Christian Berner Tech Trade

Quarterly Report • Apr 28, 2022

Strong order intake and higher net revenue than Q1 2021

Order intake amounted to SEK 215 million, which was 27.8 percent higher than in the first quarter of last year. Net revenue was SEK 181.3 million, a 13 percent increase in comparison with the corresponding quarter of 2021. However, EBITA was lower than last year of SEK 6.2 million (SEK 7.8 million), which was mainly caused by restructuring and recruitment costs. The strong order intake and net revenue were primarily due to high activity within Process Equipment, Technical plastics and Service.

First quarter in brief

(January-March 2022)

• Order intake amounted to SEK 215.0 (168.3) million, an increase of 27.8 percent. In comparative terms, this was an increase of 17.5 percent.
• Net revenue for the first quarter amounted to SEK 181.3 (160.4) million, an increase of 13.0 percent. In comparative terms, this was an increase of 4.5 percent.
• EBITA was SEK 6.2 (7.8) million. Total EBITA margin was 3.4 (4.8) percent.
• Earnings per share, before and after dilution, amounted to SEK 0.17 (0.26).
• Cash flow from operating activities was SEK 3.2 (-1.9) million. Total cash flow for the period was SEK -3.9 (-7.7) million.

Important events during the first quarter

• The company issued a profit warning on January 17, 2022 for the fourth quarter of 2021.
• Current CEO Bo Söderqvist will leave the company on 28 April, 2022, after the Annual General Meeting, and Caroline Reuterskiöld will become the new CEO on that date.

Important events

after the first quarter

• In April, a payment of SEK 4.1 million was made, in connection with the acquisition of Empakk. The amount was not previously included in the acquisition calculations and has, therefore, been adjusted.
• Henrik Nordin will be appointed as the new CFO and member of group management, preliminary as of August 15, 2022. Current interim CFO Lars Westlund will remain until then.

SEK thousands Jan-Mar 2022 Jan-Mar 2021 Change % Whole year 2021 Order intake 215,002 168,294 27,8% 739,138 Net revenue 181,297 160,442 13,0% 743,209 EBITA 6,158 7,760 -20,6% 30,885 EBITA-margin 3,4% 4,8% 4,2% Operating profit 5,934 7,544 -21,3% 30,035 Earnings per share 0,17 0,26 -35,0% 1,21 Cash flow for the period -3,917 -7,668 48,9% 28,995 Return on equity (R12) 14,3% 25,4% 15,9%

KPIs, Financial summary

Strong order intake for this quarter

Order intake was strong during the quarter, with a good gross margin, which was due to a favorable business and product mix. This offers hope for recovery in the second half of the year. Revenue was SEK 181.3 (160.4) million, an increase of 13.0 percent. In comparison with the first quarter of last year, this is an increase of 4.5 percent.

The Group's EBITA margin was 3.4 (4.8) percent in the first quarter. We do not consider this satisfactory, even taking into account the lack of raw materials and components that negatively affect our profitability. These shortages lead to longer delivery times, especially for larger projects. We have not made final settlements on several major heating projects, which has affected comparisons with the first quarter of last year.

Despite restructuring costs of SEK 1.3 million in Sweden, this segment continues to delivers good results. It was our performance in other markets that, unfortunately, reduced the overall results.

Market developments

In Sweden, the EBITA margin was 7.1 (7.4) percent. Order intake for the quarter was good and we are experiencing stable demand in the market. In the first quarter, we undertook several projects, including orders in Heating technology , primarily, in the Netherlands and Norway. G.F Swedenborg, which was acquired last year, continues to perform well, supplying offshore projects in Norway and the nuclear power industry in Sweden. Christian Berner AB had a stable quarter, despite the above-mentioned restructuring costs, with orders in Process facilities and positive development in Technical plastics .

Denmark made a loss of SEK 0.3 million, which gave an EBITA margin of -7.0 (3.8) percent. This was mainly due to the weak order intake we have seen in previous quarters. During the first quarter, however, performance improved and we did good business in the process and food industries .

