Nordic Financials ASA — Interim / Quarterly Report 2018

May 31, 2018

Aega ASA Q1 REPORT – 2018

Contents

About Aega		3
Q1 in short		3
	Highlights from the reporting period	3
Financial review		4
	Aega Portfolio as of Q1 2018	5
Financials		7
Profit and loss		7
Balance sheet		8
Cash flow		9
Change in equity		10
Notes		11
Note 1:	Summary of significant accounting policies	11
Note 2:	Operational cost breakdown	11
Note 3:	Property plant and equipment	11
Note 4:	Group structure	12
Note 5:	Cash and cash equivalents	12
Note 6:	Power production	12
Note 7:	Related party transactions	13
Note 8:	Trade receivables and other current assets	13
Note 9:	Financing overview	13
	Note 10: Shares and shareholder information	13
	Note 11: Tax issues	14
	Note 12: Subsequent events	14
	Investor contact	16

About Aega

Aega ASA is a solar utility company listed on Oslo Axess. Aega ASA acquires and operates solar power plants, benefitting from government solar incentives – so called Feed-in-Tariffs. The company currently owns a portfolio of eight solar parks located in Italy, with a combined production capacity of approx. 8MWp or around 11GWh/year. Aega ASA mainly invests in small operating solar parks (below 5MWp capacity), meeting the company's strict investment criteria. The headquarters are in Oslo (NO) and Trento (IT).

Q1 IN SHORT

• Bad weather in the quarter resulted in a production in Q1, 7.9 per cent below budget. 21.9 per cent below Q1 production 2017 adjusted for installed capacity. OPEX per MWp reduced compared with previous quarters.
• Acquisition of Solar Park Luino S.r.l , which owns a 0.8MW solar plant in Luino, Lombardy, Italy, from a group of Italian investors. The funding was done through a loan of NOK 4MNOK given mainly by company shareholders.

HIGHLIGHTS FROM THE REPORTING PERIOD

Operations

Production was 7.9 per cent below the seasonally adjusted base case production as of 31 March 2018, due to low irradiation in the quarter. In addition, Aega had some downtime on a plant due to a minor theft. Revenues were 7.0 per cent lower than budget, due to the low production but somewhat compensated by a market price of electricity above the budgeted EUR 40MWh.

As mentioned in the Q4 2017 report, the new board of directors in Aega ASA was formally appointed on 28 December 2017 and immediately identi-

Portfolio Cumulated Production vs. Base Case

fied a need a to conduct a complete review of the company's commercial agreements, operational performance and overall financial situation. It is the board's view that Aega's 2017 administrative costs had not been at a sustainable level in order to deliver on the company's ambition of being a yield company for its shareholders. As a result, the board and management of Aega initiated an optimization programme to reduce the company's cost base and resolve outstanding debts, with the objective of obtaining a positive cash flow going forward. This optimization process has been a top priority throughout the first quarter of 2018. The main results so far are:

• 1. Reduced staffing: In 2016/2017 the group had the equivalent of 7 full time employees, mainly through consultancies. This has during Q1 been reduced to 2 full time employees and one consultant.
• 1. Renegotiated operational agreements: New insurance contracts for the solar parks have been entered into, providing an immediate cost effect from Q1 2018 and onwards. New Operation and maintance and accounting contracts have also been negotiated, with full cost effect from Q4 2018.
• 1. Terminated headquarter rent agreement as well as several minor third party agreements.
• 1. Simplified the operational structure by eliminating one layer in the corporate structure. This is expected to be completed during Q3 2018.

In total, these initiatives will reduce Aega's recurring costs with between EUR 450 - 500k per annum.

In addition, the board and management has reduced acquisition cost, transaction cost and other non-recurring cost substantially. In 2017 this amounted to about 2.2MEUR and 1.1MEUR in 2016. This was mainly costs related to acquisitions that failed to materialize or acquisitions/restructurings that did not enhance the income potential of the group.

The group will go forward with scrupulous focus on increasing the cash flow per share. The board still see some low hanging fruit and the target is to reduce the S&GA and cost of operations by EUR 700k for the full year 2019 compared to 2017, of which two-thirds have already been achieved. Acquisition, transaction and other non-recurring cost will depend on the growth of the company. However, it is the board's view that this should exceed EUR 300k per year.

