Elmera Group ASA — Investor Presentation 2021

Aug 26, 2021

Q2 2021 PRESENTATION

Rolf Barmen (CEO) Birte Strander (CFO)

26th August

Q2 2021 HIGHLIGHTS

Rolf Barmen (CEO)

Highlights second quarter 2021

Growth in net revenue and EBIT adj.

• 24% YoY increase in net revenue and 14% YoY increase in EBIT adj.

• of deliveries in the Consumer, Business and Nordic segments decreased by 1,959 in the quarter

  • This is an improvement of 15,292 vs. the development in Q1 2021
• In Q3 2021: Acquisition of SkyMobil's customer portfolio of ~38k subscribers

Key Highlights

1 of (end of period) # deliveries	(QoQ) of deliveries Δ in #
1 003 898	1 959 -
of Increase 61 % YoY	growth: Organic -1 959
2 Volume sold	Gross revenue
GWh 4 324	NOK 2 578m
of Increase 55 % YoY	of Increase 284 % YoY
3 (adj ) Net K 2 revenue K	3 (adj ) EBIT 6
NOK 388m	NOK 141m
of 24 % Increase YoY 9 K K	of % Increase 14 YoY 7
(reported) Basic EPS	(cash) K13NIBD
NOK 0 87 ,	NOK 742m
of Decrease -12 % YoY	K19NIBD/LTM EBITDA: 0 85 ,

Sources: Company information

• 1) Number of deliveries excl. Extended Alliance deliveries. Number of deliveries incl. Extended Alliance deliveries: 1,084,915
• 2) Not including Alliance volume. Volume turnover for alliance partners in the quarter: 1,086 GWh

³⁾ Adj. Net revenue and EBIT are reported figures adjusted for any estimate deviations on sales and distribution of electricity related to previous reporting periods, special items, unrealised gains and losses on financial derivatives and depreciations from acquisitions

Regulatory update

• In May 2021, The Norwegian Parliament adopted a resolution, requesting that the Norwegian Government implements the following items:
  • 1. Standardised price information, making it easier for consumers to compare prices across different contract types and price models
  • 1. Clear information about changes in terms, conditions and pricing, communicated in good time
  • 1. Mandatory information about the duration of the price of the contract
• Trygg Strømhandel, the certification of electricity retailers in Norway, will announce the first batch of certified retailers during Q3
  • Comprehensive process of certification involving a broad range of employees and departments within the organisation
  • The certification already addresses items 2 and 3 in the resolution from the Parliament

Ongoing activities and initiatives

• A variable contract offering with an attractive price ceiling has been well received by new customers, in a year with volatile and high elspot prices
• The physical sales channels are on the way back to pre-covid levels
  • Ongoing campaign through Power, a Nordic electronics retailer, with discounts to new electricity customers, both in-store and online
  • Introduction of Trumf bonus (cash points) for both new and existing customers – currently more than 60,000 registered customers
• The M&A activities continue at a high level and are unaffected by Covid restrictions

Garantistrom kampanje
Strømavtale med pristak
Gå til bestilling
Pris Månedsbeløp	59,90 øre/kWh + 19 kr/mnd

BUSINESS REVIEW

Rolf Barmen (CEO)

Market development

Key highlights in Q2 2021

• Elspot prices at a significantly higher level than last year, driven by CO2 prices, coal and gas prices and low wind production
  • 2020 prices were exceptionally low, driven by a very strong hydrologic balance
• Temperatures colder than last year in two out of three months¹
  • Apr: -0.8°C below normal (0.7°C colder than 2020)
  • May: -0.3°C below normal (1.2°C warmer than 2020)
  • Jun: +2.3°C above normal (1.0°C colder than 2020)

Weekly elspot prices (NOK/kWh)²

Sources:

• 1) Temperature figures from met.no's monthly reports. The normal has been adjusted according to the temperatures in 1991-2020
• 2) Weekly system prices in NOK from Nordpool