"Weak results, although good order intake in the first quarter offers favorable conditions for recovery during the second half of the year "

In Norway, we achieved an EBITA margin of 1.8 (6.1) percent. Empakk AS had a strong quarter and made a positive contribution. Christian Berner AS performed poorly over the quarter, due to weak sales in Process equipment, which affected its results. Order intake, over the quarter, was good and we

continued to experience positive development in vibrationdamping materials for the construction industry, as well as railway infrastructure.

Finland experienced a weak quarter, with an EBITA result of SEK -0.1 (-0.4) million. Sales of vibration-damping materials to the construction industry remain good, although a lack of major machine investments in the processing industry continues

The Future

The longer lead and delivery times we're experiencing continue to make an impact. From this perspective, Russia's invasion of Ukraine should have no direct effect on us. However, we may experience some indirect effects, if shortages of steel products and energy affect our suppliers.

We expect underlying demand to remain stable and consider the strong order intake we experienced in the first quarter will guarantee positive development during the rest of the year.

Bo Söderqvist

CEO, Christian Berner Tech Trade AB

Christian Berner Tech Trade in brief

Revenue and results – first quarter

For the first quarter, the Group's net sales amounted to SEK 181.3 (160.4) million, an increase of 13 percent. In comparative terms, this represents an increase of 4.5 percent. The Group's EBITA decreased to SEK 6.2 (7.8) million, with an EBITA margin of 3.4 (4.8) percent.

The lower EBITA was primarily caused by restructuring costs (SEK 1.3 million) and higher recruitment costs (SEK 1 million). Activity in the Group's markets remains good, which has led to a higher order intake than last year.

Markets

In the first quarter, Sweden's net revenue amounted to SEK 128.7 (111.4) million, an increase of 15.5 percent. EBITA amounted to 9.1 (8.2) million, which gave an EBITA margin of 7.1 (7.4) percent. Strong sales in Process equipment, Technical plastics and Service made a strong contribution to the increase in net sales. Denmark's net revenue remained the same at SEK 4.5 (4.5) million. Its EBITA decreased to SEK -0.3 (0.2) million, which gave an EBITA margin of -7.0 (3.8) percent. The Danish market has recovered, after opening up from the pandemic, which is reflected by increased activity in Process equipment and Vibration technology . Norway's net revenue, for the first quarter, was SEK 32.7 (29.9) million. Its EBITA closed at SEK 0.6 (1.8) million, with an EBITA margin of 1.8 (6.1) percent. In Norway, our business in Technical plastics has developed well, driven by the offshore industry, and business in the fishing industry has also improved. Net revenue in Finland increased to SEK 15.4 (14.6) million in the first quarter. Its EBITA amounted to SEK -0.1 (-0.4) million, with an EBITA margin of -0.9 (-2.5) percent. In Finland, business in the construction industry is progressing well, while infrastructure projects in rail and tramways are contributing to higher revenue.

240 MSEK 200 160 120 80 40 0 –80 12 10 8 6 4 –4 –2 % Net revenue EBITA-margin –40 0 2 Q1 20 Q1 22 Q2 20 Q3 20 Q4 20 Q2 21 Q4 21 Q1 21 Q3 21

Net revenue and EBITA

Process & Environment

Christian Berner Tech Trade's Process & Environment Business Area comprises product areas focused on customers who primarily need processing equipment and whole systems.

Revenue and results – first quarter

Net revenue for the Process & Environment Business Area amounted to SEK 131.8 (110.3) million in the first quarter, with an EBITA of SEK 7.2 (4.8) million. The EBITA margin was 5.4 (4.4) percent. Since the first quarter of last year, the acquisition of Swedenborg has contributed to increased sales. Process & Environment is developing well in Sweden, with strong sales and an improved gross margin. Process facilities, Environment & fluid technology and Swedenborg have all performed well. With several major projects ongoing, our order status is very good in the business area overall.

