Annual Report 2022
Self Storage Group ASA
Annual Report 2022
3
Contents
About Self Storage Group 3
Letter from the CEO 7
Highlights 2022 8
Key Figures 9
Board of Directors Report 10
■ Strategy 16
■ Corporate development 20
■ Corporate social responsibility
and sustainability 20
■ Shareholders and financing 21
■ Risks 22
■ Employees and working conditions 23
■ Corporate Governance 24
■ Outlook 24
■ Self Storage Group ASA 26
■ Distribution of funds for the year 27
Management 28
Board of Directors 29
Corporate Social Responsibility
and Sustainability Report 30
Corporate Governance 42
Notes to the consolidated
financial statements 56
Financial statements
Self Storage Group ASA 101
Statement by the Board of Directors 122
Alternative performance measures
(APMs) 122
Global Reporting Initiativ (GRI) 124
About Self Storage Group
Self Storage Group (SSG) 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. 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 to increase the level of automation in all parts of the
value chain. The Group’s vision is to enable people to take care of their belongings and organise their lives
by being the leading Scandinavian self-storage provider with safe, smart and accessible solutions.
The Group operates under two separate brands: OK Minilager and City Self-Storage. These two brands
focus on different market segments and provide a strong platform for serving customers with different
preferences and needs.
The Group offers self-storage in all Scandinavian countries, with a primary focus on the major cities through
City Self-Storage, and a nationwide presence in Norway through OK Minilager. All City Self-Storage facilities are
climate controlled, while OK Minilager offers both climate controlled and container-based storage facilities.
Self Storage Group operates a total of 135 facilities as of December 2022 with a current lettable area of
185 800 m
2
and 35800 m
2
under development. The Group focuses on maintaining a lean organisation
and had 66 full time equivalents in 2022. The Group is headquartered at Skøyen in Oslo , Nor way , where all
administrative and central customer service functions are located. Site managers and other operationally-
focused employees are located throughout Scandinavia with close proximity to the facilities.
| 1
As of 31 December 2022
1
The leasehold facility Gärdet (3 300 m
2
) is not included in the KPI’s as of 31 December 2022
SELF STORAGE GROUP AT A GLANCE
135
Facilities
1
185 800 m
2
Current lettable area
1
31 100
Storage rooms
1
35 800 m
2
Lettable area under
development
221 600 m
2
Total lettable area
1
3
Countries
OK Minilager launches online book-
ing with 100 % self-service
Selvaag Group entered into the
business and City Self-Storage
expanded into Denmark
Total value of freehold investment property increased to
NOK 1.5 billion, first acquisition of freehold investment
property outside Norway and acquisition of several other
investment properties
Total value of freehold investment property increased to NOK 2.4 billion,
NOK 300 million private placement towards external investors, open-
ing of Breivollveien 25 in Oslo - the largest purpose-built self-storage
facility in Norway, acquisition of Dit Pulterkammer and acquisition of
several other investment properties, including a facility with previous
leasehold agreement
Organic growth journey in
Denmark and Sweden was
initiated with property acqui-
sitions in Esbjerg (Denmark)
and Trollhätten (Sweden).
Several investment proper-
ties were completed and the
unique market share position
in Norway was strengthened
further. Total value of free-
hold investment property
increased to NOK 2.5 billion
Opening of facility number 100, acqui-
sition of Minilager Norge group and
acquisition of investment properties
City Self-Storage established with one
site in Norway and a minority stake in
the Swedish Safe Mini Lager
NOK 250 million private placement
towards external investors, acqui-
sition of Eurobox and acquisition
of several investment properties
NOK 100 million private placement towards external investors,
acquisition of investment properties, acquisition of Minilageret
AS and initial public offering with placement of additional
NOK 200 million
External investors invest in OK Minilager, the
acquisition of City Self-Storage and establish-
ment of Self Storage Group
OK Minilager established by
Fabian and Gustav Søbak
History
1993 1998 2009 2010 2016 2017 2018 2019 2020 2021 2022
Annual Report 2022
7
Letter from the CEO
Another year has passed with continued development and growth for Self Storage Group. I´m proud to say
that our Group is stronger than ever. The SSG organisation has done a great job in the development of the
company, built on extensive experience and knowledge. Our team has continued to deliver on SSG’s strategy
in the past year, and our scalable platform is better positioned than ever.
An important achievement of 2022 has been the acceleration in CLA growth. Our property development
team has managed the development with strong control and dedication. During 2022 eight new facilities
and expansions amounting to 17 300 m
2
CLA were added to the portfolio, exceeding the target of opening
15 000+ m
2
. Growth in CLA is a key performance indicator for SSG and had 35 800 m
2
of CLA under
development at the end of the year. The strong pipeline will secure further scalable growth, and we aim to
further accelerate development-led growth in 2023 with a projected addition of more than 20 000 m
2
of CLA.
Our strategy to grow our freehold portfolio in selected urban markets remain unchanged. The value of our
portfolio of freehold facilities increased to 2.5 billion NOK at the end of the year. The Group had 185 800 m
2
in current lettable area (CLA) as of December 2022. In an inflationary environment, rent levels have been
a focus for the organisation in the past year, and optimising rent will remain the focus for the foreseeable
future. SSG has accomplished positive rent development during 2022, but we still see a potential in this
important KPI for the Group.
In 2022 SSG initiated organic growth outside Norway through the acquisition of the first properties in Sweden
and Denmark. This is an important step for the company, which will enable future growth and contribute to
our diversified property portfolio. Organic growth in Sweden and Demark was included in the Group´s core
strategy in 2022, and I look forward to the opportunities ahead.
SSG has a business model with low carbon footprint. Sustainability is an integrated part of our business,
and we are determined to make a difference for our customers, employees, and partners. Our team
acknowledge that we need to focus on sustainability to gain necessary improvements. In 2022 the focus has
mainly been to continue the initiatives we already had in motion, especially with efforts to reduce electricity
consumption. New initiatives are our investments in a new solar collector on a property in Denmark, and a
pilot project with solar panels on a property in Norway.
SSG continues to make investments in IT and branding, and 2022 has been an eventful year. New websites
for both brands were launched, and we implemented a new and integrated ERP system for the Group.
At SSG we strongly believe that IT investments can bring meaningful value to our stakeholders, and we
anticipate continuing the focus on new digital investments. Competition in the market is growing, and SSG
is determined to be on the forefront of the digital development.
Demand for self-storage is backed by strong macro trends like urbanisation and smaller living spaces. At the
same time, the demand for our services has proven to be resilient during previous recessions. Given the
unpenetrated market we operate in, I firmly believe that we can manage to grow the company, even during
a potential recession.
SSG has a well-built financial position, a strong organisation, a unique scale in the market and a portfolio of
quality freehold assets. This foundation combined with macro trends and an unmature market in Scandinavia,
gives Self Storage Group a solid platform for future growth and value creation.
Thanks to all our stakeholders for your efforts and engagement in 2022. I look forward to continue working
with you!
Best regards,
Fabian Søbak
CEO
Annual Report 2022Annual Report 2022
98
Highlights 2022
Self Storage Group (SSG) continued the strong and positive operational development
in 2022 with solid organic revenue- and EBITDA-growth. SSG continues to develop new
facilities and during 2022, eight new facilities and expansions amounting to 17 300 m
2
CLA
were added to the portfolio, exceeding the target of opening 15 000+ m
2
. The Swedish
facility Gärdet with 3 300 m
2
CLA will, however, be discontinued in Q1 2023 due to a lease
expiration which could not be extended
1
. CLA at the end of December adjusted for Gärdet
was 185 800 m
2
. Demand is still strong and occupancy for sites with more than 12 months
of operation is 89.1%
1
in 2022 and average rent has increased to 2 351
1
per m
2
per year.
The strategy of the Group is to own and operate acquired properties for a long period. Hench temporary
yield fluctuation does not have any impact on the day-to-day operation or underlaying operational
result. All freehold properties were appraised by an independent appraiser at year-end. The decrease of
fair value of freehold investment properties of NOK 147.2 million for 2022 is related to yield expansion in
the property market during the autumn driven by rising interest rates, partly offset by CPI adjustment on
market rent of the properties. This is a non-cash P&L charge and there are no other negative elements
impacting the valuation of the portfolio. Change in fair value of freehold investment properties in 2021 was
NOK 320.0 million. Fair value of freehold investment property was NOK 2 530 million as of 31 December
2022 compared to NOK 2 422 million as of 31 December 2021.
Following change in the value of the portfolio, the loan to value ratio stands at moderate 43% at the end of
the year, providing the Group financial flexibility for further growth. SSG has favourable financial terms with
69% of total interest-bearing debt as of end December 2022 swapped to fixed rates at low levels. The Group
has a strong pipeline and a solid foundation for further profitable growth and expansion in the Nordics.
■ All time high revenues of NOK 392.2 million, up 13% from NOK 346.1 million in 2021
■ All time high adjusted EBITDA
2
of NOK 225.5 million, up 9% from NOK 206.3 million in 2021
■ Adjusted profit before tax of NOK -9.1 million, compared to NOK 444.0 million in 2021
■ Opening of eight facilities and 17300 m
2
CLA during 2022
1
The leasehold facility Gärdet (3 300 m
2
) is not included in the KPI’s as of 31 December 2022
2
Non-GAAP measures are defined in the corresponding section in the back of the report
Key Figures
1
2022 2021
(Amounts in NOK million)
Full year Full year
Revenue 392.2 346.1
Lease expenses -15.5 -13.3
Total other operating expenses -152.1 -129.9
Total adjustments 1.0 3.4
Adjusted EBITDA 225.5 206.3
Adjusted EBIT 204.6 189.5
Change in fair value of freehold investment property -147.2 320.0
Change in fair value of leasehold investment property -49.3 -46.4
Net finance -17.2 -19.1
Adjusted Profit before tax -9.1 444.0
Adjusted Net Profit -7.7 351.3
Current lettable area (in thousands m
2
) 185.8 171.8
Lettable area under development (in thousands m
2
) 35.8 34.9
Number of facilities 135 128
1
Non-GAAP measures are defined in the corresponding section in the back of the report
2
Gärdet is not included in the number of facilities and CLA 31 December 2022
Annual Report 2022Annual Report 2022
1110
Lease expenses
Lease expenses constitute NOK 15.5 million for 2022, up from 13.3 million in 2021. The increase is mainly
related to two previously long-term contracts that expired, renegotiated to short-term contracts, and CPI
adjustment on existing lease contracts. Lease expenses are impacted if long-term contracts expire and are
renegotiated to short-term contracts, if new short-term contracts are signed, or if short-term contracts are
renegotiated to long-term contracts. Average remaining lease period for leased facilities in the CSS-segment,
including options, is seven years. For OK Minilager, which has a number of short revolving contracts, the
average remaining term is two years.
At the end of December 2022, 59% of the current lettable area in SSG is held freehold, compared to 53% at
the end of December 2021. 50% of current lettable area in the City Self-Storage segment is freehold, while
73% of current lettable area in OK Minilager is freehold. The share of freehold property is increasing in both
segments.
Property-related expenses
Property-related expenses consist of maintenance, electricity, cleaning, security, insurance, property tax
and other operating costs related to the facilities. Maintenance is recorded as an operational cost and is
not capitalised.
Property related expenses for 2022 were NOK 59.1 million, an increase of NOK 14.7 million compared to
2021. The increase is mainly related to increased number of facilities and CLA in the portfolio and level of
maintenance compared with one year earlier.
Lettable area in SSG has increased by 17 300 m
2
(10%) and eight facilities since December 2021.
The Group is focused on energy management on all levels and is continuously focusing on reducing the energy
consumption in the portfolio. SSG’s buildings are equipped with limited technical installations and reducing
energy consumption is mainly done by keeping the temperature in climate controlled environments low,
installing heat pumps and upgrading existing facilities to LED-lighting with movement sensors. LED-lighting
uses less energy and has a long lifetime. All new facilities are equipped with LED-lighting.
Salary and other benefits
Salary and other employee benefits for 2022 were NOK 49.6 million, an increase of NOK 5.4 million from 2021.
A restructuring of the management in the Danish operation was implemented in the end of 2022, impacting
salary and other employee benefits by NOK 0.6 million. This is defined as a non-recurring item. There were no
non-recurring items in 2021. The remaining part of the increase is primarily related to annual wage increases.
Depreciation
Depreciation for 2022 was NOK 20.9 million, an increase of NOK 4.0 million from 2021. The depreciation is
mainly related to fitout and other equipment for new facilities and expansions. Maintenance is posted as
property-related expenses.
Board of Directors Report
Self Storage Group continues to experience strong demand for its services, and had record high revenue in
2022. Occupancy for facilities in operation more than 12 months and defined as mature, was 89.1% in 2022. This
is close to the target level of 90%. Current lettable area (CLA) at the end of December 2022 was 185 800 m
2
,
of which 171 300 m
2
had been in operation for more than 12 months. The CLA increased by 17 300 m
2
in
2022, and SSG reached the goal of opening 15 000+ m
2
CLA during the year. The CLA as of 31 December
2022 is adjusted for the discontinued facility Gärdet in Sweden of 3 300 m
2
CLA. The discontinuation is due
to a lease expiration which could not be extended. 15 properties were acquired during 2022, contributing
to the development pipeline of 35 800 m
2
CLA.
Occupancy levels have stabilised at high levels close to target, and steps have been taken to increase rent.
The average rent per m
2
increased by 3% to NOK 2 351 per year in 2022 compared to 2021. Prices will be
CPI adjusted in January 2023, and street-rates and the use of entry-offers are constantly evaluated.
There has been increased costs in 2022 compared to 2021 related to project costs for implementation of
a new ERP-system and temporary double licence costs for both the new and old systems, and integration
with the CRM-system.
The Groups strategy is to invest in freehold facilities and to own and operate the properties for a long period.
Hench temporary yield fluctuation does not have any impact on the day-to-day operation or underlaying
operational result. There was a decrease of fair value of freehold investment properties of NOK 147.2 million
in 2022 related to yield expansion in the property market during the autumn driven by rising interest rates,
partly offset by CPI adjustment. All freehold properties were appraised by an independent appraiser at year-
end. The value of the freehold investment portfolio increased by NOK 107.2 million during the full year 2022
to a total of NOK 2 530 million. The increase from acquisitions and expansions amounts to NOK 244.3 million,
the decrease from change in fair value YTD amounts to NOK -147.2 million and the increase from positive
currency differences amounts to NOK 10.1 million.
SSG has grown strongly since the IPO in 2017 and has delivered solid revenue and EBITDA-results each
year. SSG has a leading position in the Norwegian market and is one of the leading self-storage providers in
Scandinavia. With the growth, SSG has increased focus on IT, branding, planned maintenance and
organisational development to level-up the scalable platform for future growth.
The self-storage industry has a low environmental footprint with the use of electricity as the main source of
CO
2
emissions. During 2022, SSG had ongoing projects to increase the focus on sustainability and how to
integrate this further in the business.
Revenue
Revenue for full year 2022 increased by NOK 46.1 million to NOK 392.2 million compared with 2021.
NOK 358.8 million is income from the rental of self-storage. Rental income from self-storage services increased
with NOK 38.6 million. Other revenue increased with NOK 7.5 million in the period. Other revenue relates
mainly to distribution of insurance, ancillary services, rental income from segments other than self-storage.
Annual Report 2022Annual Report 2022
1312
Change in fair value of investment property
The fair value of freehold investment property is based on valuations by an independent appraiser, with intra
group lease contracts at market terms as a basic principle. Annual CPI-adjustment of the leases, changes in
areas with lease-agreements and changes in yield impact the fair value.
The total average yield in the Group was 5.6% as of 31 December 2022. All freehold properties were appraised
by an independent appraiser at year-end. The decrease of fair value of freehold investment properties of
NOK 147.2 million for 2022 is related to yield expansion in the property market during the autumn driven
by rising interest rates, partly offset by CPI-adjustment of internal leases. This is a non-cash P&L charge and
there are no other negative elements impacting the valuation of the portfolio. Change in fair value for 2021
was NOK 320.0 million. Fair value of freehold investment property was NOK 2 530 million as of 31 December
2022, compared to NOK 2 422 million at 31 December 2021.
Change in fair value of leasehold investment property relates mainly to passage of time of recognised leases
under IFRS 16. Change in fair value of leasehold investment property recognised in the P&L in 2022 was NOK
-49.3 million, compared to NOK -46.4 million in 2021. Change in fair value of leasehold investment property
recognised in the P&L will change if long-term contracts expire and are renegotiated to short-term contracts,
or if short-term contracts are renegotiated to long-term contracts. Fair value of leasehold investment property
was NOK 445.9 million at 31 December 2022, compared to NOK 444.3 million at 31 December 2021.
EBITDA and profit before tax
EBITDA for 2022 was NOK 224.5 million, an increase of NOK 21.6 million compared to 2021. There were
non-recurring items of NOK 1.0 million in 2022, compared to NOK 3.4 million in 2021.
Net finance amounted to NOK -17.2 million for 2022, compared to NOK -19.1 million for 2021. Detailed
development on net finance is disclosed in note 12.
The change is related to increased financial income of NOK 24.0 million offset by increased financial expense
of NOK 22.1 million. Net interest income and expense on borrowings for full year 2022 was NOK 23.4 million,
compared to NOK 21.5 million for full year 2021. The increased expense on borrowings is related to increased
loans and costs to the interest rate swaps.
SSG has favourable financial terms with interest rate swaps covering 69% of total interest-bearing debt as
of end December 2022. The interest rate swaps will mature in 2025 and 2026.
Profit before tax for 2022 was NOK -10.2 million, compared to NOK 440.6 million in 2021.
