Self Storage Group — Interim / Quarterly Report 2022

May 10, 2022

Self Storage Group ASA

First quarter 2022

10 May 2022

FINANCIALS Q1 2022

GROUP HIGHLIGHTS Q1 2022

The first quarter continued the strong and positive development for the company with solid organic revenue- and EBITDAgrowth, development of new facilities and acquisition of new properties. Demand is strong and occupancy for mature facilities is close to target level, despite the expected slower winter-season. The company has a strong pipeline and a solid foundation for further profitable growth and expansion in the Nordics.

• Revenues of NOK 92.0 million, up 20% from NOK 76.7 million in Q1 2021
• Adjusted EBITDA of NOK 51.0 million, up 13% from NOK 45.1 million in Q1 2021
• Change in fair value of freehold investment property of NOK 6.1 million compared to NOK 16.3 million in Q1 2021 related to new properties acquired in the quarter
• Adjusted profit before tax of NOK 56.2 million, up from NOK 54.1 million in Q1 2021
• Average occupancy for sites with more than 12 months of operation of 88.8% (85.6%) and close to SSG's target of 90% with an average rent per m² of NOK 2 322 per year (NOK 2 277)
• Acquisition of six properties in Norway in the quarter
• Opening of 4 400 m² CLA and following plan of 15 000+ m² CLA in 2022

KEY PERFORMANCE INDICATORS – FIRST QUARTER 2022

	Facilities 31.03.	CLA 31.03.	Mature CLA Q1	Occupancy Q1	Average rent Q1
2022	129	176 200 m2	162 700 m2	88.8%*	2 322 NOK pr m2 *
2021	116	149 400 m2	140 400 m2	85.6%*	2 277 NOK pr m2 *
	+13	+26 800 m2	+22 300 m2	+3.2*	+45 NOK pr m2*

Performance Like-for-Like (L-f-L) facilities with comparable m² in Q1 22 and Q1 22**

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

DEVELOPMENT IN CAPACITY, OCCUPANCY AND RENT

• Demand is strong and occupancy has remained at high levels across all segments despite winter-season with lower move-in and move-out rates
• Average rent has increased in OKM and in CSS Sweden and CSS Denmark in constant exchange rate comparison 3) , but decreased in CSS N due to expansions of lettable area during the year on facilities already opened, and more use of discounts to fill up new capacity

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

2) Like-for-like=Facilities with same CLA in Q1 22 as in Q1 21 +/- 50 m2

3) Exchange rate for Q1 2022 applied for average rent in Q1 2021 for CSS Sweden and CSS Denmark

KEY FIGURES – FIRST QUARTER 2022

(NOK million)

KEY FIGURES Q1

			Q1 22 change
	Q1 22	Q1 21	Q1 21
Revenue	92.0	76.7	+15.3
Lease expenses	-3.8	-2.2	-1.5
Property-related expenses	-14.6	-11.1	-3.5
Salary and other employee benefits	-12.8	-10.8	-2.0
Other operating expenses1)	-9.7	-7.4	-2.4
Adjusted EBITDA	51.0	45.1	+5.9
Adjusted EBITDA-margin	55.5%	58.8%

• Revenue up 20% since Q1 2021, NOK 5.6 million is related to DPK acquired in April 2021
• Two long-term leases now classified as short-term impacts leases expense
• Property related costs impacted by extreme power prices and increased costs to heating and electricity compared to Q1 2021
• NOK 0.9 million of the increase in salary and other employee benefits is related to employees in DPK, while the remainder of NOK 1.1 million is related to new central positions and annual wage increases
• Increased focus on planned maintenance, branding and organizational development to level up the scalable platform for future growth impacts other operating expenses

KEY FIGURES1) – Q1 2022

(NOK million)

P&L	Q1 22	Operational change	Q1 21	FY 21
Revenue	92.0	+15.3	76.7	346.1
Total operating costs	-41.0	-8.2	-32.7	-143.2
Adjustments2)	0.0	-1.2	1.2	3.4
Adjusted EBITDA	51.0	+5.9	45.1	206.3
Adjusted EBIT	46.2	+4.4	41.9	189.5
Change in fair value of inv. property	6.1	-10.2	16.3	320.0
Change in fair value of lease property	-12.4	-2.9	-9.5	-46.4
Net finance	16.2	+10.7	5.5	-19.1
Adjusted Pre-tax profit	56.2	+2.1	54.1	444.0
Adjusted Net profit	46.7	+2.0	44.7	351.3
area (thousands m2 Current lettable )	176.2	+26.8	149.4	171.8
Lettable area under development (thousands m2 )	38.1	+3.7	34.4	34.9
Cash flows
Net cash flows from operating activities	35.0	+5.3	29.7	174.3
Net cash flows from investing activities	-60.8	+244.7	-305.5	-685.3
Net cash flows from financing activities	-34.3	-325.8	291.6	479.8
Cash and cash equivalents at beginning of the period	214.7	-32.1	246.8	246.8
Cash and cash equivalents at end of the period	154.0	-107.7	261.7	214.7

