Polight ASA

Investor Presentation • Jun 4, 2024

First quarter 2024

¹ First quarter 2024 - Earnings presentation Earnings presentation 4 June 2024

Disclaimer

This presentation (the "Presentation") has been produced by poLight ASA (the "Company") exclusively for information purposes. This Presentation has not been approved, reviewed or registered with any public authority or stock exchange. Further to the aforementioned, this presentation is the result of an effort of the Company to present certain information which the Company has deemed relevant in accessible format. This Presentation is not intended to contain an exhaustive overview of the Company's present or future financial condition and there are several other facts and circumstances relevant to the Company and its present and future financial condition that not been included in this Presentation. This Presentation may not be disclosed, in whole or in part, or summarized or otherwise reproduced, distributed or referred to, in whole or in part, without prior written consent of the Company.

This Presentation contains certain forward-looking statements relating to the business, financial performance and results of the Company and/or the industry in which it operates or intends to operate. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward- looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. None of the Company or any of its subsidiary undertakings or any such person's officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors

nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. The Company assumes no obligation to update any forward-looking statements or to conform these forward-looking statements to our actual results. Furthermore, information about past performance given in this Presentation is given for illustrative purposes only and should not be relied upon as, and is not, an indication of future performance. No representation or warranty (express or implied) is made as to, and no reliance should be placed on, any information, including projections, estimates, targets and opinions, contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, neither the Company nor any of its parent or subsidiary undertakings or any such person's officers or employees accepts any liability whatsoever arising directly or indirectly from the use of this document.

By reviewing this Presentation you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Company and that you will conduct your own analysis and be solely responsible for forming your own view of the potential future performance of the businesses of the Company. This Presentation must be read in conjunction with the recent financial reports of the Company and the disclosures therein. The distribution of this Presentation in certain jurisdictions may be restricted by law. Persons in possession of this Presentation are required to inform themselves about, and to observe, any such restrictions. No action has been taken or will be taken in any jurisdiction by the Company that would permit the possession or distribution of this Presentation in any country or jurisdiction where specific action for that purpose is required.

No shares or other securities are being offered pursuant to this Presentation. This Presentation does not constitute an offer to sell or form part of, and should not be construed as, an offer or invitation for the sale or subscription of, or a solicitation of an offer to buy or subscribe for, any shares or other securities in any jurisdiction, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any offer, contract, commitment or investment decision relating thereto, nor does it constitute a recommendation regarding the securities of the Company.

By reviewing this Presentation you agree to be bound by the foregoing limitations.

This Presentation speaks as of 4 June 2024. Neither the delivery of this Presentation nor any further discussions of the Company with any of the recipients shall, under any circumstances, create any implication that there has been no change in the affairs of the Company since such date. The Company does not intend, and does not assume any obligation, to update or correct any information included in this Presentation. This Presentation shall be governed by Norwegian law, and any disputes relating to hereto is subject to the sole and exclusive jurisdiction of Norwegian courts, with Nordre Vestfold District Court as legal venue.

Today's agenda

Presenting

• Key events
• Introduction to poLight
• Operations and markets review
• Financial review
• Outlook
• Q&A

Dr Øyvind Isaksen

Chief Executive Officer

Dr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.

Alf Henning Bekkevik

Chief Financial Officer

Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group and lately from Wood Group Mustang as VP Finance. He holds a Master in Business & Economics (Siviløkonom) degree from NHH and is a state certified public accountant.

Key events in the quarter

• Action Prowave Technology confirmed release of two new barcode scanner products using TLens®.
• PhenoSys released Turnkey Mini2P Systems with poLight ASA Tunable Optics.
• Thorlabs released an Optical Cage System Product with Integrated TLens® at SPIE Photonics West 2024.
• poLight showcased Tunable Optics Technology at SPIE Photonics West 2024.
• At an Extraordinary General Meeting on 15 January 2024, Marianne Bøe (Head of Investor Relations at IDEX Biometrics) and Jean-Christophe Eloy (CEO and President of Yole) were elected as new board members, while Ann-Tove Kongsnes (Investinor) stepped down.
• Post Q1:
  • Design Win with Vuzix Shield Industrial AR Smart Glasses
  • Purchase Orderss Received for TWedge® Wobulator Evaluation Kits and Samples from Major Consumer AR/MR Original Equipment Manufacturers (OEM) Customers.
  • Wooptix announced a Wavefront Phase Camera, SEBI RT1000, using TLens®.
  • Rights Issue resulted in NOK 124 million in net proceeds to the Company.

