Asetek A/S

Investor Presentation • Mar 4, 2021

Long-term growth and market expansion

Capital Markets Update | 4 March 2021

Disclaimer

This presentation contains forward-looking statements concerning As k'sfinancial condition, results of operations and business. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of fu u xp c i ns b s d n m n g m n 's cu n xp c i ns nd ssump i ns nd inv v kn wn nd unkn wn isks nd uncertainties that could cause actual results, performance, or events to differ materially from those expressed or implied in these statements.

Forward-looking statements include, among other things, statements concerning As k's potential exposure to market risks and statements xp ssing m n g m n 's xp c i ns, b i fs, s im s, f c s s, p j c i ns nd ssump i ns. A numb f f c s ffect As k'sfuture operations and could cause As k'sresults to differ materially from those expressed in the forward-looking statements included in this document, include (without limitation):(a) changes in demand for As k's products; (b) currency and interest rate fluctuations; (c) customer concentration and industry competition; (d) legislative, fiscal, and regulatory developments, including changes in tax or accounting policies; (e) ability to enforce patents; (f) product development risks; (g) customer credit risks; and (h) supply of components.

All forward-looking statements contained in this document are expressly qualified by the cautionary statements contained or referenced to in this disclaimer. Undue reliance should not be placed on forward-looking statements. Additional factors that may affect future results are contained in the risk management section in As k's most recent annual report (available at https://ir.asetek.com/) and these factors also should be considered. Each forward-looking statement speaks only as of the date of this document. Asetek does not undertake any obligation to publicly update or revise any forward-looking statement as a result of new information or future events other than as required by Danish law. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this document.

Strategy update and long-term ambitions, André Sloth Eriksen, CEO 4

Levelling-up from a leading Gaming and Enthusiast cooling position

Further developing market leadership, John Hamill, COO	16
--------------------------------------------------------	----

Increased demand for energy-efficient clean data centers

Creating a sustainable and profitable business, Dipak Rao, VP & General Manager	24

Expansion into high-adrenaline SimSports market

Becoming a next-level immersive gaming experiences provider, Jim Carlton, VP & General Manager 31

Solid financial platform supporting long-term profitable growth

Financial development and outlook, Peter Dam Madsen, CFO 37

Sum-up and Q&A

Continued growth and market expansion

Strategy update and long-term ambitions André Sloth Eriksen, CEO

2020: Our best year ever

Financialresults	Operational performance	Entering new market
• Record revenue, gross margin and EBITDA despite loosing the biggest customer • 34% revenue growth confirming ability to scale	• Adapting to and managing COVID-19 • All-time-high launch of new Gaming and Enthusiast products • Increased activity with new Data Center OEM customers	• Identifying and expanding into a new gaming market - SimSports • Fully leveraging As k's core capabilities • Adding robustness to business model and long term growth potential • Well underway with two M&A deals and a strong, dedicated team developing products

The global leader in liquid cooling solutions for gaming and enthusiast PCs, data centers nd s v s…

…f und d n inn v i n nd extensive mechatronics capabilities

6

Hardware Software Mechanics

Enablers for long-term growth and profitability

Our leading and innovative business segments

Gaming and Enthusiast Data center

Enthusiasts and do-it-yourself (DIY) Gaming/Performance PCs Data center

8 million

…driving adoption of our liquid cooling solutions

Asetek liquid cooling units shipped

Cumulative total number of units

" c mbining ig clockspeeds with liquid cooling options from renowned technology leaders like Asetek, enthusiasts are able to unlock the true potential of their AMD Ryzen s s m." - Chris Kilburn, CVP and GM, AMD

" i As k's very latest liquid cooling technology, the XPG LEVANTE 360 cooler combines the best CPU cooling available, superior acoustic performance and the quality and i bi i s n n m us wi As k c n g ." - Alex Yin, CGO & GM XPG