Net revenue and EBITA

SEK thousands	Jan-Mar 2022	Jan-Mar 2021	Change %	Whole year 2021
Net revenue	131,762	110,257	19,5%	540,346
EBITA	7,151	4,797	49,1%	36,938
EBITA-margin	5,4%	4,4%		6,8%

Materials Technology

Christian Berner Tech Trade's Materials Technology Business Area comprises product areas focused on sales of various materials, including plastics, and solutions in vibration and noise dampening.

Revenue and results – first quarter

Materials Technology achieved a net revenue of SEK 49.5 (50.2) million in the first quarter, a decrease of 1.3 percent. EBITA amounted to SEK 2.1 (4.8) million, with an EBITA margin of 4.3 (9.6) percent. Materials Technology was affected by longer delivery times, caused by current shortages of raw materials. While this has not led to lost business, it has caused longer lead times, from order intake to revenue.

Net revenue and EBITA

SEK thousands	Jan-Mar 2022	Jan-Mar 2021	Change %	Whole year 2021
Net revenue	49,534	50,185	-1,3%	202,863
EBITA	2,111	4,806	-56,1%	17,909
EBITA-margin	4,3%	9,6%		8,8%

Other information

Important events during the first quarter

The company issued a profit warning on January 17, 2022 for the fourth quarter of 2021. Current CEO Bo Söderqvist will leave the company on 28 April, 2022, after the Annual General Meeting, and Caroline Reuterskiöld will become the new CEO on that date.

Financial position & cash flow

Cash flow from ongoing business was SEK 3.2 (-1.9) million. Total cash flow, for the period, was SEK -3.9 (-7.7) million. Liquid assets, at the date of the balance sheet, were SEK 77.0 (43.1) million. The equity ratio, as of March 31, was 30.6 (34.6) percent.

Investments

No significant investments were made during the reporting period.

Employees

At the end of the reporting period, the number of employees was 206 (201), of whom 53 (51) were women and 153 (150) men.

Important events after the first quarter

In April, a payment of SEK 4.1 million was made, in connection with the acquisition of Empakk. The amount was not previously included in the acquisition calculations and has, therefore, been adjusted. Henrik Nordin will be appointed as the new CFO and member of group management, preliminary as of August 15, 2022. Current interim CFO Lars Westlund will remain until then.

Risks and uncertainties

The business is affected by a number of different factors, some of which are within the company's control, while others are not. Market-related risks include economic/inflation risks. Financial risks include exchange rate and interest rate risks.

Christian Berner conducts business in four countries, with a wide range of customers in different industries and a large number of suppliers. These factors limit its business and financial risks. During the first quarter, component shortages and long delivery times in the supply chain have affected our business. These risks are closely monitored and we communicate regularly with customers, in order to mitigate the effects of these risks and uncertainties. Another uncertainty, of course, is the war in Ukraine and the impact it may have on our operations. The board and management are closely monitoring these events and update their assessment of the war's potential impact on the company, as the situation develops.

Cyber security is also high on the agenda and the company is constantly improving measures to protect itself from cyber attack .

Transactions with associated companies

Transactions have been made between Christian Berner Tech Trade AB and PSW Fastighets AB, which is owned by AB GF Swedenborg's CEO, for the rental of premises for AB GF Swedenborg. These transactions amounted to a value of SEK 0.2 million in the first quarter. This service has been purchased according to normal commercial conditions.

Parent company

The parent company's primary purpose is to be responsible for business development, acquisitions, financing, governance and analysis. No sales activity takes place within the parent company. The net revenue of SEK 1.7 (1.7) million, for the period, relates to invoicing for internal Group services. EBITA was SEK -4.0 (-3.3) million. As of March 31, the parent company held cash amounting to SEK 38.4 (0.1) million.

