G5 Entertainment — Interim / Quarterly Report 2014

Aug 15, 2014

INTERIM REPORT JANUARY – JUNE 2014

April-June 2014

• Consolidated revenue for the period is 40 635 (21 822) kSEK, an increase of 86% compared to the same period 2013.
• Operating result for the period is 2 353 (3 387) kSEK. Excluding re-listing expenses the operating result was 3 492 kSEK.
• Net result for the period is 1 740 (3 241) kSEK.
• Earnings per share for the period before and after dilution is 0.20 (0.37) SEK.
• Cash flow before financing activities during the period is -9 365 (-5 314) kSEK. This includes a tax payment for which a refund in excess of 4 MSEK is expected during the third quarter, and fees in excess of 1 MSEK to advisors in connection with the listing on NASDAQ OMX Stockholm.

January-June 2014

• Consolidated revenue for the period is 79 746 (49 379) kSEK, an increase of 61% compared to the same period 2013.
• Operating result for the period is 7 509 (12 817) kSEK. Excluding re-listing expenses the operating result is 8 918 kSEK.
• Net result for the period is 5 768 (11 230) kSEK.
• Earnings per share for the period before and after dilution is 0.66 (1.32) SEK.
• Cash flow before financing activities during the period is -2 178 (-8 339) kSEK. This includes a tax payment for which a refund in excess of 4 MSEK is expected during the third quarter, and fees in excess of 1 MSEK to advisors in connection with the listing on NASDAQ OMX Stockholm.

Important events during the second quarter

• On June 10, the shares of G5 Entertainment AB (short name: G5EN), a small cap company within the technology sector, started trading on the main market of NASDAQ OMX Stockholm.
• G5 has during the quarter shown substantial and profitable growth, and generated record monthly and quarterly revenue.
• Revenue from free-to-play games grew 202% compared to 13Q2, and accounted for 71% of total revenue in 14Q2 (43% in 13Q2).
• Revenue from unlockable games was slightly lower than in 14Q1 but seems to have stabilized.
• The accumulated number of downloads of the group's games (not counting updates) surpassed 170 million.
• The group continued working on improving free-to-play games in its portfolio and working on new free-toplay games.

Important events after the end of the period

• The management is growing increasingly confident that going forward seasonality is not going to affect the revenue as much as it did in previous years. The group's increased marketing spending allows balancing the inflow of new users during the "low" season in the application stores.
• The company continued to work on upcoming new free-to-play games, with the aim to have more than 10 free-to-play games in the portfolio before the end of 2014. Most of new games that are scheduled to come out before the end of the year are owned by G5 and developed either internally or by 3rd party studios under work-for-hire contracts.

The group's office in Kharkov continues business as usual. It is the group's policy to keep critical code and materials backed up outside Ukraine, keep intellectual property rights in EU entities, and transfer funds to subsidiaries on as-needed basis.

Inquiries

Vlad Suglobov, CEO, investor@g5e.com

Odd Bolin, CFO, +46 70 428 3173

G5 Entertainment AB is a developer and publisher of high quality downloadable games for iOS, Android, Kindle Fire, Mac, and Windows 8 devices. G5 develops and publishes games that are family-friendly, easy to learn, and targeted at the widest audience of experienced and novice players. G5's portfolio includes a number of popular games like The Secret Society, Virtual City, Special Enquiry Detail, Supermarket Mania, Stand O' Food, and Mahjongg Artifacts. G5 Entertainment AB is listed on NASDAQ OMX Stockholm since 2014.

Comments by the Chief Executive Officer

14Q2 is a new record revenue quarter for the company, the third in a row after a mixed performance during the transitional year 2013. The company continues to benefit from the transition it accomplished in 2013, when the emphasis was put on free-to-play games, which now generate the majority of the company's revenue. While the company still has a smaller part of its revenue coming from unlockable games, the growth comes from free-toplay games.

The operating margin in 14Q2 is lower than in the same period last year due to specifics of the free-to-play business model, higher costs this year in connection with the listing on NASDAQ OMX Stockholm, and ongoing investments in publishing tools, which are not being capitalized. The company invests actively not only in product development but also in improving its publishing platform toolset, which comprises of analytical, marketing, and game management tools. These tools are designed to make the development, deployment, performance analysis, and marketing of free-to-play games more effective, enhancing the ability of the development teams to focus on creative aspects and achieve targets for usage, engagement, and monetization parameters. The management sees the publishing platform tools as an important competitive advantage for the company.