3 million

1 million

Global platform with integrated value chain supports growth and expansion

Strategic position: Large and long-term growing markets | Supplying global brands | Market-leading solutions

IP platform: Applications | Technology | Systems | Products | Patents | High-volume manufacturing | World wide hub infrastructure

8 million units shipped | ~120 mp s | FY'20 v nu f USD 73m | Lis d n Os ø s

Strengthening the business model and long term growth potential

• The global leader in liquid cooling solutions for gaming and enthusiast PCs, data centers and servers

• Strengthened ties to gaming community via co-branding and Asetek eSports Academy

• Identifying the next step in As k's development

• Establish platform for continued long-term strong growth and solid margins
• A more robust business not dependent on one single technology
• Leverage existing capabilities including global supply chain
• Potential for innovation and consolidation

Entering fast-growing SimSports gaming market

• Transforming from niche towards mainstream gaming and entertainment
• Opportunity identified within Asetek eSports Academy and racing engagement
• Highly complementary to established mechatronics capabilities
• Investments made in IP, hardware and software
• Enabling faster go-to-market with launch of new products from late 2021
• Strengthening Gaming and Enthusiast product offering

Acquisitions of IP shortening time to market

• Support the development of the SimSports product offering
• ‒ Includes gaming software, technology, consultancy, hardware and mechanical designs
• IP from Finland-based Granite Devices Inc.
• ‒ Total consideration of \$8.3 million
• ‒ Of which 50% was paid in 348,003 newly issued shares on 4 January 2021
• Gaming hardware and software technology from UK-based UltimateGameTech
• Total cash consideration of approximately \$1.4 million

Strong strategic fit with Gaming and Enthusiasts segment...

..adding extra momentum to long-term growth opportunity

" I p c i v in c ming years is to create a business that will grow to at least the same size as our w c ing c nc p ."

‐ André S. Eriksen, CEO at Asetek

Growth ~15% p.a. to \$150 million

73 million

Levelling-up from a leading Gaming and Enthusiast cooling position

Further developing market leadership John Hamill, COO

Strong revenue and margin development in a well-established Gaming and Enthusiast segment

17

New games and software adding momentum hardware demand and innovation

• Entire hardware and software industry affected by COVID-19
• People spending more time and money on gaming during extended stay-at-home
• Gaming and desire for immersive experiences drive demand for performance
• Triggered by new CPU/GPUs and software updates
• Liquid cooling enables high performance and stability

Technology advances an important driver for liquid cooling demand

High product release activity in late 2020 and into 2021

• 12 new products started shipping in Q4
• ‒ 1 to a new DIY customer
• ‒ 1 new OEM customer
• ‒ 3 to liquid cooling for high performance GPUs
• 6 new products expected to start shipping in Q1 2021
• Further investment in product development and branding to expand reach with key customers
• ‒ Brand-behind-the-brand initiatives
• ‒ As k f u d n p n s' w bsi s nd SoMe
• ‒ Strong product development with performance, quality and reliability at core

Widening and diversifying base of Gaming and Enthusiast OEMs

Top 5 customers revenue split Top 5 Gaming and Enthusiast customers¹ 2)

• Currently shipping to over 20 OEMs
• Top five represent 81% of Gaming and Enthusiast revenue 2020, unchanged from 2019
• Ambition to increase diversification with time
• Continuous monitoring and assessment of IP

Building a brand with gamers and enthusiasts

• Maintaining market leadership as provider of high-end liquid cooling products at premium price points
• Developing eSport Academy to identify and engage with latest gaming trends
• Capitalizing on opportunities identified within eSports Academy
• Engaging in both real- and sim racing as they converge, and lines between reality and simulation blurs

Gaming and Enthusiast strategic development

Goal	Strategy	Development and outlook
Further develop leadership in the gaming and enthusiast liquid cooling market	• R&D and product development • Growing existing customers • Widening OEM customer base • Branding and marketing	• Focus on delivery of core liquid cooling solutions • Ramp-up of development to bring meaningful innovations to market • Products which deliver best performance, quality and reliability • Currently over 20 OEM customers • Reducing single-customer dependency • Co-branding agreements in place with several OEMs • Connecting directly with gamers and enthusiasts via CoolNation forum • Positioning to monetize Asetek brand

