Organic revenue growth 11.3%

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1 First quarter 2015 Operating revenues of NOK million (NOK million in Q1 2014), reflecting an increase of 14.1%, of which 11.3% was organic. EBITDA excluding special items was NOK 62.5 million (NOK 59.9 million in Q1 2014), an increase of 4.3%. Full effect of the refinancing in Q4 from Q1 and onwards resulting in a reduction of financial costs of NOK 3.4 million reflecting a decrease of 38.7% compared to Q Acquisition of two contracts in Denmark and NTS Miljø AS in Norway. Organic revenue growth 11.3% Net debt / EBITDA 3,8 3,8 Q Q RenoNorden is the Nordic region s leading domestic waste collection and transportation company, providing services to over five million people across four countries.

2 Key figures first quarter

3 Continued growth With revenue growth in all countries in addition to acquisitions of two contracts in Denmark and NTS Miljø AS in Norway, EBITDA in the first quarter of 2015 reached NOK 62.5 million. The market, although highly competitive, grows steadily and the tender activity is high. The group efficiency program is progressing satisfactorily and in line with expectation. RenoNorden s specialist focus and pan-nordic coverage coupled with operations based on strong local management has proven successful. Core values of quality, respect, efficiency and environment are steering our priorities. Today, tenders are increasing in complexity and the customers are requiring higher environmental standards in the contracts. RenoNorden works with its customers to identify improvement areas and support their objectives to improve the environmental impact of waste handling. With scale advantages on investments such as vehicles and route planning RenoNorden is able to provide more efficient solutions and best in class service to its customers. Group EBITDA in the first quarter of 2015 was NOK 62.5 million, compared to NOK 58.9 million for the same period last year. The first quarter is typically a seasonally softer quarter as activity increases in Q2 and Q3. There are still some operational challenges in Denmark related to start up of two contracts that has led to slightly higher operational costs in the quarter. Activities are identified and will be implemented during the coming quarter. However, there might be some costs also in the remaining quarters this year until corrective actions have reached full effect. Main contributors to the growth were Norway and Sweden. We achieved EBITDA margins of 15.1% during the quarter, slightly lower than the same period last year of 16.2%. EBIT was NOK 32.9 million for the quarter giving a margin of 7.9% compared to 9.1% in Q1 last year. The lower EBIT is a consequence of higher depreciation costs after increased investments mainly on trucks related to new contracts in Equally important is our ambition to conduct our business according to the highest professional, ethical and legal standards. RenoNorden considers good corporate governance essential for sound sustainable business activities and key to building trustworthiness, access to capital and value creation. First Quarter Group operating revenue increased 14.1% to NOK million in the first quarter 2015 compared to NOK million in the same period last year. NOK 10.5 million of the revenue growth came through acquisitions. The underlying growth across the business was solid, with organic operating revenue growth of 11.3%. The organic growth comes from market share gains in Denmark and Norway, contracted inflationary index and increased activity across geographies, in particular from existing contracts in Sweden. 3

4 Order backlog The order backlog at 31 March 2015 was almost NOK 6.0 billion including NOK 3.8 billion in firm contracts and NOK 2.2 billion in prolonging options. The increase compared to the order backlog presented in Q is mainly due to new contract wins in Skanderborg & Odder and Mariagerfjord in Denmark, Nes and Libir in Norway as well as option extensions in Finland. The backlog also includes the two acquired contracts in Denmark and the contracts that followed the NTS Miljø AS acquisition in Norway. Exchange rates also increase the order backlog compared with Q