Despite temporarily lower margins in the new business model, the company has high operating leverage, and freeto-play revenue can be scaled substantially. The management expects to return to 30% margin over time through organic top line growth, however we retain the flexibility to increase or decrease user acquisition spending (Sales and Marketing expense category) as we deem fit for the purpose of balancing growth, profitability, and cash flow. This may have both positive and negative effects on the operating margin in the short term.

With the listing on NASDAQ OMX Stockholm main market and strengthened team and tools, we have built the foundation for further growth. The company is profitable and has the funds to continue investing in improvement and marketing of its existing free-to-play games, and the development of new free-to-play games, several of which are going to be released before the end of the year. It remains our goal to have over 10 free-to-play games in our portfolio before 2015.

Stockholm August 14, 2014

Vlad Suglobov, Chief Executive Officer, co-founder

Interim report Jan-Jun 2014

Revenue and profit

Revenue and operating margin 11Q1-14Q2

	14Q2	13Q2	14H1	13H1	13Q3-14Q2	2013
Revenue (kSEK)	40 635	21 822	79 746	49 379	130 374	100 007
Revenue growth (%)	86%	17%	61%	37%		24%
Gross profit (kSEK)	16 538	7 402	33 509	21 983	32 608	21 082
Gross margin (%)	41%	34%	42%	45%	25%	21%
Gross profit excl write-downs (kSEK)	16 538	7 402	33 509	21 983	50 616	39 090
Gross margin excl write downs (%)	41%	34%	42%	45%	39%	39%
EBIT (kSEK)	2 353	3 387	7 509	12 817	-17 134	-11 826
EBIT margin (%)	6%	16%	9%	26%	-13%	-12%
EBIT excl write-downs and re listing expenses (kSEK)	3 492	3 387	8 918	12 817	6 066	9 965
EBIT margin excl write-downs and re-listing expenses (%)	9%	16%	11%	26%	5%	10%

Financial key ratios

April-June

Year-on-year revenues grew by 86% during the period, driven by the strong growth for the group's free-to-playgames, to 40 635 (21 822) kSEK. G5 reports revenue net of the application stores' fees, which usually are 30% of the price that the end user pays. Revenue from free-to-play-games grew by more than 202% during the period compared to the same quarter 2013. Revenue from the unlockable games portfolio was stable compared to the previous quarters. Earnings before interest and taxes (EBIT) was 2 353 (3 387) kSEK, corresponding to an EBITmargin of 6%. Excluding re-listing expenses, EBIT was 3 492 kSEK, corresponding to an EBIT-margin of 9%. The accumulated number of downloads of the group's games (not counting updates) surpassed 170 million.

January-June

Year-on-year revenues grew by 61% during the period, driven by the strong growth for the group's free-to-playgames, to 79 746 (49 379) kSEK. Revenue from free-to-play-games grew by more than 225% during the period compared to the same period 2013.

Revenue share from free-to-play games and unlockable games 2012-2014

The group's production cost was 46 237 (27 396) kSEK during the period. The group booked 30 617 (13 229) kSEK in royalty to external developers, corresponding to 38% of revenue. The gross profit for the period was 33 509 (21 983) kSEK, corresponding to a gross margin of 42%.

Earnings before interest and taxes (EBIT) was 7 509 (12 817) kSEK. The operating margin was 9% (26%) for the period. Excluding re-listing expenses, EBIT was 8 918 kSEK, corresponding to an EBIT-margin of 11%. The change in EBIT compared to the same period in 2013 can primarily be explained by:

• An increase in the level of user acquisition expenses. G5 continues to invest in acquisition of users, and the costs for marketing during the period were 13 491 (4 104) kSEK, corresponding to 17% (8%) of revenue.
• Increased administrative costs in order to ensure the group's capacity for further growth, and due to higher demands caused by the listing on NASDAQ OMX Stockholm.
• Ongoing investments in publishing tools, which are not being capitalized.

The parent company's revenue and profit development is explained by the same factors as for the group. Sales increased due to the strong growth of free-to-play-games, while costs increased primarily due to user acquisition expenses.

