Self Storage Group — Interim / Quarterly Report 2023

Aug 21, 2023

Self Storage Group ASA Second Quarter 2023 – 21 August 2023

Financials Q2 2023

Self Storage Group at a glance

¹Facilities with same CLA in Q2 23 as in Q2 22 + / - 50 m²

Group highlights Q2 2023

Self Storage Group (SSG) continues to deliver solid organic revenue growth at attractive margins. New area for selfstorage is continuously developed and during the quarter 6 000 m² current lettable area (CLA) was opened. As of June, SSG has opened 10 200 m² CLA and is on track to reach the target of opening +20 000 m² CLA development-led growth in 2023. A new bank facility agreement was signed on 31 March 2023 and paid out in April 2023. Interest expense is highly impacted by accrued non-cash amortisation of the repaid facility.

• Revenues of NOK 104.2 million, up 6.5% from NOK 97.9 million in Q2 2022
• EBITDA of NOK 62.9 million, up 5.5% from NOK 59.6 million in Q2 2022
• Net finance of NOK -27.1 million compared to NOK -9.3 million in Q2 2022
• Profit before tax of NOK 15.6 million compared to NOK 31.4 million in Q2 2022
• Like-for-Like¹ occupancy in Q2 2023 is 87.5% (89.8%) with average rent per m² of NOK 2 493 per year (NOK 2 285)
• Opening of three new facilities in Trollhättan, Ulven and Skien
• Acquisition of three properties in the quarter

• Adjusted revenues¹ of NOK 206.0 million, up

• 8.5% from NOK 189.8 million in first half year 2022
• Adjusted EBITDA² of NOK 120.0 million, up 8.5% from NOK 110.6 million in first half year 2022
• 196 000 m² CLA in operation and 40 100 m² under development
• Loan to value of freehold investment property is 46%
• Total value of freehold investment property end June 2023 of NOK 2.8 billion

First half year 2023 shows strong and positive operational developement with solid organic revenue- and EBITDA-growth.

The record-high pipeline, financial flexibility and proven scalable business model give SSG a solid foundation for further profitable growth and expansion in the Nordics.

Group highlights first half year 2023

Key performance indicators – Q2 2023

(L-f-L)1 Like-for-Like	103	m2 131 300	m2 131 300	-2% 87.5%	+9% NOK pr m2 2 493

	Facilities 30.06	CLA 30.06	Mature CLA 30.06	2 Occupancy Q2	2 Average rent Q2
2023	142	m2 196 000	m2 176 200	85.3%	NOK pr m2 2 516
2022	131	m2 180 500	m2 165 600	90.5%	NOK pr m2 2 326
	+11	m2 15 500	m2 +9 700	-0% -5.2%	+8% NOK pr m2 +190

Average occupied area¹ increased by 1% since 30.06 2022

¹Facilities with same CLA in Q2 23 as in Q2 22 +/- 50 m²

²Average 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 & rent

• Lower move-in rates during the last winter season have affected the occupancy rates in Q2 2023. The development in the second quarter 2023 has been strong, with record high number of move-ins in June.
• Occupancy in CSS N is impacted by an increased share of large facilities newly defined as mature, but still in lease up
• Average rent has increased in all companies in constant exchange rate comparison³

¹Average occupancy and rent per m² per year for sites with more than 12 months of operation in NOK, expansions are included ²Like-for-Like=Facilities with same CLA in Q2 23 as in Q2 22 +/- 50 m^{2 3}Exchange rate for Q2 2023 applied for average rent in Q2 2022 for CSS Sweden and CSS Denmark

⁴Dit Pulterkammer is included in figures for CSS D

Key figures – Q2 2023

(NOK million)

