1 ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier

Independent Nordic investment bank

Annual

Report

2023

Ida Ekblad / INTERNAL COURTYARD, 2020

2 ABG Sundal Collier | Annual Report 2023

Dag Alveng

Misty Morning, Vemork, Rjukan, 2020/2021

Silver gelatin print, 120 x 150 cm (cropped image) ...........p. 26

Truls Wörsel

Untitled, 2012

Acrylic on canvas, 180 x 300 cm (2 panels) .....................p. 28

Sam Francis

SFP 94-140, 1994

Acrylic on canvas, 38 x 61 cm ...........................................p. 29

Truls Wörsel

Untitled (For Erhard Klein, Gross Bonn), 1988

Acrylic on canvas, 200 x 145 cm (cropped image)

..........p. 36

Sam Francis

SFP 94-104, 1994

Acrylic on canvas, 38 x 40,5 cm (cropped image) ...........p. 90

Ida Ekblad

INTERNAL COURTYARD, 2020

Watercolor on paper, 76 x 57 cm (cropped image) .............p. 1

Dag Alveng

This is most important / Table Cloth, 1993

Silver gelatin print, 46 x 56 cm ........................................... p. 3

Håkon Bleken

Sort oppstilling (Black arrangement), 2014

Oil on canvas, 160 x 200 cm ............................................... p. 9

Ida Ekblad

CRANIAL RHYTHMIC IMPULSE, 2020

Oil on linen, 180 x 140 cm (cropped image) .....................p. 13

Håkon Bleken

Ishockeyspiller og kvinne V, 2008

Oil on canvas, 170 x 210 cm ................................................p. 24

As in art – in business,

creativity is everything

The art in ABG Sundal Collier’s offices is more than

mere decoration.

Rather, it serves as inspiration. When we come into

the office each day, we are greeted with a visual

reminder of ingenuity, creativity and outside-the-box

thinking. These are important qualities to be reminded

of, especially for us. At ABGSC, we are proud to be

independent. We strive to be creative. And our vision

is to be the most agile and respected investment bank

in the Nordic region. The art in our offices elevates

the environment in which we work and inspires

us to achieve this vision.

All of the pieces displayed in our offices are part

of the Collier Collection and have been selected

and placed by Jan Petter Collier. Among the pieces

are some of the finest examples of contemporary

Scandinavian and global art.

To our clients, partners, visitors, and friends: we

hope that, like us, you find inspiration in the art

selected for our offices and this year’s annual report.

LIST OF WORKS

3 ABG Sundal Collier | Annual Report 2023

Enabling businesses and

capital to grow and perform ............................... 4-5

Key Figures ................................................................. 6-8

Comment by CEO & Chairman ......................... 9-10

Mission and Vision ................................................. 11

Core Values ................................................................ 12

Macro backdrop ....................................................... 14-15

Corporate Financing .............................................. 16-18

M&A and Advisory ................................................. 19-21

Brokerage and Research ..................................... 22-23

Executive Committee ............................................ 25-26

The Board of Directors ......................................... 27-28

Statutory Directors’ Report ............................... 30-35

Consolidated Financial Statement .................. 37-42

Notes to the Consolidated

Financial Statement ................................................ 44-70

Parent Company Financial Statement .......... 71-75

Notes to the Parent Company

Financial Statement ................................................ 76-81

Responsibility Statement ..................................... 82

Auditor’s Report ........................................................ 84-89

Addresses ..................................................................... 90

Table of Contents

Dag Alveng / This is most important / Table Cloth , 1993

4 ABG Sundal Collier | Annual Report 20234 ABG Sundal Collier | Annual Report 2023

Enabling businesses

and capital to grow

and perform

ABG Sundal Collier (“ABGSC”) is founded on an inclusive

partnership culture and the ability to attract and develop

top talent. The merger between Norwegian Sundal Collier

and Swedish ABG Securities in 2001 laid the foundation

for today’s independent, full-service investment bank.

We have a strong Nordic heritage, with operations in Norway,

Sweden and Denmark and a global reach through our offices

in London, Frankfurt, Lucerne, New York and Singapore.

Relying on our superior transaction experience and network, we advise and guide

clients when acquiring, consolidating or selling assets. With our outstanding

investor access and placing power, we help corporations and entrepreneurs

to finance their businesses. Through our high-quality research, we enable smarter

investment decisions. We are committed to excellence, and offer deep sector

knowledge, extensive transaction experience and access to a large network

of corporates and investors. We take great pride in always delivering first-class

service, and we always seek to obtain a high degree of client satisfaction.

ABGSC demonstrates endurance as a financial partner. We work tirelessly to achieve

our clients’ objectives, using a holistic approach. When taking on new clients,

5 ABG Sundal Collier | Annual Report 2023

we commit to the long run, guiding our clients though the different stages of their business life

cycles. ABGSC’s culture is defined by the fact that most of our staff members are partners in the

firm. This ownership component empowers staff members and ensures a long-term commitment

to the firm and to our clients. As an independent investment bank, we always act in the best

interest of our clients, with no second agenda. Our business is not about taking our own positions

and our focus is 100 per cent on our clients. Because we are a leading investment bank within

all relevant corporate finance disciplines (equity, debt and mergers & acquisitions), we have no

product bias when advising our clients.

