Regulatory Filings • Aug 1, 2019
Regulatory Filings
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in connection with the acquisition of
by
(A public limited liability company incorporated under the laws of Norway)
The information contained in this information memorandum (the "Information Memorandum") relates to the acquisition of shares in Eurobox Minilager AS and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS (the "Eurobox Acquisition") by Self Storage Group ASA (the "Company" and together with its consolidated subsidiaries the "Group"), which will be settled through a cash component and consideration shares in the Company.
This Information Memorandum serves as an information document as required under section 3.5 of the Oslo Børs Continuing Obligations for Stock Exchange Listed Companies (the "Continuing Obligations"). The Continuing Obligations apply in respect of companies with shares admitted to trading on Oslo Børs (the "Oslo Stock Exchange") and this Information Memorandum has been submitted to the Oslo Stock Exchange for inspection before it was published. This Information Memorandum is not a prospectus and has neither been inspected nor approved by Finanstilsynet ("Norwegian Financial Supervisory Authority") in accordance with the rules that apply to prospectuses. This Information Memorandum has been prepared in an English version only.
THIS INFORMATION MEMORANDUM DOES NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY, SUBSCRIBE FOR OR SELL THE SECURITIES DESCRIBED HEREIN, AND NO SECURITIES ARE BEING OFFERED OR SOLD PURSUANT TO THIS INFORMATION MEMORANDUM.
In reviewing this Information Memorandum, you should carefully consider the matters described in Section 1 "Risk Factors".
* * *
The date of this Information Memorandum is 1 August 2019.
This information memorandum has been prepared in order to provide information about the Eurobox Acquisition.
The Company has furnished the information in this Information Memorandum. Unless otherwise indicated, the source of information included in this Information Memorandum is the Company. All inquiries relating to this Information Memorandum should be directed to the Company. No other person has been authorized to give any information about, or make any representation on behalf of, the Company in connection with the Information Memorandum, and, if given or made, such other information or representation must not be relied upon as having been authorized by the Company.
The information contained herein is current as of the date hereof and subject to change, completion and amendment without notice. The publication and distribution of this Information Memorandum shall not under any circumstances create any implication that there has been no change in the affairs of the Group or that the information herein is correct as of any date subsequent to the date of this Information Memorandum. The contents of this Information Memorandum are not to be construed as legal, business or tax advice. Each reader of this Information Memorandum should consult with his or her own legal, business or tax advisor as to legal, business or tax advice. No due diligence has been made on the Company in connection with preparation of this Information Memorandum.
The distribution of this Information Memorandum in certain jurisdictions may be restricted by law. The Company and the Managers require persons in possession of this Information Memorandum to inform themselves about and to observe any such restrictions.
In the ordinary course of their respective businesses, the Managers and certain of their affiliates have engaged, and may continue to engage, in investment banking transactions with the Company and its subsidiaries.
This Information Memorandum includes forward-looking statements that reflect the Company's current views with respect to future events and financial and operational performance, including, but not limited to, statements relating to the risks specific to the Group's businesses and the implementation of strategic initiatives, as well as other statements relating to the Group's future business development and economic performance. These forward-looking statements can be identified by the use of forwardlooking terminology, including the terms "assumes", "projects", "forecasts", "estimates", "expects", "anticipates", "believes", "plans", "intends", "may", "might", "will", "would", "can", "could", "should" or, in each case, their negative, or other variations or comparable terminology. These forward-looking statements are not historic or present facts. They include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, goals, objectives, financial condition and results of operations, liquidity, prospects, growth, strategies, impact of regulatory initiatives, capital resources, and the industry trends and developments. Readers are cautioned that forward-looking statements are not guarantees of future performance and that the actual financial condition, operating results and liquidity of the Group and the development of the industries in which it operates, may differ materially from that suggested by the forward-looking statements contained herein. By their nature, forwardlooking statements involve and are subject to known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements.
The information contained in this Information Memorandum, including the information set out under Section 1 "Risk Factors", identifies certain factors that could adversely affect the business, financial condition, operating results, liquidity, performance and prospects of the Group. Readers are urged to read all sections of this Information Memorandum and, in particular, Section 1 "Risk Factors". An investment in the Company is suitable only for investors who understand the risk factors associated with this type of investment and who can afford a loss of all or part of their investment.
The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise. All subsequent written and oral forward-looking statements attributable to the Company or to persons acting on the Company's behalf are expressly qualified in their entirety by the cautionary statements referred to above and contained elsewhere in this Information Memorandum.
This Information Memorandum shall be governed by and construed in accordance with Norwegian law. The courts of Norway, with Oslo as legal venue, shall have exclusive jurisdiction to settle any dispute which may arise out of or in connection with this Information Memorandum.
The information in this Information Memorandum that has been sourced from third parties has been accurately reproduced and as far as the Company is aware and able to ascertain from information published by that third-party, no facts have been omitted which would render the reproduced information inaccurate or misleading.
The Continuing Obligations allow the Company to incorporate by reference information in this Information Memorandum that has been previously approved by or filed with a relevant competent authority in accordance with Directive 2003/71/EC of the European Parliament and of the Council of 4 November 2003 regarding information contained in prospectuses as well as the format, incorporation by reference and publication of such prospectuses and dissemination of advertisements. See Section 12.1 "Incorporation by Reference" and section 12.2 "Documents on Display" for an overview of documents which have been incorporated into this Information Memorandum by reference. Accordingly, this Information Memorandum is to be read in conjunction with these documents.
| 1 | RISK FACTORS 10 | |
|---|---|---|
| 1.1 | Risks related to the business of the Group and the industry in which the Group operates 10 | |
| 1.2 | Risks relating to the Eurobox Acquisition 11 | |
| 1.3 | Risks relating to financing 12 | |
| 1.4 | Risks relating to laws and regulations 13 | |
| 1.5 | Risks related to the Shares 13 | |
| 2 | RESPONSIBILITY FOR THE INFORMATION MEMORANDUM 15 | |
| 2.1 | The Board of Directors of Self Storage Group ASA 15 | |
| 3 | PRESENTATION OF INFORMATION 16 | |
| 3.1 | Important investor information 16 | |
| 3.2 | Presentation of financial and other information 16 | |
| 3.2.1 | Financial information 16 | |
| 3.2.2 | Eurobox AS financial statements 16 | |
| 3.2.3 | Pro forma financial information 17 | |
| 3.2.4 | Non-IFRS financial measures 17 | |
| 3.2.5 | Industry and market data 19 | |
| 3.2.6 | Other information 19 | |
| 3.2.7 | Rounding 20 | |
| 3.3 | No advice 20 | |
| 4 | THE TRANSACTION 21 | |
| 4.1 | Overview of the Transaction 21 | |
| 4.2 | Key Transaction terms and financing plan 21 | |
| 4.3 | Conditions for closing of the Transaction 21 | |
| 4.4 | Agreements for the benefit of close associates 21 | |
| 4.5 | Expenses 22 | |
| 5 | INDUSTRY AND MARKET OVERVIEW 23 | |
| 5.1 | An introduction to self-storage 23 | |
| 5.2 | The global self-storage industry 23 | |
| 5.2.1 | History of the self-storage industry 23 | |
| 5.2.2 | Self-storage in the United States and Australia 24 | |
| 5.2.3 | Self-storage in Europe 24 | |
| 5.2.4 | Self storage in Scandinavia 25 | |
| 5.3.1 | Demand for self storage 26 | |
|---|---|---|
| 5.3.2 | Recent trends within the self storage industry 29 | |
| 5.4 | Competitive situation 29 | |
| 5.4.1 | Norway 29 | |
| 5.4.2 | Sweden 30 | |
| 5.4.3 | Denmark 31 | |
| 6 | PRESENTATION OF SELF STORAGE GROUP 33 | |
| 6.1 | Introduction 33 | |
| 6.2 | Competitive strengths 33 | |
| 6.2.1 | Market leading position 33 | |
| 6.2.2 | Strong platform for future growth 33 | |
| 6.2.3 | Industry leading IT-systems and customer service 34 | |
| 6.2.4 | Track record of rapid and profitable growth 34 | |
| 6.3 | Strategy 34 | |
| 6.3.1 | Owned vs. leased facilities 34 | |
| 6.3.2 | Business concepts 35 | |
| 6.4 | History and important events 35 | |
| 6.5 | Business operations 36 | |
| 6.5.1 | OK Minilager 37 | |
| 6.5.2 | City Self-Storage 38 | |
| 6.6 | Legal proceedings 38 | |
| 6.7 | Organisation 38 | |
| 6.8 | Legal structure 38 | |
| 6.9 | Corporate information 39 | |
| 6.9.1 | Company corporate information 39 | |
| 6.9.2 | Share capital and share capital history 40 | |
| 6.10 | Shareholder structure 40 | |
| 6.11 | Authorisations to increase the share capital and to issue Shares 41 | |
| 6.12 | Shareholder rights 42 | |
| 6.13 | Material contracts 42 | |
| 6.14 | Dependency on contracts, patents and licenses 42 | |
| 6.15 | Related party transactions 42 | |
| 6.15.1 | Introduction 42 | |
| 6.15.2 | Brief description of related party transactions 42 | |
| 6.16 | Working capital statement 43 | |
| 6.17 | Capital resources 43 |
| 6.17.1 | Sources of liquidity 43 | |
|---|---|---|
| 6.17.2 | Borrowing arrangements 43 | |
| 6.18 | Key financial performance measures 44 | |
| 6.19 | Significant changes and trends since the last reporting date 45 | |
| 7 | PRESENTATION OF EUROBOX AS 46 | |
| 7.1 | Introduction 46 | |
| 7.2 | Business overview 46 | |
| 7.3 | History and important events 47 | |
| 7.4 | Board of directors, management and employees 47 | |
| 7.5 | Ownership structure 47 | |
| 7.6 | Legal proceedings 48 | |
| 7.7 | Material contracts 48 | |
| 7.8 | Selected financial information 48 | |
| 7.8.1 | Unaudited financials 48 | |
| 7.9 | Significant changes and trends since last reporting date 49 | |
| 8 | INFORMATION REGARDING THE GROUP AFTER THE TRANSACTION 50 | |
| 8.1 | Overview 50 | |
| 8.2 | Strategy 50 | |
| 8.3 | Legal and organisational structure after the Transaction 50 | |
| 8.4 | The Transaction's significance for the earnings, assets and liabilities of the Combined Group 50 |
|
| 9 | SELECTED FINANCIAL INFORMATION OF SELF STORAGE GROUP 51 | |
| 9.1 | Introduction 51 | |
| 9.1.1 | Selected consolidated statement of comprehensive income 51 | |
| 9.1.2 | Selected consolidated statement of financial position 52 | |
| 9.1.3 | Selected consolidated cash flow statements 54 | |
| 9.1.4 | Selected consolidated statement of changes in equity 54 | |
| 9.1.5 | Significant changes in financial or trading position after 31 March 2019 56 | |
| 9.2 | Segment information 56 | |
| 9.3 | Revenue by geography 58 | |
| 9.4 | Auditors 58 | |
| 10 | UNAUDITED PRO FORMA FINANCIAL INFORMATION 60 | |
| 10.1 | General information 60 | |
| 10.2 | Cautionary note regarding the unaudited condensend pro forma financial information 60 | |
| 10.3 | Basis for preparation and accounting policies 61 | |
| 10.4 | Unaudited pro forma condensed statement of comprehensive income 61 | |
| 10.5 | Unaudited pro forma condensed statement of financial position 64 | |
| 10.6 | Purchase price allocation 68 | |
|---|---|---|
| 10.7 | Auditor's assurance report 69 | |
| 11 | BOARD OF DIRECTORS, MANAGEMENT, EMPLOYEES AND CORPORATE GOVERNANCE 70 | |
| 11.1 | Introduction 70 | |
| 11.2 | Board of Directors 70 | |
| 11.2.1 | Overview of the Board of Directors 70 | |
| 11.2.2 | Brief biographies of the Board Members 71 | |
| 11.3 | Management 76 | |
| 11.3.1 | Overview 76 | |
| 11.3.2 | Brief biographies of the members of the Management 77 | |
| 11.4 | Remuneration and benefits 78 | |
| 11.4.1 | Remuneration of the Board of Directors 78 | |
| 11.4.2 | Remuneration of the Management 78 | |
| 11.4.3 | Bonus program for the Management 78 | |
| 11.4.4 | Share options / share incentive schemes 78 | |
| 11.5 | Pensions and retirement benefits 78 | |
| 11.6 | Employees 79 | |
| 11.7 | Nomination committee 79 | |
| 11.8 | Audit committee 79 | |
| 11.9 | Corporate governance 79 | |
| 11.10 | Conflicts of interests etc. 80 | |
| 12 | ADDITIONAL INFORMATION 81 | |
| 12.1 | Incorporation by reference 81 | |
| 12.2 | Documents on display 81 | |
| 13 | DEFINITIONS AND GLOSSARY 83 |
APPENDIX A Articles of Association
An investment in the Company involves inherent risk. Before making an investment decision with respect to the Company, investors should carefully consider the risk factors and all information contained in this Information Memorandum, including the financial statements and related notes. The risks and uncertainties described in this Section 1 are the principal known risks and uncertainties faced by the Group as of the date hereof that the Company believes are relevant to an investment in the Company. An investment in the Company is suitable only for investors who understand the risks associated with this type of investment and who can afford to lose all or part of their investment. The absence of negative past experience associated with a given risk factor does not mean that the risks and uncertainties described herein should not be considered prior to making an investment decision in respect of the Company. If any of the following risks were to materialise, individually or together with other circumstances, they could have a material and adverse effect on the Group and/or its business, financial condition, results of operations, cash flows and/or prospects, which could cause a decline in the value of the Company, resulting in the loss of all or part of an investment in the same.
In each category below the most material risks, in the Company's assessment, is set out first, taking into account the negative impact on the Company and the probability of the occurrence of each risk. The information in this Section 1 is as of the date of this document.
Although the Group seeks to take sufficient preventive measures, the Group's storage facilities and the assets stored by customers may be subject to fire, break-ins, water leakage and other damaging events outside the Group's control. Further, the assets stored by customers might be dangerous, and may contain, for example, explosives and flammables that has the potential to cause significant damage to the Group's storage facilities and the assets stored by other customers. Storage of explosives and flamebles is according to customer contract not allowed.
Although the Group maintains general liability insurance coverage and professional indemnity insurance coverage, any claim that may be brought against the Group could result in a court judgment or settlement or a nature or in an amount that is not covered, in whole or in part, by the Group's insurance or that it is in excess of the limits of the Company's insurance coverage. The Group's insurance policies also have deductibles and various exclusions, and the Group may be subject to claims for which the Company has no coverage. The Group will have to pay any amounts awarded by a court or negotiated in a settlement that exceed the Company's coverage limitations or that are not covered by the Group's insurance, and the Group may not have, or be able to obtain, sufficient capital to pay such amounts. This may have a material adverse effect on the Group's business, revenue, profit and financial condition.
The Group conducts part of its business from properties which are leased from third parties. The Group may not be able to renew its lease agreements or renewal may not be available at commercially reasonable terms. If the Group is not able to renew its lease agreements, costs may incur in connection with reallocation of the business and appropriate new locations may not be available on commercially reasonable terms. Similarly, the Group may not be able to enter into new lease agreements on commercially reasonable terms in connection with expansion plans.
The storage industry is highly competitive. The market is fragmented with a wide range of competitors. The Group's current and future competitors may have greater financial and other resources and may be better positioned to withstand and adjust to changing market conditions, and the Group may not be able to maintain or increase its competitive position in the market. If the Group is unable to successfully compete against its competitors, the Group's ability to retain existing customers and obtain future business could be adversely affected, which would adversely impact the Group's business, results of operations, financial position and prospects. Importantly, the Group may have to charge substantially lower prices in order to be competitive, thereby negatively affecting its profitability.
The Group may from time to time be depending on business partners and third-party subcontractors to deliver products and perform services timely and in compliance with contractual requirements. If a business partner or a subcontractor is unable to deliver its services according to the negotiated terms for any reason, including the deterioration of its financial condition, the Group may be required to buy the services from another source at a higher price. This might have a material adverse effect on the Group's business, revenue, profit and financial condition.
The Company currently conducts its operations through, and the Group's assets are owned by, the Company's subsidiaries. As such, the cash that the Company obtains from its subsidiaries is the principal source of funds necessary to meet its obligations. Contractual provisions or laws and regulations, as well as the subsidiaries' financial condition, operating requirements, restrictive covenants in future debt arrangements and debt requirements, may limit the Company's ability to obtain cash from subsidiaries that it requires to pay its expenses or meet its any future debt service obligations or to pay dividends to its shareholders.
The inability to transfer cash from the subsidiaries may result in the Group not being able to meet its obligations or the Company not being able to pay dividends to its shareholders. A payment default by the Company, or any of the Company's subsidiaries, could have material adverse effect on the Group's business, results of operations, cash flows, financial condition and/or prospects.
The Group's business depends on customer goodwill, the Group's reputation and the Group's ability to maintain good relationships with its customers, suppliers and employees. Any circumstances that publicly damage the Group's goodwill, injure the Group's reputation or damage the Group's business relationships may lead to a broader adverse effect on its business and prospects than solely the monetary liability arising directly from the damaging events by way of loss of business, goodwill, customers, and employees.
The unaudited pro-forma financial information (UPFFI) included in this Information Memorandum has been prepared solely to show what the significant effects of the Eurobox Acquisition might have been had the Eurobox Acquisition occurred at an earlier date and does not purport to present the results of operations or the financial condition of the Group, nor should it be used as the basis of projections of the results of operations or the financial condition of the Group for any future period or date.
This Information Memorandum includes unaudited pro forma consolidated financial information for the Group, including the companies acquired in the Eurobox Acquisition, as of and for the year ended 31 December 2018. Although the UPFFI is based on estimates and assumptions based on current circumstances believed to be reasonable, actual results can materially differ from those presented herein. There is a greater degree of uncertainty associated with pro forma figures than with actual reported results. The UPFFI has been prepared for illustrative purposes only and, because of its nature, it addresses a hypothetical situation and therefore does not purport to present the results of operations of the Group as if the Eurobox Acquisition had occurred at the commencement of the period being presented, or the financial condition of the Group as of the date being presented, nor should it be used as the basis of projections of the results of operations for the Group for any future period or the financial condition of the Group for any date in the future.
The Eurobox Acquisition involves the acquisition of certain companies which have previously operated independently. There can be no assurance that the Group will be able to integrate these companies and realise synergies in a way that will not negatively affect operations, or that the benefits expected from the Eurobox Acquisition will be realised. In addition, delays encountered in the integration and transition process could have a material adverse effect on revenues, expenses, operating results and the financial condition of the Group. There can be no assurance that the Group will actually achieve anticipated synergies or other benefits from the Eurobox Acquisition.
Following the Eurobox Acquisition, the Company may discover issues relating to Eurobox´s business that may have a material adverse effect on the Group's business, results of operations, financial condition or prospects, for which the Company may not be entitled to seek remedy.
The Group is exposed to liquidity risk and any inability to maintain sufficient cash flows could materially disrupt its business operations, harm its reputation and its ability to raise further capital and financing. The Group monitors its cash flow forecasts to ensure that it has sufficient cash available on demand to meet expected operational expenses. The Group's future liquidity needs depend on a number of factors, and is subject to uncertainty with respect to inter alia future earnings and working capital variations. A limited liquidity position may have a material adverse effect on the Group's business, financial condition, results of operation and liquidity, and worst case, force the Group to cease its operations.
The Company's and its Norwegian subsidiaries' operational costs are primarily in NOK, whilst the Company's foreign subsidiaries' cost base primarily is in their local currencies. Although, the companies in the Group generate most of their income in the same currency as their operational costs, a smaller part of the operation cost is in Euro and GBP, related to IT-licenses and retails goods. To some extent the Group is exposed to currency exchange fluctuations in connection with conversion of foreign currency into NOK. If the Group continues to expand its market positions in other countries, or expands its business to new markets, it will be further exposed to such fluctuations. Currency exchange rates are determined by forces of supply and demand on the currency exchange markets, which again are affected by the international balance of payments, economic and financial conditions and expectations, government intervention, speculation and other factors. Fluctuations in exchange rates may have a material adverse effect on the Group's business, revenue, profit and financial conditions.
The Group operates and may in the future operate its business in numerous tax jurisdictions. As a result, its effective tax rate is derived from a combination of the applicable tax rates in the various locations in which it operates. The Group's effective tax rate may be lower or higher than its tax rates have been in the past due to numerous factors, including the sources of its income and the tax filing positions it takes. The Group estimates its effective tax rate at any given point in time based on a calculated mix of the tax rates applicable to its Group and on estimates of the amount of business likely to be done in any given jurisdiction.
Changes in rules related to accounting for income taxes, changes in tax laws in any of the jurisdictions in which the Group operates, expiration of tax credits formerly available, or adverse outcomes from tax audits that the Group may be subject to in any of the jurisdictions in which it operates could result in an unfavourable change in its effective tax rate.
The Group has activity in different countries and different tax jurisdictions. As such, there is a risk that tax authorities may challenge the Group's transfer pricing documentation and policies regarding sale of goods and services between companies in the Group.
The Group is subject to laws and regulations in several jurisdictions relating to several areas such as, but not limited to, environment, health and safety, construction, procurement, administrative, accounting, corporate governance, market disclosure, tax, employment and data protection. Such laws and regulations may be subject to change and interpretation. It may not be possible for the Group to detect or prevent every violation in every jurisdiction where the Group carries out its business operations, or in which its employees, hired-in personnel, sub-contractors or joint venture partners are located. Any failure to comply with applicable laws and regulations now or in the future may lead to disciplinary, administrative, civil and/or criminal enforcement actions, fines, penalties and civil and or criminal liability and negative publicity harming the Group's business and reputation.
In addition, changes in laws and regulations may impose more onerous obligations on the Group and limit its profitability, including increasing the costs associated with the Group's compliance with such laws and regulations.
Failure to comply with laws and regulations and changes in laws and regulations may have a material adverse effect on the Group's business, revenue, profit and financial condition.
Under Norwegian law, unless otherwise resolved at the Company's general meeting of shareholders (the "General Meeting"), existing shareholders have pre-emptive rights to participate on the basis of their existing ownership of Shares in the issuance of any new Shares for cash consideration. Shareholders in the United States, however, could be unable to exercise any such rights to subscribe for new Shares unless a
registration statement under the U.S. Securities Act ("The U.S. Securities Act of 1933") is in effect in respect of such rights and Shares or an exemption from the registration requirements under the U.S. Securities Act is available. Shareholders in other jurisdictions outside Norway could be similarly affected if the rights and the new Shares being offered have not been registered with, or approved by, the relevant authorities in such jurisdiction. The Company is under no obligation to file a registration statement under the U.S. Securities Act or seek similar approvals under the laws of any other jurisdiction outside Norway in respect of any such rights and Shares, and doing so in the future could be impractical and costly. To the extent that the Company's shareholders are not able to exercise their rights to subscribe for new Shares, their proportional interests in the Company will be diluted.
Beneficial owners of the Shares that are registered in a nominee account (such as through brokers, dealers or other third parties) could be unable to vote such Shares unless their ownership is re-registered in their names with the The Norwegian Central Securities Depository (Nw.: Verdipapirsentralen) ("VPS") prior to any General Meeting. There is no assurance that beneficial owners of the Shares will receive the notice of any General Meeting in time to instruct their nominees to either effect a re-registration of their Shares or otherwise vote their Shares in the manner desired by such beneficial owners.
The Company is a public limited company organised under the laws of Norway. All of the members of the Company's Board of Directors and the senior management of the group ("Management") reside in Norway. As a result, it may not be possible for investors to effect service of process in other jurisdictions upon such persons or the Company, to enforce against such persons or the Company judgments obtained in non-Norwegian courts, or to enforce judgments on such persons or the Company in other jurisdictions.
Norwegian law limits the circumstances under which shareholders of Norwegian companies may bring derivative actions. For instance, under Norwegian law, any action brought by the Company in respect of wrongful acts committed against the Company will be prioritised over actions brought by shareholders claiming compensation in respect of such acts.
This Information Memorandum has been prepared in connection with the Transaction.
The Board of Directors of Self Storage Group ASA accepts responsibility for the information contained in this Information Memorandum. The members of the Board of Directors confirm that, after having taken all reasonable care to ensure that such is the case, the information contained in this Information Memorandum is, to the best of their knowledge, in accordance with the facts and contains no omissions likely to affect its import.
Martin Nes Chairman
_______________________
Gustav Søbak Board member
_______________________
Runar Vatne Board member
_______________________
Yvonne Litsheim Sandvold Board member
_______________________
Ingrid Elvira Leisner Board member
_______________________
The Company has furnished the information in this Information Memorandum. Unless otherwise indicated, the source of information included in this Information Memorandum is the Company. Carnegie AS, Arctic Securities AS and DNB Markets (collectively the "Managers") make no representation or warranty, express or implied, as to the accuracy or completeness of such information, and nothing contained in this Information Memorandum is, or shall be relied upon as, a promise or representation by the Managers. To the fullest extent permitted by law, the Managers disclaim all and any liability, whether arising in tort or contract or otherwise, which they might otherwise have in respect of the Information Memorandum or any such statement.
The information contained in this Information Memorandum is current as at the date of the Information Memorandum and is subject to change or amendment without notice. Except as required by applicable law and stock exchange rules, the Company does not undertake any duty to update the information in this Information Memorandum. The publication of this Information Memorandum shall not under any circumstances create any implication that there has been no change in the Group's affairs or that the information herein is correct as of any date subsequent to the date of this Information Memorandum.
The Group's audited consolidated annual financial statements (the "Financial Statements") as of, and for the years ended 31 December 2018, 2017, and 2016 have been prepared in accordance with the International Financial Reporting Standards as adopted by the EU ("IFRS"). The Group's Financial Statements are included by reference in this Information Memorandum, see section 12.1 "Incorporated by reference". The Group's unaudited interim consolidated financial statements as of, and for the threemonth periods ended 31 March 2019 and 31 March 2018 (the "Interim Financial Statements"), see section 12.1 "Incorporated by reference", have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" ("IAS 34"). The unaudited interim consolidated financial statement as of, and for the three-month period ended 31 March 2019 includes adoption of IFRS 16 Leases which was effective from 1 January 2019. This standard replaces IAS 17 which effectively will result in recognition of lease agreements above 12 months in the statement of financial position. Note 2 in the quarterly report describe transition effects. The Financial Statements and Interim Financial Statements are together referred to as the "Historical Financial Information".
The Company presents the Financial Information in NOK (presentation currency).
On 25 June 2019, Self Storage Group ASA ("the Company") announced that it had entered into a Purchase Agreement with First Risk Capital AS ("the Seller") in relation to the acquisition of 100% of the shares in Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS (collectively referred to as "Eurobox" and the "Eurobox Acquisition") (the "Transaction").
No consolidated financial information has historically been prepared for the Eurobox Companies. For the purpose of Section 7.8, the financials for these entities have been consolidated.
The selected financial information has been prepared based on the audited annual financial statements of Cron Gruppen AS, Cron Invest AS and Eurobox Minilager AS (prepared in accordance with the Norwegian Accounting Act and NGAAP and included in the Information Memorandum in Appendix C and D). Eurobox Billingstad AS, newly incorporated entity wherof property is in process of being demerged from Billingstadsletta 91 AS in 2019, accordingly no historical financial information from 2018, 2017 and 2016 exists. Financials for Eurobox Billingstad AS is thus based on the audited annual financial statements of Billingstadsletta 91 AS, where financial information included in the key financials is costs directly attributable to the property to be demerged.
The figures have been derived by aggregating financials for each of the abovementioned entities and adjusting for internal transactions and ownership interests that are not part of the transaction.
The unaudited pro forma condensed financial information has been prepared for illustrative purposes to show how the acquisition of Eurobox, described below, might have affected the Company's consolidated statement of comprehensive income for 2018 if the acquisition occurred on January 1, 2018 and the consolidated statement of financial position as of 31 December 2018 if the acquisition occurred at the balance sheet date.
The unaudited pro forma condensed financial information for the Company does not include all of the information required for financial statements under International Financial Reporting Standards, and should be read in conjunction with the historical financial information of the Company.
Because of its nature, the unaudited pro forma condensed financial information addresses a hypothetical situation and, therefore, does not represent the company's actual financial position or results if the transactions had in fact occurred on those dates and is not representative of the results of operations for any future periods. Investors are cautioned not to place undue reliance on this unaudited pro forma financial information.
The unaudited pro forma condensed financial information has been compiled to comply with the requirements in section 3.5.2.6 of the "Continuing Obligations of Stock Exchange Listed Companies" issued by Oslo Børs (Oslo Stock Exchange). The unaudited pro forma condensed financial information has been prepared in accordance with Annex III of Regulation (EU) 2017/1129.
Unless otherwise stated herein, the financial information set out in this Information Memorandum is unaudited.
The table below sets out selected data from Self Storage Group's audited consolidated Financial Statements for the years ended 31 December 2018, 2017, 2016 and from the unaudited consolidated Interim Financial Statements for the three month periods ended 31 March 2019 and 2018. In this Information Memorandum, the Company presents certain non-IFRS financial measures and ratios. Each of the following non-IFRS financial measures has been defined below and reconciled in the tables below:
Adjusted EBITDA margin (%) is defined by the Group as adjusted EBITDA as percentage of revenue for the period
| For the three months ended 31 | |||||
|---|---|---|---|---|---|
| March | For the year ended 31 December | ||||
| 2019 | 2018 | 2018 | 2017 | 2016 | |
| Figures in NOK thousands | (IAS 34) | (IAS 34) | (IFRS) | (IFRS) | (IFRS) |
| Profit for the period | 10 592 | 9 190 | 79 490 | 50 219 | 28 830 |
| Income tax expense | 2 213 | 2 811 | 18 856 | 11 996 | 9 785 |
| Finance expense | 6 059 | 1 373 | 4 632 | 4 626 | 1 247 |
| Finance income | 158 | 552 | 1 511 | 1 333 | 233 |
| Change in fair value of investment | |||||
| property | 406 | 490 | 38 223 | 29 831 | 17 832 |
| Change in fair value of leasehold property | -13 181 | - | - | - | - |
| Depreciation | 2 467 | 2 386 | 10 527 | 7 261 | 4 224 |
| Impairment | - | - | - | - | - |
| EBITDA | 33 948 | 14 718 | 73 771 | 42 938 | 26 021 |
| Costs related to IPO | - | - | - | 6 947 | - |
| Acquisition costs | 500 | 569 | 640 | 2 503 | - |
| Share option | - | - | - | 1 803 | - |
| Restructuring of legal structure | - | 152 | 390 | - | - |
| First time value assessment of freehold | |||||
| portfolio | - | 199 | 199 | - | - |
| Severence packages | - | - | 713 | - | - |
| Sum non-recurring costs | 500 | 920 | 1 942 | 11 253 | - |
| Adjusted EBITDA | 34 448 | 15 637 | 75 713 | 54 191 | 26 021 |
| Revenue | 61 637 | 58 285 | 238 361 | 212 143 | 80 877 |
| EBITDA margin (EBITDA/Revenue) (%) | 55.1% | 25.3% | 30.9% | 20.2% | 32.2% |
| Adjusted EBITDA margin (EBITDA/Revenue) (%) |
55.9% | 26.8% | 31.8% | 25.5% | 32.2% |
Net interest-bearing debt is defined by the Group as the aggregate carrying value of debt to financial institutions and other lenders, less cash and bank deposits. This definition does not include obligations under finance leases
| For the three months ended 31 | |||||
|---|---|---|---|---|---|
| March | For the year ended 31 December | ||||
| Figures in NOK thousands | 2019 (IAS 34) |
2018 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
| Long-term interest-bearing debt | 115 053 | 101 388 | 118 023 | 89 690 | 23 179 |
| Short-term interest-bearing debt | 11 750 | 5 528 | 11 750 | 4 750 | 86 169 |
| Cash and bank deposits | -129 522 | -130 374 | -122 228 | -195 224 | -34 115 |
| Net interest-bearing debt | -2 719 | -23 458 | 7 545 | -100 784 | 75 233 |
The Company discloses the non-IFRS financial measures presented herein to permit for a more complete and comprehensive analysis of its operating performance relative to other companies and across periods. The non-IFRS financial measures presented herein are not measurements of performance under IFRS or other generally accepted accounting principles and investors should not consider any such measures to be an alternative to: (a) operating revenues or operating profit (as determined in accordance with generally
accepted accounting principles), as a measure of the Group's operating performance; or (b) any other measures of performance under generally accepted accounting principles. The non-IFRS financial measures presented herein may not be indicative of the Group's historical operating results, nor are such measures meant to be predictive of the Group's future results. The Company believes that the non-IFRS measures presented herein are commonly reported by companies in the markets in which it competes and are widely used by investors in comparing performance on a consistent basis without regard to factors such as depreciation and amortisation, which can vary significantly depending upon accounting methods (particularly when acquisitions have occurred) or based on non-operating factors. Because companies calculate the non-IFRS financial measures presented herein differently, the Group's presentation of these non-IFRS financial measures may not be comparable to similarly titled measures used by other companies.
In this Information Memorandum, the Company has used industry and market data obtained from independent industry publications, market research as set out in Section 5 "Industry and market overview" and other publicly available information. While the Company has compiled, extracted and reproduced industry and market data from external sources, the Company has not independently verified the correctness of such data. The Company cautions prospective investors not to place undue reliance on the above mentioned data. Unless otherwise indicated in the Information Memorandum, the basis for any statements regarding the Group's competitive position is based on the Company's own assessment and knowledge of the market in which it operates.
The Company confirms that where information has been sourced from a third party, such information has been accurately reproduced and that as far as the Company is aware and is able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. Where information sourced from third parties has been presented, the source of such information has been identified, however, source references to website shall not be deemed as incorporated by reference to this Information Memorandum.
Industry publications or reports generally state that the information they contain has been obtained from sources believed to be reliable, but the accuracy and completeness of such information is not guaranteed. The Company has not independently verified and cannot give any assurances as to the accuracy of market data contained in this Information Memorandum that was extracted from these industry publications or reports and reproduced herein. Market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. Such statistics are based on market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market.
As a result, prospective investors should be aware that statistics, data, statements and other information relating to markets, market sizes, market shares, market positions and other industry data in this Information Memorandum (and projections, assumptions and estimates based on such information) may not be reliable indicators of the Group's future performance and the future performance of the industry in which it operates. Such indicators are necessarily subject to a high degree of uncertainty and risk due to the limitations described above and to a variety of other factors, including those described in Section 1 "Risk Factors" and elsewhere in this Information Memorandum.
In this Information Memorandum, all references to "NOK" are to the lawful currency of Norway, all references to "USD" are to the lawful currency of the United States and all references to "EUR" are to the lawful common currency of the EU member states who have adopted the Euro as their sole national currency. The Historical Financial Information is published in NOK.
Certain figures included in this Information Memorandum have been subject to rounding adjustments (by rounding to the nearest whole number or decimal or fraction, as the case may be). Accordingly, figures shown for the same category presented in different tables may vary slightly. As a result of rounding adjustments, the figures presented may not add up to the total amount presented.
The contents of this Information Memorandum are not to be construed as legal, business or tax advice. Each prospective investor should consult his or her own lawyer, financial adviser or tax adviser for legal, financial or tax advice in relation to any subscription, purchase or proposed subscription or purchase of any Shares. Each prospective investor should consult with such advisers as needed to make its investment decision and to determine whether it is legally permitted to hold Shares under applicable legal investment or similar laws or regulations. Investors should be aware that they may be required to bear the financial risks of any investment in the Shares for an indefinite period of time.
This section provides information on the background and reasons for the Transaction as well as a discussion of certain related arrangements and agreements entered into or to be entered into in conjunction with the Transaction.
On 25 June 2019, the Company entered into an agreement with First Risk Capital AS to acquire 100% of the shares in:
Self Storage Group's rationale for acquiring Eurobox is to (i) Strengthen the leading Norwegian #1 position and increase scale in line with its M&A strategy (ii) Utilize the revenue potential by rebranding to City-Self Storage and taking advantage of expansion potential in freehold facilities (iii) Acquire attractive locations in the Greater Oslo area cluster with good visibility and further value creation opportunities through CLA expansion and synergies. The following is a brief description of the Transaction, including the business comprised by it, and the material terms and conditions of the Purchase Agreement.
