marine casualty investigations

7

Global partner, local expert – Approaching 1,100 employees

Global footprint provides clients with local expertise and swift response

Diversified revenue base across sectors and regions

9 Note: Market sector revenue based on management accounts

(1) Add Energy consolidated from 1 July 2022.

(2) OWC segment includes activities in OWC, Innosea and East Point Geo entities.

RENEWABLES

Project: Iberdrola appoints ABL Group for marine support services

• ABL Group has signed a framework agreement to provide engineering and marine services to support construction and operations & maintenance campaigns for Iberdrola's German offshore wind farms
• Iberdrola has awarded the framework agreement to ABL's local operation in Germany, specifically a four-year (3+1) agreement for the Baltic Eagle offshore wind farm and a five-year (3+2) agreement for the Wikinger offshore wind farm
• Under the terms of the agreement, ABL will provide engineering, technical support, assurance and marine warranty survey services

In 2022, ABL Renewables…

...worked on

131

offshore wind farms with total potential capacity of

224 GW

…across

26

countries

RENEWABLES

Project: ABL wins Greenlink interconnector offshore work

• ABL Group has been awarded a contract to provide marine warranty survey (MWS) services on the Greenlink interconnector – a 500MW interconnector linking power networks in Ireland and Great Britain.
• Greenlink is a 190km long HVDC subsea and underground electricity cable.
• Not only will the cable enable the two-way flow of energy between Ireland and Great Britain, it will also open up the flow of green energy from Great Britain to wider Europe.
• ABL will provide MWS for all transportation and installation operations relating to the two 160km subsea power and one Fibre Optic cables, as well as marine assurance services to check the suitability of the proposed fleet for operations.

"As a group we have worked on more than 30 interconnector projects in either a marine warranty survey or independent engineering capacity, across Europe, Asia, Middle East and the Americas. We are proud to have the opportunity to bring our expertise to support such an important Anglo-Irish project as Greenlink."

Mike McLachlan

Renewables MWS Director: Europe and London, ABL

OIL & GAS

Project: ABL Group completes Dos Bocas marine transportation project

• ABL Group and its client Mammoet have successfully completed 12 heavy-lift shipments of refinery equipment to the new Dos Bocas project in Mexico
• ABL Germany has provided project management, owner's engineering and client representation services for these shipments
• Shipped from various ports in Europe, the United States and India, the equipment included reactors, fractionators, vacuum columns and hydro tanks with lengths of up to 70 meters and weighing up to 1080 tonnes
• ABL also conducted technical reviews and provided recommendations on method statements – including mooring, stowage, lifting, load spreading and sea fastening – prepared by the carriers

1,100+ rig moves

500+ MWS projects

In 2022, ABL Oil&Gas…

...carried out

1,250+ vessel/asset surveys

1,200+ …and worked for different clients

Project: ABL completes engineering design on USS Texas restoration

• ABL Group's Houston office, together with group company Longitude, are proud to have contributed to ongoing restoration work on the USS Texas, the only surviving battleship to have served in both World War I and World War II
• Longitude's scope of work included preparing the engineering design basis for the refurbishment, steel renewal calculation and renewal plans of the hull, intact and damage stability calculations, docking verification calculations, anode calculation and arrangement on the hull
• ABL Houston provided marine consultancy services and ultimately marine warranty surveying for the tow to the dry dock in Galveston

In 2022, ABL Maritime…

...received

2,900+

instructions from

1,200+

unique clients

1,700+

of these instructions were casualty related

Staff growth continues, accelerated by Add Energy acquisition

• Average staff levels flat from Q3 2022
• 4% increase in permanent staff from last quarter
• Freelancer share of 26%, down from 29% in Q3
• Reduction primarily due to seasonal effects
• Freelancer model provides a flexible cost base
• Freelancers mainly utilised in renewables and oil & gas sectors, to accommodate seasonal and cyclical variations
• Targeted recruitment underway for additional technical staff

Highlights Q4 2022 Staff level development¹

1. Highlights Reuben Segal, CEO

2. Financial review Stuart Jackson, CFO

Reuben Segal, CEO

Revenue and adjusted EBIT

Segment revenues and EBIT

(USDm)

• Revenue growth primarily driven by renewables consultancy OWC (+15% YoY), specialist engineers Longitude (+18% YoY) and integration of Add Energy
• Strong EBIT contribution from APAC (16% adj EBIT margin), Middle East (16%) and Europe (13%)
• Add Energy loss (-11%) driven by combination of one-off costs and low utilisation. Targeting profitability in 2023.

