YEAR-END REPORT 1 January – 31 December 2021

The formerly-named Momentum Group has changed its name to Alligo and is traded since 15 December 2021 under the new short name ALLIGO B.

FOURTH QUARTER HIGHLIGHTS

l Revenue increased by 10 per cent to MSEK 2,458 (2,237).
l EBITA increased by 54 per cent to MSEK 250 (162), corresponding to an EBITA margin of 10.2 per cent (7.2).
l Operating profit amounted to MSEK 194 (147) and the operating margin was 7.9 per cent (6.6). Items affecting comparability had an impact on profit of MSEK -40 (0) and relate to losses on divestment of operations of MSEK 37 and costs in connection with preparations for the separate listing of the Components & Services business area.
l Total profit for the quarter, including discontinued operations, amounted to MSEK 170 (134) and earnings per share to SEK 3.351 SEK (2.701 ). Excluding discontinued operations, profit for the quarter amounted to MSEK 139 (104) and earnings per share to SEK 2.751 SEK (2.101 ).
l Cash flow from operating activities amounted to MSEK 512 (489).

FULL YEAR 2021 HIGHLIGHTS

l Revenue amounted to MSEK 8,475 (7,237), with the change from the previous year partly attributable to the acquisition of Swedol, which was closed in April 2020.
l EBITA amounted to MSEK 645 (419), corresponding to an EBITA margin of 7.6 per cent (5.8). The change compared with the preceding year is partially attributable to the acquisition of Swedol.
l Operating profit amounted to MSEK 427 (261) and the operating margin was 5.0 per cent (3.6). Items affecting comparability had an impact on profit of MSEK -155 (-106²), of which MSEK 108 pertains to restructuring costs relating to the Swedish logistics operations of Tools being relocated to Alligo's central warehouses in Örebro. MSEK 37 relates to losses on divestment of operations and MSEK 10 relates to costs in connection with preparations for the separate listing of the Components & Services business area.
l Total profit for the period, including discontinued operations, amounted to MSEK 430 (283) and earnings per share to SEK 8.501 SEK (6.501 ). Excluding discontinued operations, profit for the period amounted to MSEK 291 (165) and earnings per share to SEK 5.75¹ SEK (3.65¹).
l Cash flow from operating activities amounted to MSEK 943 (1,191).
l The Board of Directors proposes a dividend for 2021 of SEK 1.75 per share (1.50).

SIGNIFICANT EVENTS DURING THE FOURTH QUARTER

l As part of the preparations for the separate listing of the Components & Services business area, the Board of Directors appointed the former business area manager of Alligo, Clein Ullenvik, as President & CEO and the former CFO of the Alligo business area, Irene Wisenborn Bellander, as CFO. The new management took office on 1 November. The Board of Directors also proposed a change of company name from Momentum Group AB to Alligo AB, which was approved at an Extraordinary General Meeting on 2 December.
l Alligo acquired all the shares in Norwegian workwear specialist RAF Romerike Arbeidstøy AS and divested all shares in Gigant AB in order to streamline operations.
l The Board of Directors decided to relocate the Swedish logistics operations of Tools from Alingsås to Alligo's central warehouses in Örebro.

EVENTS AFTER THE END OF THE PERIOD

l Alligo acquired all the shares in Liukkosen Pultti Oy which runs a workwear and tool store in Lahti, Finland.
l Nordstjernan requested the conversion of Class A shares to Class B shares in Alligo as part of the preparations for the separate listing of Momentum Group.

DISCONTINUED OPERATIONS

In this report, the Components & Services business area is reported as discontinued operations in accordance with IFRS 5. The Alligo business area represents continuing operations. Comments and figures relate to continuing operations unless otherwise specified. Comparison figures in the consolidated income statement have been recalculated. For more information, see note 2 Accounting policies on page 15, note 5 Discontinued operations on page 19 and pages 25–26.

CHANGE OF FINANCIAL YEAR

As a result of the Group changing its financial year to the calendar year, the 2020 financial year was shortened to 9 months (1 April to 31 December 2020). To enable a 12-month comparison, the period 1 January to 31 March 2020 has been added to the financial year 1 April to 31 December 2020 to provide comparison figures in all tables.

ACQUISITION OF SWEDOL

The acquisition of Swedol was completed during spring 2020 and closed on 1 April 2020. Any instances where comparison figures in this report include Swedol for periods prior to the closing date of 1 April 2020 are specifically noted. The basis for the financial history including Swedol is stated in a separate press release issued on 24 June 2020: "Supplementary financial report relating to the financial year 2019/20 for the Momentum Group".

	2021	2020		2021	2020		2020
	OCT–DEC	OCT–DEC	Δ	JAN–DEC	JAN–DEC	Δ	FINANCIAL YEAR 9 MOS.
Revenue, MSEK	2,458	2,237	10%	8,475	7,237	17%	6,019
Revenue (including Swedol 2019/203 ), MSEK	2,458	2,237	10%	8,475	8,078	5%	6,019
Operating profit, MSEK	194	147	32%	427	261	64%	226
EBITA, MSEK	250	162	54%	645	419	54%	374
EBITA (including Swedol 2019/203 ), MSEK	250	162	54%	645	462	40%	374
EBITA margin, %	10.2	7.2		7.6	5.8		6.2
EBITA margin (including Swedol 2019/203 ), %	10.2	7.2		7.6	5.7		6.2
Return on equity4 , %				13.3	12.1
Return on working capital (EBITA/WC), %				35.9	235
EBITA/WC (including Swedol 2019/203 ), %				35.9	225
Equity per share4 , SEK				67.95	60.25	13%	60.25
Equity/assets ratio, %				39.5	395		395

1) Before and after dilution.

2) Restructuring costs in connection with the integration of Tools and Swedol

(mainly the write-down of right-of-use assets and costs for adapting the range).

3) Calculated as if the acquisition of Swedol had taken place on 1 April 2019.

4) Relates to total operations.

5) Margin calculated on the basis of the figures reported in the financial statements. This means that profit/loss items for previous periods are recalculated and based on continuing operations, while balance sheet items for previous periods are not recalculated.

MESSAGE FROM THE CEO

I t has been an eventful end to 2021, with preparations continuing ahead of the separate listing of the Components & Services business area. A new Group management was appointed in November and the Group changed its name from Momentum Group to Alligo in December.

The division of the two business areas Alligo and Components & Services (Momentum Group) into two separate listed companies will strengthen the opportunities for each business to develop on the basis of their focus areas and with new financial targets. I am looking forward to continue working with these new endeavors.

Sales growth, benefiting from a cold and early winter

Winter came early, bringing with it unusually cold weather and strong seasonal demand. As a result, the increase in sales that we normally see in January began early, during the latter part of the fourth quarter. The general recovery also continued on all of our markets. Revenue for the quarter amounted to MSEK 2,458 (2,237). The 10 per cent increase in relation to the comparison period was mainly driven by development in Sweden, where small and mediumsized enterprises continue to display stable, organic growth, while at the same time the cold weather had a major impact on sales. Our challenges remain within the industrial sector, but we are seeing a slight improvement in sales to industrial customers in Sweden.

A slight recovery is evident on the Norwegian market, although development within the oil and gas industry remains weak. The acquisition of RAF Romerike Arbeidstøy A/S had a positive impact. In Finland, the acquisition of Imatran Pultti Oy led to increased sales.

Revenue for the full year amounted to MSEK 8,475 (7,237). This increase is partly attributable to the acquisition of Swedol in April 2020. Calculated as if Swedol had been included for the entire comparison period, revenue increased by 5 per cent.

Increased profitability

Increased sales of high-margin products as a result of the cold winter weather boosted profits. EBITA, adjusted for items affecting comparability, amounted to MSEK 250 for the quarter (162), corresponding to an EBITA margin of 10.2 per cent (7.2). The improvement in profit was driven mainly by development in Sweden. In addition to the favourable product mix as a result of the cold weather, the price increases implemented had good penetration in Sweden and the integration of Swedol and Tools has created synergies.

There was a slight improvement in profits in Norway, driven mainly by increased volumes, but also by synergies to a certain extent. Profits in Finland were weak as a result of an unfavourable customer mix and minimal customer penetration of the price increases implemented. We are continuing our focused work on sales and assortment management in order to change this trend.

EBITA for the full year amounted to MSEK 645 (419), corresponding to an EBITA margin of 7.6 per cent (5.8).

Intensive integration work

During the year, we continued the intensive integration work that has been under way since the merger of Swedol and Tools. Among other things, we have carried out several store integrations, launched a Nordic standard range, implemented our common business system in Tools in Finland and continued to coordinate the logistics organisations. With the launch of Alligo's new shared values, we completed our strategic map, consisting of our mission, vision, strategic objectives and strategies.

We have come a long way in a short time and I feel sure we are on the right path.

During the fourth quarter, we established new common financial and nonfinancial targets for Alligo. Together, these targets are designed to ensure that Alligo delivers a good return to shareholders through sustainable and profitable growth, as well as financial stability.

Facing new challenges

The planned migration to a new common pricing system, the implementation of our joint IT and business system in Tools in Sweden and the upcoming relocation of logistics operations from Alingsås to Örebro involve major changes to the business and we are taking preventive measures to reduce the risk of disruption.

The situation in Asia, with lockdowns as a result of the pandemic combined with energy rationing in China, may potentially create further challenges in the supply chain in the future. In close collaboration with our suppliers, we are continuing to work to secure deliveries in the best way possible.

