Asetek A/S

Investor Presentation • Feb 24, 2015

ASETEK A/S - COMPANY UPDATE

24 February 2015

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www.asetek.com

Disclaimer

This presentation and its enclosures and appendices (jointly referred to as the "Presentation") has been produced by Asetek A/S (the "Company") and has been furnished to a limited audience (the "Recipient[s]")on a confidential basis in connection with a potential securities issue by the Company. The content of this Presentation is not to be construed as legal, business, investment or tax advice, and has not been reviewed by any regulatory authority. Each Recipient should consult with its own legal, business, investment and tax adviser as to legal, business, investment and tax advice. The information cannot stand alone but must be seen in conjunction with the oral presentation and are expressed only as of the date hereof.

The Presentation may include certain statements, estimates and projections with respect to the business of the Company and its anticipated performance, the market and the competitors. However, no representations or warranties, expressed or implied, are made by the Company, its advisors or any of their respective group companies or such person's officers or employees as to the accuracy or completeness of the information contained herein and such statements or estimates, no reliance should be placed on any information, including projections, estimates, targets and opinions contained herein, and no liability whatsoever is accepted by the Company as to any errors, omissions or misstatements contained herein. The information contained herein is subject to change, completion, or amendment without notice and the Company does not assume any obligation to update or correct the information included in this Presentation. Neither the delivery of this presentation nor any further discussions by the Company or any if its advisors with any of the Recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since the date of the Presentation.

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In relation to the United States and U.S. persons, this Presentation is strictly confidential and is being furnished solely in reliance on applicable exemptions from the registration requirements under the U.S. Securities Act of 1933, as amended. The shares of the Company have not and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States, or to or for the account or benefit of U.S. persons, unless an exemption from the registration requirements of the U.S. Securities Act is available. Accordingly, any offer or sale of shares in the Company will only be offered or sold (i) within the United States, or to or for the account or benefit of U.S. persons, only to qualified institutional buyers ("QIBs") in private placement transactions not involving a public offering and (ii) outside the United States in offshore transactions in accordance with Regulation S. Any purchaser of shares in the United States, or to or for the account of U.S. persons, will be deemed to have made certain representations and acknowledgements, including without limitation that the purchaser is a QIB. This Presentation and its contents are confidential and its distribution (which term shall include any form of communication) is restricted pursuant to section 21 (restrictions on financial promotion) of the Financial Services and Markets Act 2000 (as amended). In relation to the United Kingdom, this Presentation is only directed at, and may only be distributed to, persons who fall within the meaning of article 19 (investment professionals) and 49 (high net worth companies, unincorporated associations, etc.) of the Financial Services and Markets Act 2000 (financial promotion) Order 2001 (as amended) or who are persons to whom the document may otherwise lawfully be distributed. This Presentation may only be distributed in circumstances which do not result in an offer to the public in the United Kingdom within the meaning of the Public Offers of Securities Regulations 1995 (as amended).

The contents of this Presentation shall not be construed as legal, business or tax advice. Each reader of this Presentation should consult its own legal, business or tax advisor as to legal, business or tax advice. If you are in doubt about the contents of this Presentation, you should consult your stockbroker, bank manager, lawyer, accountant or other professional adviser.

This Presentation is subject to Danish law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of the Danish courts.

Highlights

Asetek is the world-leading provider of computer liquid cooling solutions

Fujitsu OEM agreement key milestone, confirms data center strategy potential

Q4 interim figures and outlook

Raising capital to strengthen financial growth platform and partner capacity

• More than 2 million units sold and deployed per Q4 2014
• Proprietary and patented technology with field proven reliability
• Positioned in an emerging energy efficient, big data driven and cloud based economy
• Fujitsu, the 4th largest server vendor globally, to Incorporate Asetek Liquid Cooling in its High Performance Computing Server Product Line
• Fujitsu plans to launch the first products based on RackCDU™ in the second quarter of 2015
• Q4 interim figures: Revenues of USD 4.5m with an operating loss of USD 3.5m
• Strong revenue growth expected for Q1 and Q2 2015, with revenues around USD 6m and 7.5m respectively
• The Q2 expectations represents 40% revenue growth vs historical average levels
• Important IPR lawsuits settled which will eliminate risks and reduce legal costs
• Prepare for data center product launches and volume ramp during H2 2015 and 2016 including optimization of manufacturing processes and capabilities
• Strengthen data center business development infrastructure in order to continue to accelerate further OEM adoption
• Build stronger balance sheet to support partnering with Tier 1 OEMs