Self Storage Group acquired Eurobox, consisting of four legal entities, for an enterprise value of NOK 320 million, on a cash free basis, settled through a cash component of NOK 245 million, and 3 846 153 consideration shares amounting to NOK 75 million in Self Storage Group (the "Consideration Shares"). See section 10.4 "Unaudited pro forma condensed statement of comprehensive income" for further information. The valuation of the Consideration Shares for the purpose of settlement was NOK 19.25. The cash component and Consideration Shares were transferred at the time of closing of the acquisition. The Consideration Shares were resolved to be issued by the Board on 25 June 2019 based on an authorisation granted by the Company's Annual General Meeting held on 23 May 2019. The consideration shares are currently registered on a separate ISIN and will be listed following approval of an EEA Prospectus by the Norwegian Financial Supervisory Authority, expected during September 2019.
The Eurobox Acquisition is expected to close in two tranches during the third quarter of 2019, with consolidation from 1 July 2019, and will be subject to ordinary closing conditions. The first closing entails all companies other than Eurobox Billingstad and closed 1 July 2019, while the closing of Eurobox Billingstad will occur subsequently following completion of a statutory demerger of the relevant real property into that legal entity.
No agreements have been entered into by the Company or Eurobox in connection with the Transaction for the benefit of any board members or senior employees in the Company, or for the benefit of any senior employees in Eurobox.
The total estimated expenses related to the transaction are NOK 2.0m.
Self-storage refers to the business of renting out storage space in the form of rooms, lockers, containers or outdoor space to tenants that include both individuals and businesses. Storage units are ususally rented on a short-term basis (typically month-to-month) with the possibility for longer-term leases. The units are secured by the tenant's own lock and key, and unlike in a warehouse, the employees of the facility do not have casual access to each storage unit. Individuals are primarily using self-storage facilities for storing household goods (the space cannot be used as a residence) while businesses usually store excess inventory or archived records. Storage units are offered in a large variety of sizes, ranging from small units (0.46m x 0.46m) to significantly larger units (15-30 square meters). The size of a facility will typically vary from around 500 square meters of lettable area for an unmanned facility to 6 000 square meters of lettable area for a manned facility. Each storage unit is typically window-less, walled with corrugated metal and usually accessed by opening a roll-up metal door. The security level and opening hours of the facility will depend on the business concept of the operator. While some facilities may be located indoors and have security guards, others may be unmanned open-air drive-up facilities with 24/7 accessibility equipped with cameras, unit door alarms and electronic gates. The fee level will depend on the size, location and type of facility.
Storage facilities have traditionally been located on industrial or commercial land parcels outside major metropolitan areas or along high-traffic corridors. These facilities typically consist of multiple single-story buildings with natural ventilation (not climate-controlled). In some cases this could involve containers, which represents a low-cost alternative to building a traditional self storage facility, both in terms of construction costs and maintenance expenditures. Container storage is also attractive due to the scalability of such facilities, both in terms of moving containers between facilities and potential reselling, which mitigates some of the risks traditionally associated with the self-storage industry. Newer facilities are increasingly being located in metropolitan areas in order to reduce the distance to residential and commercial areas, either by building new facilities on greenfield land or by converting out-of-date office buildings and warehouses. These facilities will typically be multi-story buildings and are often climatecontrolled since they consist mostly, if not totally, of interior units. When establishing these type of facilities, self-storage operators are often turning to prefabricated units that allow for quick and costeffective installation.
In addition to the rental of storage units, many self-storage operators also provide a range of ancillary products and services. Such products include locks, boxes and other packaging material and equipment for making the process of moving the goods as easy as possible. Services would typically include transportation services, car and trailer rentals, sale of insurance and goods handling. Many of these services are offered in collaboration with third-party providers.
Although it is believed that personal storage originated in England as early as the 19th century, the first modern self-storage facility as we know it today was built in Texas, United States, in the 1960's. The concept immediately became successful and the development of facilities spread throughout the Sunbelt states and to the western United States. During the first years of the 1980's, self-storage activity increased along the eastern coast of the United States and quickly became a nationwide industry. The self-storage industry particularly experienced rapid growth during the 1990's when demand increased sharply on the back of peaking divorce rates and a rush of second and third-home buying. Increased demand led to a
construction boom and the total number of self-storage facilities across the US more than doubled, from 23 972 in 1990 to 54 100 in 2018. According to the article "The Self-Storage Self" published in the New York Times, more than 3 000 self-storage facilities were buillt every year between 2000 and 2005.
After primarily being a US industry, the self-storage industry eventually spread to other regions such as Canada, Australia and Europe. In Europe self-storage facilities first appeared in the United Kingdom during the early 1980s, where the industry first gained tracton in the London area before developing into a country-wide industry. Since then, the industry has also spread to most other European countries and is growing steadily.
The self-storage industry in the United States is today by far the largest in the world, with approximately 54 100 facilities nationwide and a total of 285 000 000 square meters of current lettable area, according to the Federation of European Self Storage Associations ("FEDESSA") European Self Storage Annual Survey 2018. The US market also has the highest degree of self-storage penetration globally with 0.872 square meters per capita and it is estimated that around 10% of all Americans are renting a self storage facility. According to IBISworld, the US self-storage industry generated USD 37 billion in revenues in 2018 1 . The industry in the United States is highly fragmented with approximately 75% of US self-storage facilities owned by independent operators. In recent years however, there has been an increasing consolidation in the industry, driven by a small number of publicly traded real estate investment trusts (REITs). As of July 2019 the five largest listed self storage operators (Public Storage, Extra Space Storage, Cubesmart, Life Storage and National Storage Afilliates) had an aggregated market capitalisation of approximately USD 69 billion.
Looking at other developed self-storage markets, Australia is the country with the second highest selfstorage penetration, averaging 0.163 square meters of floor area per capita. According to IBISworld, the Australian self-storage industry has over the last five years experienced a significant growth in demand and is today a USD 1.1 billion industry, counting more than 1 300 facilities and 4 050 000 square meters of lettable area. In other parts of the world such as Asia, Latin America and Africa, self-storage is still very much a developing industry.
The European self-storage market is not as developed as in the United States and Australia, although there are certain national markets where the industry has gained a certain size. According to the FEDESSA European Self Storage Annual Survey 2018, there are more than 3 700 facilities and more than 9 700 million square meters of lettable area across the European self-storage market. With a total population of 491 million, this corresponds to an average amount of storage space per capita of 0.026 square meters, which is fairly modest compared to the level of penetration observed in the United States and Australia. That being said, it is widely recognised that developing markets, such as Europe, will never reach these levels of penetration due to general demographic and social variances.
Within the European self-storage market there are large variations from country to country, with the six largest national markets accounting for nearly 85 % of the total number of facilities. The most developed self-storage markets can be found in the United Kingdom, the Netherlands and Iceland, where all have penetration levels more than three times the European average. All other European markets are in a fairly early phase and are characterised by a low level of awareness and knowledge about the industry and the service it provides. Table 1 below provides key information for various European countries as well as the United States and Australia.
1 https://www.ibisworld.com/industry-trends/market-research-reports/real-estate-rental-leasing/storage-warehouse-leasing.html
| Population | Estimated # of | Current lettable area | Floor space per capita | Facilites per million | |
|---|---|---|---|---|---|
| Countries | (2018) | facilities | (sq.m.) | (sq.m.) | population |
| Austria | 8 751 820 | 47 | 88 000 | 0.010 | 5.4 |
| Belgium | 11 498 519 | 88 | 200 000 | 0.017 | 7.7 |
| Czech Republic | 10 625 250 | 5 | 14 000 | 0.001 | 0.5 |
| Denmark | 5 754 356 | 92 | 196 000 | 0.034 | 16.0 |
| Estonia | 1 306 788 | 3 | 3 000 | 0.002 | 2.3 |
| Finland | 5 542 517 | 68 | 155 000 | 0.028 | 12.3 |
| France | 65 233 271 | 480 | 1 150 000 | 0.018 | 7.4 |
| Germany | 82 293 457 | 234 | 562 000 | 0.007 | 2.8 |
| Hungary | 9 688 847 | 16 | 41 000 | 0.004 | 1.7 |
| Iceland | 337 780 | 7 | 19 000 | 0.056 | 20.7 |
| Ireland | 4 803 748 | 28 | 90 000 | 0.019 | 5.8 |
| Italy | 59 290 969 | 56 | 175 000 | 0.003 | 0.9 |
| Latvia | 1 929 938 | 3 | 7 500 | 0.004 | 1.6 |
| Lithuania | 2 876 475 | 1 | 1 500 | 0.001 | 0.3 |
| Netherlands | 17 084 459 | 303 | 890 000 | 0.052 | 17.7 |
| Norway | 5 353 363 | 139 | 133 000 | 0.025 | 26.0 |
| Poland | 38 104 832 | 17 | 26 000 | 0.001 | 0.4 |
| Portugal | 10 291 196 | 19 | 56 500 | 0.005 | 1.8 |
| Romania | 19 580 634 | 5 | 15 000 | 0.001 | 0.3 |
| Spain | 46 397 452 | 426 | 910 000 | 0.020 | 9.2 |
| Sweden | 9 982 709 | 159 | 430 000 | 0.043 | 15.9 |
| Switzerland | 8 544 034 | 91 | 85 000 | 0.010 | 10.7 |
| UK (incl containers) | 66 573 504 | 1 505 | 4 460 000 | 0.067 | 22.6 |
| US | 326 766 709 | 54 100 | 285 000 000 | 0.872 | 165.6 |
| Australia | 24 772 247 | 1 300 | 4 050 000 | 0.163 | 52.5 |
| Russia | 143 964 709 | 54 | 160 000 | 0.001 | 0.4 |
| Europe in Total | 491 845 918 | 3 792 | 9 707 500 | 0.020 | 7.70 |
Source: FEDESSA European Self Storage Annual Survey 2018
As shown above, the United Kingdom is the largest and most developed market in Europe, having approximately 39% of the total number of self-storage facilities in Europe. United Kingdom is also the European country with the highest amount of self-storage space per capita with 0.067 square meters. The UK market is however not as developed as the one in the United States and The Self Storage Association UK Annual Survey 2018 reveals that the awareness remains fairly low with 60% unable to name a self storage business in their local area. The general awareness about the industry is however increasing, with 82% of the people surveyed in 2018 having heard about self-storage, up from 77% in 2014. The increased awareness has been driving demand and has led to higher occupancy rates in a market where the number of facilities has been growing steadily. This highlights that there is still growth potential in the United Kingdom. Even more can this be said about other European self-storage markets where the industry still is in a very early phase.
For the remaining part of Section 5 we will be focusing on the Scandinavian self-storage market, which is the current home market of the Group. As table 1 shows, all Scandinavian countries rank in the upper half in terms of lettable area per capita, but there are large variations between the three countries with especially the Norwegian self-storage industry lagging that of Sweden and Denmark. Although the number of facilities per million population is higher than in Sweden and Denmark, the average size of each facility is significantly smaller. This can be explained by the presence of larger international self-storage providers in Sweden and Denmark. All Scandinavian markets however appear as fairly fragmented. Please see Section 5.4 "Competitive situation" for further information.
The customer mix is typically 70-80% individuals and 20-30% businesses, with the majority of businesses being small and medium-sized enterprises ("SME"s). Businesses generally prefer larger storage units and longer lease durations than individuals. These two customer groups also have different drivers of selfstorage demand. Residential demand is driven by so-called life changing events, which within the industry often is refered to as the 4D's of life; (i) death, (ii) divorce, (iii) downsizing and (iv) dislocation. More specifically, individuals typically find themselves in need of short-term storage in situations such as relocation, home renovation, childbirth, marriage and separation. Another example is students needing temporary storage space during school holidays and lack of space customers. Businesses on the other hand may find self storage to be a cost-effective alternative in shorter periods where they are growing or downscaling their business, or a convenient, secure and flexible alternative for longer-term storage of inventory and archives.
Supporting the demand for self-storage are several fundamental demographic and economic drivers. Many of these are particularly strong in Scandinavian countries.
Over the last two decades, the Scandinavian countries have experienced strong population growth and urbanisation trends. This has led to increased pressure on urban areas with rising property prices as a result. In Oslo, property prices have on average increased by 7.15% annually since 2003, and by a record high 23.3% in 2016 (the Norwegian average over the same time period was 6.24%). Consequently, the average Norwegian may no longer afford a 3-4 room apartment in central Oslo. Apartments being constructed today are therefore significantly smaller. To save space, the kitchen has been moved into the living room, and the traditional storage room has been transformed into a walk-in closet accessible from the bedroom. In addition, attics are no longer being built and storage spaces in basements and on ground level have also been significantly reduced, at the expense of parking garages and commercial areas such as cafes, food stores etc. In 2018 Statistics Norway's (Norwegian: Statistisk Sentralbyrå) started reporting the percentage of the population that lives in crowded dwellings2 . This figure was 20.7% in Oslo, compared to a nationwide average of 6.7%. The pressure on the capital cities in Scandinavia is expected to persist in the future, as Oslo, Stockholm and Copenhagen are projected to be among the fastest growing capital cities in all of Europe, according to The World Bank. With smaller living spaces, as a result of the ongoing urbanization, the demand for self storage due to lack of space is increasing, and is expected to increase in the years to come.
Data from the International Monetary Fund's World Economic Outlook 2019 reveals that all Scandinavian countries rank among the top 10 in Europe in terms of GDP per capita adjusted for purchasing-power-parity ("PPP"). Norway ranks highest with a GDP per capita which is 74% higher than the figure for the European Union as a whole, while the corresponding figures are 22% and 23% for Denmark and Sweden respectively.
2 Characterised as a crowded dwelling if (i) the number of rooms is lower than the number of residents living in the dwelling (or one resident living in a one room apprtment) and (ii) the number of area per person living in the apartment is below 25 square meters.
Figure 1: GDP per capita adjusted from PPP (2017)
103 298
The link between the high PPP adjusted GDP per capita and self-storage demand becomes even more evident when coupled with statistics showing the consumption levels for Scandinavian households. Figure 2 below shows that the Scandinavian countries had among the highest household consumption expenditure per capita in 2017. Norway is the highest ranked among the Scandinavian countries with a final household consumption expenditure per capita of USD 40 252 in 2017, which is twice the European average of USD 20 358.
Figure 2: Household final consumption expenditure per capita in 2017 (constant 2010 USD)
Source: The World Bank
Household consumption levels have also seen a positive development in all Scandinavian countries over the last couple of years, and grew by more than 11.1% in Norway from 2007 to 2017. As we can se from Figure 3 below, there has also been a healthy growth in disposable income with Norway, Sweden and Denmark showing average growth rates over the last five years of 2.15%, 2.39% and 2.29% respectively.
Source: OECD data
This data shows that consumption is rapidy growing at the same time as an increasing part of the population is living in crowded dwellings with less available storage space. In addition, Scandinavians (and especially Norwegians) are among those with the highest per capita spending on sport retail goods. DNB Markets equity research shows that each Norwegian on average spent approximately EUR 308 on sport retail goods in 2018, more than 6 times the Europe average of EUR 50. These goods are not only objects demanding a lot of space, but they are also extremely seasonable, making them one of the most common things to store at external facilities.
Online retail sales in Norway, Sweden and Denmark have been growing rapidly over the last couple of years, and online retailing has emerged as a legitimate treath towards more traditional retailers. As shown in Figure 4 below, online retail sales in Norway, Sweden and Denmark have shown compounded annual growth rates of 8.6%, 19.4% and 38.1% respectively in the period from 2015 to 2017.
Figure 4: Development in online retail sales in NOK million (2015-2017)
A thriving online retail industry has resulted in an increasing number of such businesses based and operated from Scandinavian countries. This represents a large potential for the self-storage industry, since renting or investing in commercial property very seldom is a viable option for smaller e-commerce businesses. Self-storage provides an easy and cost effective alternative that is preferred by many smaller ecommerce businesses due to the convenient opening hours and the flexible nature of the lease agreements. This allows these companies to scale up and down storage capacity according to their needs without having to commit to a long-term agreement for space that may not be needed in the future. The same analogy goes for the large number of start-ups that have been established over the last couple of years.
Source: Postnord «Netthandel i Norden»
A recent development in the self-storage industry is the increased usage of automated tools to help cut operational costs and make renting easier for the customers. Self-storage has traditionally been an industry where the reservation of a storage unit needed to be done by visiting the storage facility within opening hours (typically 9AM to 5PM). Today, many customers demand greater flexibility and a more convenient way to rent storage units, preferably without even visiting the facility and on a 24/7 basis. Many selfstorage operators have therefore adopted a multi-channel strategy where customers now have the ability to reserve and pay for the unit online. The FEDESSA European Self Storage Annual Survey 2018 shows that websites account for as many as 70% of all enquires. In addition to online enquiries, storage facilities are also becoming increasingly automated through interactive kiosks, which limits the need for staff and makes it possible for the customer to access their unit at any time.
As self-storage facilities have become increasingly automated, the location of such facilities has also changed. Traditionally, facilities have been located in areas with cheap costs of land, such as industrial corridors or in heavier commercial areas. In recent years, self-storage facilities are often located in more urban areas closer to where people actually live. Recent experience suggests that the catchment area (the area from where a facility attracts customers) for a self-storage facility is no more than a 10 minute drive.
Another emerging trend, particularly evident in megacities, is mailstorage or on-demand storage, where the providers are picking up and delivering the goods that the customer wishes to store. While the pick-up and delivery part of this business model is more labour intensive and expensive than traditional selfstorage, the advantage is that goods may be stored in larger warehouses that can be located outside the city where the cost of land is lower. Although this service is very convenient for customer, it is typically more expensive and only accounts for a small fraction of the total market.
Despite being the most immature market in Scandinavia with 0.025 square meters of self-storage space per capita, the Norwegian Self Storage Association has as many as 20 registered members. The market is characterized by a high number of operators only focusing on the Norwegian market, with City Self-Storage ("CSS") (operations also in Sweden and Denmark) being the only true exception. SSG is the clear market leader, operating a total of 102 sites, as of Q1 2019, under the two brands City Self-Storage and OK Minilager ("OKM"). Otherwise, the Norwegian market is highly fragmented with several companies operating a small number of facilities. Table 2 below lists the six largest self-storage providers in the Norwegian market, measured by revenues in 2017.
| Rank | Company | HQ | Founded | Revenue 2017 | Revenue 2018 | Facilities |
|---|---|---|---|---|---|---|
| 1 | SSG (Norway) | Oslo | 1993 | 138.0 | 167.7 | 89 |
| 2 | Eurobox | Oslo | 1993 | 21.9 | 28.3 | 4 |
| 3 | Selvbetjeningslageret | Bergen | 2004 | 16.9 | n.a | 5 |
| 4 | Lagerboks | Oslo | 2006 | 13.5 | 14.1 | 2 |
| 5 | Trondheim minilager | Trondheim | 2009 | 11.2 | n.a | 1 |
| 6 | Ditt Ekstralager | Oslo | 2014 | 6.5 | 6.2 | 10 |
| 7 | 123minilager.no | Oslo | 2012 | 1.5 | 7.2 | 38 |
Table 2: Largest self storage concepts in Norway ranked by 2017 revenue (NOKm)
Source: Company information, Proff.no
As shown in the table above, other noticeable concepts besides SSG are Eurobox Minilager, Selvbetjeningslageret and Lagerboks. The first two (Eurobox Minilager and Selvbetjeningslageret) provide similar services as OKM, with a basic service offering (limited amount of extra services). Eurobox Minilager also has a partnership with a moving company. They both offer online booking and self-serviced and temperated facilities indoors. Eurobox operates in the Greater Oslo area while Selvbetjeningslageret operates predominantely in Bergen. Lagerboks has established a slightly different business model by offering pick-up and delivery of smaller and mobile storage units to the customer's home adress. The customer can fill the unit before it is transported to a temperated facility. Lagerboks also provides moving supplies and moving assistance at an additional charge. The company operates in the greater Oslo area, but is despite revenue of NOK 13.5 million in 2017, considered more of a niche player.
Other self-storage providers in the Norwegian market include 123 Minilager, Bodhotell.no, Trondheim Minilager and Ekstraplass Minilager.
The Swedish self-storage industry is more competitive than the Norwegian, with as many as 49 registered members of the Swedish Self Storage Association. The Swedish market is also characterised by the presence of large multinational firms which to a large extent dominate the market. CSS is a significant player in the Swedish market with a total of 6 facilities located in the greater Stockholm area. Table 3 below lists the five largest self-storage providers in the Swedish market, measured by revenues in 2018.
Table 3: Largest self storage providers in Sweden ranked by 2018 revenue (SEKm)
| Rank | Company | HQ | Founded | Revenue | Facilities |
|---|---|---|---|---|---|
| 1 | Shurgard | Malmo | 1998 | 398.1 | 36 |
| 2 | Pelican Self Storage | Stockholm | 2006 | 95.4 | 6 |
| 3 | City Self-Storage | Stockholm | 2004 | 39.4 | 6 |
| 4 | 24 Storage | Stockholm | 2015 | 34.5 | 22 |
| 5 | Alabanza | Stockholm | 1997 | 11.2 | 4 |
Source: Company information, Proff.se
Shurgard Self Storage, the European arm of Public Storage, is by far the largest operator with as many as 36 facilities throughout Sweden. Shurgard also has operations in several other European countries (such as Belgium, Denmark, France, Germany, Holland, Sweden and Great Britain) and has implemented the same premium pricing model in all of its European markets. The company's strategy includes high-quality facilities located in major metropolitan areas along retail and high-traffic corridors combined with a range of other storage related products and ancillary services.
Pelican Self Storage is another significant operator in the Swedish self-storage market. The Company was founded in Denmark in 2009 by Nordic Real Estate Partners (NREP) with funding from M3 Capital Partners. Pelican currently operates 6 facilities in Sweden, offering industry standard full-serviced tempered facilities with on-site sale of moving supplies. Pelican also offers free rental of trailers. The Company is also present in Denmark and Finland.
The largest local operators measured by 2018 revenue are 24Storage and Alabanza. 24Storage has managed to become one of the largest self-storage providers in the Swedish market despite being established as late as in May 2015. It was founded by Michael Fogelberg – a pioneer of self-storage in Europe that has built up and subsequently sold both Shurgard Europe and Selstor. 24Storage today operates 22 facilities throughout the country and offers standard full-serviced climate controlled facilities with on-site sale of ancillary products and services. Like SSG, the company has a strong focus on decentralized operations and a high level of automation at its facilities. Alabanza is a low-cost provider of container storage with facilities in Stockholm, Göteborg, Leksand and Malmö. Similar to Lagerboks, Alabanza also offers a pick-up service, where the container is transported to the customer, filled up and transported back to Alabanza's facilities.
Other self-storage providers in the Swedish market include Servistore, Minilager i Stockholm, Big Pink and Instorage.
Contrary to Norway and Sweden, the Danish self-storage industry is much more consolidated, with the Danish Self Storage Association having only 6 members. Approximately 70 % of the total number of facilities are operated by Nettolager, Shugard Self Storage and Pelican Self Storage. Following these three, CSS is the fourth largest operator with 6 facilities located in Copenhagen and Odense. Table 4 below lists the five largest self-storage providers in the Danish market, measured by number of facilities. Table 4 below provide limited information on revenue for the Danish self storage providers due to financials not being publicly reported for all providers.
| Rank | Company | HQ | Founded | Revenue | Facilities |
|---|---|---|---|---|---|
| 1 | Nettolager | Glostrup | 2007 | n.a | 44 |
| 2 | Boxit | Aalborg | 2007 | n.a | 11 |
| 3 | Pelican Self Storage | Copenhagen | 2009 | n.a | 11 |
| 4 | Shurgard | Copenhagen | 2007 | 96.8 | 10 |
| 5 | City Self-Storage | Copenhagen | 1998 | 27.5 | 6 |
Source: Company information, Proff.dk
As can be seen above, the large multinational companies Shurgard and Pelican have dominant positions also in Denmark. Both companies run the same business concept in Denmark as in Sweden, offering fullserviced tempered facilities with on-site sales of moving supplies. Another significant player in the Danish self-storage market is the low-cost provider Nettolager, which operates a total of 44 facilities. Its business concept is very similar to OKM, offering fully automated and tempered storage facilities that are accessible 24/7. All storage rooms are equipped with individual alarm solutions that the customer can control via their mobile phone and video cameras monitoring the facilities. Like OKM, Nettolager does not offer any additional products or services.
Boxit is another local company with a solid position in the Danish self-storage market. Similar to Pelican and Shurgard, it engages in letting out tempered storage rooms with staff on site, sale of moving supplies and free trailer rental. Unlike Pelican and Shurgard, however, the company does not have any facilities in Copenhagen. Instead, the facilities are located in smaller cities such as Aalborg, Odense, Århus and Esbjerg.
Other self-storage providers in the Danish market include Blue Box (outdoor and tempered indoor container storage), Die Pulterkammer (tempered storage rooms in Århus, Randers and Kolding) and Gobox (a cloud based pick-up and delivery storage solution).
Self Storage Group ASA engages in the business of renting out self-storage units to both private individuals and businesses. The Group is a leading provider of self-storage services with facilities in Norway, Sweden and Denmark (measured both in terms of revenue and number of facilities)3 . The business model of the Group is to operate self-storage facilities in Scandinavia with a strong focus on cost effective operations, competitive rent levels and industry leading customer service. In order to achieve this, the Group is constantly working hard in order to increase the level of automation in all parts of the value chain. The Group's vision is to be a leading and preferred self-storage provider to individuals and businesses.
Following the acquisition of City Self-Self Storage in September 2016, the Group is operating under two separate brands: OKM and CSS. These two brands focus on different market segments and provides a strong platform, serving customers with different preferences and needs. The Group offers self-storage solutions in all Scandinavian countries, with a primary focus on the capital cities Oslo, Stockholm and Copenhagen through CSS, and a nationwide presence in Norway trough OKM. All CSS facilities are climate controlled, while OKM offers both climate controlled and container based storage facilities. In July 2017, SSG also added 9 additional climate controlled and self-serviced facilities with a total lettable area of 7 800 square meters to its portfolio through the acquisition of Minilageret AS. Including these facilities, the Group operates a total of 102 facilities per 31 March 2019 with a total lettable area of 131 000 square meters, including 13 500 square meters lettable area under development. Please see section 6.5 "Business operations" for further information.
The Group focuses on maintaining a lean organisation and had 64 full time equivalents (FTE) as of 31 March 2019. The Group is headquartered at Skøyen in Oslo, where all administrative and customer service related functions are located. Site managers and other operationally focused employees are located throughout Scandinavia with close proximity to the relevant facilities. Self Storage Group ASA was listed on Oslo Stock Exchange in October 2017, leveraging on the acquisitions of Minilageret AS and City Self-Storage.
The Group is confident that it has multiple competitive strengths that separates SSG from other self-storage providers. These strengths have enabled the Company to achieve high historical growth and to establish a strong market position in all markets in which it operates. Through leveraging on these competitive strengths, SSG expects to continue to grow and to confirm its position as one of Scandinavia's leading self storage providers.
The Group is one of the leading self-storage providers in Scandinavia with a particularily strong position in the Norwegian market. SSG has a high market share, both in the Greater Oslo area and on a country wide basis. CSS and OKM are on a stand alone basis the two largest self storage providers in the Norwegian market. This position has been built through careful planning and a dedicated focus on selecting the right type of facilities. SSG entered the Swedish and the Danish market through the acquisition of CSS and is today the fourth largest self-storage provider in Copenhagen and Stockholm, and the third largest selfstorage provider in Europe, measured by the total number of facilities.
3 See Section 5.4 "Competitive situation" for further information.
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. The Group can act opportunistically with regards to setting up new facilities while leveraging its strong brand recognition, customer base and knowledge in the respective markets. Please see Section 5.2.3 "Self-Storage in Europe", Section 5.2.4 "Self-Storage in Scandinavia" and Section 5.4 "Competetive situation" for more information.
Self-storage is increasingly becoming an online industry where the majority of the enquiries are channelled through websites and mobile apps. As more and more facilities are becoming self-serviced, customer service is becoming an even more important aspect. Being able to provide a seamless and well integrated user experience by combining easy to use online booking systems with around-the-clock accessible customer service on multiple platforms has become a significant competitive advantage. SSG has been a pioneer in this area and has constantly been pushing in order to improve the user experience. The Group offers userfriendly online booking solutions and a personal customer service across several formats such as phone, mail, chat and social media. This has been a contributing factor to why both OKM and CSS have established themselves as some of the leading self-storage providers in Scandinavia. However, the Group recognise that there is further upside by streamlining the two concepts even further, especially across the different countries. SSG is developing its IT-infrastructure on the Salesforce platform, utilizing the capabilities of the World's #1 CRM. With Salesforce, SSG is able to take part of the newest innovations in e.g. automation, IoT, AI and customer experience.
Both OKM and CSS have displayed solid financial track records with revenues increasing every year since 2009 and continuously improving EBITDA margins. The Group has an ambitious growth plan and the management team has demonstrated the ability to handle rapid growth without jeopardizing profitability.
The Group currently has a Scandinavian platform offering self-storage to private and commercial customers with a total of 102 facilities4 located in Norway, Sweden and Denmark. The strategy is to develop the Group further and to expand the total lettable area by investing in new and preferably owned facilities. The Group seeks to strengthen its nationwide presence in Norway while at the same time optimising current sites in Denmark and Sweden and search for profitable expansion opportunities. Investment properties are gathered in the 100% owned company OK Property AS, and leased to the operating companies in the Group. SSG has succeeded in attracting investors and raising capital, and is in a good position for executing the strategy. The strategy of the Group is explained in greater detail in the following sub-sections.
The Group seeks to strengthen its nationwide presence in Norway while at the same time optimising current sites in Denmark and Sweden and search for profitable expansion opportunities. Going forward, new facilities will primarily be established as owned properties to ensure long-term access to attractive locations at a lower running cost. In identifying such properties the Group will focus on factors such as location, capex and conversion time (time needed from acqusition to opening).
4 Number of facilities operational as of 31 March 2019.
Though the future expansion will be revolved around owned facilities, the Group will act opportunistically if other strategic opportunities involving leased properties should arise. Please see section 6.5 "Business operations" for a detailed overview and breakdown of the current portfolio of facilities.
The Group is operating under both the OKM and CSS brand and will continue to do so as the two concepts target different market segments. Having two separate business concepts gives the Group greater flexibility with regards to pricing (based on segments and areas), which again attracts a large and diversified customer base that strengthens the robustness of the business model.
OKM is a nationwide self-storage concept offered in the Norwegian market and the strategy is to continue to increase its presence in all major regions and communities in Norway. The planned expansion will mainly be composed of owned properties, including a combination of purpose-built facilities and conversion of outdated office buildings, former warehouses, parking garages and retail locations. At the same time, OKM will have a strong focus on retaining its position as the most cost-effective player in the Norwegian market by continuously looking for innovative solutions to increase the customer experience and to increase operating efficiency.
CSS is SSG's "urban concept", targeting the population in Stockholm, Copenhagen and the major cities in Norway. The strategy is to strengthen the market position in the major cities in Norway by establishing more sites at attractive locations, while at the same time continuing the ongoing cost reduction initiatives and optimising the organisation. CSS has opened its first facility in Stavanger in Q2 2019, and is planning to open a greenfield facility in Trondheim in 2020.
In the other Scandinavian countries, the goal is to improve operating efficiency at existing facilities through cost reductions, upgrades and increased visibility and market awareness. CSS will however act opportunistically with regards to potential mergers and acquisitions, both with regards to single facilities and other self-storage providers with a complementary portfolio of facilities. As with OKM, the goal for CSS is to increase the share of owned facilities. However, since it is typically more difficult to acquire attractive properties in urban areas, CSS will continue to have an opportunistic approach towards leased properties. Please see Section 6.5.1 "OK Minilager" and Section 6.5.2 "City Self-Storage" for more information regarding both business concepts.
The table below provides an overview of key events in the history of the Company:
| Year | Important event |
|---|---|
| 1993 | CSS established with one site in Norway and a minority stake in the Swedish Safe Mini Lager. |
| 1998 | Selvaag Group entered into the business and the business expanded into Denmark. |
| 2002 | The first CSS sites were opened in Spain and the Czech Republic. |
| 2006 | Expansion continues with the first opening in Poland. |
| 2009 | OKM established by Fabian and Gustav Søbak. |
| 2010 | OKM launches online booking with 100 % self-service |
| 2011 | OKM opens its first freehold site |
| 2014 | OKM opens its first climate controlled facility |
| CSS divests Polish and Czech portfolio consisting of a total of 5 facilities | |
| CSS divests Spanish portfolio consisting of 8 facilities |
| 2016 | Ferncliff invests in OKM |
|---|---|
| CSS 100% acquired by OKM. SSG was established with the two brands CSS and OKM | |
| 2017 | Completed NOK 100 million Private Placement towards external investors |
| Acquisition of several additional properties | |
| Acquisition of Minilageret AS ("Minilageret") | |
| Listed on Oslo Stock Exchange and completed NOK 200 million Private Placement | |
| 2018 | Opening of facility number 100, acquisition of Minilager Norge group and acquisition of |
| several investment properties |
The Group rents out a large variety of storage units, usually ranging from 1.0 square meter to 50 square meters. A small unit (1 square meter) will fit 16 large moving boxes while a larger unit (15 square meters) can store the belongings for a 120 square meter home. Below is an overview of the most common unit sizes and an illustration of what may be stored in each of them.
Source: City Self-Storage (https://cityselfstorage.no/lager/storrelsesberegner/)
The number of units, the sizes offered and the standard of each unit will vary depending on the facility. The Group is currently offering two main types of self-storage solutions to its customers; (i) traditional climate controlled facilities and (ii) drive-in facilities with storage primarily in containers. The latter has mainly been an approach utilized by OKM in smaller cities throughout Norway. It has been very effective in order to build a dominant market share in the Norwegian market. OKM also has a number of climate-controlled facilities and most of the growth over the past few years has come from this segment. Looking ahead the planned growth will primarily come from climate controlled facilities under the OKM brand. CSS sites are exclusively climate controlled. Some of the facilities are manned big box facilities with retail-sales of storage related products and rental services, while an increasing share are unmanned and served from a nearby manned facility.
CSS facilities are typically much larger than those of OKM, are climate controlled and are located in very specific areas (the larger cities in Oslo, Copenhagen and Stockholm). The OKM facilities are smaller, a mix of climate-controlled and container facilities and are spread all over Norway. The Group expects the percentage of owned properties to increase going forward, reflecting the current strategy. While all CSS facilities are climate-controlled, several OKM facilities are container based. When Fabian and Gustav Søbak established the company in 2009, container facilities were a very effective way to build a strong market share and presence quickly. These kind of facilities are still demanded by a large group of customers, but in line with the current strategy, the focus will primarily be on climate controlled facilities going forward.
Over the past years, the Group has been able to achieve highly attractive rent levels, especially in the Norwegian market where it has been able to fully leverage its position as the market leader. In fact, the average rent level in 2018 for CSS Norway of NOK 3 405 is almost equal to the prime rent for office buildings in Oslo's central business district ("CBD"), which according to Akershus Eiendom's "The Norwegian Commercial Property Market – Spring 2017" market report was NOK 3 450 for 2018. This is well above the European average, which according to FEDESSA's "European Self Storage Annual Survey 2018" was EUR 262, corresponding to NOK 2 514 per square meter (based on the average EURNOK exchange rate for 2018 obtained from Norges Bank). The rent levels for CSS Sweden and CSS Denmark were both NOK 2 433 and NOK 2 400 per square meter in 2018, respectively, and are more in line with the European average. OKM targets cost consious customers all over Norway and offers both climate-controlled and container facilities to lower prices than CSS. As a result, the average rent levels for 2018 were NOK 1 528 per square meter for OKM. It is expected that these rent levels will increase going forward, as the share of climatecontrolled facilities increases.
The high rent levels achieved by SSG are supported by strong occupancy rates. CSS Norway and OKM both had average occupancy levels well above the European average of 78% in 2018, standing at 86.6% and 85.8% respectively. The average occupancy rates in 2018 in the other Scandinavian markets were 84.1% and 82.7% for CSS Sweden and CSS Denmark respectively, which is as expected given the corresponding rent levels. The Group has attractive locations in all three countries and believes that a normalized occupancy rate of 90 % in all markets should be achievable based on the current business plan.
OKM was established by Gustav and Fabian Søbak in 2009 with the idea of creating a leading Norwegian self storage provider offering a best-in-class customer experience through simple online solutions and personal customer service. All facilities are open 24/7 and the mantra is to always be available to the customer, either by phone, mail, chat or through social media. All employees in OKM have previous customer service experience and know how important it is to provide the customers with the best possible advice and guidance. OKM originally focused on simple drive-in facilities using container storage solutions, but has as of lately focused more and more on climate controlled facilities. As of 31 March 2019, there are 70 OK Minilager branded facilities throughout Norway with a lettable area of 53 200m2 .