poLight® at a glance

Background & description

• Global player in tunable optics with applications in augmented reality, consumer/mobile, industrial, healthcare and others
• Founded in 2005 and has since developed state-ofthe-art expertise in tunable optics, polymers, MEMS technology and image applications and processing
• Holds 22 worldwide patent families, 7 pending applications and 4 registered trademarks
• 46 employees including long-term consultants
• Headquartered in Horten, Norway, with employees in Finland, France, UK, Germany, US, China, Taiwan and Philippines.
• Listed in Oslo Stock Exchange (PLT) in 2018

Geographical footprint

poLight enables unique use cases

Instant focus Small real estate Constant field of view Extremely low power consumption + + +

TLens® Actuator: Enabling Smallest, Lowest Power, Fastest AF Cameras & Laser Projectors

Implementation
Piezo MEMS film
Glass membrane
Silicon
Polymer
Glass window

From Gel > MEMS Wafer > TLens® > Camera module > OEM

poLight® products & technology well-suited for several applications

Smartphones, Wearables, Accessories

• Smartphone represent a large addressable market each year with billions of cameras
• 1.2 billion phones per year with 1 front camera and an average of 3 rear cameras
• Camera function remains a key killer app
• Wearables, accessories like webcams offer consumer volume opportunities
• Potential addressable market for TLens®/poLight technology estimated at 2.5 billion units per year

Augmented/Mixed Reality (AR/MR)

• AR/MR is expected to to grow significantly as the technology is rapidly advancing
• Initial AR/MR HMD/smartglasses deployments are in enterprise (industrial, commercial, educational, etc.) but soon expanding to consumer (entertainment, gaming, productivity, etc.) markets.

Industrial Barcode/Machine Vision

• Evolving from 1D laser to 2D imaging code scanners
• Lasers replaced by camera systems, where autofocus will improve efficiency in scanning and portfolio
• Barcode and machine vision technology is spreading to new industries
• OEM scan engine vendors today are increasingly looking to enable machine vision capabilities on their current offerings

Others

• New opportunities are emerging that could represent significant potential
• Healthcare and automotive are two other examples of new opportunities for poLight technology

Operations and market review

Use case: Consumer

10 First quarter 2024 - Earnings presentation

Consumer: poLight remains persistent in a challenging sentiment

• During the quarter, the focus was on augmented/mixed reality and smartphone applications.
• • other applications, such as webcams, laptop, smart-home, wearable, etc.
• Not much news to report in the smartphone market.
• However, the initiative we launched to expand our offering's applicability to broader range of smartphone-related applications has progressed quite well.
• We remain persistent in pursuing further breakthroughs in this market.

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
4 (4)	0 (0)	38 (38)	1 (2)	7 (3)

Status on consumer (including AR/MR)

POC = Proof of Concept, including TWedge®

13 First quarter 2024 - Earnings presentation

Use case: AR

AR/MR: Strong position in a mega trend

Education

Enterprise & Consumer use cases

Healtcare

Healtcare

Manufacturing

Manufacturing

Education

Logistic

• Why TLens® Key selling points;
  • Enables ultra-compact size camera modules
  • Ultra-low power consumption
  • Fast focusing speed
  • Constant field of view (FOV) and high optical stability
  • No gravity impact even when head is moving
  • Athermalisation robust focusing over temperature range near high heat components (fixed focus camera goes out of focus) Consumer
• TLens® Use Cases
  • Fast focus image capture of the environment the user actually sees regardless of the ambient light condition and the distance users look at
  • Replication of human eye experiences incl. fast & constant FOV for MR-VST cameras
  • In-focus barcode and object recognition (for AI) at close distance or with All-in-Focus
  • Focus tuning of laser projection display

