Arribatec Group ASA — Earnings Release 2014

Feb 13, 2015

						12.02.2015
Sound and stable underlying profit
2014	1Q	2Q	3Q	4Q	2014
Adjusted EBITDA	14	18	13	15	59
Adjusted EBIT	10	14	9	11	44
Excluding restructuring costs and provisions for settlements
						3

						12.02.2015
EBIT affected by wind-up of old business, 63 MNOK expensed
Agasti's strategic goal is to wind-up old business efficiently within 1H15
2014	1Q	2Q	3Q	4Q	2014
EBITDA	11	5	1	-17	-1
EBIT	7	1	-3	-24	-20	Reported
Restructuring costs	3	13		10	26
Settlement charges			12	26	38	63 MNOK
Adjusted EBITDA	14	18	13	15	59
Adjusted EBIT	10	14	9	11	44	Operating
(1) Total operating expenses excluding extraordinary provisions of 13.6 MNOK and write downs of 8.8 MNOK in relation to goodwill. (2) Total operating expenses excluding restructuring costs of 26 MNOK and settlement charges of 38 MNOK						5

	New segments in 4Q14					12.02.2015
• 35 MNOK charged in relation to restructuring and legal disputes in	SEGMENT INFORMATION (MNOK)	Capital Markets 4Q14	Inv Mgmt 4Q14	Other1) 4Q14	Agasti Group 4Q14
4Q	Transaction revenues		10,5 19,4	0,8	30,7
• Adjusted EBIT in 4Q of	Recurring revenues		47,7 22,3	3,5	73,5
11 MNOK	Total operating revenues	41,7	58,2	4,3	104,2
	Operating earnings (EBIT)	15,5	17,0	-56,8	-24,4
	1) Includes eliminations
	• Capital Markets
	– Transaction revenues represents corporate finance and brokerage fees – Recurring revenues represents remuneration for investor services on behalf of shareholders in Obligo Investment Management managed structures (AUM based)
	• Investments Management
	– Transaction revenues represents fees from refinancing etc.
	– Recurring revenues represents management fees from Obligo managed portfolios
	• Other
	– Agasti Holding and former Wealth Management activities (Navigea Securities, Acta Kapitalforvaltning AS, Acta Asset Management

	Fourth quarter		Year		• Reduction in total revenues of only
	2014	2013	2014	2013	2% despite discontinuing Wealth
Transaction revenues	31	28	88	59	Management from June onwards
Recurring revenues	73	96	325	362	• Good traction in transaction
Total revenues	104	124	413	421	revenue
Variable operating costs	9	12	20	23	• Cost reductions according to plan,
Activity-based costs	46	18	112	63	annualized reductions of 120
Fixed operating costs	66	94	281	312	MNOK to be reached in Q115,
Total operating costs	121	123	414	398	further reductions should be
EBITDA	-17	1	-1	23	expected
Depreciation a.o.	8	13	19	27
EBIT	-24	-12	-20	-4	• The increase in activity-based cost
Net financial items	3	3	2	7	is mainly explained by
Net income before tax	-22	-9	-18	3	restructuring charges and settlement costs in Acta Asset
	-6	2	-5	5	Management AS and Acta
Tax					Kapitalforvaltning AS
Net income	-16	-11	-12	-2
					• Expensing of 10 MNOK related to
					adjusting of business model and
					26 MNOK related to legal disputes brings EBITDA down to -17
					MNOK and EBIT to - 24 MNOK in
					Q4

Balance sheet
MNOK	31.12.14	31.12.13	• The Agasti Group has a robust financial position
Goodwill	44	42	• Bank deposits of 104 MNOK
Other intangible assets	16	30
Deferred tax asset	55	47
Total intangible assets	114	120
Fixed assets	5	7
Financial assets	19	15
Total tangible assets	24	23
Financial current assets	43	44
Trade receivables	58	40
Other receivables	43	52
Bank deposits	104	141
Total assets	387	419
Equity	210	230
Long term debt	19	35
Accounts payable	13	14
Taxes payable	1	1
Overdraft facility	0	10
Other taxes and duties payable	15	17
Salaries/commissions payable	25	26
Other short term debt	103	86
Total debt	176	189
Total equity and debt	387	419

Q & A

Contact information:

• Head of IR, Jo-Inge Fisketjøn
• Phone: +47 21 00 33 49
• E-mail: jif@agasti.no
• www.agasti.no

Agasti Holding ASA Bolette Brygge 1 0252 Oslo Norway

Switch: +47 21 00 10 00

www.agasti.no