Consolidated statement of comprehensive income

	3 months	12 months
SEK thousands	Jan-Mar 2022	Jan-Mar 2021	Jan–Dec 2021
Operating income
Net revenue	181,297	160,442	743,209
Other operating income	1,389	724	4,093
Total operating income	182,686	161,166	747,302
Goods for resale	-106,601	-94,189	-449,655
Other external costs	-15,512	-11,078	-56,581
Staff costs	-47,162	-41,230	-181,742
Depreciation of property, plant and equipment and amortisation of intangible assets	-7,449	-7,114	-29,277
Other operating cost	-28	-10	-10
Total operating expenses	-176,752	-153,622	-717,267
Operating profit/loss	5,934	7,544	30,035
Financial income	130	197	3,840
Financial expenses	-1,387	-1,092	-5,097
Net financial expenses	-1,257	-895	-1,257
Profit/loss before tax	4,677	6,650	28,778
Income tax	-1,460	-1,705	-6,050
Profit/loss for the period	3,217	4,945	22,729
Other comprehensive income
Items that can be transferred to profit and loss for the period
Translation differences	3,218	1,611	2,013
Total comprehensive income for the period	6,434	6,556	24,742
Earnings per share
Earnings per share before and after dilution (SEK)	0,17	0,26	1,21

Consolidated statement of financial position

SEK thousands	2022-03-31	2021-03-31	Whole year 2021
ASSETS
Intangible assets
Goodwill	198,912	185,022	197,524
Distribution rights	1,471	1,423	1,562
Trademarks	32,497	17,000	32,497
Internally developed software	1,377	1,636	1,413
Other intangible assets	180	—	—
Total intangible assets	234,437	205,080	232,996
Property, plant and equipment
Machinery and equipment	21,030	18,521	21,280
ROU assets, leasing	81,091	94,387	84,409
Total property, plant and equipment	102,121	112,908	105,689
Financial assets
Other non-current receivables	298	278	292
Total financial assets	298	278	292
Deferred tax assets	852	382	793
Total non-current assets	337,708	318,648	339,770
Current assets
Inventories
Inventories	95,988	60,773	84,741
Advance payments to suppliers	3,230	1,987	1,718
Total inventories, etc.	99,218	62,759	86,459
Current receivables
Trade receivables	103,714	89,009	99,263
Current tax assets	5,372	287	-
Other current receivables	3,254	5,099	4,159
Prepaid expenses and accrued income	5,393	8,881	3,655
Cash and cash equivalents	77,005	43,132	79,821
Total current receivables	194,737	146,406	186,897
Total current assets	293,955	209,166	273,357
TOTAL ASSETS	631,663	527,814	613,127

Consolidated statement of financial position

SEK thousands	2022-03-31	2021-03-31	Whole year 2021
EQUITY AND LIABILITIES
Equity
Share capital	625	625	625
Other capital contributions	41,228	41,228	41,228
Reserves	6,717	3,097	3,499
Retained earnings	144,692	137,761	141,475
Total equity	193,262	182,711	186,827
LIABILITIES
Non-current liabilities
Non-current leasing liability	58,082	74,001	61,137
Deferred tax liabilities	8,465	6,047	8,465
Provisions	1,203	1,335	1,203
Other non-current liabilities	97	8,257	102
Total non-current liabilities	67,847	89,639	70,908
Current liabilities
Liabilities to credit institutions	175,000	101,055	175,000
Current leasing liability	21,291	21,758	21,365
Advance payments from customers	19,678	9,334	14,080
Trade payables	58,257	50,296	50,569
Current tax liabilities	—	—	295
Other current liabilities	37,193	33,220	38,201
Accrued expenses and prepaid income	59,136	39,801	55,882
Total current liabilities	370,554	255,464	355,392
TOTAL EQUITY AND LIABILITIES	631,663	527,814	613,127