Increased demand for energyefficient clean data centers

Creating a sustainable and profitable business Dipak Rao, VP & General Manager

Established position in high -performance computing (HPC) Data centersegment

• Commercial launch in 2013
• Based on liquid being up to 1,600 times better at transferring heat than air
• Offering immediate and measurable benefits for data centers

• Major liquid cooling installations at multiple HPC sites in the world

• 14 f w d's m s p w fu nd efficient supercomputers listed in the November 2020 Top500 and Green500
• 7 systems in the Top100 and 5 in Green100
• Not satisfied with present position as scaling has proved challenging and environmental focus is not there yet

• Exponential growth in data

• Global focus on simultaneously increasing energy efficiency and reducing costs
• World-wide focus on reducing CO2 footprint
• Data centerstoday represent about 2- 4% of global energy consumption
• Governmental standards on environmental issues for data centres is a potential demand trigger

660 1.248 1.301 1.075 707 535 839 462 1.002 1.709 1.544 -346% -165% -107% -149% -186% -254% -103% -161% -30% -3% -41% -6% Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Revenue and EBITDA margin USD thousands

3.776

Increased demand and higher prices driving 2020 growth

26

Increased demand and higher prices driving revenue growth

• Two customers driving growth
• ‒ HPE through its Apollo System server platform
• ‒ Supermicro (SMCI) expanding its offering for AI and HPC data centers
• Total of 13 new Data Center orders announced in 2020 totaling \$7.8 million of value
• ‒ Up from 2 orders announced in 2019 (\$1.1 million)
• ‒ 3 orders YTD 2021 (\$0.9 million)
• Green data center legislation the main long-term trigger

Strong start to commercial HPE shipments

"Since unveiling in mid-2020, HPE has won eight bids on the HPE Apollo DLC Systems in the last six months, enabling its global customers to advance HPC in a range of vertical segments including financial services, academia, and the public sector"

Advocating responsible climate policy for data centers

Liquid cooling offers vast potential for energy recycling and CO2 reduction

50

the number of cups of coffee you can brew with the energy used and CO2 emitted by streaming one movie

75%

of data center energy consumption can be recycled as water heated to 60^OC

25%

reduction in power consumption

11

European capitals¹can be heated at the same time by current European data center waste heat

• Educating politicians and other stakeholders b u d 's xp nding nvi nm n f p in
• The EU names reuse of data center waste heat a key priority in its Green Deal and Circular Economy Action Plan
• Germany is conducting a large-scale best practice analysis of data center environmental footprint, including reuse of waste heat
• ‒ As k's data center in Aalborg chosen as a partner in the study
• D nis g n ink nk ON I O's 2020 d center sector review strongly supports liquid cooling to increase energy efficiency

Data center strategic development

Goal Strategy Development and Outlook

Maintain position and create a sustainable and profitable business over time

• Influence the influencers and develop policy support for climate gains of utilization of reused waste heat toward carbon neutrality
• Increase end-user adoption with existing and new OEMs

• Exploit established leadership within HPC

• Global sustainability agenda strengthens rationale for As k's data center solution

• Market adoption of liquid cooling remains slow with need for public standards to trigger wider investments
• Segment revenue and operating results are expected to fluctuate as partnerships with OEMs are developed.
• Optimising segment overhead

Expansion into high-adrenalin SimSports market

Becoming a next-level immersive gaming experiences provider Jim Carlton, VP & General Manager

New growth market speeding up

• Gamers demanding innovative high-performance equipment
• Desire for next-level immersive gaming experiences
• Release of new and improved racing games
• Competitive and committed gamers willing to invest in hardware
• SimRacingmarket growth accelerated by COVID-19 and limitations on real life racing activities