14 First quarter 2024 - Earnings presentation

AR/MR - key focus area for poLight

• Currently used in four AR/MR enterprise products already released to market Magic Leap 2, LLVision, Vuzix Shield (post Q) and one High End MR HMD device
• Built a strong foundation for becoming the preferred AF solution
• The current releases directed at the professional/enterprise market, which is why current volumes are low
• Potential consumer-oriented opportunities are increasing in number and becoming increasingly mature
• Further a potential new product called TWedge®, enhancing µLED AR display resolution, is receiving good interest
  • Major consumer AR/MR OEM customers are showing high interest and are ordering technical samples for review
  • Resolve show-stopping tradeoffs between resolution, brightness and size of AR/MR micro displays
  • 4x perceived resolution improvement of a microdisplay (µLED, DLP, LCoS) at ultra-low power.
  • Correct for dead pixels or poor pixel uniformity problems (µLED)
  • Reduce motion blur effects when user's head is panning during video display

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
4 (3)	4 (5)	18 (16)	11 (8)	18 (17)

15 First quarter 2024 - Earnings presentation

POC = Proof of Concept. Table include TWedge®

Status on AR/MR

POC = Proof of Concept. Overview include TWedge®

Use case: Industrial

17 First quarter 2024 - Earnings presentation

Barcode / Industrial

• New customer released 2 new barcode products Prowave
• Six companies using TLens® in eleven commercially available products
• All eleven cases are still shipping to customers and are expected to do so for several more years
• It will take time to develop this market and will require entry into some broader application areas.
• Increasing customer pipeline is clearly a positive sign.
• Thorlabs released an Optical Cage System Product with Integrated TLens®. Scientific product used in labs, but important for profiling TLens® to a wider professional audience

Post quarter Wooptix announced

a Wavefront Phase Camera, SEBI RT1000, using TLens®. The SEBI® RT1000 application is aimed at laboratories, for Quantitative Phase Imaging, Optical Metrology, Material Inspection, Laser Measurement, and Oncological Research.

Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
7 (7)	2 (1)	34 (32)	14 (13)	16 (8)

18 First quarter 2024 - Earnings presentation

Status on Barcode/Industrial

20 First quarter 2024 - Earnings presentation

Use case:

Healthcare & Automotive

Healthcare

• Cooperation with Kavli Institute at the Norwegian University of Science and Technology (NTNU), and the contribution the company has made to the development of the Mini2P microscope, has led to several similar engagements
• Also collaborating with commercial players supplying products to the various research laboratories around the world,
  • e.g. PhenoSys (see press release dates 21 February 2024, accounted for in design-in category in this quarterly report)
• poLight is also engaged in several commercial endoscope cases
• However, short/medium term, the company do not foresee any commercial breakthrough for this kind of application;
  • use low-resolution sensors, with no clear need for autofocus using current platform available (enabling say all-in-focus),
  • and for some cases high optical power is needed

"By offering the Mini2P innovative technology as a turnkey solution, we believe that hundreds of research labs around the world can implement a complete behavioural system within hours," said Prof. York Winter, CEO of PhenoSys. "The low-power, fast, autofocus capabilities of the TLens® enables rapid shifts in focal plane scanning, enabling deeper, 3-D recordings of brain tissue. poLight's tunable optics technology has been instrumental in the Mini2P solution and we look forward to future collaborations."

2 design-win, 2 design-in, 14 PoCs ongoing and 8 planning PoC

Automotive – a nontrivial volume opportunity longer term

• In-cabin camera requirement demand new solution
• Autonomous driving drives step change in camera adoption
• The use case calls for non-mechanical focusing solution
• There may be a need for new technology, and TLens® is one of the solutions being evaluated
• The market is potentially significant but will most likely require a new revision of TLens®, which will take years to develop and qualify
• Current PoC activities are based on existing products