Globalisation, increasing regulation and disruptive technologies are transforming companies

and industries. ABGSC is an agile and dynamic organisation, well respected in the industry, capable

of adapting to changing environments and new situations. We are never satisfied with the status

quo and are constantly developing our business and challenging our own way of working. This

makes us well suited to advise and enable businesses and capital to grow and perform.

6 ABG Sundal Collier | Annual Report 2023

Group Key Figures (NOKm) 2019 2020 2021 2022 2023

Total revenues 1,351 1,926 2,911 1,704 1,707

Personnel costs -730 -994 -1 563 -943 -988

Non-personell costs -282 -297 -312 -365 -393

Total operating costs -1,012 -1,291 -1,875 -1,308 -1,381

Operating profit 339 635 1 036 396 325

Net profit 227 412 760 270 236

Book value per share

1.51 2.01 2.69 2.13 1.96

Diluted average number of shares

525 537 550 557 558

EPS (basic) 0.50 0.93 1.69 0.58 0.49

EPS (diluted) 0.44 0.78 1.39 0.50 0.44

Payment to shareholders per share 0.39 1.00 1.00 0.50 0.50

Return on equity

34 % 52 % 72 % 24 % 24 %

Headcount (average) 278 285 311 332 341

Revenues per head (average) 4.86 6.77 9.35 5.13 5.01

Total costs per head (average) -3.64 -4.53 -6.02 -3.94 -4.05

Total compensation / Revenues 54 % 52 % 54 % 55 % 58 %

Total costs/ Revenues 75 % 67 % 64 % 77 % 81 %

EBIT margin 25 % 33 % 36 % 23 % 19 %

Key

figures

1) Book equity at 31 December / (total number of shares – treasury shares)

2) Number of shares adjusted for treasury shares and shares on forward contracts

3) Net result for the period/Average equity for the period

7 ABG Sundal Collier | Annual Report 2023

Key

figures

5.13

5.01

4.86

6.77

9.35

202 32022202120202019

0.58

0.49

0.50

0.93

1.69

202 32022202120202019

1,707

1,351

1,926

2,911

1,704

202 32022202120202019

3.94

4.05

3.64

4.53

6.02

202 32022202120202019

1,308

1,381

1,012

1,291

1,875

202 32022202120202019

23.3

19.1

25.1

33.0

35.6

202 32022202120202019

Revenue per head (Average)

(NOKm)

EPS basicTotal revenues

(NOKm)

Costs per head (Average)

(NOKm)

Total operating costs

(NOKm)

EBIT Margin

(%)

8 ABG Sundal Collier | Annual Report 2023

329

Staff as of

31 December

2023

Oslo

London

Frankfurt

Copenhagen

Stockholm

Global reach

Geographic Revenue Distribution 2023

Functional Revenue Distribution 2023

Norway 55 %

Sweden 29 %

Denmark 6 %

International 10 %

M&A and Advisory 33 %

Brokerage and Research 33 %

Corporate Financing 34 %

Revenue

1,707

NOKm

Revenue

1,707

NOKm

Lucerne

SWITZERLAND

GERMANY

USA

New York

SINGAPORE

9 ABG Sundal Collier | Annual Report 2023

Comment by

CEO & Chairman

Dear shareholders, clients and colleagues,

We are delighted to present to you our 2023 annual report. 2023 was a year that showcased

the resilience, agility and excellence of our company in a period of modest market activity that

saw participants waiting for clear signals on the direction of inflation and the economy. Despite

a slow start to the year, revenues eventually ended up in line with 2022. However, margins came

in somewhat lower on the back of a higher cost base. The rise in costs was mainly due to factors

beyond our control (inflation and exchange rates), but it was also partly by design, as we are

investing in our company for the future by adding two new business areas that are currently

not contributing to revenues.

The ABGSC business model is simple and robust: we are an advisor and facilitator. We get paid

when our clients are satisfied with our valuable insights and advice, when we provide liquidity

and when we help them execute transformative transactions. Our interests are aligned with

those of our clients, as we only benefit from providing high-quality services that aid in their

long-term success.

Our revenues depend on the activity in a mature but cyclical market, and our ability to gain market

share in each of the segments in which we compete. As for any other investment bank, our model

offers significant leverage in a scenario where capital is readily available, and investors are

actively looking for new and alternative investment opportunities. However, when conditions

are more challenging, ABGSC capitalises on having an edge across all key investment banking

and brokerage services, thereby being able to find the best solutions for our clients.

Our broad and top-ranked research offering creates the foundation for our well-connected sales

and brokerage operation. This provides the investment banking teams with superior qualifications

within ECM, DCM and M&A to execute on the most optimal transaction structure at any given

time. It is all interlinked and the totality is a key differentiator that is hard to replicate.