(Amounts in NOK 1 000)
Adjustments 2022 2021
Revenue: release of historical liability (Acquisition of
Minilageret AS) - 507
Other operating expenses: acquisition costs - 410 -3 923
Salary and other employee benefits: severance packages - 604 -
Total adjustments -1 014 -3 416
Other operating expenses
Other operating expenses consist of IT, sales and advertising, and other administrative expenses.
For 2022 other operating expenses amounted to NOK 43.4 million, an increase of NOK 2.0 million from 2021.
There were non-recurring costs of NOK 0.4 million in 2022 impacting other operating expenses, compared to
NOK 3.9 million in non-recurring costs in 2021. Adjusted for non-recurring acquisition costs, other operating
expenses in 2022 increased by NOK 5.6 million compared with 2021. Despite the growth in CLA, the costs
increased only marginally above the inflation.
Part of the adjusted increase of NOK 5.6 million in other operating expenses is related to increased IT costs.
In spring 2022 a project was started to replace the ERP system. The new ERP system was launched for the
Group’s Norwegian companies in Q4 2022, and will be launched for the Swedish and Danish companies in
2023. There are additional costs in 2022 related to implementation of the ERP system, temporary double
licences and development of the CRM system. The new ERP system, which is integrated with the CRM system,
will provide more valuable data, with increased insights and automation possibilities.
Since the summer of 2021, several branding projects for the Group’s two brands have been launched.
Marketing spend on facilities with occupancy above target level has been optimised, with sales and marketing
costs constituting 3.4% (3.8%) of the revenue in 2022.
The level of other operating expenses has been stable over many years despite the growth of the company,
and is expected to remain stable going forward when adjusting for costs related to acquisitions. Sales and
advertising may, however, increase as revenue increases, since sales costs are related to online advertising.
There are also additional costs related to being a listed company that will increase in order to be compliant
with regulatory requirements, and to ensure a sustainable growth.
Adjustments
Identified items not likely to occur in the normal course of business are defined as non-recurring revenue
or non-recurring costs. The exclusion of non-recurring items is useful to SSG as it provides a measure for
assessing underlying operating performance.
Annual Report 2022Annual Report 2022
1514
Financial position
Total assets were NOK 3 638 million as of 31 December 2022, compared to NOK 3 491 million at 31 December
2021, an increase of NOK 146.8 million.
Freehold investment property increased by NOK 107.2 million from 31 December 2021 to NOK 2 530 million
as of 31 December 2022. The increase is related to the acquisition of 15 properties, 14 in Norway and one
in Denmark, investments in several development and conversion projects and exchange differences, partly
offset by the change in fair value YTD of NOK -147.2 million.
Leasehold investment property was NOK 445.9 million at 31 December 2022, an increase of NOK 1.6 million
from 31 December 2021. Lease liabilities at the end of December 2022 was NOK 474.6 million, an increase of
NOK 6.0 million compared to the end of December 2021. The increases are related to one option assessed
reasonably certain to exercise, additions from CPI-adjustments and currency differences in Denmark and
Sweden, mostly offset by the change in fair value of leasehold investment property due to passage of time
for the full year 2022 for the assets and lease payments due to passage of time in the full year 2022 for the
liability.
Cash and bank deposits decreased by NOK 20.7 million to NOK 194.1 million at the end of December 2022
from December 2021. The main changes in cash and bank deposits in the full year 2022 relates to net cash
outflow on acquisitions and additions to freehold investment property, partly offset by cash from operating
activities and NOK 200.0 million in proceeds from an addendum to the existing borrowing agreement. In
2022 NOK 100.0 million in proceeds from borrowing on the revolving credit facility has been received and
repaid. SSG invoices customers in advance, which reduces credit risk and provides stable working capital.
Other current liabilities consist mainly of prepaid income.
Interest-bearing debt
1
amounts to NOK 1 089 million at the end of December 2022, an increase of NOK
144.6 million from December 2021. The Group’s interest rate swaps cover 69% of total interest-bearing
debt as of end December 2022. Loan to value
1
of freehold investment property is 43% as of end December
2022, compared to 39% at the end of December 2021. The loan facility has several covenants
2
. As of 31
December 2022, the Group is not in breach of any of the covenants, and does not expect any breaches
in the next 12 months. At the end of December 2022 interest-bearing debt less cash was NOK 894.8 mil-
lion. The interest-bearing debt is used for investments in freehold facilities, expansion of lettable area and
development of the Group.
Total equity at the end of December 2022 was NOK 1 808 million, an increase of NOK 3.9 million from
December 2021. The increase is attributable to total comprehensive income. The equity ratio was 50% at
the end of December 2022, compared to 52% at the end of December 2021.
1
Non-GAAP measures are defined in the corresponding section in the back of the report
2
See note 16 for the Company’s covenants
Cash flow
SSG has strong cash flow. Net cash flow from operating activities for 2022 was NOK 206.5 million, compared
to NOK 174.3 million for 2021. The increase in net cash flow from operating activities adjusted for non-cash
items for 2022 is related to the increase in operational profit, partly offset by increase in prepaid expenses
and timing differences for payments.
Net cash flow from investing activities for 2022 was NOK -286.9 million compared to NOK -685.3 million a year
earlier. Payments for investment property includes acquisition of new properties, development of properties
and additions to existing properties. Payments for property, plant and equipment consists mainly of new
fit-out. Net cash outflow for acquisition of subsidiaries includes acquisitions accounted for as an asset
acquisition if completed in the quarter. These investing activities are in line with the Group’s strategy.
Net cash flow from financing activities for 2022 was NOK 58.8 million, compared to NOK 479.8 million a year
earlier. Net cash flow from financial activities in 2022 was affected by proceeds from borrowing amounting
to NOK 300.0 million, repayment of loan and interest paid amounting to NOK -178.8 million and net payment
of lease liabilities and payments of lease classified as interests amounted to NOK -62.4 million in 2022.
SSG’s cash balance at the end of December 2022 was NOK 194.1 million.
Annual Report 2022Annual Report 2022
1716
Strategy
SSG 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. 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
objective, the Group is continuously working to increase the level of automation in all parts of the value chain.
The Group operates under two separate brands: OK Minilager and City Self-Storage. These two brands focus
on different market segments and provide a strong platform for serving customers with different preferences
and needs. The Group’s vision is to enable people to take care of their belongings and organise their lives by
being the leading Scandinavian self-storage provider with safe, smart and accessible solutions. SSG offers
self-storage solutions in all Scandinavian countries, with a primary focus on the major cities through City
Self-Storage, and a nationwide presence in Norway through OK Minilager. All City Self-Storage facilities are
climate controlled, while OK Minilager offers both climate controlled and container-based storage facilities.
SSG aims to develop a business model that is sustainable with a low carbon footprint, and the Group believes
it to be important that it engages in how to make a difference for customers as well as for the employees.
SSG is determined to include sustainability as an integrated part of the business. Even though the industry
in general has a low carbon footprint, SSG still has potential related to sustainability, and plans to continue
the journey to achieve its potential.
The strategy is to develop the Group further and to expand the total lettable area by investing in new
freehold facilities, in Norway as well as in Denmark and Sweden. Acquisition of established self-storage
providers in the Nordics will continue to be part of SSG’s strategy. Going forward new facilities will primarily
be established as freehold 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. Freehold investment properties in Norway are held in the 100% owned company OK Property AS, and
leased to the operating companies in the Group.
Business concepts
The Group is operating under both the OK Minilager and City Self-Storage brand and will continue to do so
as these concepts target different market segments.
OK Minilager
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 freehold properties, including a combination of purpose-built facilities and conversion of
existing buildings. At the same time OK Minilager 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.
City Self-Storage
is SSG’s “urban concept”, targeting the population in the major cities, currently serving Oslo, Stavanger, Trond-
heim, Stockholm, Copenhagen and the Jutland-area in Denmark. The strategy is to further strengthen the
market-leading position in the major cities in Norway by establishing more facilities at attractive locations.
The Group is targeting growth within existing and new facilities in the Danish market, where City Self-Storage
has a nationwide footprint following the acquisition of Dit Pulterkammer in 2021, and acquisition of properties.
In Sweden, organic growth for City Self-Storage has been initiated with the signed agreement to
acquire properties in Trollhätten and Malmö. City Self-Storage will be opportunistic about potential mergers
and acquisitions in the Nordics, both with regards to single facilities and other self-storage providers with a
complementary portfolio of facilities. As with OK Minilager, the goal for City Self-Storage going forward is to
increase the share of freehold facilities.
Competitive strengths
The Group is confident that it has multiple competitive strengths that separates SSG from other self-storage
providers. These strengths have enabled the Group to achieve high historical growth and to establish a strong
market position in all markets in which it operates. Through leveraging these competitive strengths, SSG
expects to continue to grow and to confirm its position as one of Scandinavia’s leading self-storage providers.
Market leading position
The Group is amongst the leading self-storage providers in Scandinavia with a particularly strong position
in the Norwegian market. City Self-Storage and OK Minilager 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 markets
through the acquisition of City Self-Storage in 2016. With the acquisition of Eurobox in 2019 the leading
position in the Norwegian market was solidified. Self Storage Group is the largest self-storage provider in
Scandinavia and one of the largest operators in Europe measured by the total number of facilities. The Group
has a market leading position in Norway and a national footprint in Denmark. SSG is also a regional operator
in the Stockholm area, and has initiated organic growth with the signed agreement to acquire properties in
Trollhätten and Malmö.
Strong platform for future growth
The combination of a countrywide presence in the “early stage” Norwegian market and a strong position in
the more developed markets in Sweden and Denmark 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.
The Group’s strong balance sheet and favourable financial terms, coupled with additional borrowing capacity,
give SSG additional investment capacity in 2023 and beyond.
Industry leading customer service
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 of the customer journey. SSG considers it a significant competitive
advantage 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. Self Storage Group was
a pioneer in this area and has constantly innovated in order to improve the user experience. The company
offers user-friendly online booking solutions and personal customer service across several formats such
as phone, mail, chat and social media. This has been a contributing factor to why both OK Minilager and
City Self-Storage have established themselves amongst the leading self-storage providers in Scandinavia.
Track record of rapid and profitable growth
Both OK Minilager and City Self-Storage have displayed solid financial track records with increasing revenues
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 jeopardising profitability. SSG was listed
on Oslo Stock Exchange in 2017. The Group has grown strongly over the last five years and has consistently
delivered solid revenue and EBITDA-results. SSG has succeeded in attracting investors and raising capital,
and is well positioned to continue to execute its strategy.
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Acquisitions
Acquired properties Area Transaction quarter
Total potential
lettable area (m
2
)
Transaction value
(NOK million) Closing quarter
Estimated
opening quarter
Emblem
1,2
Ålesund, Norway Q2 2023 700 9.0 Q2 2023 Existing leasehold
Luftveien
1
Røyken, Norway Q2 2023 1 700 25.0 2024 2024
Pilotveien
1
Kristiansund, Norway Q1 2023 1 250 16.5 Q4 2023 Q1 2024
Lundavägen
1
Malmö, Sweden Q1 2023 4 700 40.8 Q2 2023 Q1 2024
Gl. Jennumvej
1
Randers, Denmark Q1 2023 550 3.7 Q2 2023 Q4 2023
Agnesfridsvägen
1
Malmö, Sweden Q1 2023 1 200 13.0 Q2 2023 Q4 2023
Friis Hansens vej
1
Vejle, Denmark Q1 2023 1 400 15.8 Q1 2023 Q4 2023
Sandviken
1
Bergen, Norway Q1 2023 430 7.5 Q1 2023 Q3 2023
Grimstad Grimstad, Norway Q4 2022 850 10.2 Q4 2022 Q2 2023
Fidjemoen Kristiansand, Norway Q4 2022 2 300 19.0 Q1 2023 Q2 2023
Kilemoen
2
Hønefoss, Norway Q3 2022 2 000 3.4 Q4 2022 Q2 2023
Trollhätten Trollhätten, Sweden Q3 2022 1 300 8.8 Q4 2022 Q2 2023
Esbjerg Esbjerg, Denmark Q2 2022 900 9.2 Q3 2022 Q2 2023
Porsgrunn Porsgrunn, Norway Q2 2022 1 500 17.8 Q1 2023 Q1 2023
Skien
2
Skien, Norway Q1 2022 - 8.5 Q2 2022 Q2 2023
Stange Næringspark Stange, Norway Q1 2022 600 5.3 Q3 2022 Q4 2022
Nesseveien 2B Harstad, Norway Q1 2022 680 8.4 Q1 2022 Q3 2022
Storebotn Næringspark Askøy, Norway Q4 2021 1 050 12.0 Q1 2023 Q1 2023
Molandsveien 339 Arendal, Norway Q4 2021 850 7.1 Q4 2022 Q4 2022
Kartheia 5 Kristiansand Q4 2021 550 4.3 Q1 2022 Q3 2022
Nordslettvegen 4 BC Trondheim Q4 2021 1 550 17.0 Q1 2022 Q1 2023
Sørliveien 84, neighboring section property Halden, Norway Q4 2021 1 400 8.0 Q1 2022 TBD
Deliveien 21 Vestby, Norway Q4 2021 1 500 15.6 Q1 2023 Q2 2023
Kampenesmosen
2
Sarpsborg, Norway Q4 2021 - 4.6 Q1 2022 Q3 2023
Lundeveien 10 Vennesla, Norway Q4 2021 800 6.2 Q1 2022 Q1 2023
Gardermovegen Nannestad, Norway Q4 2021 1 050 11.5 Q3 2022 Q4 2022
Knarvik
2
Alver, Norway Q3 2021 - 4.0 Q3 2022 Q2 2023
Total 30 810 312.2
1
Properties acquired subsequent to 2022
2
Acquisition of ground
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2120
Corporate development
On 24 March 2022, Centerbridge Partners Europe LLP, the Company’s largest shareholder and closely related
to chairman of the board Steven J Skaar, bought 2 000 000 shares. Following this transaction, Centerbridge
Partners Europe LLP owns 27 206 078 shares in Self Storage Group ASA, representing approximately 28.73%
of the issued shares in the Company. Fabian Søbak (Founder and CEO) sold 1 000 000 shares through
Fabian Holding AS, a company controlled by Fabian Søbak. Following this transaction, Fabian Holding AS
owns 8565 000 shares in Self Storage Group ASA, representing approximately 9.05% of the issued shares
in the Company. On the same date, Gustav Søbak (Founder and Board member) sold 1 000 000 shares
through GSS Invest AS, a company controlled by Gustav Søbak. Following this transaction, GGS Invest AS
owns 5 565000 shares in Self Storage Group ASA, representing approximately 5.88% of the issued shares
in the Company. The proceeds from the transactions are planned to be used to pay wealth taxes for the
coming years, as required by Norwegian tax rules.
On 25 May 2022 the annual general meeting of Self Storage Group ASA was held. All proposals set out in
the notice to the general meeting were approved. Steven Skaar (chairman), Gustav Søbak, Yvonne Litsheim
Sandvold, Ingrid Elvira Leisner and Carl August Ameln were elected to the Board of Directors. Steven Skaar
is representing Alta Lux Holdco S.a.r.l, an entity managed by affiliates of Centerbridge Partners.
Corporate social responsibility and sustainability
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 Minilager Norge group was acquired in January 2018, Eurobox
in July 2019 and Dit Pulterkammer in April 2021. As the Group integrated the acquired companies, great
attention was brought to corporate social responsibility, sustainability and business conduct across different
borders and cultures. The Company aims to have a solid corporate culture and to preserve the integrity of
the Company by helping employees practise good business standards.
The Group has implemented ethical guidelines as part of the corporate governance framework to maintain
high ethical standards in its business and relations with customers, suppliers, and employees. Self Storage
Group´s Corporate Social Responsibility and Sustainability Report was developed in accordance with the
Global Reporting Initiative Standards (GRI), which can be found on pages 30-41 of this Annual Report.
The Group is not affected by the requirements in the activity and reporting obligation.
The Norwegian Transparency Act came into effect 1 July 2022. The Act requires companies to make sure
human rights and decent working conditions are respected in their operations and supply chains. The Group
entities work with suppliers and sub-suppliers with a risk-based approach to address potential violations
of human rights and labour conditions. SSG follows the Act and will publish a stand-alone report for its
compliance with the Norwegian Transparency Act before the deadline 30 June 2023.
SSG will conduct an internal assessment of the eligibility of its activities in the context of the EU taxonomy
regulation going forward.
Shareholders and financing
The Self Storage Group ASA shares are listed on the Oslo Stock Exchange under the ticker “SSG.” At the end
of 2022, the Company had 94678 584 outstanding shares, held by 870 shareholders. The nominal value of
the Self Storage Group ASA share is NOK 0.10 per share.
The Group estimates that it has sufficient working capital for the 12 months following the balance sheet
date. The Group has a solid balance sheet and an agreement for a bank facility loan with Handelsbanken and
Danske Bank to finance future growth. In accordance with section 3(3a) of the Norwegian Accounting Act,
The Group places considerable emphasis on providing shareholders, and investors in general, with timely
and relevant new information about the Group and its activities in compliance with applicable laws and
regulations.
Self Storage Group is committed to increasing awareness of the share in Norway and abroad. The management
participates in roadshows following the quarterly publications, presents the Group at conferences and is
available for conference calls on demand with investors. The list of shareholders includes a considerable
number of Nordic institutional investors and private investors.
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2322
Risks
Self Storage Group is exposed to risk and uncertainty factors, which may affect some or all of the Group´s
activities. The Group has financial risk, market risk, operational risk and risk related to current and future
products. The complete range of risk factors is discussed in detail in note 5.
The Group has attractive financial terms on its loan, but is exposed to interest rate risk. SSG has entered into
four five-year interest rate swaps in 2020 and 2021 at low levels. In total the Group has interest rate swaps
amounting to NOK 750.0 million. The Groups interest rate swaps are covering 69% of total interest-bearing
debt. These agreements will reduce the risk of high volatility in future interest payments.