OKM is primarily meant to serve customers interested in fully automated and self-serviced storage facilities, and does not offer any extra services. 24/7 access to the storage unit is often a requirement in order to increase convenience and flexibility. This category of customers includes a large number of families seeking additional storage space due to contraints on storage space at home and they will not always need climatecontrolled facilities as they are looking to store things such as sporting goods and other non-fragile possessions.
City Self-Storage was established in 1993 and is one of the leading self-storage providers in the Scandinavian market with 32 facilities located in Oslo, Stockholm and Copenhagen. Similar to OKM, CSS has a strong focus on customer service and has on several occasions won the award as European manager of the year. CSS is the largest self-storage concept in the Norwegian market (measured by revenues) and operated as of 31 March 2019 a total of 20 facilities and a lettable area of 32 900m 2 located in Norway. Unlike OKM, CSS also offers a variety of additional services such as sale of packaging material, insurance, trailer rental and goods handling.
CSS is SSG's "urban concept" which to a greater extent than OKM is meant to target the markets in the larger cities in Norway, Stockholm and Copenhagen, including customers who typically demand climate controlled facilities and additional services such as insurance and retail products like boxes, packaging and equipment. This market usually contains a higher number of businesses which have less need for 24/7 access, but on the contrary often are willing to pay premium prices for higher level of safety and manned facilities.
From time to time, the Company and other companies in the Group are involved in litigation, disputes and other legal proceedings arising in the normal course of its business.
City Self-Storage A/S, the Danish subsidiary of SSG, was earlier involved in a legal dispute with Relocations ApS, but the case was recently rejected and is no longer ongoing.
Other than the dispute described above, neither the Company nor any other companies in the Group are, nor have been, during the course of the preceding twelve months involved in any legal, governmental or arbitration proceedings which may have, or have had in the recent past, significant effects on the Company's and/or the Group's financial position or profitability, and the Company is not aware of any such proceedings which are pending or threatened.
The Group focuses on maintaining a flexible organisation and had 64 full time equivalents ("FTE") as of 31 March 2019. The Group is headquartered at Skøyen in Oslo, where all administrative and customer service related functions are located. Site managers and other operationally focused employees are located throughout Scandinavia with close proximity to the relevant facilities. The Group's Board of Directors consists of five individuals and the management team consists of four individuals, which is further described in section 11.
Self Storage Group ASA is a holding company and the parent company of the Group. As of June 30 2019, the Group consists of Self Storage Group ASA and 7 subsidiaries, of which 3 are property companies. The property companies are organised as subsidiaries of OK Property AS. The following chart sets out the Group's legal structure as of June 30, 2019.
The table below contains a list of the Company's significant subsidiaries.
| Company name | Country of incorporation |
Field of activity | % holding |
|---|---|---|---|
| OK Minilager AS | Norway | Provider of self storage services | 100% |
| City Self-Storage Norge AS | Norway | Provider of self storage services | 100% |
| City Self Storage AS | Denmark | Provider of self storage services | 100% |
| City Self Storage Sverige AB |
Sweden | Provider of self storage services | 100% |
| OK Property AS | Norway | Holding company for properties | 100% |
| Halden Lagerbygg AS | Norway | Property company | 100% |
| Breivollen 25C AS | Norway | Property company | 100% |
As at the date of this Information Memorandum, the Group is of the opinion that its holdings in the entities specified above are likely to have a significant effect on the assessment of its own assets and liabilities, financial condition or profits and losses.
The Company's registered name is Self Storage Group ASA. The Company is a public limited liability company organised and existing under the laws of Norway pursuant to the Norwegian Public Limited Companies Act. The Company's registered office is in the municipality of Oslo, Norway. The Company was incorporated in Norway on 24 November 2016 as a private limited liability company under the name "OK Self-Storage Group AS". The Company was converted into a public limited company and changed its name to Self Storage Group ASA pursuant to a resolution by the Company's general meeting on 29 September 2017.
The Company's registration number in the Norwegian Register of Business Enterprises is 818 096 712, and the Shares are registered in book-entry form with the VPS under ISIN NO 0010781206. The Company's register of shareholders in the VPS is administrated by DNB Bank ASA, Dronning Eufemias gate 30, 0191 Oslo, Norway. The Company's registered office is located at Nedre Skøyen vei 24, N-0276 Oslo, Norway and the Company's main telephone number at that address is +47 22 65 40 00. The Company's website can be found at www.selfstoragegroup.no. The content of www.selfstoragegroup.no is not incorporated by reference into or otherwise forms part of this Information Memorandum.
As of the date of the Information Memorandum, the share capital of the Company is NOK 8 261 722.60, divided into 82 617 226 shares, each with par value of NOK 0.10. All Shares have been issued under the Norwegian Public Limited Companies Act and are validly issued and fully paid. ISIN of the Company's ordinary shares is NO0010781206.
The Company has one class of shares and accordingly there are no differences in voting rights among Shares. Except as set out in Section 11.4.4 "Share options/ share incentive schemes", there are no outstanding rights to subscribe for Shares in the Company or to require the Company to issue Shares. Neither the Company nor any of its subsidiaries directly or indirectly own Shares in the Company.
The table below shows the development in the Company's share capital from 2016 and to the date hereof (adjusted for the stock split and the increase of share capital resolved by the General Meeting on 29 September 2017):
| 31 December 2018 to date of Information Memorandum |
For the year ended For the year ended 31 December 2018 31 December 2017 |
For the year ended 31 December 2016 |
||
|---|---|---|---|---|
| Ordinary shares at beginning of period |
65 734 111 | 63 695 284 | 3 945 500 | 227 000 |
| Issue of ordinary shares from cash contribution |
12 987 012 | 1 938 827 | 15 131 957 | 167 500 |
| Issue of ordinary shares from exercising options |
100 000 | |||
| Issue of ordinary shares from non-cash contribution |
3 896 103 | 1 485 714 | ||
| Issue of share capital transferfrom retained earnings |
43 132 113 | |||
| Additional shares on establishment of Self Storage Group ASA |
3 551 000 | |||
| Ordinary shares at End of period | 82 617 226 | 65 734 111 | 63 695 284 | 3 945 500 |
As of the date of this Information Memorandum, the Company had 938 shareholders. The following table shows an overview of the Company's 20 largest shareholders as recorded in the shareholders' register of the Company with the VPS as of 31 July 2019, the last practical date prior to the date of this Information Memorandum:
| # | Shareholder name | No. of Shares | % of shares |
|---|---|---|---|
| 1 | FEOK AS | 14 297 922 | 17.3% |
| 2 | FABIAN HOLDING AS | 9 565 000 | 11.6% |
| 3 | CENTRUM SKILT AS | 9 565 000 | 11.6% |
| 4 | FERNCLIFF INVEST AS | 4 080 000 | 4.9% |
| 5 | FIRST RISK CAPITAL AS | 3 896 103 | 4.7% |
| 6 | VATNE EQUITY AS | 3 623 214 | 4.4% |
| 7 | SKAGEN M2 VERDIPAPIRFOND | 2 844 978 | 3.4% |
| 8 | HOLTA INVEST AS | 2 811 064 | 3.4% |
| 9 | HANDELSBANKEN Nordiska Smabolag | 2 765 000 | 3.3% |
| 10 | VERDIPAPIRFONDET DNB SMB | 2 095 734 | 2.5% |
| 11 | ODIN EIENDOM | 1 950 000 | 2.4% |
| 12 | HSBC TTEE MARLB EUROPEAN TRUST | 1 923 074 | 2.3% |
| 13 | EATS AS | 1 498 432 | 1.8% |
| 14 | Danske Invest Norge Vekst | 1 321 428 | 1.6% |
| 15 | STOREBRAND VEKST VERDIPAPIRFOND | 1 090 194 | 1.3% |
| 16 | HOLBERG NORGE | 1 000 000 | 1.2% |
| 17 | KLAVENESS MARINE FINANCE AS | 993 078 | 1.2% |
| 18 | BNP Paribas Securities Services | 915 460 | 1.1% |
| 19 | GRANDEUR PEAK GLOBAL REACH FUND | 777 569 | 0.9% |
| 20 | BNP Paribas Securities Services | 675 000 | 0.8% |
| Top 20 holders of Shares | 67 688 250 | 81.9% | |
| Other | 14 928 976 | 18.1% | |
| Total | 82 617 226 | 100.0% |
Shareholders owning 5% or more of the Shares have an interest in the Company's share capital which is notifiable pursuant to the Norwegian Securities Act. Following approval of the Information Memorandum by the NFSA and issuance of 12 987 012 shares offered in the Private Placement (the "Offer Shares") and the Consideration Shares, to the knowledge of the Company, no shareholders other than Øystein Stray Spetalen (23.35% through FEOK AS and Ferncliff Invest AS), Gustav Søbak (11.6 % through Centrum Skilt AS) and Fabian Søbak (11.6% through Fabian Holding AS and Quicksand AS) holds more than 5% or more of the issued Shares.
Other than as stated above, in so far as is known to the Company, no other person or entity, directly or indirectly, jointly or severally, will exercise or could exercise control over the Company. The Company is not aware of any agreements or other similar understandings that the operation of which may at a subsequent date result in a change in control of the Company.
The Shares have not been subject to any public takeover bids.
At the General Meeting in 2019, the Board of Directors was granted the authorisation to increase the share capital of the Company by a maximum of NOK 3 286 705.50. The authorization may be used to provide the Company with financial flexibility, including in connection with investments, merger and acquisitions. The Board's authorisation is valid until the Company's annual General Meeting in 2020.
The Company has one class of Shares in issue and, in accordance with the Norwegian Public Limited Companies Act, all Shares provide equal rights in the Company, including any rights to dividends. Each of the Shares carries one vote.
The Company has not entered into any material contracts outside the ordinary course of business for the two years immediately preceding the date of this Information Memorandum, and the Company has not entered into any contracts outside the ordinary course of business containing obligations or entitlements that are, or may be, material as of the date of this Information Memorandum.
In the normal course of business, Self Storage Group enters into numerous contracts, but Self Storage Group is not materially dependent upon any single contract. Self Storage Group does not have any patents or licenses of material importance.
Below is a summary of the Group's related party transaction for the periods covered by the Historical Financial Information included in this Information Memorandum and up to the date of this Information Memorandum. All related party transactions have been concluded at arm's length principles.
On 30 August 2016, OK Minilager AS entered into a loan agreement with Ferncliff Invest AS of NOK 75.0 million, with the purpose of partly financing the acquisition of City-Self Storage Norge AS, City Self-Storage A/S and City Self-Storage Sverige AB. NOK 30 million was settled through a debt conversion. Of the remaining outstanding amount of NOK 46.4 million, the principal amount of NOK 45 million was settled 2 August 2017 and the interest amount was paid in full end-August.
On 31 December 2016 OK Minilager AS entered into a loan agreement with Ferncliff Invest AS of NOK 36.5 million, with the purpose of financing the acquisition of Etterstadsletta 3 AS. The loan was fully repaid on 17 February 2017.
OK Minilager AS has a loan agreement with Quicksand AS and Centrum Skilt AS of NOK 4.6 million. The loan was settled prior to the Company was listed on Oslo Stock Exchange in 2017.
In the period from 1 October 2016 to 31 December 2016 OK Self-Storage Group hired CFO-services from Ferncliff Invest AS amounting to NOK 75 thousand. Ferncliff Invest AS has also received NOK 1.5 million as compensation for services and advice in relation to various transactions.
In 2017, the expenses for related party transactions from Ferncliff Invest AS consisted of interest costs and advisory services related to aqusitions and amounted to NOK 3.187 million
In 2018, the Company hired the related party Ferncliff Invest AS for advisory services related to aqusitions and amounted to NOK 375 thousand.
As of the date of this Information Memorandum, expenses in 2019 from related party Ferncliff Invest AS, for advisory services related to aqusitions and due diligence, amounted to NOK 900 thousand.
The Company is of the opinion that the working capital available to the Group is sufficient for the Group's present requirements, for the period covering at least 12 months from the date of this Information Memorandum.
As of 31 March 2019, Self Storage Group had cash and bank deposits of NOK 129.5 million. Following the Private Placement 25 June 2019, cash and bank deposits will increase by NOK 243.9 million, net of transaction fees paid to the Managers.
As of 31 March 2019, the company had total equity of NOK 635.0 million with a corresponding book equity ratio of 48.4%, down from 73.5% as of 31 of December 2018. The change in book equity ratio relates mainly to accounting of leasehold property, which has changed as a consequence of IFRS 16 implementation.
The Company's principal sources of liquidity are cash flows from the Group's operations, external debt (bank loans) and equity issues.
As of 31 March 2019, Self Storage Group had NOK 126.8 million in interest bearing debt, where NOK 11.8 million was short term and NOK 115.1 million was long term debt.
The maturity profile for the company's interest-bearing debt as of 31 March was:
| In NOK thousands | Amounts due in | |||
|---|---|---|---|---|
| As at 31 March 2019 | 2019* | 2020 | 2021 | Total |
| Debt to financial institutions (Handelsbanken) | 8 813 | 92 500 | 26 000 | 127 313 |
| *for the remainder of 2019, as of 31 March 2019 |
There is a discrepancy between the debt owed to financial institutions in the overview above and the amount reported in the unaudited consolidated statement of financial position for the three-month period ended 31 March 2019. The reason for this is that debt owed to institutions includes provisions for accrued interest, which totaled NOK 0.5m as of 31 March 2019.
Self Storage Group's interest-bearing liabilities are loans to Handelsbanken. As of 31 March 2019, all interest-bearing debt had an interest rate of 3 months NIBOR + 1.45%. In their agreement with Handelsbanken, The Group has several financial covenants. The financial covenants applicable at all times are that 1) the loan to value (interest-bearing debt over asset values for all underlying properties owned by SSG) must not exceed 60% at any time, 2) the Group's nominal equity must exceed NOK 450 million, 3) net interest bearing debt divided with EBITDA must be less or equal to 5, and 4) the Group's booked solidity must be above 35%. All covenants are to be reported on a quarterly basis. As of 31 March 2019, the Group was not in breach with any of the covenants.
Self Storage Group has a loan facility for purchase of investment properties with Handelsbanken. The undrawn loan facility was NOK 116 million as of 31 March 2019.
For information on the financing of the Transactions and its effect on borrowing arrangements, see Section 10 "Unaudited pro forma financial information".
Non-current liabilities excluding long-term interest-bearing debt includes other financial liabilities, deferred tax liabilities, and obligations under finance leases. In total, they were reported to be NOK 440.3 million as of 31 March 2019. Most of the amount belongs to finance lease obligations, which increased by NOK 403.7 million between 31 December 2018 and 31 March 2019 after the implementation of IFRS 16. Current liabilities excluding long-term interest-bearing debt
Current liabilities excluding long-term interest-bearing debt includes short-term obligations under finance leases, trade and other payables, income tax payable, other taxes and withholdings, and other current liabilities. In total, they were reported to be NOK 110.5 million as of 31 March 2019. The largest line item amount belongs to short term obligations under finance leases, which increased by NOK 44 million between 31 December 2018 and 31 March 2019 after the implementation of IFRS 16.
Below is an overview of restrictions on the use of the Company's capital resources that could materially affect, directly or indirectly, the Company's operations. See also note 23 and note 24 in the Financial Statements for the years ended 31 December 2018 and 2017 incorporated by reference in this Information Memorandum and note 7 in the Interim Financial Information for the period ended 31 March 2019, also incorporated by reference in this Information Memorandum, see section 12.1 "Incorporation by reference".
Prior to any annual dividend payments or share repurchase programs, SSG is required to obtain written approval from Handelsbanken.
SSG shall uninvited and on a semi-annual basis deliver interim financial accounts to Handelsbanken. The financial covenants applicable at all times are that 1) the loan to value (interest-bearing debt over asset values for all underlying properties owned by SSG) must not exceed 60% at any time, 2) the Group's nominal equity must exceed NOK 450 million, 3) net interest bearing debt divided with EBITDA must be less or equal to 5, and 4) the Group's booked solidity must be above 35%. All covenants are to be reported on a quarterly basis.
The table below sets out selected data from Self Storage Group's audited consolidated Financial Statements for the years ended 31 December 2018, 2017, 2016 and from the unaudited consolidated Interim Financial Statements for the three month periods ended 31 March 2019 and 2018.
| For the three months ended 31 March |
As of 31 December | |||||
|---|---|---|---|---|---|---|
| Figures in NOK thousands | 2019 (IAS 34) |
2018 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
|
| Rental income | 55 258 | 52 952 | 218 253 | 193 584 | 76 165 | |
| Other revenues | 6 379 | 5 333 | 20 108 | 18 559 | 4 712 | |
| EBITDA | 33 948 | 14 717 | 73 771 | 42 938 | 26 021 | |
| EBITDA margin (%) | 55.1% | 25.3% | 30.9% | 20.2% | 32.2% | |
| Adjusted EBITDA | 34 448 | 15 637 | 75 713 | 54 191 | 26 021 | |
| Adjusted EBITDA margin (%) | 55.9% | 26.8% | 31.8% | 25.5% | 32.2% | |
| Operating profit before fair value adjustments |
31 481 | 12 331 | 63 244 | 35 677 | 21 797 |
Self Storage Group ASA
| Profit before tax | 12 805 | 12 001 | 98 346 | 62 215 | 38 615 |
|---|---|---|---|---|---|
| Net interest-bearing debt | -2 719 | -23 458 | 7 545 | -100 784 | 75 233 |
| Equity ratio | 48.4% | 73.4% | 73.5% | 75.0% | 48.1% |
| Number of facilities | 102 | 91 | 101 | 84 | 68 |
| For the three months ended 31 March |
As of 31 December | ||||
|---|---|---|---|---|---|
| Figures in NOK thousands | 2019 (IAS 34) |
2018 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
| Total equity | 634 993 | 549 182 | 625 051 | 513 957 | 155 047 |
| Total assets | 1 312 655 | 748 691 | 850 442 | 685 031 | 322 407 |
| Equity ratio (%) | 48.4% | 73.4% | 73.5% | 75.0% | 48.1% |
7 Number of facilities is the number of sites open for customers
8 The Group had a net cash balance of NOK 2.7 million as of 31 March 2019
There have been no significant changes in the financial or trading position of the Group since 31 March 2019, except for those related to the Transaction and the Transaction-related financing, including the Private Placement and increased debt, which are described in this Information Memorandum.
This Section provides an overview of Eurobox as of the date of this Information Memorandum. This Section should be read in conjunction with the other parts of this Information Memorandum, in particular Section 1 "Risk Factors" and Section 8 "Information regarding the Group after the transaction ".
On 25 June 2019, SSG announced that they had entered into an agreement with First Risk Capital AS to acquire 100% of the shares in Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS.
Eurobox operates four high quality climate controlled sites in the greater Oslo region, ideally located close to the main roads in the urban areas of Oslo, Asker and Drammen. Three of the facilities are freehold, and one facility has a long-term leasehold contract. Eurobox provides self-storage units to private individuals and businesses in the greater Oslo-area with facilities in Oslo, Asker and Drammen, and has a current lettable area of approximately 10 800 m2 . The three owned properties are located in Billingstad (Billingstadsletta 91) and Drammen (Austadgata 18 and Nedre Eikervei 37A). The facility located at Adamstuen in Oslo (General Birchs gate 16) is on a long-term leasehold contract.
| Gulskogen | Billingstad | Strømsø | Adamstuen |
|---|---|---|---|
| (Nedre Eikervei 37A) | (Billingstadsletta 91) | (Austadgata 18) | (General Birchs gate |
| 16) | |||
| Owned | Owned | Owned | Leased |
| 6 556m2 | 3 500m2 | 7 283m2 | n.a. |
| 7 600m2 | 5 850m2 | 6 000m2 | 6 920m2 |
| 2 126m2 | 2 060m2 | 2 377m2 | 4 273 |
| 2 389m2 | 1 740m2 currently |
840m2 | n.a. |
| owned + 3 150m2 in |
|||
| option | |||
| 370 | 381 | 419 | 742 |
| ~9-10 000 vehicles | ~80-90 000 vehicles | ~27-28 000 vehicles | ~3-4 000 vehicles |
| Rented to a fitness | Option to acquire | Rented to a car | Remaining lease of |
| center and offices in | neighboring building | washing company and | ~10 years |
| addition to self | a store in addition to | ||
| storage | self storage | ||
5 Average annual daily traffic
| Year | Important event |
|---|---|
| 1993 | Established in 1993 as the first self-storage company in Norway by the same founders that |
| founded City Self-Storage | |
| 2002 | All facilities except 3 sold to companies with Selvaag as majority owner. |
| Establishment of the brand "Eurobox Minilager" at the remaining three leased facilities | |
| 2004 | Acquisition of Austagata 18 in Drammen |
| 2010 | Acquisition of Sven Haugs gate 9, Drammen. Establishment of unmanned facility |
| 2012 | Acquisition of Nedre Eiker vei 37A, Drammen. |
| 2014 | Entered into leasing contract at Billingstadsletta 91, with an option to acquire the property |
| 2015 | Divestment of Sven Haugs gate 9, Drammen |
| 2016 | Acquisition of Billingstadsletta 91 from Avantor |
| 2017 | Leasing contract for the facility at Reistad (the first self storage established in Norway) |
| expired | |
| 2019 | Renewed leasehold contract at Adamstuen for additional ten years |
| First Risk Capital divests Eurobox to Self Storage Group | |
First Risk Capital AS, sold 100% of the shares in Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS in the Transaction. Hence, the Transaction only involves operational emplyees, and no management or board of directors. As of the date of the Information Memorandum, there are four fulltime operational employees in Eurobox.
Eurobox Minilager AS is 100% owned by First Risk Capital AS, the management company of Eurobox in Norway. First Risk Capital AS does also have three associated property companies; Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS (collectively referred to as the "Eurobox Acquisition").
The following chart sets out the Group's legal structure as of the date of this Information Memorandum.
Eurobox Minilager AS registered office is in Drammen, Norway. The Company was incorporated 15 January 1993 in Norway as a private limited liability company. The Company's registration number in the Norwegian Register of Business Enterprises is 965 968 261. The Company's registered office is located at Nedre Eikervei 37A, N-3045 Drammen, Norway and the Company's main telephone number at that address is +47 400 80 700. The Company's website can be found at www.euroboxminilager.no.
From time to time, Eurobox is involved in litigation, disputes and other legal proceedings arising in the normal course of its business.
Eurobox Minilager AS has been involved in a legal dispute with the property owner Adamstuen Garasjer AS. Eurobox Minilager AS won the case, and Adamstuen Garasjer AS appealed. There have recently entered into a settlement between the parties.
Other than the dispute described above, Eurobox nor have been, during the course of the preceding twelve months been involved in any legal, governmental or arbitration proceedings which may have, or have had in the recent past, significant effects on Eurbox's financial position or profitability, and Eurobox is not aware of any such proceedings which are pending or threatening.
Eurobox has not entered into any material contracts outside the ordinary course of business for the two years immediately preceding the date of this Information Memorandum, and Eurobox has not entered into any contracts outside the ordinary course of business containing obligations or entitlements that are, or may be, material as of the date of this Information Memorandum.
The following tables present selected unaudited financial information for Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS, and Cron Invest AS, collectively referred to as "Eurobox".
No consolidated financial information has historically been prepared for the Eurobox Companies. For the purpose of Section 7.8, these entities have been consolidated.
The selected financial information has been prepared based on the audited annual financial statements of Cron Gruppen AS, Cron Invest AS and Eurobox Minilager AS (prepared in accordance with the Norwegian Accounting Act and NGAAP and included in the Information Memorandum in Appendix C and D. Eurobox Billingstad AS, newly incorporated entity whereof property is in process of being demerged from Billingstadsletta 91 AS in 2019, accordingly no historical financial information from 2018, 2017 and 2016 exists. Financials for Eurobox Billingstad AS is thus based on the audited annual financial statements of Billingstadsletta 91 AS, where financial information included in the key financials is costs directly attributable to the property to be demerged.
The figures have been derived by aggregating financials for each of the abovementioned entities and adjusting for internal transactions and ownership interests that are not part of the transaction.
The table below sets out unaudited profit and loss items as well as total assets for Eurobox as of the years ended 31 December 2018, 2017, and 2016.
| 2018 | 2017 | 2016 | |
|---|---|---|---|
| In NOK millions | (NGAAP) | (NGAAP) | (NGAAP) |
| Revenues | 28.3 | 23.7 | 24.9 |
| EBITDA | 11.7 | 12.3 | 9.2 |
| EBITDA % | 41.5% | 51.7% | 37.1% |
| EBIT | 9.2 | 9.8 | 6.8 |
| Total assets | 106.9 | 97.8 | 91.5 |
Self Storage Group ASA
Except for the Transaction and the leasehold contract described above, there have been no significant changes in the financial or trading position of Eurobox since 31 December 2018.
This Section provides information about the Information Memorandom of the results of the Transaction and its expected implications on the Group following Completion and should be read in conjunction with other parts of the Information Memorandum, in particular Section 7 "Presentation of Eurobox" and Section 10 "Unaudited Pro Forma Financial Information". The following discussion contains Forward-looking Statements that reflect the Company's plans and estimates. Factors that could cause or contribute to differences for these Forward-Looking Statements include, but are not limited to, those discussed in Section 1 "Risk Factors" and Section 10.2 "Cautionary note regarding forwardlooking statements".
Eurobox is acquiried by Self Storage Group and will be integrated into Self Storage Group's operations. Eurobox has approximately 61% freehold of lettable area in their portfolio, which contributes with an increase in the freehold CLA in Self Storage Group from approximately 35 800m 2 to 42 400m 2 CLA as of 31 March 2019. The acquisition is in line with Self Storage Group's M&A strategy of strengthening market position, increasing freehold portfolio in selected markets and gaining attractive assets with further development potential.
The Eurobox sites will be rebranded to the City Self-Storage concept and it is expected to further improve the utilisation, efficiency and profitability when they become a part of the Self Storage Group. There are development potential in the existing properties expected to be utilised. In addition, an option to acquire a neighbouring building at Billingstad is included in the Transaction.
After the Transaction, the four subsidiaries of the Eurobox' previous management company First Risk Capital will be incorporated as subsidiaries of Self-Storage Group AS. The following chart displays the group structure after the Transaction. The operating company will later be merged into City Self-Storage Norge AS and the properties will be merged into OK Property.
The Transaction and the effects of the Transaction-related financing, including the Private Placement and the increased debt, as described in Section 10 "Unaudited pro forma financial information", are expected to have a significant impact on the Group's earnings, assets and liabilities.
On a pro forma basis, revenue would have increased from NOK 238.4 million historically to NOK 266.7 million for the year ended 31 December 2018. Profit for the year would have increased from NOK 79.5 million historically to NOK 85.2 million on a pro forma basis for the same period, after adjustment for the impact of the acquired business and related pro forma adjustments.
With respect to the balance sheet, the Transaction and the Transaction-related financing is expected to considerably increase The Company's total assets, total equity, and, total liabilities. As of 31 December 2018, the Company's total assets were NOK 850.4 million, total equity was NOK 625.1 million, and total liabilities were NOK 225.4 million, which on a pro forma basis would have increased to NOK 1 367.5 million, NOK 936.6 million and NOK 430.9 million, respectively.
For a further description of the pro forma figures and the basis for such figures, see Section 10 "Unaudited pro forma financial information".
The Company estimates that the financing of the Transaction will be achieved through NOK 75 million settled by new shares in Self Storage Group and a cash component of NOK 245 million. The cash component will be settled partly with cash from the Private Placement with proceeds of NOK 243.9 million (net of transaction fees paid to the Managers) and partly through increased debt with NOK 108 million (paid out under existing loan agreement), which will have a corresponding impact on the balance sheet and the capital structure of the Group.
For further details on the Transaction's effect on the earnings, assets and liabilities of the Combined Group, please refer to Section 10 "Unaudited pro forma financial information".
The following selected financial information has been derived from the Company's audited consolidated financial statements as of, and for each of the three years ended 31 December 2018, 2017 and 2016, and from the unaudited condensed financial statements for the three-month period ended 31 March 2019 and 2018. The consolidated financial statements are presented in Norwegian kroner (NOK), and all figures are rounded to the nearest thousand unless otherwise specified.
The financial statements have been prepared in accordance with IFRS as adopted by the EU ("IFRS"). The IFRS principles have been applied consistently for 2016, 2017 and 2018. Please see 2018 Annual Report page 31 to 39 in 12.1 "Incorporation by reference" for the Company's accounting policies, incorporated by reference to this Information Memorandum.
The Company has implemented new accounting standards with effect from 1 January 2019: IFRS 16 Leases. The interim financial statements for the three months ended 31 March 2019 are prepared according to these accounting standards.
The following summary of consolidated financial information should be read in conjunction with, and is qualified in its entirety by reference to, the other information contained in this Information Memorandum, including the annual and interim financial statements of the Company and the notes therein, which have been incorporated in this Information Memorandum by reference; see section 12.1 "Incorporation by reference".
The table below sets out selected data from Self Storage Group's audited consolidated income statement for the years ended 31 December 2018, 2017, 2016 and from the unaudited consolidated interim income statement for the three month periods ended 31 March 2019 and 2018.
| Three month period ended 31 March |
Year ended 31 December | ||||
|---|---|---|---|---|---|
| In NOK thousands | 2019 (IAS 34) |
2018 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
| Revenue | 61 637 | 58 285 | 238 361 | 212 143 | 80 877 |
| Lease expenses | 3 108 | - | 71 451 | - | - |
| Property-related expenses | 6 974 | 25 344 | 25 425 | 94 994 | 33 829 |
| Salary and other employee benefits | 9 750 | 9 367 | 37 403 | 36 747 | 11 340 |
| Depreciation | 2 467 | 2 386 | 10 527 | 7 261 | 4 224 |
| Other operating expenses | 7 857 | 8 857 | 30 311 | 37 464 | 9 687 |
| Operating profit before fair value adjustments | 31 481 | 12 331 | 63 244 | 35 677 | 21 797 |
| Change in fair value of investment properties | 406 | 490 | 38 223 | 29 831 | 17 832 |
| Change in fair value of leasehold properties | -13 181 | - | - | - | - |
| Operating profit after fair value adjustments | 18 706 | 12 821 | 101 467 | 65 508 | 39 629 |
| Finance income | 158 | 552 | 1 511 | 1 333 | 233 |
| Finance expense | 6 059 | 1 373 | 4 632 | 4 626 | 1 247 |
| Profit before tax | 12 805 | 12 001 | 98 346 | 62 215 | 38 615 |
| Income tax expense | 2 213 | 2 811 | 18 856 | 11 996 | 9 785 |
| Profit for the period | 10 592 | 9 190 | 79 490 | 50 219 | 28 830 |
| Total comprehensive income for the year attributable | |||||
| to parent company shareholders | 10 592 | 9 190 | 79 490 | 50 219 | 28 830 |
| Total comprehensive income for the year attributable to non controlling interests |
- | - | - | - | - |
| Earnings per share | |||||
| Basic (NOK) | 0.16 | 0.14 | 1.22 | 0.99 | 1.24 |
| Diluted (NOK) | 0.16 | 0.14 | 1.22 | 0.98 | 1.24 |
| Other comprehensive income, net of income tax | |||||
| Items that may be reclassified subsequently to profit or loss - | |||||
| currency translation difference | -650 | -484 | -73 | 477 | -114 |
| Other comprehensive income for the period, net of income | |||||
| tax | -650 | -484 | -73 | 477 | -114 |
| Total comprehensive income for the period | 9 942 | 8 706 | 79 417 | 50 696 | 28 716 |
| Total comprehensive income for the year attributable to | |||||
| parent company shareholders | 9 942 | 8 706 | 79 417 | 50 696 | 28 716 |
| Total comprehensive income for the year attributable to non controlling interests |
- | - | - | - | - |
The table below sets out selected data from Self Storage Group's audited consolidated statement of financial position for the years ended 31 December 2018, 2017, 2016 and from the unaudited consolidated statement of financial position for the three month periods ended 31 March 2019 and 2018.
| In NOK thousands Assets |
Three month period ended 31 March |
Year ended 31 December | |||
|---|---|---|---|---|---|
| 2019 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
||
| Non-current Assets | |||||
| Investment property | 537 714 | 524 505 | 338 631 | 163 738 | |
| Right-of-use assets - leasehold property | 444 659 | - | - | - | |
| Property, plant and equipment | 74 225 | 70 405 | 52 125 | 45 236 | |
| Goodwill | 94 737 | 94 639 | 72 272 | 51 985 | |
| Other intangible assets | 1 544 | 1 376 | 493 | 55 | |
| Total non-current assets | 1 152 879 | 690 925 | 463 521 | 261 014 | |
| Current assets | |||||
| Inventories | 1 509 | 1 270 | 1 434 | 1 623 | |
| Trade and other receivables | 14 037 | 13 421 | 11 455 | 10 577 | |
| Other current assets | 14 708 | 22 598 | 13 397 | 15 078 | |
| Cash and bank deposits | 129 522 | 122 228 | 195 224 | 34 115 | |
| Total current assets | 159 776 | 159 517 | 221 510 | 61 393 | |
| Total assets | 1 312 655 | 850 442 | 685 031 | 322 407 | |
| Equity and liabilities | |||||
| Equity | |||||
| Issued share capital | 6 573 | 6 573 | 6 369 | 395 | |
| Share premium | 427 889 | 427 889 | 396 416 | 89 863 | |
| Other reserves | -360 | 290 | 363 | -114 | |
| Retained earnings | 200 891 | 190 299 | 110 809 | 64 903 | |
| Total equity | 634 993 | 625 051 | 513 957 | 155 047 | |
| Liabilities | |||||
| Non-current liabilities | |||||
| Long-term interest-bearing debt | 115 053 | 118 023 | 89 690 | 23 179 | |
| Long-term obligations under finance leases | 403 798 | 143 | 214 | 526 | |
| Other financial liabilities | 756 | 873 | - | - | |
| Deferred tax liabilities Total non-current liabilities |
35 794 555 401 |
34 911 153 950 |
22 289 112 193 |
4 383 28 088 |
|
| Current liabilities | |||||
| Short-term interest-bearing debt | 11 750 | 11 750 | 4 750 | 86 169 | |
| Short-term obligations under finance leases | 44 104 | 74 | 312 | 384 | |
| Trade and other payables | 7 893 | 11 404 | 10 282 | 8 743 | |
| Income tax payable | 12 690 | 11 647 | 1 699 | 8 171 | |
| Other taxes and withholdings | 4 926 | 5 291 | 4 789 | 3 912 | |
| Other current liabilities | 40 898 | 31 275 | 37 049 | 31 893 | |
| Total current liabilities | 122 261 | 71 441 | 58 881 | 139 272 | |
| Total liabilities | 677 662 | 225 391 | 171 074 | 167 360 | |
| Total equity and liabilities | 1 312 655 | 850 442 | 685 031 | 322 407 |
The table below sets out selected data from Self Storage Group's audited consolidated cash flow statement for the years ended 31 December 2018, 2017, 2016 and from the unaudited consolidated cash flow statement for the three month periods ended 31 March 2019 and 2018.
| Three month period ended 31 March |
Year ended 31 December | ||||
|---|---|---|---|---|---|
| In NOK thousands | 2019 (IAS 34) |
2018 (IAS 34) |
2018 (IFRS) |
2017 (IFRS) |
2016 (IFRS) |
| Cash flow from operating activities | |||||
| Profit before tax | 12 805 | 12 001 | 98 346 | 62 215 | 38 615 |
| Income tax paid | -723 | - | -2 244 | -8 170 | -2 748 |
| Adjustment for net interest paid | - | -594 | -493 | 242 | 663 |
| Interest expense | 5 238 | - | - | - | - |
| Depreciation | 2 467 | 2 386 | 10 527 | 7 261 | 4 224 |
| Gain/loss on disposal of property, plant and equipment | 41 | - | -47 | 148 | - |
| Change in fair value of investment property | -406 | -490 | -38 223 | -29 831 | -17 832 |
| Change in fair value of leasehold property | 13 181 | - | - | - | - |
| Change in trade and other receivables | -603 | 219 | -1 946 | -733 | -390 |
| Change in trade and other payables | -3 512 | 443 | 791 | 1 466 | 4 615 |
| Change in other current assets | 809 | -5 205 | -2 414 | 5 047 | 6 279 |
| Change in other current liabilities | 9 899 | -1 531 | -582 | 4 623 | 1 484 |
| Net cash flow from operating activities | 39 196 | 7 229 | 63 715 | 42 268 | 34 910 |
| Cash flow from investing activities | |||||
| Payments for investment property | -6 107 | -26 559 | -62 902 | -42 163 | -52 813 |
| Payments for property, plant and equipment | -6 267 | -4 855 | -21 648 | -11 471 | -2 972 |
| Proceeds from disposal of property, plant and equipment | - | - | - | - | 561 |
| Net cash outflow on acquisition of subsidiaries | 21 | -38 648 | -72 957 | -69 760 | -137 482 |
| Net cash flow from investing activities | -12 353 | -70 062 | -157 507 | -123 393 | -192 706 |
| Cash flow from financing activities | |||||
| Proceeds from issue of equity instruments of the Company | - | - | - | 287 416 | 90 000 |
| Proceeds from borrowings | - | - | 40 000 | 95 000 | 128 291 |
| Repayment of borrowings | -2 938 | -1 717 | -19 066 | -140 840 | -32 904 |
| Payments of lease liabilities | -10 643 | - | - | - | - |
| Payment of leases classified as interest | -4 561 | - | - | - | - |
| Interest paid | -827 | - | - | - | - |
| Net cash flow from financing activities | -18 969 | -1 717 | 20 934 | 241 576 | 185 387 |
| Net change in cash and cash equivalents | 7 874 | -64 550 | -72 858 | 160 450 | 27 591 |
| Cash and cash equivalents at beginning of the period | 122 228 | 195 224 | 195 224 | 34 115 | 6 661 |
| Effect of foreign currency rate changes on cash and cash equivalents |
-580 | -300 | -138 | 659 | -137 |
| Cash and equivalents at end of the period | 129 522 | 130 374 | 122 228 | 195 224 | 34 115 |
The table below sets out selected data from Self Storage Group's audited consolidated statement of changes in equity for the years ended 31 December 2018, 2017, 2016 and from the unaudited statement of changes in equity for the three month periods ended 31 March 2019 and 2018.
| In NOK thousands | Issued share capital |
Share premium |
Currency translation reserve |
Retained earnings |
Total equity |
|---|---|---|---|---|---|
| Balance at 1 January 2016 | 227 | 30 | - | 35 879 | 36 136 |
| Profit (loss) for the period Other comprehensive income (loss) for the period net of |
- | - | - | 28 830 | 28 830 |
| income tax | - | - | -114 | - | -114 |
| Total comprehensive income for the period | - | - | -114 | 28 830 | 28 716 |
| Issue of ordinary shares | 168 | 89 833 | - | - | 90 001 |
| Effect change in tax rates | - | - | - | 194 | 194 |
| Balance at 31 December 2016 | 395 | 89 863 | -114 | 64 903 | 155 047 |
| Balance at 1 January 2017 | 395 | 89 863 | -114 | 64 903 | 155 047 |
| Profit (loss) for the period Other comprehensive income (loss) for the period net of |
- | - | - | 50 219 | 50 219 |
| income tax | - | - | 477 | - | 477 |
| Total comprehensive income for the period | - | - | 477 | 50 219 | 50 696 |
| Issue of ordinary shares, net of transaction costs | 1 661 | 306 553 | - | - | 308 214 |
| Issue of share capital - transfer from retained earnings | 4 313 | - | - | -4 313 | - |
| Balance at 31 December 2017 | 6 369 | 396 416 | 363 | 110 809 | 513 957 |
| Balance at 1 January 2018 | 6 369 | 396 416 | 363 | 110 809 | 513 957 |
| Profit (loss) for the period Other comprehensive income (loss) for the period net of |
- | - | - | 79 490 | 79 490 |
| income tax | - | - | -73 | - | -73 |
| Total comprehensive income for the period | - | - | -73 | 79 490 | 79 417 |
| Issue of ordinary shares, net of transaction costs | 204 | 31 473 | - | - | 31 677 |
| Balance at 31 December 2018 | 6 573 | 427 889 | 290 | 190 299 | 625 051 |
| Balance at 1 January 2018 | 6 369 | 396 416 | 363 | 110 809 | 513 957 |
| Profit (loss) for the period Other comprehensive income (loss) for the period net of |
- | - | - | 9 190 | 9 190 |
| income tax | - | - | -484 | - | -484 |
|---|---|---|---|---|---|
| Total comprehensive income for the period | - | - | -484 | 9 190 | 8 706 |
| Issue of ordinary shares, net of transaction costs | 167 | 26 352 | - | - | 26 519 |
| Balance at 31 March 2018 | 6 536 | 422 768 | -121 | 119 999 | 549 182 |
| Balance at 1 January 2019 | 6 573 | 427 889 | 290 | 190 299 | 625 051 |
| Profit (loss) for the period Other comprehensive income (loss) for the period net of |
- | - | - | 10 592 | 10 592 |
| income tax | - | - | -650 | - | -650 |
| Total comprehensive income for the period | - | - | -650 | 10 592 | 9 942 |
| Issue of ordinary shares, net of transaction costs | - | - | - | - | - |
| Balance at 31 March 2019 | 6 573 | 427 889 | -360 | 200 891 | 634 993 |
There have been no significant changes in the financial or trading position of the Group since 31 March 2019, except for those related to the Transaction and the the Transaction-related financing, including the Private Placement and the effects on debt financing, which are described in this Information Memorandum.