Key figures	Q2 23	Q2 22
Revenue	104.2	97.9	6.4
Lease expenses	(3.4)	(3.8)	0.4
Property-related expences	(14.5)	(12.4)	(2.0)
Salary and other employee benefits	(10.3)	(12.2)	1.9
Other operating expences	(13.2)	(9.8)	(3.4)
EBITDA	62.9	59.6	3.3
Adjustments1	0.0	0.0	0.0
Adjusted EBITDA	62.9	59.6	3.3
Adjusted EBITDA-margin	60.3%	60.9%

• Revenue growth is related to increased lettable area and increased average rent. Rental income from selfstorage services has increased by 8%
• Property-related expenses are impacted by the increased number of facilities and CLA in the portfolio and level of maintenance
• The number of fulltime employees is stable. The decrease in salary and other employee benefits is related to a change in timing of holiday-pay for the Norwegian employees
• Other operating expenses are impacted by temporary higher bad dept provisions following the implementation of the new CRM and ERP system in Denmark

Key figures – first half year 2023

(NOK million)

Key figures	1H 23	1H 22
Revenue	209.4	189.8	19.6
Lease expenses	(7.8)	(7.6)	(0.3)
Property-related expences	(31.8)	(27.1)	(4.7)
Salary and other employee benefits	(24.2)	(25.0)	0.8
Other operating expences	(22.9)	(19.6)	(3.4)
EBITDA	122.6	110.6	12.0
Adjustments1	(2.6)	0.0	(2.6)
Adjusted EBITDA	120.0	110.6	9.4
Adjusted EBITDA-margin	58.3%	58.3%

• Revenue growth is related to increased lettable area and increased average rent. A compensation of NOK 3.4 million is defined as non-recurring.
• Property-related expenses are impacted by the increased number of facilities and CLA in the portfolio and level of maintenance. NOK 0.8 million of the costs are defined as non-recurring
• The number of fulltime employees is stable. The decrease in salary and other employee benefits is related to a change in timing of holiday-pay for the Norwegian employees
• Other operating expenses are impacted by temporary higher bad dept provisions following the implementation of the new CRM and ERP system in Denmark

Steady growth in share of freehold portfolio

• SSG's strategy is to expand its freehold facility base
• 62% of current lettable area in operation at the end of June 2023 was freehold
• SSG opened 17 300 m² CLA during 2022 and plans to accelerate development growth in 2023. As of June 2023, SSG has opened 10 200 m² CLA and is on track to reach the target of opening +20 000 m² CLA
• The pipeline of 40 100 m² is freehold, increasing the share of freehold facilities up till 69% when opened

m2 30.06.2023	Current lettable area	Under development	Total lettable area
Freehold facilities	121 700	40 100	161 800
Leased facilities	74 300	0	74 300
Sum	196 000	40 100	236 100

Freehold investment property per 30.06.2023

Freehold portfolio

• Approx. 225 000 m²gross area freehold property + 26 500 m²gross area land for containers. Approx. 65-70% of gross area is utilized as lettable area
• External valuations are reviewed on a quarterly basis
• In 2023, the yield expansion in the property market that started in 2022 continued in 2023, resulting in a change in fair value of NOK -22.5 million for the first half year 2023
• SSG is considering changing the current valuation methodology to the one more commonly used by European peers. In this methodology the full cash flow from operating the facility is included in the valuation as opposed to the current methodology which uses a market rent for the property as the basis for valuation. Total freehold property of 2 764 MNOK

Development change in fair value over P&L

Current lettable area of 196 000 m² as of 30.06.2023 – 40 100 m² in pipeline

North Norway West Norway Mid Norway Sweden Denmark East Norway/ Greater Oslo South Norway 2 300 m² 6 100 m² 300 m² 900 m² 17 100 m² 6 000 m² 40 100 m² in potential lettable area • The potential m²is mainly in freehold facilities in Norway • Rent income from expiring lease contracts from 14 300 m²of the 40 100 m²not yet built into self-storage units • On the track of opening 20 000+ m²in 2023 CSS OKM Total SSG New facilities 15 800 2 500 18 300 Expansions 19 700 2 100 21 800 Sum 35 500 4 600 40 100 Area with other rentals 13 100 1 200 14 300 East Norway/Greater Oslo 110 900 South Norway 10 000 West Norway 19 200 Mid Norway 9 300 North Norway 4 300 Sweden 14 200 Denmark 28 000 Current lettable area m2 pr region1