Liquidity and financial position

During the second quarter, the group had an operating cash flow before changes in working capital of 3 057 (7 120) kSEK and a cash flow of -9 365 (-5 314) kSEK. During the quarter, the group paid taxes attributable to 2012, for which a refund in excess of 4 MSEK is expected to be received during the third quarter. The cash flow was also affected negatively by fees in excess of 1 MSEK to advisors in connection with the listing on NASDAQ OMX Stockholm.

During the reporting period, the group had an operating cash flow before changes in working capital of 12 556 (14 835) kSEK and a cash flow of -2 178 (25 680) kSEK. The cash flow for the 2013 comparison period includes the proceeds from the new share issues undertaken at the beginning of 2013.

Cash flow from operating activities increased during the reporting period compared to the corresponding period 2013 primarily due a change in operating liabilities, mostly liabilities to external developers. Operating receivables and liabilities fluctuate over time, depending on the precise dates when payments are made from the group's distributors, relative to the group's book closing dates. Capitalized development costs increased somewhat during the period compared to the previous year as the group's portfolio of internally developed games expanded.

G5 continues to invest in free-to-play-games, which impacts cash flow from operations. During the period, the group capitalized 16 399 (15 430) kSEK of direct development costs, while amortizations of capitalized development costs were 8 588 (6 173) kSEK. Total capitalized development costs as of 30 June 2014 were 57 683 (49 686) kSEK, while total outstanding advances to external developers were 4 929 (14 405) kSEK.

Available cash on June 30, 2014, amounted to 25 148 (39 613) kSEK.

The parent company's financial position is solid, in line with the group's.

Outlook

G5 Entertainment does not publish forecasts.

Risk assessment

G5 Entertainment is, like all companies, exposed to various kinds of risk in its operations. Among the most notable are risks related to the dependency on certain strategic partners, delays in the release of new games, changes in technology, dependency on key employees, and tax as well as political risks due to the multi-national nature of the group's operations. Risk management is an integral part of G5 Entertainment's management and the risks are described in greater detail in the 2013 annual report.

The risks described for the group can also have an indirect effect on the parent company.

Related-party transactions

During the period no significant related-party transactions have taken place.

Upcoming report dates

Interim report, January-September 2014	October 31, 2014
Year-end report, January-December 2014	February 24, 2015

Forward-looking statements

This report may contain statements concerning, among other things, G5 Entertainment's financial position and performance as well as statements on market conditions that may be forward-looking. G5 Entertainment believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions. However, forward-looking statements involve inherent risks and uncertainties and actual results or outcomes may differ materially from those expressed. Forward-looking statements relate only to the date they were made and, other than as required by applicable law, G5 Entertainment undertakes no obligation to update any of them in light of new information or future events.

Assurance

The Board of Directors and the CEO certify that the interim report provides a true and fair view of the Group's operations, financial position, and earnings.

Stockholm, August 14, 2014

Petter Nylander

Chairman of the Board

Martin Bauer	Pär Sundberg	Jeffrey Rose	Vlad Suglobov
Board member	Board member	Board member	CEO & Board member

This interim report has not been subject to review by the company´s auditors.

Note: This report is published in Swedish and English. In the event of any difference between the English version and the Swedish original, the Swedish version shall prevail.

Income statement - Group

G5 Entertainment group (kSEK)	2014-04-01 2014-06-30	2013-04-01 2013-06-30	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-07-01 2014-06-30	2013-01-01 2013-12-31
Net turnover	40 635	21 822	79 746	49 379	130 374	100 007
Production cost (Note 1, 2)	-24 097	-14 420	-46 237	-27 396	-97 766	-78 925
Gross profit	16 538	7 402	33 509	21 983	32 608	21 082
General and administrative expenses	-14 430	-4015	-26 790	-9 144	-51 988	-34 342
Other operating income	302		1 055		3 101	2 046
Other operating expenses	-57		-264	-22	-854	-612
Operating result	2 353	3 387	7 509	12 817	-17 134	-11 826
Financial income	77	1 137	207	667	-375	85
Financial expenses	-7		-45	-155	-191	-301
Operating result after financial items	2 423	4 524	7 671	13 329	-17 700	-12 042
Taxes (Note 3)	-684	-1 283	-1 903	-2 099	574	378
NET RESULT FOR THE PERIOD	1 740	3 241	5 768	11 230	-17 126	-11 664
Attributed to:
Parent company's shareholders	1 740	3 241	5 768	11 230	-17 126	-11 664
Non-controlling interest	-	-	-	-	-	-
Earnings per share
Weighted average number of shares	8 800 000	8 800 000	8 800 000	8 533 333	8 800 000	8 711 111
Earnings per share (SEK) before and after dilution	0.20	0.37	0.66	1.32	-2.05	-1.34