Management has determined the operating segments based on reports reviewed by the CEO and management team and Board of Directors, which are used to make strategic and resource allocation decisions. The Group reports management information based on the two concepts offered by the Group, City Self-Storage (CSS) and OK Minilager (OKM), in addition to the Group's property business in the Property segment and Self Storage Group ASA (SSG ASA) in separate segments.
Other/elimination includes eliminations of intercompany transactions and the remainder of the Group's activities not attributable to the other operating segments. In the tables below, reconciliation from EBITDA to Profit before tax, is presented on an aggregated level. The Group reports management information except IFRS 16 impacts. The total of Sales income and Other income in the segment reporting corresponds with the line item Revenue as recognized under IFRS.
| Nationwide presence in Norway offering climate-controlled storage units and container | |
|---|---|
| OK Minilager (OKM) | based storage. |
| Climate controlled facilities in all Scandinavian countries, with a primary focus on the capital | |
| City Self-Storage (CSS) | cities Oslo, Stockholm and Copenhagen. |
| The ownership and development of property. Internal lease agreements with the operating | |
| Property | companies in the group, in addition to external lease agreements. The internal income and |
| expenses are eliminated on Group level. | |
| SSG ASA | SSG ASA includes administration and management activities. |
| Elimination and the remainder of the Group's activities not attributable to the operating | |
| Other/Eliminations | segments described above. |
For information regarding accounting policies and the use of estimates and judgements, please refer to Notes 1 and 2 in the Interim Financial Statements as of, and for the three months ended, 31 March 2019 and 2018 respectively and to Note 2, 3 and 4 in the Group's audited Financial Statements as of, and for the years ended, 31 December 2018, 2017, and 2016 included by reference in this Information Memorandum; see section 12.1 "Incorporation by reference" for 2017 and 2018 and Appendix F for 2016 Financial Statements.
The tables below give an overview of results by segment. The tables are based on notes reported in the Group's unaudited consolidated Interim Financial Statements as of, and for the three months ended, 31 March 2019 and 2018 respectively and the Group's audited Financial Statements as of, and for the years ended, 31 December 2018, 2017, and 2016.
For information, the Sales income and Other income in the segment reporting less Gain/loss from disposal of property, plant and equipment corresponds to the total of the line items Revenue and Other operating income, as recognised under IFRS.
| In NOK thousands | CSS | OKM | Property | SSG ASA | Other/Eli minations |
IFRS 16 | Total | |
|---|---|---|---|---|---|---|---|---|
| For the year ended 31 December 2018 | ||||||||
| Sales income | 154 180 | 64 073 | - | - | - | - | 218 253 | |
| Other income | 14 249 | 3 424 | 29 903 | - | -27 468 | - | 20 108 | |
| Lease expenses | -65 542 | -29 117 | -71 | -668 | 23 947 | - | -71 451 | |
| Operating costs | -65 163 | -22 085 | -4 089 | -5 258 | 3 456 | - | -93 139 | |
| EBITDA | 37 724 | 16 295 | 25 743 | -5 926 | -65 | - | 73 771 | |
| Reconciliation to profit before tax as reported under IFRS | ||||||||
| Depreciation | -10 527 | |||||||
| Change in fair value of investment property | 38 223 | |||||||
| Change in fair value of leasehold property | - | |||||||
| Finance income | 1 511 | |||||||
| Finance expense | -4 632 | |||||||
| Profit before tax | 98 346 | |||||||
| In NOK thousands | CSS | OKM | Property | SSG ASA | Other/ Eliminatios |
Total | ||
| For the year ended 31 December 2017 | ||||||||
| Sales income | 142 737 | 50 847 | - | - | - | 193 584 |
|---|---|---|---|---|---|---|
| Other income | 16 402 | 1 476 | 6 151 | - | -5 470 | 18 559 |
| Lease expenses | -64 180 | -12 006 | -82 | -650 | 4 076 | -72 842 |
| Other operating costs | -68 101 | -15 061 | -1 228 | -13 113 | 1 140 | -96 363 |
| EBITDA | 26 858 | 25 256 | 4 841 | -13 763 | -254 | 42 938 |
| Reconciliation to profit before tax as reported under IFRS | ||||||
| Depreciation | -7 261 | |||||
| Change in fair value of investment property | 29 831 | |||||
| Finance lease expense | - | |||||
| Finance income | 1 333 | |||||
| Finance expense | -4 626 | |||||
| Profit before tax | 62 215 |
| In NOK thousands | CSS | OKM | Property | Other/ Eliminations |
Total |
|---|---|---|---|---|---|
| For the year ended 31 December 2016 | |||||
| Sales income | 36 355 | 39 810 | - | - | 76 165 |
| Other income | 4 557 | 23 | 986 | -854 | 4 712 |
| Operating costs | -36 425 | -19 637 | -57 | 1 263 | -54 856 |
| EBITDA *Difference in reported EBITDA for this information memorandum and segment information in the 2017 annual report is due to a classification error of finance related expenses and revenues for the fiscal year of 2016, which totaled NOK 415 thousand. |
4 487 | 20 196 | 929 | 409 | 26 021 |
| Profit before tax | 38 615 |
|---|---|
| Finance expense | -1 247 |
| Finance income | 233 |
| Change in fair value of investment property | 17 832 |
| Depreciation | -4 224 |
| Reconcilition to profit before tax as reported under IFRS |
| In NOK thousands | CSS | OKM | Property | SSG ASA | Other/ Eliminations |
IFRS 16 | Total |
|---|---|---|---|---|---|---|---|
| For the three months ended 31 March 2019 | |||||||
| Sales income | 38 610 | 16 648 | - | - | - | - | 55 258 |
| Other income | 5 753 | 844 | 8 744 | - | -8 962 | - | 6 379 |
| Lease expenses | -17 710 | -8 543 | - | -195 | 8 179 | 15 161 | -3 108 |
| Operating costs | -16 307 | -6 408 | -1 158 | -1 491 | 783 | - | -24 581 |
| EBITDA | 10 346 | 2 541 | 7 586 | -1 686 | - | 15 161 | 33 948 |
| Reconciliation to profit before tax as reported under IFRS | |||||||
| Depreciation | -2 467 | ||||||
| Change in fair value of investment property | 406 | ||||||
| Change in fair value of leasehold property | -13 181 | ||||||
| Finance income | 158 | ||||||
| Finance expense | -6 059 | ||||||
| Profit before tax | 12 805 | ||||||
| In NOK thousands | Other/ | ||||||
| CSS | OKM | Property | SSG ASA | Eliminations | IFRS 16 | Total | |
| For the three months ended 31 March 2018 | |||||||
| Sales income | 38 075 | 14 877 | - | - | - | - | 52 952 |
| Other income | 3 922 | 943 | 6 474 | - | -6 006 | - | 5 333 |
| Lease expenses Operating costs |
-16 069 -18 025 |
-6 723 -5 691 |
- -859 |
-165 -2 042 |
4 900 1 106 |
- - |
-18 057 -25 511 |
| EBITDA | 7 903 | 3 406 | 5 615 | -2 207 | - | - | 14 717 |
| Reconciliation to profit before tax as reported under IFRS | |||||||
| Depreciation | -2 386 | ||||||
| Change in fair value of investment property | 490 | ||||||
| Change in fair value of leasehold property | - | ||||||
| Finance income | 552 | ||||||
| Finance expense | -1 372 |
The table below gives an overview of geographical allocation of revenues. The table is based on selected data from Self Storage Group's audited consolidated Financial Statements for the years ended 31 December 2018, 2017, 2016.
| Year ended 31 December | ||||||||
|---|---|---|---|---|---|---|---|---|
| In NOK thousands | 2018 | 2017 | 2016 | |||||
| Norway | 167 738 | 138 012 | 60 644 | |||||
| Sweden | 35 780 | 38 639 | 11 151 | |||||
| Denmark | 34 843 | 35 492 | 9 081 | |||||
| Total revenue | 238 361 | 212 143 | 80 877 |
The Company's independent auditor is Ernst & Young AS ("EY") with company registration number 976 389 387 and business address Dronning Eufemias Gate 6, 0191 Oslo, Norway. EY AS was elected as the Company's auditor on 29 September 2017. Prior to this, Unic Revisjon AS has been the auditor of OK Minilager since 18 July 2014 and of Self Storage Group ASA (formerly OK Self-Storage Group AS) since incorporation on 24 November 2016. Both auditors are members of Den Norske Revisorforeningen (The Norwegian Institute of Public Accountants).
The Auditor's reports on the Financial Statements for 2018, 2017 and 2016 where the two former are included together with the Financial Statements as incorporated by reference hereto, see section 12.1 "Incorporation by reference", while the latter has been included in Appendix F. EY's report on the pro forma condensed financial statements is attached to this Information memorandum as Appendix B. No special matters were included in the audit opinions for the years ending 31 December 2018, 2017 or 2016.
The interim financial statements have not been audited.
Other than set out below, neither EY nor Unic Revisjon AS have audited, reviewed or produced any report on any other information provided in this Information Memorandum.
On 25 June 2019, Self Storage Group ASA ("the Company") announced that it had entered into a Purchase Agreement with First Risk Capital AS ("the Seller") in relation to the acquisition of 100% of the shares in Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS.
The enterprise value of Eurobox is NOK 320 million, and the Company funds this transaction through a cash component of NOK 245 million and the remaining NOK 75 million in a seller's credit to be converted to shares. Similutaniously with signing of the Purchase Agreement, the Company raised NOK 250 million (gross) in a Private Placement, where the proceeds will be used for settling the cash component. The Eurobox Acquistion will be completed over two tranches;
The Transaction represents a significant gross change for the Company and triggers the preparation of pro forma financial information.
The following tables set out unaudited pro forma financial information for the Group as of and for the year ended 31 December 2018, and is prepared under the assumption that the Transaction will be completed as described above. It should be noted that the unaudited pro forma financial information reflects the effects of the Transaction as well as the effects of the financing of the Transaction, as described above. For the purpose of Section 10 "Unaudited pro forma financial information", the term "Transaction" shall be read as also to include the funding of the Transaction.
The unaudited pro forma condensed financial information has been prepared for illustrative purposes to show how the acquisition of Eurobox, described below, might have affected the Company's consolidated statement of comprehensive income for 2018 if the acquisition occurred on January 1, 2018 and the consolidated statement of financial position as of 31 December 2018 if the acquisition occurred at the balance sheet date.
The unaudited pro forma condensed financial information for the Company does not include all of the information required for financial statements under International Financial Reporting Standards, and should be read in conjunction with the historical financial information of the Company.
Because of its nature, the unaudited pro forma condensed financial information addresses a hypothetical situation and, therefore, does not represent the company's actual financial position or results if the transactions had in fact occurred on those dates and is not representative of the results of operations for any future periods. Investors are cautioned not to place undue reliance on this unaudited pro forma financial information.
The unaudited pro forma condensed financial information has been compiled to comply with the requirements in section 3.5.2.6 of the "Continuing Obligations of Stock Exchange Listed Companies" issued by Oslo Børs (Oslo Stock Exchange). The unaudited pro forma condensed financial information has been prepared in accordance with Annex III of Regulation (EU) 2017/1129.
The unaudited pro forma income statements are prepared in a manner consistent with the accounting policies of the Group (IFRS as adopted by EU) applied in 2018. The Group will not adopt any new policies in 2019 as a result of the acquisition or otherwise, with the exception of IFRS 16 which was adopted 1 January 2019. Please refer to the Annual Report for 2018 for description of the accounting policies. As the main part of Euroboxs' facilities are freehold properties, IFRS 16 will only impact one leasehold contract with an annual lease expense of approximately MNOK 5. The leasehold contract is currently accounted for as operational lease and lease expenses is presented under other operating expenses. The impact of implementing IFRS 16 on the Eurobox Companies is not yet fully assessed.
The Transaction is accounted for as an acquisition under IFRS 3, Business Combinations. As part of the Transaction the Group obtaines control of the Eurobox' business. IFRS 3 establishes principles and requirements for how to recognise and measure assets, liabilities and goodwill acquired. The standard measures the cost of the acquisition at the fair value of consideration paid, allocated the cost to the acquired identifiable assets and liabilitites on the basis of the fair values and allocates the rest of the cost to goodwill.
The unaudited pro forma condensed financial information has been compiled based on:
The historical financial information of Eurobox has for the purpose of the unaudited pro forma condensed financial information been converted to IFRS. Further, no consolidated financial information has historically been prepared for Eurobox. For the purpose of the pro forma condensed financial information, these entities are consolidated. See Section 10.6 "Purchase price allocation" and Section 10 "Unaudited pro forma financial information" with belonging notes for IFRS adjustments and pro forma consolidation adjustments.
The unaudited pro forma condensed financial information is presented in NOK thousand, which is the functional and the presentation currency of the Company and Eurobox. The unaudited pro forma condensed financial information has been prepared under the assumption of going concern.
The table below sets out Self Storage Group's unaudited pro forma condensed statement of comprehensive income for the year ended 31 December 2018, as if the acquisition had taken place at 1 January 2018.
| Self Storage Group ASA |
Cron Invest |
Cron Gruppen |
Eurobox Billingstad |
Eurobox Minilager |
IFRS | Pro forma consolidation |
Pro forma | ||
|---|---|---|---|---|---|---|---|---|---|
| Consolidated | AS | AS | AS | AS | adjustments | adjustments | adjustments | Pro forma | |
| In NOK thousands | (IFRS) | (NGAAP) | (NGAAP) | (NGAAP) | (NGAAP) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| Revenue | 238 361 | 6 510 | 4 058 | 2 780 | 24 305 | - | -9 3221 | - | 266 692 |
| Cost of goods sold | - | 115 | - | 283 | - | - | - | - | 398 |
| Lease expenses Property-related |
71 451 | - | - | - | - | - | - | - | 71 451 |
| expenses Salary and other employee |
25 425 | - | - | - | - | - | - | - | 25 425 |
| benefits | 37 403 | - | 978 | - | 3 042 | - | - | - | 41 423 |
| Depreciation Other operating |
10 527 | 420 | 859 | 700 | 539 | -1 9791 | - | 7701 | 11 836 |
| expenses Operating profit |
30 311 | 894 | 957 | 328 | 19 307 | - | -9 3221 | 2 0002 | 44 475 |
| before fair value adjustments |
63 244 | 5 081 | 1 264 | 1 468 | 1 417 | 1 9791 | - | -2 770 | 71 684 |
| Change in fair value of investment |
|||||||||
| properties Operating profit after fair value |
38 223 | - | - | - | - | - | - | - | 38 223 |
| adjustments | 101 467 | 5 081 | 1 264 | 1 468 | 1 417 | 1 979 | - | -2 770 | 109 907 |
| Interest income intercompany1 |
- | 209 | 188 | 127 | 388 | - | -3911 | - | 521 |
| Finance income | 1 511 | 55 | 21 | - | 172 | - | - | - | 1 759 |
| Interest expenses intercompany1 |
- | 1 012 | 197 | - | 115 | - | -3911 | - | 932 |
| Finance expense | 4 632 | - | 2 | - | 282 | - | - | 3 2183 | 8 134 |
| Profit before tax | 98 346 | 4 333 | 1 274 | 1 596 | 1 581 | 1 979 | - | -5 988 | 103 120 |
| Income tax expense |
18 856 | 850 | 178 | - 344 | 371 | 4551 | - | -2 4001 | 17 966 |
| Profit for the period |
79 490 | 3 483 | 1 096 | 1 940 | 1 210 | 1 524 | - | -3 588 | 85 154 |
| Total comprehensive income for the year attributable to parent company shareholders Total comprehensive income for the year attributable to non-controlling interests |
79 490 - |
3 483 - |
1 096 - |
1 940 - |
1 210 - |
1 524 - |
- - |
-3 588 - |
85 154 - |
| Earnings per share |
- | - | - | - | - | - | - | - | |
| Basic (NOK) | 1.22 | - | - | - | - | - | - | - | 1.26 |
| Diluted (NOK) | 1.22 | - | - | - | - | - | - | - | 1.26 |
| Other comprehensive income, net of |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| income tax | - | - | - | - | - | - | - | - | |
| Items that may be | |||||||||
| reclassified | |||||||||
| subsequently to | |||||||||
| profit or loss | |||||||||
| - currency | |||||||||
| translation | |||||||||
| difference | - 73 | - | - | - | - | - | - | - | - 73 |
| Other comprehensive income for the |
|||||||||
| period, net of | |||||||||
| income tax | - 73 | - | - | - | - | - | - | - | - 73 |
| Total comprehensive income for the period |
79 417 | 3 483 | 1 096 | 1 940 | 1 210 | 1 524 | - | -3 588 | 85 081 |
| Total comprehensive income for the year attributable to parent |
|||||||||
| company | |||||||||
| shareholders | 79 417 | 3 483 | 1 096 | 1 940 | 1 210 | 1 524 | - | -3 588 | 85 081 |
| Total | |||||||||
| comprehensive | |||||||||
| income for the | |||||||||
| year attributable | |||||||||
| to non-controlling | |||||||||
| interests | - | - | - | - | - | - | - | - | - |
| * |
Interest income and expenses for the aquired companies was within the original group.
The notes to the unaudited pro forma statement of condensed comprehensive income are an integral part of the unaudited pro forma condensed financial information.
Eurobox has historically not accounted investment property at fair value, accordingly no fair value adjustments are recorded in Eurobox. Investment property are accounted for as cost less accumulated depreciation and impairment loss. Due to lack of reliable information of fair value of the freehold properties owned by Eurobox as of 1 January 2018, no adjustments of fair value are recorded in the 2018 statement of comprehensive income. Going forward, changes in fair value of freehold properties owned by Eurobox will be recorded quarterly in the condensed statement of comprehensive income.
In the income statement depreciation amounting to NOK 2.0 million has been reversed for 2018 and the corresponding tax effect of NOK 0.5 million (23%) is accordingly adjusted for. The adjustments will have continuing impact.
Prior to the Acquisition, Eurobox was owned by First Risk Capital AS. However, no consolidated financial statements have been prepared historically for these entities. The adjustments are done to reflect how the consolidated statements of comprehensive income for 2018 had been, if historical consolidated financial information had been prepared.
The following adjustments represent eliminations of intercompany transactions between the Eurobox companies. The adjustment will have continuing impact.
| (Amounts in NOK 1 000) | |
|---|---|
| Reduced revenue | -9 323 |
| Reduced lease expenses | -9 323 |
| Reduced interest income | - 391 |
| Reduced interest expenses | - 391 |
| Net | - |
The fair value of the acquired entities has been evaluated by Self Storage Group in the preliminary PPA, defined in Section 10.6. The adjustment is based on analysis and evaluations made by Self Storage Group.
The annual depreciation of the fit-out has been adjusted by NOK 0.8 million to reflect the excess values below. The excess values have been depreciated over the remaining useful life, less the estimated residual value. The tax expense effect (23%) amounts to NOK 0.2 million. These adjustments will have continuing impact.
The adjustment in the item "Other operating expenses" reflects estimated transaction cost amounting to NOK 2 million, which is expensed in accordance with IFRS 3. The adjustment is a permanent difference in the tax calculation without tax deduction. This adjustment will not have continuing impact.
The enterprise value of Eurobox is NOK 320 million, and the Company funds this transaction through a cash component of NOK 245 million and the remaining NOK 75 million in a seller's credit to be converted to shares. Simultaneously with signing of the Purchase Agreement, the Company raised NOK 250 million (gross) in a Private Placement, where the proceeds will be used for settling the cash component. The cash component will be settled partly with cash from the Private Placement and partly through increase of debt on the existing loan agreement with NOK 108 million. The loan will carry an effective interest rate of 2.98 %, and the interest expense gives a pre-tax pro forma expense totalling NOK 3.2 million and NOK 2.5 million after tax. This adjustment is expected to have a continuing impact.
The table below sets out Self Storage Group's unaudited pro forma condensed statement of financial position as of 31 December 2018, as if the acquisition had occurred on that date.
| Self Storage Group ASA Consolidated |
Cron Invest AS |
Cron Gruppen AS |
Eurobox Billingstad AS |
Eurobox Minilager AS |
IFRS adjustments |
Pro forma consolidation adjustments |
Pro forma adjustments |
Pro forma |
|
|---|---|---|---|---|---|---|---|---|---|
| In NOK Thousands | |||||||||
| Assets | |||||||||
| Non-current assets | |||||||||
| Deferred tax assets | - | - | - | 489 | 116 | - | - | -6054 | - |
| Investment in subsidiaries | - | - | - | - | 30 | - | -302 | - | - |
| Investment in shares | - | - | - | - | 623 | - | -6232 | - | - |
| Investment property | 524 505 | 36 130 | 14 420 | 19 069 | - | 165 8801 | - | - | 760 005 |
| Property, plant and equipment | 70 405 | - | 32 | - | 4 909 | - | - | 15 4041 | 90 749 |
| Goodwill | 94 639 | - | - | - | - | - | - | 99 9111 | 194 550 |
| Financial instruments | - | - | - | - | - | - | - | 24 7501 | 24 750 |
| Other intangible assets | 1 376 | - | - | - | - | - | - | - | 1 376 |
| Other long-term receivables | - | - | - | - | 1 428 | - | - | - | 1 428 |
| Total non-current assets | 690 925 | 36 130 | 14 452 | 19 558 | 7 105 | 165 880 | -653 | 139 460 | 1 072 858 |
| Current assets | |||||||||
| Inventories | 1 270 | - | - | - | - | - | - | - | 1 270 |
| Trade and other receivables | 13 421 | 11 | - | - | 1 156 | - | - | - | 14 588 |
| Other current assets | 22 598 | 7 593 | 5 285 | 3 839 | 10 798 | - | -9 8391 | - | 40 274 |
| Cash and bank deposits | 122 228 | 1 824 | 274 | - | 8 691 | - | 6532 | 104 8073 | 238 476 |
| Total current assets | 159 517 | 9 428 | 5 558 | 3 839 | 20 644 | - | -9 187 | 104 807 | 294 607 |
| Total assets | 850 442 | 45 559 | 20 010 | 23 398 | 27 749 | 165 880 | -9 839 | 244 267 | 1 367 466 |
| Equity and liabilities | |||||||||
| Equity | |||||||||
| Issued share capital | 6 573 | 100 | 10 500 | 100 | 6 110 | - | -16 8103 | 1 6883,5 | 8 261 |
| Share premium | 427 889 | - | - | 19 130 | - | - | -19 1303 | 323 3121,2,3,5 | 751 201 |
| Other reserves | 290 | 1 210 | 699 | - | 122 | - | 51 8833 | -53 9143,5 | 290 |
| Retained earnings | 190 299 | 10 833 | 756 | 246 | 4 108 | 129 3671 | -15 9433 | -142 8241,2,3,5 | 176 841 |
| Total equity | 625 051 | 12 143 | 11 956 | 19 475 | 10 339 | 129 367 | - | 128 262 | 936 593 |
| Liabilities | |||||||||
| Non-current liabilities | |||||||||
| Long-term interest-bearing debt | 118 023 | - | - | - | - | - | - | 108 0003 | 226 023 |
| Other financial liabilities | 873 | - | - | - | - | - | - | - | 873 |
| Deferred tax liabilities | 34 911 | 3 218 | 2 531 | - | - | 36 5131 | - | 6 0051,3,4 | 83 178 |
| Provisions | - | - | - | - | - | - | - | - | |
| Obligations under finance leases | 143 | - | - | - | - | - | - | - | 143 |
| Other non-current liabilities | 24 256 | - | - | - | - | - | - | 24 256 | |
| Total non-current liabilities | 153 950 | 27 474 | 2 531 | - | - | 36 513 | - | 114 005 | 334 473 |
| Short-term interest-bearing debt | 11 750 | - | - | - | - | - | - | - | 11 750 |
|---|---|---|---|---|---|---|---|---|---|
| Trade and other payables | 11 404 | 25 | 95 | 1 232 | 674 | - | - | - | 13 431 |
| Income tax payable | 11 647 | - | - | - | - | - | - | - | 11 647 |
| Other taxes and withholdings | 5 291 | - | 109 | - | 198 | - | - | - | 5 598 |
| Provisions | - | - | - | - | - | - | - | - | |
| Obligations under finance leases | 74 | - | - | - | - | - | - | - | 74 |
| Other current liabilities | 31 275 | 5 916 | 5 319 | 2 690 | 16 538 | - | -9 8391 | 2 0002 | 53 899 |
| Total current liabilities | 71 441 | 5 942 | 5 523 | 3 922 | 17 410 | - | -9 839 | 2 000 | 96 399 |
| Total liabilities | 225 391 | 33 415 | 8 054 | 3 922 | 17 410 | 36 513 | -9 839 | 116 005 | 430 872 |
| Total equity and liabilities | 850 442 | 45 559 | 20 010 | 23 398 | 27 749 | 165 880 | -9 839 | 244 267 | 1 367 466 |
Eurobox has historically not accounted investment property at fair value, accordingly no fair value adjustments are recorded in Eurobox. Investment property is accounted for as cost less accumulated depreciation and impairment loss. Due to lack of reliable information of fair value of the freehold properties owned by Eurobox as of 1 January 2018, no adjustments of fair value are recorded. Going forward, the fair value of freehold properties owned by Eurobox will be recorded quarterly in the statement of financial position.
Investment property is adjusted to reflect the fair value of freehold properties in the balance sheet as of 31 December 2018, offset against equity and deferred tax (22%). The fair value of freehold properties is calculated based on valuations performed by an independent external party using values based on rental income and compaired to yield and other market conditions. The financials are adjusted for the excess value of freehold properties (adjustments amounting to NOK 165.9 million) and deferred tax (adjustements amounting to NOK 36.5 million).
Prior to the Acquisition, Eurobox was owned by First Risk Capital AS. However, no consolidated financial statements have been prepared historically for these entities. The adjustments are done to reflect how the consolidated statement of financial position as of 31 December 2018 had been, if historical consolidated financial information had been prepared.
Note 1 – Intercompany transactions
Adjustments to eliminate intercompany balances in Eurobox companies.
| (Amounts in NOK 1 000) | |
|---|---|
| Reduced other current assets | -9 839 |
| Reduced other current liabilities | -9 839 |
| Net | - |
Eurobox Minilager AS owns shares in subsidiaries and other companies as of 31 December 2018, which are not a part of the transaction. These assets amounting to NOK 0.7 million was divested before completion of the transaction. Accordingly, these assets are adjusted for in the pro forma with NOK 0.7 million against cash. A potential gain on the transaction is not included in the pro forma as it will not impact the Group's financials. The divestment will not have any impact on Eurobox's tax position.
Equity in the acquiried entities is reclassified to other reserves, and paid in capital reflect historical paid in capital in the Company.
The fair value of the acquired entities has been evaluated by Self Storage Group in the preliminary PPA, defined in Section 10.6. For reference, summary of the allocation is presented below.
| Total equity consideration | 318.5 |
|---|---|
| Total fair value assets acquired and liabilities assumed | 318.5 |
| Goodwill | 99.9 |
| Deferred tax on fair value adjustments | -8.8 |
| Fair value adjustments option on additional freehold property | 24.8 |
| Fair value adjustments fit-out | 15.4 |
Investment property is adjusted to fair value in the IFRS pro forma adjustments, note 1. The book value of the fit-out has been increased with NOK 15.4 million. Fit-out for self storage is solid and with long lifetime. Fair value of fit-out is identified using average price for fit-out per square meter times current lettable area in Eurobox. An excess value of NOK 24.8 million is allocated to a two-year long option to purchase an additional property to a purchase price below market value and increases financial instruments by the same amount. The excess value of the option is calculated based on market value for the neighbour property, acquired in the Transaction. The market value is then adjusted for differences as visibility, standard and suitability for Self Storage.
After allocation, the identified values of the underlying assets and liabilities acquired gives rise to goodwill totalling NOK 99.9 million related to the fair value of the four freehold properties in operation.
In addition, the transaction contributes to a net deferred tax of NOK 8.8 million. The deferred tax adjustment includes tax effect of depreciation of excess values, see note 1 under pro forma adjustments to the unaudited pro forma condensed statement of comprehensive income.
The pro forma adjustment for other current liabilities of NOK 2 million relates to estimated transaction costs.
The enterprise value of Eurobox is NOK 320.0 million, and the Company funds this transaction through a cash component of NOK 245 million and the remaining NOK 75 million in a seller's credit to be converted to shares. Similutaniously with signing of the Purchase Agreement, the Company raised NOK 250 million (gross) in a Private Placement, where the proceeds will be used for settling the cash component.
The cash component will be settled partly with cash from the the Private Placement and partly through increase of debt on the existing loan agreement with NOK 108 million. The loan will carry an effective interest rate of 2.98 %, and the interest expense gives a pre-tax pro forma expense totalling NOK 3.2 million and NOK 2.5 million after tax.
The estimated fee related to the Private Placement reduces the equity with NOK 5.0 million after tax savings from the expense. The tax savings of NOK 1.5 million reduce deferred tax liability.
| Summary of cash changes (NOK million) | |
|---|---|
| Cash from Private Placement | 250.0 |
| Proceeds from borrowings | 108.0 |
| Fee Private Placement and adjusted interest one year | -9.7 |
| Cash component acqusision | -243.5 |
| Total | 104.8 |
The net change in deferred tax liability of NOK 6.0 million in the pro forma adjustment column can be split as presented below.
| Summary of changes in deferred tax liability (NOK million) | |
|---|---|
| Reclassification deferred tax asset | -0.6 |
| Deferred tax on excess values (see note 1) | 8.8 |
| Tax effect on pro forma interests (see note 3) | -0.7 |
| Tax effect on fee Private Placement (see note 3) | -1.5 |
| Total | 6.0 |
The Private Placement increases issued share capital with NOK 1.3 million and share premium with NOK 248.7 million. The issuance of considerations shares increases issued share capital with NOK 0.4 million and share premium with NOK 74.6 million.
The net change in other reserves of NOK -53.9 million and retained earnings of NOK -142.8 million in the pro forma adjustments column can be split as presented below.
| (NOK million) | Other | Retained |
|---|---|---|
| reserves | earnings | |
| Goodwill (see note 1) | 0.0 | 99.9 |
| Excess value option on additional freehold property (see note 1) | 0.0 | 24.8 |
| Excess value fit-out (see note 1) | 0.0 | 15.4 |
| Expenses related to transaction (see note 3) | 0.0 | -6.4 |
| Net deferred tax (see note 3 and 4) | 0.0 | -5.4 |
| Reclassification equity in acquired subsidiaries | -53.9 | 53.9 |
| Equity effect of Private Placement and issuance of | 0.0 | -325.0 |
| considerations shares (see note 3) | ||
| Total | -53.9 | 142.8 |
The unaudited pro forma condensed financial information also includes certain management assumptions and adjustments, which would not necessarily have been applied for an actual financial consolidation for the same periods.
The Company has for the purposes of the pro forma financial information performed a preliminary purchase price allocation. The excess values identified in this preliminary purchase price allocation may change when further and more complete information regarding the assets and liabilities acquired is available. The values allocated to the identified tangible and intangible assets and liabilities may change in the final purchase price allocation. This allocation has formed the basis for the amortization and depreciation charges in the pro forma income statement(s) and the presentation in the pro forma balance sheet. The final allocation may significantly differ from this allocation and this could materially have affected the depreciation and amortization of excess values in the pro forma income statement and the presentation in the pro forma balance sheet.
No excess value is added to the lease contract at Adamstuen, since the contract is recently signed and based on market conditions.
The purchase price allocation is presented in note 1 in Notes to the unaudited pro forma condensed statement of financial position – pro forma adjustments.
With respect to the unaudited pro forma condensed financial information, EY has applied assurance procedures in accordance with International Standards on Assurance Engagements 3420, Assurance Engagements to Report on the Compilation of pro forma financial information included in an Information Memorandum, in order to express an opinion as to whether the unaudited pro forma condensed financial information has been properly compiled on the basis stated, and that such basis is consistent with the accounting policies of the Group. EY's report is included as Appendix B "Independent Assurance Report on the Unaudited Pro Forma Financial Information."