We have come a long way in a short time and I feel sure we are on the right path. We have established a stable foundation and we are ready to take on the challenges that lie ahead as our integration work continues apace.

The extensive change work we have implemented during the year would not have been possible without the hard work and commitment of our employees and the good cooperation of our customers and suppliers. I would like to end by expressing my sincere thanks to you all!

Clein Johansson Ullenvik President and CEO

ABOUT THE GROUP

SEPARATE LISTING OF THE COMPONENTS & SERVICES BUSINESS AREA

The Group currently consists of two strong and operationally independent business areas – the Alligo business area and the Components & Services business area – each with their own focus areas and dedicated management.

The Alligo business area is operated as an integrated company where value creation takes place primarily through operational improvements and growth within the business. The Components & Services business area has a clear focus on acquisition-driven growth.

Dividing these two business areas into two separate listed companies enables both to be strengthened and gives them the freedom to operate on the basis of their own focus areas and conditions. The intention is for Components & Services to be listed on Nasdaq Stockholm as a separate company under the name Momentum Group AB during spring 2022. As part of the preparations for this, an Extraordinary General Meeting voted through a proposal from the Board of Directors to change the company name of the parent company from Momentum Group AB to Alligo AB.

>> Read more about Components & Services in Appendix: Discontinued operations on pages 25–26.

ALLIGO – AN INTEGRATED COMPANY

Alligo is a leading player within workwear, personal protective equipment, tools and consumables in the Nordic region. Its offering has a clear focus on consumables and includes a standardised product range of goods and services that enable companies to function. Its customers are a balanced mix of small and medium-sized enterprises, large companies and public-sector agencies within eight defined industry segments: Manufacturing, Construction industry, Public sector, Transport and storage, Repair and maintenance, Agriculture and forestry, Fishing and aquaculture and Oil and gas.

Through the concept brands Swedol, Tools, Grolls and Univern, alongside local independent specialist brands, we meet professional users throughout the Nordic region in the channels where they want to meet us, whether this is a store, field sales, digital channels or on-site service.

Since Alligo was formed through the merger of Swedol and Tools in 2020, intensive work has been under way to construct an integrated company with a common platform that provides economies of scale within key areas such as concept and market, Assortment and Procurement, logistics, finance, IT, HR and sales. Based on common values, strategies and objectives, we will work together to achieve the vision of becoming unbeatable as a partner to our customers and suppliers, as an employer to our employees and as a leader of sustainable development in our industry.

Specialist brands

SWEDEN: Mercus, Company Line, Reklamproffsen, Industriprofil, TriffiQ, Profilmakarna and Defacto. FINLAND: Metaplan and Imatran Pultti.

GROUP DEVELOPMENT

REVENUE

Fourth quarter 2021

Revenue increased by 10 per cent to MSEK 2,458 (2,237). Revenue from like-forlike sales, measured in local currency and adjusted for the number of trading days, increased by around 7 per cent compared with the corresponding quarter last year. The proportion of own brands during the quarter was 20.9 per cent (21.2). This reduction was driven by Finland and is mainly the result of stronger growth in external brands. Currency translation effects had an impact of MSEK +28 on revenue. The quarter contained one trading day more than last year.

SALES TREND	20211 OCT–DEC	20211 JAN–DEC
Change in revenue from:
Like-for-like sales in local currency,%	7.3	4.3
New stores in local currency,%	-	-
Currency effects, %	1.3	0.0
Number of trading days, %	1.7	0.4
Other units2 , %	-0.4	0.2
Total change	9.9	4.9

1) Swedol is included in like-for-like sales as though the acquisition had closed on 1 April 2019.

2) Acquisitions and divestments during 2020–2021 (excluding Swedol).

Total operations

Revenue increased by 13 per cent during the quarter to MSEK 2,855 (2,529) for total operations, including discontinued operations.

REVENUE

* As the Group changed its financial year to the calendar year, the 2020 financial year covered the period 1 April–31 December 2020 (9 months).

2019/20 2020* 2021

Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4

MSEK MSEK

Full year 2021

Revenue amounted to MSEK 8,475 (7,237), with the change from the previous year partly attributable to the acquisition of Swedol, which was closed in April 2020. Compared with revenue for the corresponding period last year including Swedol for the entire reporting period (MSEK 8,078), revenue increased by around 4 per cent. Revenue from like-for-like sales (including Swedol), measured in local currency and adjusted for the number of trading days, increased by around 4 per cent compared with the corresponding period last year. The proportion of own brands during the period was 20.2 per cent (19.4). This increase is driven by the successful launch of some of the company's own brands. The launch of clothing has been delayed as a result of disruption to supplies from Asia. The proportion of own brands has increased in Sweden and Norway but reduced in Finland as a result of higher relative growth in external brands. Currency translation effects had an impact of MSEK -3 on like-for-like sales (including Swedol). The full year contained one trading day more than the corresponding period last year.

Total operations

Revenue amounted to MSEK 9,949 (8,385) for total operations, including discontinued operations.

Per quarter

150

225

300

Rolling 12 months

200

400

600

800

PROFITS

Fourth quarter 2021

Operating profit amounted to MSEK 194 (147). EBITA (operating profit excluding items affecting comparability and amortisation of intangible assets arising in connection with corporate acquisitions) increased by 54 per cent to MSEK 250 (162), corresponding to an EBITA margin of 10.2 per cent (7.2). Items affecting comparability have had an impact on operating profit of MSEK -40 (0) and relate to losses on divestment of operations of MSEK 37 and costs in connection with preparations ahead of the separate listing of the Components & Services business area. During the quarter, MSEK 26 was released from the restructuring reserve from the third quarter of 2020 (originally MSEK 97). In addition, MSEK 1 was released from the restructuring reserve booked during the third quarter of 2021 (originally MSEK 108). 2,500 MSEK MSEK 9,000

The effective tax rate was -24.9 per cent (-22.4) and was affected by the divestment of Gigant AB. Profit after financial items was MSEK 185 (134) and profit after tax was MSEK 139 (104), which corresponds to earnings per share for continuing operations of SEK 2.75 (2.10) for the quarter. 1,500 2,000 7,000 8,000

Total operations

1,000

EBITA

EBITA from total operations, including discontinued operations, for the quarter was MSEK 299 (201), corresponding to an EBITA margin of 10.5 per cent (7.9). 500 2019/20 2020* 2021 Q4 Q1 Q2 Q3 Q1 Q2 Q3 Q4 5,000 Per quarter Rolling 12 months

* As the Group changed its financial year to the calendar year, the 2020 financial year covered the period 1 April–31 December 2020 (9 months).

Full year 2021

Operating profit amounted to MSEK 427 (261), with the change from the previous year partly attributable to the acquisition of Swedol. EBITA (operating profit excluding items affecting comparability and amortisation of intangible assets arising in connection with corporate acquisitions) amounted to MSEK 645 (419). Compared with EBITA for the corresponding period last year including Swedol for the entire reporting period (MSEK 462), EBITA increased by 40 per cent, giving an EBITA margin of 7.6 per cent (5.7). Operating profit was charged with depreciation of MSEK -74 (-45) on tangible non-current assets and amortisation of MSEK -105 (-92) on intangible non-current assets and depreciation on right-of-use assets of MSEK -384 (-352), as well items affecting comparability of MSEK -155 (106). Of the items affecting comparability of MSEK 155, MSEK 108 relates to restructuring costs in connection with the relocation of the Swedish logistics operations of Tools to Alligo's central warehouses in Örebro, of which MSEK 62 relates to the write-down of non-current assets and right-of-use assets of the logistics centre in Alingsås. MSEK 37 relates to losses on divestment of operations and MSEK 10 relates to costs in connection with preparations ahead of the separate listing of the Components & Services business area. The coordination of Tools and Swedol is proceeding according to plan. The remaining restructuring reserves derive in the amount of MSEK 46 from the restructuring that took place during the third quarter of 2020 and the remaining restructuring reserves originating from the third quarter of 2021 amount to MSEK 107, compared with an initial MSEK 108.

Profit after financial items was MSEK 379 (217) and profit after tax was MSEK 291 (165), which corresponds to earnings per share for continuing operations of SEK 5.75 (3.65) for the reporting period.

The Group's profitability, measured as the return on equity, amounted to 13 per cent (12) and the return on working capital (EBITA/WC) to 36 per cent (23) for the most recent 12-month period. The return on capital employed for the corresponding period was 7 per cent (6).

Total operations

EBITA from total operations, including discontinued operations, for the period was MSEK 838 (575), corresponding to an EBITA margin of 8.4 per cent (6.9).

6,000

Fourth quarter 2021

Sweden

Revenue in Sweden during the quarter amounted to MSEK 1,548 (1,420). The 9 per cent increase was primarily driven by stable, organic growth among small and medium-sized enterprises, a recovery in relation to the comparison period and the benefits of particularly cold winter weather for the season. Challenges remain within the industrial segment. EBITA for the quarter amounted to MSEK 232 (133) and the EBITA margin to 15.0 per cent (9.4). Profits benefited from higher sales, price increases, synergies and the winter weather contributing to increased sales of high-margin products.

Norway

Revenue in Norway during the quarter amounted to MSEK 625 (569). The market showed a slight recovery in relation to the comparison period, although development within the oil and gas industry remained weak. The acquisition of RAF Romerike Arbeidstøy AS made a positive contribution, while sales in Norway have also benefited from a cold and early winter. EBITA for the quarter amounted to MSEK 29 (23) and the EBITA margin to 4.6 per cent (4.0). The improvement in profit is driven by higher volumes.