SSG is affected by the unstable global situation and increased cost related to steel and supply chain. Steel is
the main component in the fit-out installation on new facilities, and expansions of existing facilities. During
the past 12 months, fit-out material cost increased by 30-40%, but the fit-out cost only has a small impact
on new project costs (i.e. 10-15% of total project budget). With the increased fit-out material cost, SSG is
focusing even more on negotiating terms with the Group’s suppliers and utilising its purchasing power in
the negotiations. SSG is working with several European suppliers and can therefore benchmark the cost of
fit-out material on an ongoing basis. Production and delivery time have also increased since the start of the
pandemic. To compensate for supply chain delays, SSG starts the planning of the fit-out installations earlier
in the projects. So far, few projects have been delayed due to increased delivery time of the fit-out material.
As set out in the corporate governance guidelines of Self Storage Group, the Board of Directors shall ensure
that the Company has sound internal control and systems for risk management that are appropriate in relation
to the extent and nature of the Company’s activities. The objective for the Company’s risk management and
internal control is to manage, rather than eliminate, exposure to risks related to the successful conduct of
the Company’s business and to support the quality of its financial reporting.
Effective risk management and good internal control contribute to securing shareholders’ investment in the
Company and the Company’s assets. The Board shall ensure that the Company’s internal control comprises
guidelines, processes, duties, conduct and other matters that:
■
Facilitate targeted and effective operational arrangements for the Company and also make it possible
to manage commercial risk, operational risk, the risk of breaching applicable legislation and regulations
as well as all other forms of risk that may be material for achieving the Company’s commercial objectives
■ Contribute to ensuring the quality of internal and external reporting
■
Contribute to ensuring that the Company operates in accordance with the relevant legislation and regulations
as well as with its internal guidelines for its activities, including the Company’s ethical guidelines and
corporate values
The Board forms its own opinion on the Company’s internal controls, based on the information presented to
the Board. Reporting by executive management to the Board is prepared in a format that gives a balanced
presentation of all risks of material significance, and of how the internal control system handles these risks.
The Board develops and assesses the need for internal control systems which address the organisation and
execution of the Company’s financial reporting. These systems shall be continuously developed in light of
the Company’s growth and situation.
The Board ensures that the Company has the necessary routines and hired personnel to ensure that any
outsourced functions are handled in a satisfactory manner. The Board also focuses on ethical guidelines
ensuring that employees can safely communicate to the Board matters related to illegal or unethical conduct
by the Company.
Employees and working conditions
At year-end 2022, the Group had a total of 84 (89) employees, of which 53 (54) work fulltime, and 66 (64) full
time equivalents. In 2022, the sickness absence in Self Storage Group was 6.6%. There were no absences
due to injuries in the Group. The turnover in 2022 for full-time employees was 16.0%. SSG had 31 part-time
employees in 2022 working with customer service.
The Group attempts to maintain a working environment where equal opportunities for all based on
qualifications and irrespective of gender, age, sex, ethnicity, sexual orientation, disability, or any other
protected status. SSG works actively to promote equality and prevent discrimination. At year-end 2022,
women held 21% of the positions in the Group. Women held 25% of the full-time positions and 16% of the
part-time positions. The management team consists of five members as of 31 December 2022 of which
two are female. The Board of Directors consists of three male and two female members. The Group had
one temporary employee in 2022. The goal of the Group is to increase the number of female employees
and steps are taken to recruit more women and increase the number of women in management positions
through internal promotions. In the case of outside recruitment effort is made to include qualified women
in the final interviews.
SSG aims to offer competitive remuneration to all employees, based on qualifications and experience, and
irrespective of gender. The positions in the Group can be divided into three levels: the management team,
middle-management and operations.
For operations, the average salary of women is slightly below the average salary of this level. Salary at the
operation level is mainly impacted by experience and how many years the employee has been within the
company. At the middle-management level, the average salary of women is below the average salary level
of this level. At the management team level, the average salary of women is higher than the average salary
level of this level. The salary at the middle-management level and management group level is mainly
impacted by the degree of required formal competence and experience necessary for the different positions
in addition the seniority. The female part-time employees had on average a slightly higher wage-level than
the male part-time employees.
Some leading positions at middle-management level can achieve a bonus in addition to salary when reaching
certain KPI-targets. The management team and key employees are part of a long-term incentive program
based on share performance.
One employee (male) was in maternity leave in 2022. The average length of maternity leave was 15 weeks.
Further statement on equality can be found in Self Storage Group´s Corporate Social Responsibility and
Sustainability Report, which can be found on pages 30-41 of this Annual Report.
The working environment in Self Storage Group is, in the Board’s view, considered to be satisfying. The Company
is committed to maintaining an open and constructive dialogue with the employee representatives. The
Company’s operations are not considered to have any material impact on the climate and the environment.
Annual Report 2022
24
Corporate Governance
The Board and management of Self Storage Group ASA are committed to maintaining high ethical standards
and promoting good corporate governance. The Company believes that good corporate governance builds
confidence among shareholders, customers and other stakeholders, and thereby supports value creation
over time. The equal treatment of all shareholders lies at the heart of the Company’s corporate governance
policy. The Company has only one class of shares, and all shareholders have equal rights. The Company’s
shares are listed and freely transferable.
SSG has directors and officers liability insurance for the Group. The insurance covers the Board’s and the
CEO’s legal personal liability for financial damage caused by the performance of their duties.
The Company has, in accordance with applicable legislation and stock exchange listing rules, provided a
report on the Company’s corporate governance, which can be found on pages 42-48 of this Annual Report.
The Corporate Governance Report is based on the Norwegian Code of Practice for Corporate Governance
issued by the Norwegian Corporate Governance Board, dated 14 October 2021.
Outlook
Self Storage Group (SSG or the “Company” or “The Group”) is one of the leading self-storage providers
in Scandinavia with a dominant market share in the Norwegian market. SSG has two strong brands and
concepts; City Self-Storage and OK Minilager. As of 31 December 2022, the Group operates 135 facilities across
Scandinavia with a total lettable area of 221 600 m
2
and current lettable area of 185 800 m
2
. There is a large
untapped potential for SSG’s services as urbanisation and smaller living spaces lead to an increased need
for external storage solutions. SSG is experiencing robust demand for its facilities evidenced by occupancy
trending at targeted levels. The Group continues to add new capacity while at the same time achieving
attractive rates. The Group also sees a potential to increase rates across the portfolio.
SSG has established a solid and scalable platform and is well positioned for future growth in a growing market.
The Group has a pipeline of 35 800 m
2
of freehold lettable area under development. The Group is focused
on growing its freehold footprint, both by developing high-quality freehold facilities and opportunistically
acquiring freehold properties where we have an existing leasehold interest. SSG has additional avenues for
growth through already-acquired development opportunities and low-cost expansions of existing facilities.
During 2022, 17 300 m
2
of new lettable self-storage space was developed and the Group aims to further
accelerate development-led growth in 2023 with a projected addition of more than 20 000 m
2
of lettable
area. The strong balance sheet enables the Company to continue investing for the future, both organically
and through M&A.
There are two commonly used methods for valuation of self-storage investment properties. Going forward,
with the increasing maturity of the self-storage market in Norway and, with a more active comparable trans-
action market, SSG is considering changing the current valuation methodology to the one more commonly
used by European peers. In this methodology the full cash flow from operating the facility is included in the
valuation as opposed to the current methodology which uses a market rent for the property as the basis
for valuation.
SSG recently initiated an organic growth journey in Denmark and Sweden with a property acquisition in
Esbjerg (Denmark) and Trollhätten (Sweden). Combined with organic growth opportunities within existing
properties, the Group’s footprint is set to grow in the Danish and Swedish markets. The Group has announced
the acquisition of a property in both Denmark and Sweden subsequently to the quarter. In Q1 2023, a
leasehold facility at Gärdet in Sweden with a lettable area of 3 300 m
2
will be discontinued due to a lease
expiration which could not be extended. The facility will be vacated during Q4 2022 and is not included in
CLA, number of facilities, occupancy and average rate for Q4 2022.
SSG is well positioned in an inflationary environment as CPI-adjustment on rent exceeds inflation on
operating expenses. The Group has seen some construction cost sensitivity on new developments. Fit-out
materials have seen the largest impact from inflation, but the fit-out cost is only a small part of new project
construction costs (i.e. 10-15% of total project budget). SSG has implemented several cost saving measures
on projects to offset increased cost of fit-out. New developments, while still a significant growth driver, are
only a fraction of overall business given the large installed base.
The general level of climate risk for SSG is considered relatively low with no medium-term impact expected
from climate change.
SSG has a proven track-record of developing and operating a portfolio of self-storage facilities, leveraging
on a lean and operationally-focused organisation to achieve industry-leading margins. SSG will continue to
make investments in its digital platforms to increase automation and customer satisfaction. The roll out
of a new identity and communications strategy for both brands was initiated in late 2021 and will continue
in 2023. By focusing on branding and organisational development, SSG continues to enhance its scalable
platform for future growth.
The demand for self-storage is growing and has proven to be resilient during previous recessions. The value
of SSG’s platform in a challenging market remains strong, and the Group anticipates that a deteriorating
property market will continue to create attractive investment opportunities for acquisitions.
SSG has built a unique and endurable market share position over the past three decades. With a solid financial
position, favourable loan conditions, a strong organisation and attractive assets, SSG is well positioned to
leverage its scalable platform for a great future.
Annual Report 2022Annual Report 2022
2726
Ingrid Elvira Leisner
Board member
Yvonne Litsheim Sandvold
Board member
Fabian Søbak
CEO
Steven Skaar
Chairman
Gustav Sigmund Søbak
Board member
Carl August Ameln
Board member
Oslo, April 27th, 2023
Self Storage Group ASA
Distribution of funds for the year
Net profit for the Parent Company Self Storage Group ASA, was NOK 33.3 million. The Board recommends
the following distribution of funds:
(Amounts in NOK 1 000)
Dividend -
Transferred to other equity 33 288
Self Storage Group ASA
Self Storage Group ASA was established in November 2016. The Company merged with Selvaag Self-Storage AS
in January 2017. Self Storage Group ASA is the holding Company for the Group.
Revenue in 2022 of NOK 23.8 million and NOK 19.2 million in 2021 are mainly related to management fees
and centralised services to group companies. Salary and other employee benefits in 2022 of NOK 28.9 million
and NOK 22.7 million in 2021 are related to employees with HQ functions. Depreciation amounted to
NOK 0.9 million in both 2022 and 2021, mainly related to software and inventory. Other operating expenses
consists of IT and related costs, audit and consultancy fees, in addition to office and travel costs. In 2022
other operating expenses were NOK 2.1 million compared to NOK 2.8 million in 2021. The operating costs
in 2022 were impacted by transaction costs related to the acquisitions with NOK 0.4 million. In 2021 the
operating costs were impacted by transaction costs related to the acquisitions with NOK 0.8 million.
Total assets were NOK 2 347 million at the end of 2022, compared to NOK 2161 million at the end of 2021.
Investment in subsidiaries has increased with NOK 300.0 million from 31 December 2021 to NOK 1 781 million
as of 31 December 2022. Loans to group companies have decreased from NOK 537.2 million as of end 2021
to NOK 366.2 million as of end 2022. Cash and bank deposits have increased to NOK 116.3 million at the
end of December 2022 from NOK 60.4 million one year earlier. The main changes in cash and bank deposits
in 2022 relates to net borrowings drawn up amounting to NOK 150.8 million and net cash outflow on
loan to subsidiaries on NOK 134.2 million to acquisition of investment property and additions to freehold
investment property. Total equity at the end of December 2022 was NOK 1 227 million, an increase of
NOK 33.3 million from December 2021. The increase is attributable to the net the profit during the period.
SSG entered into a bank facility loan with Handelsbanken and Danske Bank in 2021. In 2022 an addendum to
draw additional NOK 200 million on the existing term loan was signed and drawn. The agreement including
addendum amounts to NOK 1 185 million in term loan and NOK 245 million in revolving credit facility, both
with maturity 3+1+1 years, and interest rate is 3 months Nibor + 1.70%. The revolving credit facility NOK
245 million is undrawn as of 31 December 2022, and has no restrictions for drawing other than covenants.
Interest-bearing debt
1
amounts to NOK 1 103 million at the end of December 2022, an increase of NOK
153.7 million from December 2021. The loan facility has several covenants
2
. As of 31 December 2022, the
Group is not in breach of any of the covenants and does not expect any breaches in the next 12 months.
sign sign
sign sign sign
sign
Annual Report 2022Annual Report 2022
2928
Management
Fabian Emil Søbak
CEO
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 held the
position as the Chief Executive Officer of the combined
company. Mr. Søbak is a Norwegian citizen, and
resides in Oslo, Norway.
Madeleine Svensson
COO
Mrs. Svensson joined Self Storage
Group in 2022. She has previously
worked as Senior Consultant for 15
years in FMCG, IT, Innovation, Pharma
and Telecom, with experience from
management, sales leadership and
consumer service excellence. She also held positions
as Consumer Service Manager/ Operations Manager
for companies as Electrolux and Helly Hansen.
Mrs. Svensson holds a BBA from European University
of Brussel. Mrs. Svensson is a Swedish citizen and
resides in Oslo, Norway.
Lars Moen
CPMO
Mr. Moen joined Self Storage Group
ASA in 2020. He has more than
25 years of experience from the
self-storage business in Norway and
Denmark. Mr. Moen has previously
worked for First Risk Capital AS as
Property Manager and holds a Bachelor degree from
BI Norwegian Business School. He is a Norwegian
citizen and resides in Drammen, Norway.
Cecilie Brænd Hekneby
CFO
Mrs. Hekneby joined City Self-Storage
in 2015 and has following the acqui-
sition of City Self-Storage held the
position as Chief Financial Officer for
the Group. Prior to this, she held the
positions as Group Controller in Color
Line AS and Project Manager and Financial Controller
in Posten Norge AS. 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, Norway.
Petter Løyning
CMO
Mr. Løyning joined Self Storage Group
in 2021. He has more than 9 years
of experience with marketing in the
Scandinavian market. Mr. Løyning
has previously worked as the CMO in
Reisegiganten AS, and as a Digital
Marketing Manager in Ice Group.
He holds a Bachelor’s degree from BI Norwegian
Business School. He is a Norwegian citizen and resides
in Oslo, Norway.
Board of Directors
Steven Skaar
Chairman
Elected Chairman on 25 May 2020.
Member of the Board since May 2020.
Steven Skaar is a Senior Managing
Director at Centerbridge Partners,
where he leads the firm’s European
real estate investing activities. Prior
to joining Centerbridge, Steven led the opportunistic
real estate investments team in Europe at Brookfield
Asset Management where he was involved in a wide
range of corporate and asset acquisitions, including
the acquisition of Center Parcs UK, Gazeley and the
Interhotels Group. Prior to Brookfield, Steven spent
10 years at Citigroup, most recently as a Director for
Citi Property Investors. Steven holds an MBA, with
distinction, from Cornell University and a degree in
Finance from the University of Utah. He is current-
ly on the board of directors of Apcoa Parking AG.
He is a US and UK citizen and resides in London,
United Kingdom. Mr. Skaar has attended 11 of 11
board meetings in 2022. Mr Skaar is a representative
of Centerbridge Partners, whose funds own 25 million
shares in the Company. Mr. Skaar holds no shares in
the Company directly.
Ingrid Elvira Leisner
Board Member
Member of the Board since May 2018.
Ms. Leisner has previously worked as
Head of Portfolio Management for
Electric Power in Statoil Norge AS. She
also has a background as a trader of
different oil and gas products in her 15
years in Statoil ASA. Ms. Leisner holds a Bachelor of
Business degree (Siviløkonom) with honors from the
University of Texas at Austin. She has served on the
board of several companies listed on the Oslo Stock
Exchange and is currently on the board of directors
of Norwegian Air Shuttle ASA, TechStep ASA, Maritime
and Merchant ASA, Elliptic Labratories ASA and Xplora
Technologies AS. Ms. Leisner is a Norwegian citizen,
and resides in Oslo, Norway. Ms Leiser has attended
11 of 11 board meetings in 2022. Ms Leisner holds
10390 shares in the Company.
Gustav Søbak
Board Member
Member of the Board since November
2016. Mr. Søbak co-founded OK
Minilager AS together with his son,
Fabian Emil Søbak, in 2009. Mr. Søbak
has more than 30 years of experience
in the real estate sector. Before he
cofounded OK Minilager he built up a parking company
which he eventually sold to a Norwegian subsidiary
of Apcoa. He is a Norwegian citizen, and resides in
Oslo, Norway. Mr Søbak has attended 11 of 11 board
meetings in 2022. Mr Søbak holds 5 565 000 shares
in the Company through GSS Invest AS a company
controlled by Mr. Søbak.
Yvonne Litsheim Sandvold
Board Member
Member of the Board since October
2017. Ms. Sandvold is board mem-
ber of Sandvoldgruppen AS, and has
extensive experience from the
Norwegian real estate industry. Ms
Sandvold currently serves on the board of directors
of Oslo Børs listed company Aqualis ASA as well as
several private companies. She holds a degree in
psychology from the University of Oslo. Ms Sandvold
is a Swiss citizen, and resides in Zürich, Switzerland.
Ms Sandvold has attended 11 of 11 board meetings in
2022. Ms. Sandvold holds no shares in the Company.
Carl August Ameln
Board Member
Member of the Board since May 2021.