The General Meeting is the highest authority of the Company. All shareholders in the Company are entitled to attend and vote at General Meetings of the Company and to table draft resolutions for items to be included on the agenda for a General Meeting.
The overall management of the Group is vested in the Company's Board of Directors and the Management. In accordance with Norwegian law, the Board of Directors is responsible for, among other things, supervising the general and day-to-day management of the Group's business ensuring proper organisation, preparing plans and budgets for its activities ensuring that the Group's activities, accounts and assets management are subject to adequate controls and undertaking investigations necessary to perform its duties.
The Board serves as audit committee. See Section 11.8 "Audit Committee" for a further description.
The Management is responsible for the day-to-day management of the Group's operations in accordance with Norwegian law and instructions set out by the Board of Directors. Among other responsibilities, the Group's chief executive officer, or CEO, is responsible for keeping the Group's accounts in accordance with prevailing Norwegian legislation and regulations and for managing the Group's assets in a responsible manner. Another task of the CEO under Norwegian law is to once a month (at a minimum) brief the Board of Directors about the Group's activities, financial position and operating results.
The Company's Articles of Association provide that the Board of Directors shall consist of a minimum of three and a maximum of seven Board Members elected by the Company's shareholders. The names and positions and current term of office of the Board Members as at the date of this Information Memorandum are set out in the table below.
| Name | Position | Served since | Shares | Share Options |
|---|---|---|---|---|
| Martin Nes | Chairman | 24 November 2016 | 789 470 | 0 |
| Gustav Søbak | Board member | 24 November 2016 | 9 565 000 | 0 |
| Runar Vatne | Board member | 29 September 2017 | 3 623 214 | 0 |
| Yvonne L. Sandvold | Board member | 29 September 2017 | 415 584 | 0 |
| Ingrid Elvira Leisner | Board member | 22 May 2018 | 10 390 | 0 |
The composition of the Board of Directors is in compliance with the independence requirements of the Corporate Governance Code (as defined below), meaning that (i) the majority of the shareholder elected members of the Board of Directors is independent of the Company's executive management and material business contacts and (ii) at least two of the shareholder elected Board Members are independent of the Company's main shareholders (shareholders holding more than 10% of the Shares in the Company).
The Company's registered business address, Nedre Skøyen vei 24, N-0276 Oslo, Norway, serves as the c/o address for the Board Members in relation to their directorship of the Company.
Set out below are brief biographies of the Board Members, including their relevant management expertise and experience, an indication of any significant principal activities performed by them outside the Company and names of companies and partnerships of which a Board Member is or has been a member of the administrative, management or supervisory bodies or partner in the previous five years (not including directorships and executive management positions in subsidiaries of the Company).
Martin Nes has been CEO in Ferncliff since 2010. He holds a law degree from the University of Oslo, and also holds a Master of Laws degree from University of Southampton, England. Prior to joining Ferncliff, he spent several years with the Norwegian law firm Wikborg Rein, working in both the Oslo and London offices, and with the shipping law firm Evensen & Co. Mr Nes has extensive corporate experience and is/has been chairman and/or a member of the boards of several listed companies, including SD Standard Drilling Plc, Aqualis ASA, Nickel Mountain Group AB, Saga Tankers ASA, NEL ASA and Weifa ASA. He is a Norwegian citizen, and resides in Norway.
Current directorships and senior management positions
Previous directorships and senior
Tycoon Industrier AS (chief executive officer), Ferncliff TIH II AS (chief executive officer), Hanekamb Invest AS (chief executive officer and chairman), AS Simask (board member), , Saga Tankers ASA (chairman), S.D. Standard Drilling Plc. (Chairman), , Standard Princess AS (chairman), Wanax AS (chairman), FEOK AS (chairman), Standard Viking AS (chairman), Standard Supplier AS (chairman), Bygdøynesveien 33-37 AS (deputy board member), Saga Unity AS (deputy board member), Ferncliff Property AS (deputy board member) , Self Storage Group ASA (chairman) OK Property AS (chariman) Breivollveien 25C AS (chariman) City Self-Storage Norge AS (chairman), OK Minilager AS (chariman), Standard supporter (chariman) and Norrtern Supply (chairman).
management positions last five years Aqualis ASA (board member and deputy board member), RotoBoost H2 AS (chairman), New NEL Hydrogen Eiendom AS (chairman), New NEL Hydrogen Holding AS (chairman), NEL Fuel (chairman), New NEL Hydrogen P60 AS (chairman), Weifa ASA (chairman, board member and deputy board member), Ferncliff Asset Management AS (chairman), Ferncliff Investment Funds Plc. (board member), RICIN Invest AS (chairman), Maross Invest AS (board member), Offshore Driller 1 Ltd. (board member), Offshore Driller 2 Ltd. (board member), Offshore Driller 3 Ltd. (board member), Offshore Driller 4 Ltd. (board member), Offshore Driller 5 Ltd. (board member), Strata AS (board member), SD Standard Drilling (CEO), FENEL AS (chairman), Aqualis Offshore AS (chairman), Strata Marine & Offshore AS (board member), Aqualis Offshore Ltd. (board member), Tristein AS (chairman), S.D. Standard Drilling Plc. (chairman), NEL ASA (chariman of the board and board member), PSV Opportunity I AS (chairman), PSV Opportunity II AS (chairman), HYME AS (chairman), Uuno-X Hydrogen AS (chairman), Febygg AS (chairman), NEL Hydrogen Electrolyser AS (chairman), Vistin Pharma AS (chairman), Saga Tankers ASA (board member), Berganodden Invest AS (chief executive officer), Ferncliff TIH 1 AS (chief executive officer), Nordic Construction Barges IV AS (chief executive officer), Nordic Construction Barges III AS (deputy board member), Berganodden Båtservice AS (deputy board member), Stugaard Invest AS (deputy board member), Ferncliff DAI 1 AS (deputy board member), Tycoon Trading 1 AS (deputy board member) Hegdehaugsveien 25 AS (deputy board member) Allum Holding AS (board member), Ferenwable AS (chariman)=, JAP Drilling 1 Ltd (chariman), Halling Offshore Ltd (chariman), Nordic Construction Barges II AS (debuty board member), Saga Agnes AS (deputy board member), Nordic construction Barges I AS (deputy board member), Saga Julie AS (deputy board member), Saga Unity AS (deputy board member), PSV Opportunity III AS (chairman), and Saga Chelsea AS (deputy board member).
Mr. Søbak co-founded OK Minilager AS with Fabian Søbak in 2009. Mr. Søbak has more than 30 years of experience in the real estate sector. Prior to co-founding OK Minilager he built up a parking company which he eventually sold to a Norwegian subsidiary of Apcoa.
| Current directorships and senior management | Centrum Skilt AS (Managing director and Chairman), Self |
|---|---|
| positions | Storage ASA (board member), City Self-Storage AS (board member), OK Minilager AS (board member), Fabian Holding AS |
| (Debuty board member) and Quicksand AS (Deputy board member) |
|
| Previous directorships and senior management positions last five years |
None |
Mr. Vatne is the principal and owner of Vatne Capital, a family office investing in financial assets and real estate. He is also a Partner and responsible for transactions in Søylen Eiendom, a leading Oslo based real estate company which he co-founded in 2004. Before Søylen Eiendom, Mr. Vatne was a broker in Pareto Securities. Mr. Vatne is a Norwegian citizen and resides in Oslo.
He is a Norwegian citizen, and resides in Norway.
Current directorships and senior management positions
Sky AS (chief executive officer), Søylen President Harbitzgate AS (Deputy board member), Lioness AS (Chairman), Søylen Seksjonsdrift 2 AS (Chairman), Vatne Finance AS (Chairman), Adventure Partners AS (Board member), Ap Bergensgata AS (Board member), AS Bogstadveien 34 (Board member), Bjørungs AS (Board member), Bogstadveien 30 Eiendom AS (Board member), Bogstadveien 58 AS (Board member), Bogstadveien Invest AS (Board member), Bonum Prosjekt 17 AS (Board member), Bryggetorget 3 AS (Board member), Bryggetorget Invest AS (Board member), Colosseum Park Syd AS (Board member), Elsero AS (Board member), Hegdehaugsveien 23 AS (Board member), Kalbold AS (Board member), Karl Johans gate 13 AS (Board member), Ok Self Storage Group AS (Board member), Ole Deviks vei 2 Eiendom ANS (Board member), Schous Trening II AS (Board member), Sinsen og Grorud Eiendom Holding AS (Board member), Smestadgård Invest AS (Board member), Søylen Bakkekroa AS (Board member), Søylen Drammensveien AS (Board member), Søylen Dronningensgate 26 AS (Board member), Søylen Eckersbergsgaten 41 AS (Board member), Søylen Eiendom AS (Board member), Søylen Niels Juels gate 40 AS (Board member), Søylen Næringseiendom AS (Board member), Søylen Prinsensgate AS (Board member), Søylen Seksjonsdrift AS (Board member), Søylen Ullevålsveien AS (Board member), Thereses gate 28 Næring AS (Board member), Tveten Park AS (Board member), Vatne Capital AS (Board member), Vatne Equity AS (Board member), Vatne High Yield AS (Board member), Vatne Invest AS (Board member), Vatne Property AS (Board member), Vatne Trading AS (Board member), Nye Lioness AS (chairman), Nye Søylen Seksjonsdrift 2 AS (Board member), Bogstadveien 64 AS (Board member), Solli Eiendom AS (Board member), Aasheim Eiendom AS (Board member), Søylen 12 AS (Board member), Kongeveien 47 AS (Board member), Solon Realkapital AS (Board member), Furuset Lager AS (Board member), Aasheim Eiendom II AS (Board member), Grønnegate 10 AS (Board member), Kirkegata 19 AS (Board member), Teglverksveien Invest AS (Board member), Gtp Invest AS (Board member), Akv Utvikling AS (Board member),Vatne Development AS (Board member), Solli Eiendom Holding AS (Board member), Solare AS (Board member), Sofiemyr Næring AS (Board member), Generaldirektørboligen AS (Board member), Nye Fløisbonnveien 2-4 AS (Board member), Gbpk AS (Board member), Solon Eiendom ASA (Board member), Bogstadveien 1 AS (Board member), Chokoladefabrikken Næring 5 AS (Board member), Chokoladefabrikken Næring 1 AS (Board member),
management positions last five years Promenaden Egertorget AS (chief executive officer), Rosenkrantzgate 11 (chief executive officer), KS AS (chief executive officer), Sagveien Næringsbygg Invest AS (chief executive officer), Karl Johan Eiendom 23B ANS (chief executive officer), Bryggetorget 3 AS (chief executive officer), Kvadraturen Eiendom (chief executive officer), Promenaden Management AS (chief executive officer), Søylen Næringseiendom AS (chief executive officer), Vatne international S.A.R.L (chief executive officer), Vatne Trading AS (Chairman), Vatne Equity AS (Chairman), Vatne Property AS (Chairman), Vatne Invest AS (Chairman), Schous Trening II AS (Chairman), AP Bergensgata AS (Chairman), Vatne Capital AS (Chairman), Søylen eiendom AS (Chairman), Vatne Racing AS (Chairman), Søylen Drammensveien 39 AS (Deputy board member), Promenaden Akersgata 16 AS (Deputy board member), Frysjaveien Forretningsbygg AS (Board member), Frysjaveien 31 AS (Board member), Eurobo AS (Board member), Frysjaveien 31 Holding AS (Board member), Concept Retail AS (Board member), Frogner Kino Eiendom AS (Board member), AP Professor Kohts Vei AS (Board member), Schous Trening II AS (Board member), Trippel V Eiendom ANS (Board member), Søylen Nordregate AS (Board member), Søylen Sagveien AS (Board member), Søylen Smedstad AS (Board member), Søylen 14 AS (Board member), Søylen 30 AS (Board member), Søylen Josefinesgate AS (Board member), Søylen Storgata 11 AS (Board member), Søylen Karl Johans Gate 13 AS (Board member), Smestadgård KS (Board member), Søylen Karl Johan AS (Board member), West Jernvarehandel AS (Board member), Søylen Karl Johan Eiendomsdrift AS (Board member), Drammensveien 39 AS (Board member), Felix Kurs- og konferansesenter AS (Board member), Storgata 11 AS (Board member), Felix Kurs- og konferansesenter DA (Board member), Parkeringsanlegg II AS (Board member), AP Bergensgata AS (Board member), Søylen Eiendom AS (Board member), Nedre Slottsgate 15 ANS (Board member), Ole Deviks Vei KS (Board member), Rosenkrantzgate 11 Eiendom ANS (Board member), Øs 10 Eiendom AS (Board member), Promenaden NSG 13 AS (Board member), High Street Shopping AS (Board member), Promenaden Oslo AS (Board member), Prinsen Invest AS (Board member), Tollbugaten 17 Eiendom AS (Board member), PrinseGaarden AS (Board member), Kirkegaten 20 Eienedom AS (Board member), Promenaden nedre Slottsgate 23 AS (Board member), Promenaden Øvre Slottsgate 18-20 AS (Board member), Egertorget Invest AS (Board member), Eger Magasin Råd AS (Board member), Dronningensgate 15 Eiendom SA (Board member), Promenaden Grensen 17 AS (Board member), Promenaden Management AS (Board member), Akersgata 16 Invest AS (Board member), Akersgata 16 Invest KS (Board member), Akersgata 16 Eiendom ANS (Board member), Dronningensgate 15 Oslo AS (Board member), HSS Steen & Strøm AS (Board member), Akersgt 16 AS (Board member), KD Forvaltning AS (Board member), Promenaden Trend AS (Board member), Steen & Strøm Drift AS (Board member), Promenaden Classic AS (Board member), Promenaden Property AS (Board member), Øvre Slottsgate 18-20 AS (Board member), Nedre slottsgate 23 Næring AS (Board member), HSS Karl Johans Gate 16 AS (Board member), Torvterrassen Eiendom AS, SPG Ole Deviksvei 6 AS (Board member), Grensen 17 AS (Board member), Drammensveien 39 Hjemmel AS (Board member), Kirkegaten 20 Oslo AS (Board member), Tollbugaten 17 Oslo AS (Board member), Grensen 17 Hjeemmel AS (Board member), Mølleparken Invest AS (Board member), KS AS Sagveien Næringsbygg (Board member), Colletts Gate 33 AS (Board member), Yerevan Invest AS (Board member), Felix konferansesenter AS (Board member), Nedre Slottsgate 15 AS (Board member), Eurobo AS (Chairman), Apt Vg58 AS (Board member), Canard AS (Board member, Drammensveien Utleie AS (Board member), Felleskost AS (Board member), Frysjaveien 31 Eiendomsinvest AS (Board member, Hjørungkroken 36-54 Borettslag (Board member), Karl Johans gate 13 Eiendom ANS (Board member), Kirkegårdsgata 1 Eiendom AS (Board member), Kjøpesenter Furuset AS (Board member), Krusesgate 3 Boligsameie (Board member), Ole Deviks vei 2 Eiendom ANS (Board member), Ole Deviks vei 4 Eiendom ANS (Board member), Ole Deviks vei 6 Eiendom ANS (Board member), Ole Deviks vei Invest AS (Board member), Sagveien Tower AS (Board member), Sd Posthallen AS (Board member), Smestad Helsesenter ANS (Board member), Sørenga 1 Næring AS (Board member), Sørenga 5 Næring AS (Board member), Sørenga 51 Næring AS (Board member), Sørenga 7 Næring AS (Board member), Sørenga 8 Næring AS (Board member), Søylen 12 AS (Board member), Søylen Ole Deviks vei AS (Board member), Søylen Tønsberg Brygge AS (Board member), Tveten Park AS (Board member)
Ms Sandvold is the founder and CEO of YLS Næringseiendom and the marketing manager of Frognerbygg AS. She has extensive experience from the Norwegian real estate industry. Ms Sandvold currently serves on the Board of several public and private companies. Ms Sandvold holds a cand. Psychol. degree from the University of Oslo. Ms Sandvold is a Norwegian citizen, and resides in Norway.
Current directorships and senior management positions
Bjørn Farmannsgate 8 AS (chief executive officer), Schøningsgate 7 AS (Deputy Board Member), Aqualis ASA (Board Member), AS Naturbetong (Board Member), Fossveien 15 AS (Chairman), Frognerbygg AS (Chariman), Løvenskiolds gate 12 AS (Board Member), Octopus Eiendom II AS (Chairman), Saga Tankers ASA (Board Member), Sandvold Holding AS (Chairman), Seilduksgata 17 AS (Chariman), Sørkedalsveien 9 AS (Board Member), Bjørn Farmannsgate 8 AS (Chairman), Octopus Eiendom AS (Chairman), Sand Invest AS (Chairman), Sandvold Bolig AS (Chairman), Sarpsborgveien 23 AS (Chairman), Siesand Invest AS (Chairman), Yls Næringseiendom AS (Chairman), Vinstra Handelspark AS (Chairman), Vinstra Handelspark II AS (Chairman), Self Storage Group ASA (Board member), Nobels Gate 2b (Chairman), Sandvoldgruppen AS (Board member)
Previous directorships and senior
management positions last five years Sandvold Holding AS (Chairman), Seilduksgata 17 AS (Deputy Board Member), Frognerbygg AS (Deputy Board Member), Sandvold Bolig AS (Deputy Board Member), Sandvold Holding AS (Deputy Board Member), AS Naturbetong (Deputy Board Member), Sandvold Holding AS (Deputy Board Member), Sand Invest AS (Deputy Board Member), AS Naturbetong (Deputy Board Member), Sandvold Bolig AS (Board Member), Weifa ASA (Board Member), Sandvold Holding AS (Board Member), Sand Invest AS (Board Member), Bogstadveien 62 AS (Deputy Board Member
Ms. Leisner is currently on the board of directors of Spectrum ASA, TechStep ASA, Maritime and Merchant ASA and Norwegian Air Shuttle ASA. Ms. Leisner has previously worked as Head of Portfolio Management for Electric Power in Statoil Norge AS in addition of being a trader of different oil and gas products in her 15 years in Statoil ASA. Ms. Leisner holds a Bachelor of Business degree with honors from the University of Texas at Austin. Ms. Leisner is a Norwegian citizen, and resides in Oslo.
| Current directorships and senior management positions |
Norwegian Air Shuttle ASA (Board Member), Self Storage Group (Board Member), Maritime Merchant Bank ASA (Board |
|---|---|
| Member), Techstep ASA (Board Member), Spectrum ASA (Board Member), Vettakollen Tennisklubb (Chairman) |
|
| Previous directorships and senior management positions last five years |
|
| Vistin Pharma AS (Board Member), Hunter Group ASA (Board Member), Aega ASA (Board member), Fortuna Mare AS (Board Member), Bionor Pharma (Board Member), Aurora LPG Holding ASA (Board Member) |
The Group's management team consists of four individuals. The names of the members of the Management as at the date of this Information Memorandum, and their respective positions, are presented in the table below:
| Employed with | Shares | Share | ||
|---|---|---|---|---|
| Name | Current position within the Group | the Group since | Options | |
| Fabian Emil Søbak | Chief Executive Officer | 01.06.2009 | 9 565 000 | 0 |
| Cecilie M. Brænd Hekneby | Chief Financial Officer | 01.09.2015 | 346 288* | 0 |
| Lauras Melnikas | Growth Manager | 04.04.2011 | 184 750 | 0 |
| Isak Larsson | General manager CSS | 01.05.2006 | 40 000 | 0 |
| (Norway/Sweden/Denmark) |
*Associated parties of Cecilie M. Brænd Hekneby subscribed for and was allocated 259 740 shares in the Offering, resulting in Cecilie M. Brænd Hekneby and associated parties holding 607 878 shares
The Company's registered business address, Nedre Skøyen vei 24, N-0276 Oslo, Norway, serves as the business address for the members of the Management in relation to their employment with the Group.
The following chart sets out the Management's organisational structure:
11.3.2 Brief biographies of the members of the Management
Set out below are brief biographies of the members of the Management, including their relevant management expertise and experience, an indication of any significant principal activities performed by them outside the Company and names of companies and partnerships of which a member of the Management is or has been a member of the administrative, management or supervisory bodies or partner the previous five years (not including directorships and executive management positions in subsidiaries of the Company).
Mr. Søbak co-founded OK Minilager AS together with his father, Gustav Søbak, in 2009. Since then he has held the position as Chief Executive Officer, and following the acquisition of City Self-Storage in 2016, he has served as the Chief Executive officer of the combined company. Mr. Søbak is a Norwegian citizen, and resides in Oslo.
| Current directorships and senior management | Quicksand AS (Chairman) and Fabian Holding AS (Chairman). |
|---|---|
| positions | |
| Previous directorships and senior management | Lagerplass Holding Fabian Emil Søbak and GS Holding AS |
| positions last five years | (Deputy board member). |
Mrs. Hekneby joined City Self-Storage in 2015 as Head of Finance and has following the acquisition of City Self-Storage held the position as Chief Financial Officer for the Group. Prior to this, she has held the positions as Group Controller in Color Line and Project Manager and Financial Controller in Posten Norge. Mrs. Hekneby holds a Master degree from Norwegian School of Economics and Business Administration (NHH). Mrs. Hekneby is a Norwegian citizen and resides in Oslo.
Current directorships and senior management positions None. Previous directorships and senior management positions last five years None.
Mr. Melnikas started at OK Minilager as Operations Manager in 2011 and has held the position as Growth Manager since 2017. Prior to that he worked as a Project Manager in the Lithuanian Renewable Energy Association (LAIEA), was a co-founder and Operations Manager of fast-food company MaMaMa and furniture manufacturing site Pratum in Lithuania. Mr. Melnikas holds a BSc in Management and Finance from ISM University of Management and Economics. Mr. Melnikas is a Lithuanian citizen, and resides in Oslo.
Current directorships and senior management positions Zethus AS (Managing director and Chairman). Previous directorships and senior management positions last five years None.
Mr. Larsson has held the position as General Manager for Norway and Sweden since 2011. He also became General Manager for Denmark in 2017. He has 11 years of experience from the self-storage industry. Mr. Larsson holds a Bachelor degree in Industrial Marketing from Högskolan in Kristianstad, Sweden. Mr. Larsson is a Swedish citizen, and resides in Oslo.
Current directorships and senior management positions
Norwegian Self-Storage Association (Board member), Danish Self-Storage Association (Board member) and Swedish Self-Storage Association (Board member). None.
Previous directorships and senior management positions last five years
At the ordinary general meeting of the Company held on 23 May 2019, it was resolved that the board members shall receive a remuneration of NOK 150 000 for the period from the ordinary general meeting until the ordinary general meeting in 2020. The remuneration to the chairman of the Board of Directors for the same period was set to NOK 250 000.
The Board of Directors has established guidelines for the remuneration to the members of the Management. The remuneration consists of a basic salary. One member of Management has performance based bonus combined with his basic salary. The members of the Management participates in the Company's insurances and medical coverage, and are entitled to certain fringe benefits.
The remuneration paid to the members of the current Management in 2018 was NOK 4.5 million. The table below sets out the remuneration of the Management in 2018 (in TNOK).
| Other | Pensions | Total | |||
|---|---|---|---|---|---|
| Name | Salary | Bonus | remuneration | costs | remuneration |
| Fabian Emil Søbak (CEO) | 473 | 0 | 45 | 17 | 535 |
| Cecilie M. Brænd Hekneby (CFO) | 1 190 | 0 | 133 | 73 | 1 397 |
| Lauras Melnikas (Operations Manager) | 713 | 128 | 88 | 32 | 961 |
| Isak Larsson (General Manager CSS) | 818 | 435 | 291 | 43 | 1 587 |
No employee, including any member of the Management, has entered into employment agreements which provide for any special benefits upon termination. None of the Board Members or the members of the nomination committee have service contracts and none will be entitled to any benefits upon termination of office.
Isak Larsson has a bonus program with a maximum 50% bonus achievement based on his fixed salary. Lauras Melnikas had a 3-month staying on bonus in 2018 based on his fixed salary.
11.4.4 Share options / share incentive schemes
As of 31 December 2018 no share options are outstanding or has been granted.
For the year ended 31 December 2018, the costs of pensions for members of the Management were TNOK 165. The Company has no pension or retirement benefits for its Board Members.
For more information regarding pension and retirement benefits, see note 10 to the Financial Statements for the year ended 31 December 2018, incorporated by reference, see section 12.1 "Incorporated by reference".
As of the date of this Information Memorandum, the Group has approximately 86 employees, of which 48 are full time employees and 38 are employed part time. In 2018, the Group has had an average of 64 FTEs.
As of 31 May 2019, approximately 57 employees worked within sales, 10 employees worked within operations and 18 employees had administrative functions. These numbers includes both full time and part time employees.
The table below shows the development in the number of full-time employees, and their geographic location as of the date of this Information Memorandum and the years ended 2017 and 2018.
| As of the date of this | Year ended 31 December | |||
|---|---|---|---|---|
| Information Memorandym | 2018 | 2017 | ||
| Employees in Norway | 38 | 39 | 38 | |
| Employees in Sweden | 5 | 6 | 7 | |
| Employees in Denmark | 5 | 5 | 6 | |
| Total employees Group | 48 | 50 | 53 |
The Company has a Nomination Committee as set out in the Articles of Association. The nomination committee currently consists of the following three members: Lars Christian Stugaard (chairperson), Henrik Krefting and Andreas Lorentzen. The current members have been elected by the General Meeting with a term until the Company's ordinary General Meeting in 2020.
The nomination committee will be responsible for recommending candidates for the election of members and chairman to the Board of Directors, and make recommendations for remuneration to the Board Members, as well as recommending members to the nomination committee.
The full board of directors of the Company serves as the Company's audit committee. The audit committee's main responsibilities are to supervise the Group's systems for internal control, and to ensure that the auditor is independent and that the annual accounts give a fair picture of the Group's financial results and financial condition in accordance with generally accepted accounting practice. The audit committee reviews the procedures for risk management and financial controls in the major areas of the Group's business activities. The audit committee receives reports on the work of the external auditor and the results of the audit.
The Company has adopted and implemented a corporate governance regime which complies with the Norwegian Code of Practice for Corporate Governance, dated 17 October 2018 (the "Corporate Governance Code").
The Company will on an annual basis provide statements on its compliance with the Corporate Governance. Code on a comply-or-explain basis. The Company intends to comply with the Corporate Governance Code in all material respects.
During the last five years preceding the date of this Information Memorandum, none of the Board Members and the members of the Management has, or had, as applicable:
To the Company's knowledge, there are currently no other actual or potential conflicts of interest between the Company and the private interests or other duties of any of the Board Members and the members of the Management. Other than Gustav Søbak and Fabian Søbak which are related (father and son), there are no other family relationships between such persons.
The following table sets forth an overview of documents incorporated by reference in this Information Memorandum. No information other that the information referred to in the table below is incorporated by reference. Where parts of a document are referenced, and not the document as a whole, the remainder of such document is either deemed irrelevant to an investor in the context of the requirements if this Information Memorandum, or the corresponding information is covered elsewhere in this Information Memorandum.
| Section in the Infomration Memorandum |
Disclosure Requirement of the Information Memorandum |
Page number in Information Memorandum |
Reference document and link | Note/page number in reference document |
|---|---|---|---|---|
| 6.17.2 - Borrowing arrangements |
Financial statements |
44 | 2017 Annual report:https://www.selfstoragegroup.no/2018/0 4/25/annual-report-2017/ 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ Q1 2019 financial report: https://www.selfstoragegroup.no/2019/05/08/in terim-report-q1-2019/ |
Note 22 and 23 |
| 9.1 - Introduction |
Financial statements |
51 | 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ |
31-39 |
| 9.2 - Segment information |
Financial statements |
56 | 2017 Annual report:https://www.selfstoragegroup.no/2018/0 4/25/annual-report-2017/ 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ |
31-39 |
| 9.2 - Segment information |
Financial statements |
56 | Q1 2018 financial report: https://www.selfstoragegroup.no/2018/05/08/in terim-report-q1-2018/ |
15 |
| 9.2 - Segment information |
Financial statements |
56 | Q1 2019 financial report: https://www.selfstoragegroup.no/2019/05/08/in terim-report-q1-2019/ |
15 |
| 9.4 - Auditors | Financial statements |
59 | 2017 Annual report:https://www.selfstoragegroup.no/2018/0 4/25/annual-report-2017/ 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ |
31-39 |
| 10.3 - Basis for preperation and accounting policies |
Financial statements |
61 | 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ |
31-39 |
| 11.5 – Pension and retirement benefits |
Financial statements |
79 | 2018 Annual report: https://www.selfstoragegroup.no/2019/04/25/a nnual-report-2018/ |
Note 10 |
For 12 months from the date of the Information Memorandum, the documents listed below, or copies thereof, may be physically inspected at the Company's headquarters Nedre Skøyen vei 24, N-0276 Oslo, Norway (telephone number +47 22 65 40 00).
In the Information Memorandum, the following defined terms have the following meanings:
| Articles of Association | The Company's articles of association |
|---|---|
| Board of Directors | The Board of Directors of the Company |
| Board Members | The members of the Board of Directors |
| CBD | Central Business District |
| Company | Self Storage Group ASA |
| Consideration Shares | 3 846 153 shares amounting to NOK 75 million in issued as part of consideration in the acquisition of Eurobox |
| Continuing Obligations | Oslo Børs Continuing Obligations for Stock Exchange Listed Companies |
| Corporate Governance Code | The Norwegian Code of Practice for Corporate Governance, dated 30 October 2014 |
| CSS | City Self-Storage |
| EU | The European Union |
| EUR | The lawful common currency of the EU member states who have adopted the Euro as their sole national currency |
| Eurobox | Eurobox Minilager AS (the management company of Eurobox in Norway) and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS |
| Eurobox Acquisition | Acquisition of shares in Eurobox Minilager AS and the associated property companies Eurobox Billingstad AS, Cron Gruppen AS and Cron Invest AS |
| FEDESSA | The Federation of European Self Storage Associations. The federation consists of 14 self storage assocations across Europe |
| Financial Statements | The Group's audited consolidated financial statements as of, and for the years ended, 31 December 2018, 2017 and 2016 |
| FTE | Full time equivalent. The total number of paid hours during a period divided by the number of working hours in that period |
| General Meeting | Company's general meeting of shareholders |
| Group | The Company and its consolidated subsidiaries |
| Historical Financial Information | The Financial Statements and the Interim Financial Statements |
| IAS 34 | International Accounting Standard 34 "Interim Financial Reporting" |
| IFRS | International Financial Reporting Standards |
| Information Memorandum | This Information Memorandum, dated 1 August 2019 |
| Interim Financial Statements | The Group's unaudited interim consolidated financial statements as of, and for the three month period ended, 31 March 2019 and 31 March 2018 |
| Management | The senior management team of the Group |
| Managers | Carnegie AS, Arctic Securities AS and DNB Markets |
| Minilageret | Minilageret AS |
| NOK | Norwegian Kroner, the lawful currency of Norway |
|---|---|
| Offer Shares | The issuance of 12 987 012 shares offered in the Private Placement |
| OKM | OK Minilager |
| Oslo Stock Exchange | Oslo Børs ASA, or, as the context may require, Oslo Børs, a Norwegian regulated stock exchange operated by Oslo Børs ASA |
| PPP | Purchasing power parity. An adjustment made to GDP to take into consideration the different price levels in different countries |
| SME | Small and medium-sized enterprises. The term is used to describe businesses whose number of employees is below a certain limit |
| SSG | The Company and its consolidated subsidiaries |
| UK | The United Kingdom |
| U.S. Securities Act | The U.S. Securities Act of 1933, as amended |
| USD | United States Dollars, the lawful currency in the United States |
| VPS | The Norwegian Central Securities Depository (Nw.: Verdipapirsentralen) |
The Company's name is Self Storage Group ASA. The company is a public limited liability company.
The company has its registered office in Oslo.
The companys business is the operation and letting of mini storage facilities, as well as investments in real estate and companies with similar business.
The company's share capital is NOK 8 261 722.6, divided on 82 617 226 shares, each with a par value of NOK 0.10.
The company's board of directors shall have a minimum of three and a maximum of seven shareholder elected board members, to be further decided by resoloution of the general meeting.
The signatory rights of the company lie with the chair of the board and one board member jointly.
The shares in the company shall be registered with a central securities depository.
The shareholders do not have rights of first refusal to shares which are transferred or otherwise changes owner. Acquisitions of shares are not conditional upon approval by the board of directors.
The company shall have a nomination committee, which shall be elected by the general meeting.
The nomination committee shall present proposals to the general meeting regarding election of the chair of the board, board members and any deputy menbers of the board. The nomination committee shall also present proposals to the general meeting regarding remuneration of the board of directors.
The general meeting shall determine instructions for the nomination committee and shall determine the remuneration of the members of the nomination committee.
If documents which relate to or describe matters which shall be decided at the general meeting have been made available to the shareholders on the the company's internet pages, the law's requirement that documents shall be sent to each of the shareholders does not apply. This also includes documents which according to law shall be included in or attached to the notice of a general meeting. A shareholder may in any case demand to have such documents sent to such shareholder.
Shareholders that wish to participate at the general meeting, shall notify the company of this within a deadline which is set out in the notice of the general meeting, and which may not expire earlier than five days prior to the general meeting. Shareholders that have not given notice prior to the deadline may be denied access.
At the annual general meeting, the following matters shall be discussed and decided: (i) approval of the annual accounts and the annual report, including distribution of any dividends; (ii) the board's statement on determination of salary and other remuneration to the executive management; and (iii) any other matters which according to law or the articles of association pertain to the general meeting.
Independet Assurance Report on Pro Forma Financial Information
Statsautoriserte revisorer Ernst & Young AS
Dronning Eufemias gate 6, NO-0191 Oslo Postboks 1156 Sentrum, NO-0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA Tlf: +47 24 00 24 00
www.ey.no Medlemmer av Den norske revisorforening
To the Board of Directors of Self Storage Group ASA
We have completed our assurance engagement to report on the compilation of pro forma financial information of Self Storage Group ASA (the "Company") by the Board of Directors and Management of the Company. The unaudited pro forma condensed financial information consists of the unaudited condensed pro forma balance sheet as at 31 December 2018, the unaudited condensed pro forma comprehensive income for the year ended 31 December 2018, and related notes as set out in section 10 of the information memorandum dated 1 August 2019 issued by the Company (the "Information Memorandum").
The unaudited pro forma condensed financial information has been compiled to comply with the requirements in section 3.5.2.6 of the "Continuing Obligations of Stock Exchange Listed Companies" issued by Oslo Børs (Oslo Stock Exchange). The applicable criteria on the basis of which the Board of Directors and Management of the Company have compiled the pro forma financial information are specified in Commission Regulation (EU) no. 2017/1129 as incorporated in the Securities Trading Act section 7-13 and described in section 10 of the Information Memorandum (the "applicable criteria").
The pro forma financial information has been compiled by the Board of Directors and Management of the Company to illustrate the impact of the acquisition of Cron Invest AS, Cron Gruppen AS, Eurobox Billingstad AS and Eurobox Minilager AS ("Eurobox entities") set out in section 10 of the Information Memorandum on the Company's consolidated financial position as at 31 December 2018 and consolidated financial performance for the year ended 31 December 2018 as if the acquisition had taken place at 31 December 2018 and 1 January 2018. As part of this process, information about the Company's and the acquired entities consolidated financial position and performance has been extracted by the Board of Directors and Management from the Company's and the acquired entities' consolidated financial statements for the year ended 31 December 2018. The auditor's report on the Company's financial statements for the year ended 31 December 2018 has been incorporated by reference to the Information Memorandum. The auditor's report on the Eurobox entities' financial statements for the year ended 31 December 2018 has been included as Appendix E to the Information Memorandum.
The Board of Directors and Management's Responsibility for the Pro Forma Financial Information The Board of Directors and Management are responsible for compiling the pro forma financial information on the basis of the applicable criteria.
We have complied with the independence and other ethical requirement of the Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants, which is founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behavior.
The firm applies International Standard on Quality Control 1, Quality Control for Firms that Perform Audits and Reviews of Financial Statements, and Other Assurance and Related Services Engagements and accordingly maintains a comprehensive system of quality control including documented policies and procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements.
Our responsibility is to express an opinion, as required by Annex 20 section 3 of EU Regulation No 2107/1129 about whether the pro forma financial information has been compiled by the Board of Directors and Management on the basis of the applicable criteria.