Company Update

Cray installation at Sandia National Labs with Asetek RackCDU

Server OEM agreement a game changer for Asetek…

OEM agreement validates data center strategy pursued since 2012

• Asetek is a supplier to Original Equipment Manufacturers (OEMs) who sells servers to end customers
• Asetek positioned as data center OEM supplier since 2012
• The Fujitsu design-win is the first design win with a global top 5 server OEM, the second agreement in total
• Asetek products will be sold under Fujitsu's brand and channel
• The agreement further validates Asetek's data center liquid cooling strategy

Asetek's technology to be incorporated in Fujitsu's High Performance Computing product line

Asetek RackCDU D2C™

• Liquid Cooling Fujitsu to incorporate RackCDU liquid cooling in its High Performance Computing product line
• Fujitsu will rollout RackCDU globally as part of the agreement
• Asetek expects first Fujitsu product launch based on RackCDU in second quarter 2015

www.asetek.com

…expected to drive volume ramp in H2 2015

	Potential market	Fujitsu Asetek product launch	Volume ramp
 Leading Japanese/German information and communication technology company  Market presence in 100 countries  The world's fourth largest server vendor by revenue  Market leader in Europe and Japan	 Per Fujitsu, their potential HPC revenue in 2015 is \$200m  Further and most interesting potential in general server / data center (X86) product line  Global estimated HPC 2017 potential market opportunity of USD 0.4 bn  Global estimated general server 2017 potential market size of USD 4 bn	 Expected product release in Q2 2015  First customer shipments expected in Q3 2015	 Volume ramp in H2 2015  Currently quoting RackCDU based Fujitsu solutions projects in different regions

Cray installation at Mississippi State University with Asetek RackCDU

Basis: IDC, Worldwide and U.S. Server 2014–2018 Forecast Update: 2Q14

	Educating (6-12 months)	Testing and development (6-12 months)	Sales revenue and product launch
End users	 Creating acceptance and demand for liquid cooling	 Small scale testing and retrofitting for institutions	 Asetek sells to research institutions i.e., who create awareness among cloud companies and data center operators  As a result, end users demand liquid cooling from hardware vendors (potential Asetek OEM customers)
OEM customers	 Educating on theoretical and practical benefits of liquid cooling  Inspire to be first movers towards liquid cooling  'Tease' with end user revenue opportunities	 Extensive testing and product development for Tier I and II OEMs	Asetek revenue growth opportunity  Sales and revenues related to OEM customer product launches  Recurring sales driven by product sales, upgrades and new launches Asetek data center OEM customers  Fujitsu  Cray

Demand creation - converting sales process into revenue

Pipeline points to further OEM agreements

Testing and development may affect timing and realization of technology adoption and sales

www.asetek.com

March 2013 IPO communications Status YE 2014

Desktop

• Growth of +10% per year
• Blended gross margin of approx. 40%
• EBITDA margin for business unit in the range 15-20%
• Net working capital 12-15% of revenues

Data center

• OEM design wins within 24 months
• Value based pricing strategy within the data center business where the key factor is to show a positive TCO/ROI
• Gross margin of 45-55%
• EBITDA margin 20-30% when critical mass reached
• Current R&D spending of \$5-7m implies depreciations of \$1.5-2.5 annually

• Net negative cash flow before breaking even \$15-25m

• Top line growth exchanged for gross margin growth and crippled by imitators (growth expected to pick after trial cases Q215)