7 400 m²

¹As of 30 June 2023

Revenue dynamics Q2 2023

¹Average occupancy and rent pr m² for sites with more than 12 months of operation in NOK ²Numbers in NOK million

Strong balance sheet provides flexibility for future growth

30.06.2023

Total assets	NOK 3 853 million
Total equity	NOK 1 848 million	Equity ratio 48%
Freehold investment property	NOK 2 764 million	Including 40 100 m2 not yet opened
Interest bearing dept	NOK 1 266 million	190 bp margin 59% fixed by interest rate swaps
Loan to value	46%	Convenant < 60%
Cash	NOK 131 million	New term loan replacing term loan of 2021 payed out in April 2023 +undrawn RCF of NOK 250 million and NOK 200 million accordion

• On 31 March 2023, SSG entered into a new bank facility agreement for 3+1+1 years with Handelsbanken, Danske Bank and Nordea (1/3 each) replacing the existing facility with two of the banks
• The agreement includes a NOK 1 236 million term loan and a NOK 300 million RCF with a 3+1+1 years term. In addition, SSG has secured an accordion option of NOK 200 million. The interest rate across all three is 3m NIBOR + 190 bp margin
• The new loan was paid out in April 2023 and the former bank facility was repaid a year before planned

Strong pipeline already in the balance coupled with low LTV, predictable financial costs and solid cash-position provides a solid foundation for further profitable growth and expansion

Business development Q2 2023

Self Storage Group at a glance

Untapped potential for self-storage in Scandinavia

Source: FEDESSA European Self Storage Survey 2022 and 2020, and Inside Self-Storage (ISS)

The Scandinavian Self-storage market at a glance

Source: Company information and FEDESSA European Self Storage Survey 2022 as of June 2022

¹Number of SSG- facilities in Norway and Sweden as of June 2022

6 success factors in self-storage

Scale	Brand awareness	Customer service
Location	IT/Automation	Share of Freehold facilities

SSG consists of two distinct business concepts

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

• 54¹ temperate storage facilities across Scandinavia
• One of the leading self-storage providers in the Scandinavian market
• Located in Greater-Oslo, Stavanger, Trondheim in Norway, Stockholm and Västra Götaland in Sweden, and Copenhagen and the Jutland-area in Denmark
• 121 000 m² CLA (65 500 m² is freehold)

Countrywide, discount-priced offering of self-serviced storage facilities in Norway

• 88¹ facilities located across Norway
• 62 temperate storage facilities and 26 drive-in storage facilities
• 2nd largest player in Norway, behind CSS²
• Self service, open 24 hr/day and 7 days a week
• 75 000 m² CLA (56 200 m² is freehold)

¹As of 30 June2023 ²According to revenue

A large, diversified and increasingly loyal customer base securing stable income streams

Reasons for demand

• Moving
• Refurbishment
• Downsizing
• Need for additional storage
• Student storage
• Other

Households Businesses

• Inventories
• Relocation
• Refurbishment
• Archived records
• Last mile storage
• Other

¹The numbers are approximate

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

³The data is based on customer surveys on selected facilities

⁴The Trustscore is an average for City Self-Storage and OK Minilager

A digital business model

• SSG's digital business model is highly scalable
• A fully digitalized customer journey
• An online booking platform with e-signing (BankID) and integrated credit check
• App-based access system
• Omni-channel service software
• Modern IT-infrastructure

Some of the digital solutions are currently only available in segments of the Group