Håkon Bleken / Sort oppstilling (Black arrangement), 2014

10 ABG Sundal Collier | Annual Report 2023

One of the key assets of ABGSC is our people and we are focused on attracting and retaining talent

from the broadest possible talent pool as we work actively to increase diversity in the industry

as well as our firm. We leverage from a respected brand built over decades and a streamlined

and scalable infrastructure. But what we believe makes a company “great” rather than just “good”

is the culture. At ABGSC, we aspire to maintain our winning culture through being commercially

focused, honest and working together as a team. We always put our clients first and we are never

afraid to speak our minds. The status quo is never an option; we always strive for improvement

and seek to avoid any unnecessary hierarchy or bureaucracy in our organisation.

We are proud that ABGSC has always been profitable (by a significant margin) and that we have

over time generated superior returns for our shareholders than most comparable players in our

industry. At the same time, we have also managed to be an attractive employer offering both

a positive and stimulating work environment, exciting challenges and competitive total remuneration

to top performers. While we still can, and always should, seek to improve in most areas, the high

number of long-serving staff is clear evidence of that.

At ABGSC, we are always concerned about costs. This is an integral part of the company culture

and runs through the firm, from the Board level to the Executive Committee to line managers

and to the individual partners and staff. Because inflation and exchange rates are hard to predict,

we focus on where we can make a difference. Our cost base is a function of our employee base,

how we compensate them and what we spend on various third-party goods and services. After

several years of growing our operations, we reduced our headcount in 2023 as we adapted to the

prevailing market conditions and took measures to further improve the quality of our operation.

While we are committed to providing competitive remuneration for top talent, we are at the same

time very prudent and cautious about maintaining a lean organisation and avoiding unnecessary

spending. Consequently, we conduct regular cost reviews to lower costs where possible.

While we have a strong focus on constantly managing costs and streamlining our operations,

we acknowledge the importance of scale and the importance of developing the firm by broadening

our service offering and client reach. We are well equipped to continue to increase our market share

as our scalable platform is a great foundation for having a competitive advantage in segments

adjacent to our current core operations. As such, we are very excited about launching a superior

Private Banking service in Sweden and our first Alternative Investment Real Estate fund in Norway

in 2024. We strongly believe in the combination of the dedicated teams’ expertise in their respective

fields, and the competence and network of our current operations.

As we seek to balance growth and short-term profitability, we will also continue to build on our

capital-light business model and remain committed to protecting our ability to return cash to

our shareholders. While we naturally cannot guarantee dividends in excess of earnings, we expect

to over time return the vast majority of profits through a combination of cash dividends and share

buy-backs, as we have an ambition to limit the dilution effect of our important partner share

programme.

As we are looking forward to an exciting 2024, we would like to thank our colleagues, clients,

partners and shareholders for their fantastic contribution to the achievements in 2023. Together,

we look forward to building on this momentum as we embrace the opportunities that lie ahead.

Yours sincerely,

Knut Brundtland, Chairman

& Jonas Ström, CEO

Knut Brundtland, Chairman Jonas Ström, CEO

11 ABG Sundal Collier | Annual Report 2023

Vision Mission

To be the most agile and

respected investment

bank in the Nordics

To enable businesses

and capital to grow

and perform

Quality focused

advisory business

Clear strategic direction

operating in an active

and diversified Nordic

financial industry

Lean and agile

operation

Slim operation with

proven track record of

adapting to changing

markets

Solid and

asset-light model

Well capitalised

asset-light business

model with limited

financial risk taking

Partnership

model

Significant staff ownership

securing long-term

commitment and alignment

of interests

Profitable, sustainable

and growing

Dedication to delivering

strong returns primarily

through cash flow to

shareholders

12 ABG Sundal Collier | Annual Report 2023

Core Values

Excellence

We go above and beyond to

deliver the best result possible,

and we aspire to nothing

less than excellence and

exceptional performance.

Inclusion

We are fostering a strong culture

of inclusion which embraces

diversity and creates opportunity

for all staff. We treat all people with

the utmost dignity, respect and

appreciation. At ABGSC, everyone

can reach their full potential

regardless of their background.

Integrity

We strive to do the right thing at

all times, and we are accountable

to ourselves, our clients and our

colleagues. We adhere to all laws and

regulations and are guided by our

values and our moral compasses.

Collaboration

At ABGSC, we are agile and we

work seamlessly across teams and

across borders, to deliver the most

value for our clients. We take a long-

term approach with the objective of

assisting, advising and collaborating

with our clients throughout their

business life-cycles.

13 ABG Sundal Collier | Annual Report 2023

Ida Ekblad / CRANIAL RHYTHMIC IMPULSE, 2020

14 ABG Sundal Collier | Annual Report 2023

Despite a turbulent start to 2023, the year ended in a better position than consensus had

projected. Global GDP growth was revised up by 0.4pps by the OECD, as US consumers showed

better resilience, expanding budget deficits supported growth and emerging markets (e.g. China)

showed strong growth overall. As overall economic growth improved, corporate earnings grew.

Nevertheless, the year was still marked throughout by a pronounced degree of risk aversion,

which resulted in a subdued level of activity in capital markets.

The key change in 2023 was the signal from central banks in the western world that the peak

in short-term interest rates had been reached, and that the next change in policy rates would

be down. This change was mainly due to inflation coming down. In general, inflation is still above

central banks’ targets, but the trends point towards lower inflation ahead. Following the signals

from the central banks, long-term rates also fell ~100bps, supporting the performance of the stock

market and other asset classes. The total return for MSCI Nordic in 2023 was 17%, of which most

of the performance (80%) happened in the last two months of the year. The S&P 500 rose by 26%

after dropping 18% in 2022.