Note: Add Energy consolidated from 3Q22

17

1) Adjusted EBIT: Refer to Alternative Performance Measures in Appendix 2) OWC segment includes activity in OWC, Innosea and East Point Geo entities 3) Other revenue consists of eliminations. Other EBIT consists of group overheads and eliminations

Income Statement

USD million

Consolidated income statement	Q4 2022	Q4 2021	FY 2022	FY 2021
Revenue	42 8	37 8	167 9	150 7
Total revenue	42 8	37 8	167 9	150 7
Staff costs	(23 6)	(20 2)	(88 1)	(82 0)
Other operating expenses	(15 8)	(14 7)	(63 9)	(57 6)
Depreciation , amortisation and impairment	(0 8)	(1 0)	(3 3)	(3 8)
Operating profit (loss) (EBIT)	2 5	1 9	12 5	4 7
Gain bargain purchase / disposal of subsidiaries on	1 1	0 1	1 9	0 1
Finance income	0 0	0 0	0 2	0 1
Finance expenses	(0 7)	(0 2)	(1 4)	(0 8)
Net foreign exchange gain (loss)	(1 3)	0 6	(2 5)	(0 6)
Profit (loss) before income tax	1 6	2 4	10 7	6 2
Income tax expenses	(2 8)	(1 3)	(4 4)	(3 0)
Profit (loss) after tax	(1 2)	1 1	6 3	3 2

• Revenues of USD 42.8 million for Q4, up 13% from Q4 2021 (USD 37.8 million)
• EBIT of USD 2.5 million (Q4 21: USD 1.9m)
• Adjusted EBIT of USD 3.5m (Q4 21: USD 2.5m)
• Adjusted EBIT margin of 8.2%
• EBIT adjustments relate to share-based compensation, amortisation of intangible assets, M&A transaction costs and other extraordinary or non-cash items
• D&A of USD 0.8 million includes approximately USD 0.4 million depreciation of right-of-use assets (IFRS 16) and USD 0.1 million amortisation of intangible assets
• Gain on bargain purchase caused by positive revision of Add Energy PPA value, primarily due to reversal of bad debt provisions
• Increase in income tax expenses in q4 mainly due to increase in tax provisions in line with higher profits in some tax jurisdictions

Strong financial position, returning excess cash to shareholders and banks

Highlights Q4 2022

19

• Net cash¹ of USD 17.6 million (Q3 22: USD 15.1 million)
• USD 31.0 million cash (Q3 22: USD 29.3 million)
• USD 13.3 million bank debt (Q3 22: 14.2 million)
• Capitalised lease of USD 8.8 million (Q3 22: USD 8.9 million)
• Net cash flow of USD 1.1 million
• USD 6.7 million cash flow from operations
• USD 5.6 million cash outflow from investing and financing, primarily dividends and repayment of borrowings
• Working capital of USD 26.9m (Q3 22: USD 32.6m)
• Working capital as % of quarterly revenue down to 62%
• Reduction primarily from integration of Add Energy, and exaggerated by lower billable hours end of quarter
• Working capital expected to increase in short term with increased activity and normalizing Add Energy operations

Working capital² (% of quarterly revenue)

Proposing semi-annual dividend of NOK 0.35 per share

• Proposing dividend of NOK 0.35 per share, corresponding to USD 3.6 million
• The distribution will for tax purposes be considered a repayment of paid-in capital
• The dividend is subject to shareholder approval at the AGM planned for 31 May 2023 and will be paid shortly thereafter
• If granted the requisite authorisation at the AGM, the Board expects to resolve and declare an additional dividend during the second half of 2023
• Total dividend paid in 2022 was NOK 0.6 per share
• Returning capital to shareholders remains a strategic priority for ABL Group
• ABL Group has implemented a semi-annual dividend schedule

Paid and proposed dividends (NOK/share)

