Investor presentation

Strictly private & confidential

December 2016
1

Disclaimer

Important information
This document and any information provided at this presentation is being made available on a strictly confidential basis, and all material contained herein and information presented, including any proposed terms and conditions, are for discussion purposes only.
This document has been prepared by representatives of RenoNorden ASA (the "Company" or "RenoNorden", and taken together with its consolidated subsidiaries, the "Group") for use in presentations by the Company in connection to the rights issue (the "Rights Issue") solely for information
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prospects, growth and strategies. Forward-looking statements include statements regarding: objectives, goals, strategies, trends, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources, order reserve and capital
expenditures; economic outlook and industry trends; developments of the Groups markets; the impact of regulatory initiatives; and the competitive strength of the Group and the Groups competitors. Forward-looking statements involve risks and uncertainties because they relate to events and
depend on circumstances that may or may not occur in the future. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, managements examination of historical
operating trends, data contained in the Groups records and other data available from third parties. Although the Company believe that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties,
contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Forward-looking statements are not guarantees of future performance and such risks, uncertainties, contingencies and other important factors could cause the actual results of
operations, financial condition and liquidity of the Group or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements. No representation is made that any of these forward-looking statements or forecasts will come to pass or
that any forecast result will be achieved and you are cautioned not to place any undue influence on any forward-looking statement. Please see risk factors included in the following pages of the Presentation.
This document and the information contained herein does not constitute or form a part of, and should not be construed as, an offer for sale or subscription of or solicitation or invitation of any offer to subscribe for or purchase any securities of the Company and neither this document nor
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form in relation to the Rights Issue.

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Risk factors

Risk factors (1/2)

Risks related to the business of the Group and the industry in which the Group operates

Risks related to the business of the Group and the industry in which the Group operates (cont.)

The Group operates in a highly competitive industry which is reflected in pricing pressure for the market
participants and there is no guarantee that the Group can renew, or renew at favourable terms or win
contracts in the future

The Groups risk management procedures may fail to identify or anticipate future risks

The Group is dependent upon its key personnel and its local managers

General economic and other factors can affect the Groups revenues and profitability

Substantially all of the Groups employees are parties to collective bargaining agreements and trade unions

The Group may be adversely affected by exposure under current, as well as future, inflexible, long-term
contracts with fixed unit prices

Increases in the cost of labour may reduce the Groups profitability

Changes in the prices of diesel fuel and liquefied natural gas (LNG) may affect the Groups profitability

Tender processes for municipal waste collection contracts are highly regulated, rigid and transparent

The Group may lose contracts by early termination or lack of contract extensions by its customers in their
sole discretion

The presence of a Nordic black market for the waste collection industry may have a material adverse effect
on the Groups revenues

The Group may experience impairment of goodwill due to difficult market conditions.

Exchange rate fluctuations may affect the Groups results of operations, financial position and future
prospects

The Group can provide no assurance that the Group's order reserve will be ultimately realised

The Group is dependent on its key customers

Changes in rules related to accounting for income taxes, changes in tax laws in any of the jurisdictions in
which the Group operates or adverse outcomes from audits by taxation authorities could result in an
unfavourable change in its effective tax rate

The Group has a relatively concentrated supplier base

The Group relies on access to road networks

A loss of a tax dispute or a successful tax challenge to the Groups operating structure or to the Groups tax
payments, among other things could result in a higher tax rate on the Groups earnings, which could result in
a significant negative impact on its earnings and cash flows from operations

Weather disruption may affect the Group's operations

Certain of the Groups agreements and instruments are subject to change of control or similar provisions

The Group is subject to strict environmental and occupational health and safety laws and regulations

New environmental and technological standards and requirements may require the Group to replace its
vehicles earlier than originally estimated, and/or before the end of its useful lifetime

Failure of the Groups logistics and route planning and other IT systems could adversely affect the Groups
revenues and profitability

The Group operates in a capital intensive industry

The Group may not be successful in implementing its strategies in the future or be successful in its initiated
operational improvements

The Group may not obtain the financing it requires in the future and there is a risk of higher financing costs
related to future debt refinancing

The Group can provide no assurance that it will be able to achieve and manage growth

The Groups business is subject to health and safety risks, including the risk of personal injury to employees
and others

The Company operates as a holding company and depend on its subsidiaries for cash to satisfy its
obligations and to pay dividends

The Groups current and future debt levels could have important consequences to the Group

The Group may from time to time be involved in litigation matters and disputes

The Group is exposed to risks and liabilities that may not be adequately covered by insurance

Interest rate fluctuations could affect the Group's cash flow and financial condition in addition to the price of
the Shares

Risks relating to financing

Risk factors

Risk factors (2/2)

Risk related to Shares

Risk related to the Rights Issue

The price of the Shares could fluctuate significantly, which could cause investors to lose a significant part of
their investment

Existing Shareholders who do not participate in the Rights Issue may experience significant dilution in their
shareholding

Future issuances of Shares or other securities could dilute the holdings of shareholders and could materially
affect the price of the Shares

An active trading market in Subscription Rights may not develop on the Oslo Stock Exchange and/or the
market value of the Subscription Rights may fluctuate

Future sales, or the possibility for future sales of substantial numbers of Shares may affect the Shares'
market price

The sale of Subscription Rights by or on behalf of Existing Shareholders may result in a reduction in the
market price of the Subscription Rights and increased volatility in the Shares

Pre-emptive rights to secure and pay for Shares in additional issuance could be unavailable to U.S. or other
shareholders

If the Rights Issue is withdrawn, the Subscription Rights will no longer be of value

Investors could be unable to exercise their voting rights for Shares registered in a nominee account.

