Aega ASA

Q4 REPORT 2022

Aega ASA Q4 report 2022 1

 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Contents
About Aega....................................................................................................................................................................................... 3
Quarterly report .............................................................................................................................................................................. 4
Highlights of the quarter .......................................................................................................................................................... 4
Subsequent events .................................................................................................................................................................... 4
Letter from the CEO ................................................................................................................................................................... 5
Profit and loss ............................................................................................................................................................................. 9
Balance sheet ........................................................................................................................................................................... 10
Cash flow ................................................................................................................................................................................... 11
Change in equity ...................................................................................................................................................................... 12
Notes .......................................................................................................................................................................................... 13

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

About Aega
Aega ASA is an energy company listed on Euronext Expand in Oslo. Aega’s main focus is on the solar power
market. We acquire and operate smaller existing Italian solar power plants. In addition to being an industrial
energy producer we also consider investments in the solar and renewable sector.

The company’s head offices are in Oslo (NO) and Trento (IT).

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Quarterly report
Highlights of the quarter
• Aega had nine operating solar parks at the end of the quarter. Total production in Q4 was 1 753 101 kwh

• Main focus in Q4 has been production and optimizing of solar parks performance.

• In October the Italian government followed France, Spain and others and imposed a decree that imposes a
time limited price cap on solar energy produced under the Feed in Tariff regime. The decree is time limited
and came into retroactive force from February 1, 2022 and ends June 30, 2023. The effects are reflected in this
report.

Subsequent events
• Normal production, no specific events to report.

Figure 1: Power Generation (kWh)

2 666 874 2 606 089

2 015 613 1 931 313

1 753 101
1 596 466

1 040 596 950 458

785 928
493 513 420 140
187 086 269 252

Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Q2'21 Q3'21 Q4'21 Q1'22 Q2'22 Q3'22 Q4'22

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Letter from the CEO

Dear shareholders, energy situation and do what we can to optimize
our operations in this regard. Our main source of
In the fourth quarter of 2022 Aega delivered revenue – the Feed in Tariff - remain unchanged
revenues of EURt 562 (Q4 2021: EURt 482). EBITDA while sale of electricity must be done at capped
was positive at EURt 244 (Q4 2021: EURt 341). This is price. The Q4, and 2022 in general, revenues would
our seventh consecutive quarter with positive therefore have been higher if this cap was not
EBITDA and the trend is as communicated and imposed. If for nothing else, solar energy producers
expected. have contributed to help Italy and its households
through a challenging period.
The Q4 report marks the end of an eventful year.
Both for Aega and for Europe – the region we Economies of scale
consider our home market. Through Q4 we have The EBITDA is positive for the seventh consecutive
focused strongly on operations and optimizing of
quarter, and we now see the proof that our
our producing assets. We have conducted site visits,
business model is scalable. The development also
tested equipment, and mapped out minor needs
for maintenance. All to secure maximum supports our view that any new acquisition on
production from our solar parks going forward. The terms similar to the existing portfolio will have a
most recent acquired assets on Sardinia and Sicily non-dilutive and positive effect on EBITDA.
have been in focus and we have brought them up to
Aega standards by the end of the quarter. The last quarters we have started to see the effect
of economies of scale. The figure blow has been
Given the price cap imposed by Italian government attached in previous reports as well and all our new
– also mentioned in the last report - we have data from Aega’s existing portfolio supports this
through Q4-22 and into Q1-23 focused on efficient graph.
production and cost control. The cap is to be lifted
and removed from June 30, 2023, and from that
date we will again be allowed to sell the electricity
produced at market price. Having said that I point
out that there has been quite substantial volatility
in the price of electricity in Italy over the last 12
months. Italian gas inventories are well above 80%
at year end 2022, a considerably higher amount
than one year ago. The reason for this is among
other factors a national plan to contain energy
consumption and favourable weather conditions.
Obviously, a result of the war in Ukraine and the
general imbalances in the energy supplies seen
through 2022. Nevertheless, the achievement of
getting the energy (gas) inventories up is not to be
neglected when you consider that Italy is the 8th
largest economy in the world and turning a “ship
this size” usually takes some time. Given that the
price of electricity fluctuates in a pattern similar to
gas price, this will most likely support the lifting of
price-cap of renewable energy when we reach end
of June. We will of course continue to monitor the

