Self Storage Group — Interim / Quarterly Report 2020

Feb 16, 2021

Self Storage Group ASA

Fourth quarter 2020

16 February 2021

FINANCIALS Q4 2020

GROUP HIGHLIGHTS – FOURTH QUARTER 2020

The fourth quarter ended a positive and busy year with solid organic revenue- and EBITDA-growth, development of new facilities and acquisition of new properties. SSG experienced limited business impact from the COVID-19 situation in 2020 and has a solid platform for further profitable growth and expansion.

• All time high revenues of NOK 75.9 million, up from NOK 71.9 million in Q4 2019
• Adjusted EBITDA¹ of NOK 44.7 million, up from NOK 41.9 million in Q4 2019
• Change in fair value of freehold investment property of NOK 83.4 million, compared to NOK 12.5 million in Q4 2019
• All time high adjusted profit before tax of NOK 94.2 million, up from NOK 28.1 million in Q4 2019
• Average occupancy for sites with more than 12 months of operation was 85.6% (82.8%) with an average rent per m² of NOK 2 319 per year (NOK 2 375)
• Like-for-like occupancy in Q4 2020 was 86.9% (82.1%) with an average rent per m² of NOK 2 404 per year (NOK 2 398 NOK)

EBITDA development Q4 2019 vs Q4 2020

GROUP HIGHLIGHTS – FULL YEAR 2020

• All time high revenues of NOK 293.3 million, up from NOK 266.5 million in full year 2019
• All time high adjusted EBITDA¹ of NOK 177.1 million, up from NOK 156.0 million in full year 2019
• All time high adjusted profit before tax of NOK 147.5 million (NOK 80.3 million)
• Total value of freehold investment property of NOK 1 457 million (NOK 1 074)
• Loan to value²of freehold investment property of 46% as of end December 2020 (32%)
• Cash position of NOK 246.8 million, up from NOK 88.1 million end of December 2019
• Total number of facilities end of December 2020 was 116, up from 111 facilities in December 2019
• Current lettable area end of December 2020 was 148 200 m² , up from 137 500 m² in December 2019

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¹⁾ Adjusted for non-recurring costs of NOK 1.7 million in FY 2020 and NOK 4.7 million in FY 2019

²⁾ Loan to value = interest bearing debt/freehold investment property

GROUP HIGHLIGHTS – SUBSEQUENT EVENTS

• On 4 January 2021, SSG completed the acquisition of one property in Sandnes with a total potential lettable area of 1 300 m²
• On 21 January 2021, SSG entered into an agreement to acquire Adamstuen Garasjer AS in Oslo, an investment property with a total estimated lettable area of 8 100 m² . SSG, through City Self-Storage, has an existing leasehold agreement on the premises and has currently a lettable area of 4 300 m² (CLA) in operation
• On 21 January 2021, SSG signed a term-sheet for a bank facility loan with Handelsbanken and Danske Bank. The bank facility refinances the existing bank loans and gives the Company flexibility for future growth

KEY PERFORMANCE INDICATORS – FOURTH QUARTER 2020

	CLA	Facilities	Occupancy	Average rent
Q4 2020	148 200 m2	116	85.6%*	2 319 NOK pr m2 *
Q4 2019	137 500 m2	111	82.8%*	2 375 NOK pr m2 *
	+10 700 m2	+5	+2.8%*	-56 NOK pr m2*

Performance of facilities with comparable m2 in Q4 20 and Q4 19** +6 +4.8%
Like-for-like	117 000 m2	96	86.9%	2 404 NOK pr m2

* Average occupancy and rent price pr m² for all sites with more than 12 months of operation, expansions are included

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

Occupancy for facilities Like-for-Like2) was 86.9% in Q4-20 compared to 82.1% in Q4-19 Average rent pr m²per year for facilities Like-for-Like2) was NOK 2 404 in Q4-20 compared to NOK 2 398 in Q4-19

