Aega ASA

Q1 REPORT – 2020
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Contents
About Aega
 3

First quarter report

 4

First quarter in brief 4


Highlights from the reporting period 4

Financial review 4

Structural changes 4

Subsequent events 4

Financial statement
 5

Profit and loss 6


Balance sheet 7

Cash flow 8

Change in equity 9

Notes 10

Note 1: Summary of significant accounting policies 10

Note 2: Group structure 10

Note 3: Cash and cash equivalents 10

Note 4: Power generation 11

Note 5: Shares and shareholder information 12

Note 6: Subsequent events 12

Investor contact
 13

Aega ASA Q1 report 2020

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About Aega
Aega ASA is an investment company listed on the Oslo Axess exchange. AEGA’s main focus
is to acquire and operate solar power plants. The company recently sold a portfolio of eight
solar parks located in Italy, and has now started to establish a new portfolio. Aega ASA
invests mainly in small operating solar parks (below 5 MWp capacity) which meet its strict
investment criteria. The company’s head offices are in Oslo (NO) and Trento (IT).

Aega ASA Q1 report 2020

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First quarter report

FIRST QUARTER IN BRIEF a year previous. Total power generation in the quarter was 256 MWh
• The company had one solar park during the quarter, total production compared to 2 306 MWh for the continued portfolio in Q1 2019.
was 256 634 kWh. 5 per cent below base case, due to poor irradiation Operating costs for the business was 36 000 compared to EUR 45 000 in
in the first period of March. Q1 2019, it was high in the quarter due to upgrade works performed. The
• The first quarter results are strongly influenced by the EUR/NOK SG&A cost was EUR 130 000 in the first quarter of 2020 compared to EUR
movements from 9.86 at the end of Q4 2019 to 11.51 at the end of 197 000 a year previous.
Q1 2020. The functional currency of the group is NOK, therefore a The company’s non-recurring expenses came to EUR 7 000 in the first
weakening in NOK vs EUR results in a financial income. However, the quarter of 2020, this is related to due diligence work for potential future
presentation currency is EUR, therefore the assets held in NOK lowers purchases. In the same quarter in 2019 the non-recurring cost was EUR
the net equity and comprehensive income. 42 000.
• Continued work on due diligences related to solar parks in pipeline, The balance sheet contains now mainly cash from the proceed of the
however, the work has been delayed due to the ongoing COVID 19 sale and some payables.
situation and curfew implemented during Q1. Italy is now slowly
reopening allowing Aega to continue the due diligence work at full STRUCTURAL CHANGES
speed. None to report.

HIGHLIGHTS FROM THE REPORTING PERIOD SUBSEQUENT EVENTS

Outlook None to report.
The company is currently following several investment opportunities
in the Italian solar market. Aega has the team and infrastructure on the Portfolio Cumulated production vs. Base case
ground in Italy to find and operate a solar portfolio up to 15 MWp. MWh Accrued production Base case
Aega’s operations are mainly in Italy. With regards to the Corona virus 140
124
we have not had any material effects of the outbreak except delays in due 120 110
diligences processes. 100
84 84
FINANCIAL REVIEW 80
63 62
In Q1 2019 Aega had 8 solar parks, these solar parks were sold with effect 60
from 1 July 2019, these parks are classified as discontinued operations in
the 2019 numbers. Aega had 1 solar park in Q1 2020. When comparing the 40

numbers this should be taken into consideration. Also the sold parks were 20
first classified as discontinued business during Q3. 0
Total revenues in the first quarter was EUR 97 000 compared to a 843 000 January February March

Aega ASA Q1 report 2020

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Financial statement
Profit and loss
 6

Balance sheet
 7

Cash flow
 8

Change in equity
 9

Notes
 10

Note 1: Summary of significant accounting policies 10


Note 2: Group structure 1 2 10

Note 3: Cash and cash equivalents 10

Note 4: Power generation 11

Note 5: Shares and shareholder information 12

Note 6: Subsequent events 12


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Profit and loss

(EUR) Note Q1 2020 Q1 2019 FY 2019

Feed-In tariff revenue 1, 4 87 507 713 216 62 647

Sales of electricity 1, 4 9 990 127 889 9 479
Other revenue - 2 199 -
Revenues 1, 4 97 496 843 303 72 127