Finland

Revenue in Finland during the quarter amounted to MSEK 354 (312). The acquisition of Imatran Pultti Oy made a positive contribution. EBITA for the quarter amounted to MSEK -10 (7) and the EBITA margin to -2.8 per cent (2.2). The weaker profit compared with last year is the result of an unfavourable customer mix and an inability to pass on price increases from our suppliers.

Full year 2021

Sweden

Revenue in Sweden during the period amounted to MSEK 5,213 (4,245). The 23 per cent increase was mainly driven by the acquisition of Swedol, a recovery compared with the previous year and strong growth among small and mediumsized enterprises. The number of stores at the end of the period was 109 (121). EBITA for the period amounted to MSEK 560 (313) and the EBITA margin to 10.7 per cent (7.4). The improvement in profit is driven by higher sales, with two quarters of cold winter weather and the resulting favourable product mix, good penetration of the price increases implemented and synergies.

Norway

Revenue in Norway during the period amounted to MSEK 2,220 (2,017). The market showed a slight recovery in relation to the comparison period, although development within the oil and gas industry remained weak. The number of stores at the end of the period was 55 (60). EBITA for the period amounted to MSEK 80 (62) and the EBITA margin to 3.6 per cent (3.1). Profits benefited from the higher volumes and synergies.

Finland

Revenue in Finland during the period amounted to MSEK 1,292 (1,181). The acquisition of Swedol and Imatran Pultti Oy made a positive contribution. The number of stores at the end of the period was 39 (37). EBITA for the period amounted to MSEK 17 (53) and the EBITA margin to 1.3 per cent (4.5). The weak profits were the result of continued unfavourable development in the customer mix and the weak penetration of the price increases implemented in an inflationary economy. Work is ongoing to strengthen the sales and assortment management.

INVESTMENTS AND CASH FLOW

Cash flow from operating activities before changes in working capital for the reporting period totalled MSEK 1,121 (885). Inventories increased during the period by MSEK 282 and operating receivables by MSEK 279 as a result of adaptations to the range and disruption in the supply chain, as well as an increased level of activity. Operating liabilities rose by MSEK 383. Cash flow from operating activities for the period therefore amounted to MSEK 943 (1,191). Cash flow for the reporting period was also impacted by a net amount of MSEK -171 (-152) pertaining to investments in and divestments of non-current assets, and a net amount of MSEK -174 (-1,757) pertaining to acquisitions and divestments of subsidiaries and other business units. Investments in non-current assets principally relate to the implementation of a new common business system in Finland and Sweden, store modifications and the continued expansion of the Group's warehousing and logistics facility in Örebro.

FINANCIAL POSITION AND FINANCING

At the end of the reporting period, the Group's financial net loan liability amounted to MSEK 2,272, compared with MSEK 2,331 at the beginning of the financial year. The Group's operational net loan liability at the end of the period amounted to MSEK 1,259, compared with MSEK 1,293 at the beginning of the year. Cash and cash equivalents, including unutilised granted credit facilities, totalled MSEK 1,334. The equity/assets ratio at the end of the reporting period was 40 per cent. Equity per share was SEK 67.95 at the end of the reporting period, compared with SEK 60.25 at beginning of the financial year.

ACQUISITIONS AND DIVESTMENTS

Continuing operations at Alligo made two corporate acquisitions with closing during 2021, as well as one divestment.

Acquisition of industrial reseller Imatran Pultti in Finland

At the end of April 2021, Alligo acquired 100 per cent of the shares in Imatran Pultti Oy, together with its subsidiary Beranger Oy. Imatran Pultti has two stores in Imatra in the south-east of Finland, which sell personal protective equipment, tools, fittings and industrial components. The acquisition further strengthens the position of Tools as a leading supplier to Finnish industry. The acquired companies together generate annual revenue of approximately MEUR 5 with favourable profitability and have 11 employees. Closing took place in late April 2021.

Acquisition of workwear specialist RAF Romerike Arbeidstøy

On 4 October 2021, Alligo acquired 100 per cent of the shares in RAF Romerike Arbeidstøy AS. The acquisition further strengthens the position of Alligo as a leading supplier on the Norwegian market. The acquired company generates annual revenue of approximately MNOK 16 with favourable profitability. Closing took place in conjunction with the acquisition and is considered to have had a slight positive impact on the Group's earnings per share in 2021.

Divestment of Gigant

On 5 October 2021, the Group signed an agreement on the divestment of 100 per cent of the shares in Gigant AB, together with its subsidiaries. The divestment focuses Alligo on its role as a partner to end customers, primarily within the industrial and construction sectors. The divested operations generated revenue of approximately MSEK 230 in 2020. The transfer of Gigant was completed in early November and resulted in a slight negative impact on the Group's profits.

Acquisitions after the end of the period

As of 1 February 2022, Alligo has acquired 100 per cent of the shares in Liukkosen Pultti Oy. Liukkosen Pultti operates a store in Lahti that sells workwear and tools and the acquisition strengthens Alligo's presence on the Finnish market. Liukkosen Pultti generates annual revenue of approximately MEUR 4.5 with favourable profitability and has 12 employees.

EMPLOYEES

At the end of the reporting period, the number of employees in the Group amounted to 2,319, compared with 2,341 at the beginning of the year. The change in the number of employees is mainly the result of the net effect of the divested operations and the corporate acquisitions made during the reporting period. The number of employees at the end of the reporting period, including discontinued operations, amounted to 2,807 (2,670).

TRANSACTIONS WITH RELATED PARTIES

No transactions having a material impact on the Group's position or earnings occurred between Alligo and its related parties during the reporting period.

PARENT COMPANY

In accordance with a resolution at the Extraordinary General Meeting of 2 December 2021, the Group's parent company has changed its name from Momentum Group AB to Alligo AB.

At the end of the period, the Group comprised the parent company Alligo AB and a total of 43 Swedish and foreign wholly owned subsidiaries, of which 31 are continuing operations.

The parent company's operations comprise Group-wide functions such as management, administration and finance. Income takes the form of a management fee from Group companies for Group-wide services and costs which the parent company has provided. Income from discontinued operations has been received for the period January to October 2021.

The parent company's revenue for the period amounted to MSEK 23 (29) and the loss after financial items totalled MSEK -15 (-14). The loss includes Group contributions of MSEK 42 (-). The balance sheet total amounted to MSEK 4,133 (4,440), with equity accounting for 48 per cent (46) of total assets. The number of employees at the parent company at the end of the period was 2 (8).

OTHER INFORMATION

RISKS AND UNCERTAINTIES

Alligo's profits and financial position, as well as its strategic position, are affected by a number of internal factors over which the Group has control, as well as a number of external factors where the opportunity to influence the course of events is limited. The most significant external risk factors for Alligo are the economic and market situation, as well as the development of the number of employees in the industrial and construction sectors, combined with structural changes and the competitive situation. The risks and uncertainties are the same as in previous periods, but uncertainty remains with regard to future market and demand trends, supply disruptions as a result of production shutdowns, and major difficulties on the freight market as a result of the Covid-19 pandemic. For a more detailed summary of the Group's other risks and uncertainties, see page 43 of the annual report for 2020. The parent company is indirectly affected by the above risks and uncertainties through its function in the Group.

NEW FINANCIAL TARGETS

Alligo has set four new financial targets1 with a focus on profitable growth, financial stability and dividend. The new targets are adapted to Alligo's strategy and new conditions following the separate listing of the Components & Services business area.

To provide greater understanding of the new targets, the outcome for continuing operations in 2021 is given as a starting point.

Growth

Average organic growth shall be more than 5 per cent per year over a business cycle. Further growth shall also be made through acquisitions.

2021: Organic growth was 4.3 per cent and total growth was 4.9 per cent (-5.7).

Profitability

The EBITA margin shall be more than 10 per cent per year.

2021: The EBITA margin was 7.6 per cent (5.7).

Indebtedness

Ratio of net operational liabilities to EBITDA excl. IFRS 16 shall be less than a multiple of 3.

2021: Ratio of net operational liabilities to EBITDA excl. IFRS 16 amounted to a multiple of 1.7.

Dividend

The dividend as a percentage of net profit shall be 30–50 per cent, taking into account other factors such as financial position, cash flow and growth opportunities.

2021: The proposed dividend as a percentage of net profit from continuing operations is 30 per cent.

1) Alligo's new financial targets are forward-looking and are subject to the dividend proposed by the Board of Directors for the Components & Services business area being voted through at the Annual General Meeting.

THE SHARE

In accordance with a resolution at the Extraordinary General Meeting of 2 December 2021, the Group's parent company has changed its name from Momentum Group AB to Alligo AB. As of 15 December 2021, the listed class B share is traded under the short name ALLIGO B with the ISIN code SE0009922305 on Nasdaq Stockholm, otherwise the name change does not affect shareholders or trading in the share.

At the end of the reporting period, the share capital amounted to MSEK 102. The distribution by class of share on 31 December 2021 was as shown in the table below:

CLASS OF SHARE	31 DECEMBER 2021
Class A shares	1,062,436
Class B shares	49,843,753
Total number of shares before repurchasing	50,906,189
Less: Repurchased Class B shares	-425,300
Total number of shares after repurchasing	50,480,889

Incentive programme and repurchased shares

The Group had two outstanding incentive programmes in 2021 in the form of call option programme 2017/2021 and call option programme 2018/2022.

