Fiven Annual Report 2020

Fiven Annual Report 2020 The presence in a community must foster local, inclusive and sustainable value creation. As an illustration in 2020 Fiven’s Brazilian entity collaborated to an apprenticeship program for 10 young students between the ages of 14-24 and has supported different local institutions acting for low-incomes families. In this context, Fiven has offered food baskets, donated new toys and sponsored specific programs dedicated to milk. In Norway, Fiven has for many years sponsored the local sports in Lillesand. Outlook for Fiven Group The future has become more uncertain and more difficult to predict after the outbreak of the pandemic. Following several months of weak order intake, Fiven has seen an increase in new orders towards the end of 2020. However, the recovery pace remains subject to the impact of the sanitary situation of the pandemic and the economy. The standard products market remains strongly driven by the sudden economic downturns and lockdowns, and the strategy remains to further explore untamed markets in specialty products. The cost reduction efforts undertaken in 2020 have reduced operating costs and improved Fiven competitiveness. Recent rise in raw material prices and growing inflation in Brazil demonstrate that further focus on cost containment is necessary. The improvement in working capital and cash has provided a good foundation to meet the prevailing uncertainties about market demand. Looking forward, the improved financial flexibility will also be supportive in Fiven’s growth ambitions in the years to come. The Group will continue to innovate to serve environmentally friendly applications like capturing soot from diesel cars, monitoring climate conditions, and enhancing power electron- ics' efficiency. Fiven will proceed with journey to operational excellence. To further support organic growth, Fiven equally utilizes the knowledge and its production technology to explore materials and applications other than silicon carbide and develop new applications for existing markets. Subsequent events No events have occurred after the balance sheet date with significant impact on the financial statements for 2020. The Board of Directors of Fiven ASA - Oslo, 23 March 2021 Falk Ast Betty Lunøe Åsheim Pål Einar Runde Chairman Member of the Board Member of the Board Helén Borchgrevink Stein Erik Ommundsen Member of the Board General Manager 22   Kapittelnavn