Statement of comprehensive income - Group

G5 Entertainment group (kSEK)	2014-04-01 2014-06-30	2013-04-01 2013-06-30	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-07-01 2014-06-30	2013-01-01 2013-12-31
Net result for the period Items that later can be reversed in profit	1 740	3 241	5 768	11 230	-17 126	-11 664
Foreign currency translation differences	1 696	1	1 159	957*	571	369
Total other comprehensive income for the period	1 696	1	1 159	957	571	369
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	3 435	3 242	6 927	12 187	-16 555	-11 295
Attributed to:
Parent company's shareholders	3 435	3 242	6 927	12 187	-16 555	-11 295
Non-controlling interest	-	-	-	-	-	-

* A correction has been made compared with the report published 2013-06-30 for correct reconciliation with amounts in the statement of changes in shareholder's equity. The amount has been adjusted from -425 to 957. The correction did not affect net profit or total equity.

Balance sheet - Group

Interim report Jan-Jun 2014

G5 Entertainment group (kSEK)	2014-06-30	2013-06-30	2013-12-31
Fixed assets
Intangible fixed assets
Capitalized development costs (Note 2)	57 683	49 686	48 299
Goodwill	2 306	2 312	2 318
	59 988	51 998	50 617
Tangible fixed assets
Equipment	2 043	1 686	1 929
	2 043	1 686	1 929
Deferred tax receivable (Note 3)	577		2 105
Total fixed assets	62 609	53 684	54 651
Current assets (Note 6)
Accounts receivable	8 066	15 040	7 156
Tax receivable	4 587	5 841	4 437
Other receivables	7 627	16 341	6 915
Prepaid expenses and accrued income (Note 4)	14 282	39	10 916
Cash at bank	25 148	39 613	27 433
Total current assets	59 710	76 874	56 857
TOTAL ASSETS	122 319	130 558	111 508
Equity
Share capital	880	880	880
Other capital contribution	54 032	53 934	54 032
Other reserves	1 181	1 035	22
Profit\loss brought forward	39 826	56 527	34 058
Total shareholders' equity	95 919	112 376	88 992
Non-current liabilities
Deferred tax		590
Total non-current liabilities		590
Current liabilities (Note 5, 6)
Accounts payable	10 414	6 590	7 478
Other liabilities	1 742	1 847	464
Tax liabilities	1 460	9 116	6 505
Accrued expenses	12 784	39	8 069
Total current liabilities	26 400	17 592	22 516
TOTAL EQUITY AND LIABILITIES	122 319	130 558	111 508

Cash flow statement - Group

G5 Entertainment group (kSEK)	2014-04-01 2014-06-30	2013-04-01 2013-06-30	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-07-01 2014-06-30	2013-01-01 2013-12-31
Cash flow from operating activities
Profit after financial items	2 423	4 525	7 671	13 330	-17 701	-12 042
Adjusting items not included in cash flow	6 354	3 449	10 708	6 441	43 381	39 114
	8 777	7 974	18 379	19 771	25 680	27 072
Taxes paid	-5 720	-854	-5 823	-4 936	-5 470	-4 583
Cash flow before changes in working capital	3 057	7 120	12 556	14 835	20 210	22 489
Cash flow from changes in working capital
Decrease in operating receivables	-3 056	2 211	-6 386	474	-10 914	-4 054
Increase in operating liabilities	554	-2 913	8 807	-8 089	21 151	4 255
Cash flow from operating activities	555	6 418	14 977	7 220	30 447	22 690
Investing activities
Purchase of equipment	-453	-43	-756	-129	-1 745	-1 118
Capitalized development costs	-9 467	-11 689	-16 399	-15 430	-42 884	-41 915
Cash flow from investing activities	-9 920	-11 732	-17 155	-15 559	-44 629	-43 033
Financing activities
New share issue				34 019		34 019
Premium for issued warrants				0	122	122
Cash flow from financing activities				34 019	122	34 141
CASH FLOW	-9 365	-5 314	-2 178	25 680	-14 060	13 798
Cash at the beginning of the period	34 346	44 336	27 433	13 661	39 613	13 661
Cash flow	-9 365	-5 314	-2 178	25 680	-14 060	13 798
Exchange rate difference	167	591	-107	272	405	-26
CASH AT THE END OF THE PERIOD	25 148	39 613	25 148	39 613	25 148	27 433