The 26 March 2020 NASCAR iRacing event is the most-viewed esports event in TV history¹

Convergence of software, hardware and mechanics for real-life racing experience

Handbrake, Dashboard display¹

Highly fragmented market

Spending and user growth confirms robust business case

Revenue EUR million¹

'000 v g c iv us p m n ²

'000 v g c iv us p m n ²

SimSportsstrategic development

Goal	Strategy	Development and Outlook
Becoming a next-level immersive gaming experiences provider	• Leverage core mechatronics capabilities and global supply chain • Develop product offering based on acquired IP and technology • Establish a thriving third growth segment in a fragmented market	• Initial focus on innovation and product development • Finalize market and channel strategies, including considering direct sales, online resellers, motorsports shops etc. • Aiming to announce products in 2021 and launch a wider offering during 2022 • Supported by brand platform and reputation for performance, quality, reliability and immersive experiences

Solid financial platform for long-term growth

Financial development and outlook Peter Dam Madsen, CFO

Q4 and FY 2020 highlights

• Quarterly revenue of \$27.9 million, 78% growth year-over-year
• Gross margin increased to 44% in Q4, from 43% in Q4 2019
• Quarterly EBITDA adjusted of \$6.9 million, compared with \$2.6 million in Q4 2019
• Full-year revenue grew 34% to \$72.8 million, and EBITDA increased to \$15.6 million (\$6.2 million)
• Began shipping 12 new Gaming and Enthusiast products in the quarter
• High data center activity with six orders received in the quarter
• Two acquisitions to strengthen Gaming and Enthusiast segment
• ‒ Highly complementary and accelerating development of the SimSports product offering
• Strong balance sheet provides flexibility to invest for growth

Revenue development

⁸⁰⁰⁰⁰Group revenue and EBITDA margin¹

Quarterly revenue development

Quarterly revenue and EBITDA margin¹

USD thousands

Margin development

Quarterly Group gross margin development

• Q4 2020 group gross margin was 44.4% (42.9%), in line with previously communicated expectations
• Full-year 2020 gross margin was 47% (42.3%)
• ‒ New business model, increased prices for Data center products and ongoing cost reductions contributed to the margin improvement
• ‒ Partly offset by a weaker U.S. dollar and a data center inventory valuation adjustment in Q4 2020
• 2021 margin is expected to decrease vs. 2020, partly due to partly due to negative currency effects
• ‒ Around 45%-level expected for the full year

Currency exchange rates

Chinese Renminbi Danish Krone

• Drives COGS (transacted in USD, but negotiated via CNY) Impacts generally in 3%-points threshold steps
• About 50-60% of an exchange rate increase will hit the gross margin

• Other factors also have an impact as the 2020 margin increased despite FX headwind

• About 1/3 of overheads are denominated in DKK

• 7% increase = full year impact of ~\$1 million

Income statement

• Solid revenue increase

• ‒ Year-over-year
• ‒ Quarter-over-quarter
• Gross margin increase
• Modest overhead increase in 2020
• ‒ Lean setup in early 2020 (prepared for a challenging year)
• ‒ Expanded as revenue increased
• ‒ Multitude of development projects and new products in 2H
• ‒ Q4 charged with around \$350k related to cancelled R&D project
• ‒ No significant impact from SimSports projects in 2020
• EBITDA margin increase from 11% to 21%

Cash generation and usage

2018 2019 2020 20.737 40.000 45.000 50.000 USD thousands

5.000

10.000

15.000

20.000

25.000

30.000

35.000

Cash conversion

Working capital

Figures in USD (000's)	Q4 2020	Q4 2019
Inventories	2.531	2.206
Receivables	24.471	17.375
Total	27.002	19.581
Payables, short term	21.264	15.002
Total	21.264	15.002