SSG continues to make investments in IT

• A new ERP system has been implemented in Q4 2022 and Q1 2023

• New website for OK Minilager was launched in Q3 2022
• New website for City Self Storage Sweden was launched in Q4 2022
• New website for City Self Storage Denmark was launched in Q1 2023
• In Q1 2023, City Self Storage Sweden and Denmark have been unified on the same CRM platform as the Norwegian companies
• With all data on one platform, SSG is well positioned to utilize business insights and leverage data at scale
• SSG will continue to innovate with leading IT-systems

Development pipeline – Greenfield projects

Development pipeline – Selected larger conversion / expansion projects

Facility	Location	Status	Remaining CLA potential1	Concept
Oslo General Birchs gate 16	Close to the city centre of Oslo with a significant catchment area	Conversion will be done in phases. First phase opened in July 2023	m2 * 3 800		Ikke oppdatert
Asker Billingstadsletta 91	Neighbouring property to our existing facility at Nesbru in Asker	Next phase planned for 2024	m2 * 1 600
Kristiansand Fidjemoen	Located west of Kristiansand, Norway´s 6th largest city	Estimated to open in Q3 2023	2 300 m2
Malmö Lundavägen 141	A central location with unique visibility from main roads	Planning and zoning process has started.	4 700 m2 *

*The potential lettable area will be opened in phases, and only a part of the remaining potential will open in 2023

Property in Fidjemoen 6 - Kristiansand, under development

Property acqusitions in the 2nd Quarter

Facility	Location	Potential total CLA (approx.)1	Expected1 opening	Concept
Malmö Lundavägen 141	A landmark property in Malmö with a central location and unique visibility from main roads	m2 1 4 700	Q1 2024
Malmö Agnesfridsvägen 185	The property has a central location in Fosie, with easy access from main roads	m2 1 400	Q4 2023
Ålesund Langrabben 52	Acquisition of existing leasehold with additional development potential.	700 m2	Open

¹The potential lettable area may be opened in phases

Map of Malmö with the two properties acquired in the 2nd quarter

Selected new market entries – 2023/2024

A sustainable business model

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

Greenhouse gas emissions	GHG emissions intensity	2022
GHG Scope 1 Emissions (annual tonnes CO e) 2	Direct	60.0
GHG Scope 2 Emissions (annual tonnes CO e) 2	Indirect / location based	115.0
GHG Scope 3 Emissions (annual tonnes CO e) 2	Indirect	30.3
GHG Scope 1 and 2 location based (kg CO e /CLA /year) 2		0.9

• 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.
• SSG is currently piloting solar cells on the roof of a facility
• We have a focus on working conditions for our employees, customers and other stakeholders
• A stand-alone report for SSG's compliance with the Norwegian Transparency Act can be found on the company website

SSG has a strong platform for future growth

• Focus on organic growth in Greater Oslo
• Focus on larger urban areas in Norway
• Potential to enter 30+ smaller markets with population 10.000<
• Growth potential within existing medium- and small markets
• Organic growth potential in both large and small markets in Denmark and Sweden
• Opportunity for M&A in selected markets

Strategic summary

• Occupancy target of 90%
• Optimize rent levels to outpace inflation
• Continue to include sustainability as an integrated part of the business
• Lean operations, self-service and great customer experiences
• Investments in CRM, automation and digital platforms
• Strengthen our market leading position in Norway even further
• Grow our freehold portfolio in selected urban markets
• Grow organically in Sweden and Denmark
• Looking to selectively acquire existing selfstorage 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 2022 for Self Storage Group and updated risk evaluation in the interim report for Q2 2023.

