Self Storage Group

Earnings Release • Feb 12, 2020

SSG: Fourth quarter 2019 results

SSG: Fourth quarter 2019 results

(Oslo, 12 February 2020) Self Storage Group ASA (Self Storage Group, OSE:SSG)

reported revenues of NOK 71.9 million in the fourth quarter of 2019, an increase

from NOK 60.8 million in the corresponding quarter in 2018, and an adjusted

EBITDA of NOK 24.6 million (19.7), excluding IFRS 16 impacts. The financial

development and market leading position provide a solid platform for further

profitable growth, and Self Storage Group reiterates the strong outlook.

"The fourth quarter ended a positive and busy year with solid revenue and EBITDA

growth, capacity expansion, development of new facilities, accretive M&A

activities and value increase of freehold properties beyond NOK one billion.

With our focused growth strategy and solid operational performance, we will

continue to build and acquire new storage capacity to serve an increasing base

of customers across Scandinavia, " says Fabian Søbak, Chief Executive Officer of

Self Storage Group.

Self Storage Group had revenues of NOK 71.9 million in the fourth quarter of

2019 (60.8), and an adjusted EBITDA of NOK 24.6 million (19.7), excluding

impacts from IFRS 16. The revenue growth follows the acquisition of Eurobox

Minilager AS (Eurobox), opening of new facilities and expansions, growth in

occupancy for facilities opened the last years, and increased revenues from

mature sites with higher average rent per m2. The average occupancy in the

fourth quarter of 2019 for sites with more than 12 months of operation was 83%

(84%), with an average rent per m2 of NOK 2 375 per year (2 348 NOK).

"SSG has a proven track-record in developing an attractive portfolio of self

-storage facilities, leveraging on a lean and operationally focused organization

to increase margins and targeting additional growth, mainly through freehold

properties. We have also identified additional opportunities through already

acquired development projects and low-cost expansion within existing facilities,

Søbak adds.

The fair value of freehold investment properties increased to NOK 1 074 million

at the end of the year, mainly following the acquisition of Eurobox earlier in

2019. The company had net cash flow from operating activities of NOK 35.9

million during the quarter.

"The combination of a countrywide presence in the early stage Norwegian market

and a strong position in the more developed markets in Stockholm and Copenhagen

provides a strong foundation for future expansion and growth. Self Storage Group

can act opportunistically with regards to setting up new facilities while

leveraging our strong brand recognition, customer base and knowledge in the

respective markets. This foundation, combined with a strategy to grow the

freehold portfolio in selected markets, gives Self Storage Group a solid

platform for future growth and value creation," Søbak concludes.

After the closing of the quarter, the Board of Directors decided to commence a

strategic review to explore available options to maximize shareholder value,

following changes in the shareholder structure.

EBITDA and other alternative performance measures (APMs) are defined and

reconciled to the IFRS financial statements as a part of the APM section of the

attached quarterly report on pages 29 and 30.

The fourth quarter 2019 report and presentation are enclosed. The results will

be presented at 08:00 CET at Felix Conference Centre, Bryggetorget 3, Oslo. The

presentation will be held by CEO Fabian Søbak and CFO Cecilie Brænd Hekneby. The

presentation will be broadcasted live on https://www.selfstoragegroup.no/web

-cast/

For additional information, please contact:

Cecilie Brænd Hekneby, CFO, +47 99 29 38 26

About Self Storage Group|www.selfstoragegroup.no

Self Storage Group ASA engages in the business of renting out self-storage units

to both private individuals and businesses through the two concepts; OK

Minilager and City Self-Storage. The company is one of the leading self-storage

providers in Scandinavia with a particularly strong position in the Norwegian

market. Self Storage Group operates 111 facilities across Scandinavia with a

current lettable area of 137 500 square meters.