• Blended gross margin of 42% for FY14
• EBITDA margin for business unit 15% for FY14
• Net working capital less than 10% of revenues
• 2 OEM design wins, several other in the pipeline
• Value based pricing strategy based on significant TCO/ROI
• Gross margin below 40%. Efficiency benefits still to be harvested as revenue is ramping
• EBITDA margin 20-30% when critical mass reached
• Current R&D and SG&A spending of USD 7-8m of which approximately 15-20% is capitalized and amortized over typically 36 months
• Net negative cash flow before breaking even USD 15- 20m which will be funded through capital markets transactions and profits from desktop business

Desktop revenue and EBITDA expected to pick-up…

Desktop revenue and EBITDA margin Group EBITDA development

• Expecting record high revenues in Q1 and Q2 2015
• Q1 15 desktop revenue to increase Y-o-Y and Q-o-Q
• Expecting 40+% revenue growth in Q2 15 vs average level recent quarters

• Growth driven by DIY segment and order sliding from Q4 2014 to Q1 2015

• Desktop EBITDA impacted by revenue fluctuations

• Fixed overheads structure dictates lower EBITDA-% when revenues are down and higher EBITDA-% when revenues are up.
• EBITDA margin improvement is natural consequence of higher revenue
• Data center investments continue. Revenue expected to ramp from 2H 2015

Cautionary note on future expectations:

• Future figures are presented as indications only. No guarantees are offered. Multiple factors can impact the figures
• Estimated revenue figures are based on purchase orders in hand and as well as in-house forecast analysis by Asetek
• On February 20th, where there is 'transparency' into the April timeframe, approximately USD 1.5m of April's revenue is secured by purchase orders
• About 75% of Q2's revenue is backed up by forecasts provided by customers

…but financing needed to fuel data center growth

Cash development YE 2012 – YE 2014

USD (000's) 1 248 11 663 4 170 17 861 50 4 299 (6,395) 3 279 (5,527) (2,817) (3,073) 540 (4,643) (2,043) 1 391 0 5 000 10 000 15 000 20 000 25 000 Cash YE 2012 Financing Desktop EBITDA Datacenter EBITDA HQ & Other* Investments Changes in WC, etc. Cash YE 2013 Financing Desktop EBITDA Datacenter EBITDA HQ & Other** Investments Changes in WC, etc. Cash YE 2014

*2013 HQ & Other include USD 1.7 million in litigation expenses. EBITDA adjusted for non-cash stock compensation **2014 HQ & Other include USD 3.9 million in litigation expenses. EBITDA adjusted for non-cash stock compensation

Market Update

University of Tromsø, Norway with Asetek RackCDU

Cray CS-300 at Mississippi State University with Asetek RackCDU

The world-leading provider of computer liquid cooling

• Positioned to capture value in high growth data center market
• Established desktop business with loyal Tier 1 customers
• Unique and proven IP, well proven scalable business model and strong channel partners
• Sales in the U.S., Europe and Asia, R&D in Denmark, Operations in Denmark and China
• Listed on the Oslo Stock Exchange in March 2013

Denmark Office

R&D, Engineering Quality Complex CNC Manufacturing

San Jose, CA, Office

Sales and Marketing Application Engineering Communications

China Office

Sourcing and Planning Vendor Management Mass Manufacturing (120 line workers at contract manufacturer)

Taipei Office

Sales

Data center cooling explained

Source: Asetek management estimates

14

Asetek's cash generating desktop market segments in steady growth

• PC vendors need differentiation in their high end system to keep/increase their margins
• Asetek has successfully made liquid cooling a standard in OEM gaming PCs

• Split of enthusiasts building vs. buying their own PCs is constant at 65% vs. 35%

• Professional workstations will continue to be a desktop form factor

• Low acoustic noise and performance requirements are increasing
• Growth potential lies in acquiring new OEM customers and increased penetration within existing customers
• HP has stepped out of liquid cooling but is expected to reengage. Dell has recently launched workstation products with Asetek liquid cooling

Source: Jon Peddie Research PC Gaming Hardware Market Report 2012 (JPR)

Asetek targets two distinct segments in an emerging

and large market

High Performance Computing	General purpose data centers

• Super compute clusters (HPC)
• Typical technical, financial, academia, national labs, military or simulation computing
• Major focus on performance, density and power savings
• Highest pain levels and receptivity to new solutions, hence less price sensitivity

• Estimated 2015 potential market size of USD 0.4bn*

• Large general purpose data centers for storage, cloud solutions, online social services, online trading, auctions, financial institutes etc.