5 Norway Norway generated operating revenues in the first quarter of NOK million, a growth of 5.6% compared with same quarter last year. New contracts in Farsund/Lyngdal and Nordfjord in addition to the acquisition of NTS are adding to increased turnover together with indexation of existing contracts and increased activity and services in existing contracts contributed to the growth. EBITDA in the first quarter was NOK 39.3 million compared to NOK 34.6 million in the same quarter last year reflecting an EBITDA margin increase of 1.9%. The margin improvement was principally a result of top line growth, savings on fuel with favorable fuel price development and scale advantages. We are continuing our focus and efforts on fleet management and optimization where we see potential for further improvements in fuel consumption, maintenance costs and lower levels of vehicle damage. CAPEX in the first quarter was NOK 15.2 million mainly related the acquisition of NTS Miljø AS (NOK 4.6 million) and trucks for a new add-on contract in Kongsberg and Farsund/Lyngdal. Sweden Sweden s operating revenues for the first quarter ended at NOK 88.6 million, an increase of 16.2% on the comparable period last year, primarily driven by new contracts wins in Säffle, Sundbyberg, Sigtuna, Nacka ÅVC and Östhammar in addition to increased activity and services on existing contracts. by our focus on operational excellence, which in addition to lowering our costs and improving our efficiency, enables us to achieve higher add-on sales. In the end, this also leads to a better service for our customers. CAPEX in the first quarter was NOK 1.1 million mainly related to investments in containers in Sigtuna and equipment for cars in Stockholm. Denmark Denmark generated operating revenues of NOK million in the first quarter, representing a growth of 23.7% compared with same quarter last year, driven by new contracts won in Frederikssund, Holbæk, Århus, Stevns, Glostrup and Høje-Taastrup as well as the acquired contracts in Ringsted and Odsherred. In addition there has been increased activity and services in existing contracts. EBITDA in the first quarter was NOK 10.2 million compared to NOK 12.3 million in the same quarter last year. The decrease is due to operational challenges in Denmark related to start up of two contracts that have led to slightly higher operational costs in the quarter. Activities are identified and will be implemented during the coming quarter. However, there might be some costs also in the remaining quarters this year until corrective actions have reached full effect. With continued rigorous focus on fleet management and Group-wide sourcing initiatives, we are working to further lower our costs and leverage from our scale, in addition to expanding our sales. CAPEX in the first quarter was NOK 19.5 million related to the acquisition of two contracts in Denmark (NOK 11.7 million) and new trucks. EBITDA in the first quarter was NOK 13.1 million compared to the NOK 8.6 million generated in the first quarter of EBITDA margin for the quarter was 14.8% (11.3% in Q1 2014). The increase is driven 5

6 Finland This has reduced costs and improved the company s control over the quality of the service we deliver to our customers. CAPEX in the fourth quarter was NOK 8.1 million related to trucks. Other Finland s operating revenues in the first quarter ended at NOK 59.4 million an increase of 16.5% compared with same quarter last year. This is a result of several new contracts with start up after Q1 last year as well as increased sales on existing contracts. EBITDA in the first quarter was NOK 5.7 million compared with NOK 5.2 million in the same quarter last year. The increase comes from new contracts with start up after Q in addition to increased production rate of the company s own fleet and thereby reductions of usage of local subcontractors. The other segment contains primarily administration costs related to the Group. The Group has further strengthened the organization in