The outlook is better entering 2024, but not without risk. Consumers in the western world will

likely see an improvement in their purchasing power, which should support consumer spending.

Labour markets are still tight, suggesting that unemployment rates will remain low, while in the

interest rate market, expectations are for 4-5 rate cuts from central banks by the end of the year.

Assuming consumer spending improves, this will likely lead to a turnaround in the inventory cycle

supporting industrial production, which has been the weak spot in the global economy in 2023.

These observations could lead to a return of inflationary pressures, as the western world operates

at close to full capacity; we see this as the key risk in 2024, moderating our otherwise positive

expectations.

Nevertheless, in a world characterised by high levels of uncertainty impacted by several large

events during recent years (e.g. the COVID-19 pandemic) followed by unprecedented fiscal and

monetary stimuli leading to a demand shock and large inflationary pressure, as well as the Russian

invasion of Ukraine leading to an unprecedented energy price shock, companies have navigated

well. Most companies have protected their margins and earnings and improved their balance

sheets. As such, most companies are in a position to continue to create shareholder value for

the next years to come.

Macro backdrop

15 ABG Sundal Collier | Annual Report 2023

Interest rates Equity indicesEquity market volatility (S&P VIX)

10y US interest

10y German interest

S&P 500

MSCI Nordic

100

150

200

250

300

-2

.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

6.0%

5.0%

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

16 ABG Sundal Collier | Annual Report 2023

Corporate Financing

ABGSC is a leading provider of corporate financing services, supporting corporate clients when

they wish to raise capital through either equity or debt financing within Nordic capital markets.

Equity Capital Market (ECM) transactions typically include initial public offerings (IPOs), private

placements, rights issues and secondary block trades. ABGSC is a Nordic force in ECM, often

taking a leading role by acting as global coordinator or bookrunner in transactions that span both

sectors and sizes.

Within Debt Capital Market (DCM) transactions, ABGSC has chosen to focus on the non-investment

grade bond segment, raising debt capital for companies that are looking for alternative sources

to traditional bank financing. In recent years ABGSC has expanded its debt offering by providing

independent debt advisory and sourcing services such as loans, factoring and leasing.

ABGSC is compensated through fees subject to the successful completion of a given transaction.

In 2023, revenues from corporate financing activities were NOK 580m, up from NOK 519m in 2022,

and in line with historical revenues.

After a year of muted capital market sentiment in 2022, 2023 was similarly marked by a reduced

confidence and resultant risk aversion within the market.

The first quarter was dominated by significant uncertainty, fuelled by the rapid collapse of Silicon

Valley Bank and the ensuing market turbulence within the banking and finance sector in particular.

As a result, some transactions were postponed or put on hold. However, Q1 would prove to be the

high-point of the year for IPOs, with ABGSC completing the Seacrest (Norway), Gubra (Denmark)

and Himalaya Shipping (US) IPOs within the quarter. The IPO market remained subdued

throughout the year, with ABGSC assisting with one additional IPO, for DOF (Norway), in Q2.

519

580

503

1,045

1,713

202 32022202120202019

Corporate Financing (ECM/DCM)

revenues (NOKm)

Despite less than optimal market

conditions in 2023, we delivered a solid

result, executing on a number of important

mandates and providing quality advice

to clients navigating uncertain markets.

Our diversified business model served us

well, resulting in a wide spread of corporate

financing transactions across geographies,

sectors and products. As we look ahead

to 2024, we are continuing to invest

in developing our expertise and we are

enthusiastic about the strong inflow

of new mandates that we see”, said Johan

Lindén, Co-Head of Investment Banking.

“

Corporate

financing

revenues

580

NOKm

17 ABG Sundal Collier | Annual Report 2023

Throughout 2023, ECM activity was at times selective. Nevertheless, ABGSC retained its strong

position within Nordic ECM and completed a number of primary and secondary placements.

Of note were two Seadrill secondary placements (in Q1 and Q3) in Norway, in which ABGSC assisted

Export Finance Norway with the sale of its shares in Seadrill. Also of note were two Sagax

transactions (in Q2 and Q4) in Sweden, in which ABGSC assisted the company with directed share

issues (representing the two largest directed share issues in Sweden in 2023); the transactions

represented the fourth and fifth occasions on which ABGSC has advised Sagax, cementing our

long-term relationship with the company.

On the DCM side, overall Nordic volumes were up compared to 2022 and ABGSC closed several

important DCM transactions, maintaining our strong position within the high yield bond segment.

Of note were two Hexagon Purus transactions in Norway; in Q1 ABGSC assisted the company with

a combined convertible bond private placement and equity private placement, in addition

to advising Mitsui on its strategic investment in the convertible bond private placement. This was

followed up in Q4 when ABGSC assisted Hexagon Purus with a further convertible bond private

placement. Of further note was the Polar Structure transaction in Sweden, in which ABGSC served

as Sole Financial Advisor in connection with the issuance of senior secured notes by

the sustainability-focused company.

