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Interim Report Three Months Ended March 31, 2020

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Interim Report Three Months Ended March 31, 2020 Asetek A/S Assensvej 2 DK9220 Aalborg East Denmark Interim Report Three Months Ended March 31, 2020 Published April 22, 2020 Company Registration (CVR) Number 34880522 1 Asetek A/S – First Quarter Report 2020 Highlights • Q1 revenue of $9.1 million, a decrease of 18% from Q1 2019 • Gross margin increased to 49% from 43% in Q1 2019, driven by higher Data center prices, business model transition and a stronger U.S. dollar • Q1 EBITDA adjusted of $0.2 million compared to $0.3 million in Q1 2019 • Cash position increased to $26.2 million at the end of Q1 from $24.5 million at end of 2019 • No substantial supply chain- or operational impact from COVID-19 beyond the effects of the lock- down in China in mid-Q1 • Group expectations for 2020 maintained • Share buy-back program launched to offset employee option grants Key figures Figures in USD (000's) Q1 2020 Q1 2019 2019 Summary P&L: Unaudited Unaudited Revenue 9,124 11,179 54,334 Gross profit 4,498 4,769 23,005 Gross margin 49.3% 42.7% 42.3% Operating income (921) (1,026) 1,048 Reconciliation from IFRS to EBITDA adjusted: Operating income (921) (1,026) 1,048 Add: Depreciation and amortization 873 1,023 4,057 Add: Share based compensation 221 318 1,056 EBITDA adjusted (unaudited) 173 315 6,161 Liquidity at period end: Working capital 27,408 24,282 27,919 Cash and equivalents 26,159 21,279 24,505 Long-term debt 2,511 3,276 2,774 2 Asetek A/S – First Quarter Report 2020 Highlights Financial • Asetek reported first-quarter revenue of $9.1 million compared with $11.2 million in the results same period of 2019. The change from prior year reflects the previously communicated effects of macroeconomic headwinds including COVID-19, Asetek’s transition to a new business model and declining sales to one OEM customer. • Specific COVID-19 impact to revenue in the first quarter comprised $0.6 million of orders scheduled for March that were delayed to the second quarter. Supply chain and general company operations have to date not been significantly impacted by COVID-19. • Gross margin for the first quarter was 49%, an increase from 43% in the same quarter of 2019. The gross margin increase reflects increased prices for Data center products, a stronger U.S. dollar and Asetek’s business model transition for Gaming and Enthusiast OEMs that do their own customization of their liquid coolers. Shipments under the new model have lower ASPs as Asetek delivers only the principal core technology with improved margins, while the customer adds their unique features with ancillary components. • Operating loss totaled $0.9 million and adjusted EBITDA was positive $0.2 million in the first quarter of 2020, compared with operating loss of $1.0 million and adjusted EBITDA of positive $0.3 million in the first quarter of 2019. Operating expense decreased 6% from the prior year period as a result of reduced amortization expense, lower share-based compensation and a stronger U.S. dollar. • At March 31, 2020, Asetek had working capital of $27.4 million, of which $26.2 million is cash and cash equivalents. Long-term debt totaled $2.5 million. • Today, Asetek announced a share buy-back program to offset employee option grants. The Company may purchase up to 1.0 million shares on the open market for a maximum cost of $4.5 million through September 2020. Operations • In January, the Company announced its most advanced liquid cooling technology to date with the launch of the NZXT Kraken Z-3 and X-3 series. This latest cooling technology includes a new performance-engineered pump and cold plate, advanced temperature sensing, and even quieter operation. • In February, Asetek began delivering waste heat from its in-house data center to Aalborg Forsyning, the city’s municipal district heating network. Asetek’s RackCDU™ liquid cooling systems capture and deliver heat to the network to help warm homes and businesses in the city of Aalborg. This connection demonstrates the viability of Asetek’s technology in enabling power savings and reducing CO2 emissions. • In April 2020, Asetek announced its largest data center order to date from an existing OEM partner, to supply InRackCDU™ liquid cooling for a new high-density HPC cluster in North America. The total order value will be between $0.6 to $0.8 million and is expected to be delivered in the second quarter. Outlook • While first-quarter revenue partly reflected COVID-19 effects, the pandemic has not had a significant impact on the Company’s business environment and outlook to date. However, the Company recognizes significant uncertainty related to COVID-19 over time. • Considering current macroeconomic developments, the ongoing business model