Balance sheet	31 Mar 22	31 Dec 21
ASSETS
Freehold investment property	2 481.5	2 422.4
Leasehold investment property	454.0	444.3
Property, plant and equipment	171.9	162.6
Goodwill	187.4	187.3
Financial instruments	36.5	14.2
Other non-current assets	1.0	1.3
Total non-current assets	3 332.3	3 232.0
Other current assets	42.9	44.7
Cash and bank deposits	154.0	214.7
Total current assets	196.9	259.4
TOTAL ASSETS	3 529.2	3 491.4
EQUITY AND LIABILITIES
Total equity	1 840.2	1 803.9
Long-term interest-bearing debt	879.8	892.6
Long-term obligations under finance leases	434.4	422.5
Deferred tax liabilities	203.7	196.7
Other non-current liabilities	0.4	0.3
Total current liabilities	170.7	175.4
Total liabilities	1 688.9	1 687.5
TOTAL EQUITY AND LIABILITIES	3 529.2	3 491.4

1) Unaudited figures for 2022

2) Adjusted for non-recurring items of NOK 0 million in Q1 2022, NOK -1.2 million in Q1 2021 and NOK -3.4 million FY 2021

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
• 54% of current lettable area in operation at the end of March 2022 was freehold
• Freehold m² has increased by 5% during the quarter
• SSG plans to accelerate growth and open 15 000+ m² freehold facilities during 2022

31.03.2022 m2	Current lettable area	Under development	Total lettable area
Freehold facilities	95 200	38 000	133 200
Leased facilities	81 000	100	81 100
SUM	176 200	38 100	214 300

FREEHOLD INVESTMENT PROPERTY AS OF 31.03.2022

• 180 600 m²gross area freehold property + 19 500 m²gross area land for containers
• Approximately 65-70% of gross area is utilized as lettable area
• Intra group lease agreements at commercial terms
• External valuations conducted once a year with quarterly assessment of indications of change and upon acquisition of new property ³³⁹⁵²⁵

Freehold portfolio Total freehold property of 2 482 MNOK

3% 4% 5% 6% 7% 8% 0 20 000 40 000 60 000 80 000 Yield Gross area m2 Gross area pr region and yield1) as of 31.12.21

Southern Norway

Western Norway

Total gross area (m2) 2020 Total gross area (m2) 2021 Yield 2020 Yield 2021

Trøndelag and Northern Norway

Denmark

Development change in fair value over P&L

Eastern Norway ex Oslo and earlier Akershus

Oslo and earlier Akershus

CURRENT LETTABLE AREA OF 176 200 M²AS OF 31.3.2022 – 38 100 M² IN PIPELINE

38 100 M² IN POTENTIAL LETTABLE AREA

• The potential m²is mainly in freehold facilities in Norway
• Rent income from expiring lease contracts from 10 000 m²of the 38 100 m²not yet built into self-storage units
• Plan to open 15 000+ m²during 2022 (organic)

Area with other rentals	9 900	100	10 000
Sum	31 500	6 600	38 100
Expansions	22 700	1 900	24 600
New facilities	8 800	4 700	13 500
	CSS	OKM	Total SSG

Current lettable area pr region2) Lettable area under development1)

REVENUE DYNAMICS Q1 2022

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 Q1 2022

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 and FEDESSA European Self Storage Survey 2021 as of June 2021

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

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

• 109 400 m² CLA (49 600 m² is freehold)

• 1) As of 31 March 2022

• 2) According to revenue

• 791) facilities located across Norway

• 50 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
• 66 800 m² CLA (45 600 m² is freehold)

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

• Refurbishment
• Archived records
• Last mile storage

• Other

• Refurbishment

• Downsizing
• Need for additional storage
• Student 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 4) The Trustscore is an average for City Self Storage and OK Minilager

A DIGITAL CUSTOMER JOURNEY

• SSG's digital business model is highly scalable
• A new website with new branding was launched for City Self Storage Norway in Q4 2021
• A new and fully automated online booking platform with e-signing (BankID) and integrated credit check
• App-based access system
• Self-Service portal and Omni-channel service
• Webshop for moving and storage products
• A new website with new branding will be launched for OK Minilager in Q2 2022
• SSG will continue to innovate with leading IT-systems