The transfer of Shares is subject to restrictions under the securities laws of the United States and other
jurisdictions

The Companys ability to pay dividends is dependent on the availability of distributable reserves and the
Company may be unable or unwilling to pay any dividends in the future

Investors could be unable to recover losses in civil proceedings in jurisdictions other than Norway

Norwegian law could limit shareholders ability to bring an action against the Company

The transfer of Shares and Subscription Rights is subject to restrictions under the securities laws of the
United States and other jurisdictions

Exchange rate fluctuations could adversely affect the value of the Shares and any dividends paid on the
Shares for an investor whose principal currency is not NOK

Market interest rates could influence the price of the Shares

Lack of liquidity in the Company's Shares may increase price fluctuations of the share price, and make it
difficult for individual shareholders to sell their shares

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
5

Situation overview and proposed rights issue

Introduction

Following already announced operational issues in recent quarters, in combination with increased competition and price pressure observed in the
market, the Board of Directors and the new management of RenoNorden has taken significant measures to improve the operations of the company

New routines implemented to reduce risks in tender calculations

Cost reduction and efficiency programs initiated across all business units and departments

Truck delivery issues in Denmark solved, and procurement function improved with more stringent routines and extended management
involvement.

Successful start-up of new customer contracts demonstrated, but at somewhat higher cost than expected.

Although significant improvement measures have been taken, the operational issues continue to put pressure on the balance sheet and covenants

Continued compliance with the NIBD/EBITDA covenant will be challenging over the coming quarters unless a share capital increase is
conducted. A covenant breach is expected to result in a significant increase in financing cost and disruption of management focus on operational
improvements

In addition, the company faces issues related to potential impairments, write downs and changed depreciation schedule

Goodwill in Norway and Denmark has been put under further pressure and an impairment would be required mainly to reflect a higher WACC

Write downs of certain older vehicles groups due to changes in technological requirements in contracts to reflect expected recoverable amount

Reduced depreciation period for vehicles due to changed technological requirements reducing the useful life from 12 to 10 years

The Board of Directors has decided to propose a NOK 350m rights issue to strengthen the companys balance sheet and refinancing flexibility, as
well as to provide a better platform for the business going forward
6

Situation overview and proposed rights issue

Several operational issues basis for current situation

1

Truck deliveries in Denmark

Tender processes

Cost base

Norwegian tender wins due to miscalculated

bids leading to loss making contracts

Delay in delivery of trucks from a key supplier

for several Danish contracts

New management has identified several cost

reducing and efficiency measures

New and revised estimates for ongoing

contracts in Denmark have led to estimated
losses on two contracts

Delay has generated lower efficiency and

inhibited the implementation of planned
logistics solutions

Potential improvements through route planning

and better resource allocation

Operating losses for these contracts are NOK

131m in Norway and NOK 28m in Denmark

Mitigation of issues resulting in higher operating

costs

Cost reduction potentials by implementation of

new IT systems

Established specific team with key roles and

responsibilities in all countries

Renegotiated agreement

Initiatives initiated in early Q3 with execution

and incorporation during 2017

On-site refurbishment and some factory

refurbishment executed

Hands on management and strong focus on

operational excellence by weekly monitoring

Implementation of more stringent routines into

new procurement routines

Expected permanently lower cost base

improvement of NOK 30-40m per year

Issue
Measures / Solution

Internal database with KPIs developed to

support the tender processes and avoid human
mistakes
Improved risk assessment and Group
controlling

Standardized process

Procurement in general strengthened with a

new Group Procurement Director leading the
process

Strengthened procurement process

Cost reduction and efficiency programs

initiated
7

Situation overview and proposed rights issue

Development in key financials and covenants

EBITDA development
NOK million

Development in covenants

EBITDA

EBITDA margin (%)

NOK million

95

1 043
5.00x

87
75
62

NIBD
1 067
5.00x

1 062
5.00x

NIBD/EBITDA1
1 095
5.00x

1 044
5.00x

1 242

1 237

5.00x

5.00x

4.70x

63

59

NIBD/EBITDA1 Covenant

4.85x

46

15%

17%

20%

13%

11%

13%

16%

3.80x

3.90x

3.70x

3.76x
3.80x

Q1 2015
414.8

Q2 2015
442.1

Q3 2015

Q4 2015

Q1 2016

Revenue (NOKm)
481.3
470.1
436.2

Q2 2016
498.5

Q3 2016
528.6

Y-o-Y revenue growth of 10% from Q3 2015 to Q3 2016

Record high order backlog of NOK 7.5 billion as per Q3 2016

Decrease in YTD 2016 EBITDA driven by expired high margin contracts, continued operational
challenges related to new contracts and investments into strengthening the organization
The Company expects revenue in Q4 2016 slightly below the level of Q4 2015 and a weaker
seasonal development in EBITDA margin in Q4 2016 compared to the previous year, and total
capex in Q4 2016 slightly above the level in Q3 2016

Q1 2015
31.8 %

Q2 2015
30.1 %

Q3 2015

Q4 2015

Q1 2016

Equity ratio (%)

31.1 %
30.3 %
30.9 %

Q2 2016

Q3 2016

20.4 %

21.1 %

Increase in NIBD / EBITDA from Q1 to Q2 2016 of 0.9x mainly driven by new investments and
decreased EBITDA

Q3 NIBD/EBITDA of 4.85x, slightly below NIBD/EBITDA covenant of 5.00x.

Continued compliance with the NIBD/EBITDA covenant will be challenging over the coming
quarters unless a share capital increase is conducted due to new investments and lower than
expected EBITDA. A covenant breach would likely trigger substantially higher financing costs

Equity ratio decrease in Q2 2016 is related to NOK 159.0 million in provisions for loss making
contracts in Denmark and Norway, where the latter has also resulted in a goodwill impairment of
NOK 90.9 million in Norway

1) EBITDA is based on LTM EBITDA in addition to annualized EBITDA contribution from capex investments

Situation overview and proposed rights issue

Potential impairments and write downs

Issue
1

Description

Potential goodwill writedown

Goodwill in Norway and Denmark has been put under further pressure
An impairment of goodwill in Norway and Denmark would be required mainly to reflect a
higher WACC

Following increased changes in technological requirements in contracts, the company has

during Q2 seen that the value at the end of the contract period are limited for certain older
vehicle groups. This has led to a write down of book value for these groups to expected
recoverable amount

Potential asset write-down

of vehicles

3
Increased annual
depreciation going
forward

Changed technological requirements reduce the useful life for the vehicles and increase
depreciation correspondingly going forward

Estimated effect
Total combined write downs,
impairments and increased
depreciation of NOK 242 million1, of
which NOK 23 million relates to the
effect of shortened depreciation
periods for the vehicles in 2016
affecting Q2 to Q3 financials.
Going forward, the effect of increased
depreciations is expected to be
approximately NOK 6 to 8 million in Q4
2016, while in 2017 and over the next
10 years, the total effect is expected to
be approximately NOK 50 million, of
which approximately NOK 15 million
will be effective in 2017 and thereafter
deceasing.

