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Värmekyl Grossisten Scandinavia AB (publ) holds Extraordinary General Meeting on 28 November 2008

The Extraordinary General Meeting at 10 a.m. on 28 November 2008 resolved in favour of the Board’s proposal to change the company’s name to VKG Energy Services AB (publ). The EGM resolved furthermore to approve the Board’s proposal to change the capital limits in the Articles of Association to state that the share capital shall be not less than SEK 2,800,000 and not more than SEK 11,200,000 and that the number of shares in the company shall be not fewer than 56 million and not more than 224 million.Sollentuna, November 2008Värmekyl Grossisten Scandinavia AB (publ.)The Board of

New VKG acquisition to optimise energy usage at St. Göran’s Hospital

VKG’s new subsidiary VVS Specialisten i Södertälje AB has been awarded a contract by Locum for energy optimisation services at St. Göran’s Hospital in Stockholm. The contract runs for one year and is worth SEK 20 million, with an option for an additional SEK 15 million.“It is an exciting challenge that will encompass all of the hospital’s technical building systems,” says Björn Halvardsson, President and Senior Project Manager for VVS¬ Specialisten. “The project is being carried out in close collaboration with the client and draws upon a high level of technological, environmental and

Extraordinary General Meeting in VKG

The shareholders in Värmekyl Grossisten Scandinavia AB (publ) are hereby invited to attend the Extraordinary General Meeting at 10:00 a.m. on 28 November 2008 at the company’s office, Hammarbacken 4 B, in Sollentuna, Sweden.Right of participationShareholders who wish to participate in the Meeting:• must be recorded in the register of shareholders maintained by VPC AB (the Nordic Central Securities Depository) no later than Friday, 21 November 2008.• must notify the company of their intention to participate by letter to VKG AB, Hammarbacken 4 B, SE-191 49 Sollentuna, Sweden, by fax +46

Interim report 1 January–30 September 2008

Cost-cutting pays offThird quarter (1 July–30 September 2008)• Consolidated net sales for the period reached SEK 63.3 million (55.0).• The operating loss for the period was SEK 4.1 million (28.4). The loss after tax was SEK 5.0 million (21.6), equal to earnings per share of SEK -0.09 (-1.27). The Group’s composition profit for the period was SEK 2.6 million.• The Group’s indirect expenses during the period amounted to SEK 24.0 million (53.2).• Net sales rose by SEK 8.3 million and indirect expenses decreased by SEK 12 million compared to Q2.• Current liabilities fell by a full SEK

VKG becomes energy services provider – acquires HVAC and sanitation specialist

Värmekyl Grossisten Scandinavia AB (publ) has acquired all of the shares in the HVAC and sanitation group VVS-specialisten i Södertälje Holding AB, with its subsidiaries VVS-specialisten and Energi & Driftkonsult. The acquired group, with a total of 30 employees, recorded net sales of SEK 50.2 million and a pre-tax profit of SEK 5.3 million for the past financial year.“VVS-specialisten has unique expertise in system solutions for complex properties and will be a valuable asset in VKG’s development into a total provider of energy services,” says Mikael Jansson, President and CEO of VKG.

Change of course for VKG

Värmekyl Grossisten Scandinavia AB (VKG) has decided to change its strategy. From having previously focused on wholesale sales of heat pumps, VKG will now be reshaped into a total provider of energy services.“After completing the reconstruction we have created financial stability in the company. Our new majority shareholder Gunnar Mannerheim is a long-term owner with a strong commitment to the company, and we are now ready for profitable growth,” says Mikael Jansson, newly appointed President and CEO.According to the new strategy, VKG will wind up its wholesale operations entirely and

Mikael Jansson appointed as new President

Värmekyl Grossisten Scandinavia AB (publ) has appointed Mikael Jansson as its new President and CEO.Mikael Jansson, born in 1961, has in-depth experience in management and development of service companies operating in the construction and property sectors, with a special emphasis on energy optimisation. He comes most recently from the post of President for Autotank and has previously held CEO and senior management positions at Dalkia Industripartner, Fortum Service and ABB Contracting/YIT.“We are very pleased to have such a competent individual on our team”, says Ole Oftedal, Chairman