Mr. Ameln is the founder of First Risk
Capital AS, the company that first in-
troduced self-storage in Norway in the
1990s. Mr. Ameln holds a MBA from Se-
attle University and is currently on the
board of Hyrbox self-storage in Sweden, GardeTout in
France, Trastero King in Spain and Storebox Self-storage
in the UK and Ireland. Mr. Ameln is a Norwegian citizen
and resides in Reistad, Norway. Mr Ameln has attended
10 of 11 board meetings in 2022. Mr. Ameln holds
2600 000 shares in the Company.
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3130
Corporate Social Responsibility and Sus-
tainability Report
Introduction and management approach
The Group’s vision is to enable people to take care of their belongings and organise their lives by being the
leading Scandinavian self-storage provider with safe, smart and accessible solutions. The Group focuses on
lean operations and automations. At the same time SSG aspire to offer industry leading customer service.
The Group aims to develop a business model that is sustainable with low carbon footprint, and believes
that it is important that the Group engage in how it can make a difference for costumers as well as for its
employees. The Board of Directors emphasises the importance of sustainability as an integral part of the
company’s operations and development.
Sustainability is an integrated part of SSGs business. Sustainability is on the agenda in the management and
board meetings to ensure continuously improvements. Even though the self-storage industry in general has
a low carbon footprint, SSG still has potential related to sustainability. Management has evaluated how the
Group can improve and integrate sustainability in the daily operations, and policies, targets, responsibilities,
and action plans are established to continue the journey in a more formalised structure to achieve these
potentials.
The Norwegian Transparency Act came into effect 1 July 2022. The Act requires companies to make sure
human rights and decent working conditions are respected in their operations and supply chains. The Group
entities work with suppliers and sub-suppliers with a risk-based approach to address potential violations of
human rights and labour conditions. SSG follows with the Act and will publish a stand-alone report for its
compliance with the Norwegian Transparency Act before the deadline 30 June 2023.
Reporting standards
The Corporate Social Responsibility and Sustainability Report has been developed in accordance with the
Global Reporting Initiative Standards (GRI). The GRI Standards, applicable to all industries, include both
relevant disclosures for a range of economic, environmental, and social topics as well as reporting principles
related to the reporting process.
Contribution to the UN Sustainable Development Goals
The Group has prioritised three of the seventeen Sustainable Development Goals set out in the UN’s 2030
Agenda for Sustainable Development. SSG sees the following goals as particularly significant to its business
and the solutions the Group can contribute to:
Goal 8: Decent work and economic growth
SSG has a strong focus on employees and to provide a safe, productive, and positive
work environment. To secure quality in deliveries and decent pay and working conditions
for hired employees the Group requests suppliers and contractors to sign a declaration.
Investments in new properties and expansions are made to increase lettable area available
for the customers. Cost focus at all levels is considered vital to ensure profitability and
further economic growth.
Goal 9: Industry, innovation, and infrastructure
In the building and renovation process, the Group takes into consideration possible inno-
vative environmental solutions for its properties and building projects to lower the energy
consumption. SSG also focuses on using products of high quality to reduce negative environ-
mental impacts throughout the lifetime of the buildings. By providing self-storage facilities
close to where customers live, the customers can choose to live in smaller apartments
with less storage space. Proximity to the facilities reduces the transportation-distance. As a contribution to
the sharing economy and a sustainable sociality, some of SSGs facilities provide trailers and transportation
cars for rent, reducing the need for each customer to own their own car.
Goal 12: Responsible consumption and production
The Group is continuously focusing on improving customer service, with staff and/or new
technology. Self-storage is a product that let people store their belongings instead of
throwing and purchasing new items.
The Group often converts old buildings not suitable for offices or housing that risk being
demolished to self-storage. In the building process there is focus on sorting waste for recycling. Building’s
life cycle economical cost and life cycle environmental impact is emphasised when considering different
solutions and choice of building materials. In the planning process efficient use of the building is essential.
Stakeholder and materiality analysis
Self Storage Group fulfils its corporate responsibilities by developing and running its operations profitably,
and in a manner that is consistent with fundamental ethical values and respect for individual people, society
as a whole and the environment. For Self Storage Group it is important to maintain a dialogue with the
Group’s most important stakeholders and review how they are affected by the ongoing business and how
they will be affected by new decisions. This dialog makes the Group able to continue to improve the business
and build trust with the stakeholders.
The Group has conducted a stakeholder and materiality analysis which identifies the economic, social,
climate and environmental consequences of the company’s operations that have the greatest impact on
stakeholders’ assessments and decisions.
As a basis for these analyses the Group has identified the groups, organisations and individuals that are
impacted by the Group’s operations or which have an impact on the Group’s strategy and goal achievement.
Further, this analysis has been used to identify and understand factors that are important for the business
strategy and for the stakeholders. Material items are defined based on the management’s experience of
areas stakeholders have shown most interest for in during regular stakeholder dialog over the last years,
and managements knowledge of the Group’s impact on economic, social and environmental areas.
Decent work and
economic growth
8
Industry,
innovation and
infrastructure
9
Responsible
consumption
and production
12
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3332
The model below shows which groups of stakeholders that are regarded as most important for Self Storage
Group:
The model below specifies the degree of importance for SSG’s stakeholders, as well as what is important
and relevant for Self Storage Group:
All the focus areas have either economic, social, or environmental impacts and are of great significance for
Self Storage Group. Health and safety, integrity and human rights and employee wellbeing have all main
significance for the company’s social impacts. Resource efficiency has most significance for the company’s
environmental impacts and some for the economic impact. Customer satisfaction has main significance
for the company’s economic impact since satisfied customers stay longer, returns when similar needs arise
and are ambassadors for SSG.
SSG
Investors
Lenders
Media
Suppliers
Customers Employees
Authorities
Local
community
Greater
Significance to the company’s stakeholders
■ Health and safety
■ Resource efficiency
■ Integrity and human rights
■ Employee wellbeing
■ Customer satisfaction
■ Innovation
■ Suppliers and business partners
■ Local community
■ Timely reporting and legal compliance
Lesser
Significance for the company’s economic, social and environmental impacts
Greater
SSG’s defined main focus areas
Health and safety
The Group works continuously with health and safety matters for employees, customers and third parties.
A safe and healthy working environment is fundamental to develop a sustainable business model and to
attract and retain qualified employees.
To enhance wellbeing and reduce absence due to illness all full-time employees are part of a health insurance
program. One of the benefits from the program is rapid and easily accessible free health treatment
specialists for full time employees. Management supervises all facilities at a regularly basis to ensure a safe
environment, with severity and number of injuries being the most important measure. The absence due
to illness for the Group in 2022 was 6.6%. This is an increase compared to earlier years mainly related to
the pandemic. Due to few employees in some of the countries, figures are shown at group level in order
to anonymise the employees.
All employees visiting construction sites are required to wear protection equipment. Injuries on employees
are reported, measured, and followed up. There were no fatal or high consequence injuries in Self Storage
Group in 2022. No fatal or high consequence injuries from customers have been reported.
Self Storage Group has implemented “suppliers declaration” for HSE, minimum wages etc. Currently this
has been required for all new suppliers of a certain size related to facility management. This increases the
control on working conditions at SSGs suppliers.
Targets for 2023
■ No injuries leading to sickness absence among employees and hired personnel
■ Assessment of potential risk areas with focus on further reducing the risk for injuries
■
Further develop the policy for use of suppliers’ declaration and tracking system of suppliers with dec-
laration
Employee
wellbeing
Integrity and
human rights
Health and
safety
Customer
satisfaction
Work-related injuries 2022 2021
Staff Customers Staff Customers
Number of deaths 0 0 0 0
Number of injuries that led to abscence 0 0 0 0
Number of reported injuries 1 0 1 0
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3534
Resource efficiency
Resource efficiency is essential when aiming to develop a business model that is sustainable with low carbon
footprint. The Groups operations are not considered to have any material impact on the climate and the
environment. Resource efficiency is nevertheless a prioritised focus area that also has an economic impact
on the Groups financial results.
Self-storage is a product that helps people store their belongings instead of throwing away for later to buy
new belongings. In addition, SSG provides self-storage facilities close to where customers live, thus reducing
the need for transportation to the facilities for the customers.
SSGs business model focuses on buildings and materials with long lifetime and storage of customers belongings
in climate-controlled environments. SSGs facilities are eighter new buildings purpose built according to
strict Nordic regulations or converted old buildings not suitable for offices or housing that risk being
demolished. If suitable, fit-out in good condition from closed facilities is dismantled and moved to new
facilities. Self-storage buildings have a long, expected lifetime, and common renovation as in an office building
is not needed. The Group requires recycling in the building process and on office facilities. In the building
process the management focus on combining sustainable and green solutions with long term profitability.
Caretakers of the properties are hired locally if it is a suitable solution. This reduces the need of transportation
to the different facilities across Scandinavia.
The Group has focus on energy management on all levels and is continuously focusing on reducing the energy
consumption in the portfolio. SSGs buildings are equipped with few technical installations, and reducing
the energy consumption is mainly done by keeping the temperature in climate-controlled environments at
a low level, installing heat pumps and upgrading to LED-lightning with movement sensors. LED-lightning
use less energy, has long lifetime, and has movement sensor in each lamp. As of December 2022, 84% of
the owned facilities have full LED-lightening and 4% have partly LED-lightning. In 2021 SSG opened its first
facility with a green roof and several facilities with heating pumps. In 2022, new initiatives are SSG’s invest-
ments in a second ventilation system powered by solar panels on a property in Denmark, a pilot project
with solar panels on a property in Norway and upgrading to LED-lightning on several established facilities.
All new facilities are equipped with LED-lightning.
In 2022 the majority of the energy agreements are gathered at one supplier to monitor the energy consumption
for all Norwegian facilities. The purchase of energy from this supplier is documented 100% renewable with
power from hydro, wind and solar energy. Energy consumption is measured and KPI’s and actions plans
are established.
Emissions
SSG has calculated greenhouse gas emissions for 2022 based on the Greenhouse Gas Protocol Initiative
(GHG protocol). For the Group, scope 1 includes emissions from fuel from vehicles owned by the Group
and gas used to heat facilities. Scope 2 includes emissions from electricity and district heating used at the
facilities. The market-based emissions from electricity documented 100% renewable are 0 CO
2
e. In scope
3, emissions from air travels and fuel from vehicles owned by employees used at work are included. When
employees travel by air, the Group always buys emission quotas. To allow users of the report to compare
performance year to year with consistency, emissions in the development face of establishing new facilities
are not included.
Freehold facilities in operation (climate controlled) 2022 2021
Part of facilities with full LED-lightning 84% 71%
Part of facilities with partial LED-lightning 4% 12%
Part of facilities without LED-lightning 12% 17%
The general level of climate risk for SSG is considered relatively low with no medium-term impact expected
from climate change. The highest environmental risk for Self Storage Group operations both on short and
long term relates to water. More extreme water with heavy rain increases the risk for flooded buildings and
SSG has high tension on roofing and other water related issues. Selected storage rooms on already opened
facilities and all storage rooms on new facilities are equipped with special mats on the floor to reduce the
risk of water damages for customers. Risks connected with water and climate are considered when acquiring
new facilities. A risk map related to flooding for each facility is under preparation.
Targets for 2023
■ Evaluate action plans for each facility to reduce electricity consumption
■ Install LED lightning with movement sensors on all freehold investment properties
■ Piloting solar panels on a property
■ Project for energy optimising on the largest self-storage facility in Norway
■ Establish a risk map related to flooding
■ Consider 0- emission alternatives when company cars are to be renewed
■ Buy emission permits when traveling by plane
■ Ongoing assessment of sustainable retail assortment
■ Establish climate accounts for SSG
0
5
10
15
20
25
30
35
40
Number of buildings according to year built
1925 – 1949 1950 – 1974 1975 – 1999 2000 –
Greenhouse gas emissions GHG emissions intensity 2022 2021
GHG Scope 1 Emissions (annual tonnes CO
2
e) Direct 60.0 54.1
GHG Scope 2 Emissions (annual tonnes CO
2
e) Indirect/location based 115.0 84.3
GHG Scope 3 Emissions (annual tonnes CO
2
e) Indirect 30.3 8.1
GHG Scope 1 and 2 location based (kg CO
2
e /CLA /year) 0.9 0.8
Annual Report 2022
36
Integrity and human rights
Integrity and human rights are of great significance for the Group, and no violations on these are accepted.
Most of our stakeholders do not assess this as a risk in Scandinavia. The Group has implemented ethical
guidelines as a part of the corporate governance framework to maintain a high ethical standard in its business
concept and relations with customers, suppliers, and employees. These guidelines ensure compliance with
arm’s length distance principles and minimise the risk for corruption. The Group pays tax to the local country
and are not involved in tax planning.
The Group attempts to maintain a working environment with equal opportunities for all based on qualifi-
cations and irrespective of gender, age, sex, ethnicity, sexual orientation, disability, or any other protected
status. At year-end 2022, women held 21% of the positions in the Group. When recruiting for new positions
we aim to increase diversity. The Management group consists of five members, of which two is female. Female
employees made up 40% of the Management team and 40% of the Board of Directors. The organisation is
set up with a flat and unformal organisation model. Approximately a total of 15 different nationalities are
represented in the Group.
Targets for 2023
■ All transactions are to be made on armlengths distance
■ Formalised recruitment procedures to increase diversity
■ Increasing equality and number of female employees
December 2022 December 2021
Number of employees % Number of employees %
Female 18 21% 26 29%
Male 66 79% 63 71%
Total 84 100% 89 100%
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3938
Employee wellbeing
The employees are essential for the operation. At year-end 2022, the Group had 84 (89) employees, of which
53 worked fulltime. Details about the employees are listed in the table below, and there are no significant
variations in these details from year to year. No assumptions are made in the below numbers. Due to few
employees in some of the countries, figures are shown at group level in order to anonymise the employees.
Number of full-time employees and part-time as of December 2022 broken down by country, employment
type and gender
Number of full-time employees and part-time as of December 2021 broken down by country, employment
type and gender
The employees have different roles in the organisation, such as customer service, operation, facility
management and administration. The Group is founded based on the two companies OK Minilager and
City Self-Storage and has acquired four companies with employees since 2017. Several measures have been
taken to integrate the different working cultures to one. Company awards are used in the Group to premiere
good role models for the values set.
Self Storage Group needs a range of competence in the different roles in the organisation. It is important
that the employees have the knowledge and competence to perform their role in a correct and safe way.
All new employees are given necessary training to conduct their work. A start-up plan is normally made
for new employees to ensure that they receive the necessary information and training related to their role.
For customer service most of the training of new employees are performed side by side with experienced
employees starting with the most basic tasks. New employees have a designated college available for
questions and manuals to check when questions arise. Self Storage Group are proud to have high quality
customer service employees that are available in person at manned facilities and on chat and at the phone
at unmanned facilities to help the customers. In 2022 SSG performed a manager training course for all
employees in a manger role.
Many of the employees work on different facilities, and the intranet is important both for information to the
employees and as a social platform where employees in all roles can communicate easily. The Group has
turnover of 16% in 2022 and the average number of years an employee is employed is seven years (full time
employees). All employees are free to be part of collective bargaining agreements. No employees are part
of collective bargaining agreements as of December 2022.
In Self Storage Group annual employee appraiser interviews with all employees are conducted. This gives the
employees an opportunity to discuss relevant items and to be followed up in a structured way. The Group
has an annual employee survey, and the results for 2022 were overall positive with a score of 5.3 (4.9) out of
a total 6.0. The management has analysed the results of the survey and measures to increase the employee
satisfaction further will be implemented in cooperation with the employees.
Country Full time employees Part time employees Total
Women Men Women Men Women Men
Norway 11 28 3 12 14 40
Sweden 2 3 1 7 3 10
Denmark 0 9 1 7 1 16
Country Full time employees Part time employees Total
Women Men Women Men Women Men
Norway 13 28 5 10 18 38
Sweden 3 2 2 7 5 9
Denmark 0 8 3 8 3 16
SSG aims to offer competitive remuneration to all employees, based on qualifications and experience, and
irrespective of gender. The positions in the Group can be divided into three levels: the management group,
middle-management, and operations. The figure below shows an overview of Full Time Equivalents (FTE)
and average salary divided into the three levels.
For operations, the average salary of women is slightly below the average salary of this level. Salary at the
operation level is mainly impacted by experience and how many years the employee has been within the
company. At the middle-management level, the average salary of women is below the average salary level
of this level. At the management team level, the average salary of women is higher than the average sal-
ary level of this level. The salary at the middle-management level and management group level is mainly
impacted by the degree of required formal competence and experience necessary for the different positions
in addition the seniority. The female part-time employees had on average a slightly higher wage-level than
the male part-time employees.
Some leading positions at middle-management can achieve a bonus in addition to salary when reaching
certain KPI-targets. The management team and key employees are part of a long-term incentive program
based on share performance.
One employee (male) was in maternity leave in 2022. The average length of maternity leave was 15 weeks.
Targets for 2023
■ Measuring employee satisfaction by using annual employee survey
■ Use the results to implement new measures if/where it’s needed
■ Formalise training of customer service for both new and experience employees
■
Continue to formalise ranges for salary based on seniority and competence for operations to ensure
equal treatment
■ First aid training for all employees
Full Time Equivalents (FTE) and average salary divided into levels 2022
FTE FTE in % of level Average salary
Women Men Total Women Men Women Men
Level 1: Management team 1.3 4.4 5.7 23% 77% 1 866 668 1 022 965
Level 2: Middle-management 5.0 10.2 15.2 33% 67% 668 588 721 021
Level 3: Operations 7.4 26.7 34.1 22% 78% 456 787 484 048
Total 13.7 41.3 55.0 25% 75% 663 228 599 921
Part-time employees 2.6 8.7 11.3 23% 77% 410 809 377 572
Full Time Equivalents (FTE) and average salary divided into levels 2021
FTE FTE in % of level Average salary
Women Men Total Women Men Women Men
Level 1: Management team 1.0 3.6 4.6 22% 78% 1 875 736 1 012 652
Level 2: Middle-management 4.2 9.0 13.2 32% 68% 623 027 725 268
Level 3: Operations 11.9 20.4 32.3 37% 63% 426 172 515 842
Total 17.0 33.0 50.1 34% 66% 559 393 626 795
Part-time employees 3.1 10.9 14.1 22% 78% 380 558 359 192
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Customer satisfaction
Self Storage Group offers a service most people need at some point in life, and the goal is to be the
preferred self-storage provider in Scandinavia. The Group has many customers, mainly in the private consumer
market (80%), but also in the business market (20%). In the private consumer market moving, refurbishment,
downsizing, need for additional storage, and student storage are the main reasons for demand, but in the
business marked inventories, relocation, refurbishment, archive storage, and last mile storage are the main
reasons for demand. Most of the business customers are in the private sector.