We conducted our engagement in accordance with International Standard on Assurance Engagements (ISAE) 3420, Assurance Engagements to Report on the Compilation of Pro Forma Financial Information Included in a Prospectus, issued by the International Auditing and Assurance Standards Board. This standard requires that the practitioner plan and perform procedures to obtain reasonable assurance about whether the Board of Directors and management have compiled the pro forma financial information on the basis of the applicable criteria and whether this basis is consistent with the accounting policies of the Company. Our work primarily consisted of comparing the unadjusted financial information with the source documents as described in section 10 of the Information Memorandum, considering the evidence supporting the adjustments and discussing the Pro Forma Financial Information with Management of the Company.
The aforementioned opinion does not require an audit of historical unadjusted financial information, the adjustments to conform the accounting policies of the acquired entities to the accounting policies of the Company, or the assumptions summarized in section 10 of the Information Memorandum. For purposes of this engagement, we are not responsible for updating or reissuing any reports or opinions on any historical financial information used in compiling the pro forma financial information, nor have we, in the course of this engagement, performed an audit or review of the financial information used in compiling the pro forma financial information.
The purpose of pro forma financial information included in a prospectus is solely to illustrate the impact of the acquisition on unadjusted financial information of the Company as if the transaction occurred or had been undertaken at an earlier date selected for purposes of the illustration. Because of its nature, the Pro Forma Financial Information addresses a hypothetical situation and, therefore, does not represent the Company's actual financial position or performance. Accordingly, we do not provide any assurance that the actual outcome of the transaction at 31 December 2018 or for the year ended 31 December 2018 would have been as presented.
A reasonable assurance engagement to report on whether the pro forma financial information has been compiled on the basis stated involves performing procedures to assess whether the applicable criteria used by the Board of Directors and Management in the compilation of the pro
forma financial information provide a reasonable basis for presenting the significant effects directly attributable to the event or transaction, and to obtain sufficient appropriate evidence about whether:
The procedures selected depend on the practitioner's judgment, having regard to the practitioner's understanding of the nature of the company, the event or transaction in respect of which the pro forma financial information has been compiled, and other relevant engagement circumstances. The engagement also involves evaluating the overall presentation of the pro forma financial information.
We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In our opinion:
This report is issued for the sole purpose of the Company's acquisition of the Eurobox entities as set out in the Information Memorandum reviewed by the Oslo Stock Exchange. Our work has not been carried out in accordance with auditing, assurance or other standards and practices generally accepted in the United States and accordingly should not be relied upon as if it had been carried out in accordance with those standards and practices. Therefore, this report is not appropriate in other jurisdictions and should not be used or relied upon for any purpose other than the acquisition described above. We accept no duty or responsibility to and deny any liability to any party in respect of any use of, or reliance upon, this report in connection with any type of transaction, including the sale of securities, as set out in the Information Memorandum reviewed by Oslo Stock Exchange.
Oslo, 1 August 2019 ERNST & YOUNG AS
Jon-Michael Grefsrød State Authorized Public Accountant (Norway)
| Enheten | |
|---|---|
| Organisasjonsnummer: | 915 721 672 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON GRUPPEN AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2016 - 31.12.2016 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 30.06.2017 |
År 2016: Årsregnskapet er elektronisk innlevert År 2015: Tall er hentet fra elektronisk innlevert årsregnskap fra 2016
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 09.07.2019
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 9 | 2 776 340 | 2 784 887 |
| Sum inntekter | 2 776 340 | 2 784 887 | |
| Kostnader | |||
| Lønnskostnad | 2,3 | 1 490 068 | 1 425 146 |
| Avskrivning | 4 | 866 500 | 865 150 |
| Annen driftskostnad | 2 | 1 121 255 | 1 040 657 |
| Sum kostnader | 3 477 823 | 3 330 953 | |
| Driftsresultat | -701 483 | -546 066 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 115 438 | 77 337 | |
| Annen finansinntekt | 310 | 251 | |
| Sum finansinntekter | 115 748 | 77 588 | |
| Rentekostnad til foretak i samme konsern | 188 893 | 178 231 | |
| Annen finanskostnad | 3 057 | 366 | |
| Sum finanskostnader | 191 950 | 178 597 | |
| Netto finans | -76 202 | -101 009 | |
| Ordinært resultat før skattekostnad | -777 685 | -647 075 | |
| Skattekostnad på ordinært resultat | 6 | -311 414 | -397 654 |
| Ordinært resultat etter skattekostnad | -466 271 | -249 421 | |
| Årsresultat | -466 271 | -249 421 | |
| Overføringer og disponeringer | |||
| Udekket tap | 466 271 | 60 218 | |
| Overføring til/fra annen egenkapital | 189 203 | ||
| Sum overføringer og disponeringer | 466 271 | 249 421 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4 | 14 697 933 | 15 295 433 |
| Driftsløsøre, inventar, verktøy, kontormaskiner | 4 | 536 000 | 805 000 |
| Sum varige driftsmidler | 15 233 933 | 16 100 433 | |
| Sum anleggsmidler | 15 233 933 | 16 100 433 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 229 332 | ||
| Andre fordringer | 5 | 3 792 306 | 2 957 015 |
| Sum fordringer | 3 792 306 | 3 186 347 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 110 879 | 629 466 | |
| Sum bankinnskudd, kontanter og lignende | 110 879 | 629 466 | |
| Sum omløpsmidler | 3 903 185 | 3 815 813 | |
| SUM EIENDELER | 19 137 118 | 19 916 246 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 7,8 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 7 | 699 486 | 1 165 758 |
| Sum innskutt egenkapital | 11 199 486 | 11 665 758 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| Sum egenkapital | 11 199 486 | 11 665 758 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 6 | 2 595 043 | 2 906 457 |
| Sum avsetninger for forpliktelser | 2 595 043 | 2 906 457 | |
| Annen langsiktig gjeld | |||
| Sum langsiktig gjeld | 2 595 043 | 2 906 457 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 66 766 | 296 315 | |
| Skyldige offentlige avgifter | 93 752 | 121 729 | |
| Annen kortsiktig gjeld | 5 | 5 182 071 | 4 925 987 |
| Sum kortsiktig gjeld | 5 342 589 | 5 344 031 | |
| Sum gjeld | 7 937 632 | 8 250 488 | |
| SUM EGENKAPITAL OG GJELD | 19 137 118 | 19 916 246 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 9 | 2 776 340 | 2784887 |
| Driftskostnader | |||
| Lønnskostnad | 2, 3 | 1490068 | 1 4 2 5 1 4 6 |
| Avskrivning | 4 | 866 500 | 865 150 |
| Annen driftskostnad | $\overline{2}$ | 1 1 2 1 2 5 5 | 1040657 |
| Sum driftskostnader | 3 477 823 | 3 3 3 0 9 5 3 | |
| Driftsresultat | $-701483$ | -546 066 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 115 438 | 77337 | |
| Annen finansinntekt | 310 | 251 | |
| Rentekostnad til foretak i samme konsern | 188893 | 178 231 | |
| Annen finanskostnad | 3057 | 366 | |
| Netto finansposter | $-76202$ | $-101009$ | |
| Ordinært resultat før skattekostnad | $-777685$ | -647 075 | |
| Skattekostnad på ordinært resultat | 6 | $-311414$ | -397 654 |
| Årsresultat | |||
| $-466271$ | $-249421$ | ||
| Overføringer og disponeringer | |||
| Overføringer annen egenkapital | $\Omega$ | $-189203$ | |
| Udekket tap | $-466271$ | $-60218$ | |
| Sum disponert | $-466271$ | $-249421$ | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4 | 14 697 933 | 15 295 433 |
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 4 | 536 000 | 805 000 |
| Sum varige driftsmidler | 15 233 933 | 16 100 433 | |
| Sum anleggsmidler | 15 233 933 | 16 100 433 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 0 | 229 332 | |
| Andre fordringer | 5 | 3792306 | 2 957 015 |
| Sum fordringer | 3792306 | 3 186 347 | |
| Bankinnskudd, kontanter og lignende | 110879 | 629 466 | |
| Sum omløpsmidler | 3 903 185 | 3 8 1 5 8 1 3 | |
| Sum eiendeler | 19 137 118 | 19 916 246 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 7,8 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 7 | 699 486 | 1 165 758 |
| Sum innskutt egenkapital | 11 199 486 | 11 665 758 | |
| Sum egenkapital | 11 199 486 | 11 665 758 | |
| Gjeld | |||
| Avsetninger for forpliktelser | |||
| Utsatt skatt | 6 | 2 595 043 | 2 906 457 |
| Sum avsetning for forpliktelser | 2 595 043 | 2 906 457 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 66766 | 296 315 | |
| Skyldige offentlige avgifter | 93752 | 121729 | |
| Annen kortsiktig gjeld | 5 | 5 182 071 | 4925987 |
| Sum kortsiktig gjeld | 5 342 589 | 5 344 031 | |
| Sum gjeld | 7937632 | 8 250 488 | |
| Sum egenkapital og gjeld | 19 137 118 | 19 916 246 |
| Lønnskostnader | 2016 | 2015 |
|---|---|---|
| Lønninger | 1284286 | 1 2 2 6 6 1 6 |
| Arbeidsgiveravgift | 184 062 | 176 113 |
| Pensionskostnader | 21 1 21 | 22 417 |
| Sum | 1489469 | 1425 146 |
| Godtaiørelse til revisor er fordelt på følgende: | 2016 |
|---|---|
| Revision | 20 400 |
| Andre tienester | 10350 |
| Tomter, | Driftsløsøre, | Sum | |
|---|---|---|---|
| bygninger | inventar, | ||
| og annen eiendom | verktøy mm. | ||
| Anskaffelseskost 01.01.16 | 15 292 127 | 1 344 805 | 26 636 932 |
| Tilgang kjøpte driftsmidler | O | 0 | 0 |
| Anskaffelseskost 31.12.16 | 15 292 127 | 1 344 805 | 16 636 932 |
| Oppskrivning før 01.01.1998 | 10 000 000 | 10 000 000 | |
| Akk.avskrivning oppskrivning 01.01.16 | 3 555 500 | 3 555 500 | |
| Akk.avskrivning 01.01.15 | 6441194 | 539 805 | 6980999 |
| Akk.avskrivning oppskrivning 31.12.16 | 3725500 | 3725500 | |
| Akk.avskrivning 31.12.16 | 6868694 | 808 805 | 7677499 |
| Balanseført pr. 31.12.16 | 14 697 933 | 536 000 | 15 233 933 |
| Årets avskrivninger | 597 500 | 269 000 | 866 500 |
| Økonomisk levetid | 50-70 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær |
| Fordringer | 2016 | 2015 |
|---|---|---|
| Annen kortsiktig fordring | 3 2 3 4 9 3 7 | 2922886 |
| Gjeld | 2016 | 2015 |
| Annen kortsiktig gjeld | 4891834 | 4741731 |
| Note 6 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2016 | 2015 |
| Årets skatteeffekt av endret skattesats | $-108$ 127 | $-231807$ |
| Endring utsatt skatt | $-203287$ | $-165847$ |
| Årets totale skattekostnad | $-311414$ | $-367654$ |
| Beregning av årets skattegrunnlag: | 2016 | 2015 |
| Ordinært resultat før skattekostnad | $-777685$ | $-647075$ |
| Endring i midlertidige forskjeller | 1521707 | 1718 647 |
| Alminnelig inntekt | 744 022 | 1071572 |
| Anvendt fremførbart underskudd | $-744022$ | $-1514804$ |
| Mottatt konsernbidrag | 0 | 443 232 |
| Årets skattegrunnlag | 0 | 0 |
| Oversikt over midlertidige forskjeller | 2016 | 2015 |
| Driftsmidler inkl goodwill | 9732500 | 10 181 964 |
| Gevinst- og tapskonto | 4 288 974 | 5 361 217 |
| Akkumulert fremførbart underskudd før konsernbidrag | -3 208 793 | -3 952 815 |
| Netto midlertidige forskjeller pr 31.12 | 10 812 681 | 11 590 366 |
| Utsatt skatt (24% for i år, 25% for i fjor) | 2 595 043 | 2897592 |
| innskutt | egenkapital | Sum | |
|---|---|---|---|
| 10 500 000 | 1 165 758 | 11 665 758 | |
| -466 271 | 0 | -466 271 | |
| 10 500 000 | 699 487 | 11 199 487 | |
| Aksjekapital | Annen egenkapital |
Annen |
| Antall | Pålydende | Balanseført | |
|---|---|---|---|
| A-aksier | 10 500 | 1000 | 10 500 000 |
| Ordinære | Eier- | Stemme- | |
|---|---|---|---|
| aksier | andel | andel | |
| First Risk Capital AS, 01.07.2012 | 10 500 | 100 % | 100 % |
| 2016 | 2015 | |
|---|---|---|
| Annen driftsinntekt | ||
| Leieinntekter | 2 723 940 | 2 6 5 4 8 8 7 |
| Annen driftsinntekt | 52 400 | 130 000 |
| 2 776 340 | 2 784 887 |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 986 567 933 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON INVEST AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2016 - 31.12.2016 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 30.06.2017 |
År 2016: Årsregnskapet er elektronisk innlevert År 2015: Tall er hentet fra elektronisk innlevert årsregnskap fra 2016
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 07.05.2019
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 5 723 723 | 5 576 217 | |
| Sum inntekter | 5 723 723 | 5 576 217 | |
| Kostnader | |||
| Avskrivning | 4 | 400 800 | 406 300 |
| Annen driftskostnad | 2 | 508 432 | 525 088 |
| Sum kostnader | 909 232 | 931 388 | |
| Driftsresultat | 4 814 491 | 4 644 829 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 157 172 | 77 969 | |
| Annen finansinntekt | 582 | 487 | |
| Sum finansinntekter | 157 754 | 78 456 | |
| Rentekostnad til foretak i samme konsern | 754 631 | 504 774 | |
| Annen finanskostnad | 240 205 | 707 888 | |
| Sum finanskostnader | 994 836 | 1 212 662 | |
| Netto finans | -837 082 | -1 134 206 | |
| Ordinært resultat før skattekostnad | 3 977 409 | 3 510 623 | |
| Skattekostnad på ordinært resultat | 7 | 862 636 | 701 313 |
| Ordinært resultat etter skattekostnad | 3 114 773 | 2 809 310 | |
| Årsresultat | 3 114 773 | 2 809 310 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -2 325 000 | -1 874 609 | |
| Overføring til/fra annen egenkapital | -789 773 | -934 701 | |
| Sum overføringer og disponeringer | -3 114 773 | -2 809 310 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4,5 | 36 641 900 | 37 042 700 |
| Sum varige driftsmidler | 36 641 900 | 37 042 700 | |
| Sum anleggsmidler | 36 641 900 | 37 042 700 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 387 259 | 27 700 | |
| Andre fordringer | 6 | 5 918 876 | 2 791 008 |
| Sum fordringer | 6 306 135 | 2 818 708 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 225 945 | 544 698 | |
| Sum bankinnskudd, kontanter og lignende | 225 945 | 544 698 | |
| Sum omløpsmidler | 6 532 080 | 3 363 406 | |
| SUM EIENDELER | 43 173 980 | 40 406 106 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8,9 | 100 000 | 100 000 |
| Annen innskutt egenkapital | 8 | 1 209 801 | 1 209 801 |
| Sum innskutt egenkapital | 1 309 801 | 1 309 801 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| Annen egenkapital | 8 | 9 435 717 | 8 645 943 |
| Sum opptjent egenkapital | 9 435 717 | 8 645 943 | |
| Sum egenkapital | 10 745 518 | 9 955 744 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 7 | 3 161 181 | 3 081 941 |
| Sum avsetninger for forpliktelser | 3 161 181 | 3 081 941 | |
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 5 | 11 785 571 | |
| Øvrig langsiktig gjeld | 6 | 25 614 926 | 12 871 226 |
| Sum annen langsiktig gjeld | 25 614 926 | 24 656 797 | |
| Sum langsiktig gjeld | 28 776 107 | 27 738 738 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 104 627 | 22 097 | |
| Betalbar skatt | 7 | 8 396 | |
| Skyldige offentlige avgifter | 108 471 | 99 074 | |
| Annen kortsiktig gjeld | 6 | 3 430 861 | 2 590 453 |
| Sum kortsiktig gjeld | 3 652 355 | 2 711 624 | |
| Sum gjeld | 32 428 462 | 30 450 362 | |
| SUM EGENKAPITAL OG GJELD | 43 173 980 | 40 406 106 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 5723723 | 5 576 217 | |
| Driftskostnader | |||
| Avskrivning | 4 | 400 800 | 406 300 |
| Annen driftskostnad | $\overline{2}$ | 508 432 | 525 088 |
| Sum driftskostnader | 909 232 | 931 388 | |
| Driftsresultat | 4814491 | 4644829 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 157 172 | 77969 | |
| Annen finansinntekt | 582 | 487 | |
| Rentekostnad til foretak i samme konsern | 754 631 | 504 774 | |
| Annen finanskostnad | 240 205 | 707888 | |
| Netto finansposter | $-837082$ | $-1134206$ | |
| Ordinært resultat før skattekostnad | 3 977 409 | 3 510 623 | |
| Skattekostnad på ordinært resultat | 7 | 862 636 | 701 313 |
| Årsresultat | 3 1 1 4 7 7 3 | 2809310 | |
| Overføringer og disponeringer Konsernbidrag |
2 325 000 | 1874609 | |
| Overføringer annen egenkapital | 789 773 | 934 701 | |
| Sum disponert | 3 1 1 4 7 7 3 | 2 809 310 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8, 9 | 100 000 | 100 000 |
| Annen innskutt egenkapital | 8 | 1 209 801 | 1 209 801 |
| Sum innskutt egenkapital | 1 309 801 | 1 309 801 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 8 | 9 435 717 | 8 645 943 |
| Sum opptjent egenkapital | 9 435 717 | 8 645 943 | |
| Sum egenkapital | 10 745 518 | 9 9 5 7 7 4 4 | |
| Gjeld | |||
| Avsetninger for forpliktelser | |||
| Utsatt skatt | 7 | 3 161 181 | 3 081 941 |
| Sum avsetning for forpliktelser | 3 161 181 | 3 081 941 | |
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 5 | 0 | 11 785 571 |
| Øvrig langsiktig gjeld | 6 | 25 614 926 | 12 871 226 |
| Sum annen langsiktig gjeld | 25 614 926 | 24 656 797 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 104 627 | 22 097 | |
| Betalbar skatt | 7 | 8396 | 0 |
| Skyldige offentlige avgifter | 108 471 | 99074 | |
| Annen kortsiktig gjeld | 6 | 3 430 861 | 2 590 453 |
| Sum kortsiktig gjeld | 3 652 355 | 2 711 624 | |
| Sum gjeld | 32 428 462 | 30 450 362 | |
| Sum egenkapital og gjeld | 43 173 980 | 40 406 106 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4, 5 | 36 641 900 | 37 042 700 |
| Sum varige driftsmidler | 36 641 900 | 37 042 700 | |
| Sum anleggsmidler | 36 641 900 | 37 042 700 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 387 259 | 27 700 | |
| Andre fordringer | 6 | 5918876 | 2791008 |
| Sum fordringer | 6 306 135 | 2 818 708 | |
| Bankinnskudd, kontanter og lignende | 225 945 | 544 698 | |
| Sum omløpsmidler | 6 532 080 | 3 3 6 3 4 0 6 | |
| Sum eiendeler | 43 173 980 | 40 406 106 | |
| Godtaiørelse til revisor er fordelt på følgende: | 2016 |
|---|---|
| Revision | 24 020 |
| Andre tienester | 11815 |
| Tomter. bygninger og annen eiendom |
Driftsløsøre, inventar, verktøy mm. |
Sum | |
|---|---|---|---|
| Anskaffelseskost 01.01.2016 | 43 136 371 | 30469 | 43 166 840 |
| Anskaffelseskost 31.12.2016 | 43 136 371 | 30469 | 43 166 840 |
| Akk.avskrivning 01.01.2016 | 6093671 | 30469 | 6 124 140 |
| Akk.avskrivning 31.12.2016 | 6494471 | 30469 | 6 524 940 |
| Balanseført pr. 31.12.2016 | 36 641 900 | 0 | 36 641 900 |
| Årets avskrivninger | 400 800 | 0 | 400 800 |
| Økonomisk levetid | 100 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær |
| Garantiansvar | 2016 | 2015 |
|---|---|---|
| Eurobox Minilager AS | 0 | 12 000 000 |
| Pantsikret gjeld | 2016 | 2015 |
| Gield til Sparebanken Øst | O | 11 785 571 |
| Sikret i panteobjekt med bokførte verdier: | 2016 | 2015 |
| Eiendommer | 36 641 900 | 37 042 700 |
| Fordringer | 2016 | 2015 |
|---|---|---|
| Andre fordringer | 5918111 | 2 791 008 |
| Gjeld | 2016 | 2015 |
| Annen kortsiktig gjeld Øvrig langsiktig gjeld Sum |
3 100 000 25 614 926 28 714 926 |
2 5 6 7 9 5 7 12 871 226 15 439 183 |
| Årets skattekostnad fordeler seg på: | 2016 | 2015 |
|---|---|---|
| Betalbar skatt | 783 396 | 693 348 |
| Endring utsatt skatt | 79 240 | 7965 |
| Årets totale skattekostnad | 862 636 | 701 313 |
| Beregning av årets skattegrunnlag: | 2016 | 2015 |
| Ordinært resultat før skattekostnad | 3 977 409 | 3 5 1 0 6 2 3 |
| Endring i midlertidige forskjeller | -843 826 | -942 666 |
| Årets skattegrunnlag | 3 133 583 | 2 5 6 7 9 5 7 |
| Betalbar skatt (25%) av årets skattegrunnlag | 783 396 | 693 348 |
| Betalbar skatt i balansen fremkommer slik: | 2016 | 2015 |
| Betalbar skatt på årets resultat | 783 396 | 693 348 |
| Betalbar skatt på avgitt konsernbidrag | $-775000$ | -693 348 |
| Sum betalbar skatt i balansen | 8 3 9 6 | 0 |
| Oversikt over midlertidige forskjeller: | 2016 | 2015 |
| Driftsmidler inkl goodwill | 13 179 089 | 12 327 763 |
| Utestående fordringer | $-7500$ | 0 |
| Netto midlertidige forskjeller pr 31.12 | 13 171 589 | 12 327 763 |
| Utsatt skattefordel/Utsatt skatt (24% for i år. 25% for i fjor) | 3 161 181 | 3 081 941 |
| Aksjekapital | Annen | Annen | Sum | |
|---|---|---|---|---|
| innskutt | egenkapital | |||
| egenkapital | ||||
| Egenkapital 01.01.2016 | 100 000 | 1 209 801 | 8 645 944 | 9 9 5 7 4 5 |
| Arsresultat | 0 | 0 | 3 1 1 4 7 7 3 | 3 114 773 |
| Avgitt konsernbidrag | Ω | 0 | -2 325 000 | $-2325000$ |
| Egenkapital 31.12.2016 | 100 000 | 1 209 801 | 9 435 717 | 10745518 |
| Antall | Pålydende | Balanseført | |
|---|---|---|---|
| Ordinære aksjer | 100 000 | 100 000 | |
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære | Eier- | Stemme- | |
| aksier | andel | andel | |
| Einst Dieb Canital AC | 100.000 | 1 በባ የረ | ∩ |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 965 968 261 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | EUROBOX MINILAGER AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2016 - 31.12.2016 |
| Konsern | |
| Morselskap i konsern: | Ja |
| Konsernregnskap lagt ved: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 30.06.2017 |
År 2016: Årsregnskapet er elektronisk innlevert År 2015: Tall er hentet fra elektronisk innlevert årsregnskap fra 2016
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 07.05.2019
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 20 062 290 | 19 784 088 | |
| Sum inntekter | 20 062 290 | 19 784 088 | |
| Kostnader | |||
| Lønnskostnad | 4 | 2 447 399 | 2 978 898 |
| Avskrivning | 5 | 465 891 | 393 021 |
| Annen driftskostnad | 4 | 18 633 447 | 15 840 123 |
| Sum kostnader | 21 546 737 | 19 212 042 | |
| Driftsresultat | -1 484 447 | 572 046 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 518 154 | 796 848 | |
| Annen finansinntekt | 2 | 179 973 | 95 499 |
| Sum finansinntekter | 698 127 | 892 347 | |
| Rentekostnad til foretak i samme konsern | 63 728 | 208 897 | |
| Annen finanskostnad | 2 | 294 262 | 733 739 |
| Sum finanskostnader | 357 990 | 942 636 | |
| Netto finans | 340 137 | -50 289 | |
| Ordinært resultat før skattekostnad | -1 144 310 | 521 757 | |
| Skattekostnad på ordinært resultat | 9 | -273 609 | 140 155 |
| Ordinært resultat etter skattekostnad | -870 701 | 381 602 | |
| Årsresultat | -870 701 | 381 602 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -322 495 | ||
| Overføring til/fra annen egenkapital | 870 701 | -59 107 | |
| Sum overføringer og disponeringer | 870 701 | -381 602 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 9 | 403 475 | 129 866 |
| Sum immaterielle eiendeler | 403 475 | 129 866 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner | 5 | 3 425 200 | 1 822 000 |
| Sum varige driftsmidler | 3 425 200 | 1 822 000 | |
| Finansielle anleggsmidler | |||
| Investering i datterselskap | 6 | 30 000 | 30 000 |
| Lån til foretak i samme konsern | 7 401 872 | 11 608 940 | |
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 202 138 | 1 155 903 | |
| Sum finansielle anleggsmidler | 9 256 510 | 13 417 343 | |
| Sum anleggsmidler | 13 085 185 | 15 369 209 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 1 123 382 | 1 205 618 | |
| Andre fordringer | 7 | 2 662 537 | 7 501 632 |
| Sum fordringer | 3 785 919 | 8 707 250 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 3 | 2 661 536 | 2 367 581 |
| Sum bankinnskudd, kontanter og lignende | 2 661 536 | 2 367 581 | |
| Sum omløpsmidler | 6 447 455 | 11 074 831 | |
| SUM EIENDELER | 19 532 640 | 26 444 040 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 10,11 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 10 | 121 938 | 121 938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 10 | 3 250 268 | 4 120 969 |
| Sum opptjent egenkapital | 3 250 268 | 4 120 969 | |
| Sum egenkapital | 9 482 006 | 10 352 707 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 8 | 4 464 889 | |
| Sum annen langsiktig gjeld | 4 464 889 | ||
| Sum langsiktig gjeld | 0 | 4 464 889 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 644 338 | 144 075 | |
| Skyldige offentlige avgifter | 157 190 | 146 338 | |
| Annen kortsiktig gjeld | 7 | 9 249 106 | 11 336 031 |
| Sum kortsiktig gjeld | 10 050 634 | 11 626 444 | |
| Sum gjeld | 10 050 634 | 16 091 333 | |
| SUM EGENKAPITAL OG GJELD | 19 532 640 | 26 444 040 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2016 | 2015 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 20 062 290 | 19 784 088 | |
| Driftskostnader | |||
| Lønnskostnad | 4 | 2 447 399 | 2978898 |
| Avskrivning | 5 | 465891 | 393 021 |
| Annen driftskostnad | 4 | 18 633 447 | 15 840 123 |
| Sum driftskostnader | 21 546 737 | 19 212 042 | |
| Driftsresultat | $-1484447$ | 572 046 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 518 154 | 796 848 | |
| Annen finansinntekt | $\mathbf{2}$ | 179 973 | 95 4 99 |
| Rentekostnad til foretak i samme konsern | 63728 | 208 897 | |
| Annen finanskostnad | 2 | 294 262 | 733 739 |
| Netto finansposter | 340 137 | $-50289$ | |
| Ordinært resultat før skattekostnad | $-1$ 144 310 | 521757 | |
| Skattekostnad på ordinært resultat | 9 | $-273609$ | 140 155 |
| Årsresultat | -870 701 | 381 602 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | 0 | 322 495 | |
| Overføringer annen egenkapital | -870 701 | 59 107 | |
| Sum disponert | $-870701$ | 381 602 |
| Balanse pr. 31. desember | Note | 2016 | 2015 |
|---|---|---|---|
| Anleggsmidler | |||
| Immaterielle eiendeler Utsatt skattefordel |
9 | 403 475 | 129 866 |
| Sum immaterielle eiendeler | 403 475 | 129 866 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 5 | 3 4 2 5 2 0 0 | 1822000 |
| Sum varige driftsmidler | 3 4 2 5 2 0 0 | 1822000 | |
| Finansielle anleggsmidler | |||
| Investeringer i datterselskap | 6 | 30 000 | 30 000 |
| Lån til foretak i samme konsern | 7 401 872 | 11 608 940 | |
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 202 138 | 1 155 903 | |
| Sum finansielle anleggsmidler | 9 256 510 | 13 417 343 | |
| Sum anleggsmidler | 13 085 185 | 15 369 209 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 1 123 382 | 1 205 618 | |
| Andre fordringer | 7 | 2 662 537 | 7 501 632 |
| Sum fordringer | 3785919 | 8707250 | |
| Bankinnskudd, kontanter og lignende | 3 | 2 661 536 | 2 3 6 7 5 8 1 |
| Sum omløpsmidler | 6 447 455 | 11074831 | |
| Sum eiendeler | 19 532 640 | 26 444 040 | |
| Balanse pr. 31. desember | Note | 2016 | 2015 |
|---|---|---|---|
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 10, 11 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 10 | 121938 | 121938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 10 | 3 250 268 | 4 120 969 |
| Sum opptjent egenkapital | 3 250 268 | 4 120 969 | |
| Sum egenkapital | 9482006 | 10 352 707 | |
| Gjeld | |||
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 8 | 0 | 4 4 6 4 8 8 9 |
| Sum annen langsiktig gjeld | 0 | 4464889 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 644 338 | 144 075 | |
| Skyldige offentlige avgifter | 157 190 | 146 338 | |
| Annen kortsiktig gjeld | 7 | 9 249 106 | 11 336 031 |
| Sum kortsiktig gjeld | 10 050 634 | 11 626 444 | |
| Sum gield | 10 050 634 | 16 091 333 | |
| Sum egenkapital og gjeld | 19 532 640 | 26 444 040 |
| 2016 | 2015 | |
|---|---|---|
| Annen finansinntekt | ||
| Mottatt utbytter | 43 684 | 43 684 |
| Renteinntekter | 136 288 | 49 152 |
| Annen finansinntekt | 0 | 2663 |
| Sum annen finansinntekt | 179 972 | 95 499 |
| Annen finanskostnad | ||
| Rentekostnader | 294 262 | 733 548 |
| Andre finanskostnader | 0 | 191 |
| Sum annen finanskostnad | 294 262 | 733 739 |
| ------- | |
|---|---|
| Bundne skattetrekksmidler utgjør | 70511 |
| Lønnskostnader | 2016 | 2015 |
|---|---|---|
| Lønninger | 2 128 949 | 2 536 043 |
| Arbeidsgiveravgift | 300 694 | 354 683 |
| Andre vtelser | 14 116 | 88 171 |
| Sum | 2 443 759 | 2978897 |
| Maskiner og anlegg | Driftsløsøre, | Sum | |
|---|---|---|---|
| inventar. | |||
| verktøy mm. | |||
| Anskaffelseskost 01.01.16 | 842 504 | 1869040 | 2 711 544 |
| Reklassifisert | 122 125 | -122 125 | 0 |
| 964 629 | 1746915 | 2711544 | |
| Tilgang kjøpte driftsmidler | 1699681 | 369 410 | 2069091 |
| Anskaffelseskost 31.12.16 | 2 664 310 | 2 116 325 | 4780635 |
| Akk.ayskriving 01.01.16 | 76 129 | 813 415 | 888 544 |
| Akk.avskrivning 31.12.16 | 136 310 | 1 219 125 | 1 3 5 4 4 3 5 |
| Balanseført pr. 31.12.16 | 2 528 000 | 897 200 | 3 4 2 5 2 0 0 |
| Årets avskrivninger | 60 182 | 405 709 | 465 891 |
| Økonomisk levetid | 25ar | 4-5 år | |
| Avskrivningsplan | Lineær |
| Datter selskap | Eierandel | Anskaff.kost | Markedsverdi |
|---|---|---|---|
| Gowork Eurobox AS | 100.00% | 2015 | 30 000 |
| Tilknyttet selskap Grenland Minilager AS |
21,84% | 2007 | 622 500 |
| Fordringer | 2016 | 2015 |
|---|---|---|
| Andre fordringer | 2 479 948 | 4935781 |
| Gjeld | 2016 | 2015 |
| Annen kortsiktig gjeld | 1 395 911 | 3 8 3 4 1 9 3 |
| Note 8 - Pant og garantier | ||
| Pantsikret gjeld | 2016 | 2015 |
| Gjeld til kredittinstitusjoner | 0 | 4 4 6 4 8 8 9 |
| Lånet er innfridd i sin helhet i 2016. | ||
| Note 9 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2016 | 2015 |
| Betalbar skatt | $\mathbf 0$ | 119 279 |
| Endring utsatt skatt | $-263439$ | 20876 |
| Årets totale skattekostnad | $-263439$ | 140 155 |
| Beregning av årets skattegrunnlag: | 2016 | 2015 |
| Ordinært resultat før skattekostnad | $-1$ 144 310 | 521757 |
| Permanente forskjeller | $-17373$ | $-41142$ |
| Endring i midlertidige forskjeller | $-39260$ | $-38841$ |
| Årets skattegrunnlag | $-1200943$ | 441 774 |
| Betalbar skatt (25%) av årets skattegrunnlag | 0 | 119 279 |
| Betalbar skatt i balansen fremkommer slik | 2016 | 2015 |
| Betalbar skatt på årets resultat | 0 | 119 279 |
| Betalbar skatt på avgitt konsernbidrag | 0 | $-119279$ |
| Sum betalbar skatt i balansen | 0 | 0 |
| Oversikt over midlertidige forskjeller | 2016 | 2015 |
|---|---|---|
| Driftsmidler inkl goodwill | -375 072 | -403 726 |
| Utestående fordringer | $-105$ 129 | $-115735$ |
| Akkumulert fremførbart underskudd før konsernbidrag | -1 200 943 | |
| Netto midlertidige forskjeller pr 31.12 | -1 681 144 | -519 461 |
| Utsatt skattefordel (24% for i år, 25% for i fjor) | -403 475 | -129 865 |
| Aksjekapital | Annen innskutt egenkapital |
Annen egenkapital |
Sum | |
|---|---|---|---|---|