1) Includes pre-tax write-down effect of vehicles assets

Situation overview and proposed rights issue

Current situation and proposed measures

Proposed measures to strengthen balance sheet

Given the current situation, the Board of Directors of RenoNorden has

decided to propose a rights issue of NOK 350 million to strengthen
the companys balance sheet and refinancing flexibility, as well as to
provide a better platform for the business going forward

Effect on NIBD/EBITDA and equity ratio (illustrative pro forma as of Q3 2016)

A3
4.85x

Effect of rights issue on

NIBD/EBITDA (illustrative pro
forma as of Q3 2016 pre
restatement of interim financial
statements)

The rights issue would bring the NIBD/EBITDA1 ratio down to

approximately 3.5x (pro forma as of Q3 2016), providing increased
headroom to the NIBD/EBITDA covenant (5.0x) as the company
expects an increased NIBD/EBITDA going forward mainly as a result
of new investments, expiry of high margin contracts and required
delivery on loss making contracts
In addition, the proposed rights issue will restore and strengthen the
companys equity ratio following expected impairments and writedowns

Goodwill impairment and asset write downs of approximately2

NOK 242 million would decrease Q3 2016 equity ratio to
approximately 12% all else equal

Equity ratio of approximately 25% (pro forma as of Q3) following

proposed rights issue (post impairments/write downs)

1.38x
3.47x

NIBD/EBITDA
LTM Q3 2016

Rights issue

Illustrative
NIBD/EBITDA LTM Q3
2016 post-rights issue

B3
Effect of rights issue on equity
ratio post impairments and
write downs (illustrative pro
forma as of Q3 2016 pre
restatement of interim financial
statements)

1) Based on LTM EBITDA as per Q3 2016 including annualized EBITDA from capex investments
2) Based on preliminary assessment. Approximately NOK 23m relates to the effect of shortened depreciation periods for the vehicles in 2016 affecting Q2 to Q3 financials
3) Preliminary illustration based on the interim financial statements pre restatement

~ 25%
21.1%
~ 13 %
~ 9%

Equity ratio
Q3 2016

Impairment/
write downs

Rights issue

Illustrative Q3
2016 Equity ratio
post-rights issue

10

Situation overview and proposed rights issue

The new RenoNorden post rights issue

Strengthened balance sheet and refinancing flexibility

Secured continued attractive financing terms

Goodwill reflecting new operating environment

New depreciation schedule for certain vehicle groups reflecting changed technological requirements

Significant measures taken to improve the operations of the company

No dividend to be expected for financial year 2016 Board to revert on dividend policy going forward

11

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
12

Introduction to RenoNorden

Market leading Nordic household waste collection specialist

Overview

Revenue contribution by country

The market leading provider of waste collection services operating across the Nordic
region
Diversified and scalable business providing essential services underpinned by EU
and national legislation

NOK million

415

442

481

470

436

499

529

Finland

14%

15%

15%

16%

17%

15%

15%

Sweden

21%

21%

21%

21%

22%

24%

23%

Denmark

29%

29%

31%

33%

30%

31%

33%

Norway

36%

36%

33%

30%

31%

30%

29%

Solid contract backlog with municipal counterparties

Listed on Oslo Stock Exchange 16 December 2014

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

EBITDA contribution by country1

Market position
Country

Group HQ
Country HQ
Branches

Market
position2
No 1
Market
share

No 1
Market
share

No 1
Market
share

No 2
Market
share

Employees

550

486

732

Vehicles

352

257

305

Branches

25

17

NOK million

Finland

68
8%

81
10%

Sweden

19%

22%

Denmark

15%

14%

99

68

12%

14%

53
10%

26%

19%

22%

17%

19%

15%

46%

49%

53%

74

90

13%

15%

28%

21%

13%

20%

46%

43%

23

Norway
240

101

10

2,008

1,0153

75

58%

54%

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016

1) Excludes other EBITDA, mainly consisting of overhead costs

2) Source: Commissioned from PwC. Household, municipal contracts only, excluding in Finland which include commercial contracts. Due to limited transparency on the Finnish market, this view is predicated upon Management information and Expert interviews only.
3) Excluding other trucks (please refer to page 32)

13

Introduction to RenoNorden

Track record of revenue growth

Annual revenue NOK million

Acquisitions1
HFT Environment
RenoNorden becomes
a true Nordic player by
acquiring the 3rd largest
operator in Finland

Organic growth

Further
strengthening Danish
position by acquiring
Nord-Ren A/S

Company
established

Geographic
al expansion
in Denmark
and Sweden

1 491
1 177

1 268

1 024
Wins first
contract in
Kongsberg

2000

1 934
1 808

Sweden
Geographical
expansion by
winning 1st contract
in Sweden

715

40

2001

2002

197

227

109

153

257

2003

2004

2005

2006

2007

314

2008

416

2009

2010

2011

2012

2013

2014

2015

LTM Q3
2016

1) First-year revenues from acquisitions. Organic growth calculated by deducting accumulated first-year revenues from consolidated revenues (source: Company) 2000-2011 are NGAAP figures. 2000-2001: RenoNorge AS; 2002-2004: RenoNorge AS; 2005-07: RenoNorden AS
predecessor group; 2008-2010: RenoNorden Holding AS predecessor group; 2011: RenoNorden Holding AS predecessor group; 2012-13: existing Group, converted to IFRS

14

Introduction to RenoNorden

Introduction to key management

Executive management
Harald Rafdal

ystein Disch Olsrd

Andreas Westin

Chief executive officer

Chief financial officer

Head of business development

Joined RenoNorden in April 2016

1 year in RenoNorden

3 years in RenoNorden

Previously CEO in road, maintenance,

operations and construction industry for 7 years
(Mesta)

7 years experience as CFO whereof 3 years

from bus transportation industry (Tide)