AVERAGE OCCUPANCY1) AND RENT1) CURRENT LETTABLE AREA

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The move-in rates in the CSS segment were slightly lower for a period of time after mid-March partial lock-down. More extensive entry-offer campaigns were launched to attract customers. Expansions of lettable area during the year on facilities already opened, and longer filling-up phase than 12 months for some large facilities impact average occupancy

1) Average occupancy and rent per m² for sites with more than 12 months of operation in NOK, expansions are included

2) Facilities with same CLA in Q4 20 as in Q4 19 +/- 50 m²

KEY FIGURES – FOURTH QUARTER 2020

(NOK million)

KEY FIGURES

			Q4 20 change			FY 2020 change
	Q4 20	Q4 19	Q4 19	FY 2020	FY 2019	FY 2019
Revenue	75.9	71.9	+4.0	293.3	266.5	26.9
Lease expenses	-2.1	-1.5	-0.5	-9.4	-11.8	+2.4
Property-related expenses Salary and other employee	-10.6	-8.7	-1.9	-36.1	-29.0	-7.2
benefits	-10.3	-11.2	+0.9	-40.2	-39.6	-0.6
Other operating expenses	-8.5	-9.2	+0.7	-32.1	-34.7	+2.6
EBITDA	44.5	41.2	+3.2	175.4	151.4	+24.1
Adjustments1)	0.3	0.7	-0.4	1.7	4.7	-2.9
Adjusted EBITDA	44.7	41.9	+2.8	177.1	156.0	+21.1
Adjusted EBITDA-margin	58.9%	58.3%	69,6%	60.4%	58.6%	78.6%

1) Adjusted for non-recurring costs related to acquisitions, restructuring and severance packages

KEY FIGURES1) – Q4 2020

(NOK million)

P&L	Q4 20	Operational change	Q4 19	FY 19
Revenue	75.9	+4.0	71.9	266.5
costs2) Total operating	-31.2	-1.3	-29.9	-110.4
Adjusted EBITDA	44.7	+2.8	41.9	156.0
Adjusted EBIT	40.9	+2.8	38.1	143.9
Change in fair value of inv. property	83.4	+70.9	12.5	17.5
Change in fair value of lease property	-15.5	-0.8	-14.7	-55.2
Net finance	-14.7	-7.0	-7.7	-26.0
Adjusted Pre-tax profit	94.2	+66.1	28.1	80.3
Adjusted Net profit	70.8	+46.7	24.1	65.5
m2 Current lettable area (thousands )	148.2	+10.7	137.5	137.5
Lettable area under development m2 (thousands ) Cash flows	30.4	+9.1	21.3	21.3
Net cash flows from operating activities	42.6	+6.7	35.9	145.5
Net cash flows from investing activities	-128.7	-104.8	-23.9	-561.2
Net cash flows from financing activities	100.8	+127.7	-26.9	381.9
Cash and cash equivalents at beginning of the period	232.5	+129.6	102.9	122.2
Cash and cash equivalents at end of the period	246.8	+158.7	88.1	88.1

Balance sheet	31 Dec 20	31 Dec 19
ASSETS
Freehold investment property	1 456.5	1 074.4
Leasehold investment property	515.2	489.1
Property, plant and equipment	122.5	114.4
Goodwill	184.6	184.8
Financial instruments	0.0	24.8
Total non-current assets	2 280.5	1 887.5
Financial instruments	24.8	0.0
Other current assets	30.4	28.9
Cash and bank deposits	246.8	88.1
Total current assets	264.1	117.1
TOTAL ASSETS	2 582.4	2 004.6
EQUITY AND LIABILITIES
Total equity	1 177.9	1 005.1
Long-term interest-bearing debt	519.4	239.1
Long-term obligations under finance leases	487.9	450.6
Deferred tax liabilities	114.6	91.1
Other non-current liabilities	2.0	0.5
Total current liabilities	280.6	218.3
Total liabilities	1 404.6	999.6
TOTAL EQUITY AND LIABILITIES	2 582.4	2 004.6

