Nordic Financials ASA — Earnings Release 2021

Aug 31, 2021

Aega ASA: second quarter and first half 2021 interim financial results

Aega ASA: second quarter and first half 2021 interim financial results

31 August 2021 –

Aega ASA (Aega) delivered revenues of EUR 510.1 thousand in the second quarter of 2021, an increase of 144 percent versus the same quarter last year (Q2 2020: EUR 209.1 thousand). EBITDA was positive at EUR 14.4 thousand (66.2) reflecting the increased scale of Aega’s solar park portfolio.

“The strong revenue growth and positive EBITDA result is a consequence of high acquisition activity in the past year, plus successful integration and optimisation of new solar parks in our portfolio. Owning solar parks is a scale game, and I am pleased to demonstrate our ability to deliver on this strategy,” says Nils P. Skaset, CEO of Aega ASA.

Revenues in the second quarter were EUR 510.1 thousand (209.1). EBITDA ended at EUR 14.4 thousand (66.2). The unusually strong EBITDA result in last year’s second quarter was a result of lower than usual operating and transaction costs as Aega only operated one solar park and did not purchase any parks in the quarter.

NORSK SOLAR INVESTMENT

Net profit for the second quarter ended at EUR 1.27 million (-302.7 thousand) as a consequence of Norsk Solar’s shares being successfully listed on Euronext Growth.

Aega first invested in Norsk Solar in November 2020, when the company was still privately held. In February 2021, Aega acquired an additional block of 322,830 shares in Norsk Solar AS. On 30 June 2021, Aega’s shareholding in Norsk Solar was 3,989,170 shares, equivalent to a 5.3 percent ownership share and a market value of approximately NOK 37 million at the time.

“The investment in Norsk Solar has been very profitable for Aega’s shareholders, and we are pleased with the significant operational progress the Norsk Solar team is making,” says Nils P. Skaset, who is also a member of Norsk Solar’s board of directors.

10 MW GROWTH PLAN

Today, Aega owns and operates a portfolio of five solar parks with a total production capacity of 5 MW. The company has an ambition of doubling this production capacity to at least 10 MW.

To support this ambition, Aega will today announce a proposed rights issue (Norwegian: “tegningsrettsemisjon) with warrants directed towards existing shareholder of Aega. Successful completion of the rights issue is expected to result in gross proceeds of minimum NOK 12 million and up to maximum NOK 27 million (Please see separate stock exchange announcement for details of the proposed rights issue).

“We have available liquidity at Aega, but feedback from our shareholders is that they want us to continue growing our solar park portfolio as the scale benefits are there for everyone to see, as exemplified by the second quarter financial results,” says Halldor Tjoflaat, chairman of Aega ASA.

“The board of directors therefore wants to conduct a capital raise that secures preferential treatment of Aega’s current shareholders as well as equal treatment of our shareholders. The transaction structure will allow current shareholders to maintain their pro-rata ownership share at a discounted rate versus today’s trading price, plus enable them to realise a cash profit should they wish to divest their allocated shares and warrants in the rights issue. We believe this is a shareholder-friendly transaction structure that secures additional funding for our 10 MW growth plan and protects shareholder interests both short and long term,” adds Halldor Tjoflaat.

Once the prospectus for the proposed transaction has been approved by the Norwegian Financial Services Authority, Aega will invite all shareholders to an information meeting about the transaction.

Please find the second quarter and half-year 2021 interim financial report enclosed to this announcement.

For further information, please contact:

Nils P. Skaset, CEO +47 951 88 154

About Agea

Aega ASA is an investment company listed on Euronext Expand in Oslo. Aega’s main focus is on the solar power market. The company acquires and operates smaller existing Italian solar power plants, following strict investment criteria. In addition to being an industrial player it also considers financial investments in the solar and renewable sector. The company’s head offices are in Oslo (NO) and Trento (IT). For more information, see www.aega.no