The customer’s satisfaction is important of many reasons. Satisfied customers stay longer, returns when
similar needs arise and are ambassadors for the company. The Group’s vision is to enable people to take
care of their belongings and organise their lives by being the leading Scandinavian self-storage provider
with safe, smart and accessible solutions. To adapt to different customers’ needs Self Storage Group offers
both manned and unmanned facilities. In this way both customers wanting personal service and customers
wanting a self-service can be served.
As of December 2022, Self Storage Group has 135 facilities in Norway, Sweden, and Denmark through the
concepts City Self Storage, Dit Pulterkammer and OK Minilager, ensuring high availability for many existing
customers and potential customers. The Group offers the customers 31 100 storage rooms. The average
customer moving out had a rental time of 12 months.
City Self-Storage is member of the Self-Storage Associations in Norway, Sweden, and Denmark, and a representant
from the management serve as member of the Board in some of the associations. The membership requires
City Self-Storage to follow the industry standard and contribute to raise the quality for the customers.
Trustpilot is actively used to gain understanding and experience about the customers satisfaction and customer
journey to continuously improve the self-storage service. The figures presented below are accumulated as
of 31 December 2022. The description is Trustpilots own classification.
Targets for 2023
■ Continue the use of Trustpilot to measure customer satisfaction
■ Increase the focus on advantages when choosing Self Storage Group as self-storage provider
■
Actively analyse areas where Self Storage Group can make the service provided more sustainable or
help the customer to choose more sustainable
City Self-Storage (CSS) OK Minilager (OKM)
CSS Norway CSS Denmark Dit Pulterkammer CSS Sweden OKM Norway
Description Excellent Good Excellent Excellent Excellent
Rating 4.5 4.2 4.6 4.4 4.7
Number of
reviews 510 336 542 76 813
Other
Innovation
The Group seeks new solutions to continuously improve the customer service. By focusing on digital
solutions, the customers’ ability to help themselves are increased. New solutions are intuitive and easy, thus
improving the customer’s experience.
The CRM-system developed for OK Minilager has been upgraded and improved since 2018 to tailor the
system to the Group’s specific needs. The acquired companies Minilageret, Minilager Norge and Eurobox
have successfully been migrated to the new platform. All new CSS-facilities since 2018 are also added to
the new CRM system. During 2021 the Group migrated remaining CSS-facilities in Norway to the new CRM
system, and in 2022 a new ERP system was launched for the Group’s Norwegian entities. The new ERP
system will be launched for the Swedish and Danish companies in 2023. The migration of Dit Pulterkammer
and CSS-facilities in Sweden and Denmark to the new CRM system will start in 2023.
The focus on modern CRM is essential for efficient operations which is easy to scale up when new facilities
are added to the portfolio. The management works close with operation and customer service to develop
new solutions.
Suppliers and business partners
Self Storage Group mainly works with local suppliers both when establishing new facilities and in the daily business.
Currently some IT- and marketing services are acquired from other European countries and self-storage
fit-out for new facilities are acquired from abroad. The Group’s suppliers vary between administrative services
like marketing and IT-service, suppliers that are involved in caretaking and control of facilities in use, to
construction workers on new facilities. The work performed by suppliers is not a significant part of the daily
operations.
Timely deliveries from suppliers are essential for the Groups operations and growth. To ensure that all
suppliers follow laws and regulations the Group uses a supplier declaration. The declaration focuses on
hired labours salary and rights, recycling, use of subcontractors and quality systems. There has not been
any significant change in suppliers or the supply chain in 2022.
Local community
Self-storage is a business with little traffic and limited pollution. Approximately 80% of the customers are
individual customers, who rarely visit their storage room. Some facilities offer volunteer organisations
discounts on storage.
Self-Storage Group provide the local community a service that local residents and businesses often are in
need for. As a contribution to the sharing economy some of SSGs facilities provide trailers and transportation
cars for rent, reducing the need for each customer to have their own car.
Self Storage Group has a tradition to donate funds to a voluntary organisation. The employees of SSG choose
the voluntary organisation, and in 2022 the receiver of this years donation was the voluntary organisation
“Fattighuset”. The organisation supports disadvantaged people with food, clothing and other support.
Timely reporting and legal compliance
The Group is listed on Oslo Stock Exchange and follows all required reporting guidelines. All reporting has
been made according to published financial calendar and regulatory deadlines. The goal is to continue to
deliver timely reporting with high quality that contains all required information.
Financial reporting and legal compliance are focus on both Management and Board Meetings. This ensures
that enough resources are allocated timely.
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Corporate Governance
The Board of Directors of Self Storage Group has adapted the Company´s corporate
governance policy document. This policy addresses the framework of guidelines and
principles regulating the interaction between the Company’s shareholders, the Board
of Directors, the Chief Executive Officer (the “CEO”) and the Company’s executive
management team.
1. Reporting on corporate governance
The policy is based on the Norwegian Code of Practice for Corporate Governance issued 14 October 2021
by the Norwegian Corporate Governance Board. The Company will in accordance with applicable legislation
and stock exchange listing rules provide a report on the Company’s corporate governance in the directors’
report or in a document that is referred to in the directors’ report.
Non-conformance with the recommendation: None
2. Business
The Company’s business as set out in the Articles of Association is to offer self-storage facilities, including
investments in real estates and companies with similar activities. The Board of Directors goal is to enable
people to take care of their belongings and organise their lives by being the leading Scandinavian self-storage
provider with safe, smart and accessible solutions.
The Company will pursue the following main strategies to reach its overall objective:
■ Customer satisfaction
■ Digitalisation
■ Automation
■ Cost leadership
The Company has formulated the following main values to form a guideline for the Company’s business
operations:
■ Service
■ Respect
■ Responsibility
■ Competitive
■ Innovation
The Board of Directors should evaluate these objectives, strategies and risk profiles at least yearly.
Ethical guidelines
The Company will maintain high ethical standards in its business and relations with customers, suppliers
and employees. The following ethical guidelines shall be practiced in the Company, and shall apply to all
employees of the Company:
■
Personal conduct: All employees and representatives of the Company shall behave with respect and
integrity towards business relations and partners, customers and colleagues. All employees shall be
treated equally regardless of race, gender and sexuality. The executive management team has a particular
responsibility to promote openness, loyalty and respect.
■
Conflict of Interests: The Company’s employees or representatives shall avoid situations wherein a
conflict between their own personal and/or financial interests and the Company’s interests may occur.
■
Confidential Information: Employees or representatives of the Company possessing confidential
information related to the Company, shall conduct themselves and safeguard such information with
great care and loyalty, and comply with any and all signed confidentiality statements.
■
Influence: The Company’s employees or representatives shall neither directly nor indirectly offer, promise,
request, demand or accept illegal or unjust gifts of money or any other remuneration in order to achieve
a commercial benefit.
■ Environment: The Company will contribute to the sustainable development of society through respon-
sible commercial operations and continuous improvement.
■
Competition: The Company supports fair and open competition. The Company’s employees or repre-
sentatives shall never take part in any activities that may constitute a breach of competition legislation.
■
Breach of Ethical Guidelines: Any breach of these ethical guidelines may inflict severe consequences for
the Company, and any breach may imply consequences for the person in question.
Non-conformance with the recommendation: None
3. Capital structure and dividend
The Board aims to maintain a satisfactory capital structure in the Company in light of the Company’s
objective, strategy and risk profile, thereby ensuring that there is an appropriate balance between equity
and other sources of financing. The Board shall continuously assess the Company’s capital requirements in
light of the Company’s strategy and risk profile.
There is only one class of shares in the Company and all shares carry equal rights. The Company shall
emphasise equal treatment of its shareholders.
The Group is currently focused on growing the business of the Group and has not paid out any dividend, nor
made any decision to do so. However, based on future cash flow, capital expenditure, financing requirements
and profitability, the Group may choose to adapt a more active dividend policy.
At the General Meeting in 2022 the Board of Directors was authorised to increase share capital with up to
47 339 292 shares (NOK 4 733 929.20) through one or several share capital increases. The authorisation 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 annual General Meeting in 2023.
Non-conformance with the recommendation: None
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4544
4. Equal treatment of shareholders and transactions
with close associates
At the General Meeting in 2022 the Board of Directors was authorised to increase the share capital. In
effectuation of this authorisation, the existing shareholders pre-emptive rights to subscribe shares can be
deviated.
Any transactions, agreements or arrangements between the Company and its shareholders, members
of the board, members of the executive management team or close associates of any such parties shall
only be entered into as part of the ordinary course of business and on arm’s length market terms. All such
transactions shall comply with the procedures set out in the Norwegian Public Limited Liability Companies
Act. The Board shall arrange for a valuation to be obtained from an independent third party unless the
transaction, agreement or arrangement in question must be considered to be immaterial. The Company’s
financial statements shall provide further information about transactions with related parties.
The Company has no own shares.
See also note 27.
Non-conformance with the recommendation: None
5. Shares and negotiability
The shares in the Company shall be freely transferable.
Non-conformance with the recommendation: None
6. General meetings
All shareholders have the right to participate in the General Meetings of the company, which exercise the
highest authority of the Company. The annual General Meeting shall normally be held before 31 May every
year.
The full notice for General Meetings shall be sent to the shareholders no later than 21 days prior to the
meeting. The notices for such meetings shall include documents providing the shareholders with sufficient
detail in order for the shareholders to make an assessment of all the cases to be considered as well as all
relevant information regarding procedures of attendance and voting. The Annual Report will be made avail
-
able on the Group’s website. The Board and the Company’s auditor shall be present at General Meetings.
Notices for General Meeting shall provide information on the procedures shareholders must observe in
order to participate in and vote at the General Meeting. The notice should also set out: (i) the procedure
for representation at the meeting through a proxy, including a form to appoint a proxy, and (ii) the right for
shareholders to propose resolutions in respect of matters to be dealt with by the General Meeting.
The cut-off for confirmation of attendance shall be set as short as practically possible and the Board will
arrange matters so that shareholders, who are unable to attend in person, will be able to vote by proxy. The
form of proxy will be distributed with the notice.
Non-conformance with the recommendation: None
7. Nomination committee
The Company has a Nomination Committee as set out in the Articles of Association. The members of the
Nomination Committee should be selected to take into account the interests of shareholders in general. The
majority of the Nomination Committee should be independent of the Board and the executive management
team. Members of the executive management team should not be members of the Nomination Committee.
Instructions for the Nomination Committee shall be approved by the Company’s General Meeting.
The nomination committee currently consists of the following three members: Dominik Jochem (chairperson),
Lasse Høydal and Øyvind Hagelund. The current members have been elected by the General Meeting with
a term until the Company’s ordinary General Meeting in 2023.
Non-conformance with the recommendation: None
8. Board of Directors: Composition and independence
In appointing members to the Board, it is emphasised that the Board shall have the requisite competence to
independently evaluate the cases presented by the executive management team as well as the Company’s
operation. It is also considered important that the Board can function well as a body of colleagues. Board
members shall be elected for periods not exceeding two years at a time, with the possibility of re-election.
Board members shall be encouraged to own shares in the Company.
The Board shall comply with all applicable requirements as set out in the Norwegian Public Limited Liability
Companies, Act, the listing rules of Oslo Stock Exchange and the recommendations set out in the Norwegian
Code of Practice for Corporate Governance.
At the General Meeting 25 May 2022, the following were elected to the Board of Directors for one year:
Steven Skaar, chairman, Gustav Sigmund Søbak, Yvonne Litsheim Sandvold, Ingrid Elvira Leisner and
Carl August Ameln. The Annual Report provides information about Board members’ background, qualifications
and independence. The Company does not have a corporate assembly.
Non-conformance with the recommendation: None
Annual Report 2022Annual Report 2022
4746
9. The work of the Board of Directors
The Board’s primary responsibility shall be (i) participating in the development and approval of the Company’s
strategy, (ii) performing necessary monitoring functions and (iii) acting as an advisory body for the executive
management team. Its duties are not static, and the focus will depend on the Company’s ongoing needs.
The Board is also responsible for ensuring that the operations of the Company are in compliance with the
Company’s values and ethical guidelines. The Chair of the Board shall be responsible for ensuring that the
Board’s work is performed in an effective and correct manner.
The Board shall ensure that the Company has a good management with clear internal distribution of
responsibilities and duties. A clear division of work has been established between the Board and the executive
management team. The CEO is responsible for the executive management of the Company. All members of
the Board shall regularly receive information about the Company’s operational and financial development.
The Company’s strategies shall regularly be subject to review and evaluation by the Board. Board members
and members of the executive management team shall immediately notify the Board if they have any
material direct or indirect interest in any transaction entered into by the Company.
The full Board of Directors has established an Audit Committee. The committee do not make decisions,
and decisions on economic, sustainable, and social topics are taken by the whole Board. The Audit
Committee acts as a preparatory body and supports the Board in assessing the integrity of SSG’s financial
reporting, internal controls and financial reporting processes, compliance with ethical guidelines, overall risk
management and review of the performance and independence of the auditor based on a formal instruction
approved by the Board. SSG has established a policy for whistleblowing. The Audit Committee will receive
information of whistleblowing cases from the management and prepare a yearly summary for the Board of
Directors. There have been no cases in 2022. The Audit Committee is chaired by Ingrid Elvira Leisner, and
the other member is Gustav Søbak. The chair of the Audit Committee has the required competence on all
topics handled by the Audit Committee. The CFO and the Group Controller (secretary of the Audit Committee)
attend as representatives of the management. The Group’s auditor also participates in all meetings.
The Company has no remuneration committee. Guidelines for remuneration of the managing director and
the executive personnel were approved at the General Meeting in May 2022. The Board shall prepare an
annual evaluation of its work.
Non-conformance with the recommendation: None
10. Risk management and internal control
The Board shall ensure that the Company has sound internal control and systems for risk management that
are appropriate in relation to the extent and nature of the Company’s activities. The internal control and the
systems shall also encompass the Company’s guidelines etc. for how it integrates considerations related
to stakeholders into its creations of value. It shall also ensure that environmental consequences, working
environment and social aspects are reviewed when new services are considered, and that a precautionary
principle is followed if environmental consequences are unclear. The objective of the risk management and
internal control shall be to manage exposure to risks in order to ensure successful conduct of the Company’s
business and to support the quality of its financial reporting. Self Storage Group has documented internal
procedures, including description of authority. Monthly financial reports are sent to the Board. There are
monthly meetings among key finance personnel to review financial results, incidents, projects, estimates,
etc. This input is used in the monthly reporting to the Board.
The Board shall carry out an annual review of the Company’s most important areas of exposure to risk and
its internal control arrangements.
The Board shall provide an account in the Annual Report of the main features of the Company’s internal
control and risk management systems as they relate to the Company’s financial reporting.
Non-conformance with the recommendation: None
11. Remuneration of the Board of Directors
The General Meeting shall annually determine the Board’s remuneration. Remuneration of Board members
shall be reasonable and based on the Board’s responsibilities, work, time invested and the complexity of the
enterprise. The Board shall be informed if individual Board members perform other tasks for the Company
than exercising their role as Board members.
Work in sub-committees may be compensated in addition to the remuneration received for Board member-
ship. No share options have been granted to members of the Board. The Company’s financial statements
shall provide information regarding the Board’s remuneration.
Non-conformance with the recommendation: None
12. Remuneration of the management team
The Board decides the salary and other compensation to the CEO within any legal boundaries set out in the
annual statement on compensation to the CEO and the management team as approved by the Company’s
General Meeting. The CEO’s salary and bonus shall be competitive and otherwise on market terms for similar
companies. Any fringe benefits shall be in line with market practice, and should not be substantial in
relation to the CEO’s basic salary. The Board shall annually carry out an assessment of the salary and other
remuneration to the CEO.
The Company’s financial statements shall provide further information about salary and other compensation
to the CEO and the management team.
The CEO determines the remuneration of the rest of the management team. The Board shall issue guidelines
for the remuneration of the management team for approval by the General Meeting. The guidelines shall
lay down the main principles for the Company’s remuneration policy for the management team. The salary
level should not be of a size that could harm the Company’s reputation, or above the norm in comparable
companies. The salary level should, however, ensure that the Company can attract and retain employees
with the desired expertise and experience.
The Board of Directors has established guidelines for remuneration of the key employees of the Company,
and the remuneration report for 2022 will be presented to the Annual General Meeting in 2023 and be made
available on the Group’s website.
Non-conformance with the recommendation: None
13. Information and communications
The Board and the executive management team assign considerable importance to giving the shareholders
quick, relevant and current information about the Company and its activity areas. Emphasis is placed on
ensuring that the shareholders receive identical and simultaneous information.
Sensitive information will be handled internally in a manner that minimises the risk of leaks. All contracts to
which the Company becomes a party, shall contain confidentiality clauses.
The Company shall have clear routines for who is allowed to speak on behalf of the Company on different
subjects, and who shall be responsible for submitting information to the market and investor community.