• Mainly about energy savings, TCO and Capex/Opex saving
• Performance coming more and more on the agenda
• Both retrofitting and greenfield installations
• Estimated 2015 potential market size of USD 3.7bn*

Short-term focus market Biggest long-term opportunity

Basis: IDC, Worldwide and U.S. Server 2014–2018 Forecast Update: 2Q14

Building liquid cooling market demand

Data center market with solid growth potential

Number of server racks sold WW Total addressable market 2015 > USD 4bn

Imminent strong growth in the server market… …translates into greater opportunities for Asetek

Key factors for continued market expansion

• Leverage desktop cooling design wins at the large server OEMs like HP, Dell etc. to get data center design wins
• Direct marketing and end-user-education is important in addition to achieving design wins with big OEMs to create demand/pull in the market
• Acknowledge that the data center market is conservative, market penetration takes longer than in the PC market

Addressing the market opportunity

• As RackCDU is installed at the rack level, market opportunity is measured in server rack volumes
• Asetek's' initial HPC OEMs, Cray and Fujitsu key in 2015 with additional OEMs increasing market reach
• Focus on HPC in 2015 and be opportunistic in commercial high-utilization data center market
• While Asetek's business model is to fulfill sales through its OEMs, select data center retrofits/upgrades will continue providing end user proof points and to create OEM demand

Basis: IDC, Worldwide and U.S. Server 2014–2018 Forecast Update: 2Q14

Cost improvement, energy efficiency and performance drives the data center market

Power saving	 Energy cost and uptime is the number one concern for data center owners  Focus on re-using waste heat from data centers  Power/cooling is the #1 data center design criteria  Sometimes more power is used in cooling the servers than actually running them
Going green	 Global warming drives demand for greater data center efficiency  Data centers account for almost 2-3% of the global power consumption
Organizational data	 More data centers being installed, particularly servers – increased density  More organizational data being transferred across networks  Organizations looking for more efficient cooling solutions  Increased regulation will drive the demand for more storage capacity
Cloud computing	 Cloud computing emerges as preferred delivery model for infrastructure and application services  Content consumption is moving to the cloud via non-PC end points (smart phones, tablets etc.)  Demand for more data center capacity

Sources: Datacenter Dynamics 2012 Global Census, BP, U.S. Energy Information Agency, Uptime Institute

Integrated and scalable business based on unique and proven IP and technology

Market	Technology	Manufacturing	Intellectual property
 Market leader by revenue, volume and customers  Robust channel and OEM partnerships with almost all large industry players  15 years of experience with thermal management and liquid cooling	 Highly efficient direct-to chip liquid cooling  Plug and play technology  No end-user maintenance  Common core technology behind all products  Possible to re-use waste heat  Low cost by design	 Highly scalable manufacturing model using "copy exact" principle  Full control over production at contract manufacturer in China  High-tech CNC manufacturing plant in Denmark  High volume production cost advantage	 Products and technologies are patent protected  ~20 granted patents worldwide, ~10 in the US, ~15 patents pending  Spent USD ~6m on lawsuits  Won one lawsuit with damages of USD ~0.5m. Injunction or royalty pending  Further settlement of up to \$5.5m in process  Fended off competition  Regained market share

Risk factors

Investing in the shares issued by Asetek involves inherent risks. An investor should consider carefully all of the information set forth in this Presentation, and in particular, the specific risk factors set out below. An investment in the shares is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of the investment. If any of the risks described below materialize, individually or together with other circumstances, they may have a material adverse effect on Asetek's business, financial condition, results of operations and cash flow, which may cause a decline in the value and trading price of the shares that could result in a loss of all or part of any investment in the shares. The risks and uncertainties described below are not the only ones faced by Asetek. Additional risks and uncertainties that Asetek currently believes are immaterial, or that are not presently known to Asetek, may also have a material adverse effect on its business, financial condition, results of operations and cash flow. The order in which the risks are presented below is not intended to provide an indication of the likelihood of their occurrence nor of their severity or significance.