Corporate events

Loan secured:

To secure financing for the Solar Park Luino, Aega has entered into a loan agreement where 21 shareholders have committed to lend a total of NOK 4 million to the Company, at an interest rate of eight percent per annum. Three primary insiders are participating in the shareholder loan, either in person or through their limited companies, including chairman Halldor Christen Tjoflaat (NOK 100 000), board members Nils Petter Skaset (NOK 350 000) and Kathrine Breistøl (NOK 250 000)

Aega has proposed to the annual general assembly (AGM) to decide if the shareholder loan, including interest rate of eight percent per annum, should be refinanced or converted to shares in Aega at a conversion rate of NOK 1 per share. In addition to 1 warrant per 10 shares received. The warrants will have conversion price of NOK 1 and the deadline is 14 days after the ordinary general meeting in 2019. If the AGM votes against converting the shareholder loan into shares in Aega, the loan will mature with immediate effect and trigger an additional interest rate compensation of ten percent to the lenders.

The shareholder loan is secured against the shares of Aega Yieldco AS, a wholly owned subsidiary of Aega ASA. The loan has been arranged by the company and no commission will be paid to any external third party facilitator.

Acquisition of new solar park:

15 February 2018 Aega signed a contract to acquire all shares in Solar Park Luino S.r.l , which owns a 0.8MW solar plant in Luino, Lombardy, Italy, from a group of Italian investors.

The acquisition is completed and settlement for the acquisition was made in cash. Aega's funding of the project has been through the loan mentioned above.

The 0.8MW solar park in Luino is fixed ground mounted, has a second conto energia feed in tariff and is seven years into its 20-year concession period. It delivers an internal rate of return (IRR) in line with Aega's current assets and the group's overall investment target.

After the acquisition the Chairman of the group Mr. Halldor Tjoflaat has been appointed CEO and constitute the Board of Directors in Solar Park Luino S.r.l. There are no employees in the acquired company.

Solar Park Luino S.r.l has a max cap interest swap related to the loan agreement.

The revenue and EBITDA contribution from Solar Park Luino Srl in 2018 to AEGA ASA's Financial statement is estimated to be around 85 per cent of the numbers indicated above, since the plant is acquired on 15 February 2018.

There are no significant off balance assets or liabilities.

Extension of interim CEO contract:

In addition, Aega has extended the contract with Interim CEO, Markus Enge.

Outlook

The company does not see investment opportunities as a limiting factor to the company's growth plans, and will continue to screen and evaluate new investment opportunities. However, the company's immediate priority is to return the company to delivering positive financial results.

Key figures

(EUR 000')	Q1 2018	Q1 2017
Electricity production (MWh)	1 541	1 701
Total revenues	553	567
Cost operations	(119)	(72)
Operating profit	434	495
Other costs Italy	(18)	(7)
Management fee	-	(74)
EBITDA Operations	416	413
HQ cost and adm. cost	(186)	(277)
Non recurring	(22)	(124)
EBITDA	209	13
Net profit	(256)	(356)
Quarterly yield solar parks 1	2.21%	2.78%
Total Assets	22 307	20 726
Equity (%) Net interest bearing debt	27% 12 841	41% 10 005
Earnings per share (EUR) 2	(0.01)	(0.01)
Stock price end of quarter (NOK)	0.73	2.86
Distribution to shareholders in the quarter (NOK)	-	-
Quarterly distributed yield	0.00%	0.00%

1 = EBITDA Operations/Power plant and equipment

2 = Total comprehensive income/Average number of shares

FINANCIAL REVIEW

In Q1 2018 Aega ASA had on average 7.2MWp installed capacity compared to 6MWp in Q1 2017. This should be taken into consideration when comparing the quarters.

Total revenues in Q1 2018 were EUR 553k compared to EUR 567k in the same period last year. The total power production was 1 541MWh, which is 7.9 per cent blow the seasonally adjusted base case production of 1 671MWh.

Cost of operations in Q1 2018 were EUR 119k compared to EUR 72k in the same period last year. The reason for the increase is that the company managed two more solar parks in Q1 2018 compared to Q1 2017. Going forward the company aims to have a cost of operations of roughly EUR 100k per quarter assuming a portfolio of 8MWp or EUR 50k/MWp/year. The company's non-recurring costs/income where negative EUR 22k due to transaction cost related to the purchase of Solar Park Luino S.r.l.

