Investor Presentaiton

CASH FLOW AND WORKING CAPITAL • Total working capital was 83.9 . • Inventories decreased by 23.8 MEUR and was driven by tight control in inventory and centralized purchase quota allocations Cash flow from operations at a high level of 42.5 MEUR A key driver for the record cash flow was the positive development of working capital • Successful implementation and execution of the COVID-19 mitigation plan -24.0% 113.4 110.4 WORKING CAPITAL (MEUR) -25.7% 99.1 92.6 83.9 68.8 6.7 CASH FLOW FROM OPERATIONS (MEUR) +16.6 42.5 25.9 2018 FY 2019 FY 2020 FY 2018 FY 2019 FY 2020 FY 2018 FY 2019 FY 2020 FY TOTAL WORKING CAPITAL INVENTORY RAPALA VMC CORP. 4

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