Aega ASA Q4 report 2022 5

Pipeline Concluding remark
Through Q4 we have continued to develop our Concluding remark from me is that our underlying
pipeline and focused on cultivating relations with business is sound. The EBITDA margin improves
potential sellers of both existing solar parks and through the year and with this our ability to meet
new builds. We have, as stated in the Q3 report, not our obligations. In quarters with low or no M&A
done any acquisitions through Q4. Our pipeline is activity we remain committed to keep overhead
still strong and firm and in addition to the cost down and production high. We are running a
secondhand market, we also see a growing cost-effective organization with a large degree of
potential in purchasing Ready-To-Build projects of flexibility on our human resources that makes this
1-3 MW size. This is a size that suits us good, smaller possible. I, and the team, will continue to work to
parks means less bureaucracy and short time to strengthen Aega as a company and to contribute to
cash flow from the asset. We are still investigating the deliverance of clean solar power to Italy and
these opportunities and will report any progress. Europe.

Financial investments
Norsk Solar is our only financial investment of any
mentionable size outside our industrial business.
Aega holds approximately 5.3% of the outstanding
shares in the company, and as Norsk Solar from
Q2/21 is a listed company we book our holding at
market value from that point. For detailed updates
on Norsk Solar we refer to their web pages and
stock exchange messages. However, we point out Best regards,
that Norsk Solar has built a global organization and Nils Petter Skaset
recently secured 10mUSD in a green bond and are CEO
now gaining traction on their very interesting
pipeline.

Aega ASA Q4 report 2022 6

Operational development Forward-looking statement
Aega had nine operating solar parks at the end of This report contains statements regarding the
the quarter, total production in Q4 was 1 753 101 future in connection with the company’s growth
kwh. initiatives, profit figures, outlook, strategies and
objectives. In particular, the section “Outlook”
The level of production is in line with expected contains forward-looking statements regarding the
season variations and solar park business cases at company’s expectations. All statements regarding
the time of acquisition. the future are subject to inherent risks and
uncertainties, and many factors can lead to actual
results and developments deviating substantially
Financial development from what has been expressed or implied in such
statements. These factors include the risk factors
Total revenues for Q4 was EURt 562 (Q4 2021: EURt
related to the company’s activities as described in
482), while EBITDA for the period ended at EURt 244
the above section “Risks and Uncertainties”.
(Q4 2021: EURt 341).

Aega’s investment in Norsk Solar is booked at Outlook

market value at the end of the quarter. Fluctuation
The company is currently pursuing several
in share price is reflected in Net Finance.
investment opportunities in the Italian solar
market. The funding situation is limiting the activity
Risks and uncertainties and the board of directors do not find it attractive
to raise capital or print shares at the moment. Aega
No significant change has occurred in risk
has the team and infrastructure on the ground in
exposures or risks and uncertainties as described in
Italy to find and operate a solar portfolio up to
the second quarter report, compared with those
approximately 20MWp with today’s infrastructure.
described in the annual report.
Aega remain optimistic with regards to its deal flow.

