(Arendal, 12 February 2021) Arendals Fossekompani (OSE:AFK) reported revenues of
NOK 1.014 million in the fourth quarter of 2020. An operating profit of NOK 71
million is 4.5 per cent higher than in the same quarter of 2019. 

"Arendals Fossekompani is pleased to report a solid fourth quarter, which also
included a realized gain of NOK 440 million from sale of shares, booked directly
to the equity" says Ørjan Svanevik, Chief Executive Officer at AFK.

Based on the fourth quarter results, and a very strong balance sheet, Arendals
Fossekompani will pay 0.7 kroner per share in quarterly dividend in February.

Fourth quarter revenues of NOK 1.014 million are down from NOK 1.198 million in
2019, mainly due to lower energy prices and the termination of an unprofitable
Cogen Energia customer relationship, which generated an annual turnover of NOK
600 million.

Green-tech company Volue reported revenues of NOK 240 million (2019: 206) and an
operating profit of NOK 12 million (4) in the quarter.

"We are pleased to see that all our portfolio companies are performing well.
Volue, NSSLGlobal and EFD Induction had a strong fourth quarter, and both Tekna
and Cogen Energia greatly improved the fourth quarter results compared to 2019,"
says Svanevik.

The financial result of the parent company, which includes AFK Hydropower, was
again impeded by exceptionally low energy prices. However, prices spiked in
December and are expected to stabilize at a significantly higher level in 2021
compared with 2020. 

A busy fourth quarter saw Volue successfully listed on Euronext Growth, the
establishment of growth company Alytic, the acquisition of Kontali Analyse, an
investment in battery producer Beyonder and the split of the AFK share (1:25).
Trading volume of the AFK share quadrupled in the fourth quarter compared to the
adjusted 2019 quarterly average.

"We are continuously looking for new opportunities. AFK remains net cash
positive, with a substantial financial capacity, which increased by NOK 440
million during the quarter," says Svanevik.

Please find a presentation of our portfolio company NSSLGlobal, which again had
a year of strong financial performance. The presentation is published together
with this report.


For additional comments, please contact: 
Ørjan Svanevik, CEO of Arendals Fossekompani, +47 414 51 560


Arendals Fossekompani | www.arendalsfossekompani.no 
Arendals Fossekompani (AFK) is an industrial investment company holding 7 main
investments and a portfolio of financial investments. In total, the group
employs more than 2,100 staff. AFK is a proud producer of renewable energy from
two hydropower plants. AFK operates globally in several future-oriented
industries, including 3D printing, algo trading, satellite services, battery-
and solar technology, software and digitization, in addition to other forms of
green electricity technology. Arendals Fossekompani is listed at the Oslo Stock
Exchange (ticker: AFK).