The CEO and CFO shall be the main contact persons of the Company in such respects.
The Board should ensure that the shareholders are given the opportunity to make known their points of
view at and outside the General Meeting.
Non-conformance with the recommendation: None
Annual Report 2022
48
14. Take-overs
In a take-over process, the Board and the executive management team each have an individual responsibility
to ensure that the Company’s shareholders are treated equally and that there are no unnecessary inter-
ruptions to the Company’s business activities. The Board has a particular responsibility in ensuring that the
shareholders have sufficient information and time to assess the offer.
In the event of a take-over process, the Board shall ensure that:
■ the Board will not seek to hinder or obstruct any takeover bid for the Company’s operations or shares
unless there are particular reasons for doing so;
■
the Board shall not undertake any actions intended to give shareholders or others an unreasonable
advantage at the expense of other shareholders or the Company;
■
the Board shall not institute measures with the intention of protecting the personal interests of its
members at the expense of the interests of the shareholders; and
■
the Board must be aware of the particular duty it has for ensuring that the values and interests of the
shareholders are protected.
In the event of a take-over bid, the Board will, in addition to complying with relevant legislation and regulations,
seek to comply with the recommendations in the Norwegian Code of Practice for Corporate Governance.
This includes obtaining a valuation from an independent expert. On this basis, the Board will make a
recommendation as to whether or not the shareholders should accept the bid.
Non-conformance with the recommendation: None
15. Auditor
The Company´s auditor is EY.
Each year the Board of Directors shall ensure that the auditor presents to the Audit Committee a plan for
the implementation of the audit work and a written confirmation that the auditor satisfies established
requirements as to independence and objectivity.
The auditor shall be invited to all Audit Committee meetings in which the annual report and financial statements
are considered and adopted. The auditor shall be invited to all Board meetings where the annual accounts
are on the agenda. Whenever necessary, the Board shall meet with the auditor to review the auditor’s view
on the Company’s accounting principles, key aspects of the audit, risk areas, internal control routines etc.
The Board meets with the auditors at least annually without management present.
SSG has guidelines for the management’s use of the external auditor for services other than auditing to ensure
the work does not have the ability to affect or question the auditors’ independence and objectiveness. The
Chairman of the Audit Committee is delegated the authority to approve assignments in advance according to
the guidelines. The Chairman of the Audit Committee has delegated its responsibility to approve assignments
in advance for services required according to Norwegian Acts to the CFO of the Company. Responsibility for
monitoring and compile use of external auditor for services other than auditing in an annual summary has
been delegated to the secretary of the Audit Committee, who is the Group Controller.
At the Annual General Meeting, the Board shall present a overview of the auditor’s compensation as paid
for auditory work required by law and remuneration associated with other concrete assignments.
In connection with the auditor’s participation in the Audit Committee and the Board of Directors’ consideration
of the annual statements, the auditor also confirms his or her independence.
The Board shall arrange for the auditor to attend all General Meetings.
Non-conformance with the recommendation: None
Annual Report 2022
51
Consolidated financial statements
■ Consolidated statement of comprehensive income 51
■ Consolidated statement of financial position 52
■ Consolidated statement of cash flows 54
■ Consolidated statement of changes in equity 55
Consolidated statement of comprehensive income
(Amounts in NOK 1 000)
Note
For the year ended
31 December 2022
For the year ended
31 December 2021
Revenue 7, 8 392 161 346 075
Lease expenses 7, 25 -15 538 -13 250
Property-related expenses -59 134 -44 414
Salary and other employee benefits 10 -49 557 -44 115
Depreciation 14, 15 -20 900 -16 863
Other operating expenses 7, 11, 27 -43 411 -41 373
Operating profit before fair value adjustments 203 621 186 060
Change in fair value of freehold investment property 9 -147 242 319 996
Change in fair value of leasehold investment property 9 -49 346 -46 356
Operating profit after fair value adjustments 7 033 459 700
Finance income 12 60 245 36 273
Finance expense 12 -77 441 -55 357
Profit/(-loss) before tax -10 163 440 616
Income tax expense 13 1 612 -92 015
Profit/(-loss) for the period -8 551 348 601
Profit/(-loss) attributable to owners of the parent -8 551 348 601
Profit/(-loss) attributable to non-controlling interests - -
Earnings per share
Basic (NOK) 21 -0,09 3,96
Diluted (NOK) 21 -0,09 3,96
Other comprehensive income, net of income tax
Items that may be reclassified subsequently to profit or loss
- currency translation difference 12 420 -14 650
Other comprehensive income for the period, net of income tax 12 420 -14 650
Total comprehensive income for the period 3 869 333 951
Total comprehensive income for the year
attributable to owners of the parent 3 869 333 951
Total comprehensive income for the year
attributable to non-controlling interests
Annual Report 2022
53
Ingrid Elvira Leisner
Board member
Yvonne Litsheim Sandvold
Board member
Fabian Søbak
CEO
Steven Skaar
Chairman
Gustav Sigmund Søbak
Board member
Carl August Ameln
Board member
Oslo, April 27th, 2023
Self Storage Group ASA
Consolidated statement of financial position
(Amounts in NOK 1 000)
Note 31 December 2022 31 December 2021
ASSETS
Non-current assets
Freehold investment property 9, 24 2 529 540 2 422 368
Leasehold investment property 9, 25 445 873 444 253
Property, plant and equipment 14, 24 198 999 162 615
Goodwill 15 187 496 187 330
Financial instruments 6, 22 39 497 14 160
Other intangible assets 15 3 099 1 220
Deferred tax assets 13 37 91
Total non-current assets 3 404 541 3 232 037
Current assets
Inventories 17 1 467 1 857
Trade and other receivables 18, 24 17 620 17 140
Other current assets 20 502 25 668
Cash and bank deposits 19, 22 194 089 214 746
Total current assets 233 678 259 411
TOTAL ASSETS 3 638 219 3 491 448
EQUITY AND LIABILITIES
Equity
Issued share capital 20 9 467 9 467
Share premium 1 082 657 1 082 657
Currency translation reserve 10 609 -1 811
Retained earnings 705 050 713 601
Total equity 1 807 783 1 803 914
Liabilities
Non-current liabilities
Non-current interest-bearing debt 23 1 033 562 892 626
Non-current lease liabilities 23, 25 425 796 422 479
Other financial liabilities 634 320
Deferred tax liabilities 13 178 839 196 745
Total non-current liabilities 1 638 831 1 512 170
Current liabilities
Current interest-bearing debt 23 55 331 51 644
Current lease liabilities 23, 25 48 835 46 192
Trade and other payables 18 486 12 804
Income tax payable 13 16 040 10 478
Other taxes and withholdings 6 761 6 713
Other current liabilities 26 46 152 47 533
Total current liabilities 191 605 175 364
Total liabilities 1 830 436 1 687 534
TOTAL EQUITY AND LIABILITIES 3 638 219 3 491 448
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Annual Report 2022Annual Report 2022
5554
Consolidated statement of cash flows
(Amounts in NOK 1 000)
Note
For the year ended
31 December 2022
For the year ended
31 December 2021
Cash flows from operating activities
Profit before tax -10 163 440 616
Income tax paid -11 123 -14 330
Net expensed interest and fees on borrowings and leases 49 505 37 468
Depreciation 14, 15 20 900 16 863
Gain/loss on disposal of property, plant and equipment - 78 - 177
Unrealised gain/loss in foreign currency 12 1 598 -9 745
Change in fair value of financial instruments 12 -25 338 -16 178
Change in fair value of freehold investment property 9 147 242 -319 996
Change in fair value of leasehold investment property 9 49 346 46 356
Change in trade and other receivables - 176 -1 418
Change in trade and other payables 4 724 -3 974
Change in other current assets - 948 -3 614
Change in other current liabilities -19 014 2 438
Net cash flows from operating activities 206 475 174 309
Cash flows from investing activities
Payments for investment property -176 158 -174 836
Payments for property, plant and equipment -58 127 -47 332
Proceeds from disposal of property, plant and equipment 165 684
Net cash outflow on acquisition of subsidiaries -52 745 -463 862
Net cash flows from investing activities -286 865 -685 346
Cash flows from financing activities
Net proceeds from issue of equity instruments - 291 999
Proceeds from borrowings 23 300 000 1 084 268
Repayment of borrowings 23 -149 200 -809 162
Interest paid 23 -29 606 -25 444
Payments of lease liabilities 23, 25 -45 915 -43 296
Payments of leases classified as interest 23, 25 -16 438 -18 527
Net cash flows from financing activities 58 841 479 838
Net change in cash and cash equivalents -21 549 -31 199
Cash and cash equivalents at beginning of the period 214 746 246 804
Effect of foreign currency rate changes on cash and cash equivalents 892 - 859
Cash and equivalents at end of period 19 194 089 214 746
Consolidated statement of changes in equity
(Amounts in NOK 1 000)
Note
Issued
Share
capital
Share
premium
Currency
translation
reserve
Retained
earnings
Total
equity
Balance at 1 January 2021 8 432 791 594 12 839 365 000 1 177 865
Profit (loss) for the period - - - 348 601 348 601
Other comprehensive income (loss)
for the period net of income tax - - -14 650 - -14 650
Total comprehensive income for the period - - -14 650 348 601 333 951
Issue of ordinary shares, net of transac-
tion costs 20, 21 1 035 291 063 - - 292 098
Balance at 31 December 2021 9 467 1 082 657 -1 811 713 601 1 803 914
Balance at 1 January 2022 9 467 1 082 657 -1 811 713 601 1 803 914
Profit (loss) for the period - - - -8 551 -8 551
Other comprehensive income (loss)
for the period net of income tax - - 12 420 - 12 420
Total comprehensive income for the period - - 12 420 -8 551 3 869
Balance at 31 December 2022 9 467 1 082 657 10 609 705 050 1 807 783
Annual Report 2022Annual Report 2022
5756
Annual Report 2022Annual Report 2022
5958
Annual Report 2022Annual Report 2022
6160
Annual Report 2022
62
Annual Report 2022Annual Report 2022
6564
Annual Report 2022Annual Report 2022
6766
Annual Report 2022Annual Report 2022
6968
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7170
Annual Report 2022
72
Annual Report 2022Annual Report 2022
7574
Annual Report 2022
76
Annual Report 2022Annual Report 2022
7978
Annual Report 2022
80
Annual Report 2022Annual Report 2022
8382
Annual Report 2022
84
Annual Report 2022Annual Report 2022
8786
Annual Report 2022Annual Report 2022
8988
Annual Report 2022Annual Report 2022
9190
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9392
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9594
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9796
Annual Report 2022
98
ASA
101
Annual Report 2022
Financial statements
Self Storage Group ASA
Parent company income statement
(Amounts in NOK 1 000)
Note
For the year ended
31 December 2022
For the year ended
31 December 2021
Other revenue 2 23 806 19 198
Salary and other employee benefits 3 - 28 872 - 22 686
Depreciations 4, 5 - 907 - 906
Other operating expenses 6 - 2 099 - 2 834
Operating profit - 8 072 - 7 228
Finance income 7 106 260 89 874
Finance expense 7 - 55 392 - 35 760
Net financials 50 868 54 114
Profit before tax 42 796 46 886
Income tax expense 8 - 9 508 - 6 985
Net profit for for the year 33 288 39 901
Proposed profit appropriation
Retained earnings 33 288 39 901
Total appropriation 33 288 39 901
Annual Report 2022
103
Ingrid Elvira Leisner
Board member
Yvonne Litsheim Sandvold
Board member
Fabian Søbak
CEO
Steven Skaar
Chairman
Gustav Sigmund Søbak
Board member
Carl August Ameln
Board member
Oslo, April 27th, 2023
Self Storage Group ASA
ASAASA
102
Annual Report 2022
Parent company statement of financial position
(Amounts in NOK 1 000)
Note 31 December 2022 31 December 2021
ASSETS
Non-current assets
Intangible assets 4 3 295 1 220
Investment in subsidiaries 9 1 781 088 1 481 058
Loans to group companies 10 366 167 537 184
Property, plant and equipment 5 2 191 3 448
Total non-current assets 2 152 741 2 022 910
Current assets
Trade and other receivables 3 174 604
Receivables from group companies 10 74 475 76 901
Other current assets - -
Cash and bank deposits 11 116 326 60 398
Total current assets 193 975 137 903
TOTAL ASSETS 2 346 716 2 160 813
EQUITY AND LIABILITIES
Equity
Issued share capital
12,
13 9 467 9 467
Share premium 13 1 123 921 1 123 921
Retained earnings 13 93 572 60 284
Total equity 1 226 960 1 193 672
Liabilities
Non-current liabilities
Non-current interest-bearing debt
10,
14 1 048 168 898 168
Non-current debt to group companies 10 - 5 219
Deferred tax liabilities 8 156 54
Other non-current liabilities 634 320
Total non-current liabilities 1 048 958 903 761
Current liabilities
Current interest-bearing debt 15 55 331 51 644
Trade and other payables 1 636 864
Income tax payable 8 9 406 6 650
Other taxes and withholdings 1 562 1 371
Other current liabilities 2 863 2 851
Total current liabilities 70 798 63 380
Total liabilities 1 119 756 967 141
TOTAL EQUITY AND LIABILITIES 2 346 716 2 160 813
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ASA
105
Annual Report 2022
Self Storage Group ASA
Parent company statement of cash flows
(Amounts in NOK 1 000)
Note
For the year ended
31 December 2022
For the year ended
31 December 2021
Cash flows from operating activities
Profit before tax 42 796 46 886
Income tax paid 8 - 6 650 - 618
Net expensed interests and fees on borrowings and leases - 14 817 20 438
Depreciation 4, 5 907 906
Unrealised gain/loss in foreign currency 7 47 624 4 422
Group contribution and dividend from subsidiaries 10, 7 - 55 561 - 71 087
Change in trade and other receivables - 59 -
Change in receivables from group companies - 6 325 834
Change in trade and other payables 771 306
Change in other current assets - 2 147 618
Change in other current liabilities 1 233 - 10 871
Net cash flows from operating activities 7 772 - 8 166
Cash flows from investing activities
Payments for property, plant and equipment and intangible
assets - 1 725 - 3 028
Net cash flow of loan to subsidiaries - 134 201 - 644 262
Net cash outflow on acquisition of subsidiaries - 31 -
Net cash flows from investing activities - 135 957 - 647 290
Cash flows from financing activities
Proceeds from issue of equity instruments - 291 999
Proceeds from borrowings 15 300 000 1 084 268
Group contribution and dividend from subsidiaries 62 919 16 168
Repayment of borrowings 15 - 149 200 - 809 162
Interest paid - 29 606 - 25 444
Net cash flows from financing activities 184 113 557 829
Net change in cash and cash equivalents 55 928 - 97 627
Cash and cash equivalents at beginning of the period 60 398 158 025
Cash and equivalents at end of period 11 116 326 60 398
ASA ASA
107106
Annual Report 2022 Annual Report 2022
Note 1 Parent Company Accounting policies
Accounting Principles
The financial statements of Self Storag e Group A S A have been prepared in accordance to the Norwegian
Accounting Act and generally accepted accounting principles in Norway.
Use of estimates
The management has used estimates and assumptions that have affected assets, liabilities, incomes,
expenses and information on potential liabilities in accordance with generally accepted accounting principles
in Norway.
Foreign currency translation
Transactions in foreign currency are translated at the rate applicable on the transaction date. Monetary
items in a foreign currency are translated into NOK using the exchange rate applicable on the balance sheet
date. Non-monetary items that are measured at their historical price expressed in a foreign currency are
translated into NOK using the exchange rate applicable on the transaction date. Non-monetary items that are
measured at their fair value expressed in a foreign currency are translated at the exchange rate applicable
on the balance sheet date. Changes to exchange rates are recognised in the income statement as they occur
during the accounting period.
Revenue recognition
Revenue is related to management fees and centralised services to group companies. Revenues is recognised
in the income statement once delivery has taken place and most of the risk and return has been transferred.
Income tax
The tax expense consists of the tax payable and changes to deferred tax. Deferred tax/tax assets are calculated
on all differences between the book value and tax value of assets and liabilities. Deferred tax is calculated as
22 percent of temporary differences and the tax effect of tax losses carried forward. Deferred tax assets are
recorded in the balance sheet when it is more likely than not that the tax assets will be utilised. Taxes payable
and deferred taxes are recognised directly in equity to the extent that they relate to equity transactions.
Balance sheet classification
Current assets and current liabilities consist of receivables and payables due within one year, and items
related to the inventory cycle. Other balance sheet items are classified as fixed assets/non-current liabilities.
Current assets are valued at the lower of cost and fair value. Current liabilities are recognised at nominal
value. Fixed assets are valued at cost, less depreciation and impairment losses. Non-current liabilities are
recognised at nominal value.
Property, plant and equipment
“Property, plant and equipment” is capitalised and depreciated linearly over the estimated useful life. Significant
fixed assets which consist of substantial components with dissimilar economic life have been unbundled;
depreciation of each component is based on the economic life of the component. Costs for maintenance
are expensed as incurred, whereas costs for improving and upgrading property plant and equipment are
added to the acquisition cost and depreciated with the related asset. If carrying value of a non-current asset
exceeds the estimated recoverable amount, the asset is written down to the recoverable amount. The
recoverable amount is the greater of the net realisable value and value in use. In assessing value in use, the
discounted estimated future cash flows from the asset are discounted are used.
Subsidiaries and investment in associates
Subsidiaries and investments in associates are valued at cost in the company accounts. The investment is
valued as cost of the shares in the subsidiary, less any impairment losses. An impairment loss is recognised
if the impairment ls not considered temporary, in accordance with generally accepted accounting principles.