transition and reduced demand from one OEM customer, the Company maintains its outlook for 2020. Asetek expects a decline in Group revenue of 5% to 10% in 2020 compared with 2019. Asetek is executing against its full-year 2020 operating plan, and the timing of orders and shipments will vary when compared with prior year quarterly results. Gross margin is expected to increase from 2019 and the Company expects a positive income before tax. 3 Asetek A/S – First Quarter Report 2020 Financial review The figures below relate to the consolidated accounts for the first quarter of 2020. Beginning in 2020, the Company’s results are reported as one segment. Refer to Note 7 in the Consolidated Interim Financial Statements. The figures are unaudited. Income Statement (Consolidated) Asetek reported total revenue of $9.1 million in the Total operating expense decreased to $5.4 million in first quarter of 2020, an 18% decrease from the first the first quarter of 2020 from the same period of quarter of 2019 ($11.2 million). Sales unit volumes 2019 ($5.8 million), mainly due to lower of sealed loop coolers for the first quarter of 2020 amortization of capitalized development costs and were 143,000, compared with 182,000 in the same reduced share-based compensation cost related to period of 2019. Both fluctuations were due to the employee options. A 3% stronger U.S. dollar versus effects of macroeconomic headwinds including the Danish krone, on average, also favorably COVID-19, Asetek’s transition to a new business impacted expense in the first quarter of 2020 model and declining sales to one OEM customer. compared with the same period last year. Gross margin increased to 49.3% for the first Legal costs associated with defense of existing quarter of 2020, from 42.7% in the same period of intellectual property (IP) and securing new IP 2019. The increase was due to price increases on totaled $0.8 million in the first quarter of 2020 ($0.7 Data center products introduced in 2019, a stronger million in the same period of 2019). U.S. dollar and the ongoing transition of Gaming and Finance expenses included net foreign exchange Enthusiast OEM customers to the new business gain of $0.2 million in the first quarter (gain of $0.2 model. million in first quarter of 2019). Currency translation Asetek’s new business model focuses on shipping adjustment of negative $0.4 million was included in high-margin core technology with fewer low-margin equity for the first quarter 2020 ($0.3 million ancillary components. The ongoing transition to this negative translation adjustment in the first quarter business model resulted in a higher gross margin of 2019). and lower average selling price (ASP) per unit in the Asetek reported a loss before tax of $0.7 million in first quarter compared with prior year. the first quarter of 2020, compared with a loss of $0.8 million before tax in the first quarter of 2019. 4 Balance Sheet (Consolidated) Asetek’s total assets at March 31, 2020 amounted result of payment of trade payables and accrued to $48.4 million, compared with $54.1 million at liabilities. December 31, 2019. Trade receivables decreased Working capital (current assets minus current by $6.5 million due to lower revenue in the first liabilities) totaled $27.4 million at March 31, 2020, a quarter compared with the fourth quarter of 2019. decrease of $0.5 million from prior quarter. Total Property and equipment and inventory also cash and cash equivalents was $26.2 million at decreased during the quarter. Total liabilities March 31, 2020. decreased by $4.6 million in the first quarter as a Cash Flow (Consolidated) Net cash provided by operating activities was $2.5 Cash used by financing activities was $0.2 million in million in the first quarter, compared with $3.6 the first quarter, mainly for payments on capitalized million provided by operating activities in the same leases ($0.1 million used in 2019). period of 2019. The decline from prior year was Net change in cash and cash equivalents was an principally due to lower shipment volumes. increase of $1.7 million in the first quarter of 2020, Cash used by investing activities was $0.5 million in compared with an increase of $2.7 million in the the first quarter, mainly for additions of capital first quarter of 2019. equipment and capitalized development ($0.8 million used in 2019). Market Update constrained PC cases. Additional information about Group revenue and margin development this product will be released in the second quarter. USD (000’s) In January, the Company announced its most advanced liquid cooling technology to date with the launch of the NZXT Kraken Z-3 and X-3 series. This latest cooling technology includes a new performance-engineered pump and cold plate, advanced temperature sensing, and even quieter operation.
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