Segment development - Consumer

Key highlights in Q2 2021

• Organic decrease of 10,640 deliveries in Q2 2021
  • Positive trend throughout the quarter, with positive growth figures in the second half of June.
  • Negative effect from the shut down of physical distribution in April, May and first part of June
  • Improvement of 8,510 vs. the development in Q1 2021
• Volume growth of 34% YoY, driven by M&A
  • Avg. volume per delivery is decreasing 1% YoY 2,836 kWh in Q2 2021 vs. 2,852 kWh in Q2 2020

# of electricity deliveries¹ ('000)

1) Number of electricity deliveries at the end of the period

Segment development - Business

• Organic growth of 2,094 deliveries in Q2 2021
• Volume growth of 26% YoY, driven by M&A
• Avg. volume per delivery decreasing 9% YoY 14,274 kWh in Q2 2021 vs. 15,616 kWh in Q2 2020 81

Key highlights in Q2 2021 # of electricity deliveries¹ ('000)

1) Number of electricity deliveries at the end of the period

Segment development - Nordic

• Growth of 6,587 deliveries in Q2 2021 • Growth within B2C and B2B in both Sweden and Finland • Volume sold of 682 GWh, a consumption of 4,155 kWh per delivery Key highlights in Q2 2021 # of deliveries¹

Volume (GWh) ('000) 164 161 167 0 40 80 120 160 200 Q2 20 Q3 20 Q4 20 Q1 21 Q2 21 3 000

Sources: Company information

1) Number of deliveries at the end of the period

New Growth Initiatives

Key highlights in Q2 2021 # of Mobile subscribers¹

Mobile:

• Decrease of 526 mobile subscribers in Q2 2021
• Acquisition of SkyMobil's customer portfolio
  • ~38,000 mobile subscribers
  • Final purchase price depending on the number of subscribers successfully migrated and price plan distribution

Alliance:

• 26% YoY Alliance volume increase
• Growth of 22,099 electricity deliveries within Extended Alliance, following the start up of two new Alliance partners

('000)

Volume Alliance (GWh)

Sources: Company information

1) Number of mobile subscribers at the end of the period

FINANCIAL REVIEW

Birte Strander (CFO)

Net revenue development

Change in adj. net revenue (NOKm) Adj. net revenue LTM (NOKm)

• Net revenue growth of 24% YoY improvements within all segments, mainly driven by M&A
  • Elspot prices 647% higher than in Q2 2020
• Last twelve months adj. net revenue growth of 15% YoY, mainly driven by M&A

Sources: Company information

EBIT adj. development

Change in adj. EBIT (NOKm)

Adj. EBIT LTM (NOKm)

• EBIT adj. increase 17 NOKm YoY
  • YoY decrease in the Consumer segment Q2 2020 was affected by extraordinary low elspot prices and favourable market dynamics
  • The synergy realisation of the Innlandskraft transaction is developing as planned. The Eidsiva brand is successfully integrated in the Fjordkraft Factory and full synergy realisation expected during Q4 2021
• Adj. EBIT margin decreasing 3 pp YoY
• Adj. EBIT LTM increase to 603 NOKm LTM margin of 37%, within the guidance of 36-38%

Sources: Company information

Segment overview

• Net revenue increase 4% YoY Q2 2020 was affected by extraordinary low elspot prices and favourable market dynamics
• EBIT adj. margin down 9 pp YoY
• LTM EBIT adj. margin of 32%

Consumer segment Business segment

• 22 NOKm increase in net revenue, driven ~85/15 by volume growth/margin improvement
• EBIT adj. margin increase 4 pp YoY
• LTM EBIT adj. margin of 59%

Sources: Company information

Segment overview cont.

