Fourth quarter 2019 report

Oslo (Norway)February 28,2020: Element ASA publishes today report for the fourth quarter 2019.

The main headlines for the third quarter included:

Termination of the convertible loan agreement with ABO
Sale of the CMT funds unit for EUR 1.3 million -Divestment of all shares in AMI and restructuring of the convertible loan previously given to AMI. The transaction provided Element with USD 2.0 million in cash at closing
Completion of a private placement of 433 000 shares with net proceeds of NOK 2.1 million

Operating loss was -0.5 million, which is a 56% improvement compared to same quarter in 2018
Loss after tax from ongoing operations for the quarter was USD -3.6 million, which compares to -5,0 million for Q4 2018
Net loss including discontinued operations was USD -6.2 million, which includes a net impairment of the Philippine operations of USD 2.4 million
Net cash balance at the end of the quarter was USD 2.9 million

Se the report of the board of directors here

For further information, please contact:

Geir Johansen
CEO
E-mail: gj@elementasa.com
+47 4771 0451

Thomas Christensen
Chairman
+47 9225 5444