| Egenkapital 01.01.16 | 6 109 800 | 121938 | 4 120 969 | 10 352 707 |
| Årsresultat | 0 | 0 | -870 701 | -870 701 |
| Egenkapital 31.12.16 | 6 109 800 | 121938 | 3 250 268 | 9482006 |
| Antali | Pålydende | Balanseført | |
|---|---|---|---|
| Ordinære aksjer | 40732 | 150 | 6 109 800 |
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære | Eier- | Stemme- |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 915 721 672 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON GRUPPEN AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2017 - 31.12.2017 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 02.07.2018 |
| Grunnlag for avgivelse |
År 2017: Årsregnskapet er elektronisk innlevert År 2016: Tall er hentet fra elektronisk innlevert årsregnskap fra 2017
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 09.07.2019
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 9 | 2 899 313 | 2 776 340 |
| Sum inntekter | 2 899 313 | 2 776 340 | |
| Kostnader | |||
| Lønnskostnad | 2,3 | 982 433 | 1 490 068 |
| Avskrivning | 4 | 867 006 | 866 500 |
| Annen driftskostnad | 2 | 409 996 | 1 121 255 |
| Sum kostnader | 2 259 435 | 3 477 823 | |
| Driftsresultat | 639 878 | -701 483 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 158 868 | 115 438 | |
| Annen finansinntekt | 1 201 | 310 | |
| Sum finansinntekter | 160 069 | 115 748 | |
| Rentekostnad til foretak i samme konsern | 199 968 | 188 893 | |
| Annen finanskostnad | 3 751 | 3 057 | |
| Sum finanskostnader | 203 719 | 191 950 | |
| Netto finans | -43 650 | -76 202 | |
| Ordinært resultat før skattekostnad | 596 228 | -777 685 | |
| Skattekostnad på ordinært resultat | 6 | 29 006 | -311 414 |
| Ordinært resultat etter skattekostnad | 567 222 | -466 271 | |
| Årsresultat | 567 222 | -466 271 | |
| Overføringer og disponeringer | |||
| Udekket tap | 466 271 | ||
| Overføring til/fra annen egenkapital | -567 222 | ||
| Sum overføringer og disponeringer | -567 222 | 466 271 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4,10 | 14 100 433 | 14 697 933 |
| Driftsløsøre, inventar, verktøy, kontormaskiner | 4 | 282 300 | 536 000 |
| Sum varige driftsmidler | 14 382 733 | 15 233 933 | |
| Sum anleggsmidler | 14 382 733 | 15 233 933 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Andre fordringer | 5 | 4 447 189 | 3 792 306 |
| Sum fordringer | 4 447 189 | 3 792 306 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 71 676 | 110 879 | |
| Sum bankinnskudd, kontanter og lignende | 71 676 | 110 879 | |
| Sum omløpsmidler | 4 518 865 | 3 903 185 | |
| SUM EIENDELER | 18 901 598 | 19 137 118 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 7,8 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 7 | 699 486 | 699 486 |
| Sum innskutt egenkapital | 11 199 486 | 11 199 486 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| Annen egenkapital | 7 | 567 222 | |
| Sum opptjent egenkapital | 567 222 | ||
| Sum egenkapital | 11 766 708 | 11 199 486 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 6 | 2 624 049 | 2 595 043 |
| Sum avsetninger for forpliktelser | 2 624 049 | 2 595 043 | |
| Annen langsiktig gjeld | |||
| Sum langsiktig gjeld | 2 624 049 | 2 595 043 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 23 604 | 66 766 | |
| Skyldige offentlige avgifter | 148 263 | 93 752 | |
| Annen kortsiktig gjeld | 5 | 4 338 974 | 5 182 071 |
| Sum kortsiktig gjeld | 4 510 841 | 5 342 589 | |
| Sum gjeld | 7 134 890 | 7 937 632 | |
| SUM EGENKAPITAL OG GJELD | 18 901 598 | 19 137 118 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 9 | 2899313 | 2776340 |
| Driftskostnader | |||
| Lønnskostnad | 2, 3 | 982 433 | 1 490 068 |
| Avskrivning | 4 | 867006 | 866 500 |
| Annen driftskostnad | $\overline{2}$ | 409 996 | 1 1 2 1 2 5 5 |
| Sum driftskostnader | 2 2 5 9 4 3 5 | 3 477 823 | |
| Driftsresultat | 639878 | $-701483$ | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 158868 | 115 438 | |
| Annen finansinntekt | 1 2 0 1 | 310 | |
| Rentekostnad til foretak i samme konsern | 199 968 | 188893 | |
| Annen finanskostnad | 3751 | 3057 | |
| Netto finansposter | $-43650$ | $-76202$ | |
| Ordinært resultat før skattekostnad | 596 228 | $-777685$ | |
| Skattekostnad på ordinært resultat | 6 | 29 006 | $-311414$ |
| Årsresultat | 567 222 | $-466271$ | |
| Overføringer og disponeringer | |||
| Overføringer annen egenkapital | 567 222 | $\Omega$ | |
| Udekket tap | $\Omega$ | $-466271$ | |
| Sum disponert | 567 222 | -466 271 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4, 10 | 14 100 433 | 14 697 933 |
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 4 | 282 300 | 536 000 |
| Sum varige driftsmidler | 14 382 733 | 15 233 933 | |
| Sum anleggsmidler | 14 382 733 | 15 233 933 | |
| Omløpsmidler | |||
| Fordringer | |||
| Andre fordringer | 5 | 4 447 189 | 3792306 |
| Sum fordringer | 4 4 4 7 1 8 9 | 3792306 | |
| Bankinnskudd, kontanter og lignende | 71676 | 110879 | |
| Sum omløpsmidler | 4 5 18 8 6 5 | 3 903 185 | |
| Sum eiendeler | 18 901 598 | 19 137 118 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 7,8 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 7 | 699 486 | 699 486 |
| Sum innskutt egenkapital | 11 199 486 | 11 199 486 | |
| Opptjent egenkapital | |||
| Annen egenkapital | $\overline{7}$ | 567 222 | 0 |
| Sum opptjent egenkapital | 567 222 | $\Omega$ | |
| Sum egenkapital | 11 766 708 | 11 199 486 | |
| Gjeld | |||
| Avsetninger for forpliktelser | |||
| Utsatt skatt | 6 | 2 624 049 | 2 595 043 |
| Sum avsetning for forpliktelser | 2 624 049 | 2 595 043 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 23 604 | 66 766 | |
| Skyldige offentlige avgifter | 148 263 | 93752 | |
| Annen kortsiktig gjeld | 5 | 4 3 3 8 9 7 4 | 5 182 071 |
| Sum kortsiktig gjeld | 4510841 | 5 342 589 | |
| Sum gjeld | 7 134 890 | 7937632 | |
| Sum egenkapital og gjeld | 18 901 598 | 19 137 118 |
| Lønnskostnader | 2017 | 2016 |
|---|---|---|
| Lønninger | 831 338 | 1 284 286 |
| Arbeidsgiveravgift | 120 241 | 184 062 |
| Pensionskostnader | 27665 | 21 1 21 |
| Sum | 979 244 | 1489469 |
| Godtgjørelse til revisor er fordelt på følgende: | 2017 |
|---|---|
| Revision | 26 965 |
| Andre tienester | 19 940 |
| Tomter, | Driftsløsøre. | Sum | |
|---|---|---|---|
| bygninger | inventar. | ||
| og annen eiendom | verktøy mm. | ||
| Anskaffelseskost 01.01.17 | 15 292 127 | 1 344 805 | 16 636 932 |
| Tilgang kjøpte driftsmidler | 0 | 15 806 | 15806 |
| Anskaffelseskost 31.12.17 | 15 292 127 | 1 360 611 | 16 652 738 |
| Oppskrivning før 01.01.1998 | 10 000 000 | 10 000 000 | |
| Akk.avskrivning oppskrivning 01.01.17 | 3725500 | 3725500 | |
| Akk.avskrivning 01.01.17 | 6868694 | 808 805 | 7677499 |
| Akk.avskrivning oppskrivning 31.12.17 | 3 895 500 | 3 895 500 | |
| Akk.avskrivning 31.12.17 | 7 296 194 | 1078311 | 8 374 505 |
| Balanseført pr. 31.12.17 | 14 100 433 | 282 300 | 14 382 733 |
| Årets avskrivninger | 597 500 | 269 506 | 867 006 |
| Økonomisk levetid | 50-70 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær |
| Fordringer | 2017 | 2016 |
|---|---|---|
| Lån til foretak i samme konsern | 4 349 102 | 3754339 |
| Annen kortsiktig fordring | 98 087 | 37967 |
| Sum | 4 4 4 7 1 8 9 | 3792306 |
| Gjeld | 2017 | 2016 |
| Gjeld til selskap i samme konsern | 4 181 272 | 4891834 |
| Årets skattekostnad fordeler seg på: | 2017 | 2016 |
|---|---|---|
| Årets skatteeffekt av endret skattesats | $-114089$ | $-108127$ |
| Endring utsatt skatt | 143 095 | $-311414$ |
| Årets totale skattekostnad | 29 006 | -419 541 |
| Beregning av årets skattegrunnlag: | 2017 | 2016 |
| Ordinært resultat før skattekostnad | 596 228 | $-777685$ |
| Endring i midlertidige forskjeller | 1 3 5 4 1 0 5 | 1521707 |
| Alminnelig inntekt | 1950333 | 744 022 |
| Anvendt fremførbart underskudd | $-1950333$ | $-744022$ |
| Arets skattegrunnlag | 0 | 0 |
| Oversikt over midlertidige forskjeller | 2017 | 2016 |
| Driftsmidler inkl goodwill | 9 236 190 | 9732500 |
| Gevinst- og tapskonto | 3 431 179 | 4 288 974 |
| Akkumulert fremførbart underskudd før konsernbidrag | $-1258460$ | -3 208 793 |
| Netto midlertidige forskjeller pr 31.12 | 11 408 909 | 10 812 681 |
| Utsatt skattefordel/Utsatt skatt (23% for i år, 24% for i fjor) | 2624049 | 2 595 043 |
| Aksjekapital | Annen innskutt egenkapital |
Annen egenkapital |
Sum | |
|---|---|---|---|---|
| Egenkapital 01.01.17 | 10 500 000 | 699 486 | 11 199 487 | |
| Årsresultat | 567 222 | 567 222 | ||
| Egenkapital 31.12.17 | 10 500 000 | 699 486 | 567 222 | 11 766 709 |
| Aksjekapitalen består av: | ||
|---|---|---|
| Ordinære | Eier- | Stemme- | |
|---|---|---|---|
| aksier | andel | andel | |
| First Risk Capital AS, 01.07.2012 | 10 500 | 100 % | 100 % |
| 2017 | 2016 | |
|---|---|---|
| Annen driftsinntekt | ||
| Leieinntekter | 2 7 1 2 3 3 2 | 2 716 440 |
| Inntekt til dekning av felleskostnader | 180481 | 7500 |
| Annen driftsinntekt | 6500 | 52 400 |
| 2899313 | 2 776 340 | |
| $190.0220$ $1911.05$ saturation | ||
|---|---|---|
| 2017 | 2016 | |
| Eiendommer | 36 476 400 | 36 641 900 |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 986 567 933 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON INVEST AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2017 - 31.12.2017 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 02.07.2018 |
| Grunnlag for avgivelse |
År 2017: Årsregnskapet er elektronisk innlevert År 2016: Tall er hentet fra elektronisk innlevert årsregnskap fra 2017
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 07.05.2019
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 6 285 389 | 5 723 723 | |
| Sum inntekter | 6 285 389 | 5 723 723 | |
| Kostnader | |||
| Avskrivning | 4 | 413 502 | 400 800 |
| Annen driftskostnad | 2 | 710 009 | 508 432 |
| Sum kostnader | 1 123 511 | 909 232 | |
| Driftsresultat | 5 161 878 | 4 814 491 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 240 726 | 157 172 | |
| Annen finansinntekt | 125 | 582 | |
| Sum finansinntekter | 240 851 | 157 754 | |
| Rentekostnad til foretak i samme konsern | 998 881 | 754 631 | |
| Annen finanskostnad | 240 205 | ||
| Sum finanskostnader | 998 881 | 994 836 | |
| Netto finans | -758 030 | -837 082 | |
| Ordinært resultat før skattekostnad | 4 403 848 | 3 977 409 | |
| Skattekostnad på ordinært resultat | 7 | 917 464 | 862 636 |
| Ordinært resultat etter skattekostnad | 3 486 384 | 3 114 773 | |
| Årsresultat | 3 486 384 | 3 114 773 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -2 757 635 | -2 325 000 | |
| Overføring til/fra annen egenkapital | -728 749 | -789 773 | |
| Sum overføringer og disponeringer | -3 486 384 | -3 114 773 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4,5 | 36 550 300 | 36 641 900 |
| Sum varige driftsmidler | 36 550 300 | 36 641 900 | |
| Sum anleggsmidler | 36 550 300 | 36 641 900 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 40 000 | 387 259 | |
| Andre fordringer | 6 | 6 403 641 | 5 918 876 |
| Sum fordringer | 6 443 641 | 6 306 135 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 795 990 | 225 945 | |
| Sum bankinnskudd, kontanter og lignende | 795 990 | 225 945 | |
| Sum omløpsmidler | 7 239 631 | 6 532 080 | |
| SUM EIENDELER | 43 789 931 | 43 173 980 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8,9 | 100 000 | 100 000 |
| Annen innskutt egenkapital | 8 | 1 209 801 | 1 209 801 |
| Sum innskutt egenkapital | 1 309 801 | 1 309 801 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| Annen egenkapital | 8 | 10 164 466 | 9 435 717 |
| Sum opptjent egenkapital | 10 164 466 | 9 435 717 | |
| Sum egenkapital | 11 474 267 | 10 745 518 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 7 | 3 207 813 | 3 161 181 |
| Sum avsetninger for forpliktelser | 3 207 813 | 3 161 181 | |
| Annen langsiktig gjeld | |||
| Øvrig langsiktig gjeld | 6 | 25 328 033 | 25 614 926 |
| Sum annen langsiktig gjeld | 25 328 033 | 25 614 926 | |
| Sum langsiktig gjeld | 28 535 846 | 28 776 107 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 29 269 | 104 627 | |
| Betalbar skatt | 7 | 8 396 | |
| Skyldige offentlige avgifter | 104 899 | 108 471 | |
| Annen kortsiktig gjeld | 6 | 3 645 650 | 3 430 861 |
| Sum kortsiktig gjeld | 3 779 818 | 3 652 355 | |
| Sum gjeld | 32 315 664 | 32 428 462 | |
| SUM EGENKAPITAL OG GJELD | 43 789 931 | 43 173 980 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 6 285 389 | 5723723 | |
| Driftskostnader | |||
| Avskrivning | 4 | 413 502 | 400 800 |
| Annen driftskostnad | $\overline{2}$ | 710 009 | 508 432 |
| Sum driftskostnader | 1 1 2 3 5 1 1 | 909 232 | |
| Driftsresultat | 5 161 878 | 4 814 491 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 240 726 | 157 172 | |
| Annen finansinntekt | 125 | 582 | |
| Rentekostnad til foretak i samme konsern | 998 881 | 754 631 | |
| Annen finanskostnad | 0 | 240 205 | |
| Netto finansposter | -758 030 | $-837082$ | |
| Ordinært resultat før skattekostnad | 4 4 0 3 8 4 8 | 3 977 409 | |
| Skattekostnad på ordinært resultat | 7 | 917 464 | 862 636 |
| Årsresultat | 3 486 384 | 3 1 1 4 7 7 3 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | 2757635 | 2 3 2 5 0 0 0 | |
| Overføringer annen egenkapital | 728 749 | 789 773 | |
| Sum disponert | 3 486 384 | 3 114 773 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4, 5 | 36 550 300 | 36 641 900 |
| Sum varige driftsmidler | 36 550 300 | 36 641 900 | |
| Sum anleggsmidler | 36 550 300 | 36 641 900 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 40 000 | 387 259 | |
| Andre fordringer | 6 | 6 403 641 | 5918876 |
| Sum fordringer | 6 443 641 | 6 306 135 | |
| Bankinnskudd, kontanter og lignende | 795 990 | 225 945 | |
| Sum omløpsmidler | 7 239 631 | 6 532 080 | |
| Sum eiendeler | 43 789 931 | 43 173 980 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8,9 | 100 000 | 100 000 |
| Annen innskutt egenkapital | 8 | 1 209 801 | 1 209 801 |
| Sum innskutt egenkapital | 1 309 801 | 1 309 801 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 8 | 10 164 466 | 9 435 717 |
| Sum opptjent egenkapital | 10 164 466 | 9 435 717 | |
| Sum egenkapital | 11 474 267 | 10745518 | |
| Gjeld | |||
| Avsetninger for forpliktelser | |||
| Utsatt skatt | 7 | 3 207 813 | 3 161 181 |
| Sum avsetning for forpliktelser | 3 207 813 | 3 161 181 | |
| Annen langsiktig gjeld | |||
| Øvrig langsiktig gjeld | 6 | 25 328 033 | 25 614 926 |
| Sum annen langsiktig gjeld | 25 328 033 | 25 614 926 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 29 269 | 104 627 | |
| Betalbar skatt | 7 | 0 | 8396 |
| Skyldige offentlige avgifter | 104 899 | 108 471 | |
| Annen kortsiktig gjeld | 6 | 3 645 650 | 3 430 861 |
| Sum kortsiktig gjeld | 3779818 | 3 652 355 | |
| Sum gjeld | 32 315 664 | 32 428 462 | |
| Sum egenkapital og gjeld | 43 789 931 | 43 173 980 |
| Godtgjørelse til revisor er fordelt på følgende: | 2017 |
|---|---|
| Revision | 25 220 |
| Andre tienester | 19 805 |
| Tomter, bygninger og annen eiendom |
Driftsløsøre, inventar, verktøy mm. |
Sum | |
|---|---|---|---|
| Anskaffelseskost 01.01.17 | 43 136 371 | 30469 | 43 166 840 |
| Tilgang kjøpte driftsmidler | 236 913 | 84 989 | 321902 |
| Anskaffelseskost 31.12.17 | 43 373 284 | 115 458 | 43 488 742 |
| Akk.avskrivning 01.01.17 | 6 494 471 | 30469 | 6524940 |
| Akk.avskrivning 31.12.17 | 6896884 | 41558 | 6938442 |
| Balanseført pr. 31.12.17 | 36 476 400 | 73 900 | 36 550 300 |
| Årets avskrivninger | 402 414 | 11088 | 413 502 |
| Økonomisk levetid | 100 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær | |
| 2017 | 2016 | |
|---|---|---|
| Eiendommer | 36 476 400 -------------- ___ |
36 641 900 |
| Fordringer Andre fordringer |
2017 6358856 |
2016 5 918 111 |
|---|---|---|
| Gjeld | 2017 | 2016 |
| Annen kortsiktig gjeld | 3628467 | 3 100 000 |
| Øvrig langsiktig gjeld | 25 328 033 | 25 614 926 |
| Sum | 28 956 500 | 28 714 926 |
| Note 7 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2017 | 2016 |
| Betalbar skatt | 870 832 | 783 396 |
| Årets skatteeffekt av endret skattesats | $-139470$ | 0 |
| Endring utsatt skatt | 79 240 | 79 240 |
| Årets totale skattekostnad | 810 602 | 862 636 |
| Beregning av årets skattegrunnlag: | 2017 | 2016 |
| Ordinært resultat før skattekostnad | 4 4 0 3 8 4 8 | 3 977 409 |
| Permanente forskjeller | 42 | 0 |
| Endring i midlertidige forskjeller | $-775423$ | $-843826$ |
| Årets skattegrunnlag | 3 628 467 | 3 133 583 |
| Betalbar skatt (24%) av årets skattegrunnlag | 870 832 | 783 396 |
| Betalbar skatt i balansen fremkommer slik: | 2017 | 2016 |
| Betalbar skatt på årets resultat | 870832 | 783 396 |
| Betalbar skatt på avgitt konsernbidrag | -870 832 | $-775000$ |
| Sum betalbar skatt i balansen | 0 | 8 3 9 6 |
| Oversikt over midlertidige forskjeller | 2017 | 2016 |
| Driftsmidler inkl goodwill | 13 947 012 | 13 179 089 |
| Utestående fordringer | 0 | $-7500$ |
| Netto midlertidige forskjeller pr 31.12 | 13 947 012 | 13 171 589 |
| Utsatt skatt (23% for i år, 24% for i fjor) | 3 207 813 | 3 161 181 |
| Aksiekapital | Annen innskutt egenkapital |
Annen egenkapital |
Sum | |
|---|---|---|---|---|
| Egenkapital 01.01.17 | 100 000 | 1 209 801 | 9 435 717 | 10 745 518 |
| Arsresultat | O | 3 486 384 | 3 486 384 | |
| Avgitt konsernbidrag | Ω | Ω | -2 757 635 | $-2757635$ |
| Egenkapital 31.12.17 | 100 000 | 1 209 801 | 10 164 466 | 11 474 267 |
| Ordinære aksier | Antall 100 000 |
Pålydende | Balanseført 100 000 |
|---|---|---|---|
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære aksier |
Eier- andol |
Stemme ande |
| ------------- | . | . | |
|---|---|---|---|
| aksier | andel | andel | |
| First Risk Capital AS | 100 000 | 100 % |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 965 968 261 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | EUROBOX MINILAGER AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2017 - 31.12.2017 |
| Konsern | |
| Morselskap i konsern: | Ja |
| Konsernregnskap lagt ved: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 02.07.2018 |
År 2017: Årsregnskapet er elektronisk innlevert År 2016: Tall er hentet fra elektronisk innlevert årsregnskap fra 2017
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 30.04.2019
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 21 882 313 | 20 062 290 | |
| Sum inntekter | 21 882 313 | 20 062 290 | |
| Kostnader | |||
| Lønnskostnad | 4 | 3 012 519 | 2 447 399 |
| Avskrivning | 5 | 517 115 | 465 891 |
| Annen driftskostnad | 4 | 15 159 450 | 18 633 447 |
| Sum kostnader | 18 689 084 | 21 546 737 | |
| Driftsresultat | 3 193 229 | -1 484 447 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 399 631 | 518 154 | |
| Annen finansinntekt | 2 | 115 747 | 179 973 |
| Sum finansinntekter | 515 378 | 698 127 | |
| Rentekostnad til foretak i samme konsern | 52 191 | 63 728 | |
| Annen finanskostnad | 2 | 245 128 | 294 262 |
| Sum finanskostnader | 297 319 | 357 990 | |
| Netto finans | 218 059 | 340 137 | |
| Ordinært resultat før skattekostnad | 3 411 288 | -1 144 310 | |
| Skattekostnad på ordinært resultat | 8 | 823 811 | -273 609 |
| Ordinært resultat etter skattekostnad | 2 587 477 | -870 701 | |
| Årsresultat | 2 587 477 | -870 701 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -1 702 690 | ||
| Overføring til/fra annen egenkapital | -884 787 | 870 701 | |
| Sum overføringer og disponeringer | -2 587 477 | 870 701 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 8 | 117 355 | 403 475 |
| Sum immaterielle eiendeler | 117 355 | 403 475 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner | 5 | 3 346 200 | 3 425 200 |
| Sum varige driftsmidler | 3 346 200 | 3 425 200 | |
| Finansielle anleggsmidler | |||
| Investering i datterselskap | 6 | 30 000 | 30 000 |
| Lån til foretak i samme konsern | 3 424 927 | 7 401 872 | |
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 372 607 | 1 202 138 | |
| Sum finansielle anleggsmidler | 5 450 034 | 9 256 510 | |
| Sum anleggsmidler | 8 913 589 | 13 085 185 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 1 307 724 | 1 123 382 | |
| Andre fordringer | 7 | 7 228 537 | 2 662 537 |
| Sum fordringer | 8 536 261 | 3 785 919 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 3 | 6 287 230 | 2 661 536 |
| Sum bankinnskudd, kontanter og lignende | 6 287 230 | 2 661 536 | |
| Sum omløpsmidler | 14 823 491 | 6 447 455 | |
| SUM EIENDELER | 23 737 080 | 19 532 640 |
| Beløp i: NOK | Note | 2017 | 2016 |
|---|---|---|---|
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 9,10 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 9 | 121 938 | 121 938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 9 | 4 135 055 | 3 250 268 |
| Sum opptjent egenkapital | 4 135 055 | 3 250 268 | |
| Sum egenkapital | 10 366 793 | 9 482 006 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Annen langsiktig gjeld | |||
| Gjeld til kredittinstitusjoner | 8 | ||
| Sum langsiktig gjeld | 0 | 0 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 551 656 | 644 338 | |
| Skyldige offentlige avgifter | 3 | 229 846 | 157 190 |
| Annen kortsiktig gjeld | 7 | 12 588 785 | 9 249 106 |
| Sum kortsiktig gjeld | 13 370 287 | 10 050 634 | |
| Sum gjeld | 13 370 287 | 10 050 634 | |
| SUM EGENKAPITAL OG GJELD | 23 737 080 | 19 532 640 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 21882313 | 20 062 290 | |
| Driftskostnader | |||
| Lønnskostnad | 4 | 3 012 519 | 2 447 399 |
| Avskrivning | 5 | 517 115 | 465 891 |
| Annen driftskostnad | 4 | 15 159 450 | 18 633 447 |
| Sum driftskostnader | 18 689 084 | 21 546 737 | |
| Driftsresultat | 3 193 229 | $-1484447$ | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 399 631 | 518 154 | |
| Annen finansinntekt | $\overline{2}$ | 115 747 | 179 973 |
| Rentekostnad til foretak i samme konsern | 52 191 | 63728 | |
| Annen finanskostnad | $\overline{2}$ | 245 128 | 294 262 |
| Netto finansposter | 218 059 | 340 137 | |
| Ordinært resultat før skattekostnad | 3 411 288 | $-1144310$ | |
| Skattekostnad på ordinært resultat | 8 | 823811 | $-273609$ |
| Årsresultat | 2587477 | ||
| -870 701 | |||
| Overføringer og disponeringer | |||
| Konsernbidrag | 1702690 | 0 | |
| Overføringer annen egenkapital | 884 787 | $-870701$ | |
| Sum disponert | 2 587 477 | $-870701$ | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 8 | 117 355 | 403 475 |
| Sum immaterielle eiendeler | 117 355 | 403 475 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 5 | 3 346 200 | 3 425 200 |
| Sum varige driftsmidler | 3 346 200 | 3 4 2 5 2 0 0 | |
| Finansielle anleggsmidler | |||
| Investeringer i datterselskap | 6 | 30 000 | 30 000 |
| Lån til foretak i samme konsern | 3 424 927 | 7 401 872 | |
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 372 607 | 1 202 138 | |
| Sum finansielle anleggsmidler | 5 450 034 | 9 256 510 | |
| Sum anleggsmidler | 8913589 | 13 085 185 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 1 307 724 | 1 123 382 | |
| Andre fordringer | 7 | 7 228 537 | 2 662 537 |
| Sum fordringer | 8 5 3 6 2 6 1 | 3785919 | |
| Bankinnskudd, kontanter og lignende | 3 | 6 287 230 | 2 661 535 |
| Sum omløpsmidler | 14 823 491 | 6 447 454 | |
| Sum eiendeler | 23 737 080 | 19 532 639 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2017 | 2016 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 9, 10 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 9 | 121938 | 121938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 9 | 4 135 055 | 3 250 268 |
| Sum opptjent egenkapital | 4 135 055 | 3 250 268 | |
| Sum egenkapital | 10 366 793 | 9482006 | |
| Gjeld | |||
| Kortsiktig gjeld | |||
| Leverandørgjeld | 551 656 | 644 338 | |
| Skyldige offentlige avgifter | 3 | 229 846 | 157 190 |
| Annen kortsiktig gjeld | 7 | 12 588 785 | 9 249 106 |
| Sum kortsiktig gjeld | 13 370 287 | 10 050 634 | |
| Sum gjeld | 13 370 287 | 10 050 634 | |
| Sum egenkapital og gjeld | 23 737 080 | 19 532 640 |
| 2017 | 2016 | |
|---|---|---|
| Annen finansinntekt | ||
| Mottatt utbytter | Ω | 43 684 |
| Renteinntekter | 115 747 | 136 289 |
| Sum annen finansinntekt | 115 747 | 179 973 |
| Annen finanskostnad | ||
| Rentekostnader | -241 790 | $-294262$ |
| Andre finanskostnader | $-1193$ | |
| Sum annen finanskostnad | $-242983$ | -294 262 |
| 2017 | |
|---|---|
| Bundne skattetrekksmidler utgjør | 81 241 |
| Lønnskostnader | 2017 | 2016 |
|---|---|---|
| Lønninger | 2 474 246 | 2 128 949 |
| Arbeidsgiveravgift | 403 562 | 300 694 |
| Andre vtelser | 134 375 | 17 756 |
| Sum | 3 0 1 2 1 8 3 | 2 447 399 |
| Godtgjørelse til revisor er fordelt på følgende: | 2017 |
|---|---|
| Revision | 63 575 |
| Andre tienester | 28 6 20 |
| Maskiner og anlegg |
Driftsløsøre. inventar. verktøy mm. |
Sum | |
|---|---|---|---|
| Anskaffelseskost 01.01.17 | 2 664 310 | 2 116 325 | 4780635 |
| Tilgang kjøpte driftsmidler | 42 500 | 395 615 | 438 115 |
| Anskaffelseskost 31.12.17 | 2 706 810 | 2 511 940 | 5 218 750 |
| Akk.avskrivning 01.01.17 | 136 310 | 1 2 1 9 1 2 5 | 1 355 435 |
| Akk.avskrivning 31.12.17 | $-269511$ | $-1603040$ | $-1872551$ |
| Balanseført pr. 31.12.17 | 2 437 299 | 908 900 | 3 3 4 6 1 9 9 |
| Årets avskrivninger | 133 200 | 383 915 | 517 115 |
| Økonomisk levetid | $25$ år | 4-5 år | |
| Avskrivningsplan | Lineær |
| Datter selskap | Eierandel | Anskaffet | Anskaff. kost |
|---|---|---|---|
| Gowork Eurobox AS | 100.00% | 2015 | 30 000 |
| Tilknyttet selskap Grenland Minilager AS |
21.84% | 2007 | 622 500 |
| Fordringer | 2017 | 2016 |
|---|---|---|
| Andre fordringer | 6 5 5 7 1 2 7 | 2 479 948 |
| Gjeld | 2017 | 2016 |
| Annen kortsiktig gjeld | 2 2 2 8 1 8 3 | 1 395 911 |
| Sum | 2 2 2 8 1 8 3 | -9 249 106 |
| Note 8 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2017 | 2016 |
| Betalbar skatt | 537 691 | 0 |
| Endring utsatt skatt | 286 120 | $-273609$ |
| Årets totale skattekostnad | 823 811 | $-273609$ |
| Beregning av årets skattegrunnlag: | 2017 | 2016 |
| Ordinært resultat før skattekostnad | 3 411 288 | -1 144 310 |
| Permanente forskjeller | 0 | $-17373$ |
| Endring i midlertidige forskjeller | 30036 | -39 260 |
| Alminnelig inntekt | 3 441 324 | $-1200943$ |
| Anvendt fremførbart underskudd | $-1200943$ | O |
| Årets skattegrunnlag | 2 240 381 | $-1200943$ |
| Betalbar skatt i balansen fremkommer slik: | 2017 | 2016 |
| Betalbar skatt på årets resultat | 537 691 | 0 |
| Betalbar skatt på avgitt konsernbidrag | -537 691 | 0 |
| Sum betalbar skatt i balansen | 0 | Ω |
| Oversikt over midlertidige forskjeller: | 2017 | 2016 |
| Driftsmidler inkl goodwill | $-414394$ | -375 072 |
| Utestående fordringer | $-95843$ | $-105$ 129 |
| Akkumulert fremførbart underskudd før konsernbidrag | 0 | $-1200943$ |
| Netto midlertidige forskjeller pr 31.12 | $-510237$ | $-1681144$ |
| Utsatt skattefordel (23% for i år, 24% for i fjor) | $-117355$ | $-403475$ |
| Aksjekapital | Annen innskutt egenkapital |
Annen egenkapital |
Sum | |
|---|---|---|---|---|
| Egenkapital 01.01.17 | 6 109 800 | 121938 | 3 250 268 | 9 482 006 |
| Arsresultat | 0 | o | 2 587 477 | 2 587 477 |
| Avgitt konsernbidrag | Ω | 0 | -1 702 690 | $-1702690$ |
| Egenkapital 31.12.17 | 6 109 800 | 121938 | 4 135 055 | 10 366 793 |
| Ordinære | Eier- | Stemme- | |
|---|---|---|---|
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære aksier | 40 732 | 150 | 6 109 800 |
| Antall | Pålydende | Balanseført | |
| Aksjekapitalen består av: |
| aksier | andel |
|---|---|
| 40732 | 100 % |
| andel 100 % |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 915 721 672 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON GRUPPEN AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2018 - 31.12.2018 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 06.06.2019 |
| Grunnlag for avgivelse |
År 2018: Årsregnskapet er elektronisk innlevert År 2017: Tall er hentet fra elektronisk innlevert årsregnskap fra 2018
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 26.06.2019
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 4 058 347 | 2 899 313 | |
| Sum inntekter | 4 058 347 | 2 899 313 | |
| Kostnader | |||
| Lønnskostnad | 3,4 | 978 387 | 982 433 |
| Avskrivning | 5 | 858 935 | 867 006 |
| Annen driftskostnad | 3 | 956 749 | 409 996 |
| Sum kostnader | 2 794 071 | 2 259 435 | |
| Driftsresultat | 1 264 276 | 639 878 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 187 569 | 158 868 | |
| Annen finansinntekt | 20 934 | 1 201 | |
| Sum finansinntekter | 208 503 | 160 069 | |
| Rentekostnad til foretak i samme konsern | 196 683 | 199 968 | |
| Annen finanskostnad | 2 295 | 3 751 | |
| Sum finanskostnader | 198 978 | 203 719 | |
| Netto finans | 9 525 | -43 650 | |
| Ordinært resultat før skattekostnad | 1 273 801 | 596 228 | |
| Skattekostnad på ordinært resultat | 7 | 177 922 | 29 006 |
| Ordinært resultat etter skattekostnad | 1 095 879 | 567 222 | |
| Årsresultat | 1 095 879 | 567 222 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -906 680 | ||
| Overføring til/fra annen egenkapital | -189 199 | -567 222 | |
| Sum overføringer og disponeringer | -1 095 879 | -567 222 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 5 | 14 420 333 | 14 100 433 |
| Driftsløsøre, inventar, verktøy, kontormaskiner | 5 | 31 500 | 282 300 |
| Sum varige driftsmidler | 14 451 833 | 14 382 733 | |
| Sum anleggsmidler | 14 451 833 | 14 382 733 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Andre fordringer | 6 | 5 284 909 | 4 447 189 |
| Sum fordringer | 5 284 909 | 4 447 189 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 2 | 273 565 | 71 676 |
| Sum bankinnskudd, kontanter og lignende | 273 565 | 71 676 | |
| Sum omløpsmidler | 5 558 474 | 4 518 865 | |
| SUM EIENDELER | 20 010 307 | 18 901 598 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8,9 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 8 | 699 486 | 699 486 |
| Sum innskutt egenkapital | 11 199 486 | 11 199 486 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| Annen egenkapital | 8 | 756 421 | 567 222 |
| Sum opptjent egenkapital | 756 421 | 567 222 | |
| Sum egenkapital | 11 955 907 | 11 766 708 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 7 | 2 531 145 | 2 624 049 |
| Sum avsetninger for forpliktelser | 2 531 145 | 2 624 049 | |
| Annen langsiktig gjeld | |||
| Sum langsiktig gjeld | 2 531 145 | 2 624 049 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 95 316 | 23 604 | |
| Skyldige offentlige avgifter | 108 825 | 148 263 | |
| Annen kortsiktig gjeld | 6 | 5 319 114 | 4 338 974 |
| Sum kortsiktig gjeld | 5 523 255 | 4 510 841 | |
| Sum gjeld | 8 054 400 | 7 134 890 | |
| SUM EGENKAPITAL OG GJELD | 20 010 307 | 18 901 598 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 4 0 58 3 47 | 2 899 313 | |