In total ABGSC concluded 35 DCM transactions and 58 ECM transactions, including the four IPOs,

in 2023. The firm was ranked as the #1 ECM Advisor in Norway, the #1 Corporate Finance adviser

in Norway and the #2 Corporate Finance adviser in Sweden and the Nordics in 2023 by Kantar

Sifo Prospera: evidence of our continued strong standing among clients.

In 2023 we continued to build on our strong position

within DCM, executing a number of significant

transactions despite muted market sentiment. Thanks

to the investments we have made in developing our

debt advisory business in recent years, we were well

positioned to take advantage of opportunities as they

arose. 2023 proved to be a solid year in terms of DCM

revenues, and we look forward to further leveraging

our expertise in 2024”, said Kristoffer Sletten, Head

of DCM Sweden.

“

18 ABG Sundal Collier | Annual Report 2023

Selected Corporate Financing transactions

ECM – SP NOK 4.56bn Energy

ECM – IPO

ECM – PP

NOK 2.7bn

NOK 280m

Energy

ECM - SP

NOK 2bn

NOK 1.7bn

Oil service

ECM – SP NOK 1.8bn Shipping

ECM – PP

SEK 2.12bn

SEK 2.06bn

Real Estate

ECM – PP SEK 325m Health care

ECM - PP SEK 301m TMT

ECM - IPO DKK 575m Health care

DCM – HY USD 390m Oil service

DCM – CB

ECM – PP

NOK 800m

NOK 500m

Renewables

DCM – HY

DCM – DL

EUR 50m

EUR 40m

Renewables

DCM – HY EUR 200m TMT

DCM – DL SEK 835m Financials

DCM – HY SEK 300m TMT

19 ABG Sundal Collier | Annual Report 2023

ABGSC has for several years been a Nordic market leader within Mergers & Acquisitions (“M&A”)

and advisory, participating in more transactions than any other financial advisor in the region.

Our M&A and advisory services product area primarily involves advising companies in relation

to mergers, acquisitions, and sales, in addition to various real asset transactions and other

advisory services.

ABGSC is normally compensated by its clients through a combination of fixed retainers and

transaction fees.

In 2023, the Nordic M&A market fell from 2022 levels, with volumes relatively subdued throughout

the year. The year was marked by the elevated cost of funding due to increased interest rates.

This resulted in a persistent disparity between buyers and sellers in their price expectations,

hindering, or slowing down, many transactions. However, as the year went on, we saw signs

of the gap beginning to close.

Despite the weak market sentiment, ABGSC ended the year with a solid performance, maintaining

our strong Nordic position within M&A. We finished the year with revenues of NOK 562m, down

from NOK 618m in 2022, but in line with historical revenues. In total we completed 34 transactions,

up from 28 in 2022.

There were several highlights throughout the year. In Q1, the Swedish team served as advisers to

Readly in relation to Bonnier News’ public offer to acquire shares in the company; the transaction

marked the third occasion on which ABGSC has advised Readly. Throughout the year, the Danish

team completed several important transactions, including in Q1 advising Re-Match on the

company’s delisting and the associated public tender offer led by Verdane; additionally, the team

advised Confirma Software on two separate acquisitions (SmartTID in Q3 and Admind in Q4).

In Norway, the team had a strong year, completing a number of transactions; of note was the

Q4 Visma transaction, in which ABGSC advised the company and its shareholders on the expansion

618

562

449

381

595

202 32022202120202019

M&A and Advisory

revenues (NOKm)

M&A and

advisory

revenues

562

NOKm

20 ABG Sundal Collier | Annual Report 2023

of its ownership base – a landmark transaction marking two decades of advising the company.

ABGSC also provides real estate investment opportunities through a pan-Nordic platform

consisting of the fully owned subsidiary Vika Project Finance, covering Norway and Denmark,

and the partly owned ABG Fastena, covering Sweden and Finland. The sentiment within real

estate was very challenging in 2023, with buyers and sellers yet to define a new pricing level

following the recent and rapid interest rate hikes. During the year, Vika Project Finance conducted

five transactions for a total value of NOK 3.26bn, while ABG Fastena conducted four transactions

for a total value of SEK 327m.

21 ABG Sundal Collier | Annual Report 2023

Selected M&A transactions and restructurings

Financial advisor to Visma and shareholders in connection

with expansion of ownership base

EUR 19bn TMT

Sale of Kahoot! to Kangaroo BidCo NOK 17.2bn TMT

Sale of Self Storage Group to T-C Storage HoldCo NOK 3.8bn Real estate

Sale of Telenor Satellite to Space Norway NOK 2.4bn TMT

Viridor’s voluntary offer to acquire all shares in Quantafuel NOK 1.1bn Industrials