The redemption price for the 250,000 call options issued in connection with the 2017 share-based incentive programme was SEK 119.30 per share1 . Each call option in this programme entitled the holder to acquire one repurchased Class B share during the redemption periods of 18–25 February and 12–25 May 2021, respectively. Following redemption or repurchase of a total of 74,700 and 175,300 call options 2017/2021 respectively, this programme was ended in May 2021.

The redemption price for the 250,000 call options issued in connection with the 2018 share-based incentive programme was SEK 137.30 per share. Each call option in this programme entitled the holder to acquire one repurchased Class B share during the redemption periods of 14–28 February and 16–30 May 2022, respectively. As of 30 September 2021, there were 240,000 call options 2018/22 outstanding. Through a resolution at the Extraordinary General Meeting of 2 December, the company has offered and implemented a cash redemption of 232,000 call options in the programme, whereby in principle there will be no dilution.

The company guaranteed its commitments in the outstanding call option programmes through repurchased shares and as at 31 December 2020, the Group's holding of Class B treasury shares amounted to 500,000. Within the framework of the 2017 share-based incentive programme, 14,000 call options 2017/21 were exercised during the first quarter and 60,700 call options 2017/21 during the second quarter of 2021 for the acquisition of a corresponding number of repurchased shares. Alligo's holding of Class B treasury shares as at 31 December 2021 amounted to 425,300, corresponding to 0.8 per cent of the total number of shares and 0.7 per cent of the total number of votes.

Shares held by Alligo at any given time are not included in the number of shares outstanding. Dilution effects arise due to any call options issued by the company that can be settled using shares in share-based incentive programmes. In such cases, the call options have a dilution effect when the average share price during the period is higher than the redemption price of the call options. There were no changes in the holding of treasury shares after the end of the reporting period and the holding of treasury shares will be used for future incentive programmes or cancelled.

The Board's proposed cash dividend

The Board of Directors proposes to the Annual General Meeting of 11 May 2022 a dividend of SEK 1.75 per share, which corresponds to 30 per cent of the earnings per share for continuing operations for the financial year. Taking into account the repurchased Class B shares, the proposed dividend corresponds to a total of MSEK 88.

Proposed dividend of Momentum Group AB

Alligo (then Momentum Group) announced on 15 September 2021 that the company had decided to continue with its preparations to distribute the wholly owned subsidiary Momentum Group Komponenter & Tjänster AB to shareholders and list it separately on Nasdaq Stockholm under the name Momentum Group AB. The plan is for Momentum Group AB to be listed separately during the first half of 2022.

SHARE PRICE DEVELOPMENT

¹⁾ The original redemption price per call option for the 2017 share-based incentive programme of SEK 121.60 was recalculated by Nordea Bank in accordance with the terms of the incentive programme due to paid and adopted dividends between 2018 and 2021.

CONDENSED CONSOLIDATED INCOME STATEMENT

MSEK	2021 OCT–DEC	2020 OCT–DEC	2021 JAN–DEC	2020 JAN–DEC	2020 FINANCIAL YEAR 9 MOS.
Revenue	2,458	2,237	8,475	7,237	6,019
Other operating income	6	8	33	35	29
Total operating income	2,464	2,245	8,508	7,272	6,048
Cost of goods sold	-1,435	-1,355	-4,987	-4,504	-3,713
Personnel costs	-432	-412	-1,640	-1,342	-1,107
Depreciation, amortisation, impairment losses and reversal of impairment losses	-128	-129	-563	-489	-431
Other operating expenses	-275	-202	-891	-676	-571
Total operating expenses	-2,270	-2,098	-8,081	-7,011	-5,822
Operating profit	194	147	427	261	226
Financial income	1	0	3	4	3
Financial expenses	-10	-13	-51	-48	-42
Net financial items	-9	-13	-48	-44	-39
Profit/loss after financial items	185	134	379	217	187
Taxes	-46	-30	-88	-52	-42
Profit/loss for the period, continuing operations	139	104	291	165	145
Profit/loss for the period, discontinued operations	31	30	139	118	84
Profit/loss for the period, Group total	170	134	430	283	229
Of which, attributable to:
Parent Company shareholders	170	135	429	282	228
Non-controlling interests	0	-1	1	1	1

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

MSEK	2021 OCT–DEC	2020 OCT–DEC	2021 JAN–DEC	2020 JAN–DEC	2020 FINANCIAL YEAR 9 MOS.
Profit/loss for the period	170	134	430	283	229
OTHER COMPREHENSIVE INCOME FOR THE PERIOD
Components that will not be reclassified to profit/loss for the period:
Remeasurement of defined-benefit pension plans	0	2	1	-2	-2
Tax attributable to components that will not be reclassified	0	-1	0	0	0
	0	1	1	-2	-2
Components that will be reclassified to profit/loss for the period:
Translation differences	14	-23	51	-59	-37
Fair value changes for the period in cash-flow hedges	3	-9	21	-24	-27
Tax attributable to components that will be reclassified	0	2	-4	6	6
	17	-30	68	-77	-58
Other comprehensive income for the period	17	-29	69	-79	-60
Comprehensive income for the period	187	105	499	204	169
Of which, attributable to:
Parent Company shareholders	187	106	498	203	168
Non-controlling interests	0	-1	1	1	1

CONDENSED CONSOLIDATED BALANCE SHEET

MSEK	31/12/2021	31/12/2020
ASSETS
Non-current assets
Intangible non-current assets	2,577	2,784
Right-of-use assets	935	952
Tangible non-current assets	532	506
Financial investments	0	1
Other non-current receivables	14	0
Deferred tax assets	75	70
Total non-current assets	4,133	4,313
Current assets
Inventories	1,856	1,761
Accounts receivable	1,154	1,141
Other current receivables	277	222
Cash and cash equivalents	286	375
Discontinued operations, assets held for distribution	973	-
Total current assets	4,546	3,499
TOTAL ASSETS	8,679	7,812
EQUITY AND LIABILITIES
Equity
Equity attributable to parent company shareholders	3,429	3,037
Non-controlling interests	19	14
Total equity	3,448	3,051
Non-current liabilities
Non-current interest-bearing liabilities	1,421	1,544
Non-current lease liabilities	674	641
Provisions for pensions	0	34
Other non-current liabilities and provisions	399	378
Total non-current liabilities	2,494	2,597
Current liabilities
Current interest-bearing liabilities	124	124
Current lease liabilities	339	363
Accounts payable	1,144	1,022
Other current liabilities	620	655
Discontinued operations, liabilities held for distribution	510	-
Total current liabilities	2,737	2,164
TOTAL LIABILITIES	5,231	4,761
TOTAL EQUITY AND LIABILITIES	8,679	7,812

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

Equity attributable to parent company shareholders
MSEK	Share capital	Reserves	Retained earnings incl. profit/loss for the year	Total	Non-controlling interests	Total equity
Opening equity, 01/04/2020	102	-15	2,782	2,869	19	2,888
Profit/loss for the period			228	228	1	229
Other comprehensive income		-58	-2	-60		-60
Non-cash issue¹	0		0	0		0
Changes in ownership share in partly owned subsidiaries			1	1	-8	-7
Contributions in partly owned subsidiaries				-	2	2
Change in value of option liability2			-1	-1		-1
Closing equity, 31/12/2020	102	-73	3,008	3,037	14	3,051
Opening equity, 01/01/2021	102	-73	3,008	3,037	14	3,051
Profit/loss for the period			429	429	1	430
Other comprehensive income		68	1	69		69
Dividend			-76	-76		-76
Repurchase of share options			-20	-20		-20
Sale of treasury shares			9	9		9
Acquisitions of partly owned subsidiaries				-	10	10
Changes in ownership share in partly owned subsidiaries			-5	-5	-5	-10
Dividends paid in partly owned subsidiaries				-	-1	-1
Change in value of option liability²			2	2		2
Option liability, acquisitions³			-16	-16		-16
Closing equity, 31/12/2021	102	-5	3,332	3,429	19	3,448

1) New issue of a total of 22,633,876 Class B shares pertaining to the offering to the shareholders of Swedol AB (publ) during the first quarter of 2020, as well as 6,897 Class B shares during the second quarter of 2020.

2) Pertains to a change in the value of the put options in relation to non-controlling interests issued in conjunction with acquisitions of partly owned subsidiaries.

3) Pertains to the value of the put options in relation to non-controlling interests in the acquired subsidiary Mekano AB which grant the shareholders the right to sell shares to Alligo. The price of the options is dependent on the results achieved at the company and may be extended by one year at a time from 2025 onwards.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

MSEK	2021 OCT–DEC	2020 OCT–DEC	2021 JAN–DEC	2020 JAN–DEC	2020 FINANCIAL YEAR 9 MOS.
Operating activities
Profit/loss after financial items, continuing operations	185	134	379	217	187
Profit/loss after financial items, discontinued operations¹	40	38	176	151	107
Adjustment for non-cash items	184	149	710	587	527
Income taxes paid	-18	-17	-144	-70	-58
Cash flow from operating activities before changes in working capital	391	304	1,121	885	763
Change in inventories	-112	55	-282	199	167
Change in operating receivables	-119	19	-279	46	113
Change in operating liabilities	352	111	383	61	43
Cash flow from operating activities	512	489	943	1,191	1,086
Investing activities
Net investments in non-current assets	-70	-48	-171	-152	-148
Acquisition of subsidiaries and other business units	-24	-4	-151³	-1,757	-1,749
Divestment of subsidiaries and other business units	-23	0	-23	0	0
Cash flow from investing activities	-117	-52	-345	-1,909	-1,897
Financing activities
Borrowings	0	0	0	1,752	555
Repayment of loans	-176	-151	-527	-669	-500
Shareholder contributions received	0	2	0	2	2
Other transactions with shareholders	0	0	-15	-26	-26
Repurchase/sale of call options	-17	0	-20	0	0
Repurchase/sale of treasury shares	0	0	9	0	0
Dividends paid	0	0	-76	0	0
Cash flow for the period	202	288	-31	341	-780
Cash and cash equivalents at the beginning of the period	145	88	375	37	1,157
Exchange difference in cash and cash equivalents	-2	-1	1	-3	-2
Cash and cash equivalents at the end of the period	345²	375	345²	375	375

1) For information about the impact of the Components & Services business area on consolidated cash flow in each section, see note 5 Discontinued operations.