| Driftskostnader | |||
| Lønnskostnad | 3, 4 | 978 387 | 982 433 |
| Avskrivning | 5 | 858 935 | 867 006 |
| Annen driftskostnad | 3 | 956 749 | 409 996 |
| Sum driftskostnader | 2 794 071 | 2 259 435 | |
| Driftsresultat | 1 2 64 2 76 | 639878 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 187 569 | 158 868 | |
| Annen finansinntekt | 20934 | 1 2 0 1 | |
| Rentekostnad til foretak i samme konsern | 196 683 | 199 968 | |
| Annen finanskostnad | 2 2 9 5 | 3751 | |
| Netto finansposter | 9525 | $-43650$ | |
| Ordinært resultat før skattekostnad | 1 273 801 | 596 228 | |
| Skattekostnad på ordinært resultat | 7 | 177922 | 29 006 |
| Årsresultat | 1095879 | 567 222 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | 906 680 | 0 | |
| Overføringer annen egenkapital | 189 199 | 567 222 | |
| Sum disponert | 1095879 | 567 222 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 5 | 14 4 20 3 3 3 | 14 100 433 |
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 5 | 31500 | 282 300 |
| Sum varige driftsmidler | 14 451 833 | 14 382 733 | |
| Sum anleggsmidler | 14 451 833 | 14 382 733 | |
| Omløpsmidler | |||
| Fordringer | |||
| Andre fordringer | 6 | 5 284 909 | 4 4 4 7 1 8 9 |
| Sum fordringer | 5 284 909 | 4 4 4 7 1 8 9 | |
| Bankinnskudd, kontanter og lignende | $\overline{2}$ | 273 565 | 71676 |
| Sum omløpsmidler | 5 5 5 8 4 7 4 | 4518865 | |
| Sum eiendeler | 20 010 307 | 18 901 598 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8, 9 | 10 500 000 | 10 500 000 |
| Annen innskutt egenkapital | 8 | 699 486 | 699 486 |
| Sum innskutt egenkapital | 11 199 486 | 11 199 486 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 8 | 756 421 | 567 222 |
| Sum opptjent egenkapital | 756 421 | 567 222 | |
| Sum egenkapital | 11 955 907 | 11 766 708 | |
| Gjeld | |||
| Avsetninger for forpliktelser | |||
| Utsatt skatt | 7 | 2 5 3 1 1 4 5 | 2624049 |
| Sum avsetning for forpliktelser | 2 5 3 1 1 4 5 | 2 624 049 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 95 316 | 23 604 | |
| Skyldige offentlige avgifter | 108 825 | 148 263 | |
| Annen kortsiktig gjeld | 6 | 5 3 1 9 1 1 4 | 4338974 |
| Sum kortsiktig gjeld | 5 5 2 3 2 5 5 | 4 510 841 | |
| Sum gjeld | 8 0 54 4 0 0 | 7 134 890 | |
| Sum egenkapital og gjeld | 20 010 307 | 18 901 598 |
| 2018 | |
|---|---|
| Bundne skattetrekksmidler utgjør | 47750 |
| Lønnskostnader | 2018 | 2017 |
|---|---|---|
| Lønninger | 821 215 | 831338 |
| Arbeidsgiveravgift | 120 863 | 120 241 |
| Pensjonskostnader | 35 971 | 27 665 |
| Andre ytelser | 338 | 3 1 8 9 |
| Sum | 978 387 | 982 433 |
| Godtgjørelse til revisor er fordelt på følgende: | 2018 |
|---|---|
| Revisjon | 29 3 15 |
| Andre tienester | 21.340 |
| Tomter, | Driftsløsøre. | Sum | |
|---|---|---|---|
| bygninger | inventar, | ||
| og annen eiendom | verktøy mm. | ||
| Anskaffelseskost 01.01.2018 | 15 292 127 | 1 360 611 | 16 652 738 |
| Tilgang kjøpte driftsmidler | 928 035 | 0 | 928 035 |
| Anskaffelseskost 31.12.2018 | 16 220 162 | 1 360 610 | 17 580 773 |
| Oppskrivning før 01.01.1998 | 10 000 000 | 10 000 000 | |
| Akk.avskrivning oppskrivning 01.01.2018 | 3 895 500 | 3 895 500 | |
| Akk.avskrivning 01.01.2018 | 7 296 194 | 1078311 | 8 374 505 |
| Akk.avskrivning oppskrivning 31.12.2018 | 4 0 65 5 00 | 4 065 500 | |
| Akk.avskrivning 31.12.2018 | 7 734 330 | 1 329 111 | 9 063 441 |
| Balanseført pr. 31.12.2018 | 14 420 333 | 31500 | 14 451 833 |
| Årets avskrivninger | 608 135 | 250800 | 858 935 |
| Økonomisk levetid | 50-70 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær |
| Fordringer | 2018 | 2017 |
|---|---|---|
| Annen kortsiktig fordring | 5 226 018 | 4 349 101 |
| Gjeld | 2018 | 2017 |
| Annen kortsiktig gjeld | 5 038 754 | 4 238 640 |
| Note 7 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2018 | 2017 |
| Betalbar skatt | 270826 | 0 |
| Endring utsatt skatt | -92 904 | 29 006 |
| Årets totale skattekostnad | 177 922 | 29 006 |
| Beregning av årets skattegrunnlag: | 2018 | 2017 |
| Ordinært resultat før skattekostnad | 1 273 801 | 596 228 |
| Endring i midlertidige forskjeller | 1 162 165 | 1 3 5 4 1 0 5 |
| Alminnelig inntekt | 2 435 966 | 1950333 |
| Anvendt fremførbart underskudd | -1 258 460 | -1950333 |
| Årets skattegrunnlag | 1 177 506 | 0 |
| Betalbar skatt (23%) av årets skattegrunnlag | 270826 | 0 |
| Betalbar skatt i balansen fremkommer slik: | 2018 | 2017 |
| Betalbar skatt på årets resultat | 270826 | 0 |
| Betalbar skatt på avgitt konsernbidrag | -270826 | 0 |
| Sum betalbar skatt i balansen | 0 | O |
| Oversikt over midlertidige forskjeller | 2018 | 2017 |
| Driftsmidler inkl goodwill | 8760261 | 9 236 190 |
| Gevinst- og tapskonto | 2 744 943 | 3 431 179 |
| Akkumulert fremførbart underskudd før konsernbidrag | 0 | -1 258 460 |
| Netto midlertidige forskjeller pr 31.12 | 11 505 204 | 11 408 909 |
| Utsatt skatt (22% for i år, 23% for i fjor) | 2 531 145 | 2 624 049 |
| Aksiekapital | Annen innskutt egenkapital |
Annen egenkapital |
Sum | |
|---|---|---|---|---|
| Egenkapital 01.01.2018 | 10 500 000 | 699 486 | 567 222 | 11 766 708 |
| Arsresultat | 0 | 1095879 | 1095879 | |
| Avgitt konsernbidrag | 0 | 0 | -906 680 | -906 680 |
| Egenkapital 31.12.2018 | 10 500 000 | 699 486 | 756 421 | 11 955 907 |
| Antall | Pålvdende | Balanseført | |
|---|---|---|---|
| A-aksier | 10 500 | 1 000 | 10 500 000 |
| Oversikt over aksionærene i selskapet pr. 31.12: |
| Ordinære | Eier- | Stemme- | |
|---|---|---|---|
| aksier | andel | andel | |
| First Risk Capital AS, 01.07.2012 | 10 500 | 100 % | 100 % |
| Enheten | |
|---|---|
| Organisasjonsnummer: | 986 567 933 |
| Organisasjonsform: | Aksjeselskap |
| Foretaksnavn: | CRON INVEST AS |
| Forretningsadresse: | Nedre Eikervei 37A |
| 3045 DRAMMEN | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2018 - 31.12.2018 |
| Konsern | |
| Morselskap i konsern: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Jan Pedersen |
| Dato for fastsettelse av årsregnskapet: | 06.06.2019 |
Grunnlag for avgivelse År 2018: Årsregnskapet er elektronisk innlevert
År 2017: Tall er hentet fra elektronisk innlevert årsregnskap fra 2018
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 26.06.2019
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 6 510 200 | 6 285 389 | |
| Sum inntekter | 6 510 200 | 6 285 389 | |
| Kostnader | |||
| Varekostnad | 115 000 | ||
| Avskrivning | 4 | 420 200 | 413 502 |
| Annen driftskostnad | 2 | 894 136 | 710 009 |
| Sum kostnader | 1 429 336 | 1 123 511 | |
| Driftsresultat | 5 080 864 | 5 161 878 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 209 394 | 240 726 | |
| Annen finansinntekt | 54 624 | 125 | |
| Sum finansinntekter | 264 018 | 240 851 | |
| Rentekostnad til foretak i samme konsern | 1 011 654 | 998 881 | |
| Sum finanskostnader | 1 011 654 | 998 881 | |
| Netto finans | -747 636 | -758 030 | |
| Ordinært resultat før skattekostnad | 4 333 228 | 4 403 848 | |
| Skattekostnad på ordinært resultat | 7 | 850 381 | 917 464 |
| Ordinært resultat etter skattekostnad | 3 482 847 | 3 486 384 | |
| Årsresultat | 3 482 847 | 3 486 384 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -2 813 954 | -2 757 635 | |
| Overføring til/fra annen egenkapital | -668 893 | -728 749 | |
| Sum overføringer og disponeringer | -3 482 847 | -3 486 384 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4,5 | 36 130 100 | 36 550 300 |
| Sum varige driftsmidler | 36 130 100 | 36 550 300 | |
| Sum anleggsmidler | 36 130 100 | 36 550 300 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 10 939 | 40 000 | |
| Andre fordringer | 6 | 7 593 181 | 6 403 641 |
| Sum fordringer | 7 604 120 | 6 443 641 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 1 824 350 | 795 990 | |
| Sum bankinnskudd, kontanter og lignende | 1 824 350 | 795 990 | |
| Sum omløpsmidler | 9 428 470 | 7 239 631 | |
| SUM EIENDELER | 45 558 570 | 43 789 931 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 8,9 | 100 000 | 100 000 |
| Annen innskutt egenkapital | 8 | 1 209 801 | 1 209 801 |
| Sum innskutt egenkapital | 1 309 801 | 1 309 801 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| Annen egenkapital | 8 | 10 833 359 | 10 164 466 |
| Sum opptjent egenkapital | 10 833 359 | 10 164 466 | |
| Sum egenkapital | 12 143 160 | 11 474 267 | |
| Gjeld | |||
| Langsiktig gjeld | |||
| Utsatt skatt | 7 | 3 217 662 | 3 207 813 |
| Sum avsetninger for forpliktelser | 3 217 662 | 3 207 813 | |
| Annen langsiktig gjeld | |||
| Øvrig langsiktig gjeld | 6 | 24 256 167 | 25 328 033 |
| Sum annen langsiktig gjeld | 24 256 167 | 25 328 033 | |
| Sum langsiktig gjeld | 27 473 829 | 28 535 846 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 25 222 | 29 269 | |
| Skyldige offentlige avgifter | 104 899 | ||
| Annen kortsiktig gjeld | 6 | 5 916 359 | 3 645 650 |
| Sum kortsiktig gjeld | 5 941 581 | 3 779 818 | |
| Sum gjeld | 33 415 410 | 32 315 664 | |
| SUM EGENKAPITAL OG GJELD | 45 558 570 | 43 789 931 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 6 510 200 | 6 285 389 | |
| Driftskostnader | |||
| Varekostnad | 115 000 | 0 | |
| Avskrivning | 4 | 420 200 | 413 502 |
| Annen driftskostnad | $\overline{2}$ | 894 136 | 710 009 |
| Sum driftskostnader | 1429336 | 1 123 511 | |
| Driftsresultat | 5 080 864 | 5 161 878 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 209 394 | 240726 | |
| Annen finansinntekt | 54 624 | 125 | |
| Rentekostnad til foretak i samme konsern | 1011654 | 998 881 | |
| Netto finansposter | -747 636 | -758 030 | |
| Ordinært resultat før skattekostnad | 4 3 3 2 2 2 8 | 4 403 848 | |
| Skattekostnad på ordinært resultat | 7 | 850 381 | 917 464 |
| Årsresultat | 3 482 847 | 3 486 384 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | 2 813 954 | 2757635 | |
| Overføringer annen egenkapital | 668 893 | 728 749 | |
| Sum disponert | 3 482 847 | 3 486 384 | |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Anleggsmidler | |||
| Varige driftsmidler | |||
| Tomter, bygninger og annen fast eiendom | 4, 5 | 36 130 100 | 36 550 300 |
| Sum varige driftsmidler | 36 130 100 | 36 550 300 | |
| Sum anleggsmidler | 36 130 100 | 36 550 300 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 10939 | 40 000 | |
| Andre fordringer | 6 | 7 593 182 | 6 298 742 |
| Sum fordringer | 7604121 | 6338742 | |
| Bankinnskudd, kontanter og lignende | 1824350 | 795 990 | |
| Sum omløpsmidler | 9428471 | 7 134 732 | |
| Sum eiendeler | 45 558 571 | 43 685 032 |
| Note | 2018 | 2017 |
|---|---|---|
| 8, 9 | 100 000 | 100 000 |
| 8 | 1 209 801 | 1 209 801 |
| 1 309 801 | 1 309 801 | |
| 8 | 10833359 | 10 164 466 |
| 10 833 359 | 10 164 466 | |
| 12 143 160 | 11 474 267 | |
| $\overline{7}$ | 3 217 662 | 3 207 813 |
| 3 217 662 | 3 207 813 | |
| 6 | 24 256 167 | 25 328 033 |
| 24 256 167 | 25 328 033 | |
| 25 2 22 | 29 269 | |
| 6 | 5 916 360 | 3 645 650 |
| 5 941 582 | 3674919 | |
| 33 415 411 | 32 210 765 | |
| 45 558 571 | 43 685 032 | |
| Godtajørelse til revisor er fordelt på følgende: | 2018 |
|---|---|
| Revision | 52.920 |
| Andre tjenester | 17345 |
| Tomter. | Driftsløsøre, | Sum | |
|---|---|---|---|
| bygninger | inventar. | ||
| og annen eiendom | verktøy mm. | ||
| Anskaffelseskost 01.01.2018 | 43 373 284 | 115458 | 43 488 742 |
| Anskaffelseskost 31.12.2018 | 43 373 284 | 115458 | 43 488 742 |
| Akk.avskrivning 01.01.2018 | 6896884 | 41558 | 6938442 |
| Akk.avskrivning 31.12.2018 | 7 300 084 | 58 558 | 7 3 5 8 6 4 2 |
| Balanseført pr. 31.12.2018 | 36 073 200 | 56 900 | 36 130 100 |
| Årets avskrivninger | 403 200 | 17000 | 420 200 |
| Økonomisk levetid | 100 år | 5 år | |
| Avskrivningsplan | Lineær | Lineær |
| Sikret i panteobjekt med bokførte verdier: | 2018 | 2017 |
|---|---|---|
| Eiendommer | 36 073 200 -------------------------------------- |
36 476 400 |
| Fordringer | 2018 | 2017 |
|---|---|---|
| Andre fordringer | 7 319 002 | 6 358 856 |
| Gjeld | 2018 | 2017 |
| Annen kortsiktig gjeld Øvrig langsiktig gjeld Sum |
5878586 24 256 167 30 134 753 |
3628467 21 903 106 25 531 573 |
| Årets skattekostnad fordeler seg på: | 2018 | 2017 |
|---|---|---|
| Betalbar skatt | 840 532 | 870832 |
| Endring utsatt skatt | 9849 | 46 632 |
| Årets totale skattekostnad | 850 381 | 917464 |
| Beregning av årets skattegrunnlag: | 2018 | 2017 |
| Ordinært resultat før skattekostnad | 4 3 3 2 2 2 8 | 4 4 0 3 8 4 8 |
| Permanente forskieller | $-19$ | 42 |
| Endring i midlertidige forskjeller | $-678723$ | $-775423$ |
| Årets skattegrunnlag | 3 654 486 | 3628467 |
| Betalbar skatt (23%) av årets skattegrunnlag | 840 532 | 870832 |
| Betalbar skatt i balansen fremkommer slik: | 2018 | 2017 |
| Betalbar skatt på årets resultat | 840 532 | 870832 |
| Betalbar skatt på avgitt konsernbidrag | -840 532 | -870 832 |
| Sum betalbar skatt i balansen | 0 | 0 |
| Oversikt over midlertidige forskjeller | 2018 | 2017 |
| Driftsmidler inkl goodwill | 14 625 735 | 13 947 012 |
| Netto midlertidige forskjeller pr 31.12 | 14 625 735 | 13 947 012 |
| Utsatt skatt (22% for i år, 23% for i fjor) | 3 2 1 7 6 6 2 | 3 207 813 |
| Antall | Pålydende | Balanseført | |
|---|---|---|---|
| Ordinære aksjer | 100 000 | 100 000 | |
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære | Eier- | Stemme | |
| aksier | andel | ande |
| EUROBOX MINILAGER AS |
|---|
| Regnskapslovens alminnelige regler |
År 2018: Årsregnskapet er elektronisk innlevert År 2017: Tall er hentet fra elektronisk innlevert årsregnskap fra 2018
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 26.06.2019
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Annen driftsinntekt | 24 305 100 | 21 882 313 | |
| Sum inntekter | 24 305 100 | 21 882 313 | |
| Kostnader | |||
| Lønnskostnad | 4 | 3 041 752 | 3 012 519 |
| Avskrivning | 5 | 538 869 | 517 115 |
| Annen driftskostnad | 4 | 19 307 252 | 15 159 450 |
| Sum kostnader | 22 887 873 | 18 689 084 | |
| Driftsresultat | 1 417 227 | 3 193 229 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 387 646 | 399 631 | |
| Annen finansinntekt | 2 | 172 415 | 115 747 |
| Sum finansinntekter | 560 061 | 515 378 | |
| Rentekostnad til foretak i samme konsern | 114 949 | 52 191 | |
| Annen finanskostnad | 2 | 281 716 | 245 128 |
| Sum finanskostnader | 396 665 | 297 319 | |
| Netto finans | 163 396 | 218 059 | |
| Ordinært resultat før skattekostnad | 1 580 623 | 3 411 288 | |
| Skattekostnad på ordinært resultat | 8 | 370 994 | 823 811 |
| Ordinært resultat etter skattekostnad | 1 209 629 | 2 587 477 | |
| Årsresultat | 1 209 629 | 2 587 477 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | -1 236 926 | -1 702 690 | |
| Overføring til/fra annen egenkapital | 27 297 | -884 787 | |
| Sum overføringer og disponeringer | -1 209 629 | -2 587 477 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 8 | 115 833 | 117 355 |
| Sum immaterielle eiendeler | 115 833 | 117 355 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner | 5 | 4 909 200 | 3 346 200 |
| Sum varige driftsmidler | 4 909 200 | 3 346 200 | |
| Finansielle anleggsmidler | |||
| Investering i datterselskap | 6 | 30 000 | 30 000 |
| Lån til foretak i samme konsern | 3 424 927 | ||
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 427 511 | 1 372 607 | |
| Sum finansielle anleggsmidler | 2 080 011 | 5 450 034 | |
| Sum anleggsmidler | 7 105 044 | 8 913 589 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Kundefordringer | 1 155 641 | 1 307 724 | |
| Andre fordringer | 7 | 10 797 627 | 7 228 537 |
| Sum fordringer | 11 953 268 | 8 536 261 | |
| Bankinnskudd, kontanter og lignende | |||
| Bankinnskudd, kontanter og lignende | 3 | 8 691 115 | 6 287 230 |
| Sum bankinnskudd, kontanter og lignende | 8 691 115 | 6 287 230 | |
| Sum omløpsmidler | 20 644 383 | 14 823 491 | |
| SUM EIENDELER | 27 749 427 | 23 737 080 |
| Beløp i: NOK | Note | 2018 | 2017 |
|---|---|---|---|
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 9,10 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 9 | 121 938 | 121 938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital | |||
| Annen egenkapital | 9 | 4 107 758 | 4 135 055 |
| Sum opptjent egenkapital | 4 107 758 | 4 135 055 | |
| Sum egenkapital | 10 339 496 | 10 366 793 | |
| Sum langsiktig gjeld | 0 | 0 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 674 192 | 551 656 | |
| Skyldige offentlige avgifter | 3 | 198 184 | 229 846 |
| Annen kortsiktig gjeld | 7 | 16 537 555 | 12 588 785 |
| Sum kortsiktig gjeld | 17 409 931 | 13 370 287 | |
| Sum gjeld | 17 409 931 | 13 370 287 | |
| SUM EGENKAPITAL OG GJELD | 27 749 427 | 23 737 080 |
| Resultatregnskap | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Driftsinntekter | |||
| Annen driftsinntekt | 24 305 100 | 21882313 | |
| Driftskostnader | |||
| Lønnskostnad | 4 | 3 041 752 | 3 012 519 |
| Avskrivning | 5 | 538 869 | 517 115 |
| Annen driftskostnad | 4 | 19 307 252 | 15 159 450 |
| Sum driftskostnader | 22 887 873 | 18 689 084 | |
| Driftsresultat | 1417227 | 3 193 229 | |
| Finansinntekter og finanskostnader | |||
| Renteinntekt fra foretak i samme konsern | 387 646 | 399 631 | |
| Annen finansinntekt | $\overline{2}$ | 172 415 | 115 747 |
| Rentekostnad til foretak i samme konsern | 114 949 | 52 191 | |
| Annen finanskostnad | $\overline{\mathbf{2}}$ | 281716 | 245 128 |
| Netto finansposter | 163 396 | 218 059 | |
| Ordinært resultat før skattekostnad | 1580623 | 3 4 1 1 2 8 8 | |
| Skattekostnad på ordinært resultat | 8 | 370 994 | 823 811 |
| Årsresultat | 1 209 629 | 2 5 8 7 4 7 7 | |
| Overføringer og disponeringer | |||
| Konsernbidrag | 1 236 926 | 1702 690 | |
| Overføringer annen egenkapital | $-27297$ | 884787 | |
| Sum disponert | 1 209 629 | 2 587 477 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 8 | 115 833 | 117 355 |
| Sum immaterielle eiendeler | 115 833 | 117 355 | |
| Varige driftsmidler | |||
| Driftsløsøre, inventar, verktøy, kontormaskiner ol | 5 | 4 909 200 | 3 346 200 |
| Sum varige driftsmidler | 4 909 200 | 3 346 200 | |
| Finansielle anleggsmidler | |||
| Investeringer i datterselskap | 6 | 30 000 | 30 000 |
| Lân til foretak i samme konsern | 0 | 3 424 927 | |
| Investeringer i aksjer og andeler | 6 | 622 500 | 622 500 |
| Andre fordringer | 1 427 511 | 1 372 607 | |
| Sum finansielle anleggsmidler | 2 080 011 | 5 450 034 | |
| Sum anleggsmidler | 7 105 044 | 8913589 | |
| Omløpsmidler | |||
| Fordringer | |||
| Kundefordringer | 1 155 641 | 1 307 724 | |
| Andre fordringer | 7 | 10 797 627 | 7 228 537 |
| Sum fordringer | 11953268 | 8 5 3 6 2 6 1 | |
| Bankinnskudd, kontanter og lignende | 3 | 8 691 115 | 6 287 230 |
| Sum omløpsmidler | 20 644 383 | 14 823 491 | |
| Sum eiendeler | 27 749 427 | 23 737 080 |
| Balanse pr. 31. desember | |||
|---|---|---|---|
| Note | 2018 | 2017 | |
| Egenkapital | |||
| Innskutt egenkapital | |||
| Aksjekapital | 9, 10 | 6 109 800 | 6 109 800 |
| Annen innskutt egenkapital | 9 | 121938 | 121938 |
| Sum innskutt egenkapital | 6 231 738 | 6 231 738 | |
| Opptjent egenkapital Annen egenkapital |
9 | 4 107 758 | 4 135 055 |
| Sum opptjent egenkapital | 4 107 758 | 4 135 055 | |
| Sum egenkapital | 10 339 496 | 10 366 793 | |
| Gjeld | |||
| Kortsiktig gjeld | |||
| Leverandørgjeld | 674 192 | 551 656 | |
| Skyldige offentlige avgifter | 3 | 198 184 | 229846 |
| Annen kortsiktig gjeld | $\overline{7}$ | 16 537 555 | 12 588 785 |
| Sum kortsiktig gjeld | 17 409 931 | 13 370 287 | |
| Sum gjeld | 17 409 931 | 13 370 287 | |
| Sum egenkapital og gjeld | 27 749 427 | 23 737 080 |
| Annen finansinntekt | 2018 | 2017 |
|---|---|---|
| Renteinntekter | 171 674 | 115 747 |
| Annen finanskostnad | ||
| Rentekostnader | 281 524 | 241790 |
| Andre finanskostnader | 192 | 1 1 9 3 |
| Sum annen finanskostnad | 281716 | 242 983 |
| . | |
|---|---|
| 2018 | |
| Bundne skattetrekksmidler utgjør | 92 749 _________ |
| Lønnskostnader | 2018 | 2017 |
|---|---|---|
| Lønninger | 2 688 084 | 2 474 582 |
| Arbeidsgiveravgift | 325 270 | 403 562 |
| Andre ytelser | 28 3 9 8 | 134 375 |
| Sum | 3 041 752 | 3 012 519 |
| Godtajørelse til revisor er fordelt på følgende: | 2018 |
|---|---|
| Revision | 63 2 2 5 |
| Andre tienester | 23 930 |
| Maskiner og anlegg | Driftsløsøre, inventar |
Sum | |
|---|---|---|---|
| verktøy mm. | |||
| Anskaffelseskost 01.01.18 | 2706810 | 2 2 3 2 9 4 0 | 4939750 |
| Tilgang kjøpte driftsmidler | 1744925 | 356 944 | 2 101 869 |
| Anskaffelseskost 31.12.18 | 4451735 | 2 589 884 | 7041619 |
| Akk.avskrivning 01.01.18 | 269 511 | ||
| Akk.avskrivning 31.12.18 | 451 635 | 1680784 | 2 132 419 |
| Balanseført pr. 31.12.18 | 4 000 100 | 909 100 | 4 909 200 |
| Årets avskrivninger | 182 124 | 356 744 | 538 868 |
| Økonomisk levetid | 25 år | 4-5 år | |
| Avskrivningsplan | Lineær | Lineær | |
| Selskan | Eierandel | Anskaff.kost | Anskaff, kost |
|---|---|---|---|
| Eurobox X AS | 100.00% | 2015 | 30 000 |
| Grenland Minilager AS | 21.84% | 2007 | 622 500 |
| Sum | 652 500 |
| Fordringer Andre fordringer Andre langsiktige fordringer Sum Gjeld Annen kortsiktig gjeld |
2018 10 001 898 1 427 512 11 429 410 2018 14 333 381 |
2017 6 5 5 7 1 2 8 1 372 608 11 354 663 2017 10 547 379 |
|---|---|---|
| Note 8 - Skatt | ||
| Årets skattekostnad fordeler seg på: | 2018 | 2017 |
| Betalbar skatt | 369 472 | 537 691 |
| Endring utsatt skatt | 1522 | 286 120 |
| Årets totale skattekostnad | 370 994 | 828 913 |
| Beregning av årets skattegrunnlag: | 2018 | 2017 |
| Ordinært resultat før skattekostnad | 1580623 | 3 4 1 1 2 8 8 |
| Permanente forskjeller | 9500 | 0 |
| Endring i midlertidige forskjeller | 16 275 | 30036 |
| Alminnelig inntekt | 1606398 | 3 441 324 |
| Anvendt fremførbart underskudd | $\Omega$ | $-1200943$ |
| Årets skattegrunnlag | 1 606 398 | 2 240 381 |
| Betalbar skatt (23%) av årets skattegrunnlag | 369 472 | 537 691 |
| Betalbar skatt i balansen fremkommer slik: | 2018 | 2018 |
| Betalbar skatt på årets resultat | 369 472 | 537 691 |
| Betalbar skatt på avgitt konsernbidrag | $-369472$ | -537 691 |
| Sum betalbar skatt i balansen | 0 | 0 |
| Oversikt over midlertidige forskjeller | 2018 | 2017 |
| Driftsmidler inkl goodwill | $-413531$ | -414 394 |
| Utestående fordringer | $-112981$ | $-95843$ |
| Netto midlertidige forskjeller pr 31.12 | $-526512$ | $-510237$ |
| Utsatt skattefordel (22% for i år, 23% for i fjor) | $-115833$ | $-117355$ |
| Aksiekapital | Annen | Annen | Sum | |
|---|---|---|---|---|
| innskutt | egenkapital | |||
| egenkapital | ||||
| Egenkapital 01.01.18 | 6 109 800 | 121938 | 4 135 055 | 10 366 793 |
| Årsresultat | 0 | 0 | 1 209 629 | 1 209 629 |
| Avgitt konsernbidrag | 0 | Ω | -1 236 926 | -1 236 926 |
| Egenkapital 31.12.18 | 6 109 800 | 121 938 | 4 107 758 | 10 339 496 |
| Ordinære | Eier- . |
Stemme- بالمراجبات |
|
|---|---|---|---|
| Oversikt over aksjonærene i selskapet pr. 31.12: | |||
| Ordinære aksjer | 40732 | 150 | 6 109 800 |
| Aksjekapitalen består av: | Antall | Pålydende | Balanseført |
Audited Historical Financial Information for OK Self Storage Group for the Financial Year 2016
| Enheten | |
|---|---|
| Organisasjonsnummer: | 818 096 712 |
| Organisasjonsform: | Allmennaksjeselskap |
| Foretaksnavn: | SELF STORAGE GROUP ASA |
| Forretningsadresse: | Nedre Skøyen vei 24 |
| 0276 OSLO | |
| Regnskapsår | |
| Årsregnskapets periode: | 01.01.2016 - 31.12.2016 |
| Konsern | |
| Morselskap i konsern: | Ja |
| Konsernregnskap lagt ved: | Nei |
| Regnskapsregler | |
| Regler for små foretak benyttet: | Ja |
| Benyttet ved utarbeidelsen av årsregnskapet til selskapet: | Regnskapslovens alminnelige regler |
| Årsregnskapet fastsatt av kompetent organ | |
| Bekreftet av representant for selskapet: | Unic Revisjon AS |
| Dato for fastsettelse av årsregnskapet: | 21.07.2017 |
År 2016: Årsregnskapet er elektronisk innlevert År 2015: Tall er hentet fra elektronisk innlevert årsregnskap fra 2016
Det er ikke krav til at årsregnskapet m.v. som sendes til Regnskapsregisteret er undertegnet. Kontrollen på at dette er utført ligger hos revisor/enhetens øverste organ. Sikkerheten ivaretas ved at innsender har rolle/rettighet for innsending av årsregnskapet via Altinn, og ved at det bekreftes at årsregnskapet er fastsatt av kompetent organ.
Brønnøysundregistrene, 09.07.2019
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| RESULTATREGNSKAP | |||
| Inntekter | |||
| Salgsinntekt | 1 | 0 | 0 |
| Sum inntekter | 0 | 0 | |
| Kostnader | |||
| Annen driftskostnad | 2 | 5 570 | |
| Sum kostnader | 5 570 | ||
| Driftsresultat | -5 570 | 0 | |
| Finansinntekter og finanskostnader | |||
| Annen finansinntekt | 3 | 1 593 689 | |
| Sum finansinntekter | 1 593 689 | ||
| Netto finans | 1 593 689 | ||
| Ordinært resultat før skattekostnad | 1 588 119 | 0 | |
| Skattekostnad på ordinært resultat | 6 | -1 337 | |
| Ordinært resultat etter skattekostnad | 1 589 456 | 0 | |
| Årsresultat | 1 589 456 | 0 | |
| Årsresultat etter minoritetsinteresser | 1 589 456 | ||
| Totalresultat | 1 589 456 | ||
| Overføringer og disponeringer | |||
| Overføringer til/fra annen egenkapital | 1 589 456 | ||
| Sum overføringer og disponeringer | 1 589 456 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| BALANSE - EIENDELER | |||
| Anleggsmidler | |||
| Immaterielle eiendeler | |||
| Utsatt skattefordel | 6 | 1 337 | |
| Sum immaterielle eiendeler | 1 337 | ||
| Varige driftsmidler | |||
| Sum varige driftsmidler | 0 | 0 | |
| Finansielle anleggsmidler | |||
| Investering i datterselskap | 3 | 62 072 074 | |
| Andre fordringer | 204 926 | ||
| Sum finansielle anleggsmidler | 62 277 000 | ||
| Sum anleggsmidler | 62 278 337 | 0 | |
| Omløpsmidler | |||
| Varer | |||
| Fordringer | |||
| Andre fordringer | 324 684 | ||
| Konsernfordringer | 3 | 81 043 174 | |
| Sum fordringer | 81 367 858 | ||
| Sum omløpsmidler | 81 367 858 | 0 | |
| SUM EIENDELER | 143 646 195 | 0 | |
| BALANSE - EGENKAPITAL OG GJELD | |||
| Egenkapital | |||
| Innskutt egenkapital | |||
| Selskapskapital | 4, 5 | 394 500 | |
| Overkurs | 4 | 131 127 058 | |
| Sum innskutt egenkapital | 131 521 558 |
| Beløp i: NOK | Note | 2016 | 2015 |
|---|---|---|---|
| Opptjent egenkapital | |||
| Annen egenkapital | 1 589 456 | ||
| Sum opptjent egenkapital | 1 589 456 | ||
| Sum egenkapital | 4 | 133 111 014 | 0 |
| Sum langsiktig gjeld | 0 | 0 | |
| Kortsiktig gjeld | |||
| Leverandørgjeld | 119 758 | ||
| Kortsiktig konserngjeld | 7 | 10 415 422 | |
| Annen kortsiktig gjeld | 1 | ||
| Sum kortsiktig gjeld | 10 535 181 | ||
| Sum gjeld | 10 535 181 | 0 | |
| SUM EGENKAPITAL OG GJELD | 143 646 195 | 0 |
| Driftsinntekter og driftskostnader | Note | 2016 |
|---|---|---|
| Salgsinntekt | $\mathbf{1}$ | 0 |
| Sum driftsinntekter | 0 | |
| Annen driftskostnad | $\overline{c}$ | 5570 |
| Sum driftskostnader | 5570 | |
| Driftsresultat | $-5570$ | |
| Finansinntekter og finanskostnader | ||
| Annen finansinntekt | 3 | 1 593 689 |
| Resultat av finansposter | 1 593 689 | |
| Ordinært resultat før skattekostnad | 1588119 | |
| Skattekostnad på ordinært resultat | 6 | -1337 |
| Ordinært resultat | 1589456 | |
| Årsresultat | 1589456 | |
| Overføringer | ||
| Avsatt til annen egenkapital | 1589456 | |
| Sum overføringer | 1589456 |
| Eiendeler | Note | 2016 |
|---|---|---|
| Anleggsmidler Immaterielle eiendeler Utsatt skattefordel Sum immaterielle eiendeler |
6 | 1337 1337 |
| Varige driftsmidler Sum varige driftsmidler |
0 | |
| Finansielle anleggsmidler Investeringer i datterselskap Andre langsiktige fordringer Sum finansielle anleggsmidler Sum anleggsmidler Omløpsmidler |
3 | 62 072 074 204 926 62 277 000 62 278 337 |
| Fordringer | ||
| Andre kortsiktige fordringer Konsernfordringer Sum fordringer |
3 | 324 684 81043174 81 367 858 |
| Sum omløpsmidler | 81 367 858 | |
| Sum eiendeler | 143 646 195 |
| Egenkapital og gjeld | Note | 2016 |
|---|---|---|
| Egenkapital Innskutt egenkapital Aksjekapital Overkurs Sum innskutt egenkapital |
4, 5 4 |
394 500 131 127 058 131 521 558 |
| Opptjent egenkapital Annen egenkapital Sum opptjent egenkapital Sum egenkapital Gjeld |
4 | 1589456 1 589 456 133 111 014 |
| Kortsiktig gjeld Leverandørgjeld Konserngjeld Annen kortsiktig gjeld Sum kortsiktig gjeld Sum gjeld |
7 | 119758 10 415 422 1 10 535 181 10 535 181 |
| Sum egenkapital og gjeld | 143 646 195 |
| Firma | Forretnings- kontor |
Andel | Kostpris | Egenkapital 31.12.2016 |
Resultat 2016 |
|---|---|---|---|---|---|
| OK Minilager AS | Asker | 100 % | 131 521 558 | 52 072 073 15 307 801 *) | |
| Selvaag Self-Storage AS | Oslo | 100 % | 10 000 001 | 13 049 557 | 1 049 557 |
| Aksiekapital | Overkurs | Annen EK | Sum | |
|---|---|---|---|---|
| Egenkapital ved stiftelse | 394 500 131 127 058 | 131 521 558 | ||
| Årets resultat | 1 589 456 | - 1.589.456 | ||
| Egenkapital 31. desember 2016 | 394 500 131 127 058 | - 1.589.456 | 133 111 014 |
| Antall | Pålvdende | Bokført | |
|---|---|---|---|
| Ordinære aksjer | 3 945 000 | 0.10 |
394 500 |
| Sum | 3 945 000 | 394 500 |
| Selskap | Antall | Eierandel |
|---|---|---|
| Feok AS | 1 2 2 2 0 0 0 | 31.0% |
| Centrum Skilt AS | 1 135 000 | 28.8% |
| Fabian Holding AS | 1 000 000 | 25.3 % |
| Ferncliff Invest AS | 453 000 | 11.5 % |
| Quicksand AS | 135 000 | 3.4 % |
| Totalt antall aksier | 3945000 | 100,0% |
| Aksionær | Antall | Eierandel |
|---|---|---|
| FEOK AS | 1 222 000 | 25,5% |
| Centrum Skilt AS | 1 135 000 | 23,7% |
| Fabian Holding AS | 1 000 000 | 20,9% |
| Ferncliff Invest AS | 453 000 | 9.5% |
| Vatne Capital | 245 763 | 5.1% |
| Quicksand AS | 135 000 | 2.8% |
| øvrige aksjonærer | 601 694 | 12,5% |
| 4792457 | 100.0% |
| Årets skattekostnad | 2016 | 2015 |
|---|---|---|
| Resultatført skatt på ordinært resultat: | ||
| Betalbar skatt | Ω | n |
| Endring i utsatt skattefordel | $-1337$ | 0 |
| Skattekostnad ordinært resultat | $-1337$ | 0 |
| Skattepliktig inntekt: | ||
| Ordinært resultat før skatt | 1588119 | n |
| Permanente forskieller | -1 593 689 | Ω |
| Endring i midlertidige forskjeller | n | Ω |
| Skattepliktig inntekt | $-5570$ | Ω |
| Betalbar skatt i balansen: | ||
| Betalbar skatt på årets resultat | 0 | Ω |
| Sum betalbar skatt i balansen | 0 |
| 2016 | 2015 | Endring | |
|---|---|---|---|
| Akkumulert fremførbart underskudd | -5 570 | 5 5 7 0 | |
| Grunnlag for beregning av utsatt skatt | -5 570 | 5570 | |
| Utsatt skattefordel (24 % / 25 %) | -1337 | 1337 |
| OK Minilager AS | 415422 |
|---|---|
| Selvaag Self-Storage AS | 10.000.000 |
| Sum | 10 415 422 |
| Til annen egenkapital | kr | 589456 |
|---|---|---|
| -------------------- | -------------- | |
| sım | .kr | 589456 |
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