7 Financials Financial items Net financial items decreased in the first quarter 2015 to NOK 8.9 million down from NOK 12.3 million in Q1 last year. This is mainly due to the refinancing of the Group in Q with better terms than the old bank facility. Taxation RenoNorden had an estimated tax expense of NOK 5.2 million for Q as opposed to a tax income of NOK 5.3 million in Q The tax income in Q relates mainly to a NOK 10.1 million reversal of previously over recognized deferred tax liabilities in Sweden and to a permanent tax difference related to the PIK note interest. Consolidated cash flow RenoNorden had a negative net change in cash and cash equivalents of NOK million in Q mainly due to a down payment of short-term bank loans as the Group has put in place a new cash pool system, which combined with the new facilities, covers our short term funding needs. The cash generated from operations in Q1 was NOK 14.6 million compared to NOK 1.2 million in Q1 last year. The increase is mainly due to higher profit before tax with lower financing costs. Costs related to the IPO were also paid in Q1 and affected the operating cash flow negatively. Financial position and liquidity As of , total assets amounted to NOK 2.14 billion. Total equity was NOK million, giving an equity ratio of 31.8%. In addition to bank loans, the Group has guarantees of approximately NOK million. Cash and cash equivalents amounted to NOK million as of and the Group has leasing facilities available for truck financing. At , Net interest bearing debt amounted to NOK billion. Net debt/ EBITDA excluding special items is 3.8x. Dividend Total dividends of NOK 50 million is planned to be paid out 26 May 2015 and the shares will trade excluding dividend of NOK per share on 15 May 2015 subject to approval in the AGM. Risks and uncertainties RenoNordens risks and uncertainties are described in Annual Report which is available on No significant changes have taken place that has changed the view of the risks and uncertainties. Cash used in investing activities was a negative NOK 17.9 million in Q compared to a negative NOK 2.3 million in Q The difference mainly relates to the acquisitions in Denmark and Norway this year. Net cash from financing activities was a negative NOK million in Q compared to a negative NOK 11.2 million in Q The Group has decided to use a significant portion of cash to repay the old short-term bank loans related to the implementation of the new cash pool system. 7

8 Outlook The Group improvement program is making good progress. RenoNorden has recently focused on the operational efficiency of contracts in Sweden and Norway and has for example initiated a number of common Group sourcing initiatives to further strengthen our competitive position and meet an expected maturing market with continued focus on price competition. The positive development of our order backlog confirms our strong position as the only full Nordic household collection specialist with scale advantages that enables us to offer our services at competitive terms. We see room for consolidation in the market and we are evaluating such opportunities carefully. RenoNorden is also investing in a strengthened organization. 11 May 2015 The Board of Directors and CEO of RenoNorden 8

9 Special items 9

10 10

11 Condensed Consolidated Interim Statement of Comprehensive Income (Unaudited) 11

12 Condensed Consolidated Interim Statement of Financial Positions (Unaudited) 12

13 Condensed Consolidated Statement of Changes in Equity (Unaudited) 13

14 Condensed Consolidated Statement of Cash Flows (Unaudited) 14

15 Notes Note 1. Accounting policies and judgments and estimates The Board of Directors of RenoNorden ASA approved these unaudited condensed consolidated interim financial statements on 11 May The unaudited condensed consolidated interim accounts are prepared in accordance with IAS 34 Interim Financial Reporting. The Group's accounting principles are presented in Note 2 Accounting policies in RenoNorden Group's IFRS Consolidated Financial Statements for the year ending 31 December The interim financial information should be read in conjunction with the RenoNorden Group 2014 IFRS Consolidated Financial Statements. There was no material effect on the unaudited condensed consolidated interim financial statements from the implementation in 2014 of new or amended IFRS standards or interpretations. New or amended IFRS standards or interpretations with implementation dates on or after 1 April 2015 are not expected to have a material effect on the Group consolidated financial reporting. As a result of rounding adjustments, the figures in one or more columns may not add up to the total of that column. Judgements and estimates The preparation of the interim financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed consolidated interim financial statements, the significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those that applied to the consolidated financial statements for the year ending 31 December Income tax expense is assessed based on annual results and, accordingly, determining the tax charge for the interim period involves making an estimate of the likely effective tax rate for the year for each material tax jurisdiction. The tax effect of 'one-off' items are not included in the estimated effective annual tax rate, but are recognized in the same period as the relevant 'one-off' item. 15

16 Note 2. Segment information and seasonality RenoNorden Group identifies its reportable segments and discloses segment information under IFRS 8 Operating Segments. This standard requires RenoNorden Group to identify its segments according to the organization and reporting structure used by management. Management considers the business from both a geographic and a service perspective. Geographically, management considers the performance in Norway, Denmark, Sweden and Finland. From a service perspective, all geographic segments have municipal contracts and, additionally, Finland has specific corporate contracts. Management assesses the performance of the operating segments based on a measure of EBITDA. This measurement basis excludes discontinued operations and the effects of non-recurring expenditures from the operating segments such as restructuring costs, legal expenses and goodwill impairments when the impairment is the result of an isolated, non-recurring event. The measure also excludes the effects of equitysettled share-based payments and unrealised gains/losses on financial instruments. The Group s business is seasonal, and has historically realised a higher portion of its operating revenue and EBITDA in the second and third quarter of each year. This seasonality is a characteristic of the business in which it operates. During the warmer summer months, the Group increases the frequency of collection for biodegradable waste matter. Furthermore, the Group also collects from areas where holiday properties require additional collections in the summer holiday season. 16