ACQUISISTIONS IN THE FOURTH QUARTER

Acquisition of 6 new properties with a CLA potential of 6 980 m²

Facility	Description	Total CLA Potential	Expected opening	Concept
Harstad Nesseveien 2B	Located in Harstad, the 2nd largest city in Troms & Finmark. SSG´s first facility in the city	680 m2	Q3 2022
Halden Sørliveien 84	The property is a section in the same building where SSG owns and operates an existing facility. The acquired property has an existing tenant	1 400 m2	Not decided
Kristiansand-Kartheia Kartheia 5	The property is located in Kartheia, close to the city center of Kristiansand	550 m2	Q3 2022
Vennesla Lundevegen 10	The property is located in Vennesla, 20 minutes from Kristiansand	800 m2	Q3 2022
Trondheim-Fossegrenda Nordslettvegen 4 B/C	The property is located in Fossegrenda, just south of Trondheim City center	1 550 m2	Q3 2022 (1)
Sarpsborg-Kampenes Kampenesmosen	Development land plot located east of Sarpsborg city centre, close to road 22.	2 000 m2	Q2 2023

DEVELOPMENT PIPELINE

Selected conversion/expansion projects

Facility	Location	Status	Total CLA Potential	CLA in operation	Remaining CLA potential1	Concept
Oslo Hovfaret 11	Located at Skøyen, an attractive commercial hub with a significant catchment area	Self storage fit-out is constructed on 4 floors of this 6-floor building. Last phase is planned to open during Q2 2022	3 300 m2	1 850 m2	1 450 m2
Oslo Persveien 28	Highly-visible property in a larger development area	Estimated to open at the end of 2022	2 500 m2	N/A	2 500 m2
Oslo General Birchs gate 16	Close to the city centre of Oslo with a significant catchment area	Planning to convert parking space into self storage has started. Conversion will be done in phases	8 100 m2	4 300 m2	3 800 m2 (1)
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	Planning and zoning has started. Estimated to open first phase in Q4 2022	3 150 m2	N/A	3 150 m2 (1)
Stavanger Petroleumsveien 8	Neighbouring property to our existing facility at Forus in Stavanger	The CLA is planned to open in Q2 2022	1 700 m2	N/A	1 700 m2

DEVELOPMENT PIPELINE

Greenfield development projects

Facility	Location	Status	Potential total CLA	Concept
Skien Rødmyrjordet 3	Central location at Rødmyr, a larger commercial area in Grenland	Building permission received. The facility is projected to open in Q2 2023	3 100 m2 (1)
Kristiansand Travparkveien	Located in Sørlandsparken, one of the largest commercial areas in Norway. Close to highway E 18.	The building permission process will start in Q2 2022. The facility is projected to open in 2023	2 400 m2
Sarpsborg Kampenesmosen	Located east of Sarpsborg city centre, close to road 22.	The building permission process will start in Q2 2022. The facility is projected to open in Q2 2023	2 000 m2
Knarvik Rosslandsvegen	Located in Knarvik, 30 minutes north of Bergen	The building permission process is initiated. The facility is projected to open in first half of 2023	1 100 m2

PERSVEIEN 28

Conversion of an office building into a modern self-storage facility

• A new façade with eco-friendly materials will be constructed on the outside of the the existing façade, protecting the existing façade and resulting in reduced waste
• New BlueProof roof system which is good for the environment, as it is both sustainable and contribute to flood protection
• The facility is projected to open at the end of 2022 with a total CLA of 2 500 m²

SSG IS WELL POSITIONED IN AN INFLATIONARY ENVIROMENT

Benefits in the business model and the large install base

• SSG´s rent levels are positioned to outpace cost inflation
• A high margin business model cost inflation is less material than the benefit to the top line
• Some construction / input cost sensitivity on new developments
• SSG has implemented several cost saving measures on projects to partially offset delays and increased cost of fit-out
• New developments, while still a significant growth driver, are only a fraction of overall business given large install base
• Fit out costs where we're seeing the largest effects from inflation, have only a small impact on new project costs (ie 10- 15% of total project budget)

A SUSTAINABLE BUSINESS MODEL

SSG has a low carbon footprint – but there is still room for improvement

Greenhouse gas emissions	GHG emissions intensity	2021
GHG Scope 1 Emissions (annual tonnes CO2e)	Direct	54.1
GHG Scope 2 Emissions (annual tonnes CO2e)	Indirect/location based	84.3
GHG Scope 3 Emissions (annual tonnes CO2e)	Indirect	8.1
GHG Scope 1 and 2 location based (kg CO2e /CLA /year)		0.8