1. Highlights Reuben Segal, CEO

2. Financial review Stuart Jackson, CFO

Reuben Segal, CEO

RENEWABLES

Wind development remains strong, installation growth to return after lull in '22

OIL & GAS

Investments in greenfield and wells ramping up after brownfield focus in 2022

Summary and outlook

• Highest fourth quarter revenues and EBIT in company's history
• Strong cash flow amid working capital improvements
• Strong market outlook across the energy sector
• Offshore wind development continues high growth in existing and new geographies
• Offshore wind installation market expected to return to growth after a lull in 2022
• O&G: Brownfield market is active and continues to improve, greenfield activity to accelerate through 2023 into 2024
• Maritime: Maintaining strong position in stable market
• Improving capital efficiency and returning cash to shareholders on semi-annual schedule
• Proposing dividend of NOK 0.35 per share to be paid in June 2023, corresponding to USD 3.6 million
• Expect additional dividend to be declared and paid during the second half of 2023
• Ambition: 50% renewables and energy transition services in business mix by 2025
• We will continue to be active in consolidation of the energy consultancy industry

Appendix

© 2012-2023 ABL Group

• Financial targets
• Renewables and energy transition services target at 50% of revenue in 2025
• Adjusted EBIT margin of 10 percent (excluding effects from IFRS 16 Leases and items affecting comparability) over a business cycle
• More efficient cash management and working capital use in the group
• Dividend policy: The Company's intention is to pay a semi-annual dividend in support of its objective to maximise capital efficiency. The majority of the Company's free cash flow is intended to be distributed, subject to maintaining a robust cash buffer to satisfy commitments and support working capital requirements, planned capital expenditure and growth opportunities

Billing ratio Gliding 3m average

¹ Billing ratio 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, authorized annual leave) and unpaid absence (sabbatical and other unpaid leave).

General (1/2)

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 2021. A description of the major changes and the effects are included in note 2 (standards issued but not yet effective) of the ABL annual report 2021 available on www.abl-group.com.

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)

ABL 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. Certain items may not be indicative of the ongoing operating result of the company and are excluded from the alternate profit measures. Profit measures excluding those adjustment items are presented as an alternative measures to improve comparability of the underlying business performance between the periods. The Company has defined and explained the purpose of the following APMs:

Adjusted EBITDA which excludes depreciation, amortization and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs 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 amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs 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 amortisation and impairments, share of net profit (loss) from associates, transaction costs related to acquisitions, restructuring and integration costs and certain finance income 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. ABL's services are shifting towards "call-out contracts" which are driven by day-to-day operational requirements. An estimate for backlog on "call-out contracts" 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 and other receivables and contact assets, trade and other payables, current tax payable, and contract 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.

General (2/2)

Alternative Performance Measures (APMs) continued

Return on equity (ROE)

ROE is calculated as the adjusted profit (loss) for the period attributable to equity holders of the parent, divided by average total equity for the period. The adjusted profit (loss) is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the total equity.

Return on capital employed (ROCE)

ROCE is calculated as the adjusted EBIT for the period, divided by average capital employed for the period. Capital employed is defined as total assets less non-interest bearing current liabilities. The adjusted EBIT is annualised for interim period reporting. This measure indicates the return generated by the management of the business based on the capital employed.

Net cash

Net cash is calculated as the cash and cash equivalents minus interest-bearing debt excluding lease liabilities. This is a useful measure because it provides an indication of the company's liquidity, without being affected by drawdown and repayment of bank debt or the length of the group's office leases. ABL Group's lease liabilities predominantly relate to office leases of varying length, and depreciation of such leases is included in the Operating Profit (EBIT) and Adjusted EBIT measures.