0 design-win, 0 design-in, 3 PoCs ongoing and 5 planning PoC

Promising pipeline

	Design-win	Design-in	Completed PoC	Ongoing PoC	Planning PoC
Consumer	4 (4)	0 (0)	38 (38)	1 (2)	7 (3)
Augmented/Mixed Reality	4 (3)	4 (5)	18 (16)	11 (8)	18 (17)
Industrial	7 (7)	2 (1)	34 (32)	14 (13)	16 (8)
Other (medical, automotive)	2 (1)	2 (3)	10 (9)	17 (17)	13 (12)
Number in ( ) represents last quarter	17 (15)	8 (9)	100 (95)	43 (40)	54 (40)

poLight PoC pipeline development

Key financials

(in NOK million)	Q1 2024	Q1 2023	FY 2023
Revenue	1.3	7.1	22.5
Cost of sales	-2.4	-4.2	-10.3
Research and development expenses	-7.9	-7.6	-34.6
Sales and marketing expenses	-4.5	-3.8	-17.7
Operational / supply chain expenses	-5.6	-3.0	-16.7
Administrative expenses	0.3	-2.6	-22.0
EBITDA	-18.8	-14.0	-78.8

• Revenue reflects sales of TLens® and ASICs of NOK 0.9 million and NOK 0.4 million in revenue from NRE "non-recurring engineering" relating to customer development projects
• EBITDA loss of NOK 18.8 million vs. loss of NOK 14.0 million in Q1 2023
  • Increased provision for inventory obsolescence of NOK 2.3 million (Cost of sales)
  • Increased number of employees +9 compared to Q1-23
  • NOK 3.6 million in reversed share option expense (Q1-2023: NOK -0.1) including accrued employer's national insurance contributions (NICs)

Income statement Balance sheet summary

(in NOK million)	31.03.2024	31.03.2023	31.12.2023
Intangible assets	15.8	23.0	17.6
Inventories	67.8	56.8	70.1
Cash and cash equivalents	95.3	53.6	114.8
Total equity	181.4	136.1	199.5
Total current liabilities	14.0	25.9	21.9
Total equity and liabilities	197.2	164.6	223.4

• Cash position of NOK 95.3 million (pre share issue in 2024), compared with NOK 114.8 million at year end 2023
• Inventory of NOK 67.8 million compared with NOK 70.1 million at 31.12.2023.
  • The inventory has decreased by NOK 2.3 million during the quarter due to the increased provision for obsolescence

Cash Flow

• Q1 cash used in operating activities was NOK 19.2 million, compared with NOK 30.6 million in Q1 2023
  • No purchases of wafers in the quarter compared with approx. NOK 11 million in Q1-23.
• Q1 net decrease in cash was NOK 19.6 million

Q1 2024 cash flow development

Outlook

• Progress continues in the AR/MR market, both for our autofocus (AF) solution and following successful technology demonstrations of TWedge® – a concept for resolution enhancement for AR/MR displays.
• With poLight's AF solutions now being used in four commercially available AR/MR products, we have built a strong foundation for becoming the preferred AF solution for such applications.
• Current design-win´s in AR/MR product is directed at the professional/enterprise market, which is why current volumes are low.
• However, potential consumer-oriented customer cases are increasing in number and becoming increasingly mature.
• When it comes to TWedge®, major consumer OEMs are showing high interest and are ordering technical samples for review.
• In sum, the AR/MR market outlook is promising, with potential multiple poLight products per glasses, both for camera and display solutions.
• The consumer market remains challenging. Regardless, poLight will continue to address this market by actively capitalising on its first important smartphone reference.
• Key actions to improve poLight's chances in this market have been initiated and are progressing well.
• The industrial market, including barcode/machine vision, as well as more scientific/professional applications, such as Wooptix, Mini2P, Thorlab etc., are gradually revealing more opportunities.
• poLight and its technology and solutions are becoming increasingly well-known and respected. Key references have been achieved in all defined strategic market segments.
• Further initiatives to strengthen our portfolio have been initiated.

Management Team

Dr Øyvind Isaksen Chief Executive Officer

Dr Isaksen has been CEO of poLight since August 2014. He has previously held several CEO positions, most recently in the publicly listed company Q-Free ASA, which he left in January 2014, after 7 years as CEO. Øyvind Isaksen holds a PhD in Applied Physics.