VKG cancels acquisition of M.M. Energiborren AB

On 28 May Värmekyl Grossisten Scandinavia AB signed an agreement to acquire M.M. Energiborren AB with operations in Sweden and Germany. After a due diligence review in connection with the transfer of ownership uncovered profitability problems in Energiborren beyond what both the sellers and buyers had reason to expect, the sellers and board of Värmekyl Grossisten Scandinavia AB have mutually agreed not to complete the acquisition.The initiative was put forward by the principal shareholders in M.M. Energiborren AB, Ole Oftedal and Patrik Gransäter. Since both Oftedal and Gransäter are

Corporate reconstruction in VKG subsidiary Solina completed – district court decides on return to normal operations today

A clear majority of the creditors in Solina Bergenergi AB have accepted the proposed composition of SEK 10,000 and 40% of the remaining claim. As a result, the district court passed a decision today to cancel the reconstruction and for the company to resume normal operations.On 4 February 2008, Solina Bergenergi AB initiated a corporate reconstruction as a consequence of the corporate reconstruction in its parent company Värmekyl Grossisten Scandinavia AB.The corporate reconstruction in the parent company was completed on 25 April this year. During the spring, VKG raised a total of

VKG to seek new CEO

After eight years in Sweden Tom Ekevall Larsen, President and CEO of Värmekyl Grossisten Scandinavia AB, has decided to move back to Norway for personal reasons. As a result, VKG has initiated a process to seek a new CEO.Tom Ekevall Larsen will continue as President and CEO until a successor has been appointed, after which he will be responsible for starting up VKG’s operations in Norway.”There is no drama behind the decision,” says Ole Oftedal, Board Chairman of VKG. ”Tom has been planning to return to Norway for some time, and the fact that it is happening now means that we can move

Pre-emptive rights issue in VKG oversubscribed

• The subscription rate in VKG’s new share issue with pre-emptive rightsfor the existing shareholders was around 176 per cent.• 94 per cent of the shares were subscribed for through the exercise of subscription rights.• The issue has provided the company with total proceeds of approximatelySEK 8.5 million before issue expenses.The previously announced share issue with pre-emptive rights for the existing shareholders in Värmekyl Grossisten Scandinavia AB (publ) has now been completed. Interest in the issue has been very strong and resulted in subscription applications for

VKG acquires Energiborren AB

Värmekyl Grossisten Scandinavia AB (VKG) has acquired all of the shares in M.M. Energiborren AB, a small drilling company with operations in Sweden and Germany.M.M. Energiborren is active primarily in energy drilling for geothermal heating, but also drills for traditional fresh water wells. The company offers all ground installation, from drilling to laying of collector tubes in the property. M.M. Energiborren currently has 5 employees and reported net sales of approximately SEK 15 million in 2007.Since April 2007 Ole Oftedal and Patrik Gransäter, both members of VKG’s board of directors,

New share issue in VKG completed according to plan – GTM Holding new majority owner

• All conditions for GTM Holding’s subscription guarantee were met in connection with the district court’s imposition of a public composition on 16 May.• GTM Holding A/S has therefore subscribed for 23,022,500 shares through the exercise of subscription warrants for a price of SEK 1.25 each, providing VKG with proceeds of approximately SEK 28.8 million.• Composition claims will be paid by 26 May at the latest.Following the district court’s imposition of a public composition in Värmekyl Grossisten Scandinavia AB, all of the conditions in GTM Holding’s subscription guarantee have now been

Corporate reconstruction of VKG successful – district court decides on return to normal operations today

•A clear majority of the creditors in VKG have accepted to proposed composition of SEK 10,000 and 55% of the remaining claim.•The district court therefore ruled today to immediately cancel the reconstruction and resume normal operations.•The total composition dividend amounts to approximately SEK 22.8 million and will be paid during week 21 (19-15 May). Through the issue of shares and warrants, VKG will be provided with total proceeds of around SEK 48.8 million before issue costs.The Attunda District Court today issued its anticipated ruling on a public composition of claims in the

Interim Report 1 January – 31 March 2008

• Consolidated net sales for the period reached SEK 55.4 million (74.3).• The operating loss for the period was SEK 18.6 million (7.8). The loss after tax was SEK19.2 million (6.1), equal to earnings per share of SEK -1.13 (-0.38).• On 24 January 2008 the Parent Company VärmeKyl Grossisten Scandinavia AB was grantedpermission for a corporate reconstruction. Composition negotiations will be held in district courton 25 April, after which the reconstruction is expected to be cancelled.• In order to finance the company’s operations, the Board of Directors decided on two directed