Adjustment items

USD thousands
Adjustment items (EBITDA)	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Restructuring and integration costs	3 0	185	283	3 6	2 9	1 4	362	-	-	1 9	170	189
Other special items (incl . share-based expenses)	8 3	318	106	353	531	485	1 475	456	209	504	603	1 773
Transaction costs related to M&A	1 253	1 393	7 6	-	-	-	7 6	-	262	-	9 4	357
Total adjustment items (EBITDA)	1 367	1 897	465	389	560	500	1 914	456	472	523	868	2 318
Adjustment items (EBIT)	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Adjustment items (EBITDA)	1 367	1 897	465	389	560	500	1 914	456	472	523	868	2 318
Amortisation and impairment	-	-	8 9	8 9	8 9	8 9	356	8 9	8 9	110	142	430
Total adjustment items (EBIT)	1 367	1 897	554	478	649	589	2 270	545	561	633	1 009	2 748
Adjustment items (profit (loss) after taxes)	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Adjustment items (EBIT)	1 367	1 897	554	478	649	589	2 270	545	561	633	1 009	2 748
Fair value adjustments	874	(130)	-	-	-	-	-	-	-	-	-	-
Gain on bargain purchase / disposal of subsidiaries	-	-	-	-	-	(54)	(54)	-	(84)	(740)	(1 064)	(1 889)
Total adjustment items (profit (loss) after taxes)	2 240	1 767	554	478	649	535	2 216	545	477	(107)	(54)	860

APMs and Key Figures

USD thousands
Profitability measures	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
(loss) (EBIT) Operating profit	(416)	2 946	1 859	2 281	1 319	1 916	7 375	2 806	3 868	3 329	2 512	12 514
Depreciation , amortisation and impairment	360	1 477	1 072	899	820	998	3 790	810	758	939	836	3 342
EBITDA	(56)	4 423	2 932	3 180	2 139	2 914	11 165	3 615	4 625	4 268	3 348	15 856
Total adjustment items (EBITDA)	1 367	1 897	465	389	560	500	1 914	456	472	523	868	2 318
Adjusted EBITDA	1 311	6 320	3 397	3 568	2 699	3 414	13 078	4 071	5 097	4 791	4 215	18 175
Operating profit (loss) (EBIT)	(416)	2 946	859 1	2 281	1 319	1 916	375 7	2 806	3 868	3 329	512 2	514 12
Total adjustment items (EBIT)	1 367	1 897	554	478	649	589	2 270	545	561	633	1 009	2 748
Adjusted EBIT	951	4 843	2 413	758 2	1 968	505 2	645 9	351 3	4 428	3 962	521 3	15 262
Profit (loss) after taxes	(2 691)	1 513	1 128	1 088	(143)	1 145	3 218	2 974	2 145	2 301	(1 166)	6 253
Total adjustment items (profit (loss) after taxes)	2 240	1 767	554	478	649	535	2 216	545	477	(107)	(54)	860
Adjusted profit (loss) after taxes	(451)	3 280	1 682	1 566	507	1 680	5 435	3 519	2 621	2 193	(1 221)	113 7
Basic earnings per share (USD)	(0.04)	0.02	0.01	0.01	(0.00)	0.01	0.03	0.03	0.02	0.02	(0.01)	0.06
(USD) Adjusted basic earnings per share	(0.01)	0.05	0.02	0.02	0.01	0.02	0.06	0.04	0.03	0.02	(0.01)	0.07

APMs and Key Figures

USD thousands
Net Cash	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Cash and cash equivalents	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711	29 267	30 974	30 974
Less: Interest bearing bank borrowings	15 083	15 083	15 096	13 310	12 504	11 661	11 661	10 817	9 997	14 166	13 337	13 337
Net Cash	15 558	15 558	13 223	11 222	10 708	8 154	8 154	10 395	8 714	15 102	17 637	17 637
USD thousands
Working capital	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Trade and other receivables	41 498	41 498	45 954	51 977	51 898	43 235	43 235	44 920	45 588	45 110	41 400	41 400
Contract assets	12 916	12 916	14 952	14 905	18 490	18 101	18 101	18 302	14 009	17 160	13 394	13 394
Trade and other payables	(25 207)	(25 207)	(28 123)	(30 239)	(33 594)	(24 467)	(24 467)	(24 864)	(22 032)	(28 078)	(25 890)	(25 890)
Contract liabilities	(757)	(757)	(764)	(1 189)	(934)	(949)	(949)	(1 708)	(1 638)	(1 308)	(1 535)	(1 535)
Income payable tax	(907)	(907)	(809)	(747)	(673)	(398)	(398)	(291)	(77)	(276)	(439)	(439)
Net working capital	27 543	27 543	31 210	34 708	35 188	35 523	35 523	36 359	35 851	32 607	26 931	26 931
Working capital ratio	79%	79%	87%	93%	92%	94%	94%	94%	89%	76%	62%	62%
(ROE) Return on equity	-0.8%	5.8%	2.5%	2.3%	0.7%	2.5%	8.2%	5.1%	3.8%	3.1%	-1.7%	10.5%
on capital (ROCE) Return employed	1.3%	6.7%	2.6%	3.0%	2.2%	2.8%	10.7%	3.7%	4.8%	4.1%	3.5%	16.2%
Operational metrics	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Order (USD million) backlog at the end of the period	76.0	76.0	71.3	64.6	60.4	63.2	63.2	69.6	61.8	68.1	72.1	72.1
(1) Average number of full-time equivalent employees	462	452	895	922	922	960	925	946	970	1 095	1 098	1 027
period(2) Average billing ratio during the	72%	72%	76%	75%	75%	73%	75%	75%	78%	77%	77%	77%