Alf Henning Bekkevik

Chief Financial Officer

Bekkevik is a senior executive with a background from Arthur Andersen (E&Y), Wallendahl, Fjord Line, Grenland Group, and, most recently, as VP Finance for Wood Group Norway AS. He holds a master's degree in business & economics (Siviløkonom) from NHH, and is a certified public accountant.

Pierre Craen

Chief Technology Officer

Craen is a senior executive with more than 20 years' experience in opto-mechanical systems engineering. Prior to joining poLight, he managed product development teams at Varioptic, Barco and Motorola/Symbol. Mr Craen holds an MSc in Optical Engineering from Sup-Optic, as well as an MSc in Applied Physics.

Marianne Sandal

Chief Operating Officer

Sandal is a senior executive with background from Tele-communications (Nera) and Road User Charging (Q-Free). She holds a BSc in Mechanical Engineering in addition to courses from Norwegian School of Management (BI). She has been responsible for world wide operations for more than 15 years.

Board of Directors

Grethe Viksaas – Board Chair, independent

Grethe Viksaas has had a long career in the Northern European managed service provider Basefarm AS. First as founder and CEO, and later as executive chair and member of the board of directors. Prior to Basefarm, Ms Viksaas held several management positions in IT companies. She has experience from numerous board positions, including Telenor ASA. She is currently a non-executive director on the boards of Link Mobility Group Holding ASA, Crayon Group Holding ASA and CatalystONE Solutions Holding AS. She chairs the boards of Farmforce AS and Norkart AS. Ms Viksaas has a master's degree in computer science from the University of Oslo.

Marianne Bøe – Board member, independent

Marianne Bøe is Head of Investor Relations at IDEX Biometrics, working with investor communication and other administrative related tasks. Prior to this Ms Bøe has been a portfolio manager for more than 20 years and has broad and extensive experience from investing in globally listed companies, with a special focus on the technology sector. She holds a Master of Science degree in Economics and Business Administration from Norwegian School of Economics (NHH), and has participated in the Advanced Portfolio Management Program arranged by NFF (Norsk Finansanalytikerforening).

Svenn-Tore Larsen - Board member, independent

Svenn-Tore Larsen, former CEO of Nordic Semiconductor. Mr Larsen has broad international experience in the semiconductor business, previously as Director for the Nordic region for Xilinx Inc. He has also worked at Philips Semiconductor. Svenn-Tore Larsen has a degree in Electrical Engineering from the University of Strathclyde, UK.

Thomas Görling - Board member, independent

Thomas Görling is a Senior Investment Director at Stiftelsen Industrifonden (Sweden) and is closely involved in building successful technology companies. Representing Industrifonden, he has served on several portfolio company boards, at present HVR Cardio Oy (Finland) and eBuilder AB (Sweden). Before joining Industrifonden in 1998, Mr Görling held management positions within the European optical instrument and systems industry. He holds a Master of Science degree from the Royal Institute of Technology in Stockholm and studied business economics at Stockholm University.

Jean-Christophe Eloy - Board member, independent

Jean-Christophe Eloy is the founder of Yole Group and its CEO and President. Yole Group is specialized in the semiconductor industry and providing marketing, technology and strategy consulting, reverse engineering and reverse costing in addition to corporate finance services. Mr Eloy has spent his entire career in the semiconductor industry, starting at CEA/LETI (France, semiconductor applied R&D organization) as marketing manager and then creating the semiconductor practice at Ernst & Young. He is also a member of the board of Riber SA (France,) as well as Silmach (France). Mr Eloy is a graduate from EM Lyon Business School (France) and from engineering school INPG-ENSERG (France).