Days	Q4 2020	Q4 2019	2020	2019	• Cash flow performance stable
Payables	-82	-83	-133	-96
Inventories	15	17	23	18
Receivables	75	75	116	89
Cash conversion cycle, days	8	9	6	11

• Working capital increasing due to higher activity

Strong balance sheet supporting long -term growth

Balance sheet

USD thousands as at December 31, 2020

80.000

• Strong cash position and low interest-bearing debt
• Solid and attractive partner for OEM customers
• Flexibility to develop and defend IP
• Platform for expanding gaming product portfolio
• Ambition to distribute cash surplus over time subject to change of current tax situation

New innovation center, production facility and HQ in Aalborg

• To build and own new HQ and factory in Aalborg

• Prime location

47

• Outgrowing current facilities

• 3-year development period

• Total budget of ~\$50 million, initially financed by available liquidity and long-term debt

Commitment to innovation

• Investment in R&D growing faster than revenue
• R&D spending averaged ~8% of revenue in 2016- 2020 period
• Increase expected in 2021
• ‒ Liquid cooling ~\$6-7 million (\$5.7)
• ‒ SimSports ~\$1-2 million
• 16-18 people allocated to SimSports out of total headcount of 120

R&D spending vs. revenue

Tax structure and share buy-backs

• Some progress made in 2020 working with the tax authorities of Denmark and U.S. to possibly resolve double-taxation issue
• ‒ Asetek A/S is considered a tax subject by both Danish and U.S. authorities
• ‒ In early stages and no certainty of outcome nor timing
• To complete second share buyback program on 5 March 2021
• ‒ Program launched program in October 2020 under the safe harbour provisions of EU Regulation 2273/2003
• ‒ Approximately 350,000 shares acquired for a total consideration of \$4 million to cover employee stock options
• Additional, smaller, share buy-back program to be expected if/when the Board of Directors decides to grant employee options

Revenue and profit outlook

• 2021 group revenue expected to increase 10% to 20% compared with 2020
• ‒ Equals record annual revenue in the range of \$80 - \$87 million
• Gross margin expected to decrease from 47% in 2020
• ‒ Partly due to currency effects
• Operating income of \$9 to \$15 million, compared to \$11 million in 2020
• Uncertainty related to COVID-19

Sustainability a core Asetek value

• All-time high performance on our products in terms of energy efficiency in 2020
• Launched 14 sustainability projects across seven key focus areas
• Improving sustainable data management to better tracking of sustainability performance
• Targets related to sustainability strategy
• ‒ Carbon neutral operations by 2023
• ‒ Reducing absolute CO2 emission by a minimum of 50% (index-year 2019)
• ‒ 100% f supp i s ving sign d "R sp nsib usin ss R i ns ips d f nduc "

Financial strategy and outlook

Long-term growth driven by megatrends and innovative solutions to OEMs and end-users

Global market leader with solid gross margins and balance sheet

Primed for continued Gaming and Enthusiast and Data center growth

Expanding addressable market via entry into SimSports gaming

Appendix

Management

Founder and CEO André S. Eriksen

• Long-term entrepreneur and founder of Asetek
• Previously employed at Danfoss in their management trainee program
• Holds an engineering degree from Aalborg University

• Several MBA level executive management programs from Right, Stanford, MIT and Wharton

• Previous positions include International Controller (DK) and Chief Financial Officer (US) at Martin

• Professional, Inc. • Also served as CFO of Dantax Radioindustri A/S listed on the Copenhagen Stock Exchange
• MBA from Fort Lauderdale Metropolitan University

COO John Hamill

• 30+ years of high tech industry sales, sales management and marketing experience
• Previously held position as VP of Global Sales at nVidia and AMD
• Has managed global sales teams
• BSc in Electronics and Electrical Engineering from the University of Glasgow in Scotland

VP Global Operations Henrik Gertz

• 20+ years in operations management roles, where he managed fulfilment, logistics, manufacturing planning, procurement, and supply chain functions

• He became a machine fitter at ABB and then studied and earned his Production Technologist degree, and a Diploma in Management