Annual General Meeting of Värmekyl Grossisten Scandinavia AB (publ)

The Annual General Meeting (AGM) of Värmekyl Grossisten Scandinavia AB was held today in Sollentuna, Sweden.Annual report and discharge from liabilityThe income statements and balance sheets of the Parent Company and the Group were adopted.In respect of the Swedish Financial Supervisory Authority’s ongoing investigation, the AGM resolved unanimously not to discharge Board members Nils Ljung, Hagge Rilegård, Lars Byström, Lars Grönberg and Stefan Lövblom from liability for their management during the financial year from 1 January – 31 December 2007. Furthermore, Hagge Rilegård and Lars

Decision on new share issue in VKG

As part of its ongoing corporate reconstruction, Värmekyl Grossisten Scandinavia AB (publ.) will carry out the previously announced preferential rights issue for the shareholders after reaching a formal decision at the Board meeting held yesterday, on Monday 17 March.The preferential rights issue will amount to a maximum of 6,791,000 shares, of which every five old shares will grant the right to subscribe for two new shares at a subscription price of SEK 1.25 each. In addition to the preferential rights issue, the Board has also decided to carry out a directed issue of 9,209,000 shares to

VKG extraordinary general meeting of shareholders

The extraordinary general meeting of shareholders in Värmekyl Grossisten Scandinavia AB today March t at 10.00 am, resolved, in accordance with the proposal by the Board, that the capital limits in the Articles of Association shall be not less than SEK 845,000 and not more than SEK 3,380,000, whereby the number of shares in the company shall be not less than 16.9 million and not more than 67.6 million.The extraordinary general meeting of shareholders in Värmekyl Grossisten Scandinavia AB today at 10.15 am, resolved, in accordance with the proposal by the Board, to authorise the Board, on

Annual General Meeting in VKG

The shareholders in Värmekyl Grossisten Scandinavia AB (publ) are hereby invited to attend the Annual General Meeting at 10:00 a.m. on 3 April 2008 at the company’s office, Hammarbacken 4 B, in Sollentuna, Sweden.Right of participationShareholders who wish to participate in the Meeting:• must be recorded in the register of shareholders maintained by VPC AB (the Nordic Central Securities Depository) no later than Friday, 28 March 2008.• must notify the company of their intention to participate by letter to VKG AB, Hammarbacken 4 B, SE-191 49 Sollentuna, Sweden, by fax +46 (0)8-444 50

VKG to wind up operations in consumer market outside Stockholm and implement partnering strategy

• Sales and installation in the consumer market will be concentrated in the greater Stockholm area and a partnering strategy implemented in other parts of Sweden.• As a consequence of this, some 90 employees will be given notice and seven offices in the Stockholm area, Eskilstuna, Göteborg and Karlstad will be closed.• The subsidiary Energivärme will take over responsibility for installation, service and sales of hot water heating systems in Stockholm.• These measures are expected be effective 1 April 2008 and will generate cost savings of SEK 47-50 million on an annual basis.

VKG subsidiary FMT Rör AB to acquire FMT Vent AB, conditional on creditors’ acceptance of composition plan

• VKG’s wholly owned subsidiary FMT Rör AB will acquire its former sister company FMT Vent AB.• Financing is conditional on the creditors’ acceptance of a 50% debt composition in the ongoing reconstruction process in the Parent Company Värmekyl Grossisten Scandinavia AB.• The acquisition will be financed by GTM Holding A/S via a loan against the pledge of all shares in FMT Vent AB. In the event that the above condition is not met, FMT Rör AB has the right to make payment for the loan by transferring the shares in FMT Vent AB to the GMT.FMT Rör and Vent AB was founded in 1994 and in 1999

VKG to wind up operations in consumer market outside Stockholm and implement partnering strategy

• Sales and installation in the consumer market will be concentrated in the greater Stockholm area and a partnering strategy implemented in other parts of Sweden.• As a consequence of this, some 90 employees will be given notice and seven offices in the Stockholm area, Eskilstuna, Göteborg and Karlstad will be closed.• The subsidiary Energivärme will take over responsibility for installation, service and sales of hot water heating systems in Stockholm.• These measures are expected be effective 1 April 2008 and will generate cost savings of SEK 47-50 million on an annual basis.

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