1) Unaudited figures for 2020

2) Adjusted for non-recurring costs of NOK 0.3 million in Q4 2020, NOK 0.7 million in Q4 2019 and NOK 4.7 million FY 2019

STEADY GROWTH IN SHARE OF FREEHOLD PORTFOLIO

DEVELOPMENT IN SHARE OF FREEHOLD FACILITIES SHARE OF FREEHOLD FACILITIES PER CONCEPT

• SSG's strategy is to expand its freehold facility base

• 43% of current lettable area in operation at the end of December 2020 was freehold
• Freehold m² has increased with 29% since December 2019
• 60 of a total of 116 facilities in operation (52%) were freehold as of December 2020
• SSG plans to accelerate growth and open 12 000-14 000 m² during 2021, mainly freehold

31.12.2020 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	63 200	30 000	93 200
Leased facilities	85 000	400	85 400
SUM	148 200	30 400	178 600

FREEHOLD INVESTMENT PROPERTY AS OF Q4 2020 -PROPERTY VALUE INCREASED BY 36% FROM DECEMBER 2019

• 115 400 m²gross area freehold property
• 16 000 m²gross area greenfield development properties
• 19 500 m²gross area land for containers
• Internal lease agreements at commercial terms are signed between OK Property and the operating companies in the Group
• Approximately 65-70% of gross area is utilized as lettable area
• External valuations conducted upon acquisition of new property, and once a year with quarterly assessment of indications of change

Gross area pr region and yield1) as of 31.12.20

Freehold portfolio Total freehold property of 1 457 MNOK

Development change in fair value over P&L

1) Net market rent divided on property value in full operation

CURRENT LETTABLE AREA OF 148 200 M²AS OF Q4 2020 – 30 400 M² IN PIPELINE1)

1) Potential lettable area of the option to acquire a neighbouring building at Billingstad is not included in the CPIs of Q4 2020

30 400 M² IN POTENTIAL LETTABLE AREA

• The potential m²is mainly in freehold facilities in Norway
• Rent income from expiring lease contracts from 4 900 m²of the 30 400 m²not yet built into self-storage units
• Plan to open 12 000-14 000 m²during 2021 (organic)

Area with other rentals	4 600	300	4 900
Sum	22 600	7 800	30 400
Expansions	11 400	2 100	13 500
New facilities	11 200	5 700	16 900
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q4 2020

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

STRONG LINK BETWEEN REVENUE GROWTH AND ABSOLUTE GROWTH IN PRE TAX FREE CASH FLOW

High cash conversion business

BUSINESS DEVELOPMENT Q4 2020

UNTAPPED POTENTIAL FOR SELF STORAGE IN SCANDINAVIA

Scandinavia lagging in terms of self storage space per capita (sq.m.)

• Significant untapped potential in the Scandinavian countries
• Awareness of self storage is still low in Scandinavia
• The self storage market is growing across all of Europe
• Urbanization is driving growth
• New building standards in Norway require less storage space

THE SCANDINAVIAN SELF STORAGE MARKET AT A GLANCE

Source: Company information, FEDESSA European Self Storage Survey 2020

SUCCESS FACTORS IN SELF STORAGE

SSG CONSISTS OF TWO DISTINCT BUSINESS CONCEPTS

City Self-Storage OK Minilager

High-end brand providing self-storage rental and ancillary products and services in Scandinavia's larger cities

• 411) temperate storage facilities across Scandinavia
• One of the leading self-storage providers in the Scandinavian market
• Located in Greater-Oslo, Stavanger, Trondheim, Stockholm and Copenhagen

• 88 700 m² CLA (25 700 m² is freehold)

• • Countrywide, discount-priced offering of self-serviced storage facilities in Norway
• 751) facilities located across Norway
• 46 temperate storage facilities and 29 drive-in storage facilities
• 2 nd largest player in Norway, behind CSS²
• Self service, open 24 hr/day and 7 days a week
• 59 500m² CLA (37 500 m² is freehold)