Consolidated statement of changes in equity in summary

SEK thousands	2022-03-31	2021-03-31	Whole year 2021
Opening equity for the period	186,827	176,155	176,155
Total comprehensive income for the period	6,434	6,556	24,742
Transactions with owners
Dividend			-14,070
Closing equity for the period	193,262	182,711	186,827

Consolidated statement of cash flows

		3 months
SEK thousands	2022-03-31	2021-03-31	Whole year 2021
Profit/loss before financial items	5,934	7,555	30,046
Adjustment for non-cash items	7,617	7,126	16,887
Interest paid and similar items	-1,387	-1,097	-5,108
Interest received and similar items	130	192	3,840
Income tax paid/refunded	-7,103	767	-4,319
Cash flow from operating activities before changes in working capital	5,191	14,543	41,346
Increase/decrease in inventories	-12,645	-1,276	-20,325
Increase/decrease in operating receivables	-8,764	-16,507	-11,323
Increase/decrease in operating liabilities	19,413	1,372	12,660
Total change in working capital	-1,996	-16,411	-18,988
Cash flow from operating activities	3,195	-1,868	22,358
Acquisition of subsidiaries	—	—	-22,584
Investments in tangible assets	-1,006	—	-7,316
Investments in intangible assets	—	-619	—
Cash flow from investing activities	-1,006	-619	-29,900
Loans	—	—	75,000
Changes in current financial liabilities	—	1,055	—
Repayment of loans	-6	-339	-339
Dividend	—	—	-14,070
Payment for finance leases	-6,100	-5,897	-24,054
Cash flow from financing activities	-6,106	-5,181	36,537
Cash flow for the period	-3,917	-7,668	28,995
Cash and cash equivalents at the start of the period	79,821	49,401	49,401
Exchange difference in cash and cash equivalents	1,100	1,398	1,425
Cash and cash equivalents at end of the period	77,005	43,132	79,821

Parent company income statement

SEK thousands	3 months		12 months
	2022-03-31	2021-03-31	Whole year 2021
Operating income
Net revenue	1,675	1,723	5,781
Total	1,675	1,723	5,781
Operating expenses
Purchased services	-549	-407	-1,598
Other external costs	-2,577	-1,559	-4,978
Staff costs	-2,565	-3,063	-22,007
Total operating expenses	-5,691	-5,029	-28,583
Operating profit/loss	-4,016	-3,306	-22,802
Profit from participations in Group companies	—	—	4,102
Interest and similar income	327	255	3,706
Interest and similar expenses	-965	-588	-3,224
Total profit/loss from financial items	-637	-333	4,585
Profit/loss before tax	-4,653	-3,639	-18,218
Appropriations	—	—	30,000
Tax on profit for the period	924	750	-939
Profit/loss for the period	-3,729	-2,889	10,843

Parent company balance sheet

SEK thousands	2022-03-31	2021-03-31	Whole year 2021
ASSETS
Financial assets
Shares in Group companies	318,583	283,975	318,583
Total financial assets	318,583	283,975	318,583
Total non-current assets	318,583	283,975	318,583
Current assets
Current receivables
Receivables from Group companies	34,323	32,216	37,849
Other receivables	742	135	719
Current tax assets	5,011	—	240
Prepaid expenses and accrued income	566	605	382
Total current receivables	40,641	32,956	39,190
Cash and bank balances	38,387	123	41,874
Total current assets	79,029	33,079	81,064
TOTAL ASSETS	397,612	317,054	399,647
EQUITY AND LIABILITIES
Restricted equity
Share capital	625	625	625
Revaluation reserve	37,000	37,000	37,000
Statutory reserve	—	1	—
Total restricted equity	37,625	37,626	37,625
Non-current liabilities
Liabilities to Group companies	116,255	121,069	107,001
Liabilities for acquired companies	-3,729	-2,889	10,843
Total non-current liabilities	112,526	118,180	117,844
Total equity	150,151	155,806	155,469
LIABILITIES
Non-current liabilities
Liabilities to Group companies	—	—	120
Liabilities for acquired companies	—	8,256	—
Total non-current liabilities	—	8,256	120
Current liabilities
Liabilities to Group companies	45,244	43,160	40,885
Liabilities for acquired companies	14,361	3,605	14,361
Liabilities to credit institutions	175,000	101,056	175,000
Trade payables	987	733	1,415
Current tax liabilities	—	613	—
Other current liabilities	259	381	354
Accrued expenses and prepaid income
Total current liabilities	11,609	3,444	12,045
	247,461	152,992	244,059