8 years experience from strategy consulting

Driving group business development projects

International experience from industry sectors

as oil & gas, and shipbuilding

Country managing directors

Ingrid Therese Tjsvold

Peter Ekholm

Torben Lindholm

Jukka Koivisto

COO and Country manager

Norway

Country manager
Sweden

Country manager
Denmark

Country manager
Finland

Joined RenoNorden in May 2016

Joined RenoNorden as MD Sweden in

2011

6 years in RenoNorden but will end his

employment in March 2017.
Replacement is already employed

3 years in RenoNorden

Previously MD in road
maintenance, operations and
construction industry for 8
years in subsidiaries of Mesta
AS

10 years of logistics
experience at Schenker
Logistics

20+ years of experience from

the waste management sector

20+ years of experience from

the waste management
industry

Joined Renoflex (later acquired

by RenoNorden) in 1998

Joined HFT Environment in

2002, stayed on following
RenoNorden acquisition
15

Introduction to RenoNorden

Investment highlights

Steady and growing

NOK 8bn niche
market

Market leading pan

Nordic player

Waste collection is an essential service largely provided and paid for by the public sector
RenoNorden operates in stable and growing economies where population growth are driving waste volumes
Transparent tendering processes and long-term contracts provide strong revenue visibility

Long-term trend of increased outsourcing Sweden and Norway represent the largest potential

RenoNorden is the only pan-Nordic player with #1 market positions in Norway, Sweden and Denmark and a #2 position in
Finland within household waste collection1
A niche focus enables a lean organization decentralized structure with local responsibilities and incentives
Tendering and route planning competence ensures competitive and profitable bids
Strong purchasing power against key suppliers provides a cost advantage

Low risk profile with

solid visibility

High revenue visibility with diversified portfolio of contracts with municipal counterparties and contract backlog of NOK 7.5bn
including extension options2
Significant measures to improve operational performance initiated
Investments only made in response to contract wins trucks usually 100% lease financed enabling net cash positive contracts
from year one

1) RenoNorden not present on Iceland. Source: Market data commissioned from PwC. Market shares on the basis of population served. Household, municipal contracts only, excluding in Finland which include commercial contracts. Due to limited transparency on the Finnish market, this
view is predicated upon Management information and Expert interviews only.
2) Please refer to page 29 for further details and assumptions on the contract backlog

16

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
17

Market overview

Essential service governed by EU legislation

increases the waste collection market value

Established and clearly defined EU waste hierarchy ...

High

Reduce (volume of waste produced)

Reuse

Priority

Recycle (or compost)

The EU waste directive entails the European states to set goals and priorities actions for waste
handling and treatment

The Nordic countries are early adaptors with national legislation enhancing the requirements
throughout the waste value chain

This leads to more complex waste collection contracts with higher requirements and a higher
number of fractions

Continued increase in use of 4-bin systems in Sweden, primarily in southern Sweden.

EU public procurement legislation ensures transparent tender processes for services with a total
value above EUR 209k

Sweden is currently ongoing formal investigation who to collect "property-close collection"

(fastighetsnra insamling, FNI) of paper/glass/metal/plastics, inclination towards moving
responsibility to municipalities. This would be beneficial for RenoNorden, as a municipality's
household operator has scale advantages in collecting additional fractions

Recover (energy)

Households with four or more fractions collected

40%

Dispose

30%
23%

25%

21%
13%

14%

Low

5%

Norway

Denmark1

Finland
2010

Sweden

2015

Entrenched and stable regulatory framework increasing market value

1) Denmark 2015 is based in numbers from 2013 based on available information
Source: Market interviews and PwC analysis

18

Market overview

Population growth and urbanization drive waste volumes

Finland
Population (millions)

2019e

2018e

2017e

2016e

2015

2014

2013

2012

2011

2010

5.5 5.5 5.5 5.6 5.6

5.4 5.4 5.5 5.5
5.3 5.3 5.4 5.4

2009

2019e

2018e

2017e

2016e

2015

2014

2013

2012

2011

2010

5.8 5.8 5.8

5.6 5.7 5.7
5.6
5.6
5.6
5.5
5.4 5.5 5.5

2008

Population (millions)

2009

10.5

2008

2018e

2017e

2016e

2015

2014

2013

2012

2011

2010

2009

10.3
9.9 10.0 10.1
9.6 9.6 9.7
9.5
9.4
9.3
9.3
9.2

2007

Population (millions)

2008

2019e

2018e

2017e

2016e

2015

2014

2013

2012

2011

2010

2009

2008

2007

5.4
5.3 5.3
5.2 5.2
5.1
5.1
4.9 5.0
4.8 4.9
4.7 4.7

2007

Population (millions)

Denmark

2007

Sweden

2019e

Norway

Stockholm

Copenhagen

Oslo

Helsinki

Current RenoNorden locations

RenoNorden is well positioned in high growth geographical areas

Source: Market information and PwC analysis

19

Market overview

Stable and growing markets across all Nordic countries

Market volume Nordic household waste collection

Market value Nordic waste collection1

Million tonnes

12.1
2.5

3.3

12.4
2.7

3.2

NOK billions

12.5

12.6

2.7

2.7

3.2

3.2

12.7
2.6

3.3

13.0
2.7

3.3

13.2
2.7

13.4
2.7

13.6

13.8

2.7

2.8

CAGR +3%

7.2

6.8
3.4

3.5

1.4

3.6

3.6

2.1

4.4

4.4

4.5

4.7

7.5

4.8

4.8

4.2

2.1

2.2

2.2

2.3

2.3

2.3

2.3

2.3

2.4

2010

2011

2012

2013

2014

2015

2016e

2017e

2018e

2.1

1.7

8.9

8.0

8.2

1.9

1.7

1.8

1.9

2.0

1.8

2.2

2.2

2.3

2.2

7.9

2.1

2.1

2.1

2.1

2.2

2.2

2.3

2.4

2.5

2.6

5.0

4.9

4.4

1.6

1.7

7.7

8.7

8.4

1.9

2.0

2.1

2.1

2.4

1.4

1.5

1.6

1.8

1.9

1.9

1.9

2.0

2.0

2.1

2019e

2010

2011

2012

2013

2014

2015

2016e

2017e

2018e

2019e

Finland

Denmark

Sweden

Norway

Market value outgrows market volume due to increased contract complexity and pay-per bin structure
1) Market estimate assumes constant 2016 exchange rate of DKK/NOK 1.22, SEK/NOK 0.93 and EUR/NOK 9.08 {27 November 2016)
Source: Management information and PwC analysis