• We aim to be part of the circular economy: we enable our customers to take care of their belongings instead of throwing and later buy new, thus reducing consumption
• SSG converts vacant buildings into self-storage, extending the buildings life
• Our greenfield projects are built according to strict Nordic building regulations
• SSG has limited energy-consumption with a focus on reducing the use of electricity per square meter even further, and most of the electricity used by SSG is from electricity documented 100% renewable with 0 CO² emission
• We have a focus on working conditions for our employees, customers and other stakeholders
• We offer rental products for the moving process, reducing the need for each customer to acquire equipment when they are moving and storing

SSG HAS A STRONG PLATFORM FOR FUTURE GROWTH

THE MANAGEMENT TEAM

SSG has strengthened the management team with two new recruitments

• SSG has a scalable platform for further growth
• We continue to make investments in IT and marketing, to utilize our scale
• Two new positions were recruited in the 2nd half of 2021: Chief Marketing Officer (CMO) and CIO (Chief Information Officer)

• The SSG´s management group now consist of six members

• An experienced team with a proven track-record in the Scandinavian markets

• Founder-led company with an entrepreneurial mindset

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
• Continue to include sustainability as an integrated part of the business
• Creating great customer experience
• Lean operations and self-service
• Intention to continue to grow organically in Sweden and Denmark
• Looking to selectively acquire existing self-storage providers across the Nordics

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 2021 for Self Storage Group and updated risk evaluation in the interim report for Q1 2022. 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

	Holding	%	Name	Country
1	27 256 085	28,8 %	1) Switzerland UBS AG	Switzerland	40.00
2	8 565 000	9,0 %	HOLDING AS FABIAN	Norway
3	6 066 370	6,4 %	VERDIPAPIRFONDET ODIN EIENDOM	Norway	35.00
4	5 565 000	5,9 %	GSS INVEST AS	Norway
5	4 171 282	% 4,4	J.P. Morgan SE	Sweden	30.00
6	4 153 214	4,4 %	J.P. Morgan Securities LLC	United States
7	3 668 743	3,9 %	SKAGEN M2 VERDIPAPIRFOND	Norway	25.00
8	2 600 000	% 2,7	FIRST RISK CAPITAL AS	Norway
9	2 502 048	2,6 %	SOLE ACTIVE AS	Norway	20.00
10	2 488 255	2,6 %	HSBC Bank Plc	United Kingdom
11	2 425 686	2,6 %	Paribas BNP Securities Services	Luxembourg
12	1 843 253	1,9 %	Danske Vekst Invest Norge	Norway
13	700 000 1	1,8 %	VERDIPAPIRFONDET HOLBERG NORGE	Norway
14	1 459 000	1,5 %	Paribas BNP Securities Services	France
15	1 386 183	1,5 %	The Bank of York Mellon New	Canada
16	1 242 194	% 1,3	Société Générale	France
17	1 036 804	1,1 %	Citibank, N.A.	Ireland
18	1 017 052	1,1 %	CACEIS Bank	France
19	1 016 072	% 1,1	Brothers & Brown Harriman Co.	United States
20	900 000	1,0 %	MUSTAD INDUSTRIER AS	Norway
	81 062 241	85,6 %

Total number of shares: 94 678 584

As of 9 May 2022

Shareholder structure

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

DEVELOPMENT IN OCCUPANCY & AVERAGE RENT PER MONTH

Development in occupancy*

Development in average rent per year*

| 35

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

EBITDA-DEVELOPMENT

(NOK million)

BRIDGE Q1 2021-Q1 2022

PROFIT BEFORE TAX DEVELOPMENT

(NOK million)

BRIDGE Q1 2021-Q1 2022

HISTORICAL REVENUE AND ADJUSTED EBITDA-DEVELOPMENT

(NOK million)

Q1 2020-Q1 2022

Revenue Adjusted EBITDA

| 38

FIRST QUARTER 2022 COMPREHENSIVE INCOME

(Amounts in NOK 1000)	Note	Unaudited For the three	Unaudited For the three	Audited
		months ended 31 March 2022	months ended 31 March 2021	For the year ended 31 December 2021
Revenue	3	91 952	76 674	346 075
Lease expenses	3,8	$-3754$	$-2243$	$-13250$
Property-related expenses	3	$-14633$	$-11139$	$-44414$
Salary and other employee benefits	3	$-12824$	$-10794$	$-44115$
Depreciation		$-4754$	$-3249$	$-16863$
Other operating expenses	3.	$-9739$	$-8535$	$-41373$
Operating profit before fair value adjustments		46 248	40714	186 060
Change in fair value of freehold investment property	5	6 1 4 8	16 3 10	319 996
Change in fair value of leasehold investment property	5,8	$-12404$	$-9534$	$-46356$
Operating profit after fair value adjustments		39 992	47490	459700
Finance income	9	32 575	16848	36 273
Finance expense	7,8,9	$-16381$	$-11368$	$-55357$
Profit before tax		56186	52970	440 616
Income tax expense		$-9485$	$-9185$	$-92015$
Profit for the period		46701	43785	348 601
Total adjustments			$-1157$	$-3416$