Risk factors related to the Company and the industry in which it operates

• The Company's performance will depend on commercialisation and market acceptance of its new products for the data center cooling market
• The Company may be required to grow in size, and may experience difficulties in managing its growth
• The Company's operations in international markets are subject to risks inherent in international business operations, including, but not limited to, general economic conditions in each of the foreign countries in which the Company will operate. Overlapping or differing tax structures, challenges related to management of an organisation spread over various countries, unexpected changes in regulatory requirements, compliance with a variety of foreign laws and regulations, and longer accounts receivable payment cycles in certain countries are some of the risks the Company might face
• Any decline in the market positions of the Company's main customers or any decrease in their purchasing from the Company could have a material adverse effect on the Company's business, prospects, financial position and operational results
• The Company relies on third parties, including suppliers and contract manufacturers, to perform certain services at competitive prices. The third parties on whom the Company relies may not be available when needed or, if they are available, may not comply with all contractual requirements and/or may not otherwise perform their services in a timely or acceptable manner or at competitive prices. As a result, the Company may need to enter into new arrangements with alternative third parties, which may delay or cause a stop of the Company's sales or negatively affect the quality and/or price of the Company's products
• The Company is dependent on attracting and retaining key personnel. Failure to attract or retain management and key employees could result in the inability to properly manage the Company and to maintain the appropriate technological or business improvements or take advantage of new opportunities that may arise
• Third parties may illegally copy the Company's products or violate its patents and utility models which may cause the Company to incur legal costs, loss of revenue and damage to the Company's brand, which could have a material adverse effect on the Company's business, prospects, financial position and operational results
• Risks associated with litigation, including the Company's pending patent infringement cases. The outcome of any litigation may be negative and may differ from management expectations, exposing the Company to unexpected costs and losses, loss of protective rights, reputational and other non-financial consequences
• The Company may unintentionally violate third party intellectual property rights which could involve significant obligations, reservations and/or costs to the Company
• Third parties may launch new products similar or superior to the Company's products without violating the Company's patents or utility models
• The Company is exposed to risks associated with changes in the general economy
• The failure of the Company to be competitive and respond to increased competition may have a material adverse effect on its business, prospects, financial position and operational results
• The Company may incur substantial losses due to defects in its products
• Should unexpected material changes in market demand arise, the Company may not be able to adapt its organisation, inventories or product output in time which may lead to reduced profitability and/or a decrease of opportunities
• The Company is dependent on one core market, thus negative changes in this market could have a material adverse effect on the Company's business, prospects, financial position and operational results

Risk factors cont.

Risk factors related to the Company's financing

• The Company has incurred a cumulative loss since establishment and will incur future losses and may not achieve or sustain profitability. To become and remain profitable, the Company must succeed in producing and selling its new products for the data center cooling market, which is subject to material risks
• The Company may need additional financing which may not be available on attractive terms or at all
• Fluctuations in currency exchange rates may impact the Company's operational income and costs
• The Company is incorporated in Denmark, and has subsidiaries or branches in USA, China and Taiwan and sells to customers in several jurisdictions. The overall tax liability will depend on where the source of revenues is and/or where profits are accumulated and subject to taxation as the different jurisdictions have very differing tax regimes and taxation rates. The Company's tax situation, including its future effective tax rate and the usability of its net operating loss carry forwards, may change as a result of determinations by relevant tax authorities and could have a material adverse effect on the Company's business, prospects, financial position and operational results

