Nordic Financials ASA — Interim / Quarterly Report 2018

Feb 28, 2019

Interim report Q4 2018

Interim report Q4 2018

Aega ASA: fourth quarter and full-year results 2018

28 February 2019 – Aega ASA (Aega) delivered a significantly improved financial result and slightly higher revenues in the fourth quarter 2018 versus the same quarter last year, despite a reduction in solar irradiation levels of 11.6 percent.

Revenue in the fourth quarter was EUR 547,495, a slight increase from EUR 533,854 in the corresponding quarter last year. The EBITDA result ended at EUR 183,506, a significant improvement from the same quarter last year which showed a loss of EUR -1 928 516. Net profit in the quarter was EUR -246,448 versus EUR -2,235,710 in the fourth quarter 2017.

Operating costs in the fourth quarter of 2018 were EUR 75,602 compared with EUR 78,079 in the same period last year, despite operating one more solar park this year.

Solar irradiation level in the fourth quarter 2018 was 11.6 percent lower than in the same quarter last year. However, revenues were impacted positively by a market price for electricity that was approximately 50 percent above the budgeted level of EUR 40 per MWh.

“The significantly strengthened financial results reflect reduction in head office expenses plus lower SG&A costs (selling, general & administrative) following a number of contract renegotiations and optimisation of the organisation to fit the scale of the business,” says Markus Enge, CEO of Aega.

Full-year results 2018

Revenues for the full-year 2018 ended at EUR 3,320,733, an increase of 4 percent compared with 2017 (2017: EUR 3,193,466). The EBITDA result in 2018 was EUR 2,078,884 versus EUR -663,454 in 2017. Net profit was -179,942 in 2018 compared with -2,561,118 the year before.

“The weather conditions in 2018 have been the worst since the solar parks were built. Despite this, we have improved revenues slightly and significantly improve the company’s financial results. The 2018 financial results have also been impacted by a significant amount of non-recurring costs and the fact that we have caught up on a major backlog of necessary maintenance investments in the solar parks throughout 2018. I believe Aega now has the platform in place to return the business to delivering positive results,” says Markus Enge.

The Aega board of directors retains its objective of reinstating dividends in 2019.

Please see enclosed for the fourth quarter and full-year report for 2018.

ENDS

For further information, please contact:

Markus H Enge, CEO, tel: +47 40 06 48 20, email: mhe@aega.no