• Segment performance in line with revised guidance
• The Q4 2020 figures only include the period from 11 Nov to year-end

Nordic segment New Growth Initiatives

• The new growth initiatives segment is showing improved EBIT adj. for the fourth consecutive quarter
• The improvement in EBIT is mainly driven by Mobile

Sources: Company information

NWC development

Net working capital¹ (NOKm)

• Net working capital (NWC) is decreasing to 218 NOKm at quarter-end Q2 2021
  • NWC in Q1 2021 was inflated due to easter at quarter-end
• NWC increasing by 277 NOKm YoY
  • Prices increase 647% YoY and volume increase 55% YoY

Sources: Company information

1) NWC includes the following items from current assets: Inventories, intangible assets, trade receivables, derivative financial instruments and other current assets (that is, all current assets in the balance sheet except cash and cash equivalents); and the following items from current liabilities; trade payables, current income tax liabilities, derivative financial instruments, social security and other taxes and other current liabilities excl. 46 NOKm in short-term interest bearing debt

2) Volume sold in the Consumer, Business and Nordic segments

3) Average of daily system prices in NOK

Net cash development

Change in net cash Q-o-Q (NOKm)

Sources: Company information

1) OpFCF defined as EBITDA adj. less CAPEX excl. M&A and payments to obtain contract assets

2) Non-cash NWC relates to items included in "change in NWC" that are not affecting net cash position. Other includes interest, tax, change in long-term receivables, proceeds from non-current receivables, proceeds from other longterm liabilities, share based payment expense, change in post-employment liabilities, payment of lease liability and adjustments made on EBITDA.

Hedging strategy

• Historically, Fjordkraft has not done any hedging of the variable contracts, apart from on certain price ceiling contracts
• The increase in elspot price volatility has increased consumers' demand for predictable electricity cost and risk mitigating products
• In order to adapt to this demand, and to increase the predictability of Fjordkraft's purchase price, Fjordkraft will hedge a larger portion of the variable contract portfolio going forward

Weekly elspot prices (NOK/kWh)¹

-

-

-

Sources: 1) Weekly system prices in NOK from Nordpool

Outlook for 2021-2023¹

Group	▪ Targeting high-single digit net revenue growth. 2021 expected above double digit due to acquisitions in 2020 ▪ Targeting a sustainable EBIT margin of 36-38% ▪ Ambition to act as a consolidator in a fragmented market
	Growth	▪ Targeting mid-single digit annual net revenue growth	Revised in Q1: Expecting a slightly negative net
Consumer	EBIT margin	▪ Targeting a sustainable level of 32-34%	revenue growth and an EBIT margin in the area of 30% in 2021
	Growth	▪ Targeting a sustainable level of mid-single digit growth. 2021 expected above double digit due to acquisitions in 2020
Business	EBIT margin	▪ Targeting a sustainable level of 52-54%	Revised in Q1: Expecting a higher EBIT margin than targeted in 2021
Nordic	Revised in Q1: Expecting an EBIT contribution ▪ Targeting an annual EBIT contribution of ~50 NOKm ~65 NOKm in 2021
NGI	Revised in Q1: Expecting a 75% improvement ▪ Targeting a 50% improvement in nominal EBIT from 2020 to 2021 and a positive run-rate nominal EBIT from 2020 to 2021 EBIT from late 2021
Cap.ex.	▪ Targeted to be in the area of NOK 65-70m annually
Leverage	▪ Targeting a leverage of 2-2.5x NIBD/EBITDA with variations intra-year due to seasonality in net working capital ▪ Current balance sheet enabling substantial capacity to finance acquisitions
Dividend	▪ Target pay-out ratio of at least 80% of net income, adjusted for certain cash and non-cash items2 ▪ Attractive and increasing dividend

1) Outlook on an organic basis, not including additional M&A transactions in the period. All targets are based on adjusted figures, further described under alternative performance measures in the quarterly report 2) Adjusted EBIT + net finance – estimated tax – amortisation of acquisition debt