20

Market overview

RenoNorden is the clear Nordic market leader

Nordics2
2016e

~ NOK 8.2bn

Norway

Sweden

~ NOK1.8bn

~ NOK 2.2bn

Denmark

Finland1

~ NOK 2.3bn

~ NOK 1.9bn

In-house 6%
In-house
20%
In-house

32%
In-house
In-house

33%
In-house
In-house

Other
Local 13%
Marius Pedersen3

5%
Other
4%
Retur
VeiReno
VeiReno 4%

23%
Other

56%
Other

27%
Other

18%
Other

14%
Meldgaard
Meldgaard

Other
Sihvari

8%

15%
Suez

17%

Norsk
NorskGjenvinning
Gjenvinning

Renova5%
Renova
Ragn10%
Sells Ragn-Sells

RenoNorden
RenoNorden
24%
~30% of outsourced
market

1) Household, municipal contracts only, excluding Finland which include commercial contract.
2) November 2016 Market shares based on population served
3) Marius Pedersen acquired Miljteam January 1, 2016
Source: Management Information, RenoNorden database and PwC analysis

37%
~55% of outsourced
market
RenoNorden

SITA

11%
SITA

RenoNorden
18%
~26%RenoNorden
of outsourced
market

19%
Morten
MortenLarsen
Larsen

Norsk
Gjenvinning
35%
Lassila &
Tikanoja

RenoNorden
31%
RenoNorden

~33% of outsourced
market

RenoNorden
15%
RenoNorden

21

Market overview

Potential in upcoming tenders

Accumulated re-tendering potential1

Historical hit rate per country2

NOK million

5 495

49%

1 057

40%

4 244
1 057

36%

34%

1 068

3 274
1 057

1 068

1 149

2 125
1 057

1 068

1 068

1 149

970

2019

2020

2021

1 149

970

1 057

2018

1 252

2022

Norway

Sweden

Denmark

Group

Tender selection primarily based upon lowest price

Large potential for the best in class supplier

Increased complexity in tenders

Scale and Nordic reach enables cost advantages

Additional municipalities expected to commence outsourcing, representing potential

further tender upside

Historical high hit rate across all countries where RenoNorden is present

1) Includes only contracts that have historically been publicly tendered, and assumes all are renewed at contract end. Contracts starting in 2016 and 2017 have already been tendered and are therefore not considered market potential.
Contracts are CPI adjusted at 5% per industry standard practice
2) Management estimate based on internal records - Hit rate is based on historical tender processes (2013 2016) the Group has been a part of. For Norway the hit rate is based only on contracts in delivery, due to reporting inconsistency across countries
Source: Management Information, RenoNorden database and PwC analysis

22

Market overview

Benefits of scale
Average number of bidders per tender1

The market is becoming more complex

6.0

Pre-qualification
Most municipalities include additional tender criteria in addition to
price, such as quality, experience, access to financing and
environmental concerns
Local licenses required to operate within household waste collection

5.1

5.0

4.9
4.5

4.3

4.2 4.2
3.6

Larger tenders with clear scale benefits

Competitive bidding requires low cost of service
Large players benefit from purchasing power
Intra-municipal cooperation provides larger and more complex
contracts

Higher complexity and technological requirements

More fractions increases routing complexity and demands
advanced operational modeling in order to forecast contract
economics
Increased demand for investments in IT systems and competence
weight registration of bins, logging of collections, GPS, RFID and
industry-specific KPI systems

1) Note small sample size for Finland 2015-16 (6 tenders)

Source: Management Information and PwC analysis

3.7

3.6
3.2

3.8
3.5

3.7

3.6 3.6 3.5

3.4

3.3

Norway
2003-2005

3.2

Sweden
2006-2008

2009-2010

Denmark
2011-2012

Finland
2013-2014

2015-2016

23

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
24

Business model

Key success factors

1

Tender

Prospecting

Tender process

Contract win

Monitor tender pipeline and

competitor movements

Specify and receive trucks on-time

and on-quality

Develop production plans with

sufficient truck and employee
resources

Recruit strong local management

and capable blue collar resources

Design collection structures with

innovative solutions to reduce cost

Address all issues raised in tender

documents

Assess risks and opportunities

inherent in contract setup

Start-up

Produce optimal collection routes

and securing time for training of
new routes
Close collaboration with customer
to ensure flexibility
Address both risks and
opportunities in contract
preconditions

Operations

Careful monitoring of daily

operations to minimize customer
fines

Closing

Verify that all contractual

requirements are met

Evaluate incentive schemes to

maintain workforce throughout
remaining contract time

Ensure capacities used cohere with

original tender calculations

Execute on both risks and

opportunities as they arise over
contract lifetime

Reuse trucks and equipment in

other contracts, or selling to highest
bidder

Interact within the Group to learn

from other experience and bestpractices

Timely cancel rental, utilities,

subcontractor and other
agreements

Well-functioning processes are the foundation of profitable operations

25

Business model

RenoNorden offers an attractive pure-play niche business model

The waste management value chain

Commercial waste

Household waste

Collection

Treatment

Trading

Full-service providers
RenoNorden
niche
segment

Commercial
specialists
Some activity in Finland 1

Niche characteristics

Collection from households

Disposal at dumpsite

Treatment players

Traders

Municipalities in general own the waste and are responsible for

collection and disposal no price or volume risk
Typical contract duration vary across regions. Average contract length
including extension of options in Norway of 7.8 years, Sweden of 7.0
years, Denmark of 6.2 years and 5.0 years for municipal contracts in
Finland.
Typical contract structure

Contract duration of 5-7 years

Option
+1 year

Option
+1 year

RenoNorden operates a stable and diversified logistics service

1) Finnish operations also includes commercial waste collection. RenoNorden might also selectively consider commercial waste collection as part of larger tenders in other geographies in order to increase truck utilization

