Interim report January-June 2017

2016 was an eventful and expansive year for BEWi and the intensive pace, with many
strategic activities, continued during the first six months of 2017. We completed two
acquisitions, refinanced the Group and entered the final phase in completing a new production
line for manufacturing grey EPS. Running in and test production began in June.

Commercially, the first six months was very trying as we experienced a historically high
volatility in the price of styrene. Sharp price increases during the first quarter were followed by
sharp decreases during the second quarter. Pricing to customers was challenging as a result,
based on the markets' varying expectations on the market price.

BEWi's market is deemed to remain strong. We look forward to coming quarters when we will
begin to manufacture grey EPS, which will broaden our product range.

In July, we also acquired 60 percent of Solupak Oy, a Finnish manufacturer of insulating
materials in EPS. The acquisition will strengthen BEWi's position in Finland as a full-range
supplier of insulating materials and work has begun to integrate Solupak Oy into BEWi's

For further information, contact Marie Danielsson, CFO, tel +46 70 661 00 47

About Us

BEWiSynbra is an innovative player and a vital component of European business, offering qualified and sustainable packaging solutions and insulation systems for buildings. The Group’s products protect and safeguard the transportation of foodstuffs, electronics and many other types of sensitive products, and meet legislators’ increasingly strict requirements for more efficient insulation of buildings. The Group has around 1,000 employees in six countries and sales of approximately SEK 4.5 billion, and its registered office is located in Solna, Sweden. BEWi Synbra Group is owned to 51.6% by Frøya Invest AS, to 21.4% by Gjelsten Holding AS, to 25.4% by Verdane Capital Advisors and to 1.6% by Senior Executives.


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