1) Full time equivalent numbers include freelancers on FTE basis

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

Consolidated Statement of Income

USD thousands
Consolidated income statement	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Revenue	19 565	77 015	36 698	38 266	37 986	37 797	150 748	39 643	41 367	44 100	42 788	167 897
Total revenue	19 565	77 015	36 698	38 266	37 986	37 797	150 748	39 643	41 367	44 100	42 788	167 897
Staff costs	(10 964)	(41 495)	(20 295)	(20 868)	(20 590)	(20 225)	(81 978)	(21 143)	(20 624)	(22 740)	(23 619)	(88 126)
Other operating expenses	(8 657)	(31 096)	(13 472)	(14 218)	(15 257)	(14 658)	(57 605)	(14 885)	(16 117)	(17 092)	(15 821)	(63 915)
Depreciation , amortisation and impairment	(360)	(1 477)	(1 072)	(899)	(820)	(998)	(3 790)	(810)	(758)	(939)	(836)	(3 342)
Operating profit (loss) (EBIT)	(416)	2 946	1 859	2 281	1 319	1 916	7 375	2 806	3 868	3 329	2 512	12 514
Gain on bargain purchase / disposal of subsidiaries	-	-	-	-	-	5 4	5 4	-	8 4	740	1 064	1 889
Finance income	(655)	399	3 7	4	2 3	4 8	112	4 2	1 6	6 6	4 5	169
Finance expenses	(170)	(271)	(162)	(243)	(164)	(196)	(765)	(115)	(278)	(317)	(701)	(1 411)
Net foreign exchange gain (loss)	(1 088)	(568)	(320)	(175)	(683)	585	(592)	418	(843)	(793)	(1 290)	(2 507)
Profit (loss) before income tax	(2 328)	507 2	1 414	1 866	495	2 408	6 184	151 3	2 847	3 026	1 629	654 10
Income tax expenses	(363)	(993)	(286)	(778)	(638)	(1 263)	(2 965)	(177)	(703)	(726)	(2 796)	(4 401)
Profit (loss) after tax	(2 691)	1 513	1 128	1 088	(143)	1 145	3 218	2 974	2 145	2 301	(1 166)	6 253
Other comprehensive income
Currency translation differences	2 367	1 626	666	738	(328)	(1 551)	(475)	(360)	(1 503)	(2 619)	976	(3 506)
Income effect tax	3 0	3 0	-	-	-	(343)	(343)	-	-	-	(729)	(729)
Other comprehensive income for the period	2 398	1 657	666	738	(328)	(1 894)	(818)	(360)	(1 503)	(2 619)	247	(4 236)
Total comprehensive income for the period	(293)	3 170	1 794	1 826	(470)	(749)	2 400	2 613	641	(318)	(919)	2 017
Total comprehensive income for the period is attributable to:
of Equity holders the parent company	(293)	3 170	1 762	1 772	(504)	(705)	2 325	2 610	634	(321)	(964)	1 959
Non-controlling interests	-	-	3 1	5 4	3 3	(44)	7 5	3	8	2	4 5	5 8

