Result of AGM 200608

20 June 2008

Nordic Panorama Plc
(‘Nordic’ or the ‘Company’)

Result of AGM

At the AGM held earlier today, all the resolutions proposed were duly passed by shareholders. In addition, Geir Kjaernes Chief Executive Officer of Nordic highlighted the achievements of the 2007 financial year and provided an update on the progress made so far this year.


REVIEW OF 2007

• Group revenue for the year to 31 December 2007 amounted to £5.284m, which generated an adjusted operating profit of £0.797m and an adjusted operating profit before tax of £0.644m. The adjusted profit figures do not take in to account the exceptional charges arising from the reverse acquisition of £0.868m. These charges comprise impairment of goodwill arising from the reverse acquisition and incorporate all the fees that were directly attributable.
• 2007 revenues were down on 2006 despite stronger sales in the second half of the year. A large block sale of plots made a significant impact on 2006 turnover, since which there has been a definite shift in concentration of cabin sales in 2007. As a result cabin sales have increased from £2.092m in 2006 to £3.649m in 2007. Despite the poor snow conditions experienced at the start of 2007 the turnover generated from the ski resort itself still managed to exceed 2006 levels.
• Overall margins increased from 59% in 2006 to 63% in 2007.
• Administrative costs were considerably higher in 2007 as a result of being part of a quoted group and has incurred additional costs in establishing an active and operational UK plc; it has strengthened its management team and operational staff and has increased its marketing spend in the second half of the year.


CURRENT TRADING AND OUTLOOK

The marketing and promotional initiatives which were put in place in the second half of 2007 have been maintained in 2008 and have helped underpin sales targets for 2008. The Group has more than sufficient inventories in terms of finished cabins and 2008 has started positively with encouraging orders and sales of cabins. The winter snow conditions were also good which produced healthy sales for the ski resort, albeit the season ended somewhat prematurely this year as a result of an early Easter.

The Company remains cautiously optimistic for the current year. However the troubled financial markets and the current “credit crunch” is affecting the real estate market which, together with the recent increase in interest rates in Norway may adversely impact property sales in the second half of the year.

The Directors recognise that the Company has not been able to benefit from being on AIM to raise capital and effect acquisitions due to prevailing stock market conditions combined with the lack of an institutional shareholder base, with two shareholders holding in excess of 87% of the issued share capital, while incurring the relatively high costs of being listed.

As a result, we are currently undertaking a strategic review on the future of the Company and amongst other things are considering the de-listing of the Company’s trading on AIM.


For further information:

Geir Kjaernes
Nordic Panorama Plc
Tel No: 0047 22 12 54 12

Norman Lott
Nordic Panorama Plc
Tel No: 020 7153 4920

Alex Borrelli
Shore Capital
Tel No: 020 7408 4090