Profit and loss statement Comments

• Revenue for Q1 2022 was NOK 92.0 million, up from NOK 76.7 million in Q1 2021. The increase is related to the growth in lettable area and rentals and new revenue from Dit Pulterkammer
• Operating profit before fair value adjustments in Q1 2022 of NOK 46.2 million, an increase of NOK 5.5 million compared to Q1 2021. The growth in lettable area and rentals in addition to increased costs to electricity and heating, planned maintenance and branding and organizational development impact the figures.
• In total non-recurring items amounted to NOK 0 million in Q1 2022 and NOK -1.2 million in Q1 2021
• 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 MARCH 2022 – FINANCIAL POSITION

mounts in NOK 1 000)		Unaudited	Audited	(Amounts in NOK 1 000)		Unaudited	Auditer
SSETS		31 March 2022	31 December 2021	EQUITY AND LIABILITIES		31 March 2022	31 Dec 2021
on-current assets	Note			Equity
eehold investment property	5	2 481 532	2 422 368	Issued share capital	6	9467
asehold investment property	5.8	454 011	444 253	Share premium		1082657
operty, plant and equipment	8	171877	162 615	Currency translation reserve		$-12209$
Iliwboc		187 372	187330	Retained earnings		760 302
nancial instruments		36 506	14 160	Total equity		1840217
ther intangible assets		872	1 2 2 0	LIABILITIES
tal non-current assets		3 3 3 2 2 5 9	3 2 3 2 0 3 7	Non-current liabilities
Irrent assets				Non-current interest-bearing debt	7	879 776
ventories		1661	1857	Non-current lease liabilities	7.8	434 357
ade and other receivables		16 3 8 2	17 140	Other financial liabilities		394
nancial instruments	x			Deferred tax liabilities		203 676
ther current assets		24 870	25 668	Total non-current liabilities		1518203
ish and bank deposits		153 985	214 746	Current liabilities
tal current assets		196 898	259 411	Current interest-bearing debt	7	51 745
DTAL ASSETS		3 5 29 1 5 7	3 491 448	Current lease liabilities	7.8	44 977
				Trade and other payables		16 4 6 2
				Income tax payable		3 1 5 2
				Other taxes and withholdings		7 1 1 4
				Other current liabilities		47 287

Financial position Comments

• Total assets of NOK 3 529 million
• Freehold investment property increased with NOK 59.2 million and leasehold investment property increased with NOK 9.8 million since 31 December 2021
• Cash and bank deposits decreased with NOK 60.8 million since 31 December 2021, mainly due to acquisition of subsidiaries and investment property and repayments of borrowings
• Increased equity through result for the period
• Interest-bearing debt less cash was NOK -777.5 million in the balance as of 31 March 2021. Obligations under financial lease increased with NOK 10.7 million due to one options assessed reasonably certain to exercise, partly offset by lease payments in Q1 2022 and currency differences.
• Equity ratio was 52% 31 March 2022

FIRST QUARTER 2022 – 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 six properties with cash in Q1 2022
▪ Development of properties, additions to existing properties and
fit out new facilities and expansions
▪ Maintenance is posted as property cost
Financing activities
▪ Repayments of borrowings amounting to NOK -12.3 million
▪ Payment of lease liabilities and payments of lease classified as interests amounting to NOK -15.5 million
SSG's cash position at the end of March 2022 was
NOK 154.0 million
				41

OUR HISTORY

1993	1998		2009	2016		2017
•First CSS site established in Norway, investment in "Safe Mini Lager" in Sweden	•Selvaag Group entered into the business and CSS expanded to Denmark	•OK Minilager was established by Gustav and Fabian Søbak		•External investors invested in •SSG established OK Minilager •Listed on OSE •OK Minilager acquired CSS
	2017	2018	2019	2020	2021	20222
Private placements1)	100 MNOK 200 MNOK		250 MNOK		300 MNOK
Acqusition of companies	(9 facilities)	(4 facilities)	(4 facilities)		(5 facilities)
Acqusition of properties	10	11	8	9	9	6

1) Gross proceeds

2) As of March 2022