Financial cost was negative EUR 187k in Q1 2018, compared to negative EUR 99k in Q1 2017. Pre-tax profit was negative EUR 293k in Q1 2018 and the tax gain was EUR 37k, resulting in a net loss of EUR 256k in the quarter compared to a loss of EUR 356k in Q1 2017.

Earnings per share (EPS) was a loss of EUR 0.01 in Q1 2017, compared to a loss of EUR 0.01 per share in the same period last year.

The assets on the balance sheet consist of the portfolio of eight individual solar parks in Italy, one receivables mainly towards the GSE, VAT credits and cash bank deposits. The solar parks are financed with bank loans or leasing finance, where the assets of the parks are registered as security. The parks are held in separate single purpose companies (SPVs), and each company has separate loan financing (ring fenced).

The company had cash and short term deposits of EUR 1 286k at the end of Q1 2018 compared to EUR 717k at the beginning of the quarter.

AEGA PORTFOLIO AS OF Q1 2018

Photo-Volt One Srl

Plant Name:	Montalto
Company:	Photo-Volt One Srl
Municipality:	Montalto di Castro
Council:	Lazio
Power (kWp):	997.5
Connection date:	12 August 2011
Type	Ground mounted
Feed-in tariff (€/KWh):	0.242

Plant Name:	DT
Company:	DT Srl
Municipality:	Terni
Council:	Umbria
Power (kWp):	995.22
Connection date:	8 April 2011
Type	Ground mounted
Feed-in tariff (€/KWh):	0.318

Collesanto Srl

Plant Name:	Porchiano
Company:	Collesanto Srl
Municipality:	Amelia
Council:	Umbria
Power (kWp):	997.6
Connection date:	29 April 2011
Type	Ground mounted
Feed-in tariff (€/KWh):	0.318

Collesanto Srl

Plant Name:	Collesanto Narni
Company:	Collesanto Srl
Municipality:	Narni
Council:	Umbria
Power (kWp):	990
Connection date:	11 January 2011
Type	Ground mounted
Feed-in tariff (€/KWh):	0.318

JER-12 Srl

Plant Name:	Magnacavallo
Company:	Jer-12 Srl
Municipality:	Magnacavallo
Council:	Lombardia
Power (kWp):	992.64
Connection date:	28 June 2012
Type	Ground mounted
Feed-in tariff (€/KWh):	0.167

Piano Mulino Srl

Plant Name:	Piano Mulino
Company:	Piano Mulino Srl
Municipality:	Casoli
Council:	Abruzzo
Power (kWp):	999.58
Connection date:	30 December 2009
Type	Ground mounted
Feed-in tariff (€/KWh):	0.292

Casale Srl

Plant Name:	Casale
Company:	Casale Srl
Municipality:	Mercato Saraceno
Council:	Emilia-Romagna
Power (kWp):	999.58
Connection date:	30 December 2009
Type	Ground mounted
Feed-in tariff (€/KWh):	0.295

Solar Park Luino Srl

Plant Name:	Luino
Company:	Solar Park Luino Srl
Municipality:	Varese
Council:	Lombardy
Power (kWp):	800.64
Connection date:	30 April 2011
Type	Ground mounted
Feed-in tariff (€/KWh):	0.322

Financials

Profit and loss

(EUR)	Note	Q1 2018	Q1 2017	FY 2017
Feed-In Tariff revenue	1, 6	430 618	472 670	2 672 196
Sales of electricity	1, 6	84 259	94 235	483 665
Other revenue		38 209	-	37 605
Revenues	1, 6	553 086	566 905	3 193 466
Cost of operations	2	(119 223)	(72 343)	(297 083)
Sales, general and administration expenses	2	(203 587)	(357 895)	(1 403 530)
Acquisition and transaction costs	2	(21 763)	(123 784)	(2 156 307)
EBITDA		208 513	12 883	(663 454)
Depreciation, amortizations and write downs	3	(352 055)	(303 000)	(1 279 463)
Other Operating profit before OGL (EBIT)		(143 542)	(290 117)	(1 942 918)
Finance income		50	4 026	7 824
Finance costs	9	(161 175)	(99 492)	(644 986)
Mark to market adjustment derivatives	9	14 033	7 996	145 890
Net foreign exchange gain/(losses)		(2 748)	(461)	77 725
Profit before income tax		(293 382)	(378 048)	(2 356 465)
Income tax gain/(expense)		37 026	21 833	(204 653)
Profit/(loss) for the period		(256 356)	(356 216)	(2 561 118)
Other comprehensive income
Currency translation differences		38 638	49 004	(80 355)
Other comprehensive income net of tax		38 638	49 004	(80 355)
Total comprehensive income		(217 719)	(307 212)	(2 641 473)
Profit for the period attributable to:
Equity holders of the parent company		(256 356)	(356 216)	(2 561 118)
Total comprehensive income attributable to:
Equity holders of the parent company		(217 719)	(307 212)	(2 641 473)
Earnings per share		(0.01)	(0.01)	(0.06)
Avg. no of shares	10	43 533 876	42 489 081	43 533 876