26

Business model

Diversified contract portfolio with municipal counterparties

Portfolio of projects diversifies
contract risk

Strong counterparties with

limited contract risk

RenoNordens business consists of many relatively

small contracts 126 contracts1 as of Q3 2016

Single contract represents limited amount of total

revenues2

Different expiry dates across portfolio distributes

risk further

Typical contract duration is 5-7 years including option

years yielding stable revenues2

Information advantages over competitors when

contracts are up for renewal

RenoNordens focus exposes the Group

primarily to municipal customers with limited
credit risk

RenoNorden have most of the major Nordic

cities as customers

Limited
contract portfolio
risk exposure

Examples of customers

Illustrative

1) Includes number of locations for Finland

2) The largest customer represented approx. 5.5% of the Groups Q3 revenue revenues
3) Typical contract duration vary across regions Average contract length including extension of options in Norway of 7.8 years, Sweden of 7.0 years, Denmark of 6.2 years and 5.0 years for municipal contracts in Finland

27

Business model

Revenue visibility of NOK 7.5bn including extension options

Order reserves as per Q3 20161

Historical renewal rate2

NOK million

Finland

Options1

670

Contracts

2 382

1 607

340

1 174
NOK 7.5 billion in
order reserves over
the next 10 years
including options

955
395

1 417

738
367

1 023

804

498
284

559

419

213

2019

2020

2021

325
238
214

371

2018

50%

Sweden

369

2017

55%
1 667

1 363

428

60%

59%

Denmark 2 776

190

Q3 2016

68%
Norway

2022

190

111

48

2023

2024

123
108 15

2025

48
48

2026

Norway

Sweden

Denmark

Finland

Group

Secured order reserve of NOK 5.0bn with strong counterparties: Nordic municipalities
In addition, contracts include NOK 2.5bn of extension options, exercisable at the customers discretion
Additional NOK ~1 billion to come with positive outcome of appeals in Stockholm tender

Historically, almost all extension options are exercised, municipalities tend to avoid expensive and time consuming tender processes
Information advantages over competition when contracts are up for renewal contributes to a strong historical renewal rate
1)The Group calculates order reserve by adding annual revenue from ongoing or newly awarded contracts and assumes it remains the same for the duration of the initial fixed term. For the avoidance of doubt, the revenues are not adjusted for price or volume changes, including indexation. Option values are calculated in the same
manner, running from expiry fixed term to final date, assuming all the extension options are exercised. All figures converted to NOK at fixed exchange rates throughout the period (SEK/NOK= 0.9768, DKK/NOK=1.2428. EUR/NOK=9.2897)
2) Management estimate based on internal records. Includes tenders from 2010 to October 2016

28

Business model

Strong strategic position in growth areas

Top 20 contracts represents approx. 40% of revenue
Year

2016

2017

2018

2019

2020

2021

2022

Located across the Nordics

2023

2024

2025

(SE) Stockholm
(DK) Copenhagen
(NO) Drammen
(SE) Malm
(DK) Greve
Group HQ

(NO) Kristiansand
(DK) Veijle

Country HQ

(NO) (RIM) lesund

Branches

(DK) Roskilde
(DK) Slagelse
(NO) Arendal
(DK) Randers
(SE) Eslv
(DK) Holsterbro, Struer, Lemvig

(DK) Kalundborg
(NO) Hadeland
(NO) (BIR) Bergen
(NO) (GLT) Gjvik
(SE) Hrryda, Partille, Lerum
(SE) Linkping
31 December 2016

Ordinary contract

Option
29

Business model

RenoNordens local branches benefits from scale

Subject

Benefits from scale

Sourcing

Leverages from having truck fleet of more than 1,000 vehicles

Structured sourcing strategies with regards to compactors, bins, tires and other supplies
Procurement savings on trucks

Ability to invest in
tailored tools

GPS-tracking of trucks
RFID-based data
Route-planning software
Tailored IT tools

Ability to support local

branches

Focused and experienced central management and operational excellence team supporting local branches
Institutionalizing of best-practices across the Group local implementation plans with clear profitability targets
Innovative development of new, cost efficient solutions

Local branches benefit from scale making RenoNorden positioned to efficiently manage their operations and costs
30

Business model

Truck fleet
RenoNorden truck overview

Truck fleet tailored to customer needs

# of units

# of units

(1,229 in total)

(1,229 in total)

Truck fleet tailored to contracts - customers require latest technology in

new contracts

101

48 29
18

Norway1

Comprimator

214

352

Other
Other heavy units

257

Sweden1
Finland1

Flatbed truck
920

Denmark1

Side-feed
compromator
305

Tender requirements has led to certain specially equipped trucks including

some LNG-fuelled vehicles (majority diesel fuelled)
Trucks mainly sourced from Scania, Mercedes and Volvo while
compactors delivered from NTM, GeesikNorba and JOAB
Average price per vehicle of NOK 1.5 2.0 million

Technological requirements lead to somewhat increasing capex per truck

Light maintenance on site on weekly basis, long- term service contracts
with major suppliers and local workshops
Average age of 5.9 years for the current vehicle fleet used in operation of
contracts (1,015 vehicles) as of November 20162
Majority of fleet on financial lease enabling net cash positive contracts
from year one
Higher truck volume coming out for sale in 2017 as a consequence of
contract renewals requiring latest technology
1) Company cars, trailers, vans, forklifts, tractors, lift trucks, pick-up vehicles and other units
2) Excluding other units

