Fiven Annual Report 2022 Total assets and equity Total assets at year-end amounted to 189.0 mEUR compared to 146.0 mEUR year-end 2021. The power hedge contracts reported at fair value increased the assets by EUR 22.4m from year end 2021, of which EUR 9.0m of the increase is reported under Other non-current assets and EUR 13.4m is reported as Other Current Assets. The remainder of assets value increase is mainly coming from current assets where inventory and receivables are impacted by more sales, inflation on materials and the strengthening of BRL and the USD against the EUR. Equity reported at year-end was 49.8 mEUR compared to -4.5 mEUR at end of 2021 following the impact from 2022 Net Income and retained earnings. The impact on equity from changes in foreign currency translation reserve was -6.5 mEUR (2021: -9.7 mEUR). The Equity ratio end of 2022 was hence 26 percent (2021: - 3 percent). Going Concern Pursuant to Section 3-3a of the Norwegian Accounting Act, the Board of Directors confirms that the financial statements have been prepared on the assumption of going concern. The consolidated equity as per 31.12.2021 is by 49.8 mEUR (2021: -4.5 mEUR). The Fiven ASA equity was 25.3 mEUR at 31.12.2022 compared with 0.1mEUR as of year-end 2021. During 2022 has significantly strengthened its equity and generated enough cash to repay in full the original shareholder loan from 2019 including accrued interest as well as paying a dividend to shareholders. The long-term funding of the group is secured through a bond of 70 mEUR expiring in June 2024. The going concern assumptions have been assessed. The expected liquidity situation and cash generation during the quarters for 2023 is good. This together with the long-term financing of operations secured through the bond leads management to conclude that there is sufficient financial flexibility to manage the near-term financial obligations. Segment Review Fiven Norway Fiven's product portfolio in Norway primarily comprises specialty products catering to a diverse range of market segments and customer requirements. Various factors, such as the co-development projects in North America, Europe, and Asia drove the total revenue and other income growth by 57 percent. Fiven Norge made up for 39 percent of the Fiven Group revenues from contracts with customers in 2022. The Adjusted EBITDA was 27.6 mEUR compared to 10.1 mEUR in 2021. The higher sales together with an impact of 7.2mEUR coming from the power sales contracts for 2022 explains the improved performance year on year. In November Fiven Norge sold its two subsidiaries in Venezuela with no impact on the financial statement. Full time equivalents (FTE’s) at year end 2022 was 179, a reduction from 200 at year end 2021. Fiven Brazil Fiven Brazil experienced strong and positive demand throughout 2022. It achieved a 71 percent YoY total revenue and other income growth, driven by the recovery of various sectors in Brazil and pricing adjustments aimed at mitigating the impact of rising raw material costs. The full year 2022 result show strong commercial progress and the Adjusted EBITDA reported at EUR 33.9m against EUR 11.7m last year. The number of full-time equivalents (FTEs) at year end 2021 was 220, a reduction by 11 from year end 2021. Fiven Belgium Fiven Belgium saw a 60 percent growth in total revenues and other income compared to 2021, driven by the recovery of the standard European market. The Adjusted EBITDA reported was EUR -0.7m compared to EUR 0.8 for the same period in 2021. The result includes a write-off for inventory for an amount of EUR 5.0m for the inventory produced in Venezuela. In November 2022 Fiven finally received the permit to export material from Venezuela that have been blocked from shipping to Europe due to administrative issues impacting both production and profits. Since the export permit grant last year, 95% of the total inventory have been shipped from Venezuela to Europe. This will benefit Fiven Belgium sales in 2023. As for FTEs, the year ended with 17 compared to 20 FTEs end of 2021. Parent Company Review Fiven ASA is the parent company of the Group. The revenues of the period reached 5.8 mEUR (2021: 5.1 mEUR) and the Operating Loss amounted to -0.1 mEUR (2021: -0.1 mEUR). The Net Income was 28.0 mEUR (2021: net income 0.5 mEUR). The Board of Directors proposes to transfer the Net Income of 28 mEUR to retained earnings. 20 Board of Directors’ Report
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