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

	Largest shareholders as of 18	August 2023	Total number of shares: 94 678 584
	Holding	% Name	Country
1	27 206 078	1 28.7 % The Bank of New York Mellon	United States
2	8 565 000	9.0 % FABIAN HOLDING AS	Norway
3	6 273 550	6.6 % J.P. Morgan Securities LLC	United States
4	5 565 000	5.9 % GSS INVEST AS	Norway
5	5 077 166	5.4 % VERDIPAPIRFONDET ODIN EIENDOM	Norway
6	4 134 560	4.4 % J.P. Morgan SE	Sweden
7	3 527 601	3.7 % SOLE ACTIVE AS	Norway
8	2 707 002	2.9 % SKAGEN M2 VERDIPAPIRFOND	Norway
9	2 600 000	2.7 % FIRST RISK CAPITAL AS	Norway
10	2 600 000	2.7 % VERDIPAPIRFONDET HOLBERG NORGE	Norway
11	2 387 970	2.5 % HSBC Bank Plc	United Kingdom
12	2 374 123	2.5 % BNP Paribas	Luxembourg
13	1 843 253	1.9 % Danske Invest Norge Vekst	Norway
14	1 670 612	1.8 % FIRST NORDIC REAL ESTATE	Norway
15	1 155 635	1.2 % MUSTAD INDUSTRIER AS	Norway
16	1 123 460	1.2 % State Street Bank and Trust Comp	United States
17	1 016 072	1.1 % Brown Brothers Harriman & Co.	United States
18	972 575	1.0 % BNP Paribas	Luxembourg
19	882 894	0.9 % J.P. Morgan SE	Sweden
20	654 526	0.7 % Skandinaviska Enskilda Banken AB	Luxembourg
	82 337 077	87.0 %

¹The Bank of New York Mellom is a nominee account for Alta Lux Holdco S.a.r.l/Centerbridge Partners who own 27 206 078 shares in Self Storage Group ASA

Development in occupancy & average rent per month

Development in occupancy¹

Development in average rent per year¹

EBITDA–Development

59.6 7.2 - 0.8 0.4 1.9 - 2.0 - 3.4 62.9 0 10 20 30 40 50 60 70 80 EBITDA Q2 2022 Self-storage revenue Other income Lease expenses (shortterm) Salary and other emplyee benefits Property-related expenses Other operating expenses EBITDA Q2 2023 MNOK Bridge Q2 2022 – Q2 2023 (NOK million)

Profit before tax development

Historical adjusted revenue and adjusted EBITDA-Development

Q1 2021 – Q2 2023

Adjusted revenue Adjusted EBITDA

Second quarter 2023 – Comprehensive income

Profit and loss statement Comments

(Amounts in NOK 1 000)		Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Note	Q2 2023	Q2 2022	YTD 2023	YTD 2022	Full year 2022
Revenue	3	104 238	97 880	209 369	189 832	392 161
Lease expenses	3,8	(3 446)	(3 819)	(7 848)	(7 574)	(15 538)
Property-related expenses	3	(14 477)	(12 444)	(31 768)	(27 077)	(59 134)
Salary and other employee benefits	3	(10 249)	(12 196)	(24 213)	(25 020)	(49 557)
Depreciation		(6 231)	(4 791)	(11 553)	(9 545)	(20 900)
Other operating expenses	3	(13 206)	(9 817)	(22 936)	(19 556)	(43 411)
Operating profit before fair value adjustments		56 629	54 813	111 051	101 060	203 621
Change in fair value of freehold investment property	5	(8)	(1 698)	(22 476)	4 450	(147 242)
Change in fair value of leasehold investment property	5,8	(13 925)	(12 415)	(27 295)	(24 820)	(49 346)
Operating profit after fair value adjustments		42 696	40 700	61 280	80 690	7 033
Finance income	9	19 533	14 556	39 998	47 131	60 245
Finance expense	7,8,9	(46 619)	(23 884)	(89 973)	(40 264)	(77 441)
Profit before tax		15 610	31 372	11 305	87 557	(10 163)
Income tax expense		(2 929)	(9 889)	(7 068)	(19 374)	1 612
Profit for the period		12 681	21 483	4 237	68 183	(8 551)
Total adjustments		-	-	2 592	-	-1 014