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Financial statements

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Profit and loss

Q4-2022 Q4-2021 FY 2022 FY 2021

(EUR) Note (unaudited) (unaudited) (unaudited) (audited)

Feed-In Tariff revenue 458 913 319 778 2 143 942 1 352 686
Sales of electricity 3 102 857 162 108 496 213 488 098
Revenues 561 771 481 886 2 640 155 1 840 784

Cost of operations -211 239 -39 635 -641 642 -268 358
Personnel expenses -145 150 -67 183 -497 045 -435 070
Other operating expenses 38 395 -34 396 -589 892 -748 035
EBITDA 243 777 340 672 911 577 389 321

Depreciation and amortization -446 476 -195 065 -1 420 341 -899 309
Operating profit -202 699 145 607 -508 764 -509 987

Net finance -280 831 -217 691 -1 804 974 288 925

Profit before income tax -483 530 -72 084 -2 313 738 -221 062

Income tax -10 349 -35 796 -112 866 -75 331

Profit for the period -493 880 -107 879 -2 426 604 -296 393

Other comprehensive income

Items that may be reclassified to P&L
Translation differences and other elements 460 454 28 963 284 732 362 310

Total comprehensive income -33 425 -78 917 -2 141 872 65 917

Profit for the period attributable to:

Equity holders of the parent company -33 425 -78 917 -2 141 872 65 917

Earnings per share -0.01 0.00 -0.04 -0.01

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Balance sheet

31.12.2022 31.12.2021
(EUR) Note (unaudited) (audited)

ASSETS

Property, plant and equipment 11 422 589 6 367 486

Right-to-use assets 5 536 350 3 698 258
Financial investments 1 501 612 2 894 992
Non-current assets 18 460 551 12 960 736

Receivables 1 665 405 1 095 273

Other current assets 1 425 054 1 144 024
Cash and short-term deposits 2 534 385 4 300 351
Current assets 5 624 844 6 539 648

TOTAL ASSETS 24 085 395 19 500 384

EQUITY AND LIABILITIES

Paid in capital 2 15 165 602 14 760 033

Other equity -6 637 911 -4 496 039
Total equity 8 527 691 10 263 994

Long term loans 5 393 850 4 337 490

Convertible loans 2 823 183 0
Leasing 5 399 630 3 556 364
Total non-current liabilities 13 616 662 7 893 853

Short term leasing 324 652 232 291

Trade payables and other payables 867 562 541 665
Short term financing 635 848 474 260
Current tax 112 980 94 320
Total current liabilities 1 941 042 1 342 537

Total liabilities 15 557 704 9 236 390

TOTAL EQUITY AND LIABILITIES 24 085 395 19 500 384

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Cash flow

FY 2022 FY 2021
(EUR) Note (unaudited) (audited)

Profit before tax -2 313 738 -221 062

Paid income taxes -94 320 -61 453
Depreciation 1 420 341 899 309
Changes in trade receivables and payable -148 357 35 594
Changes in other accruals -279 941 29 889
Fair value adjustment financial assets 1 559 109 -704 054
Cash flow from operations 143 094 -21 778

Acquisition net of cash acquired -3 776 327 -344 131

Financial investments 0 -176 301
Cash flow from investments -3 776 327 -520 433

Share issue 405 569 2 460 133

Sale of own shares 0 81 361
Convertible loan issue 2 823 183 0
Lease payments -610 683 -345 966
Repayment of loans -750 802 -439 928
Cash flow from financing 1 867 267 1 755 600

Cash at beginning of period 4 300 351 3 086 962

Net change in cash and cash equivalents -1 765 966 1 213 389
Cash at end of period 2 534 385 4 300 351

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

Equity 01.01.2022 6 996 859 7 763 174 -4 597 778 101 739 10 263 994
Profit (loss) after tax 0 0 - 2 426 604 0 - 2 426 604
Other comprehensive income 0 0 0 284 732 284 732
Share issue 503 079 -97 510 0 0 405 569
Equity 31.12.2022 7 499 938 7 665 664 - 7 024 382 386 471 8 527 691

Currency
Share Share Other translation Total
(EUR) capital premium fund equity reserve equity

Equity 01.01.2021 5 162 293 7 056 247 -4 301 385 -260 571 7 656 584
Profit (loss) after tax 0 0 -296 393 0 -296 393
Other comprehensive income 0 0 0 362 310 362 310
Sale of own shares 32 548 48 813 0 0 81 361
Share rights issue 1 802 018 658 115 0 0 2 460 133
Equity 31.12.2021 6 996 859 7 763 174 -4 597 778 101 739 10 263 994

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Notes
Note 1: General information and summary of significant accounting policies

General information

Aega ASA is a public limited company, incorporated and domiciled in Norway. The registered office of Aega ASA
is Thunes Vei 2, NO-0274 Oslo, Norway. The parent company was listed on Euronext Expand in 2011.