NOTE 1 Accounting principles

This interim report has been prepared in accordance with IAS 34 Interim Financial Reporting, the Swedish Annual Accounts Act and RFR 1 Supplementary Accounting Rules for Groups. The parent company's quarterly report has been prepared in accordance with the Swedish Annual Accounts Act and Swedish Financial Reporting Recommendations RFR 2 Accounting for Legal Entities. Disclosures in accordance with IAS 34.16A appear, not only, in the financial statements and their accompanying notes but also in other parts of the interim report.

New standards coming into effect in 2022

No new accounting standards came into effect in 2022. For further information regarding Christian Berner's accounting principles, please refer to the company's 2021 annual report, Note 2 Accounting Principles, and Note 1 in this report.

NOTE 2 Leasing

Assets	2022-03-31	2021-03-31
ROU assets	81,091	94,387
Total	81,091	94,387

Leasing liabilities	2022-03-31	2021-03-31
Short-term	21,291	21,758
Long-term	58,082	74,002
Total	79,372	95,760

	January–March
	2022	2021
Depreciation of ROU assets	-6,100	-5,897
Interest expenses	-417	-472
Total	-6,518	-6,369

NOTE 3 Business acquisitions AB GF Swedenborg Ingeniörsfirma

On 15 April, 2021, Christian Berner Tech Trade acquired AB GF Swedenborg Ingeni örsfirma and had access as of 3 May. AB GF Swedenborg Ingeni örsfirma markets and sells well-known pumping products and bursting discs. They also manufacture industrial dampers that are sold under their own brand. In 2020, the company's sales amounted to SEK 45.1 million, with an EBITDA of SEK 6.3 million. At the end of 2020, the company had 13 employees. The acquisition is expected to have a posi tive impact on Christian Berner Tech Trade's earnings per share in the current financial year. The purchase consideration amounted to SEK 34.2 million (of which SEK 6 million is additio nal purchase price) on a debt-free basis and is financed through available cash and newly raised loans. The value of the additional purchase price is based on the company's financial results in 2021. Transaction expenses amounted to SEK 1.9 million. In 2021, the company's net revenue amounted to SEK 49.5 million, of which SEK 33.5 million is included in the Group's revenue, with an EBITA of SEK 8.0 million, of which SEK 4.0 million is included in the Group's results.

	SEK thousands
Purchase price	34,179
Net assets measured at fair value	21,874
Goodwill	12,305

Net assets consist of the values below (SEK thousands)	Fair value in the Group
Intangible assets excluding goodwill	15,497
Tangible fixed assets	686
Financial fixed asstes	0
Current assets	19,217
Provisions	-3,192
Non-current liabilities	0
Current liabilties	-10,334
Net assets	21,874

Cash and cash equivalents in acquired businesses amount to SEK 5.6 million.

In March, the acquisition calculations for Empakk were supplemen ted with an agreed debt obligation, amounting to SEK 3.6 million, which caused the goodwill value to be increased by the same amount.