Sale of Fjordbase Holding AS to Ancala Partners Undisclosed Energy

Nordic Capital’s acquisition of a majority share in Foxway Undisclosed TMT

Sale of Solcellespesialisten to FSN Capital Undisclosed Renewables

AP7’s acquisition of 33% of the Urban Escape properties

in Stockholm CBD

SEK 22bn Real Estate

Public cash offer from Tidnings AB Marieberg SEK 455m TMT

C-Resiliens’ acquisition of Tutus Data AB SEK 455m TMT

Financial advisor to Nordic Mezzanine in connection

with the sale of Sauna360 to Masco Corporation

EUR 125m Consumer

Advisory services to Re-Match related to a voluntary

public tender offer

DKK 256m Industrials

Confirma Software’s acquisition of SmartTID Undisclosed TMT

In 2023 our teams in Norway, Sweden and

Denmark completed some fantastic deals within

M&A, reinforcing our leading position within the

Nordic market. As we look ahead towards 2024,

we are encouraged to see opportunities within

the market opening up, and we are committed

to providing creative and solution-oriented advice

to our clients”, said Kristian B. Fyksen, Co-Head

of Investment Banking and CEO ABGSC Norway.

“

22 ABG Sundal Collier | Annual Report 2023

Brokerage and Research

ABGSC offers considerable experience within brokerage services, with market-leading placing

power and a highly recognised research team covering 467 companies as of year-end 2023

(including 392 equity and 75 credit research) – among the highest number of all Nordic investment

banks. Our research and brokerage services product area comprises a range of secondary security

brokerage and research services, either subscribed to by investor clients or commissioned

by companies.

With offices in Oslo, Stockholm, Copenhagen, London, Frankfurt, Lucerne, New York and Singapore,

we offer a powerful, integrated platform that is able to match client trading flows within equities,

bonds, derivatives, structured products and FX. ABGSC also has a limited proprietary trading

operation, primarily supporting our client trading and corporate market-making activities.

ABGSC is compensated through a combination of trading commissions and separate payments

for either investment advisory and research services, or by fixed payments from companies

for commissioned research or marketing services. In 2023, revenues from brokerage and research

were NOK 565m, in line with 2022 revenues (NOK 567m) and very strong in relation to historical

revenues.

In 2023, turbulence at the beginning of the year, followed by a pronounced degree of risk aversion

throughout the remainder, underlined the need for high-quality fundamental research and reliable

brokerage services. ABGSC continued to focus on developing our highly-ranked research operation

and idea-driven brokerage operation, building credibility with investors, sharing knowledge

and offering high-quality investment advice. Overall, the activities of our research and brokerage

teams made a strong contribution to 2023 revenues, achieving a robust performance despite

market turmoil.

565

399

501

603

567

202 32022202120202019

In 2023, we continued to strengthen

our offering and invest in developing

a very strong research team. It is clear

that our efforts in recent years to step-

up our performance are paying off,

as we increasingly take market share

and receive industry recognition. I am

proud of our team’s achievements and

look forward to seeing their further

development in 2024”, said John Olaisen,

Co-Head of Research.

“

Brokerage and Research

revenues (NOKm)

Brokerage and

Research

revenues

565

NOKm

23 ABG Sundal Collier | Annual Report 2023

In 2023, the research team achieved top rankings in a number of external surveys. In Norway,

ABGSC once again came in second overall in the Kapital rankings, taking the #1 spot for best

individual analyst, in addition to winning a total of 10 podium places, including three #1 positions.

In Sweden, the team came in second overall in the Kantar Sifo Prospera rankings, improving on

their #3 spot of 2022; in total the team achieved eight sector-based podium places, including two

#1 positions and five performance-based podium places, including #1 Analyst Speaking Partner.

The ABGSC markets operations enjoyed a strong year, in particular in Norway where we grew the

secondary business from the strong levels of 2022. Additionally, the brokerage teams continued

to maintain their strong performance across external surveys. In Norway, ABGSC was awarded the

#1 spot for best individual broker in Kapital’s rankings, and in Sweden, the team achieved podium

places in all three categories within the Kantar Sifo Prospera rankings, including taking the

#1 spot for the important “Sales business ideas” category.

In 2023 our brokerage teams really delivered, not

only by providing a solid contribution to ABGSC

revenues via secondary market activity, but

also by being a preferred advisor to our broad

Nordic and international investor base, cementing

ABGSC’s capacity to provide market-leading

placing power within ECM and DCM primary

segments”, said Per Flostrand, Head of Equity

Sales Sweden & International.

“

24 ABG Sundal Collier | Annual Report 2023

Håkon Bleken / Ishockeyspiller og kvinne V, 2008

25 ABG Sundal Collier | Annual Report 202325 ABG Sundal Collier | Annual Report 2022

Executive

Committee

Jonas Ström

CEO

Jonas Ström joined the firm in 2011.

Prior to joining ABGSC, he was Head

of Debt Capital Markets at Öhman and

he has also worked as a Portfolio Manager

at Swedbank Robur. Ström has a MSc

in Economics from the Gothenburg School

of Economics.

Geir B. Olsen

CFO

Geir B. Olsen joined the firm in 2002.

He was previously Head of Business

Development and Projects and has also

worked within Equity Sales

and Investment Banking. Olsen holds

a Master of Business and Economics

(“Siviløkonom”) from Handelshøyskolen BI.

Jessica Blink

Head of Legal

Jessica Blink joined the firm

in 2006. She has a Master of

Laws (LL.M.) and a Master

of Science in Business

Administration and Economics

from Stockholm University.