2) In comparison with cash and cash equivalents on the balance sheet, MSEK 286 can be found on the line Cash and cash equivalents and MSEK 59 on the line Assets held for distribution.

3) Of the total of MSEK -151 of cash flow from the acquisition of subsidiaries and other business units, MSEK -31 pertains to business combinations in continuing operations and MSEK -120 to business combinations in discontinued operations.

CONDENSED PARENT COMPANY INCOME STATEMENT

MSEK	2021 OCT–DEC	2020 OCT–DEC	2021 JAN–DEC	2020 JAN–DEC	2020 FINANCIAL YEAR 9 MOS.
Revenue	6	7	23	29	22
Other operating income	1	0	5	2	2
Total operating income	7	7	28	31	24
Operating expenses	-12	-10	-48	-42	-33
Operating profit	-5	-3	-20	-11	-9
Financial income and expenses	1	-2	5	-3	-4
Profit/loss after financial items	-4	-5	-15	-14	-13
Appropriations	42	-	42	-3	-
Profit/loss before tax	38	-5	27	-17	-13
Taxes	-8	1	-6	4	3
Profit/loss for the period	30	-4	21	-13	-10

There are no items at the parent company that are recognised under other comprehensive income. Total comprehensive income therefore corresponds to the profit/loss for the period.

CONDENSED PARENT COMPANY BALANCE SHEET

MSEK	31/12/2021	31/12/2020
ASSETS
Financial non-current assets	3,685	3,907
Total non-current assets	3,685	3,907
Current receivables	197	176
Cash and bank	251	357
Total current assets	448	533
TOTAL ASSETS	4,133	4,440
EQUITY, PROVISIONS AND LIABILITIES
Restricted equity	102	102
Non-restricted equity	1,889	1,955
Total equity	1,991	2,057
Provisions	4	-
Non-current liabilities	1,421	1,544
Current liabilities	717	839
TOTAL EQUITY, PROVISIONS AND LIABILITIES	4,133	4,440

NOTES

GENERAL INFORMATION

At the Extraordinary General Meeting of 2 December 2021, it was decided, in accordance with the proposal of the Board of Directors, to amend Article 1 of the Articles of Association and change the company name from Momentum Group AB to Alligo AB. The new company name was registered with the Swedish Companies Registration Office on 13 December.

NOTE 1 Accounting policies

The year-end report for the Group has been prepared in accordance with IFRS, with the application of IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and the Swedish Securities Markets Act. Disclosures in accordance with paragraph 16A of IAS 34 are made in the financial statements and related notes, as well as in other sections of the report. The year-end report for the parent company has been prepared in accordance with the Swedish Annual Accounts Act and the Swedish Securities Markets Act, which is consistent with the provisions of Recommendation RFR 2 Accounting for Legal Entities of the Swedish Financial Reporting Board. The accounting policies and assessment criteria applied are the same as in the annual report for 2020, with the following exceptions:

• As a result of the planned distribution of the subsidiary Momentum Group AB to the parent company's shareholders, IFRS 5 Non-current Assets Held for Sale and Discontinued Operations is applied. Read more under the heading "Discontinued operations".

IASB has issued additions and amendments to standards with effect for the Group from 1 January 2021 or later. These additions and amendments are not deemed material for the consolidated financial statements.

Amounts quoted in the year-end report are stated in millions of Swedish kronor (MSEK) unless otherwise indicated. Amounts in parentheses refer to the comparison period.

Change of financial year: As a result of the Group changing its financial year to the calendar year, the 2020 financial year was shortened to cover the nine-month period from 1 April to 31 December 2020. To enable a 12-month comparison, the period 1 January to 31 March 2020 has been added to the financial year 1 April to 31 December 2020 to provide comparison figures in all tables.

Discontinued operations

As Alligo has committed to distributing the shares in the subsidiary, and the holding fulfils other criteria of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, the holding has been classified as an asset held for distribution to owners and recognised in accordance with the applicable rules for non-current assets held for sale and discontinued operations. The business area is reported separately in the Group's financial statements under the items "Discontinued operations" on the respective relevant lines of the income statement, balance sheet and cash flow statement for the current periods. For previous periods, the income statement has been recalculated according to the same principles. Balance sheets for previous years have not been recalculated, as this is not permitted under IFRS. More detailed financial tables for discontinued operations are presented in note 5 Discontinued operations.

NOTE 2 Operating segments and income information

The Group's operating segments comprise the business areas Alligo (formerly Tools, Consumables, Workwear & Protective Equipment) and Components & Services. The operating segments reflect the operational organisation, as used by Group management and the Board of Directors to monitor operations. Group management, comprising the President & CEO and CFO, are the Group's chief operating decision makers.

The Alligo business area comprises the concept brands Swedol, Tools, Univern and Grolls as well as the specialist brands Mercus, Company Line, Reklamproffsen, Industri-profil, TriffiQ, Profilmakarna, Defacto, Metaplan and Imatran Pultti. Its range consists of products and services within workwear, personal protective equipment, tools and consumables for commercial customers within sectors including industry, construction and the public sector in the Nordic region.

The Components & Services business area comprises Momentum Industrial, Öbergs i Karlstad, ETAB Industriautomation, Rörick Elektriska Verkstad, Mekano, Mekano i Sävedalen, Carl A Nilssons Elektriska Reparationsverkstad, JNF Køge and Intertechna, which offer spare parts, service and repairs for customers in the industrial sector in the Nordic region.

Group-wide includes the Group's management, finance function and support functions. The support functions include internal communications, Investor Relations and Legal. Financial items and taxes are not broken down by operating segment and are instead reported as a whole in Group-wide. Intra-Group pricing between the operating segments takes place on market terms.

The accounting policies are the same as for the consolidated financial statements, which means that the Components & Services business area is reported under discontinued operations in accordance with IFRS 5.

The revenue presented below for the geographic markets is based on the domicile of the customers (in contrast to the information by geographic market for the Alligo business area on page 5, where the basis is the geographic domicile of the respective legal entity).

NOTE 2 Operating segments and income information cont.

OPERATING SEGMENTS AND DISTRIBUTION OF INCOME JAN–DEC 2021

MSEK	Alligo	Group-wide	Eliminations	Group	Components & Services
From external customers by geographic area
Sweden	4,875			4,875	1,388
Norway	2,195			2,195	36
Finland	1,242			1,242	3
Other countries	163			163	64
From other segments	0	20	-20	0	-
Revenue	8,475	20	-20	8,475	1,491
EBITA	659	-14	0	645	193
Items affecting comparability	-149¹	-6¹	-	-155	-6
Amortisation of intangible assets in connection with corporate acquisitions	-63	-		-63	-10
Operating profit	447	-20	0	427	177

	JAN–DEC 2020
MSEK	Alligo	Group-wide	Eliminations	Group	Components & Services
From external customers by geographic area
Sweden	3,961			3,961	1,078
Norway	2,004			2,004	30
Finland	1,122			1,122	2
Other countries	150			150	53
From other segments	0	29	-29	0	-
Revenue	7,237	29	-29	7,237	1,163
EBITA	428	-9		419	156
Items affecting comparability	-992	-72		-106	-
Amortisation of intangible assets in connection with corporate acquisitions	-52	-		-52	-4
Operating profit	277	-16	0	261	152

1) Items affecting comparability for Alligo relate to restructuring costs in connection with the relocation of the Swedish logistics operations of Tools to Alligo's central warehouses and consist primarily of write-downs of non-current assets and right-of-use assets (Alingsås lease agreement) and of losses on divestment of operations. Items affecting comparability in Group-wide relate to costs for advisers in connection with the investigation of the conditions for a possible division of the Group.

2) Items affecting comparability for Alligo relate to restructuring costs in connection with the integration of Swedol and Tools and consist primarily of the write-down of right-of-use assets and costs for coordinating the range. Items affecting comparability in Group-wide comprise costs for the acquisition of Swedol.

OPERATING SEGMENT BY QUARTER	2021				2020 (9 months)1
Revenue, MSEK	Q4 OCT–DEC	Q3 JUL–SEP	Q2 APR–JUN	Q1 JAN–MAR	Q3 OCT–DEC	Q2 JUL–SEP	Q1 APR–JUN
Alligo	2,458	1,870	2,168	1,979	2,237	1,776	2,006
Group-wide	5	5	5	5	7	7	7
Eliminations	-5	-5	-5	-5	-7	-7	-7
Group	2,458	1,870	2,168	1,979	2,237	1,776	2,006
Components & Services	402	343	396	350	296	256	285
EBITA, MSEK
Alligo	253	154	167	85	164	94	122
Group-wide	-3	-5	-3	-3	-3	-3	-1
Eliminations	0	0	0	0	0	0	0
Group	250	149	164	82	162	91	121
Components & Services	49	51	50	43	40	37	34

1) As a result of the financial year being changed to the calendar year, the 2020 financial year was shortened to cover the nine-month period from 1 April to 31 December 2020.