NOTE 4 Segment reporting

Segment revenue	Jan–Mar 2022	Jan–Mar 2021	Change %	Whole year 2021
Sweden	128,666	111,403	15,5%	526,397
Norway	32,739	29,948	9,3%	129,567
Finland	15,432	14,594	5,7%	69,109
Denmark	4,459	4,497	-0,8%	18,136
Total	181,297	160,442	13,0%	743,209
Sales between segments	2,585	2,086	23,9%	19,164

Segment EBITA	Jan–Mar 2022	Jan–Mar 2021	Change %	Whole year 2021
Sweden	9,124	8,248	10,6%	44,606
Norway	585	1,833	-68,1%	8,310
Finland	-136	-359	62,0%	1,151
Denmark	-311	171	281,9%	780
Group as a whole	-3,104	-2,133	-45,5%	-23,962
Total	6,158	7,760	-20,6%	30,885
Amortisation of intangible assets	-224	-205	-9,3%	-839
Net financial items	-1,257	-905	-38,9%	-1,268
Profit/loss before tax	4,677	6,650	-29,7%	28,778

NOTE 5 Distribution of income

Christian Berner's revenue streams are reported according to segment and business area, where segments correspond to the market for revenue.

All business areas are represented in all segments, described in more detail below. The Process & Environment business area has a business model, which to a greater extent, falls into categories 1 and 2, while the Materials Technology business area has a larger share in category 3. However, all three categories are found in all segments and business areas.

Christian Berner accrues revenue in three categories;

1. Commission Sales, where Christian Berner acts as a sales channel for suppliers by contacting end customers. Revenue comes from agreed commissions that Christian Berner receive from suppliers, which are usually received on delivery of products to end customers, or thereafter. Christian Berner does not control the sales flow and is normally dependent on the supplier and customer agreeing and completing the transaction before receiving final payment.

2. Project Sales, refers to revenue streams where Christian Berner has a number of performance commitments. This means that the agreement not only consists of a service or product but also covers a number of different parts. The revenue mainly consists of pre-agreed fees that are usually paid by advance invoicing, as well as invoicing when milestones are reached, depending on the size of the project. These projects can run for long periods and, depending on their nature, income and costs are reported as various completion stages are reached. For larger projects, the resulting profit depends on the validity of calculations and on the successful completion of the project. Due to this, there exists a degree of uncertainty regarding the profitability of projects before completion.

3. Sales of Goods and Services. This category refers to goods and services sold separately. These may involve services or installations, as well as products and spare parts from our warehouse. These are sold at rates agreed with customers, usually based on price lists. Revenues are reported for these goods and services when control is transferred to the customer. Invoicing usually occurs on delivery. In these cases, the greatest uncertainty occurs if customers are unable to pay for the services or products supplied.

January–March 2022 Net revenue, SEK thousands Sweden Norway Finland Denmark Group as a whole Process & Environment 98,524 24,458 6,066 2,715 131,762 Materials Technology 30,142 8,282 9,366 1,744 49,534 Total 128,666 32,739 15,432 4,459 181,297

January–March 2021 Net revenue, SEK thousands	Sweden	Norway	Finland	Denmark	Group as a whole
Process & Environment	79,469	22,643	4,921	3,224	110,257
Materials Technology	31,934	7,305	9,673	1,273	50,185
Total	111,403	29,948	14,594	4,497	160,442

NOTE 6 Financial instruments by category

Financial assets valued at amortised cost

Assets on the Balance Sheet	2022-03-31	2021-03-31
Other non-current receivables	103,714	89,009
Trade receivables	77,005	43,132
Cash and cash equivalents	298	278
Total	181,017	132,418

Financial liabilities valued at amortised cost

	2022-03-31	2021-03-31
Liabilities to credit institutions	175,000	101,055
Leasing liabilities	79,372	95,759
Trade payables	58,257	50,296
Accrued expenses and prepaid income	59,136	39,801
Additional purchase considerations at fair value	14,361	8,257
Total	386,126	295,168

Additional purchase considerations at fair value

	2022-03-31
Opening balance	10,757
ROU	—
Acquisition	3,604
Valuation adjustments	—
Closing balance	14,361

CBTT holds various financial instruments, most of which are valued at their amortised cost. Liabilities for additional purchase considerations are an exception, which are calculated at fair value, over the consolidated statement of income. A liability to pay additional purchase considerations is a financial instrument whose value depends on assumptions and assessments made by the company (level 3 instruments). In this case, the value of the liability depends on the acquired company's performance in 2021. In cases where financial instruments are reported at their amortised cost, this value corresponds, in all cases, to their fair value. During the year, a debt obligation of SEK 3.6 million was adjusted, regarding Empakk's acquisition calculations, which will be paid in April 2022.