Risk factors relating to the Company's shares

• The trading price for the Shares may fluctuate significantly and may not always reflect the underlying asset value of the Company
• Future sales of the Shares may depress the price of the Shares
• Future share issues may have a material adverse effect on the market price of the Shares
• Shareholders will be diluted if they are unable or unwilling to participate in future share issuances
• The Company will have broad discretion over the use of the net proceeds from the Private Placement and may not use them effectively
• The Company's major shareholders may have interests that differ from other shareholders' and the Company's interests, and may exercise their influence in a way which may be adverse to the interests of the Company or its other shareholders.
• The Company does not intend to pay dividends in the foreseeable future, and investors may be forced to sell their Shares in order to realize a return on their investment
• Pre-emptive rights may not be available to U.S. or other shareholders
• Beneficial owners of the Shares that are registered in a nominee account may not be able to vote for such Shares unless their ownership is re-registered in their names with the VPS prior to the general meetings
• Investors may be unable to recover losses in civil proceedings in jurisdictions other than Denmark
• Danish law may limit shareholders' ability to bring an action against the Company
• Shareholders outside of Norway are subject to exchange rate risk. The Shares are priced in NOK, and any future payments of dividends on the Shares will be denominated in NOK. Accordingly, investors outside Norway are subject to adverse movements in the NOK against their local currency

Appendix

P&L summary 2012 – 2014

(1000 USD)	2011	2012	2013	2014	Q4 2013		Q4 2014
IFRS	Audited	Audited	Audited
Revenue	15 574	18 681	20 729	20 847	6 112		4 563
Cost of Sales	9 871	11 893	12 680	12 137	3 687		2 749
Gross profit	5 703	6 788	8 049	8 710	2 425		1 814
R&D	2 926	3 717	4 492	3 556	1 341		880
SG&A	6 400	7 082	9 420	10 813	2 969		2 779
Litigation expenses		410	1 678	3 851		424	1 523
IPO/Restructuring expenses		386	138
Foreign Exchange (gain)/loss	84	65	80	298		44	136
Total operating expenses	9 410	11 660	15 808	18 518	4 778		5 318
Operating loss	-3 707	-4 872	-7 759	-9 808	-2 353		-3 504
Interest and other expense, net	1 838	-3 693	1 035	- 87		- 23	- 26
Profit/(loss) pre tax	-1 869	-8 565	-6 724	-9 895	-2 376		-3 530
Income tax	- 8	7	443	1 138		443	1 142
Loss for the period	-1 877	-8 558	-6 281	-8 757	-1 933		-2 388
Foreign currency translation adjustment	110	67	52	335		29	184
Total comprehensive loss	-1 767	-8 491	-6 229	-8 422	-1 904		-2 204

Comments

• Revenue CAGR 2012-2014 of approx. 4%
• Change in business model pressing down revenue, but boosting gross margins
• 2014 blended gross margin of 42%
• Total overhead CAGR same period 10% (excluding legal expenses etc.) but including a very significant investment in the data center business
• Effective overheads in desktop business reduced by 35-40% since 2011 by shifting resources to data center

							Q4		Q4
(1000 USD)	2012	2013	2014	2012	2013	2014	2013	2014	2013	2014
IFRS	Desktop	Desktop	Desktop	Data center	Data center	Data center	Desktop		Data center
Revenue	18 681	19 925	19 318		804	1 529	5 509	4 401	603	162
Cost of Sales	11 748	11 781	11 124		639	956	3 002	2 606	548	138
Gross profit	6 933	8 144	8 194		165	573	2 507	1 795	55	24
R&D	1 095	918	1 509	1 653	3 705	1 610	378	232	1 157	660
SG&A	2 992	3 507	4 240	2 929	4 403	5 528	996	1 105	1 176	1 212
Capitalized expenses	- 937	- 580	- 834		-1 548	-1 038	- 174	27	- 503	- 217
Total operating expenses	3 150	3 845	4 915	4 582	6 560	6 100	1 200	1 363	1 830	1 654
EBITDA, adjusted	3 783	4 299	3 279	-4 582	-6 395	-5 527	1 307	432	-1 775	-1 630
Depreciations and amortization	2 016	1 559	679		471	1 094	315	122	238	288
EBIT, adjusted	1 767	2 740	2 600	-4 582	-6 866	-6 621	992	310	-2 013	-1 918

