EBITDA impacted by the ongoing investments and one-offs (extraordinary provisions for losses on accounts receivables, restructuring and reorganization costs and advisory costs Avanti Engineering)

Experiencing increasing demand within our core business, supported by strong order intake

Strengthened strategic focus on automation, digitalization and robotics, sold panel board workshop to Bergen Elektrokompetanse AS

Growth strategy supported by new company profile and marketing strategy

Group management strengthened

• New CFO started 06.12.2021

• After sales director starts 01.04.2022

Segment update

Significant investment in digitalization experienced. Innovation labs in Karlstad and Oslo established. Cyber security personnel hired

Satisfactory enquiry level in the market, but delay in capital investments. Several pilot projects. Expecting growth in order reserve

Expanding organization recruitment strategy. Healthy underlying performance

Expecting growth in order reserve. Restructuring and expanding organization with project mgmt. expertise. Handover of largest water treatment plan in Norway

–

Major contract wins in the quarter

Goodtech electrifies ferry exchange Between Drag-Kjøpsvik and Bogenes-Skarberget

HVDC Expansion project Collaboration with MSH for Nexans Norway

Contract size: 27 MNOK Customer: Smart factory Cost saving

Order book development*

MNOK

Åland Norway Sweden Sweden

* Backlog projects normally account for ~50% of annual revenues. Engineering services, support functions and other income partly included in backlog Avanti Engineering AS acquired in Q3 2021 included from September 2021

Karlstad especially experienced decreasing order book during Q4, caused by delayed key tendering processes and key customers considering COVID-effects before year-end
Major increase in opportunities and submitted tenders after Q4 2021 – expected to impact order book for next quarter

Norway

Growing order book in Norway caused by several major contract wins (among which Kystnett and MHS)
Increased demand for FEED-studies investigating automation potential and production process robotization
Several industrial and processing segments demanding SCADA upgrades and factory automation
Customers continue to demand assistance moving data to cloud-based solutions, which comes with increased demand for cyber security services as well

Åland

Promising order book for key customers in Sweden
Experiencing high demand for services in all segments –biogas, water treatment and water purification

Financial highlights Q4 2021

Volume growth in core business
One-off effects impacting result negatively
Significant investment in digitalization
Growing order back log, still some delay in capital investments post Covid-19
Expanding organization – onboarding ongoing

* Avanti Engineering AS acquired in Q3 2021 included from September 2021

Financial highlights FY 2021

2021 represents an investment-year – primarily in restructuring, digitalization, and merger with Avanti Engineering AS
Development costs capitalized; Wizx, Digitalization projects and innovation lab, Portabulk demo machine
Expecting marginimprovement in 2022

* Avanti Engineering AS acquired in Q3 2021 included from September 2021

LTM Rolling Revenue MNOK*

LTM Rolling EBITDA*

The industry is investing in efficiencies, market activity level is high
Positive revenue development likely to continue, increase in construction projects expected
Solid project execution in the quarter
Improved order backlog in Åland following the restructuring process

MNOK

Significant investments in digital solutions and resources
Åland-business building for critical mass, but still recovering after re-establishment in 2019
EBITDA impacted by several non-recurring elements in the period – among these; extraordinary provisions for losses on accounts receivables, one-off restructuring and re-organization costs and advisory costs relating to the acquisition of Avanti Engineering
Margins expected to improve in 2022

Total Assets*

Equity & Liabilities*

MNOK

* Avanti Engineering AS acquired in Q3 2021 included from September 2021

Group Balance Sheet MNOK

Strong cash position at end of quarter – high cash from operations from changes in Net Working Capital (NWC) in Q4 2021
Asset-base grown from 452 MNOK in 2018 to 517 MNOK in 2021
Equity ratio > 50% last 4 years
Short-term liabilities mainly related to Working Capital
Draw in separate currencies on group facility previously reported net on cash & cash equivalents – currency draws now re-classified as short term debt. Effect mainly related to negative draw in SEK