Impairment losses are reversed if the reason for the impairment loss disappears in a later period. Dividends,
group contributions and other distributions from subsidiaries are recognised in the same year as they are
recognised in the financial statement of the provider. If dividends/group contribution exceed withheld profits
after the acquisition date, the excess amount represents repayment of invested capital, and the distribution
will be deducted from the recorded value of the acquisition in the balance sheet for the parent company.
Accounts receivable and other receivables
Accounts receivable and other current receivables are recorded in the balance sheet at nominal value less
provisions for doubtful accounts. Provisions for doubtful accounts are based on an individual assessment
of the different receivables. For the remaining receivables, a general provision is estimated based on
expected loss.
Short-term investments
Short-term investments (stocks and shares seen as current assets) are valued at the lower of acquisition
cost and fair value at the balance sheet date. Dividends and other distributions are recognised as other
financial income.
Pensions
The Company has a defined contribution pension in accordance with local laws. The premium paid is regarded
as the pension cost for the period and classified as wage cost in the profit and loss statement.
Cash flow statement
The cash flow statement is presented using the indirect method. Cash and cash equivalents include cash,
bank deposits and other short-term, highly liquid investments with maturities of three months or less.
Note 2 Revenue
Revenue is related to management fees and centralised services to group companies.
ASA ASA
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Annual Report 2022 Annual Report 2022
Note 3 Salary and other employee benefits
(Amounts in NOK 1 000)
For the year ended
31 December 2022
For the year ended
31 December 2021
Salaries and wages - 23 874 - 18 555
Social security tax - 3 483 - 2 709
Pension expense - 1 082 - 819
Other - 433 - 603
Total salary and other employee benefits - 28 872 - 22 686
Average number of full time equivalent employees 33.4 26.2
The Group has a defined contribution pension scheme that complies with requirements of Norwegian
occupational pension legislation (OTP).
Remuneration to the management team
Total remuneration to the management team during the year ended 31 December 2022 is as follows:
Title
Salary and
other benefits
Pension
expense Bonus
Total
remunera-
tion
Fabian Søbak CEO 1 212 78 - 1 290
Cecilie Hekneby CFO 2 126 116 - 2 242
Lars Moen CPMO 996 82 - 1 078
Petter Løyning CMO 750 42 - 792
Madeleine Svensson COO (started 1.10.2022) 251 14 - 265
Sveinung Høyer-Trollnes
COO (left company
30.9.2022) 1 258 76 - 1 335
Henning Gravnås
CIO (left company
31.8.2022) 700 50 - 750
Total 7 294 459 - 7 752
Total remuneration to the management team during the year ended 31 December 2021 is as follows:
Name Title
Salary and
other benefits
Pension
expense Bonus
Total
remunera-
tion
Fabian Søbak CEO 813 42 - 854
Cecilie Hekneby CFO 1 874 108 - 1 982
Sveinung Høyer-Trollnes COO 1 268 96 - 1 363
Lars Moen CPMO 922 51 973
Henning Gravnås CIO (started 1.7.2021) 445 33 - 478
Petter Løyning CMO (started 22.11.2021) 84 6 91
Total 5 405 336 - 5 741
Remuneration to Board of Directors during the year ended 31 December 2022
Name Title
Steven Skaar Chairman of the Board* -
Gustav Søbak Boardmember and member of Audit Comittee 200
Yvonne Sandvold Boardmember 170
Ingrid Elvira Leiser Boardmember and Chair of Audit Comittee 230
Carl Ameln Boardmember 170
Dominik Jochem Chair of nomination Committee* -
Lasse Høydal Nomination Committee 10
Øyvind Hagelund Nomination Committee 10
Total 790
*Refrains from remuneration
Remuneration to Board of Directors during the year ended 31 December 2021
Name Title
Steven Skaar Chairman of the Board (from May 2020)* -
Gustav Søbak Boardmember and member of Audit Comittee 200
Yvonne Sandvold Boardmember 170
Ingrid Elvira Leiser Boardmember and Chair of Audit Comittee 230
Dominik Jochem Chair of nomination Committee (from May 2020)* -
Lasse Høydal Nomination Committee (from May 2020) 10
Øyvind Hagelund Nomination Committee (from May 2020) 10
Total 620
*Refrains from remuneration
No loans or guarantees have been provided to any employees, members of the Board or their related parties.
ASA ASA
111110
Annual Report 2022 Annual Report 2022
Note 4 Intangible assets
(Amounts in NOK 1 000)
Year ended 31 December 2022 Intangible assets Total
Cost at 1 January 2022 3 151 3 151
Additions in the year 2 749 2 749
Cost at 31 Desember 2022 5 900 5 900
Accumulated depreciation at 1 January 2022 1 931 1 931
Depreciation in the year 674 674
Accumulated depreciation at 31 December 2022 2 605 2 605
Net carrying amount at 31 December 2022 3 295 3 295
Year ended 31 December 2021 Intangible assets Total
Cost at 1 January 2021 2 876 2 876
Additions in the year 275 275
Cost at 31 Desember 2021 3 151 3 151
Accumulated depreciation at 1 January 2021 1 250 1 250
Depreciation in the year 681 681
Accumulated depreciation at 31 December 2021 1 931 1 931
Net carrying amount at 31 December 2021 1 220 1 220
Estimated useful life 3 year
Depreciation method straight-line
Note 5 Property, plant and equipment
(Amounts in NOK 1 000)
Year ended 31 December 2022 Operating and office equipment Total
Cost at 1 January 2022 3 922 3 922
Additions in the year - 1 024 - 1 024
Cost at 31 Desember 2022 2 898 2 898
Accumulated depreciation at 1 January 2022 474 474
Depreciation in the year 233 233
Accumulated depreciation at 31 December 2022 707 707
Net carrying amount at 31 December 2022 2 191 2 191
Year ended 31 December 2021 Operating and office equipment Total
Cost at 1 January 2021 1 169 1 169
Additions in the year 2 753 2 753
Cost at 31 Desember 2021 3 922 3 922
Accumulated depreciation at 1 January 2021 249 249
Depreciation in the year 225 225
Accumulated depreciation at 31 December 2021 474 474
Net carrying amount at 31 December 2021 3 448 3 448
Estimated useful life 5 year
Depreciation method straight-line
ASA ASA
113112
Annual Report 2022 Annual Report 2022
Note 6 Auditor's fee
(Amounts in NOK 1 000)
Fees to auditors (exclusive of VAT) for the year ended 31 December are as follows:
For the year ended
31 December 2022
For the year ended
31 December 2021
Audit fee 695 526
Other attestation services 175 63
Tax compliance services - -
Total fee to auditor 870 589
Note 7 Finance income and finance expense
(Amounts in NOK 1 000)
Finance income
For the year ended
31 December 2022
For the year ended
31 December 2021
Group contribution 55 561 62 919
Dividend - 8 168
Gain from transactions in foreign currency 214 36
Unrealised gain from transactions in foreign currency 28 472 -
Other finance income 22 013 18 751
Total finance income 106 260 89 874
Finance expense
For the year ended
31 December 2022
For the year ended
31 December 2021
Loss from transactions in foreign currency - 113 - 89
Unrealised loss from transactions in foreign currency - 19 152 - 4 422
Interest cost - 34 295 - 26 837
Other fees and charges - 1 832 - 4 412
Total finance expense - 55 392 - 35 760
All finance income and expense relate to financial assets and financial liabilities measured at amortised cost.
Unrealised gain and loss from transactions in foreign currency were mainly impacted by the fluctuations
in exchange rate on lease liabilities in SEK and DKK.
Note 8 Income tax
(Amounts in NOK 1 000)
Specification of income tax expense
The tax benefit/(expense) is calculated based on income before tax and consists of current tax and de-
ferred tax.
For the year ended
31 December 2022
For the year ended
31 December 2021
Deferred tax expense - 102 - 335
Current tax expense - 9 406 - 6 650
Income tax expense - 9 508 - 6 985
Income tax payable (balance sheet)
For the year ended
31 December 2022
For the year ended
31 December 2021
Income tax payable 9 406 6 650
Effective Tax Rate
The difference between income tax calculated at the applicable income tax rate and the income tax expense
attributable to loss before income tax was as follows:
For the year ended
31 December 2022
For the year ended
31 December 2021
Profit/(loss) before income tax 42 796 46 886
Statutory income tax rate 22% 22%
Expected income tax expense/(benefit) - 9 415 - 10 315
Tax effect non deductible expenses - 92 3 330
Correction previous years’ taxes - -
Income tax expense/income for the year - 9 508 - 6 985
Effective tax rate -22% -15%
Specification of the tax effect of temporary differences and losses carried forward
The tax effects of temporary differences and tax losses carried forward at 31 December are as follows:
For the year ended
31 December 2022
For the year ended
31 December 2021
Property, plant and equipment - 156 - 54
Financial instruments - -
Deferred tax asset (liability) - 156 - 54
Deferred tax has been calculated using a tax rate of 22 % for 2022 and 2021. This is the tax rates enacted
as at 31 December 2022 and 31 December 2021.
ASA
114
Annual Report 2022
Note 10 Balance with group companies
(Amounts in NOK 1 000)
Receivables 2022 2021
Loans to group companies
OK Property AS 41 546 238 827
Breivollveien 25C AS 135 119 125 135
City Self-Storage A/S (Denmark) 189 502 173 222
Accounts receivable 8 338 1 953
Other receivables 66 137 74 948
Sum 440 642 614 085
Payables 2022 2021
Non-current debt to group companies - 5 219
Other liabilities 743 743
Sum 743 5 962
Interest income from loans to group companies amounts to NOK 19.2 million in 2022 (2021: NOK 16.5
million) and interest expense from loans to group companies amounts to NOK 0.1 million in 2022 (2021:
NOK 0.1 million)
Note 9 Subsidiaries
(Amounts in NOK 1 000)
Details of the company's subsidiaries at the end of the reporting period are as follows:
Proportion of ownership interest and voting power held by the group
Name of subsidiary
Principal
activity Acquisition date
Book value
31 Dec 2022
Book value
31 Dec 2021
31 Dec
2022
31 Dec
2021
City Self-Storage A/S (Denmark) Self-storage 28 Sep 2016 4 857 4 857 100% 100%
City Self-Storage Norge AS Self-storage 28 Sep 2016 153 506 153 506 100% 100%
City Self-Storage Sverige AB Self-storage 28 Sep 2016 2 334 2 334 100% 100%
OK Minilager AS Self-storage 58 863 58 863 100% 100%
OK Property Real estate 31 Jan 2017 1 561 498 1 261 498 100% 100%
SSG Shared Services Norway AS
Head office
services Established 2022 30 100%
Note 11 Cash and cash equivalents
(Amounts in NOK 1 000)
As at 31 December 2022 As at 31 December 2021
Employee withholding tax 874 883
Bank deposits 115 452 59 515
Total cash and cash equivalents 116 326 60 398
ASA ASA
117116
Annual Report 2022 Annual Report 2022
Note 12 Share capital and shareholders
The share capital of NOK 9 467 858 consisted of 94 678 584 shares, each with a nominal value of NOK 0.10 at the end of
2022. All shares carry equal rights.
(Amounts in NOK)
For the year ended
31 December 2022
For the year ended
31 December 2021
Ordinary shares at beginning of period 94 678 584 84 328 584
Issue of ordinary shares from cash contribution - 10 350 000
Ordinary shares at 31 December 94 678 584 94 678 584
List of main shareholders at 31 December 2022:
Shareholder Country Number of shares Ownership percentage
The Bank of New York Mellon
1
United States 27 206 078 28.7 %
Fabian Holding AS Norway 8 565 000 9.0 %
GSS Invest AS Norway 5 565 000 5.9 %
VERDIPAPIRFONDET ODIN EIENDOM Norway 5 085 778 5.4 %
J.P. Morgan Securities LLC United States 4 138 214 4.4 %
J.P. Morgan SE Sweden 4 134 560 4.4 %
SOLE ACTIVE AS Norway 3 277 601 3.5 %
SKAGEN M2 VERDIPAPIRFOND Norway 3 225 402 3.4 %
BNP Paribas Luxembourg 2 729 686 2.9 %
FIRST RISK CAPITAL AS Norway 2 600 000 2.7 %
VERDIPAPIRFONDET HOLBERG NORGE Norway 2 500 000 2.6 %
HSBC Bank Plc United Kingdom 2 388 255 2.5 %
Danske Invest Norge Vekst Norway 1 843 253 1.9 %
BNP Paribas Luxembourg 1 449 756 1.5 %
The Bank of New York Mellon Canada 1 291 183 1.4 %
State Street Bank and Trust Comp United States 1 220 872 1.3 %
MUSTAD INDUSTRIER AS Norway 1 155 635 1.2 %
Brown Brothers Harriman & Co. United States 1 016 072 1.1 %
BNP Paribas France 902 673 1.0 %
J.P. Morgan SE Sweden 882 894 0.9 %
Other 13 500 672 14.3 %
Sum 94 678 584 100%
Shares held by Board of Directors and Executive Management
Board of Directors Title Amount of shares Ownership percentage
Steven Skaar
2
Chairman of the Board 27 206 078 28.7 %
Gustav Søbak (GSS Invest AS) Board member 5 565 000 5.9 %
Carl August Ameln (First Risk Capital AS) Board member 3 225 402 3.4 %
Ingrid Leisner (Duo Jag AS)
3
Board member 10 390 0.0 %
Executive Management
Fabian Søbak (Fabian Holding AS) CEO 8 565 000 9.0 %
Cecilie Hekneby
4
CFO 688 893 0.7 %
Lars Moen CPMO 27 799 0.0 %
Petter Løyning CMO 2 000 0.0 %
Madeleine Svensson COO 500 0.0 %
Note 13 Changes in equity for the company
(Amounts in NOK 1 000)
Issued
Share capital Share premium
Retained
earnings Total equity
Balance at 1 January 2021 8 432 832 858 20 383 861 673
Profit (loss) for the period - - 39 901 39 901
Issue of ordinary shares, net of trans-
action costs 1 035 291 063 - 292 098
Balance at 31 December 2021 9 467 1 123 921 60 284 1 193 672
Balance at 1 January 2022 9 467 1 123 921 60 284 1 193 672
Profit (loss) for the period - - 33 288 33 288
Issue of ordinary shares, net of trans-
action costs - - - -
Balance at 31 December 2022 9 467 1 123 921 93 572 1 226 960
Note 14 Non-current liabilities and receivables
(Amounts in NOK 1 000)
The Company has the following non-current liabilities: 2022 2021
Danske Bank 524 084 449 084
Handelsbanken 524 084 449 084
Non-current liabilities to subsidiaries - 5 219
Payables to employees 634 320
Deferred tax liabilities 156 54
Non-current financial liabilities - -
Total non-current liabilities 1 048 958 903 761
The Company has the following non-current receivables: 2022 2021
Non-current receivables from subsidiaries 366 167 537 184
Total non-current receivables 366 167 537 184
1
The Bank of New York Mellon is a nominee account for Alta Lux Holdco S.a.r.l/Centerbridge Partners
2
Steven Skaar is representing Alta Lux Holdco S.a.r.l/Centerbridge Partners who owns 28.7% of the shares in Self Storage
Group
3
Ingrid Leisner and close relatives owns 100% of the shares in Duo Jag AS
4
Cecilie Hekneby and close relatives
ASA ASA
119118
Annual Report 2022 Annual Report 2022
Note 15 Maturity analysis financial liabilities
(Amounts in NOK 1 000)
Interest bearing liabilities are carried at amortised costs.
Amounts due in
less than
1 year 1-5 years Total
For the year ended 31 December 2022
Debt to financial institutions
1
104 657 1 062 169 1 166 826
For the year ended 31 December 2021
Debt to financial institutions
1
74 023 928 081 1 002 104
1
Non-discounted amount including estimated interest
Changes in liabilities arising from financing activities Interest bearing borrowings
Opening balance 1 January 2022 949 813
Proceeds from borrowings 300 000
Interest expenses 32 492
Interests paid - 29 606
Repayment of borrowing - 149 200
Closing balance 31 December 2022 1 103 499
Changes in liabilities arising from financing activities Interest bearing borrowings
Opening balance 1 January 2021 674 012
Proceeds from borrowings 1 084 268
Interest expenses 26 139
Interests paid - 25 444
Repayment of borrowing - 809 162
Closing balance 31 December 2022 949 813
Specification of loans
2022 Currency Maturity date Interest rate
Handelsbanken and Danske Bank 1 103 499 NOK Feb-24 3 months NIBOR +1.70 %
Total bank borrowings at amortised cost 1 103 499
2021 Currency Maturity date Interest rate
Handelsbanken and Danske Bank 949 812 NOK Feb-24 3 months NIBOR +1.70 %
Total bank borrowings at amortised cost 949 812
SSG entered into a bank facility loan with Handelsbanken and Danske Bank in 2021. In December 2022 an
addendum to draw additional NOK 200 million on the existing term loan was signed and drawn. The agreement
including addendum amounts to NOK 1 185 million in term loan and NOK 245 million in revolving credit facility,
both with maturity 3+1+1 years, and interest rate is 3 months Nibor + 1.70%. The revolving credit facility NOK
245 million is undrawn as of 31 December 2022, and has no restrictions for drawing other than covenants.
All covenants for the new bank facility loan are to be measured and reported on a quarterly basis. There
are both financial and non-financial covenants. As of 31 December 2022, the Group is in compliance with
all loan covenants, and also expects to comply with covenants throughout 2023.
The financial covenants for the new bank facility loan are:
■
The loan to value (interest-bearing debt over market value freehold investment properties) must not
exceed 60%
■ The Group’s nominal equity must exceed NOK 800 million
■ Debt service cover ratio (EBITDA over amortisation and interest) must be higher or equal to 1.2
■ The Group’s booked solidity must be above 35%
As of 31 December 2022, SSG has four five-year interest rate swaps. There are no margin calls related to
the interest rate swaps.