Q4	Q4
Desktop	Data center

www.asetek.com

Balance sheet 2012 – 2014

(1000 USD)	12/31/12	12/31/13	12/31/14
IFRS	Audited	Audited
ASSETS
Non-current assets
Property , plant and equipment	441	1 096	730
Intangible asets	1 447	1 823	2 334
Other Assets		330	292
Total non-current assets	1 888	3 249	3 356
Current assets
Inventory	1 055	1 074	1 102
Trade Receivables and other	3 971	4 997	4 186
Cash and cash equivalents	1 248	11 663	4 170
Total current assets	6 274	17 734	9 458
Total Assets	8 162	20 983	12 814
EQUITY
Share capital	163	264	264
Share premium	45 318	64 357	64 451
Accumulated deficit	-44 196	-49 490	-57 307
Translation reserves	- 361	- 323	14
Total equity	924	14 808	7 422
LIABILITIES
Non-current liabilities
Long term debt	3 007	475	309
Total long term debt	3 007	475	309
Current liabilities
Trade payables	1 990	3 483	2 646
Accrued compensation and employee benefits	534	995	882
Accrued liabilities	1 393	802	1 255
Other short term debt	314	420	300
Total currant liabilities	4 231	5 700	5 083
Total equity and liabilities	8 162	20 983	12 814

Comments

• Capital-light business model low tangible fixed assets and working capital
• Working capital well managed:

DSO:	60 days
AP days:	65 days
Inventory Days:	33 days
= Cash conversion in	28 days

Receivables and payables in line with company expectations

Note that equity for 2012 is adjusted to include preferred redeemable shares as equity

Cash flow summary 2012 – 2014

(1000 USD)	2012	2013	2014
IFRS	Audited	Audited
Cash flow from operating activities
Net loss for the year	-8 558	-6 281	-8 757
Depreciation and amortization	2 052	2 030	1 771
Impairment of intangible assets	74	62	36
Financial (income) expense	3 693	-1 035	87
Income tax expense (income)	- 7	- 443	-1 138
Stock-based compensation expense	140	593	940
Cash payment for income tax	- 2	222	204
Change in operating assets and liabilities:
Trade receiveables, inventories and other assets	-2 070	-1 109	1 264
Trade payables and accrued liabilities	1 045	1 406	- 230
Net cash used in operating activities	-3 633	-4 555	-5 823
Cash flow from investing activities
Additions to intangible assets	-1 165	-2 128	-1 873
Additions to other assets		- 314
Purchase of property and equipment	- 88	- 631	- 172
Net cash used in investing activities	-1 253	-3 073	-2 045
Cash flow from financing activities
Proceeds from debt issuance	3 306	-3 621
Cash received for leasing of previously purchased PP&E			248
Long term deposit form sub-lessee		234
Cash payments for interest on debt	-322	-461
Proceeds from issuance of share capital	3	25 099	96
Cash paid for expenses related to IPO		-3 405
Proceeds from issuance of convertible preferred stock	366
Funds drawn (paid) against line of credit and leases		57	- 141
Prinicipal and interst payments on finance leases	- 35	- 42	- 151
Net cash provided by financing activities	3 318	17 861	52
Effects of change rate changes on cash and cash equi.	148	182	323
Net cash provided by financing activities	-1 420	10 415	-7 493
Cash and cash equivalents at beginning of period	2 668	1 248	11 663
Cash and cash equivalents at end of period	1 248	11 663	4 170

Comments

• IPO on the Oslo Stock Exchange in 2013
• Funds primarily spent on:
• Operations
• Investment in intangible assets