Statement of changes in shareholder's equity - Group

G5 Entertainment group (kSEK)	Share capital	Other capital contribution	Other reserves	Profit/loss brought forward	Shareholders' equity
Shareholders' equity as of 2013-01-01	800	19 971	-347	45 722	66 146
Net result for the period				11 230	11 230
Total other comprehensive income			957		957
Total comprehensive income for the period			957	11 230	12 187
New share issue	80	37 520			37 600
Cost of new share issue		-3 557			-3 557
Total transaction with the owners recognized directly in equity	80	33 963			34 043
Shareholders' equity as of 2013-06-30	880	53 934	610	56 952	112 376
Shareholders' equity as of 2014-01-01	880	54 032	22	34 058	88 992
Net result for the period				5 768	5 768
Total other comprehensive income			1 159		1 159
Total comprehensive income for the period			1 159	5 768	6 927
Shareholders' equity as of 2014-06-30	880	54 032	1 181	39 826	95 919

Note 1 – Accounting principles

G5 Entertainment's consolidated accounts have been prepared in accordance with International Financial Reporting Standards (IFRS). This report was prepared for the group in accordance with the IAS 34 Interim Financial Reporting and the Annual Accounts Act. The accounting and calculation principles used in the report for the group are identical to those used in the Annual Report 2013. None of the new and changed standards from IASB, applicable from 1st of January 2014, has had any material effect on the Financial Statements. For detailed information on the accounting principles, see Annual report 2013.

Note 2 – Capitalized development costs

Group (kSEK)	2014-04-01 2014-06-30	2013-04-01 2013-06-30	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-07-01 2014-06-30	2013-01-01 2013-12-31
At the beginning of the period	51 132	39 960	48 299	40 429	49 686	40 429
Investments	9 467	11 689	16 399	15 430	42 884	41 915
Write-off					-13 908	-13 908
Amortization	-4 478	-3 314	-8 588	-6 173	-22 509	-20 094
Currency exchange differences	1 562	1 351	1 573		1 530	-43
At the end of the period	57 683	49 686	57 683	49 686	57 683	48 299

Parent company (kSEK)	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-01-01 2013-12-31
At the beginning of the period	7 771	20 833	20 833
Investments	1 500	1 766	6 574
Write-off			-9 466
Amortization	-1 395	-2 718	-10 170
At the end of the period	7 876	19 881	7 771

Note 3 – Tax

G5 Entertainment is active in a number of different jurisdictions, with different tax rates. The Group's effective tax rate consequently varies between periods depending on the distribution of revenues and costs. In 14Q2 the effective tax rate became higher than usual due to combination of revenue distribution among subsidiaries, temporary differences between the carrying amount and the tax base of some of the group's intangible assets, and lower group profit during the period.

The deferred tax asset for 2013 is related to loss carry-forwards in the parent company. The tax losses are not due to any expire dates. The deferred tax receivables in loss carry-forwards are only accounted to the extent that it is probably that future taxable profit will be available against which the unused tax losses can be utilized.

Note 4 – Prepaid expenses and accrued income

Prepaid expenses and accrued income include 4 929 (14 405) kSEK for prepaid royalties to third party developers. G5 publishes both proprietary games and games licensed from third-party developers. In connection with the conclusion of agreements with third party developers G5 sometimes pays an advance on royalties to fund game development. These advances are usually offset toward the third party developer's contractual share of the revenue that each game generates.

Note 5 – Pledged assets and contingent liabilities

Floating charge 3 000 (700) kSEK, pledged for cheque account with overdraft facility (400 kUSD). The overdraft facility was unused 30 June, 2014.