• Revenue for Q2 2023 was NOK 104.2 million, up from NOK 97.9 million in Q2 2022. The increase is related to the growth in lettable area and increased average rate.
• The decrease in salary and other employee benefits are related a change in timing of holiday-pay for the Norwegian employees
• Property-related expenses in Q2 2023 are mainly impacted by the increased number of facilities and CLA in the portfolio.
• Other operating expenses are impacted by temporary higher bad dept provisions following the implementation of the new CRM and ERP system in Denmark
• Operating profit before fair value adjustments in Q2 2023 of NOK 56.6 million
• There are none non-recurring items in Q2 2023 and Q2 2022
• 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. Inflation is expected to exceed the long-term inflation target over the next years which increases the value of the freehold portfolio, however the increase is offset by negative effects from yield expansions in the property market.

30 June 2023 – Financial position

(Amounts in NOK 1 000)		Unaudited	Audited
Assets	Note	30 June 2023	31 December 2022
Non-current assets				Equity
Freehold investment property	5	2 763 795	2 529 540
Leasehold investment property	5,8	448 527	445 873
Property, plant and equipment	8	225 155	198 999
Goodwill		185 022	187 496
Financial instruments		52 741	39 497
Other intangible assets		2 600	3 099	Liabilities
Deferred tax assets		41	37	Non-current liabilities
Total non-current assets		3 677 881	3 638 219
Current assets
Inventories		1 354	1 467
Trade and other receivables		18 949	17 620
Other current assets		23 384	20 502
Cash and bank deposits		131 411	194 089	Current liabilities
Total current assets		175 098	233 678
Total assets		3 852 979	3 638 219

(Amounts in NOK 1 000)		Unaudited	Audited
Equity and labilities	Note	30 June 2023	31 December 2022
Equity
Issued share capital	6	9 467	9 467
Share premium		1 082 657	1 082 657
Currency translation reserve		46 743	10 609
Retained earnings		709 287	705 050
Total equity		1 848 154	1 807 783
Liabilities
Non-current liabilities
Non-current interest-bearing debt	7	1 204 534	1 033 562
Non-current lease liabilities	7,8	425 797	425 796
Other financial liabilities		433	634
Deferred tax liabilities		180 213	178 839
Total non-current liabilities		1 810 977	1 638 831
Current liabilities
Current interest-bearing debt	7	61 750	55 331
Current lease liabilities	7,8	53 782	48 835
Trade and other payables		12 130	18 486
Income tax payable		18 288	16 040
Other taxes and withholdings		8 131	6 761
Other current liabilities		39 767	46 152
Total current liabilities		193 848	191 605
Total liabilities		2 004 825	1 830 436
Total equity and liabilities		3 852 979	3 638 219

Comments

• Total assets of NOK 3 853 million
• Freehold investment property increased by NOK 234.3 million and leasehold investment property increased by NOK 2.7 million since 31 December 2022
• Cash and bank deposits decreased by NOK 62.7 million since 31 December 2022, mainly due to acquisition of subsidiaries and investment property
• Increased equity attributable to total comprehensive income
• Interest-bearing debt less cash was NOK -1 135 million in the balance as of 30 June 2023. Obligations under financial lease increased by NOK 4.9 million due to two renegotiated lease contracts, CPI-adjustments and currency differences, mostly offset by lease payments in first half year 2023. • Equity ratio was 48% 30 June 2023