NOTE 3 Financial instruments

Alligo measures financial instruments at fair value or amortised cost on the balance sheet, depending on classification. Financial instruments include items in net financial liabilities, as well as accounts receivable and accounts payable. The carrying amount of all of the Group's financial assets is deemed to be a reasonable approximation of their fair value. Liabilities measured at fair value

comprise hedging instruments for which the fair value is based on observable market data and which are therefore included in level 2 according to IFRS 13 and contingent purchase considerations that are measured using discounted cash flow and are thus included in level 3.

MSEK	31/12/2021	31/12/2020
Financial assets measured at fair value
Financial investments	0	1
Contingent purchase considerations	4	-
Derivative hedging instruments	7	0
Financial assets measured at amortised cost
Non-current receivables	14	0
Accounts receivable	1,154	1,141
Cash and cash equivalents	286	375
Total financial assets	1,466	1,517
Financial liabilities measured at fair value
Derivative hedging instruments	0	14
Contingent purchase considerations	5	0
Financial liabilities measured at amortised cost
Option liability	3	17
Interest-bearing liabilities	2,558	2,672
Accounts payable	1,144	1,022
Total financial liabilities	3,719	3,725

NOTE 4 Business combinations and divestments

Business combinations of continuing operations

According to the preliminary acquisition analyses, the assets and liabilities included in the operations acquired during the financial year amounted to the following. The main reason why the acquisition analyses are considered to be preliminary is that only a short time has passed since the acquisitions.

VALUE ACCORDING TO ACQUISITION ANALYSIS MSEK Fair value recognised in the Group Acquired assets Intangible non-current assets 13 Right-of-use assets 7 Other non-current assets 1 Inventories 9 Other current assets 12 Total assets 42 Acquired provisions and liabilities Lease liabilities 7 Deferred tax liability 3 Current operating liabilities 11 Total provisions and liabilities 21 NET OF IDENTIFIED ASSETS AND LIABILITIES 21 Goodwill 19 Non-controlling interests1 - Purchase consideration 40 Less: Transferred cash and cash equivalents -4 Less: Additional purchase consideration -5 Effect on the Group's cash and cash equivalents 31

1) Non-controlling interests are calculated as the proportional share of the identified net assets.

NOTE 4 Business combinations and divestments cont.

CORPORATE ACQUISITIONS CONDUCTED FROM THE 2015/2016 FINANCIAL YEAR ONWARDS

	Closing	Revenue¹	Number of employees¹	Business area
Tønsberg Maskinforretning AS, NO	April 2016	MNOK 20	10	Alligo
Astrup Industrivarer AS, NO	November 2016	MNOK 240	50	Alligo
TriffiQ Företagsprofilering AB², SE	September 2017	MSEK 70	18	Alligo
AB Knut Sehlins Industrivaruhus, SE	October 2017	MSEK 40	14	Alligo
Elka Produkter AB2,3 ,SE	October 2017	-	10	Alligo
Reklamproffsen Skandinavien AB², SE	March 2018	MSEK 35	12	Alligo
Profilmakarna i Södertälje AB, SE	April 2018	MSEK 25	8	Alligo
MFG Components Oy4 , FI	October 2018	MEUR 1	3	Alligo
TOOLS Løvold AS, NO	January 2019	MNOK 95	28	Alligo
Lindström Group's PPE business4 , FI	April 2019	MEUR 6	5	Alligo
Company Line Förvaltning AB², SE	June 2019	MSEK 75	25	Alligo
AMJ Papper AB, SE	March 2020	MSEK 15	6	Alligo
Swedol AB5 , SE/NO/FI	April 2020	MSEK 3,650	1,046	Alligo
Imatran Pultti Oy, FI	April 2021	MEUR 5	11	Alligo
RAF Romerike Arbeidstøy AS, NO	October 2021	MNOK 16	4	Alligo
After the end of the period
Liukkosen Pultti Oy	February 2022	MEUR 4.5	12	Alligo

1) Refers to full-year information at the time of acquisition.

2) Alligo initially acquired 70 per cent of the shares in each company. Alligo currently owns 100 per cent of the shares in

TriffiQ Företagsprofilering AB and Reklamproffsen Skandinavien AB, as well as around 90 per cent of the shares in Company Line Förvaltning AB.

3) Current operations at Elka Produkter AB were established during autumn 2017. There is therefore no information about comparable revenue for a full year.

4) The acquisition was carried out as a conveyance of assets and liabilities.

5) Following the closure of the public offering to the shareholders of Swedol AB, Alligo's holding amounted to approximately 99 per cent of the shares.

The compulsory redemption of the remaining shares outstanding in Swedol was called for and preferential rights to the shares was granted by the arbitration board in the compulsory redemption dispute proceedings in early July 2020. Alligo subsequently owns 100 per cent of the shares and votes in Swedol.

Divestments

Divestment of Gigant AB

On 5 October 2021, Alligo signed an agreement on the divestment of 100 per cent of the shares in Gigant AB, together with its subsidiaries. The divestment focuses Alligo on its role as a partner to end customers, primarily within the industrial and construction sectors, while at the same time giving Gigant better conditions for developing its business.

Gigant is included in the consolidated financial statements up to and including the transfer completion date of 1 November 2021. The maximum purchase consideration is MSEK 30. As at 1 November 2021, the capital loss amounted to MSEK -37, including the redemption of premiums for pension liabilities to Alecta. The redemption of premiums was financed by Alligo Holding AB providing a loan to Gigant AB of MSEK 14, which corresponds to the size of the pension liability. The capital loss has been recognised under other operating expenses in the income statement.

In the event of Gigant's business achieving certain profitability targets during the period 1 November 2021 to 31 October 2022, in accordance with a contingent purchase consideration clause in the purchase agreement, an additional cash consideration of up to MSEK 5 will be received. At the time of sale, the fair value of the contingent purchase consideration was MSEK 4. It has been recognised as a financial asset measured at fair value through profit or loss.

INFORMATION ABOUT THE SALE OF GIGANT AB

MSEK
Purchase consideration received or that will be received:
Cash	25
Fair value of contingent purchase consideration	4
Total selling price	29
Carrying amount of net assets sold on transfer on 1 November 2021	-66
Profit/loss before tax	-37
Income tax	-
Profit/loss on sale after tax	-37

ASSETS AND LIABILITIES INCLUDED IN DIVESTMENT

MSEK	01/11/2021
ASSETS
Total non-current assets	13
Total current assets	144
TOTAL ASSETS	157
LIABILITIES
Total non-current liabilities	-35
Total current liabilities	-57
TOTAL LIABILITIES	-91

NOTE 5 Discontinued operations

From the fourth quarter onwards, the Components & Services business area has been classified as an asset held for distribution to owners and recognised in accordance with the applicable accounting policies of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. The balance sheet indicates the items that have been eliminated from the consolidated balance sheet, while the cash flow for discontinued operations is included in consolidated cash flow. For more information, see note 1. The financial tables below correspond to the business area's contribution to the consolidated financial statements following intra-Group eliminations.

INCOME STATEMENT	2021	2020	2021	2020	2020
MSEK	OCT–DEC	OCT–DEC	JAN–DEC	JAN–DEC	FINANCIAL YEAR 9 MOS.
Revenue	402	297	1,491	1,163	837
Other operating income	2	0	4	1	1
Total operating income	404	297	1,495	1,164	838
Cost of goods sold	-211	-167	-795	-655	-472
Personnel costs	-96	-54	-342	-225	-164
Depreciation, amortisation, impairment losses and reversal of impairment losses	-15	-10	-54	-36	-28
Other operating expenses	-42	-28	-127	-96	-67
Total operating expenses	-364	-259	-1,318	-1,012	-731
Operating profit	40	38	177	152	107
Net financial items	0	0	-1	-1	0
Profit/loss after financial items	40	38	176	151	107
Taxes	-9	-8	-37	-33	-23
Profit/loss for the period from discontinued operations	31	30	139	118	84

ASSETS AND LIABILITIES

MSEK	31/12/2021
ASSETS
Intangible non-current assets	284
Right-of-use assets	127
Tangible non-current assets	17
Other non-current receivables	1
Deferred tax assets	1
Total non-current assets	430
Inventories	211
Accounts receivable	255
Other current receivables	18
Cash and cash equivalents	59
Total current assets	543
TOTAL ASSETS HELD FOR DISTRIBUTION	973

MSEK	31/12/2021
LIABILITIES
Non-current interest-bearing liabilities	9
Non-current lease liabilities	81
Other non-current liabilities and provisions	57
Total non-current liabilities	147
Current interest-bearing liabilities	0
Current lease liabilities	41
Accounts payable	154
Other current liabilities	168
Total current liabilities	363
TOTAL LIABILITIES HELD FOR DISTRIBUTION	510

CASH-FLOW STATEMENT	2021	2020	2021	2020	2020
MSEK	OCT–DEC	OCT–DEC	JAN–DEC	JAN–DEC	FINANCIAL YEAR 9 MOS.
Cash flow from operating activities	80	62	193	223	182
Cash flow from investing activities	-12	-5	-125	-8	-7
Cash flow from financing activities	-11	-9	-41	-29	-23
Cash flow for the period from discontinued operations	57	48	27	186	152

SIGNATURES

The Board of Directors and the Chief Executive Officer deems that the year-end report gives a true and fair view of the business, financial position and performance of the company and of the Group and describes the significant risks and uncertainties faced by the company and the constituent companies of the Group.