Appendix

PROFIT AND LOSS ACCOUNT

NOK in thousands	Note	Q1 2021	Q2 2021	Q2 2020	YTD 2021		YTD 2020 Full Year 2020
Continuing operations
Revenue	2,3	4 062 952	2 578 081	671 380	6641 032	1981637	4214727
Direct cost of sales	2	(3 553 371)	(2 170 449)	(340 967)	(5 723 820)	(1 169822)	(2 647 005)
Revenue less direct cost of sales		509 581	407 631	330 413	917 212	811 815	1 567 722
Personnel expenses	2	(111 493)	(79 849)	(54 648)	(191 342)	(133 243)	(328 485)
Other operating expenses	2	(131 246)	(115 934)	(97 758)	(247 180)	(222 352)	(471 938)
Depreciation right-of-use assets		(4 663)	(4 997)	(3 133)	(9 660)	(6 233)	(13 302)
Depreciation and amortisation	2,7	(95 111)	(92 104)	(45 360)	(187 215)	(91 008)	(291 872)
Total operating expenses		(342 514)	(292 883)	(200 899)	(635 397)	(452 835)	(1 105 596)
Impairment and change in provision for onerous contracts	4	9122	(151 288)		(142 166)		(268 493)
Other gains and losses, net	4,9	5 388	164677	2 568	170 066	4474	331 539
Operating profit		181 577	128 138	132 082	309 715	363 453	525 172
Income/loss from investments in associates
and joint ventures		734	1 188	(198)	1922	(351)	1 168
Interest income		2 499	4 123	4 067	6623	10 448	16814
Interest expense lease liability		(658)	(газ)	(410)	(1 253)	(838)	(1813)
Interest expense	11	(10 219)	(8 775)	(1 052)	(18 994)	(2 710)	(11 982)
Other financial items, net		(12 922)	(1 095)	(2677)	(14017)	(2 437)	(15 692)
Net financial income/(cost)		(20 566)	(5 153)	(270)	(25 719)	4 112	(11 505)
Profit/ (loss) before tax		161 011	122 985	131 812	283 996	367 565	513 667
Income tax (expense)/ income	5	(27 368)	(23 772)	(29 211)	(51 140)	(81 294)	(113604)
Profit/ (loss) for the period		133 643	99 212	102 601	232 856	286 271	400 063
Basic earnings per share (in NOK)*	6	1,17	0,87	0,98	2,04	2,74	3,73
Diluted earnings per share (in NOK)*	6	1,15	0,86	0,97	2,01	2,71	3,69

ADJUSTED EBIT reconciliation

NOK in thousands	Q1 2021	Q2 2021	Q2 2020	YTD 2021		YTD 2020 Full year 2020
Revenue adjusted	4 062 952	2 559 342	648 761	6 622 294	1 959 017	4 183 361
Corporate 1)		18739	20 904	18739	20 904	29650
Special items 2)			1716		1716	1716
Revenue	4 062 952	2 578 081	671 380	6 641 032	1 981 637	4 214 727
Direct cost of sales adjusted	(3 553 371)	(2 171 283)	(334 738)	(5 724 653)	(1 163 592)	(2 639 876)
Corporate 1)		834	(6 230)	834	(6 230)	(7 129)
Direct cost of sales	(3 553 371)	(2 170 449)	(340 967)	(5 723 820)	(1 169 822)	(2 647 005)
Revenue less direct cost of sales adjusted	509 581	388 059	314 023	897 640	795 425	1 543 486
Corporate 1)		19573	14674	19573	14674	22521
Special items 2)			1716		1 716	1716
Revenue less direct cost of sales	509 581	407 631	330 413	917 212	811 815	1 567 722
Total operating expenses adjusted	(294 293)	(246 954)	(189 856)	(541 247)	(433 615)	(935 208)
Special items 2)	2 354		(2 927)	2 354	(2 927)	(42 213)
Depreciation of acquisitions 3)	(50 575)	(45 929)	(8 116)	(96 504)	(16 293)	(128 175)
Total operating expenses	(342 514)	(292 883)	(200 899)	(635 397)	(452 835)	(1 105 596)
lmpairment and change in provision for onerous contracts	9 122	(151 288)		(142 166)		(268 493)
Other gains and losses 4)	5 388	1646/7	2 568	170 066	4 474	331 ਦੌਤਰ
Operating profit	181 577	128 138	132 082	309 715	363 453	525 172
Income/loss from investments in associates and joint ventures	734	1 188	(198)	1 922	(351)	1 168
Interest income	2 499	4 123	4 067	6623	10 448	16814
Interest expense lease liability	(658)	(Far)	(410)	(1 253)	(838)	(1813)
Interest expense	(10219)	(8 775)	(1 052)	(18 994)	(2 710)	(11 982)
Other financial items, net	(12 922)	(1 095)	(2 677)	(14017)	(2 437)	(156692)
Profit/(loss) before tax	161 011	122 985	131 812	283 996	367 565	513 667