First quarter 2023 – Cash flow statement

(Amounts in NOK 1 000)		Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Note	Q2 2023	Q2 2022	YTD 2023	YTD 2022	Full year 2022
Cash flow from operating activities
Profit before tax		15 610	31 372	11 305	87 557	(10 163)
Income tax paid		(238)	(196)	(7 884)	(9 512)	(11 123)
Net expensed interest and fees on borrowings and leases		27 235	21 709	53 020	27 418	49 505
Depreciation		6 231	4 791	11 553	9 545	20 900
Gain/loss on disposal of property, plant and equipment		-	(78)	-	(78)	(78)
Unrealised gain/loss in foreign currency	9	4 757	6 939	16 310	1 621	1 598
Change in fair value of financial instruments	9	(15 162)	(8 124)	(13 245)	(30 470)	(25 338)
Change in fair value of freehold investment property	5	8	1 698	22 476	(4 450)	147 242
Change in fair value of leasehold investment property	5,8	13 925	12 415	27 295	24 820	49 346
Change in trade and other receivables		3 926	1 235	(1 326)	2 297	(176)
Change in trade and other payables		(12 841)	4 094	(6 395)	7 673	4 724
Change in other current assets		2 855	(3 120)	(2 322)	(9 438)	(948)
Change in other current liabilities		251	(17 417)	(16 679)	(16 624)	(19 014)
Net cash flow from operating activities		46 557	55 318	94 108	90 359	206 475
Cash flow from investing activities
Payments for freehold investment property		(58 741)	(38 488)	(140 684)	(60 671)	(176 158)
Payments for property, plant and equipment		(16 038)	(14 257)	(36 705)	(28 141)	(58 127)
Proceeds from disposal of property, plant and equipment		-	165	-	165	165
Net cash outflow on acquisition of subsidiaries		(49 527)	(8 481)	(90 737)	(33 192)	(52 745)
Net cash flow from investing activities		(124 306)	(61 061)	(268 126)	(121 839)	(286 865)
Cash flow from financing activities
Proceeds from borrowings	6	1 286 000	-	1 336 000	-	300 000
Repayment of borrowings	7	(1 151 028)	(12 300)	(1 163 528)	(24 600)	(149 200)
Interest paid	7	(17 436)	(7 192)	(27 623)	(13 686)	(29 606)
Payments of lease liabilities	7,9	(13 190)	(11 683)	(26 144)	(22 889)	(45 915)
Payments of interest on lease liabilities	7,8	(4 898)	(4 160)	(9 742)	(8 411)	(16 438)
Net cash flow from financing activities		99 448	(35 335)	108 963	(69 586)	58 841
Net change in cash and cash equivalents		21 699	(41 078)	(65 055)	(101 066)	(21 549)
Cash and cash equivalents at beginning of the period		109 247	153 985	194 089	214 746	214 746
Effect of foreign currency rate changes on cash and cash equivalents		465	1 434	2 377	661	892
Cash and equivalents at end of the period		131 411	114 341	131 411	114 341	194 089

Comments

Operating activities

• Strong cash flow
• Invoicing of customers in advance predictable and stable costs

Investing activities

• Acquisition of three properties with cash in Q2 2023
• Development of properties, additions to existing properties and fit out new facilities and expansions
• Maintenance is posted as property cost

Financing activities

• Proceeds from borrowings of NOK 1 286 million
• Repayments of borrowings and interests paid amounting to NOK -1 168 million in Q2 2023
• With the new bank facility, the schedule for payment changed, and interest paid in the Q2 2023 applies to more than a quarter
• Payment of lease liabilities and payments of lease classified as interests amounting to NOK -18.1 million in Q2 2023

SSG's cash position at the end of June 2023 was NOK 131.4 million

Our history

1993		1998	2009		2016		2017
First CSS site established in Norway, investment in "Safe Mini Lager" in Sweden	Denmark	Selvaag Group entered into the OK Minilager was established by business and CSS expanded to Gustav and Fabian Søbak		External investors invested in OK Minilager, OK Minilager acquired CSS		SSG established Listed on OSE
	2017	2018	2019	2020	2021	2022	YTD 2023
Private placements1	100 MNOK 200 MNOK		250 MNOK		300 MNOK
Acquisition of companies
Acquisition of properties	10	11	8	9	9	15	9