Statement of

Sale of goods 861 7 121 Rendering of services 419 0 Revenue 1 279 7 121 Cost of sales -2 368 -4 199 Gross profit -1 088 2 922 Research and development expenses net of governmental grants 6,9 -7 899 -7 553 Sales and marketing expenses -4 535 -3 782 Operational / supply chain expenses -5 598 -2 960 Administrative expenses 289 -2 623 Operating result before depreciation and amortisation (EBITDA) -18 831 -13 996 Depreciation and amortisation 8 -2 668 -2 234 Operating result (EBIT) -21 499 -16 230 Net financial items 7 1 031 199 Loss before tax -20 468 -16 031 Income tax expense 0 0	income	NOK 000	Note	Q1 2024	Q1 2023	FY 2023
						20 099
						2 412
						22 511
						-10 349
						12 162
						-34 616
						-17 712
						-16 684
						-21 971
						-78 821
						-9 670
						-88 492
						3 223
						-85 269
						-220
		Loss for the period		-20 468	-16 031	-85 489

	NOK 000	Note	Q1 2024	Q1 2023	31.12.2023
Balance sheet	ASSETS
	Property, plant and equipment		9 280	10 526	9 239
	Intangible assets	8	15 762	23 036	17 580
	Right-of-use assets		2 471	3 599	2 915
	Total non-current assets		27 513	37 161	29 735
	Inventories		67 790	56 768	70 089
	Trade and other receivables	9	6 157	15 927	8 194
	Prepayments		383	1 216	626
	Cash and cash equivalents		95 330	53 569	114 788
	Total current assets		169 659	127 480	193 697
	Total assets		197 172	164 641	223 432
	EQUITY AND LIABILITIES
	Share capital		2 648	2 078	2 648
	Share premium		194 503	145 785	194 503
	Reserves		1 396	1 470	1 281
	Retained earnings		-17 161	-13 278	1 108
	Total equity		181 386	136 056	199 541
	Lease liabilities		1 322	2 696	1 951
	Total non-current liabilities		1 796	2 696	1 951
	Trade and other payables	10	11 619	23 767	19 757
	Current lease liabilities		1 372	1 122	1 182
	Provisions		1 000	1 000	1 000
	Total current liabilities		13 991	25 890	21 940
	Total liabilities		15 787	28 586	23 891
	Total equity and liabilities		197 172	164 641	223 432

	NOK 000 Note	Q1 2024	Q1 2023	FY 2023
Cash flow	Operating activities
	Profit / loss (-) before tax	-20 468	-16 031	-85 269
	Adjustments for:
	Depreciation of property, plant and equipment and
	right-of-use assets	849	415	2 396
	Amortisation of intangible assets 8	1 819	1 819	7 275
	Net finance income	-1 031	-199	-3 223
	Equity-settled share-based payments	2 198	1 055	8 101
	Gain on disposal of property, plant and equipment	0	0	-14
	Other non-cash items	933	218	-807
	Changes in unrealised net foreign exchange rate
	differences/fluctuations	-19	120	-18
	Changes in working capital:
	Decrease (+) in trade and other receivables and prepayments	2 279	-7 370	-2 374
	Decrease (+) in inventories	2 299	-11 191	-24 512
	Decrease (-) in trade and other payables 10	-8 138	1 287	-2 723
	Changes in provisions and government grants	0	-831	2 497
	Interest received 7	150	167	4 518
	Interest paid 7	-54	-71	-259
	Income tax paid	0	0	-220
	Net cash flows used in operating activities	-19 183	-30 612	-94 631
	Investing activities
	Proceeds from sale of property, plant and equipment Purchase of property, plant and equipment	0 -595	0 -36	392 -387
	Net cash flows used in investing activities	-595	-36	6
	Financing activities
	Proceeds from issuance of ordinary shares	0	0	148 500
	Proceeds from exercise of share options	0	0	287
	Transaction costs on issue of shares	0	0	-22 702
	Payment of lease liabilities	-283	-252	-1 089
	Proceeds from borrowings	474	0	0
	Repayment of borrowings	-5	0	0
	Net cash flows from/(used in) financing activities	186	-252	124 996
	Net increase/decrease in cash and cash equivalents	-19 592	-30 900	30 371
	Effect of exchange rate changes on cash and cash equivalents	133	220	169
	Cash and cash equivalents at the start of the period	114 788	84 249	84 249
	Cash and cash equivalents at the close of the period	95 330	53 569	114 788