Balance sheet

(EUR)	Note	31 Mar 2018	31 Dec 2017
ASSETS
Property, plant and equipment	3	18 820 603	16 731 740
Intangibles and DTA		423 512	398 239
Goodwill		-	-
Other long term assets		-	200 000
Non-current assets		19 244 115	17 329 979
Receivables	8	949 191	1 492 902
Other current assets	8	828 235	768 032
Cash and short term deposits	5	1 285 518	717 030
Current assets		3 062 944	2 977 964
TOTAL ASSETS		22 307 059	20 307 943
EQUITY AND LIABILITIES
Share capital	10	4 842 179	4 842 179
Share premium	10	8 208 942	8 208 942
Paid in capital		13 051 121	13 051 121
Accumulated profit & loss		(7 330 325)	(7 073 968)
Other equity		-	-
Foreign Currency translation reserve		291 067	252 429
Other equity		(7 039 258)	(6 821 539)
Total equity		6 011 863	6 229 582
Long term loans	9	4 726 544	2 933 328
Leasing	9	8 114 629	8 274 430
Other long term debt	9	-	-
Total non-current liabilities		12 841 173	11 207 758
Trade payables and other payables		1 015 613	1 120 794
Short term financing - interest bearing	7, 9	1 655 928	1 052 174
Derivative financial instruments		782 482	697 635
Other current liabilities		-	-
Total current liabilities		3 454 023	2 870 603
Total liabilities		16 295 196	14 078 361
TOTAL EQUITY AND LIABILITIES		22 307 059	20 307 943

Oslo, 31 May 2018

Halldor Christen Tjoflaat Chair

Nils Petter Skaset Director

Kathrine Breistøl Director

Kristine Larneng Director

Markus H Enge CEO

Cash flow

(EUR)	Note	Q1 2018	Q1 2017	2017
Ordinary profit before tax		(293 382)	(378 048)	(2 356 465)
Paid income taxes		-	-	(9 675)
Depreciation	3	352 055	303 000	1 279 463
Write down		-	-	-
Changes in trade receivables and trade payable		438 530	(135 302)	102 473
Changes in other accruals		213 423	162 166	10 229
Cash flow from operations		710 626	(48 184)	(973 975)
Acquisition net of cash acquired		(264 392)	(665 336)	(854 640)
Cash flow from investments		(264 392)	(665 336)	(854 640)
Proceeds from issue of share capital Dividends or shareholder distributions		- -	1 636 072 -	2 732 291 -
Proceed from loan		424 568	-	-
Repayment of loans		(340 952)	(197 429)	(874 712)
Cash flow from financing		83 615	1 438 643	1 857 579
Cash at beginning of period		717 030	688 066	688 066
Net currency translation effect		38 638	49 004	-
Net increase/(decrease) in cash and cash equivalents		529 850	725 123	28 964
Cash at end of period		1 285 517	1 462 192	717 030

Change in equity

(EUR)	Share capital	Share premium fund	Other equity	Foreign Currency translation reserve	Total equity
Equity 2017	4 842 179	8 208 942	(7 073 968)	252 429	6 229 582
Profit (loss) After tax	-	-	(256 356)	-	(256 356)
Other comprehensive income	-	-	-	38 638	38 638
Equity 31 March 2018	4 842 179	8 208 942	(7 330 324)	291 067	6 011 863