ADJUSTED EBIT reconciliation cont.

NOK in thousands	Q1 2021	Q2 2021		Q2 2020		YTD 2020 Full year 2020
Special items incurred specific to:
- acquisition related costs and implementation costs	(7 485)		(2 927)	(7 485)	(2 927)	(21 579)
- income related to compensatory damages			1716		1 716	1716
- one off amortisation of customer contracts in acquired companies						(5 745)
- severance packages and other one off costs in acquired companies	6 451			6 451		(14888)
- gain from sale of trade receivables previously impaired	3 387			3 387
Special items	2 354		(1210)	2 354	(1210)	(40 497)

NOK in thousands	01 2021	Q2 2021	02 2020	YTD 2021		YTD 2020 Full year 2020
TrønderEnergi Marked acquisition	(2 608)	(2 608)	(5 180)	(5 217)	(10 359)	(20 718)
Oppdal Everk Kraftomsetning acquisition	(572)	(572)	(787)	(1 144)	(1 574)	(3 148)
Vesterålskraft Strøm acquisition	(484)	(484)	(565)	(ae8)	(1 131)	(2 261
Innlandskraft acquisition	(35 446)	(31 068)		(66 514)		(36 254)
Troms Kraft Strøm acquisition	(10625)	(10 434)		(21 059)		(7 037)
Troms Kraft Strøm acquisition - Depreciation of fixed price customer						(52 910)
Other customer acquisitions	(839)	(762)	(1 584)	(1 602)	(3 229)	(5 847)
Depreciation of acquisitions	(50 575)	(45 929)	(8 116)	(96 504)	(16 293)	(128 175)

BALANCE SHEET

NOK in thousands	Note	31 March 2021	30 June 2021	30 June 2020	31 December 2020
Assets:
Non-current assets
Deferred tax assets		35 143	36 065		37 316
Right-of-use assets property, plant and equipment		92 302	91 232	63 430	81 724
Property, plant and equipment		8819	8 431	6 205	8 409
Goodwill	7	1 424 680	1 429 576	166 696	1 442 849
Intangible assets	7	798 173	764 586	172 466	869 268
Cost to obtain contracts		191 660	214065	152 559	172 656
Investments in associates and joint ventures		11 902	13 090	ਰ ਦਿੱਚਕ	11 168
Other non-current financial assets		62 488	46 822	25 764	63 877
Total non-current assets		2 625 166	2 603 866	596 769	2 687 566
Current assets
Intangible assets		3 443	1 698	1 950	2 880
Inventories		6 248	6 101	801	2 398
Trade receivables	8,11,13	2 279 982	1 416 226	455 853	1 476 927
Derivative financial instruments	9	138514	438418	229834	193 175
Other current assets		111 145	65 172	36 038	167 065
Cash and cash equivalents		561 092	261 282	749 445	599 348
Total current assets		3 100 423	2 188 897	1 473 923	2 441 793
Total assets		5 725 589	4 792 763	2 070 691	5 129 359
Equity and liabilities:
Equity
Share capital		34 285	34 289	31 376	34 285
Share premium		991 614	991 998	127 738	991 614
Retained earnings		1 034 773	748824	794 929	918 148
Total equity		2 060 672	1 775 112	954 043	1 944 047

