Fiven Annual Report 2020

Note 26 Capital management Fiven is managing its financing and liquidity position to support Fiven’s growth strategy. Furthermore, the capital management objectives also include reduction of liquidity risk and to ensure that the company can meet its financial obligations at all times and to optimize the capital structure to reduce cost of capital. In 2020 and following the Covid 19 outbreak, Fiven has maintained a strong focus on liquidity as the pandemic has triggered uncertainty about market impact and subsequently about the company’s ability to meet it’s financial commit- ments. The results demonstrate that Fiven has been able to manage the situation well through a healthy cash position and a reduction of net-interest bearing debt. Looking forward and to support the company’s growth strat- egy, it is important to optimize the availability of the external financial sources. The current bond structure allows a total maximum nominal amount of 100 MEUR.  In March 2020 the Fiven bond was listed on NASDAQ in Stockholm, and the bond is now traded here as well as at the Frankfurt Stock Exchange. Bondholders under the initial bonds are senior ranked and there will be no dividend paid to Fiven shareholders or servic- ing of any loan, including shareholder loan, prior to the final maturity date of the initial bond. The bond agreement includes covenants prescribing a maximum net interest bearing debt to EBITDA ratio should not exceed 4.5. The descriptions of elements being included and excluded from the traditional EBITDA and net interest-bearing debt for covenant calculation is described in the bond agree- ment. The financial flexibility is also maintained through the existing factoring facility and an export credit facilities subject to regulations described in the Bond agreement. The utilization of these facilities can potentially be extended depending on the growth pace of the business. In 2021 Fiven will start planning for refinancing as the bond expires in April 2022. Note 27 Number of shares Number of shares Nominal value per share Total share capital Total share premium EUR NOK EUR EUR As of 01.01.20 1,000 20 200 20,421 5,656,305 Contribution of equity - 81.0 800 80,955 -80,955 As of 31.12.20 1,000 101.3 1,000 101,376 5,575,350 As of 05.02.19 1,000 3.1 30 3,100 1026 Capital increase 13.05.19 - 17.3 170 17,321 5,655,279 As of 31.12.19 1,000 20.4 200 20,421 5,656,305 The nominal value per share is 1,000 NOK after a contribution of equity. Fiven AS was converted from a AS (limited company) to an ASA (public limited company) in February 2020. 100 per cent of the shares are owned by Tosca Intermediate Holdings Sàrl, a company owned by OpenGate Capital, a private equity firm. There is one class of shares. Kapittelnavn   69 Fiven Annual Report 2020