Interest rate swaps are recorded at fair value through profit and loss. There are no effects related to hedging
of interests is included in the profit and loss for 2022 and a gain of NOK 3.7 million in the finance income
for 2021.
Trade and other payables are due within three months.
Note 16 Related party transactions
(Amounts in NOK 1 000)
Balances and transactions between Self Storage Group ASA and its subsidiaries, which are related parties of
Self Storage Group ASA, are not disclosed in this note. For information related to transactions with
subsidiaries, see note 10 Balances with Group companies.
There have not been any transactions between the Group and other related parties in 2022 or 2021.
See also note 27 Related party transactions in Notes to the consolidated financial statements.
Fixed interest rate agreements Amount (MNOK) Maturity date Interest rate (%)
Handelsbanken 150 000 Mar-25 1.080
Handelsbanken 150 000 Apr-25 0.785
Handelsbanken 300 000 Mar-26 1.345
Handelsbanken 150 000 Mar-26 1.420
Annual Report 2022
121
Ingrid Elvira Leisner
Board member
Yvonne Litsheim Sandvold
Board member
Fabian Søbak
CEO
Steven Skaar
Chairman
Gustav Sigmund Søbak
Board member
Carl August Ameln
Board member
Oslo, April 27th, 2023
Self Storage Group ASA
ASA
Statement by the Board of Directors
We confirm that the financial statements for the period 1 January up to and including 31 December 2022,
to the best of our knowledge, have been prepared in accordance with applicable accounting standards and
give a true and fair view of the assets, liabilities, financial positions and profit or loss of the Company and the
Group as a whole. The Board of Directors’ report includes a fair review of the development and performance
of the business and the position of the Company and the Group as a whole, together with a description of
the principal risks and uncertainties that they face.
sign sign
sign sign sign
sign
Annual Report 2022Annual Report 2022
123122
Alternative performance measures
(APMs)
Self Storage Group’s financial information is prepared in accordance with international financial reporting
standards (IFRS). In addition, management provides alternative performance measures that are regularly re-
viewed by management to permit for a more complete and comprehensive analysis of the Group’s operating
performance relative to other companies and across periods in addition to the financial information
prepared in accordance with IFRS. Companies comparable to the Group vary with regards to, inter alia, capital
structure and mix of leasehold and freehold properties. Non-IFRS financial measures, such as EBITDA, can
assist the Company and investors in comparing performance on a more consistent basis without regard
to factors such as depreciation and amortisation, which can vary significantly depending upon accounting
methods, mix of freehold and leasehold properties or based on non-operating factors. Also, some of the
non-IFRS financial measures presented herein adjust for one-time costs or costs that are not considered to
be a part of regular operations.
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 non-IFRS financial measures may be presented
on a basis that is different from other companies.
Operating profit before fair value adjustments
Presenting operating profit before fair value adjustments is useful to Self Storage Group as it provides a
measure of profit before taking into account the movement in fair value of freehold investment property
and leasehold investment property and is useful to the Group for assessing operating performance.
Adjustments
Identified costs not likely to occur in the normal course of business in Self Storage Group are defined as
non-recurring costs. Examples of non-recurring costs are acquisition costs, restructuring and severance
packages. The exclusion of non-recurring costs is useful to Self Storage Group as it provides a measure for
assessing underlying operating performance.
SSG’s financial APMs
■
Interest bearing debt: Defined as non-current interest-bearing debt plus current interest-bearing debt.
The figure does not include obligations under finance leases
■ Loan to value: Interest bearing debt / freehold investment property
■
Total other operating expenses: Property-related expenses + salary and other employee benefits +
other operating expenses
■ EBIT: Operating profit before fair value adjustments
■ Adjusted EBIT: EBIT +/- identified items to be excluded from adjusted EBIT as described below
■ EBITDA: EBIT + depreciation, amortisation and impairments
■ Adjusted EBITDA: EBITDA +/- identified items to be excluded from adjusted EBITDA as described below
■
Adjusted Profit before tax: Adjusted EBIT +/- change in fair value of freehold investment property and
leasehold investment property +/- net finance
■ Adjusted tax: Tax expense +/- tax on adjustments
■ Adjusted Net Profit: Adjusted Profit before tax +/- tax expense
SSG’s non-financial APMs
■ Current lettable area (CLA): Net area (m
2
) available for customers to rent for self-storage
■ Total lettable area: Net area (m
2
) in the portfolio included area not yet lettable to self-storage
2022 2021
Property-related expenses -59 134 -44 414
Salary and other employee benefits -49 557 -44 115
Other operating expenses - 43 411 -41 373
Total other operating expenses -152 102 -129 902
Operating profit before fair value adjustments 203 621 186 060
EBIT 203 621 186 060
Total adjustments 1 014 3 416
Adjusted EBIT 204 635 189 476
Change in fair value of investment properties - 147 242 319 996
Change in fair value of leasehold properties - 49 346 - 46 356
Adjusted Profit before tax - 9 149 444 032
Adjusted tax 1 451 - 92 728
Adjusted Net profit - 7 698 351 304
Operating profit before fair value adjustments 203 621 186 060
Depreciation - 20 900 - 16 863
EBITDA 224 521 202 923
Total adjustments 1 014 3 416
Adjusted EBITDA 225 535 206 339
Adjustments
Revenue: release of historical liability (Acquisition of
Minilageret AS) - 507
Other operating expenses: acquisition costs - 410 - 3 923
Salary and other employee benefits: severance packages - 604 -
Total adjustments - 1 014 - 3 416
(Amounts in NOK 1 000)
Interest-bearing debt 31 December 2022 31 December 2021
Non-current interest-bearing debt 1 033 562 892 626
Current interest-bearing debt 55 331 51 644
Total interest-bearing debt 1 088 893 944 270
Global Reporting Initiativ (GRI)
In addition to General Disclosures (2-1 to 2-30) and Material Topics (3-1 to 3-3), only GRI disclosures defined as material by Self Storage Group based on our materiality analysis, are included in the GRI Index. Self Storage Group has reported
in accordance with the GRI Standards for the period 1 January to 31 December 2022.
Disclosure Disclosure name Page Notes
GRI 2: General Disclosures 2021
2-1 Organizational details 3, 20-21 Annual report 2022
2-2 Entities included in the organization’s sustainability reporting 56, 88 Annual report 2022
2-3 Reporting period, frequency and contact point 8, 10, 47, 56, 124 Annual report 2022
2-4 Restatements of information NA There have been no restatements in 2022
2-5 External assurance NA SSG has not requested external assurance for the Corporate Social Responsibility and Sustainability Report as of 2022. SSG will
assess this practice in the future.
2-6 Activities, value chain, and other business relationships 3, 9-10, 17-19, 23, 41 Annual report 2022
2-7 Employees 38-39 Annual report 2022
2-8 Workers who are not employees 23 Annual report 2022
2-9 Governance structure and composition 44-46 Annual report 2022
2-10 Nomination and selection of the highest governance body 44-46 Annual report 2022
2-11 Chair of the highest governance body NA Not applicable as the chair of the highest governance body is not a senior executive in the organisation
2-12 Role of the highest governance body in overseeing the management of impacts 45-46 Annual report 2022
2-13 Delegation of responsibility for managing impacts 46 Annual report 2022
2-14 Role of the highest governance body in sustainability reporting 46 Annual report 2022
2-15 Conflicts of interest 43, 46 Annual report 2022
2-16 Communication of critical concerns 46 Annual report 2022
2-17 Collective knowledge of the highest governance body 45-46 Annual report 2022
2-18 Evaluation of the performance of the highest governance body 45-46 Annual report 2022
2-19 Remuneration policies 47, 79 Annual report 2022
2-20 Process to determine remuneration 47 Annual report 2022
2-21 Annual total compensation ratio 38-39 Annual report 2022
2-22 Statement on sustainable development strategy 6, 30 Annual report 2022
2-23 Policy commitments 31, 36, 42-44 Annual report 2022
2-24 Embedding policy commitments 46-47 Annual report 2022
2-25 Processes to remediate negative impacts 31-41 Annual report 2022
2-26 Mechanisms for seeking advice and raising concerns 46 Annual report 2022
2-27 Compliance with laws and regulations 21, 41 Annual report 2022
2-28 Membership associations 40 Annual report 2022
2-29 Approach to stakeholder engagement 31-32 Annual report 2022
2-30 Collective bargaining agreements 38 Annual report 2022
Disclosure Disclosure name Page Notes
GRI 3: Material Topics 2021
3-1 Process to determine material topics 30-32 Annual report 2022
3-2 List of material topics 30-32 Annual report 2022
3-3 Management of material topics 31-41 Annual report 2022
Specific Standard Disclosures
GRI 205: Anti-Corruption 2016
205-1 Operations assessed for risks related to corruption 36 Annual report 2022
205-3 Confirmed incidents of corruption and actions taken NA There have been no such incidents in 2022
Main Category: Social
3-3 Management of material topics 6, 30, 33, 36-39 Annual report 2022
GRI 403: Occupational Health and Safety 2018
403-6 Promotion of worker health 33 Annual report 2022
403-7 Prevention and mitigation of occupational health and safety impacts directly linked by busi-
ness relationships
33 Annual report 2022
GRI 404: Training and Education 2016
404-2 Programs for upgrading employee skills and transition assistance programs 38-39 Annual report 2022
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees 36 Annual report 2022
405-2 Ratio of basic salary and remuneration of women to men 39 Annual report 2022
GRI 406: Non-Discrimination 2016
406-1 Incidents of discrimination and corrective actions taken NA There have been no such incidents in 2022
Statsautoriserte revisorer
Ernst & Young AS
Dronning Eufemias gate 6a, 0191 Oslo
Postboks 1156 Sentrum, 0107 Oslo
Foretaksregisteret: NO 976 389 387 MVA
Tlf: +47 24 00 24 00
www.ey.no
Medlemmer av Den norske Revisorforening
A member firm of Ernst & Young Global Limited
INDEPENDENT AUDITOR'S REPORT
To the Annual Shareholders' Meeting of Self Storage Group ASA
Repor t on the audit of the finan cial statem ents
Opinion
We have audited the financial statements of Self Storage Group ASA (the Company) which comprise the financial
statements of the Company and the consolidated financial statements of the Company and its subsidiaries (the
Group). The financial statements of the Company comprise the statement of financial position as at 31 December
2022 and the income statement and statement of cash flows for the year then ended and notes to the financial
statements, including a summary of significant accounting policies. The consolidated financial statements of the Group
comprise the statement of financial position as at 31 December 2022, the statements of comprehensive income, cash
flows and changes in equity for the year then ended and notes to the financial statements, including a summary of
significant accounting policies.
In our opinion
the financial statements comply with applicable legal requirements,
the financial statements give a true and fair view of the financial position of the Company as at 31 December
2022 and its financial performance and cash flows for the year then ended in accordance with the Norwegian
Accounting Act and accounting standards and practices generally accepted in Norway,
the consolidated financial statements give a true and fair view of the financial position of the Group as at 31
December 2022 and its financial performance and cash flows for the year then ended in accordance with
International Financial Reporting Standards as adopted by the EU.
Our opinion is consistent with our additional report to the audit committee.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs). Our responsibilities under
those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section
of our report. We are independent of the Company and the Group in accordance with the requirements of the relevant
laws and regulations in Norway and the International Ethics Standards Board for Accountants’ International Code of
Ethics for Professional Accountants (including International Independence Standards) (IESBA Code), and we have
fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
To the best of our knowledge and belief, no prohibited non-audit services referred to in the Audit Regulation
(537/2014) Article 5.1 have been provided.
We have been the auditor of the Company for 6 years from the election by the general meeting of the shareholders on
29 September 2017 for the accounting year 2017.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements for 2022. These matters were addressed in the context of our audit of the financial statements as
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For each
matter below, our description of how our audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements
section of our report, including in relation to these matters. Accordingly, our audit included the performance of
procedures designed to respond to our assessment of the risks of material misstatement of the financial statements.
Penneo Dokumentnøkkel: HYNGE-QK8EX-QEFI3-CJXB5-Y07GZ-A8ODE
2
Independent auditor's report - Self Storage Group ASA 2022
A member firm of Ernst & Young Global Limited
The results of our audit procedures, including the procedures performed to address the matters below, provide the
basis for our audit opinion on the financial statements.
Valuation of freehold investment property
Basis for the key audit matter
The freehold investment property in the consolidated
statement of financial position are recorded at fair value,
amounting to NOK 2 529.5 million, equal to 70% of the
total assets. The negative change in fair value recorded
in the income statement amounted to NOK 147 million in
2022. The Group used an external appraiser to assist
with valuation of the freehold property. The valuation of
the Group’s freehold investment property is dependent
on a range of estimates such as rental income and yield.
The valuation of the freehold investment property is a
key audit matter due to its magnitude, the uncertainty of
the estimates and the complexity of the calculation.
Our audit response
We evaluated the professional qualifications and
objectivity of the appraiser used by management. We
obtained an understanding of the nature of the work
performed, which included an evaluation of the
objectivity and scope, including the methods and
assumptions applied. We assessed the estimates and
the movements in the fair value of the freehold
investment property with management and the external
appraiser, particularly in light of the development in the
real estate market in 2022. We involved specialists to
evaluate the valuation model and the principles behind
the assumptions used in estimating the fair value.
Further, we tested the mathematical accuracy of the
valuation model. We refer to the Company’s disclosures
included in note 2 Significant accounting principles
(section Investment Property), note 4 Critical accounting
judgements and key sources of estimation uncertainty,
and note 9 Investment property in the consolidated
financial statements.
Other information
Other information consists of the information included in the annual report other than the financial statements and our
auditor’s report thereon. Management (the board of directors and the Chief Executive Officer) is responsible for the
other information. Our opinion on the financial statements does not cover the other information, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information, and, in doing
so, consider whether the board of directors’ report, the statement on corporate governance and the statement on
corporate social responsibility contain the information required by applicable legal requirements and whether the other
information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise
appears to be materially misstated. If, based on the work we have performed, we conclude that the other information
is materially inconsistent with the financial statements, there is a material misstatement in this other information or that
the information required by applicable legal requirements is not included in the board of directors’ report, the
statement on corporate governance or the statement on corporate social responsibility, we are required to report that
fact.
We have nothing to report in this regard, and in our opinion, the board of directors’ report, the statement on corporate
governance and the statement on corporate social responsibility are consistent with the financial statements and
contain the information required by applicable legal requirements.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the financial statements of the Company in
accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway
and of the consolidated financial statements of the Group in accordance with International Financial Reporting
Penneo Dokumentnøkkel: HYNGE-QK8EX-QEFI3-CJXB5-Y07GZ-A8ODE
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Independent auditor's report - Self Storage Group ASA 2022
A member firm of Ernst & Young Global Limited
Standards as adopted by the EU, and for such internal control as management determines is necessary to enable the
preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is responsible for assessing the Company’s and the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going
concern basis of accounting unless management either intends to liquidate the Company or the Group, or to cease
operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism
throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based
on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may
cast significant doubt on the Company’s and the Group’s ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the
related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However,
future events or conditions may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures,
and whether the financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible
for the direction, supervision and performance of the group audit. We remain solely responsible for our audit
opinion.
We communicate with the board of directors regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.
We also provide the audit committee with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with the board of directors, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
Penneo Dokumentnøkkel: HYNGE-QK8EX-QEFI3-CJXB5-Y07GZ-A8ODE
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Independent auditor's report - Self Storage Group ASA 2022
A member firm of Ernst & Young Global Limited
describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such
communication.
Repor t on other legal and r egulator y r equir em ents
Report on compliance with regulation on European Single Electronic Format (ESEF)
Opinion
As part of the audit of the financial statements of Self Storage Group ASA we have performed an assurance
engagement to obtain reasonable assurance about whether the financial statements included in the annual report,
with the file name 254900TSU8Q0HCFHLY03-2022-12-31-en, have been prepared, in all material respects, in
compliance with the requirements of the Commission Delegated Regulation (EU) 2019/815 on the European Single
Electronic Format (ESEF Regulation) and regulation pursuant to Section 5-5 of the Norwegian Securities Trading Act,
which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the
consolidated financial statements.
In our opinion, the financial statements, included in the annual report, have been prepared, in all material respects, in
compliance with the ESEF Regulation.
Management’s responsibilities
Management is responsible for the preparation of the annual report in compliance with the ESEF Regulation. This
responsibility comprises an adequate process and such internal control as management determines is necessary.
Auditor’s responsibilities
Our responsibility, based on audit evidence obtained, is to express an opinion on whether, in all material respects, the
financial statements included in the annual report have been prepared in accordance with the ESEF Regulation. We
conduct our work in accordance with the International Standard for Assurance Engagements (ISAE) 3000 –
“Assurance engagements other than audits or reviews of historical financial information”. The standard requires us to
plan and perform procedures to obtain reasonable assurance about whether the financial statements included in the
annual report have been prepared in accordance with the ESEF Regulation.
As part of our work, we perform procedures to obtain an understanding of the company’s processes for preparing the
financial statements in accordance with the ESEF Regulation. We test whether the financial statements are presented
in XHTML-format. We evaluate the completeness and accuracy of the iXBRL tagging of the consolidated financial
statements and assess management’s use of judgement. Our procedures include reconciliation of the iXBRL tagged
data with the audited financial statements in human-readable format. We believe that the evidence we have obtained
is sufficient and appropriate to provide a basis for our opinion.
Oslo, 27 April 2023
ERNST & YOUNG AS
The auditor's report is signed electronically
Jon-Michael Grefsrød
State Authorised Public Accountant (Norway)
Penneo Dokumentnøkkel: HYNGE-QK8EX-QEFI3-CJXB5-Y07GZ-A8ODE