17 Note 2. Segment information and seasonality (continued) 17

18 Note 3. Earnings per share, shareholder transactions and related parties Earnings per Share Basic and diluted earnings per share is calculated by dividing profit for the year attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year excluding ordinary shares purchased by the Company and held as treasury shares. Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive potential ordinary shares. There are no dilutive potential ordinary shares in the Company in 2015 and Net profit/loss attributable to ordinary equity holders of the parent (NOK 1 000) Weighted average number of ordinary shares in issue (thousands)* Basic earnings per share from profit for the year attributable to the ordinary shareholders (NOK) Diluted earnings per share from profit/loss for the period attributable to the ordinary shareholders (NOK) Q Q Audited 18,781 26,105 42,486 27,248 5, * The Company has not purchased any shares in 2015, it purchased 2,598 shares during the first quarter in The weighted average number of shares are calculated based on the assumption that the treasury shares were purchased and sold evenly throughout the period. At the end of the quarter ending , there are no treasury shares held by the company. Shareholder transactions There are no shareholder transactions in Q Related parties The group has a related party relationship with subsidiaries and associates and with its directors and executive officers. All transactions with related parties are based on arms length principles. None of the Board members have been granted loans or guarantees in the current year. 18

19 Note 4 Bank borrowings and net debt The group s bank borrowings consists of a term loan facility of NOK million and an RCF facility of NOK million. Both facilities are 5-year bullets. In addition to the bank loans, the group has guarantees of approximately NOK million. Note 5. Business combinations RenoNorden has on the 23 December 2014 signed an agreement to acquire two contracts from a competitor in Denmark. RenoNorden has taken over two contracts, both with effect from 1 January Contract 1 ends 31 January 2016 with 6 months prolonging options and contract 2 ends 31 May 2018 with 24 months prolonging options. In connection with the transaction RenoNorden has taken over 31 employees and 23 vehicles. Of the purchase price approximately 5,6 MNOK is allocated to customer contracts. RenoNorden has on the 5 March 2015 acquired NTS Miljø AS in Norway, a subsidiary of NTS ASA. NTS Miljø AS operates one contract, serving several municipalities in northern Norway. The contract expires 1 October Estimated revenue for 2014 is 12.3 MNOK and estimated EBITDA is 4.0 MNOK. NTS Miljø AS has 13 employees and 8 vehicles. Signing and closing of the transaction was completed 5 March Purchase price for 100% of the shares is 4.6 MNOK, where approximately 3 MNOK is allocated to goodwill. The transaction has accounting effect from 1 January Note 6. Subsequent events There are no subsequent events with material effect. 19

20 Disclaimer This report contains forward-looking statements that reflect RenoNorden s current views with respect to future developments and performance. These forward-looking statements may be identified by the use of forwardlooking terminology, such as the terms anticipates, assumes, believes, can, could, estimates, expects, forecasts, intends, may, might, plans, projects, should, will, would or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic facts. The forward-looking statements are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management s examination of historical operating trends, data contained in RenoNorden s records and data available from third parties. Although RenoNorden believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control, and many factors can therefore lead to actual developments and performance deviating substantially from what has been expressed or implied in such statements. Accordingly, no assurance can be given with respect to such developments and performance. RenoNorden disclaims any obligation to update or revise any forward-looking statements, unless required to do so by applicable law or listing rules. Annual General Meeting Q Q Financial calendar Investor contact Lars Sandodden Johansen l.johansen@renonorden.com