31

Business model

Current key priorities

Operational control and management

- Focus on improving daily operational control and management

Prioritize margins over volume

- Focus to preserve and improve margins

Predictable execution of order backlog

- Focus on current contracts to secure stability

Disciplined approach to new contracts

- Clear financial targets and risk assessment routines

32

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
33

Financial highlights

Group
Revenue development

EBITDA and EBITDA-margin development

Norway

Denmark

Sweden

20141

2015

LTM Q3 16

1 268.3

1 579.3

1 808.3

1 933.5

227.0

270.6

291.1

255.1

141.5

163.6

158.4

107.1

139.0

142.0

186.5

342.9

n/a

24.5 %

14.5 %

6.9 %

EBITDA margin

17.9 %

17.1 %

16.1 %

13.2 %

EBIT margin

11.2 %

10.4 %

8.8 %

5.5%

EBITDA
Adjusted EBIT

Capex
KPI's
Revenue growth

16.1%
13.2%

12.6%

LTM
Q3 16

2015

20141

20131

Q3 16

Comment

20131

Revenue

17.1%

Finland

P&L and capex levels

Currency NOKm

17.9%

10.6%
Q2 16

274

12.5%
Q4 15

234

13.5%

16.5%

15.0%

Q3 15

80

19.7%
16.9%

Q2 15

76

18.4%
16.5%

Q1 15

74

46

Q4 141

77

306

63

59

20.0%

Q3 141

73

315

379

435

338

62
55

Q2 141

65

121

404

255

227

614

422

119

73

Q1 141

97

547

LTM
Q3 16

99

99

130

549

174

157

271

87
75

60

585

136

291

95
83

608
1 268

2015

153

NOK million

579

2014

59

93

148

154

147

2013

62

126

436

Q3 16

63

158

1 579

Q2 16

57

141

Q1 16

51

Q1 15

89

Q4 14

92

119

Q3 14

88

110

Q2 14

82

109

142

148

Q1 14

76

107

154

415

Q4 15

96

149

161

442

406

499

Q3 15

140

414

470

Q2 15

363

395

481

1 808

529

Q1 16

1 934

NOK million

1) Excluding special items: Management fees incurred under the previous ownership structure and IPO costs
2) EBIT excluding the line items Impairment losses and Loss on lossmaking contracts for LTM Q3 2016

Historical revenue growth at the expense of margins

Profitability differs across geographies reflecting the competitive situation and
the progress of implementation of improvement initiatives
Seasonal variances, with Q4 typically a weak quarter this trend is expected
to continue going forward in line with historical levels
Margin decrease in 2016 (LTM as of Q3) is driven by loss making contracts in
Norway and Denmark, truck delivery challenges in Denmark, in addition to
start-up and close-down costs in Sweden
High capex LTM Q3 2016 mainly related to a large number of start-ups, in
addition to late delivery of trucks in Denmark causing some capex to move
from 2015 to 2016
34

Financial highlights

Norway
Revenue development

549

136

585

162

48

579

44
39

38

35

150

45
39

31.0%
26.6%

25.8%
24.7%

28

27.9% 28.3%
23.3%

23.2%

26.6%
23.2%

23.1%

20.9%

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

Q1 14

LTM
Q3 16

2015

2014

2013

Q3 16

Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

25.6%
25.1%

20.3%

Q1 14

34

33
29

134

127

LTM
Q3 16

147

2015

141

608

2014

148

154

2013

142

NOK million

161

Q3 16

149

158

Q2 16

140

154

Q1 16

NOK million

EBITDA and EBITDA-margin development

Comment

Historical strong margins

2013

2014

2015

LTM Q3 2016

Reduced revenue and pressure on margins in 2016 is primarily driven by

43%
57%

63%

30%

34%

37%
66%

Revenue share out of total Group revenue

70%

Expired agreement with Vestfold Avfall og Ressurs (VESAR)

Loss making contracts, which will continue to impact margins going

forward

Changes in contract portfolio with less volume and less add-on sales

Higher administrative expenses

35

Financial highlights

Sweden
Revenue development

EBITDA and EBITDA-margin development

20

20
14
9

22.6%

18
12

25.6%

13

13

14.8%

18.3%
15.9%
14.3%

13.2% 12.2%
Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

Q1 14

LTM
Q3 16

2015

2014

2013

Q3 16

Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

12
17.0%

16.5%
13.4%

Q2 14

45

19.2%

11.3%
Q1 14

54
19

16.0%

14.8%

2015

315

97

2013

99

Q3 16

99

93

Q2 16

89

64

338

Q1 16

82

92

69
25

Q4 15

76

88

NOK million

379

2014

121

119

LTM
Q3 16

435

NOK million

Comment
Historical revenue growth
2013

2014

79%

LTM Q3 2016

21%

21%

25%

75%

2015

79%

23%

Increased revenue in 2016, primarily driven by new contracts in Linkping,

ngelholm, Vimmerby, Uppsala and Stenungsund

77%

Decrease in 2016 EBITDA and EBITDA margins, mainly due to higher than
anticipated close-down and start-up costs in some contracts
Revenue share out of total Group revenue

36

Financial highlights

Denmark
Revenue development
148

96

107

NOK million

174

109

110

119

614

157

153

404

12

422

58

17

547

130

126

18

18
13
11

55
51

13
10

11
9
8

16.0%

14.3%

12.8%12.4%
10.4%

11.2%
8.6% 8.9%

12.9%

10.5%

9.3%

8.2%

2015

2014

2013

Q3 16

Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

Q1 14

LTM
Q3 16

2015

2014

2013

Q3 16

Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

6.0% 6.0%
Q1 14

48

7.8%
LTM
Q3 16

NOK million

EBITDA and EBITDA-margin development

Comment
Historical revenue growth
2013

2014
27%

32%
68%

2015

73%

LTM Q3 2016

30%
70%

32%
68%

Negative EBITDA margin development is explained by weak contracts

entered into historically which will continue to impact margins going forward
Increased revenue in 2016 is driven by new contracts in Randers, Vejle and
Copenhagen
In addition, EBITDA decrease in 2016 is explained by late delivery of new
trucks which has generated lower efficiency and inhibited the implementation
of planned logistics solutions

Revenue share out of total Group revenue

37

Financial highlights

Finland
Revenue development

57

62

74

76

NOK million

80

14

306
274

65
59

38
35

12

234

10

51

8
5

26

8
7

6
12.7%

10.2%10.6%

10.6% 9.6%

16.4%
12.3%

17.4%
13.1%

12.0%

2013

Q3 16

11.1%
Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

Q1 14

LTM
Q3 16

2015

2014

2013

Q3 16

Q2 16

Q1 16

Q4 15

Q3 15

Q2 15

Q1 15

Q4 14

Q3 14

Q2 14

Q1 14

7.3%

12.7%

12.5%
LTM
Q3 16

63

77

2015

73

2014

NOK million

EBITDA and EBITDA-margin development

Comment
Positive revenue and EBITDA development since establishment in 2014
2013

2014

0%

100%

2015

15%

85%

LTM Q3 2016

15%

85%

Revenue share out of total Group revenue

16%

2016 revenue increase driven by new contracts in Rinki with more revenue
than estimated, in addition to several smaller contracts