Operating costs (36 212) (44 840) (77 418)

Sales, general and administrative expenses (130 324) (196 991) (701 747)
Acquisition and transaction costs (7 174) (41 991) (144 379)
EBITDA (76 214) 559 481 (851 417)

Depreciation, amortisations and write downs (83 933) (428 167) (90 668)

Other operating profit before OGL (EBIT) (160 147) 131 314 (942 085)

Finance income (4 249) 27 -

Finance costs (7 929) (124 177) 6 604
Mark to market adjustment derivatives - (15 421) (16 339)
Net foreign exchange gain/(losses) 864 754 (10 372) (64 289)

Profit before income tax 692 429 (18 629) (1 016 109)

Income tax gain/(expense) 20 313 3 329 -

Profit from continuing operations 712 742 (15 300) (1 016 109)

Profit from discontinued operation (attributable to equity holders of the company) - - 3 818 462

Profit for the period 712 742 (15 300) 2 802 353

Other comprehensive income

(EUR) Q4 2019 Q4 2018 FY 2019

Currency translation differences (1 161 878) (162 836) 301 926

Other comprehensive income net of tax (1 161 878) (162 836) 301 926

Total comprehensive income (449 136) (178 137) (714 183)

Profit for the period attributable to:

Equity holders of the parent company 712 742 (15 300) (1 016 109)

Total comprehensive income attributable to:

Equity holders of the parent company (449 136) (178 137) (714 183)

Earnings per share (0.009) (0.004) (0.015)

Avgerage no of shares 48 375 949 47 975 949 46 090 037

Aega ASA Q1 report 2020

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Balance sheet
(EUR) Note 31 Mar 2019 31 Dec 2019

ASSETS

Property, plant and equipment 3 352 245 3 436 051

Other long-term assets 316 612 364 245
Non-current assets 3 668 857 3 800 296

Receivables 449 935 515 402

Other current assets 119 966 54 918
Cash and short-term deposits 3 6 807 691 7 304 018
Current assets 7 377 592 7 874 338

TOTAL ASSETS 11 046 449 11 674 634

EQUITY AND LIABILITIES

Share capital 5 5 162 293 5 162 293

Share premium 5 7 237 469 7 237 469
Paid-in capital 12 399 761 12 399 762

Accumulated profit and loss (3 402 041) (4 114 783)

Foreign currency translation reserve (1 173 071) (11 193)
Other equity (4 575 112) (4 125 976)

Total equity 7 824 650 8 273 785

Long-term loans 2 832 272 3 020 207

Leasing - 46 838
Other long-term debt - -
Total non-current liabilities 2 832 272 3 067 045

Trade payables and other payables 89 553 44 449

Short-term financing – interest-bearing 275 291 275 291
Current tax - 14 063
Derivative financial instruments - -
Other current liabilities 24 683 -
Total current liabilities 389 527 333 803

Total liabilities 3 221 799 3 400 848

TOTAL EQUITY AND LIABILITIES 11 046 448 11 674 633

Oslo, 29 May 2020

Halldor Christen Tjoflaat Kathrine Breistøl Kristine Larneng Nils Petter Skaset
Chair Director Director Chief Executive Officer

Aega ASA Q1 report 2020

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Cash flow
(EUR) Q1 2020 Q1 2019 2019

Profit before tax 692 429 199 576 2 802 353

Paid income taxes - - -
Depreciation 83 933 428 167 90 668
Write down - - -
Changes in trade receivables and payables 63 734 (194 520) (422 670)
Changes in other accruals 168 476 (197 891) (268 122)
Change in other accruals from discontinued business (3 580 894)
Cash flow from operations 1 008 572 17 128 (1 378 665)