Stockholm, 15 February 2022 Alligo AB (publ)

Johan Sjö Chair of the Board

Johan Eklund Board member Stefan Hedelius Board member

Göran Näsholm Board member

Gunilla Spongh Board member

Christina Åqvist Board member

Clein Johansson Ullenvik President and CEO

This year-end report has not been reviewed by the company's auditors.

The information in this report is such that Alligo AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was submitted for publication through the agency of the Chief Executive Officer on 15 February 2022 at 08:00 CET.

KEY PERFORMANCE INDICATORS

	12 MONTHS TO
MSEK	31/12/2021	31/12/2020¹
IFRS KEY PERFORMANCE INDICATORS
Profit for the period², MSEK	430	283
Earnings per share, continuing operations³, SEK	5.75	3.65
Earnings per share, discontinued operations³, SEK	2.75	2.85
Earnings per share, total operations³, SEK	8.50	6.50
ALTERNATIVE KEY PERFORMANCE INDICATORS
Income statement-based KPIs
Revenue, MSEK	8,475	7,237
Operating profit, MSEK	427	261
Items affecting comparability	-155	-106
Amortisation of intangible assets in connection with corporate acquisitions	-63	-52
EBITA, MSEK	645	419
Depreciation/amortisation of tangible and other intangible non-current assets4	-116	-85
EBITDA excl. IFRS 16, MSEK	747	494
Profit after financial items, MSEK	379	217
Operating margin, %	5.0	3.6
EBITA margin, %	7.6	5.8
Profit margin, %	4.5	3.0
Profitability KPIs
Return on working capital (EBITA/WC), %	36	235
Return on capital employed, %	7	65
Return on equity2 , %	13	12
Financial position KPIs
Net financial liabilities, MSEK	2,272	2,3315
Net operational liabilities, MSEK	1,259	1,2935
Equity 2,6, MSEK	3,429	3,037
Equity/assets ratio, %	40	395
Other KPIs
No. of employees at the end of the period	2,319	2,341
Share price at the end of the period, SEK	192	142

1) These key performance indicators include the acquisition of Swedol as of 1 April 2020.

2) Refers to the Group total (continuing operations and discontinued operations).

3) Before and after dilution.

4) Total depreciation/amortisation of tangible and intangible non-current assets, excluding amortisation of intangible assets in connection with corporate acquisitions and the effects of IFRS 16.

6) Refers to equity attributable to the parent company's shareholders.

DEFINITIONS AND PURPOSE OF KEY PERFORMANCE INDICATORS

Alligo reports key performance indicators in order to describe the underlying profitability of the business and improve comparability. The Group applies ESMA's guidelines on alternative key performance indicators.

Operating profit

Profit before financial items and tax

Used to present the Group's earnings before interest and taxes.

Items affecting comparability

Items affecting comparability include revenue and expenses that do not arise regularly in the operating activities.

Excluding items affecting comparability increases the comparability of results between periods.

EBITA

Operating profit adjusted for items affecting comparability and before any impairment of goodwill and amortisation and impairment of other intangible assets incurred in connection with corporate acquisitions and equivalent transactions.

Used to present the Group's earnings generated from operating activities.

EBITDA excl. IFRS 16

Operating profit adjusted for items affecting comparability before any depreciation and write-down of tangible non-current assets and any amortisation and impairment of goodwill and other intangible non-current assets incurred in connection with corporate acquisitions and equivalent transactions, excluding effects on operating profit of reporting in accordance with IFRS 16.

This key performance indicator is used to calculate the debt ratio, excluding the effects of IFRS 16.

Operating margin

Operating profit (EBIT) relative to revenue.

Used to measure the Group's earnings generated before interest and tax and provides an understanding of the earnings performance over time. Specifies the percentage of revenue remaining to cover interest payments and tax and to provide profit after the Group's expenses have been paid.

EBITA margin

EBITA as a percentage of revenue.

Used to measure the Group's earnings generated from operating activities and provides an understanding of the earnings performance over time. The EBITA margin based on revenue from both external and internal customers is presented per business area (operating segment).

Profit margin

Profit after financial items as a percentage of revenue.

Used to assess the Group's earnings generated before tax and presents the share of revenue that the Group may retain in earnings before tax.

Return on working capital (EBITA/WC)

EBITA for the most recent 12-month period divided by average working capital measured as total working capital (accounts receivable and inventories less accounts payable) at the end of each month for the most recent 12-month period and the opening balance at the start of the period divided by 13.

The Group's internal profitability target, which encourages high EBITA and low tied-up capital. Used to analyse profitability in the Group and its various operations.

Return on capital employed

Operating profit plus financial income for the most recent 12-month period divided by average capital employed measured as the balance sheet total less non-interestbearing liabilities and provisions at the end of the most recent four quarters and the opening balance at the start of the period divided by five.

Presented to show the Group's return on its externally financed capital and equity, meaning independent of its financing.

Return on equity

Net profit for the most recent 12-month period divided by average equity measured as total equity attributable to parent company shareholders at the end of the most recent four quarters and the opening balance at the start of the period divided by five. Used to measure the return generated on the capital invested by the shareholders.

Net financial liabilities

Net financial liabilities measured as non-current interest-bearing liabilities and current interest-bearing liabilities, less cash and cash equivalents at the end of the period. Used to monitor the debt trend and analyse the Group's total indebtedness including lease liabilities.

Net operational liabilities

Net operational liabilities measured as non-current interest-bearing liabilities and current interest-bearing liabilities, excluding lease liabilities and net provisions for pensions, less cash and cash equivalents at the end of the period.

Used to monitor the debt trend and analyse the Group's total indebtedness excluding lease liabilities and net provisions for pensions.

Ratio of net operational liabilities to EBITDA excl. IFRS 16

Net operational liabilities divided by EBITDA, excl. IFRS 16, for a rolling twelve-month period.

This key performance indicator shows the multiple of the EBITDA result for the most recent 12-month period, excluding the effects of IFRS 16, that would be needed in order to settle net operational liabilities. As a debt ratio, the indicator shows the Group's resilience and interest rate sensitivity.

Equity/assets ratio

Equity attributable to parent company shareholders as a percentage of the balance sheet total at the end of the period.

Used to analyse the financial risk in the Group and show how much of the Group's assets are financed by equity.

Change in revenue from like-for-like sales

Revenue from like-for-like sales refers to sales in local currency from stores that were part of the Group during the current period and the entire corresponding period in the preceding year.

Used to analyse the underlying sales growth driven by changes in volume, the product and service offering, and the price for similar products and services across different periods, excluding growth driven by newly opened stores.

Organic growth

Organic growth refers to sales in local currency from stores that were part of the Group during the current period and the entire corresponding period in the preceding year, as well as sales from new stores opened during the year.

Other units

Other units refers to acquired or divested units during the corresponding period.

DERIVATION OF KEY PERFORMANCE INDICATORS

Alligo uses certain financial key performance indicators in its analysis of the business and its performance that are not calculated in accordance with IFRS. The company believes that these alternative key performance indicators provide valuable information for the company's Board of Directors, owners and investors, as they enable a more accurate assessment of current trends and Alligo's performance when combined with other key performance indicators

calculated in accordance with IFRS. As not all listed companies calculate these financial key performance indicators in the same way, there is no guarantee that the information is comparable with other companies' key performance indicators of the same name. Hence, these financial key performance indicators must not be viewed as a replacement for those measures calculated in accordance with IFRS.

EBITA	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Operating profit	427	261
Items affecting comparability
Restructuring costs	108¹	97²
Divestment of operations	37	-
Acquisition-related costs	0	7
Integration costs related to the acquisition of Swedol	0	2
Split and listing expenses	10	0
Amortisation and impairment of intangible assets in connection with corporate acquisitions	63	52
EBITA	645	419
Operating profit excl. IFRS 16	413	251
Amortisation and impairment of other intangible non-current assets	42	40
Depreciation and write-downs of tangible non-current assets	74	45
EBITDA excl. IFRS 16	747	494

1) Restructuring costs in connection with the relocation of the Swedish logistics operations of Tools to Alligo's central warehouses, consisting primarily of write-downs of non-current assets and right-of-use assets (Alingsås lease agreement).

2) Restructuring costs in connection with the integration of Swedol and Tools, consisting primarily of the write-down of right-of-use assets and costs for coordinating the range.

WORKING CAPITAL	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Average operating assets
Average inventories	1,722	1,602
Average accounts receivable	1,050	1,076
Total average operating assets	2,772	2,678
Average operating liabilities
Average accounts payable	-973	-886
Total average operating liabilities	-973	-886
Average working capital	1,799	1,792
EBITA	645	419
Return on working capital (EBITA/WC), %	36	23

CAPITAL EMPLOYED	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Average balance sheet total	8,217	5,952
Average non-interest-bearing liabilities and provisions
Average non-interest-bearing non-current liabilities	-371	-244
Average non-interest-bearing current liabilities	-1,615	-1,407
Total average non-interest-bearing liabilities and provisions	-1,986	-1,651
Average capital employed	6,231	4,301
Operating profit	427	261
Financial income	3	4
Total operating profit + financial income	430	265
Return on capital employed, %	7	6

RETURN ON EQUITY	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Average equity3	3,218	2,326
Profit/loss for the period3	429	282
Return on equity, %	13	12

3) Refers to equity or profit attributable to the parent company's shareholders.

