Review by the President and CEO

Interim Report January-March 2015:

“Our strategy execution has progressed according to plan during the period. During the "Build” phase of our strategy we are building a common operational model and processes for the whole group. Furthermore, we are investing in systems, tools and harmonisation to shorten the invoicing process. Our working capital management is now under control. As a result, our operating cash flow improved during the first quarter.

The stabilisation of our operations can also be seen in our improved profitability during the first quarter. During the period we have finalised the remaining low-performing projects in Norway. In one of these projects the provision made during the second quarter of 2014 was insufficient, and the additional negative impact of closing that project amounted to EUR 2.9 million. In addition, we had one technical incident in Finland resulting in a settlement with an industrial client, amounting to EUR 0.7 million.

In the second quarter we will continue to implement our common operational model and processes for the whole group. Furthermore we will continue to develop our business mix for the future with initial focus on Large Projects with Total Technical Solutions, Managed Services and Technical Installation & Maintenance. During the first quarter, we have already received a number of new demanding life cycle contracts and total technical solutions projects in line with our strategy.”

Fredrik Strand