BALANCE SHEET

NOK in thousands	Note	31 March 2021	30 June 2021	30 June 2020	31 December 2020
Non-current liabilities
Employee benefit obligations	10	79 688	84713	96 489	110828
Interest-bearing long term debt	11	789 260	766 694	111 200	812808
Deferred tax liabilitites		140118	135 377	15 800	130 499
Lease liability - long term		78 133	73 892	54 111	67 442
Other provisions for liabilities		14 501	16 399		14649
Total non-current liabilites		1 101 701	1 077 075	277 600	1 136 225
Current liabilities
Trade and other payables	13	1 365 123	866 070	160 164	1 029 604
Overdraft facilities	11	472 648	136801		29 400
Current income tax liabilities		35912	64 206	107 237	129 098
Derivative financial instruments	9	53 722	187 750	214 085	110616
Social security and other taxes		170 295	84 667	103 669	143 425
Lease liability - short term		17414	20 654	12 031	17 366
Other current liabilities	12	448 103	580 428	241 862	589 578
Total current liabilities		2 563 216	1 940 576	839 049	2 049 087
Total liabilities		3 664 917	3 017 651	1 116 649	3 185 312
Total equity and liabilities		5 725 589	4 792 763	2 070 691	5 129 359

CASH FLOW

NOK in thousands	Note	Q1 2021	Q2 2021	Q2 2020	YTD 2021	YTD 2020	Full Year 2020
Operating activities
Profit/ (loss) before tax		161 011	122 985	131 812	283 996	367 565	513667
Adjustments for
Depreciation	7	61 838	57 569	17 525	119 407	34 782	168012
Depreciation right-of-use assets		4663	4 997	3133	a 660	6 233	13 302
Amortisation of contract assets		33 273	34 534	27 835	6 / 808	56 226	123 860
Impairment of intangible asset	4,7	ਰ ਦੇਤਤ	290		9823		197 470
Interest income		(2 499)	(4 123)	(4 067)	(6 623)	(10 448)	(16814)
Interest expense lease liability		658	ਦਰਤ	410	1 253	838	1813
Interest expense		10219	8 775	1 052	18 994	2 710	11 982
Income/loss from investments in associates and joint ventures
ventures		(734)	(1 188)	198	(1 922)	351	(1 168)
Change in long-term receivables		297	3 441	13 820	3 738		(7 686)
Share based payment expense		alg	ago	805	1 909	1 579	3 252
Change in post-employment liabilities		1 976	2 357	(3518)	4 333	(ਰਤਦ)	(302)
Payments to obtain a contract		(53 206)	(55 866)	(26 245)	(109 072)	(49 550)	(137 280)
Changes in working capital (non-cash effect)
Impairment loss recognised in trade receivables	8	(4 581)	(40 635)	3 505	(45 215)	20 240	19 342
Provision for onerous contracts recognised in other current liabilities	4	(18655)	150 998		132 343		71 023
Change in fair value of derivative financial instruments	ਥੇ, ਰ	(5 388)	(1646/7)	(2 568)	(170 066)	(4 474)	(331 539)
Changes in working capital
Inventories		(3.850)	147	(349)	(3 703)	(7)	(1 453)
Trade receivables	8	(813 ਰਤਤ)	909 836	408 535	95 903	1 031 373	260 279
Purchase of el-certificates		(84 153)	(5 039)		(86 191)	(245 712)	(245 712)
Non-cash effect from cancelling el-certificates		83 978	1 921	(187)	85 898	263 594	263 594
Purchase of guarantees of origination		(4 320)	15	(176)	(4 305)	(1 573)	(4 064)
Non-cash effect from disposal of guarantees of origination		ਤੇ ਰੇਖਰ	2 277	3143	6 226	5 501	7 089
Other current assets		54 117	47 632	77 286	101 749	(17 572)	19435
Trade and other payables		350 aza	(506 545)	(227 876)	(155616)	(657 979)	61 721
Other current liabilities	12	(72 240)	(112 489)	(15 526)	(184 729)	(362 662)	(351 741)
Cash generated from operations		(286 197)	461 794	408 542	175 597	440 079	638 082
Interest paid		(II ueu)	(7 485)	(1 898)	(18545)	(4 107)	(22 058)
Interest received		2 499	4 123	4 067	6623	10 448	16814
Income tax paid	5	(122 145)			(122 145)	(90 024)	(113 533)
Net cash from operating activities		(416 903)	458 432	410 711	41 530	356 395	519 305