• VP & GM, B2C BU Jim Carlton

• A veteran product and marketing leader with nearly 30 years of experience. He started his career as a software programmer and tech support agent and has consistently taken on roles offering an opportunity to challenge himself and his teams
• He studied Biological Science at University of California, Irvine

VP Global Sales and Marketing Dipak Rao

• 15 years+ experience leading global teams and managing global accounts in the high-tech industry
• Prior to joining Asetek, Dipak held senior sales and product marketing roles at AMD

• B.A. (Honors) in Marketing from De Montfort University, Leicester in the U.K

• 15+ years of experience with Vestas and Grundfos he has an intimate background in sophisticated pumping and cooling systems designed for global markets

• M.Sc.EE degree from Aalborg University as well as an EMBA in Business Psychology from Business Institute in Aalborg

VP Global Quality Magnus Hakanen

• 20+ years of experience from quality management positions within international organizations like VELUX, Grundfos, Vestas, Nilfisk and automotive companies
• M.Sc. in Mech. Engineering from the KTH Royal Institute of Technology in Stockholm, Sweden. In additional he also has a Six-Sigma Black Belt certification

Director Branding and Outbound Marketing Solveig Malvik

• Extensive international experience within branding, marketing, communication and business development
• Holds an M.A. in Modern Middle Eastern Studies, Public Policy and Governance from A.U. of Beirut and a Masters in Political Science and Public Administration from the University of Bergen

Board of Directors

Chairman

• Jukka Pertola
• 20+ years of management experience in ICT, energy, industry, infrastructure and healthcare sectors
• 10+ years of international experience in board positions at private and public companies and organizations
• Solid technological background in telecommunications, IT, digitalization and electrical engineering
• Experience in R&D funding and technology transfer projects

Vice Chairman Chris Christopher

• 40+ years of leadership, management and tech industry experience
• Most recent Senior VP and GM at HP for an USD 18bn portfolio consisting of blades based client systems, workstations and desktop PCs
• BSEE and MSEE from Colorado State University and an Executive MBA from Insead School of Business

Director Maria Hjorth

• 20+ years of consulting and financial sector experience covering business development, M&A, investor relations and operational optimization
• CEO of VP Securities
• MSc and BSc in Economics from University of Copenhagen and a MSc in Business Psychology from University of Westminster in London

Director

Jørgen Smidt

• 25+ years of international operational and business management experience from the mobile telecoms industry, including Nokia and Motorola
• Experience includes investment and international marketing, market positioning and communication strategies
• Currently a partner at Sunstone Technology Ventures Fund I
• Holds an engineering degree in computer science from the Engineering College of Copenhagen

Director

Erik Damsgaard

• Experienced Managing Director from the electrical and electronic manufacturing industry
• 20 years as leader at OJ Industries in the HVAC and Floor heating industry. He is also Chairman of Danish service and distributor company Masentia A/S and Masentia Holding AB
• Holds M.Sc. in Electronics and a diploma in Business Economics, both from Aarhus University. Has graduated an Executive Management Program at INSEAD

Income statement

USD thousands	2020	2019	2018	2017
Revenue	72,750	54,334	67,314	58,194
Cost of sales	38,556	31,329	41,142	37,225
Gross profit	34,194	23,005	26,172	20,969
Research and development	5,718	4,889	4,764	4,220
Selling, general and administrative	17,548	17,821	16,989	14,905
Other expense (income)	-	(753)	-	(913)
Total operating expenses	23,266	21,957	21,753	18,212
Operating income	10,928	1,048	4,419	2,757
Foreign exchange (loss) gain	(1,361)	218	342	(1,239)
Finance income (costs)	(141)	188	109	(19)
Total financial income (expenses)	(1,502)	406	451	(1,258)
Income before tax	9,426	1,454	4,870	1,499
Income tax (expense) benefit	(231)	(2,082)	(1,198)	2,976
Income for the period	9,195	(628)	3,672	4,475
Other comprehensive income items that may be
reclassified to profit or loss in subsequent periods:
Foreign currency translation adjustments	2,392	(444)	(169)	1,253
Total comprehensive income	11,587	(1,072)	3,503	5,728
Earnings per share (in USD):
Basic	0.36	(0.02)	0.14	0.18
Diluted	0.35	(0.02)	0.14	0.17