Sale of solar portfolio net cash - - 8 840 391

Acquisition net of cash acquired - - (328 102)
Cash flow from investments - - 8 512 289

Proceeds from issue of share capital - - 41 048

Dividends or shareholder distributions - - (971 473)
Repayment of loans (343 019) (175 181) (68 823)
Cash flow from financing (343 019) (175 181) (999 248)

Cash at beginning of period 7 304 018 1 175 971 1 175 971

Net currency translation effect (1 161 878) (162 836) -
Net increase/(decrease) in cash and cash equivalents 665 553 (158 053) 6 128 047
Locked cash - 200 000 -
Cash at end of period 6 807 693 855 081 7 304 018

Aega ASA Q1 report 2020

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Change in equity
Share Share Other Foreign currency Total
(EUR) capital premium fund equity translation reserve equity

Equity 2019 5 162 293 7 237 469 (4 114 783) (11 193) 8 273 785

Profit (loss) after tax - - 712 742 - 712 742
Other comprehensive income - - - (1 161 878) (1 161 878)
Equity 31 March 2020 5 162 293 7 237 469 (3 402 041) (1 173 071) 7 824 650

Share Share Other Foreign Currency Total

(EUR) capital premium fund equity translation reserve equity

Equity 2018 5 255 029 8 208 942 (6 917 136) 554 355 7 101 189

Profit (loss) after tax - - 2 802 353 - 2 802 353
Other comprehensive income - - - (565 548) (565 548)
Capital increase 41 048 - - - 41 048
Capital repayment - (971 473) - - (971 473)
Own shares acquired (133 784) - - - (133 784)
Equity 31 December 2019 5 162 293 7 237 469 (4 114 783) (11 193) 8 273 785

Aega ASA Q1 report 2020

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Notes
Note 1: Summary of significant accounting policies
Aega ASA is a public limited company, incorporated and domiciled in Norway. functional currency is the Norwegian krone (NOK). Balance sheet items in
The registered office of Aega ASA is Thunes vei 2, NO-0274 Oslo, Norway. Aega group companies with a functional currency other than the EUR are converted
Energy Prima AS was the first company in the group, founded on 28 April 2014. to EUR by applying the currency rate applicable on the balance sheet date.
Aega ASA sold eight photovoltaic power plants in Italy in August 2019, and Currency translation differences are booked against other comprehensive
its business is to find and invest in new photovoltaic power plants in Italy. income. Income statement items are converted by applying the average
currency rate for the period. The interim financial report has been prepared
Basis for preparing the interim financial statements on the assumption that the company is a going concern.
These condensed interim consolidated financial statements are prepared
in accordance with recognition, measurement and presentation principles See the 2019 annual report for a full overview of the accounting principles
consistent with the International Financing Reporting Standards (IFRS) as applied by Aega ASA.
adopted by the European Union for interim reporting under the International
Accounting Standard (IAS) 34 Interim Financial Reporting. These condensed Key risk factors
interim consolidated financial statements are unaudited. No significant change has occurred in risk exposures or risks and uncertainties
compared with those described in the annual report.
The group’s presentation currency is the euro (EUR) and the parent company’s

Note 2: Group structure  1 2

SPV structure minimizes financial and operational risk

Aega Management AS Aega ASA Aega Green Investments AS

Aega Management Srl Aega Yieldco AS Norita Invest Srl

Produzioni Energia Cori Srl

Norwegian company Italian company (SPV) At 31 March 2020.

1

In addition Aega Management owns 100 per cent of the

2

shares in Allebo Eiendom AS.