Consolidated Statement of Financial Position

USD thousands
Consolidated balance sheet	Q4 20	Q1 21	Q2 21	Q3 21	Q4 21	Q1 22	Q2 22	Q3 22	Q4 22
Property , plant and equipment	1 213	1 350	1 284	1 169	1 137	1 345	1 787	2 993	2 101
Right-of-use assets	4 707	4 046	3 363	2 938	3 629	3 619	8 046	7 954	7 904
Goodwill and intangible assets	26 665	27 105	27 033	26 779	27 465	27 313	26 937	27 663	29 382
Deferred tax assets	1 395	1 987	2 287	2 180	1 708	1 780	1 702	1 784	1 744
Investment in associates	-	-	-	-	-	-	-	6	2 9
Trade and other receivables	41 498	45 954	51 977	51 898	43 235	44 920	45 588	45 110	41 400
Contract assets	12 916	14 952	14 905	18 490	18 101	18 302	14 009	17 160	13 394
Cash and cash equivalents	30 642	28 319	24 532	23 212	19 815	21 212	18 711	29 267	30 974
Total assets	119 036	123 712	125 382	126 665	115 090	118 492	116 779	131 938	126 928
EQUITY AND LIABILITIES
Equity	65 319	67 687	69 290	68 526	66 865	69 934	67 868	72 147	68 427
Deferred liabilities tax	682	648	658	649	1 259	1 237	1 122	1 102	2 516
Long borrowings term	6 414	6 431	6 386	4 171	3 328	2 483	1 664	5 580	-
Lease liabilities (non-current)	2 340	1 837	1 660	1 409	2 481	2 463	6 656	7 006	6 922
(non-current) Provisions and other payables	5 147	5 114	5 247	5 496	5 661	5 781	5 692	5 935	5 993
Trade and other payables	25 207	28 123	30 239	33 594	24 467	24 864	22 032	28 078	25 890
Contract liabilities	757	764	1 189	934	949	1 708	1 638	1 308	1 535
Short borrowings term	8 669	8 664	6 924	8 333	8 333	8 333	8 333	8 585	13 337
Lease liabilities (current)	2 552	2 388	1 804	1 673	1 349	1 397	1 698	1 920	1 869
Income payable tax	907	809	747	673	398	291	7 7	276	439
Provisions (current)	1 042	1 247	1 238	1 207	-	-	-	-	-
Total equity and liabilities	119 036	123 712	125 382	126 665	115 090	118 492	116 779	131 938	126 928

Consolidated Statement of Cash Flow

USD thousands
Consolidated cashflow statement	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Profit (loss) before taxes	(2 328)	2 507	1 414	1 866	495	2 408	6 184	3 151	2 847	3 026	1 629	10 654
Adjustments for:
Depreciation , amortisation and impairment	360	1 477	1 072	899	820	998	3 790	810	758	939	836	3 342
Non-cash employee benefits expense – share-based payments	8 3	317	106	353	532	484	1 475	456	209	360	371	1 396
Interest costs - net	(1)	(18)	4 8	213	118	110	488	5 1	172	279	612	1 115
Increase (Decrease) in fair value of consideration warrants	676	(328)	-	-	-	-	-	-	-	-	-	-
Gain on bargain purchase / disposal of subsidiaries	-	-	-	-	-	(54)	(54)	-	(84)	(740)	(1 064)	(1 889)
Changes in working capital:
Changes in trade and other receivables	517	2 201	(6 493)	(5 977)	(3 506)	9 052	(6 923)	(1 885)	3 624	3 344	7 475	12 558
Changes in trade and other payables	2 675	2 499	2 924	2 836	3 100	(9 112)	(252)	1 277	(2 993)	766	(1 903)	(2 853)
Income paid taxes	(764)	(1 190)	(606)	(299)	(1 019)	(1 270)	(3 194)	(288)	(947)	(725)	(935)	(2 894)
Unrealised effect of in exchange movements rates	1 495	1 009	455	(1 079)	(71)	(1 006)	(1 700)	(209)	(748)	(1 523)	(315)	(2 795)
Cash flow from (used in) operating activities	2 712	8 474	(1 080)	(1 188)	469	1 611	(187)	3 362	2 840	5 726	6 706	18 634
Payments for plant and equipment property,	(29)	(150)	(109)	(143)	(98)	(184)	(534)	(425)	(692)	(285)	(461)	(1 862)
Interest received	1	1 8	8	8	1 5	2 2	4 5	7	1 0	1 7	4 7	8 1
Net cash acquired (paid) on acquisition of subsidiary	(14 606)	(14 619)	1	0	-	(556)	(554)	-	-	236	(819)	(583)
Cash (used in) flow from investing activities	(14 634)	(14 751)	(100)	(135)	(83)	(717)	(1 035)	(418)	(682)	(32)	(1 233)	(2 364)
Dividends paid to company's shareholders	(1 559)	(3 030)	-	(2 807)	-	(2 668)	(5 476)	-	(2 917)	-	(3 019)	(5 936)
Principal elements of lease payments	(225)	(1 096)	(823)	(671)	(561)	(547)	(2 601)	(537)	(302)	(383)	(543)	(1 765)
from Proceeds loans and borrowings	14 621	14 621	-	-	-	-	-	-	-	5 000	-	5 000
Repayment of borrowings	-	-	(34)	(1 495)	(806)	(1 087)	(3 422)	(903)	(762)	(836)	(833)	(3 333)
Proceeds from issuance of shares capital	15 317	15 317	(13)	2 314	-	-	2 301	-	-	1 733	1 3	1 746
Cash flow from (used in) financing activities	28 154	25 811	(870)	(2 658)	(1 367)	(4 302)	(9 198)	(1 440)	(3 981)	5 514	(4 382)	(4 288)
Net change in cash and cash equivalents	16 233	19 534	(2 050)	(3 981)	(981)	(3 408)	(10 419)	1 505	(1 823)	11 208	1 092	11 982
Cash and cash equivalents the beginning of the period at	14 123	10 930	30 642	28 319	24 532	23 212	30 642	19 815	21 212	18 711	29 267	19 815
Effects of exchange changes on cash and cash equivalents rate	286	177	(273)	194	(339)	1 1	(407)	(108)	(678)	(652)	615	(823)
Cash and cash equivalents at the end of the period	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711	29 267	30 974	30 974