(EUR)	Share capital	Share premium fund	Other equity	Foreign Currency translation reserve	Total equity
Equity 2016	3 950 008	6 524 408	(4 737 873)	332 784	6 069 327
Share issue 3 January 2017	554 638	1 009 466	-	-	1 564 104
Share issue asset purchase	337 534	675 068	225 023	-	1 237 624
Profit (loss) After tax	-	-	(2 561 118)	-	(2 561 118)
Other comprehensive income	-	-	-	-	-
Other	-	-	-	(80 355)	(80 355)
Equity 31 December 2017	4 842 179	8 208 942	(7 073 968)	252 429	6 229 582

Notes

Note 1: Summary of significant accounting policies

Aega ASA is a public limited company, incorporated and domiciled in Norway. The registered office of Aega ASA is Thunes Vei 2, NO-0274 Oslo, Norway. Aega Energy Prima AS was the first company in the group, and was founded on 28 April 2014. Aega ASA owns and operates eight photovoltaic power plants in Italy, and has as its business to invest in photovoltaic power plants in Italy.

Basis for preparation of the interim financial statement

These condensed interim consolidated financial statements are prepared in accordance with recognition, measurement and presentation principles consistent with International Financing Reporting Standards as adopted by the European Union ("IFRS") for interim reporting under International Accounting Standard ("IAS") 34 Interim Financial Reporting. These condensed interim consolidated financial statements are unaudited.

The group's presentation currency is the Euro (EUR) and the parent company's functional currency is the Norwegian Krone (NOK). Balance sheet items in the group companies with a functional currency other than EUR are converted to EUR by applying the currency rate applicable on the balance sheet date. Currency translation differences are booked against other comprehensive income. Income statement items are converted by applying the average currency rate for the period. The interim financial report is prepared under the assumption of going concern.

We refer to the annual report of 2017 for a full overview of the accounting principles applied by Aega ASA.

Key risk factors

There has not been any significant change in the risk exposures or the risks and uncertainties described in the Q1 report compared to those described in the Annual report.

Note 3: Property plant and equipment

Q1 2018 (EUR)	Photo-Volt One Srl		DT Srl Collesanto Srl	JER-12 Srl	Piano Mulino Srl	Casale Srl	Solar Park Luino Srl	Other	Total
Power plant 31 December 2017	1 715 363	2 265 556	5 751 191	1 462 838	2 592 697	2 768 025	-	271 683	16 827 352
Additions	-	-	-	-	-	-	2 340 731	-	2 340 731
Depreciation	(32 641)	(43 281)	(111 863)	(32 083)	(63 708)	(48 471)	(15 433)	-	(347 480)
Value at 31 March 2018	1 682 722	2 222 274	5 639 328	1 430 755	2 528 989	2 719 553	2 325 298	271 683	18 820 603
2017		Photo-Volt				Piano
(EUR)		One Srl		DT Srl Collesanto Srl	JER-12 Srl	Mulino Srl	Casale Srl	Other	Total
Power plant 31 December 2016		1 845 925	2 437 778	6 198 052	1 591 168	2 847 529	-	248 502	15 168 955
Currency effect		-	-	-	-	-	-	(51 806)	(51 806)
Additions		-	2 700	-	-	-	2 911 979	-	2 914 679

Depreciation (130 562) (174 922) (446 861) (128 330) (254 832) (143 955) - (1 279 463) Value at 31 December 2017 1 715 363 2 265 556 5 751 191 1 462 838 2 592 697 2 768 025 196 696 16 752 365

Power plants are depreciated over the feed-in tariff period of 20 years.

Note 2: Operational cost breakdown

(EUR)	Q1 2018	Q1 2017	FY 2017
Revenues	553 086	566 905	3 193 466
Cost of operations	(119 223)	(72 343)	(297 083)
Land rent	-	-	-
Insurance	(16 985)	(17 749)	(42 860)
Operation & Maintenance	(5 717)	(32 597)	(113 772)
Other operations costs	(96 521)	(21 997)	(140 452)
Sales, General & Administration	(203 587)	(357 895)	(1 403 530)
Accounting, audit & legal fees	(35 225)	(52 311)	(149 632)
IMU tax	(4 170)	(660)	(10 771)
AEGA Solar management fee	-	(74 327)	(140 000)
Other administrative costs	(164 192)	(230 598)	(1 103 127)
Acquisition & financing cost	(21 763)	(123 784)	(2 156 307)
Acquisition transaction costs	(12 689)	(119 960)	(1 958 274)
Funding & IPO costs	(3 676)	(629)	(198 033)
Other non-recurring items	(5 398)	(3 195)	-
EBITDA	208 513	12 883	(663 454)