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1) As of 31 december 2020

A LARGE, DIVERSIFIED AND INCREASINGLY LOYAL CUSTOMER BASE SECURING STABLE INCOME STREAMS

	Households	Businesses
for Reasons demand	▪ Moving ▪ Refurbishment ▪ Downsizing ▪ Need for additional storage ▪ Student storage ▪ Other	▪ ▪ ▪ ▪ ▪ ▪	Inventories Relocation Refurbishment Archived records Last mile storage Other

1) The numbers are approximate

2) Average rental time is longer than 12 months as customers who have not yet terminated the lease is not included in the average

3) The data is based on customer surveys on selected facilities

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA (approx.)	Expected1 opening	Concept
Oslo Breivollveien 25	Landmark location with unique visibility	Building permission received on 1st July 2020. Construction in progress.	5 000 m2	Q4 2021
Oslo Bjørnerudveien 10	Property south of Oslo with significant catchment area	Building permission received on May 7th 2020. Construction in progress.	2 400 m2	Q3 2021
Trondheim John Aaes vei	Highly visible property with easy access from main roads	Building permission received on June 6th 2020. Construction in progress	3 500 m2	H2 2021

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential	Concept
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on three floors of this 6-floor building. Next phase is planned to open in 2021	3 300 m2	1 300 m2	2 000 m2
Oslo Østre Aker vei 101	Facility located alongside Østre Aker vei with great visibility and access	Self storage fit-out is constructed on one floor of this 4-floor building. Fit out will be constructed on two new floors in Q1 2021	3 000 m2	1 000 m2	2 000 m2
Oslo Ulvenveien 28	Highly-visible property in a larger development area	Planning under progress. Estimated to open first phase during 2021	2 500 m2	N/A	2 500 m2

ACQUISTION OF PROPERTIES IN Q4 2020

Haugesund: Årabrotsvegen 19 Sandefjord: Pindsleveien 8C

• Estimated lettable area of 950 m²
• Estimated to open in Q2 2021
• The facility will be operated under the OK Minilager brand
• The transaction has a property value of NOK 9 million
• SSG's 3rd freehold facility in the Haugaland region

• With this new investment we will strengthen our position as market leader in Haugesund

• Estimated lettable area of 1800 m²

• Estimated to open in Q2 2021
• The facility will be operated under the OK Minilager brand
• The transaction has a property value of NOK 14.1 million
• SSG's second 2nd facility in Sandefjord
• SSG's 9th facility in Vestfold & Telemark

ACQUISTION OF PROPERTIES IN Q4 2020

• Estimated lettable area of 550 m²
• Estimated to open in Q2 2021
• The facility will be operated under the OK Minilager brand
• The transaction has a property value of NOK 5.3 million
• SSG's first facility in Kongsberg

Kongsberg: Skrubbmoen Lillestrøm: Svelleveien 23

• Acquisition of an existing facility – Conversion of a leasehold into freehold
• Current lettable area of 900 m²
• The facility is operated under the OK Minilager brand
• The transaction has a property value of NOK 7.7 million
• The property is centrally located in Lillestrøm, with easy access from main roads

ACQUISITION OF PROPERTY IN COPENHAGEN, DENMARK Hjørnagervej 10 - Hvidovre

• Acquisition of an existing facility Conversion of a leasehold into freehold
• Current lettable area of 2 600 m²
• The facility opened in 2005 and is operated under the City Self Storage brand. The facility has a stabilized occupancy close to 90%
• The transaction has a property value of DKK 25.9 million
• This investment is in line with the Group´s strategy to grow with freehold properties in selected urban markets
• Hjørnagervej 10 is SSG´s first freehold acquisition outside of Norway

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

SUBSEQUENT EVENTS

SUBSEQUENT

THE ADAMSTUEN ACQUISITION – NORWAY'S LARGEST SELF-STORAGE FACILITY

• Property with a potential lettable area of 8 100 m² , located close to the city centre of Oslo in a higher demographic area
• Significant catchment area and high entry barriers
• SSG has leased approximately half the property since 1993 and has 4 300 CLA in operation
• The largest self-storage facility in Norway
• Significant upside potential by converting parking space into self-storage
• The transaction has a property value of NOK 250 million, and is expected to close on 1 March 2021