Kristian B. Fyksen

Co-head of Investment Banking

and CEO ABGSC Norway

Kristian B. Fyksen joined the firm in 2016.

He previously worked at DNB Markets.

Fyksen has a MSc in Economics and

Resource Management from the

Norwegian University of Life Sciences.

26 ABG Sundal Collier | Annual Report 2023

Johan Lindén

Co-head of Investment Banking

Johan Lindén joined the firm in 2009.

He previously worked at Lazard and

Deutsche Bank. Lindén holds a BA

(Hons) in International Business from the

European Business School, London.

Per Flostrand

Head of Equity Sales

Sweden & International

Per Flostrand joined the firm in 2009.

He previously worked at Crédit Agricole

Cheuvreux and JPMorgan. Flostrand

holds a Ph.D in Accounting from

Uppsala University.

John Olaisen

Co-head of Research

John Olaisen joined the firm in 2012.

He previously worked at Carnegie,

Terra and Abacus/International

Capital Growth. Olaisen is

“Siviløkonom” (MSc) from Fribourg

University in Switzerland.

Dag Alveng / Misty Morning, Vemork, Rjukan, 2020/2021

27 ABG Sundal Collier | Annual Report 2023

Knut Brundtland

Chairman

Knut Brundtland joined the firm as Group

CEO in 2010. Prior to this, he held several

board positions and has also been the CEO

of Voss of Norway ASA. Brundtland also has

15 years’ experience as a lawyer and partner

with the law firm BAHR in Oslo. He holds a

law degree from the University of Oslo.

27 ABG Sundal Collier | Annual Report 2022

The Board

of Directors

Martina Klingvall

Board Member

Martina Klingvall has a startup

background and is known for

challenging old business models,

and championing modern leadership

and digital opportunities.

She has extensive experience from

the telecom industry, both from

working at Telenor in Sweden and

Norway, but also from starting up

and running a new mobile operator,

Telness, in Sweden. Klingvall holds

a degree in engineering from the

Royal Institute of Technology, KTH.

Adele Bugge

Norman Pran

Board Member

Adele Bugge Norman Pran has extensive

experience from board positions, developing

companies and transactions, with experience

from Herkules Capital and PWC Deals. Pran

holds a degree in law from the University

of Oslo, and a master in auditing and

accounting from NHH. She has also studied

advanced mathematics at Harvard University

and has an International Baccalaureate

from United World College, Atlantic. Pran’s

extensive board experience includes roles

on the boards of Yara ASA, B2Holding ASA,

Hitec Vision AS and Motorgruppen AS,

among others.

Jan Petter Collier

Board Member

Jan Petter Collier was one of the two

founders of Sundal Collier in 1984

and is currently a partner within

Investment Banking. From 1992

until 2004, he was the Executive

Chairman and from 2004 to 2010

he was the CEO of ABGSC. Prior

to founding Sundal Collier he

was Chief Executive of Tennant

and Deputy General Manager

of Rogalandsbanken.

28 ABG Sundal Collier | Annual Report 2023

Arild A. Engh

Board Member

Arild Abel Engh is an independent investor. Since 2018

he has operated Melesio AS, a partner owned private

investment company. He has 30 years of experience

within investment banking, financial analysis and

investments. Engh joined ABGSC in 1993 and headed

the Investment Banking Division from 1999 to 2018.

Before joining ABGSC he was involved in the cruise, oil

service, bulk shipping and TMT industries. Engh holds

an MSc degree in Petroleum Engineering from the

Norwegian Institute of Technology (NTH Trondheim)

and also completed post graduate studies in Finance

at the Norwegian School of Economics (NHH Bergen).

Cecilia Marlow

Board Member

Cecilia Marlow is a full time non-executive

board professional and investor. She has

experience from various industries and

ownership structures, including listed

companies as well as the finance sector.

Marlow previously worked as a CEO in retail

for some 20 years and she holds an MBA

from the Stockholm School of Economics.

Truls Wörsel / Untitled, 2012

29 ABG Sundal Collier | Annual Report 2023

Sam Francis / SFP 94-140, 1994

30 ABG Sundal Collier | Annual Report 2023

ABGSC is an independent Nordic investment bank, established in 1984, founded on an inclusive

partnership culture and the ability to attract and develop top talent. Our strategy is to be

an advisor and an intermediary, and our core product offering comprises corporate advisory,

corporate financing, investment research and brokerage services.

COMMENTS ON THE ANNUAL ACCOUNTS

Highlights

2023 demonstrated the diversity and balance of our business mix, with revenues evenly spread

between Corporate Financing, M&A and Brokerage and Research. Despite a continued lack

of IPOs, Corporate Financing revenues increased, primarily driven by higher activity in primary

and secondary placings and our debt franchise. Our Brokerage team also showcased an

impressive ability to create liquidity and manage complex transactions. Our position in our core

markets is well-defended and solidified despite the challenging conditions.

Operating profit for 2023 decreased by 18% to NOK 325m and diluted EPS for 2023 was NOK 0.44

compared to NOK 0.50 for 2022. The Board has decided to propose a payment to shareholders

of NOK 0.50 per share for the accounting year 2023.