Note 3: Cash and cash equivalents

(EUR) Q1 2020 2019

Cash Norway 6 550 524 7 017 874

Cash Italy 257 167 286 143
Locked cash discontinued operations - -
Total cash 6 807 691 7 304 018

Aega ASA Q1 report 2020

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Note 4: Power generation

Power generation kWh Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 YTD 2019

Photo-Volt One Srl - - - 393 995 304 806 698 801

DT Srl - - - 384 948 304 776 689 724
Collesanto Srl - - - 804 718 623 607 1 428 325
JER-12 Srl - - - 410 140 302 542 712 681
Piano Mulino Srl - - - 409 314 294 257 703 571
Casale Srl - - - 359 764 286 054 645 818
Solar Park Luino Srl - - - 272 242 189 773 462 015
Produzioni Energia Cori Srl 256 634 187 086 - - - 187 086
Total 256 634 187 086 - 3 035 121 2 305 815 5 528 021

Base Case 1 Power generation kWh Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 YTD 2019

Photo-Volt One Srl - - - 389 752 175 847 565 600

DT Srl - - - 407 834 252 769 660 602
Collesanto Srl - - - 846 106 553 047 1 399 153
JER-12 Srl - - - 421 455 148 044 569 499
Piano Mulino Srl - - - 433 755 241 257 675 012
Casale Srl - - - 415 642 222 470 638 112
Solar Park Luino Srl - - - 238 779 146 263 385 042
Produzioni Energia Cori Srl 270 304 229 145 - - - 229 145
Total 270 304 229 145 - 3 153 323 1 739 697 5 122 165
Base case generation is based on the forecast Aega made for the solar plant before acquisition.
1

Aega ASA Q1 report 2020

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Note 5: Shares and shareholder information Note 6: Subsequent events

31 Mar 2020 None to report.

Aega ASA Shares 48 375 949

Aega ASA warrants 1 2 000 000

Own shares 325 116

31 Dec 2019

Aega ASA Shares 48 375 949

Aega ASA warrants 1 2 000 000

Own shares 325 116

Warrants 1
The warrants are freely tradable non-listed warrants, each of which entitles
the holder to subscribe for one share in Aega at an exercise price of NOK 3.10
per share. The exercise price for each warrant is adjusted downwards on a
NOK-for-NOK basis by any dividend per share paid by Aega in excess of an
annual dividend of seven per cent on NOK 3.10 in the period from 31 January
2017 until the exercise of the warrant.

The warrants are exercisable during exercise periods which last for four weeks
from the date of publication of Aega’s annual financial statements for the 2017,
2018, 2019 and 2020 fiscal years, provided, however, that the last exercise
period ends no later than 30 June 2021. Any unexercised warrants will expire
without compensation to Solex on 30 June 2021.

Largest 20 shareholders at 31 March 2020

Shareholders Shares Percentage

BEARHILL INC. AS 3 359 034 6.9%

AFT DEVELOPMENT AS 2 250 152 4.7%
HARALDSEN, THORVALD MORRIS 1 627 119 3.4%
LJM AS 1 471 926 3.0%
PENTHOUSE MIRADORES AS 1 420 237 2.9%
SÆTREMYR, TORE 1 277 694 2.6%
GN POWER INVEST AS 1 180 000 2.4%
MOGER INVEST AS 1 134 890 2.3%
RYBO NOR AS 1 085 005 2.2%
NEREM, JAN STEINAR 1 032 069 2.1%
MORO AS 933 667 1.9%
VESAAS, OLAV 877 141 1.8%
STRØM-RASMUSSEN, FINN 779 012 1.6%
JAN P HARTO AS 770 566 1.6%
WAHLSTRØM, ERIK 764 933 1.6%
SERCK-HANSSEN, FIN 740 780 1.5%
MAGNOLIA SYSTEM AS 715 357 1.5%
RACCOLTA AS 708 186 1.5%
SØLAND, TORSTEIN 668 890 1.2%
JOHANSEN, KÅRE REIDAR 644 722 1.3%
Total 20 largest shareholders 23 441 380 48.2%
Aega ASA outstanding shares 48 375 949 100.0%

Aega ASA Q1 report 2020

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Investor contact

Nils Petter Skaset

Chief Executive Officer

E-mail: [email protected]

Aega ASA
Thunes vei 2
N-0274 Oslo
Norway
www.aega.no

Aega ASA Q1 report 2020