Revenues and EBIT

- split per segments

USD thousands
Revenues	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
	20	20	21	21	21	21	21	22	22	22	22	22
Middle	738	22	230	7	6	186	28	789	929	6	835	30
East	5	365	7	775	282	7	473	7	7	661	7	214
Asia	5	22	8	9	9	11	39	9	8	10	9	37
Pacific	610	249	959	129	950	237	275	598	646	263	211	717
Europe	3	14	10	10	10	9	40	9	11	10	9	40
	803	269	387	317	419	464	586	846	409	161	246	663
Americas	3	13	6	6	6	6	26	7	7	6	5	25
	585	183	170	901	532	717	320	173	187	066	374	799
OWC	3	14	4	6	6	6	24	199	587	8	762	30
	438	162	610	077	665	759	110	7	7	191	7	739
Longitude	-	-	2 015	2 285	2 351	2 232	8 882	2 356	3 083	3 126	2 626	11 191
Add Energy	-	-	-	-	-	-	-	-	-	5 552	5 101	10 653
Eliminations	(2	(9	(2	(4	(4	(5	(16	(4	(4	(5	(4	(19
	609)	214)	672)	217)	211)	798)	899)	318)	474)	921)	367)	080)
Total	19	015	36	38	37	37	150	39	41	44	42	167
revenues	565	77	698	266	986	797	748	643	367	100	788	897
Operating profit (loss) (EBIT)	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Middle East	387	1 707	699	874	158	656	2 387	1 053	1 215	661	1 244	4 173

Middle East	387	1 707	699	874	158	656	2 387	1 053	1 215	661	1 244	4 173
Asia Pacific	362	1 907	691	105	1 151	1 301	3 248	1 155	966	1 400	1 487	5 008
Europe	(32)	829	489	824	145	269	1 727	515	1 068	1 059	1 231	3 872
Americas	2 3	225	205	794	422	9 6	1 518	254	171	356	364	1 145
OWC	314	1 365	371	440	397	9	1 216	530	670	530	119	1 850
Longitude	-	-	331	167	3 9	8 0	617	119	655	638	172	1 584
Add Energy	-	-	-	-	-	-	-	-	-	(89)	(756)	(845)
Corporate group costs	(1 470)	(3 087)	(927)	(924)	(992)	(495)	(3 338)	(820)	(878)	(1 226)	(1 349)	(4 272)
Total EBIT	(416)	2 946	1 859	2 281	1 319	1 916	7 375	2 806	3 868	3 329	2 512	12 514