REVENUE DYNAMICS CSS ADAMSTUEN

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

SUBSEQUENT

Rationale for acquiring Adamstuen

1	▪ Significantly increasing SSG´s freehold portfolio in the Greater Oslo Region and increase scale with the acquisition of the largest self-storage facility in Norway
2	▪ The property has a significant catchment area and high entry barriers
3	▪ Significant revenue potential by converting the parking floors into self-storage
4	▪ Immediately accretive (interest expense less than rent) while enabling 88% growth in lettable self-storage area on the property

SUBSEQUENT

WITH ADAMSTUEN WE FURTHER STRENGHTEN OUR FREEHOLD PIPELINE IN OSLO

TOTAL PIPELINE IN OSLO: 17 700 CLA

STRATEGIC SUMMARY

• Grow our freehold portfolio in selected urban markets
• Focus on the larger urban areas in Norway
• Occupancy target of 90%
• Investments in CRM, automation and digital platforms
• Creating great customer experience
• Lean operation and self-service
• Opportunistic approach to expansion in Sweden and Denmark
• Looking to selectively acquire existing self storage providers in the Nordics

Illustration of a greenfield project developed under the CSS brand

COVID-19

▪ Norway went into a partial lockdown on 12 March 2020

• Self Storage Group adapted to the pandemic by:
• Implementing measures to safeguard customers and employees
• Keeping self-storage facilities open as usual for both existing and new customers
• Using our self-serviced and digitalised offering that by nature is a safe and flexible solution for our customers
• Updating the risk evaluation in the interim report for Q4 2020
• The Group experienced limited business impact due to Covid-19 as of 2020. The move-in rates in the CSS segment were slightly lower for a period of time after mid-March impacting occupancy growth, and more extensive entry-offer campaigns were implemented to attract customers. We have seen a strong development in move-ins since June, and development in occupancy has been satisfactory in the quarter.

Disclaimer

The information included in this Presentation contains certain forward-looking statements that address activities, events or developments that Self Storage Group ASA ("the company") expects, projects, believes or anticipates will or may occur in the future. These statements are based on various assumptions made by the Company, which are beyond its control and are subject to certain additional risks and uncertainties. The Company is subject to a large number of risk factors including but not limited to economic and market conditions in the geographic areas and markets in which Self Storage Group is or will be operating, counterpart risk, interest rates, access to financing, fluctuations in currency exchange rates, and changes in governmental regulations. For a further description of other relevant risk factors, we refer to the Annual Report for 2019 for Self Storage Group and updated risk evaluation in the interim report for Q4 2020. As a result of these and other risk factors, actual events and our actual results may differ materially from those indicated in or implied by such forward-looking statements. The reservation is also made that inaccuracies or mistakes may occur in the information given above about current status of the Company or its business. Any reliance on the information above is at the risk of the reader, and Self Storage Group disclaims any and all liability in this respect.

Self Storage Group ASA Karenslyst Allé 2

0278 Oslo Norway

Contact info:

Cecilie Brænd Hekneby (CFO) +47 992 93 826 cehe@selfstoragegroup.no

Appendix

SSG LISTED ON OSLO STOCK EXCHANGE SINCE 27.10.2017

	Holding	%	Name	Country
1	19 230 909	22,8 %	1) UBS Switzerland AG	Switzerland
2	9 565 000	11,3 %	FABIAN HOLDING AS	Norway
3	6 565 000	7,8 %	CENTRUM SKILT AS	Norway
4	4 881 537	5,8 %	VERDIPAPIRFONDET ODIN EIENDOM	Norway
5	3 828 293	4,5 %	SKAGEN M2 VERDIPAPIRFOND	Norway
6	3 707 486	4,4 %	J.P. Morgan Bank Luxembourg S.A.	Sweden
7	3 623 214	4,3 %	VATNE EQUITY AS	Norway
8	2 801 000	3,3 %	FIRST RISK CAPITAL AS	Norway
9	2 408 689	2,9 %	Citibank, N.A.	Ireland
10	1 923 074	2,3 %	HSBC Bank Plc	United Kingdom
11	1 711 358	2,0 %	WESSEL-INVEST AS	Norway
12	1 641 428	1,9 %	Danske Invest Norge Vekst	Norway
13	1 500 000	1,8 %	VERDIPAPIRFONDET HOLBERG NORGE	Norway
14	1 278 602	1,5 %	MUSTAD INDUSTRIER AS	Norway
15	1 158 611	1,4 %	BNP Paribas Securities Services	Luxembourg
16	1 016 072	1,2 %	Brown Brothers Harriman & Co.	United States
17	986 033	1,2 %	SOLE ACTIVE AS	Norway
18	810 000	1,0 %	ODIN Small Cap	Sweden
19	810 000	1,0 %	BNP Paribas Securities Services	France
20	795 523	0,9 %	Bank Julius Bär & Co. AG	Switzerland
	70 241 829	83,3 %

Total number of shares: 84 328 584

As of 15 February 2020

1) Alta Lux Holdco S.a.r.l/Centerbridge Partners

Largest shareholders Share development last 12 months

Shareholder structure

FOURTH QUARTER 2020 COMPREHENSIVE INCOME

	Note	months ended 31 December 2020	For the three months ended 31 December 2019	For the twelve months ended 31 December 2020	For the twelve months ended 31 December 2019
Revenue	3	75 9 24	71 884	293 348	266 453
Lease expenses	3,8	2 0 6 0	1538	9432	11813
Property-related expenses	3	10 642	8696	36 135	28 975
Salary and other employee benefits	3	10 26 6	11 169	40 209	39 566
Depreciation		3728	3849	14 4 7 6	12 108
Other operating expenses	3	8 4 9 1	9 2 3 9	32 138	34 730
Operating profit before fair value adjustments		40737	37393	160 958	139 261
Change in fair value of freehold investment property	5	83 364	12 4 51	92 929	17 523
Change in fair value of leasehold investment property	5,8	$-15497$	$-14726$	$-63010$	$-55204$
Operating profit after fair value adjustments		108 604	35 118	190 877	101580
Finance income		2093	626	2 6 0 3	1 2 8 3
Finance expense	7,8	16779	8313	47 659	27 260
Profit before tax		93 918	27431	145 821	75 603
Income tax expense		23 3 3 1	3 9 4 9	32 853	13870
Profit for the period		70 587	23482	112 968	61733

Profit and loss statement Comments

Total adjustments	254	667	4653

• Revenue for Q4 2020 was NOK 75.9 million, up from NOK 71.9 million in Q4 2019. The increase is related to the growth in lettable area and rentals
• Operating profit before fair value adjustments in Q4 2020 of NOK 40.7 million, an increase of NOK 3.3 million compared to Q4 2019. The growth in lettable area and rentals simultaneous with stable costs impact the figures.
• In total non-recurring items amounted to NOK 0.3 million in Q4 2020 and NOK 0.7 million in Q4 2019
• The fair value of investment property is based on external valuations for freehold investment property and value adjustment due to passage of time for leasehold investment property