Balance sheet

USD thousands	31.12.2020	31.12.2019	31.12.2018	31.12.2017
ASSETS
Non-current assets
Intangible assets	3,217	1,920	2,414	2,754
Property and equipment	7,049	6,115	4,103	3,856
Deferred income tax assets	6,421	5,521	7,458	7,778
Other assets	605	307	309	794
Total non-current assets	17,292	13,863	14,284	15,182
Current assets
Inventory	2,531	1,657	2,862	2,316
Trade receivables and other	24,471	14,080	15,625	13,280
Cash and cash equivalents	27,099	24,505	18,627	18,398
Total current assets	54,101	40,242	37,114	33,994
Total assets	71,393	54,105	51,398	49,176
EQUITY AND LIABILITIES
Equity
Share capital	433	423	422	419
Retained earnings	50,681	38,197	37,704	31,976
Translation and other reserves	(3,589)	388	832	999
Total equity	47,525	39,008	38,958	33,394
Non-current liabilities
Long-term debt	2,604	2,774	641	816
Total non-current liabilities	2,604	2,774	641	816
Current liabilities
Short-term debt	1,525	1,518	980	1,051
Accrued liabilities	2,429	1,022	2,185	2,432
Accrued compensation & employee benefits	3,193	1,526	1,512	1,335
Trade payables	14,117	8,257	7,122	10,148
Total current liabilities	21,264	12,323	11,799	14,966
Total liabilities	23,868	15,097	12,440	15,782
Total equity and liabilities	71,393	54,105	51,398	49,176

Cash flow statement

USD thousands	2020	2019	2018	2017
Cash flows from operating activities
Income for the period	9,195	(628)	3,672	4,475
Depreciation and amortization	3,754	4,057	3,690	2,430
Finance income	0	0	(205)	(84)
Finance costs	80	87	96	103
Income tax expense (benefit)	231	2,082	1,198	(2,976)
Impairment of intangible assets	0	0	0	5
Cash receipt (payment) for income tax	10	(172)	(118)	(43)
Share based payments expense	918	1,056	1,276	1,597
Changes in trade receivables, inventories, other assets	(10,121)	2,234	(3,502)	693
Changes in trade payables and accrued liabilities	7,363	154	(2,264)	(112)
Net cash provided by (used in) operating activities	11,430	8,870	3,843	6,088
Cash flows from investing activities
Acquisitionof business	(1,316)
		-	-	-
Additions to intangible assets	(1,571)	(1,441)	(1,745)	(2,426)
Purchase of property and equipment Net cash used in investing activities	(1,929) (4,816)	(713) (2,154)	(1,914) (3,659)	(1,872) (4,298)
Cash flows from financing activities
Funds drawn (paid) against line of credit	(269)	22	(6)	295
Repurchase of common shares	(6,369)	0	0	0
Proceeds from issuance of share capital	2,381	64	782	686
Payment of dividends	0	0	0	(2,910)
Principal payments on capitalized leases	(831)	(734)	(321)	(162)
Net cash provided by (used in) financing activities	(5,088)	(648)	455	(2,091)
		(190)		1,089
Effect of exchange rate changes on cash and cash equivalents	1,068	5,878	(410)	788
Net changes in cash and cash equivalents	2,594		229
Cash and cash equivalents at beginning of period	24,505	18,627	18,398	17,610
Cash and cash equivalents at end of period	27,099	24,505	18,627	18,398
Supplemental disclosures -
Property and equipment acquired under leases	668	413	134	868

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