84%

Slightly decreased EBITDA margin in 2016 mainly due to low indexation,

higher personnel expenses and early start up costs in Q1, partly offset by
reduced use of subcontractors in both Q1 and Q2 2016

38

Financial highlights

Scale benefit and flexible cost structure tied to contracts

2015 cost structure

Key comments

NOK million

Flexible cost structure with employee

costs and operating expenses in
practice tied to actual contracts

1 808
179

9.9%

956

Strict cost focus through scale

benefits and local ownership
program with continuous operational
improvement initiatives across
geographies

52.9%

Portfolio of contracts with different

expiry dates protects against large
movements in the profitability from
year to year

6.5%

117

175

9.7%
90

4.9%

291

16.1%
Net Sales

Cost of sales

Personnel costs

A
A

B
B

COGS are mainly related

to subcontracting (used to
a limited extent)

Fuel costs

Flexible employee costs

as employments in practice
are tied to individual
municipality contracts

Other truck
related costs

Other operating
expenses

EBITDA 2015

C
C
Cost of operating the fleet
of trucks

39

Agenda
1

Situation overview and proposed rights issue

2

Introduction to RenoNorden
3

Market overview
Business model
Financial highlights

Outlook
40

Outlook

Outlook (post 2016)

Stabilizing group EBITDA margins in the short term and thereafter slightly
improving going forward disciplined approach to new contracts

Large expected starts-ups in 2017 will lead to capex above 2016 level

Increased annual depreciation as a result of changed depreciation schedule

for vehicles and generally requirement for latest technology in new contracts

41

Agenda

Appendix

42

Appendix

Profit and loss and balance sheet

Profit and loss 2014 YTD Q3 2016
In NOK million

2014

Balance sheet Dec 2015 and Sep 2016

2015

YTD Q3 2016

Norway

585.1

608.1

437.2

Sweden

338.5

379.1

336.5

Denmark

422.2

546.8

460.4

Finland

233.6

274.3

229.4

0.0
1 579.3

0.0
1 808.4

-0.2
1 463.3

Cost of sales

158.6

178.8

136.9

Employee benefit expense

804.1

956.3

808.4

Depreciation and amortization

107.0

132.8

114.0

Other/Eliminations
Total operating revenue

90.9
Other operating expenses

376.4

382.0

322.0

Loss on onerous contracts

0.0
1 446.2

0.0
1 649.9

154.5
1 626.7

133.1

158.4

-163.4

Total operating expenses

Operating profit

Financial income and expenses

8.5

1.9

10.2

106.4
-97.9

49.9
-48.1

27.7
-17.5

Profit before tax

35.2

110.4

-181.0

Income tax expense

7.3
42.5

-26.9
83.4

27.7
-153.3

Finance income
Finance expense
Net financial items

Profit of the period

Dec 2015

Sep 2016

Assets
Goodwill
Other intangibles
Equipment
Total non-current assets
Inventories
Accounts receivables
Other receivables
Cash and cash equivalents
Total current assets
Total assets

1 017.9
18.3
811.0
1 847.2
7.5
264.8
29.5
195.6
497.3
2 344.5

923.0
13.8
900.0
1 836.8
6.8
284.3
53.1
148.7
492.9
2 329.8

Equity and liabilities

Share capital
Share premium
Retained earning
Total equity
Deferred tax
Provisions
Finance lease obligations
Liabilities to financial liab.
Total non-current liabilities
Current finance lese obl.
Accounts payable
Taxes payable
Accrued public duties
Other current liabilities
Total current liabilities
Total liabilities
Total equity and liabilities

27.2
501.4
182.3
711.0
40.0
416.9
781.4
1 238.3
87.5
80.8
19.4
63.8
143.8
395.3
1 633.5
2 344.5

27.2
501.4
-36.4
492.2
-1.4
153.5
518.8
758.6
1 429.5
105.2
75.8
22.8
67.6
136.5
408.0
1 837.5
2 329.8

In NOK million

43

Appendix

Cash flow 2015 YTD Q3 2016

2015

YTD Q3 2016

110.4
132.8
0.0
-0.4
6.0
1.9
-36.3
-12.6
201.8

-181.0
114.0
90.9
2.0
115.0
0.8
-24.5
-8.1
109.3

9.8
-186.5
-10.5
-187.2

10.8
-263.3
0.0
-252.5

Cash flows from financing

Proceeds from non-current liabilities to financial institutions
Repayments of non-current liabilities to financial institutions
Net increase/(decrease) in current liab. to financial institutions
Proceeds from shareholder loans
Repayment of shareholder loans
New finance lease obligation
Repayment of finance lease obligation
Proceeds from sale of treasury shares
Purchases of treasury shares
Proceeds from issuance of equity (private placement)
Proceeds from issuance of equity (public offering)
Dividend paid
Net cash from financing activities

0.0
0.0
-89.1
0.0
0.0
166.3
-69.4
0.0
0.0
0.0
0.0
-50.0
-42.2

0.0
0.0
0.0
0.0
0.0
230.3
-74.5
0.0
0.0
0.0
0.0
-50.1
105.7

Exchange losses on cash and cash equivalents

Net change in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period

3.6
-24.1
219.6
195.6

-9.3
-46.9
195.6
148.7

In NOK million
Cash flows from operating activities
Profit before income taxes
Depreciation and amortization
Impairment loss
(Gain)/Loss from sale of equipment
(Increase)/Decrease in other items related to operating act.
Interests received
Interests paid
Taxes paid in the period
Net cash flows from operating activities
Cash flows from investments
Proceeds from sale of property, plant and equipment
Purchases of property, plant and equipment
Purchase of Finnish acquisition, net of cash acquired
Net cash used in investments

44

Investor contact:
ystein Disch Olsrd - CFO
o.olsrod@renonorden.com
Tel: +47 91602226

45