Basis for preparing the interim financial statements

The condensed interim consolidated financial statements have been prepared in accordance with International
Financing Reporting Standards (IFRS) as adopted by the European Union and interpretations issued by the
International Accounting Standards Board (IASB) that are relevant to the Group. The condensed interim
consolidated financial statements are unaudited.

The group’s presentation currency is the euro (EUR) and the parent company’s functional currency is the
Norwegian krone (NOK). Balance sheet items in group companies with a functional currency other than the EUR
are converted to EUR by applying the currency rate applicable on the balance sheet date. Currency translation
differences are booked against other comprehensive income. Income statement items are converted by
applying the average currency rate for the period. The interim financial report has been prepared on the
assumption that the company is a going concern.

See the annual report for a full overview of the accounting principles applied by the group.

Key risk factors

No significant change has occurred in risk exposures or risks and uncertainties, compared with those described
in the annual report.

Note 2: Shares and shareholder information

General

As of 31 December 2022, Aega ASA had a share capital of NOK 71 375 949 comprising 71 375 949 shares with a par
value of NOK 1. Aega ASA has only one share class. All shares have equal voting rights and rights to dividends
from the Company. All shares are fully paid.

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Largest 20 shareholders as of 31 December 2022

Shareholders Share Percentage

MAMALAO AS 5 086 643 7,13 %
ASBJØRN JOHN BUANES 2 753 136 3,86 %
ERIK WAHLSTRØM 2 162 345 3,03 %
RYBO NOR AS 1 738 735 2,44 %
MORO AS 1 622 777 2,27 %
THORVALD MORRIS HARALDSEN 1 452 100 2,03 %
HEDEN HOLDING AS 1 334 750 1,87 %
SOHAIL SARWAR MIRZA 1 241 055 1,74 %
JAN P HARTO AS 1 210 566 1,70 %
Nordnet Bank AB 1 210 347 1,70 %
Fin Serck-Hanssen 1 196 247 1,68 %
NORDNET LIVSFORSIKRING AS 1 140 433 1,60 %
BREZZA AS 882 793 1,24 %
KÅRE REIDAR JOHANSEN 844 722 1,18 %
OLAV VESAAS 836 142 1,17 %
ROALD ARNOLD NYGÅRD 753 720 1,06 %
RACCOLTA AS 708 022 0,99 %
VESOLDO AS 690 880 0,97 %
JAN STEINAR NEREM 632 069 0,89 %
C - BY - C AS 593 208 0,83 %
Total 20 largest shareholders 28 090 690 39,36 %
Aega ASA outstanding shares 71 375 949 100,00 %

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 CONTENTS / ABOUT AEGA / QUARTERLY REPORT / FINANCIAL STATEMENTS

Responsibility statement

We confirm that, to the best of our knowledge, the condensed interim financial statement for the period 1
January 2022 to 31 December 2022 has been prepared in accordance with IAS 34 Interim Financial Reporting,
and that the information gives a true and fair view of the Group’s assets, liabilities, financial position and result
for the period.

We also confirm that the interim report includes a fair review of any significant events which arose during the
period and their effect on the financial report and any significant related party transactions. The report includes,
to the best of our knowledge, a description of the material risks which the board of directors deems at the time
of this report might have a significant impact on the financial performance of the company.

Oslo, 28 February 2023

Halldor Christen Tjoflaat Jan Peter Harto

Chairman Board member

Kristine Malm Larneng Nils Petter Skaset

Board member CEO

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Aega ASA
Thunes vei 2
0274 Oslo, Norway

E-mail: ceo@aega.no

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