CASH FLOW

NOK in thousands	Note	Q1 2021	Q2 2021	Q2 2020	YTD 2021	YTD 2020	Full Year 2020
Investing activities
Purchase of property, plant and equipment		(1 291)	(312)		(1 603)		(497)
Purchase of intangible assets	7	(13418)	(19131)	(22 724)	(32 550)	(37 803)	(64 767)
Proceeds from sale of intangible assets	7					10 000	10 000
Net cash outflow on acquisition of subsidiares							(1 033 527)
Net cash outflow on acquisition of shares in associates						(10 000)	(10 000)
Net (outflow)/proceeds from non-current receivables		1 092	12 225	(74)	13317	(399)	(16 985)
Net (outflow)/proceeds from other long-term liabilities		829	1 442		2 271		(194)
Net cash used in investing activities		(12 788)	(5 777)	(22 798)	(18 565)	(38 201)	(1 115 970)
Financing activities
Proceeds from overdraft facilities	11	443 248	(335 847)		107 401		29 400
Proceeds from revolving credit facility	11						500 000
Repayment of revolving credit facility	11						(500 000)
Proceeds from issuance of shares			389	389	389	2 731	2 730
Dividends paid			(заа аве)	(313717)	(399 a86)	(313 717)	(313717)
Formation expenses				(10)		(10)	(10)
Proceeds from long term debt	11						937 000
Instalments of long term debt	11	(23 425)	(23 425)	(13 900)	(46 850)	(27 800)	(65 125)
Repayment of long term debt	11						(152 900)
Payment of lease liability		(4 530)	(4 834)	(2 966)	(9 364)	(5 488)	(12 450)
Net cash used in financing activities		415 293	(763 703)	(330 204)	(348 410)	(344 284)	424 928
Net change in cash and cash equivalents		(14 398)	(311 048)	57 710	(325 446)	(26 091)	(171 738)
Cash and cash equivalents at start of period		599 348	561 092	691 735	599 348	775 536	775 536
Effects of exchange rate changes on cash and cash equivalents		(23 859)	11 239		(12620)		(4 450)
Cash and cash equivalents at end of period		561 092	261 282	749 445	261 282	749 445	599 348

FORWARD-LOOKING STATEMENTS

This presentation contains, or may be deemed to contain, statements that are not historical facts but forward-looking statements with respect to Fjordkraft's expectations and plans, strategy, management's objectives, future performance, costs, revenue, earnings and other trend information. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to many factors, many of which are outside the control of Fjordkraft.

All forward-looking statements in this presentation are based on information available to Fjordkraft on the date hereof. All written or oral forwardlooking statements attributable to Fjordkraft, any Fjordkraft employees or representatives acting on Fjordkraft's behalf are expressly qualified in their entirety by the factors referred to above. Fjordkraft undertakes no obligation to update this presentation after the date hereof.

For more information: Fjordkraft's Investor Relations Morten A. W. Opdal +47 970 62 526 morten.opdal@fjordkraft.no