Note 4: Group structure ¹

SPV structure minimizes financial and operational risk

Note 5: Cash and cash equivalents

(EUR)	Q1 2018	2017
Cash Norway	56 296	48 838
Cash Italy	1 029 222	468 192
Restricted cash Italy	200 000	200 000
Total cash	1 285 518	717 030

Note 6: Power production

Power production kWh	Q1 2018	YTD 2018	Q4 2017	Q3 2017	Q2 2017	Q1 2017	YTD 2017
Photo-Volt One S.r.l	248 827	248 827	236 126	462 742	465 450	284 699	1 449 017
DT S.r.l	228 774	228 774	240 376	446 577	451 307	289 792	1 428 052
Collesanto S.r.l	417 907	417 907	490 266	932 985	942 200	596 726	2 962 177
JER-12 S.r.l	208 721	208 721	205 020	465 538	464 401	268 165	1 403 124
Piano Mulino S.r.l	223 609	223 609	244 274	469 790	467 523	261 544	1 443 131
Casale S.r.l	145 536	145 536	197 051	412 515	303 579	-	913 145
Solar Park Luino S.r.l	67 184	67 184	-	-	-	-	-
Total	1 540 558	1 540 558	1 613 113	3 190 147	3 094 460	1 700 927	9 598 647
Base Case 1 Power production kWh	Q1 2018	YTD 2018	Q4 2017	Q3 2017	Q2 2017	Q1 2017	YTD 2017
Photo-Volt One S.r.l	176 731	176 731	172 622	448 245	393 679	177 619	1 192 165
DT S.r.l	254 039	254 039	221 332	425 038	411 942	255 317	1 313 629
Collesanto S.r.l	555 826	555 826	463 751	897 600	854 632	558 620	2 774 603
JER-12 S.r.l	148 788	148 788	160 486	427 351	425 701	149 536	1 163 074
Piano Mulino S.r.l	242 469	242 469	219 635	436 266	438 125	243 688	1 337 714
Casale S.r.l	223 588	223 588	181 400	400 600	293 900	-	875 900
Solar Park Luino S.r.l	70 393	70 393	-	-	-	-	-
Total	1 671 834	1 671 834	1 419 226	3 035 100	2 817 979	1 384 780	8 657 085

¹ Base case: Historic seasonally adjusted production when acquired. The company estimates that the production is reduced by 0.5 per cent yearly due to degradation of the solar PV modules.

Note 7: Related party transactions

To secure financing for the Solar Park Luino, Aega has entered into a loan agreement where 21 current shareholders have committed to lend a total of NOK 4 million to the Company, at an interest rate of eight percent per annum. Three primary insiders are participating in the shareholder loan, either in person or through their limited companies, including chairman Halldor Christen Tjoflaat (NOK 100 000), board members Nils Petter Skaset (NOK 350 000) and Kathrine Breistøl (NOK 250 000)

Aega has proposed to the annual general assembly (AGM) to decide if the shareholder loan, including interest rate of eight percent per annum, should be refinanced or converted to shares in Aega at a conversion rate of NOK 1 per share. If the AGM votes against converting the shareholder loan into shares in Aega, the loan will mature with immediate effect and trigger an additional interest rate compensation of ten percent to the lenders.

The shareholder loan is secured against the shares of Aega Yieldco AS, a wholly owned subsidiary of Aega ASA. The loan has been arranged by the company and no commission will be paid to any external third party facilitator.

Note 8: Trade receivables and other current assets

Trade receivables are mainly accrued feed-in-tariff. 90 per cent of the feed-intariff on historical production is normally paid within 60 days, whereas surplus actual production is paid in June/July in the following year.