Trade receivable & Cash and cash equivalents

- split per segments

USD thousands
Trade	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
receivables	20	20	21	21	21	21	21	22	22	22	22	22
Middle	6	6	6	6	6	6	6	6	6	5	5	5
East	338	338	316	997	251	363	363	190	477	295	226	226
Asia	8	8	8	9	7	7	7	10	8	6	6	6
Pacific	091	091	243	327	631	611	611	206	896	249	691	691
Europe	8	8	7	7	8	8	8	7	9	7	7	7
	411	411	232	312	271	274	274	987	126	838	799	799
Americas	286	286	6	6	6	6	6	6	6	498	186	186
	7	7	462	864	633	494	494	078	231	5	5	5
OWC	1	1	1	3	2	3	3	3	3	3	3	3
	094	094	942	445	779	004	004	234	896	512	192	192
Longitude	1 636	1 636	2 105	1 805	1 479	1 884	1 884	1 680	2 118	1 861	894	894
Add Energy	-	-	-	-	-	-	-	-	-	4 189	3 964	3 964
Total trade receivables	32 856	32 856	32 299	35 750	33 043	33 631	33 631	35 376	36 743	34 442	32 952	32 952

Cash and cash equivalents	Q4 20	FY 20	Q1 21	Q2 21	Q3 21	Q4 21	FY 21	Q1 22	Q2 22	Q3 22	Q4 22	FY 22
Middle	2	2	2	2	2	2	2	3	2	3	3	3
East	185	185	426	064	388	402	402	018	840	680	872	872
Asia	6	6	826	3	4	4	4	4	4	086	729	729
Pacific	526	526	5	901	416	707	707	408	825	7	5	5
Europe	5	5	5	4	3	3	3	4	2	4	4	4
	464	464	517	624	780	398	398	015	849	178	971	971
Americas	4	4	3	3	3	2	2	3	3	4	4	4
	665	665	738	735	065	781	781	519	188	011	913	913
OWC	3	3	3	3	3	3	3	3	2	3	4	4
	822	822	683	485	548	356	356	448	262	255	626	626
Longitude	1 191	1 191	1 353	1 209	1 053	1 139	1 139	811	527	747	803	803
Add Energy	-	-	-	-	-	-	-	-	-	848	1 710	1 710
Corporate	6	6	5	5	4	2	2	1	2	5	4	4
group	789	789	777	515	962	032	032	994	220	462	350	350
Total cash and cash equivalents	30 642	30 642	28 319	24 532	23 212	19 815	19 815	21 212	18 711	29 267	30 974	30 974

Top 20 shareholders

#	Name of shareholder	No . of shares	% ownership
1	GROSS	14	14
	MANAGEMENT	890	2%
	AS	351
2	HOLMEN SPESIALFOND	10 450 000	10 0%
3	BJØRN STRAY	6 217 743	9% 5
4	MELESIO	4	4
	INVEST	811	6%
	AS	016
5	SOBER AS	3 500 000	3 3%
6	SAXO	3	3
	A/S	281	1%
	BANK	696
7	HAUSTA	2	2
	INVESTOR	725	6%
	AS	852
8	KRB	2	2
	CAPITAL	539	4%
	AS	065
9	VALOREM AS	2 360 000	2 3%
10	MP	2	2
	PENSJON	151	1%
	PK	128
11	MUSTANG	2	2
	CAPITAL	080	0%
	AS	000
12	CATILINA	1	1
	INVEST	685	6%
	AS	339
13	BADREDDIN DIAB	1 652 695	1 6%
14	TRAPESA AS	1 622 191	1 5%
15	AMPHYTRON	1	1
	INVEST	600	5%
	AS	339
16	DNB	1	1
	BANK	582	5%
	ASA	279
17	GINKO AS	1 428 480	1 4%
18	CARNEGIE INVESTMENT BANK AB	1 314 037	1 3%
19	CARUCEL	1	1
	FINANCE	300	2%
	AS	000
20	OF YORK MELLON THE BANK NEW	1 261 662	1 2%
	Top	453	65
	shareholders	68	3%
	20	873
	Other shareholders	36 315 989	34 7%
	Total	104	100
	outstanding	769	0%
	shares	862

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