Definitions

Non-IFRS performance indicators	Description	Reason for use of indicator
Operating income	Revenue, including net revenue and other income	Operating income is a combination of how the Compa ny's various product areas and markets perform
Net revenue growth	Increase in the net revenue as a percentage of the total revenue of the previous year	Indicator of the company's growth relative to the pre vious period, which illustrates the company's trend and enables the underlying driving forces to be tracked
EBITA	Earnings before impairment of goodwill and impairment and amortisation of other intangible assets that arose in connection with business combinations and equiva lent transactions	As a manufacturing company, EBITA is an important indicator of the company's profitability before interest, taxes and impairments
EBITA-margin	EBITA as a percentage of net revenue	The EBITA margin illustrates the company's profit gene ration before interest, taxes and amortisation, relative to operating income. A performance indicator that is appropriate for companies such as Christian Berner
Operating profit/loss	Operating profit/loss before financial items and taxes	Operating profit/loss gives an overall picture of the company's profit generation in its operating activities.
Operating margin	Operating profit/loss before financial items and taxes, as a percentage of operating income	The operating margin is a traditional comparison indi cator that illustrates the company's profit generation relative to operating income
Net financial items	The difference between financial income and financial expenses	Net financial items shows the difference between financial income and financial expenses
Profit/loss for the period	Profit/loss after tax	This measure is relevant, as the board decides divi dends (earnings per share) and how much it will reinvest in the company from this amount.
Total assets	The company's total assets	Total assets indicates the company's total assets that are at the disposal of the company in order to generate returns for shareholders
Equity ratio	Equity as a percentage of total assets	A traditional indicator showing financial risk, expressed as the proportion of adjusted equity that is financed by the shareholders
Return on equity	Profit/loss after financial items as a percentage of average equity	Shows the return on the shareholders' invested capital, from the perspective of the shareholders
Cash flow for the period	Total of the cash flow from operating activities, cash flow from investing activities and cash flow from financing activities	The cash flow for the period is an indicator of how much cash and cash equivalents the company generates or loses in each period
Number of shares at the close of the period	The number of outstanding shares at the end of the reporting period	The number of shares in the company is important, as it forms the basis of the calculation of earnings per share
Average equity	The average of the total of opening equity for the period added to closing equity for the period	Average equity is a more conventional comparison indi cator and is used as a component in a number of other key performance indicators

Group – KPIs

Jan-Mar 2022	Jan-Mar 2021	Change %	Whole year 2021
181,297	160,442	13,0%	743,209
6,158	7,760	-20,6%	30,885
3,4%	4,8%		4,2%
631,663	527,814	19,7%	613,127
193,262	182,711	5,8%	186,827
13,0%	-8,5%		6,9%
41,6%	41,6%		40,2%
30,6%	34,6%		30,5%
14,3%	25,4%		15,9%

The information in this report is published in accordance with the EU Market Abuse Regulation and the Securities Market Act. The information was submitted, through the contact people named below, for publication on 28 April 2022, at 15:00.

Reporting dates

August 18, 2022 Interim report for the second quarter 2022

October 27, 2022 Interim report for the third quarter 2022

February 23, 2023 Year-End Report 2022

Contact details

Bo Söderqvist, CEO Christian Berner Tech Trade AB +46 (0) 70-18 66 910 E-mail: bo.soderqvist@christianberner.com

Lars Westlund, CFO Christian Berner Tech Trade AB +46 (0) 70-18 66 968 E-mail: lars.westlund@christianberner.com

This interim report has not been subject to review by the company's auditor.