(EUR)	31 Mar 2018	31 Dec 2017
Trade receivables	894 869	1 409 423
Tax Outstanding and VAT	791 714	768 032
Other current assets	-	-
Receivables financial instruments	1 686 583	2 177 455
Prepayments	54 322	83 479
Receivables	1 740 905	2 260 934

Note 9: Financing overview

Financial liabilities		31 Mar 2018	2017
Secured long term loans		4 726 544	2 933 328
Obligations under finance leases		8 114 629	8 274 430
Trade and other payables		1 015 613	1 120 794
Current leasing or loans		1 655 928	1 052 174
Derivative financial instruments 1		782 482	697 635
Total		16 295 196	14 078 361
Total current		3 454 023	2 870 603
Total non-current		12 841 173	11 207 758
Financal costs	Q1 2018	Q1 2017	2017
Interest paid on leasing	108 540	53 203	393 575
Interst paid on project finances	42 790	46 974	251 411
Other financial cost	9 845	(686)	-
Total finance costs	161 175	99 492	644 986

¹ The derivatives financial instruments are interest swap agreements entered to fix the interest rate. Aega ASA has a swap agreement attached to each of the solar power plants, except for two. The swap agreements are marked to market.

Note 10: Shares and shareholder information

	31 Mar 2018
AEGA ASA Shares	43 882 141
Aega ASA warrants	2 000 000
	31 Dec 2017
AEGA ASA Shares	43 882 141
Aega ASA warrants	2 000 000

Warrants:

The warrants are freely tradable non-listed warrants, which each entitles the holder to subscribe for one share in Aega for an exercise price of NOK 3.10 per share. The exercise price for each warrant are adjusted downwards on a NOKfor-NOK basis by any dividend per share paid by Aega in excess of an annual dividend of 7 per cent of NOK 3.10 in the period from 31 January 2017 until the exercise of the warrant.

The Warrants are exercisable during exercise periods lasting for four weeks from the date of publication of Aega's annual financial statements for the financial years 2017, 2018, 2019 and 2020, provided, however, that the last exercise period shall end no later than 30 June 2021. Any unexercised Warrants will expire without any compensation to Solex on 30 June 2021.

Largest 20 shareholders as of 31 March 2018:

Shareholders	Shares	Percentage
BEARHILL INC AS	3 359 034	7.7%
SOLEX AS	2 162 365	4.9%
HARALDSEN THORVALD MORRIS	1 627 119	3.7%
SÆTREMYR TORE	1 277 694	2.9%
LJM AS	1 134 890	2.6%
MOGER INVEST AS	1 134 890	2.6%
AFT DEVELOPMENT AS	1 060 447	2.4%
MORO AS	933 667	2.1%
JAN STEINAR NEREM	919 724	2.1%
VESAAS OLAV	877 141	2.0%
PENTHOUSE MIRADORES AS	761 884	1.7%
SØLAND TORSTEIN	668 890	1.5%
STRØM-RASMUSSEN FINN	666 667	1.5%
JAN P HARTO AS	599 524	1.4%
RACCOLTA AS	595 840	1.4%
CLEAR THOUGHT AS	551 833	1.3%
BETONGCONSULT EIENDOM AS	551 277	1.3%
NYGÅRD ROALD ARNOLD	539 319	1.2%
VIA GLORIA AS	500 000	1.1%
FIN SERCK-HANSSEN	459 917	1.0%
Total 20 largest shareholders	20 382 122	46.4%
Aega ASA outstanding shares	43 882 141	100.0%

Note 11: Tax issues

Tax dispute in Italy

The group is currently involved in a tax dispute with the Italian tax authorities with respect to two of the group's Italian subsidiaries. Italian tax authorities have claimed repayment from the group of approximately EUR 1 200k. The group has disputed the claim in court and won in the first instance court. The Italian tax authorities have appealed, If the outcome should be unfavorable, the group's view is that any liability deriving from said claims is covered by the warrants provided for in the share purchase agreements signed with the seller of the relevant plants, as the (potential) due tax is from the period before AGEA purchased the assets and the warrants in the purchase agreements put any tax claims prior to the acquisition on the seller solely. The company has so far deemed it necessary to pay installments on the tax claim until the ruling is made, so far the group has paid about EUR 60k related to this case.

Note 12: Subsequent events

Nothing to note.

Investor contact

Markus H Enge

Chief Executive Officer

Mobile: +47 40064820 E-mail: mhe@aega.no

Aega ASA Thunes vei 2 N-0274 Oslo Norway

Web: www.aega.no