Bank account 50 (50) kSEK, pledged for bank guarantee.

The company has got reason to investigate a tax matter relating to payment of compensation to developers. The issue includes among others the interpretation of the applicable tax laws in countries where G5 operates. The tax advisors G5 has consulted make different judgments on the matter. G5 considers the risk of additional tax to be small, but a certain risk exposure exists, with a maximum amount estimated to 3.5 MSEK.

Note 6 – Fair value

G5 group has no financial instruments that are accounted for at fair value. The carrying amount for financial instruments correspond to fair value.

Income statement – parent company

G5 Entertainment AB (kSEK)	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-01-01 2013-12-31
Revenue	79 646	35 379	99 197
Production costs (Note 1, 2)	-50 056	-33 395	-86 107
Gross profit	29 590	1 984	13 090
General and administrative expenses	-23 875	-2 837	-25 471
Other operating income	335	1 267
Other operating losses	-35		-29
Operating profit	6 015	414	-12 410
Interest income and similar items	1 037		412
Interest expense and similar items	-45	-96	-299
Profit after financial items	7 007	318	-12 297
Appropriations			2 680
Income tax expenses	-1 548	-85	1 399
NET RESULT FOR THE PERIOD	5 459	233	-8 218

Statement of comprehensive income – parent company

G5 Entertainment AB (kSEK)	2014-01-01 2014-06-30	2013-01-01 2013-06-30	2013-01-01 2013-12-31
Net result for the period	5 459	233	-8 218
Items that later can be reversed in profit
Foreign currency translation differences	1 974		649
Total other comprehensive income for the year	1 974		649
Total comprehensive income for the year	7 433	233	-7 569

Balance sheet – parent company

G5 Entertainment AB (kSEK)	2014-06-30	2013-06-30	2013-12-31
Fixed assets
Intangible fixed assets
Capitalized development costs (Note 1, 2)	7 876	19 881	7 771
Financial fixed assets	7 876	19 881	7 771
Receivables from group companies	49 742		33 342
Deferred tax assets	577		2 101
Shares in group companies	620	865	630
	50 939	865	36 073
Current assets
Account receivables	7 974	464	6 185
Receivables from group companies	5 315	28 358	8 657
Other receivables	6 839	12 730	7 386
Prepaid expenses and accrued income	14 643	1 273	10 854
Cash and bank	19 741	36 203	23 203
	54 512	79 027	56 285
TOTAL ASSETS	113 327	99 773	100 129
Restricted equity
Share capital	880	880	880
Non-restricted equity
Share premium reserve	53 990	53 868	53 989
Fair value reserve	1 974		649
Profit\Loss carried forward	30 044	38 261	38 261
Net result for the period	5 459	233	-8 218
Total equity	92 347	93 242	85 561
Untaxed reserves		2 680
Current liabilities
Accounts payable	5 274	2 173	1 584
Income tax liability	23
Liability to group companies	5 742	1 547	4 956
Other liability	104	99	74
Accrued expenses	9 836	31	7 954
Total current liabilities	20 980	3 851	14 569
TOTAL EQUITY AND LIABILITIES	113 327	99 773	100 129
Memorandum items (Note 5)	7 876 7 876	19 881 19 881	7 771 7 771
Pledged assets	3 050	750	3 050
Contingent liabilities	3 500	-	-

G5 Entertainment AB is a developer and publisher of high quality downloadable games for iOS, Android, Kindle Fire, Mac, and Windows 8 devices. G5 develops and publishes games that are family-friendly, easy to learn, and targeted at the widest audience of experienced and novice players. G5's portfolio includes a number of popular games like The Secret Society, Virtual City, Special Enquiry Detail, Supermarket Mania, Stand O' Food, and Mahjongg Artifacts. G5 Entertainment AB is listed on NASDAQ OMX Stockholm since 2014.

G5 ENTERTAINMENT AB (publ) RIDDARGATAN 18, 114 51 STOCKHOLM SWEDEN PHONE: +46 70 428 3173 FAX: +46-8 545 075 49 E-MAIL: CONTACT@G5E.SE ORG.NR. 556680-8878 HTTP://WWW.G5E.SE