31 DECEMBER 2020 – FINANCIAL POSITION

Financial position Comments

(Amounts in NOK 1 000)	Unaudited	Audited	(Amounts in NOK 1 000)		Audited
		31 December 31 December			31 December 31 December
ASSETS	2020		2019 EQUITY AND LIABILITIES	2020	2019
Non-current assets Note			Equity
5. Freehold investment property	1456 522	1 074 457	Issued share capital 6	8 4 3 2	8 2 6 1
Leasehold investment property 5,8	515 227	489 062	Share premium	791 594	744853
Property, plant and equipment 8	122 477	112 5 9 5	Other reserves	12 8 3 9	$-93$
Goodwill	184 628	184828	Retained earnings	365 000	252 032
Other intangible assets	1 6 2 6	1839	Total equity	1 177 865	1 005 053
Total non-current assets	2 2 8 0 4 8 0	1887531	LIABILITIES
Current assets			Non-current liabilities
Inventories	1611	1617	Long-term interest-bearing debt 7	519 429	239 057
Trade and other receivables	15 629	15928	Long-term obligations under finance leases 7,8	487887	450 642
Other current assets	13 16 2	11 410	Other financial liabilities	2018	454
Cash and bank deposits	246 804	88 117	Deferred tax liabilities	114 624	91 053
Total current assets	301 956	117072	Total non-current liabilities	1123 958	781 206
TOTAL ASSETS	2 582 436		2 004 603 Current liabilities
			Short-term interest-bearing debt 7	153 699	103 223
			Short-term obligations under finance leases 7,8	49 216	52 190
			Trade and other payables	15777	7115
			Income tax payable	11 994	9 3 0 9
			Other taxes and withholdings	5 8 6 2	5 2 7 6
			Other current liabilities	44 065	41 231
			Total current liabilities	280 613	218 344
			Total liabilities	1 404 571	999 550

• Total assets of NOK 2 582 million
• Freehold investment property increased with NOK 382.1 million and leasehold investment property increased with NOK 26.2 million since 31 December 2019
• Cash and bank deposits increased with NOK 158.7 million since 31 December 2019, mainly due to new borrowings under the existing and new loan facilities exceeding net outflow on acquisition of subsidiaries and investment property in 2020
• Increased equity through issuance of considerations shares and result for the period
• Negative net interest-bearing debt was NOK 426.3 million in the balance as of 31 December 2020. Increased obligations under financial lease with NOK 34.3 million due to additional options and several renegotiated leasehold contracts from short-term till lang-term included in the balance sheet, and translation differences exceeding lease payments in 2020
• Equity ratio was 46% 31 December 2020

FULL YEAR 2020 – CASH FLOW

Condensed consolidated statement of cash flows

Comments
Operating activities
▪ Strong cash flow
▪ Invoicing of customers in advance – predictable and stable costs
Investing activities
▪ Acquisition of five properties with cash in Q4 2020
▪ Development of properties, additions to existing properties
and fit out new facilities and expansions
▪ Maintenance is posted as property cost
Financing activities
▪ Proceeds from an additional borrowing drawn up on a new
loan facility amounted to NOK 130 million and repayment
of loan amounted to NOK 8.4 million in Q4 2020 ▪ Payment of lease liabilities and payments of lease classified as
interests
SSG's cash position at the end of December 2020 was NOK 246.8 million

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DEVELOPMENT OCCUPANCY & AVERAGE RENT PER MONTH

Development in occupancy*

^{2 321 2 315 2 312 2 333 2 311 2 320 2 325} 2 000 2 100 2 200 Dec 19 Jan 20 Feb 20 Mar 20 Apr 20 May 20 Jun 20 Jul 20 Aug 20 Sep 20 Okt 20 Nov 20 Dec 20 NOK

1) Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK

EBITDA-DEVELOPMENT

(NOK million)

BRIDGE Q4 2019-Q4 2020

PROFIT BEFORE TAX DEVELOPMENT

(NOK million)

BRIDGE Q4 2019-Q4 2020

OUR HISTORY

1993 •First CSS site established in	1998 •Selvaag Group entered into	2009 •OK Minilager was established	2016 •External investors invested in	2017 •SSG established
Norway, investment in "Safe Mini Lager" in Sweden	the business and CSS expanded to Denmark	by Gustav and Fabian Søbak	OK Minilager •OK Minilager acquired CSS	•Listed on OSE
	2017	2018	2019	20202)
Private placements1)	100 MNOK 200 MNOK		250 MNOK
Acqusition of companies	(9 facilities)	(4 facilities)	(4 facilities)
Acqusition of properties	10	11	8	9

1) Gross proceeds

2) As of December 2021