NET FINANCIAL LIABILITIES	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Non-current interest-bearing liabilities	2,095	2,219
Current interest-bearing liabilities	463	487
Cash and cash equivalents	-286	-375
Net financial liabilities	2,272	2,331

NET OPERATIONAL LIABILITIES	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Net financial liabilities	2,272	2,331
Financial lease liabilities	-1,013	-1,004
Net provisions for pensions	0	-34
Net operational liabilities	1,259	1,293
EBITDA excl. IFRS 16, rolling 12 months	747	494
Ratio of net operational liabilities to EBITDA excl. IFRS 16	1.7	2.6

EQUITY/ASSETS RATIO	12 MONTHS TO
MSEK	31/12/2021	31/12/2020
Balance sheet total (closing balance)	8,679	7,812
Equity3	3,429	3,037
Equity/assets ratio, %	40	39

3) Refers to equity or profit attributable to the parent company's shareholders.

COMPONENTS & SERVICES BUSINESS AREA

The Components & Services business area consists of some of the Nordic region's leading suppliers in industrial components, industrial services and related services to the industrial sector. The business area acquires and develops sustainable companies with a focus on trade and services within developable niches and specialist competencies.

COMMENTS OF ULF LILIUS, BUSINESS AREA MANAGER:

We had good underlying demand during the fourth quarter in all our operations but final deliveries were affected by the global shortage of components. Organic revenue growth combined with good cost control and contributions from acquisitions, along with well-managed price increases from suppliers,

meant that EBITA increased by 23 per cent compared with the fourth quarter of last year. Our entrepreneur-driven companies with decentralised performance responsibility and local proximity to customers, as well as good relations with our business partners, continue to create good opportunities for continued growth.

The business area's markets have been characterised by ongoing uncertainty but also positive signs from customers and suppliers during the quarter. There is currently surplus demand in some product areas, which, combined with a shortage of materials, is resulting in delayed delivery in parts of our operations. We believe, however, that most operators are in a similar situation and that, relatively speaking, we have been able to maintain good delivery capacity and take market share.

All the measures we have taken in recent years have clearly improved our conditions for growth, profitability and development. Working from a strong financial position and with a clear strategy, we have made a number of interesting acquisitions during the year in the form of Mekano, Assemblin's workshops, Öbergs and Intertechna. These acquisitions strengthen our focus and market position and we still have a clear acquisition agenda.

Development during the quarter

Both sales and earnings performed well during the fourth quarter. Our operations worked pro-actively to ensure the best possible delivery capacity and they have coped well with the rise in purchase prices and increased freight costs.

During the fourth quarter, revenue increased by 35 per cent compared with the previous year to MSEK 402 (297). Growth in like-for-like sales was approximately 14 per cent. EBITA increased by 23 per cent to MSEK 49 (40), corresponding to an EBITA margin of 12.2 per cent (13.5).

	2021 OCT–DEC	2020 OCT–DEC	2021 JAN–DEC	2020 JAN–DEC	2020 FINANCIAL YEAR 9 MOS.
Revenue, MSEK	402	297	1,491	1,163	837
EBITA, MSEK	49	40	193	156	111
EBITA margin, %	12.2	13.5	12.9	13.4	13.3
Return on working capital (EBITA/WC), %			68.2	63.2

ACQUISITIONS 2021

The Components & Services business area made five corporate acquisitions with closing in 2021.

Acquisition of electromechanical workshops from Assemblin

With the aim of further strengthening the Components & Services business area's market position in service and maintenance for Swedish industry, the Group signed an agreement to acquire three electromechanical service workshops from Assemblin El AB in early February 2021. The acquired workshops, which have their origin in NEA workshops (Närkes Elektriska), generate annual revenue of approximately MSEK 90 with favourable profitability and have some 45 employees. The acquisition was conducted as a conveyance of assets and liabilities with closing in early April 2021.

Acquisition of Mekano and Mekano i Sävedalen

The Group signed an agreement in early February 2021 to acquire 70 per cent of the shares in Mekano AB and 100 per cent of the shares in Mekano i Sävedalen AB, further strengthening the Components & Services business area's market position in service and maintenance for Swedish industry. Mekano is one of Sweden's leading suppliers of products and services for the industrial services market, and the two Mekano companies generate combined annual revenue of approximately MSEK 145 with favourable profitability and have some 85 employees. Closing took place in February 2021.

Acquisition of Öbergs i Karlstad

In early February 2021, the Group acquired 100 per cent of the shares in Öbergs i Karlstad AB. The acquisition of Öbergs, a market-leading specialist company in pneumatics in Sweden, further strengthens the Components & Services business area's position as the leading supplier of industrial components and related services to Swedish industry. Öbergs generates annual revenue of approximately MSEK 50 with favourable profitability and has 12 employees. Closing took place in conjunction with the acquisition.

Acquisition of Intertechna in Hammarö

In late August 2021, the Group acquired 100 per cent of the shares in Intertechna AB. Intertechna is a specialist company in digitised maintenance for industry. The acquisition further strengthens the Components & Services business area's position as the leading supplier of industrial components and related services to Swedish industry. The acquired company generates annual revenue of approximately MSEK 25 and has eight employees. Closing took place on 1 October 2021.

OTHER INFORMATION

FINANCIAL CALENDAR

Interim Report Jan–Mar 2022		28 April 2022
Annual General Meeting 2022		11 May 2022
Interim Report Jan–Jun 15 July 2022
Interim Report Jan–Sep 28 October 2022

WWW.ALLIGO.COM

Financial reports, press releases, share information and other relevant company information can be found on the Group's website. You will also find a subscription service here where you can subscribe to press releases and financial reports.

FOR ANY QUESTIONS RELATING TO THE REPORT, PLEASE CONTACT:

CLEIN JOHANSSON ULLENVIK President and CEO +46 70 558 84 17 [email protected]

IRENE WISENBORN BELLANDER CFO +46 72 452 60 40 [email protected]

Alligo AB (publ)

Postal address: Box 631 SE-135 26 Tyresö, Sweden Visiting address: Vindkraftsvägen 2 SE-135 70 Stockholm, Sweden Tel.: +46 8 727 27 20 Co. reg. no.: 559072-1352 IR contact: [email protected]

ALLIGO AB (PUBL) | CO. REG.NO. 559072-1352 27 YEAR-END REPORT | 1 JANUARY– 31 DECEMBER 2021

AI Terminal

Alligo

2998_10-k_2022-02-15_51499ce0-f0b1-45d9-ab28-3495600366b2.pdf

YEAR-END REPORT 1 January – 31 December 2021

The formerly-named Momentum Group has changed its name to Alligo and is traded since 15 December 2021 under the new short name ALLIGO B.

FOURTH QUARTER HIGHLIGHTS

FULL YEAR 2021 HIGHLIGHTS

SIGNIFICANT EVENTS DURING THE FOURTH QUARTER

EVENTS AFTER THE END OF THE PERIOD

DISCONTINUED OPERATIONS

CHANGE OF FINANCIAL YEAR

ACQUISITION OF SWEDOL

MESSAGE FROM THE CEO

Sales growth, benefiting from a cold and early winter

Increased profitability

Intensive integration work

We have come a long way in a short time and I feel sure we are on the right path.

Facing new challenges

ABOUT THE GROUP

SEPARATE LISTING OF THE COMPONENTS & SERVICES BUSINESS AREA

ALLIGO – AN INTEGRATED COMPANY

Specialist brands

GROUP DEVELOPMENT

REVENUE

Fourth quarter 2021

Total operations

REVENUE

Full year 2021

Total operations

PROFITS

Fourth quarter 2021

Total operations

Full year 2021

Total operations

Fourth quarter 2021

Sweden

Norway

Finland

Full year 2021

Sweden

Norway

Finland

INVESTMENTS AND CASH FLOW

FINANCIAL POSITION AND FINANCING

ACQUISITIONS AND DIVESTMENTS

Acquisition of industrial reseller Imatran Pultti in Finland

Acquisition of workwear specialist RAF Romerike Arbeidstøy

Divestment of Gigant

Acquisitions after the end of the period

EMPLOYEES

TRANSACTIONS WITH RELATED PARTIES

PARENT COMPANY

OTHER INFORMATION

RISKS AND UNCERTAINTIES

NEW FINANCIAL TARGETS

Growth

Profitability

Indebtedness

Dividend

THE SHARE

Incentive programme and repurchased shares

The Board's proposed cash dividend

Proposed dividend of Momentum Group AB

SHARE PRICE DEVELOPMENT

CONDENSED CONSOLIDATED INCOME STATEMENT

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

CONDENSED CONSOLIDATED BALANCE SHEET

CONDENSED CONSOLIDATED STATEMENT OF EQUITY

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

CONDENSED PARENT COMPANY INCOME STATEMENT

CONDENSED PARENT COMPANY BALANCE SHEET

NOTES

GENERAL INFORMATION

NOTE 1 Accounting policies

Discontinued operations

NOTE 2 Operating segments and income information

NOTE 2 Operating segments and income information cont.

OPERATING SEGMENTS AND DISTRIBUTION OF INCOME JAN–DEC 2021

NOTE 3 Financial instruments

NOTE 4 Business combinations and divestments