Pursuant to the Norwegian Accounting Act, the Company confirms that the parent company

accounts, based on Norwegian GAAP, have been prepared on a going concern basis. Group

accounts have also been prepared on a going concern basis, based on International Financial

Reporting Standards (IFRS), as adopted by the EU.

Income Statement

Revenues from Corporate Financing services increased from NOK 519m in 2022 to NOK 580m

in 2023 (+12%). In 2023, the Nordic primary ECM volumes were up 30% compared to 2022, while

the Nordic primary DCM volumes were up 40%. During the year, ABGSC conducted 35 DCM

transactions and 58 ECM transactions.

Revenues from M&A and Advisory services decreased from NOK 618m in 2022 to NOK 562m

in 2023 (-9%). In 2023, the Nordic M&A transactions were down 21% compared to 2022. In total,

ABGSC conducted 34 M&A transactions and nine direct real estate investments.

Revenues from Brokerage and Research services of NOK 565m were in line with 2022 (NOK 567m).

Total operating costs for the year were NOK 1,381m compared to NOK 1,308m in 2022 (+6%). Total

fixed operating costs increased by approximately NOK 48m for the year due to the weakening

NOK relative to 2022. Average headcount increased from 332 in 2022 to 341 in 2023, mainly related

to new business operations. However, during the year, the company has taken measures to lower

costs and streamline its operations, leading to a lower headcount at the end of 2023 vs year-end

2022 (330 vs. 340).

Operating profit for 2023 was NOK 325m (NOK 396m in 2022), a decrease of 18%. The net financial

result was NOK -6m compared to NOK -21m in 2022. Net profit after tax was NOK 237m (NOK 282m

in 2022), resulting in EPS (basic) of NOK 0.49 (NOK 0.58 in 2022).

Balance Sheet and Liquidity

ABGSC maintained a strong balance sheet throughout 2023. Our asset base largely consists

of short-term receivables and bank deposits.

ABG Sundal Collier Holding ASA (“the Company”) together with its

subsidiaries (“ABGSC” or “the Group”) is a Nordic investment bank

listed on the Oslo Stock Exchange. The Group’s headquarters are in

Oslo, with other offices in Stockholm, Copenhagen, London, Frankfurt,

Lucerne, New York and Singapore.

Statutory Directors’ Report

31 ABG Sundal Collier | Annual Report 2023

The Group’s capital adequacy following the proposed NOK 0.50 dividend payment to shareholders

at the end of 2023 was 1.6x (1.7x in 2022) the requirement set by The Financial Supervisory

Authority of Norway. The capital ratio before the proposed payment to shareholders was 2.2x

for 2023 (2.3x in 2022).

ABGSC has positive cash flow from its operations, although due to the nature of our business,

working capital requirements can be subject to significant daily fluctuations. To meet varying

liquidity demands from Group operations, we have established overdraft facilities with our main

banks. ABGSC’s level of liquidity was solid throughout 2023.

Financial Statement for the Parent Company

The parent company receives dividends or group contributions from subsidiaries to pay a dividend

to the shareholders. In 2023, the parent company received NOK 287m in dividends and group

contributions compared to NOK 375m in 2022. The balance sheet is good, with a book equity

to total capital of 40% after dividend allocation.

Allocation of Profit

Shareholders

The Company’s share price closed at NOK 6.80 on 31 December 2023 (NOK 5.63 on 31 December

2022). Shareholders received a total payment of NOK 0.50 per share during 2023, implying a total

return of 29.7% in 2023. The Oslo Børs main index (OSEBX) increased by 9.9% in the same period.

At the end of 2023, ABGSC had 6,502 shareholders, and the Group’s partners and Board members

owned approx. 29% of the total shares outstanding and 38% of the total diluted shares. Although

ABGSC is a publicly listed company, the Board believes in the importance of preserving the

company’s partnership ethos. The Group’s key staff are significant owners of the Company,

providing a reassuring alignment of interests between shareholders and staff. We strongly believe

that these coinciding interests help us to reduce operational risk and ensure a long-term focus

on providing the best possible advice to our clients while maintaining a clear understanding

of the importance of the Group’s financial performance.

Other Conditions

Risk management is an integral part of ABGSC’s core business activities. While conducting

our business operations, ABGSC is exposed to a variety of risks. These include market, credit,

liquidity, operational and currency risks that are material and require comprehensive controls and

management. ABGSC aims to maintain a low risk profile. For a further description of the Group’s

risk profile and risk management policy, see Note 5 to the Consolidated Financial Statement.

A separate description pertaining to risk control in financial reporting is included in the Board’s

Corporate Governance report. The Board has approved the overall limits for market risk for equity

trading, bond trading, securities financing, and foreign exchange. ABGSC’s main trading activities

are carried out on a short-term basis with a low level of overnight exposure. Any breach

of the defined limits is reported to the Board of Directors. The purpose of the trading activities

is to facilitate client orders and profit from market arbitrage opportunities and market volatility.

The Executive Committee, together with the Chief Compliance Officer, act as the Group’s Credit

Committee, approving policies and limits for client financing, cash collateral and the pledging

of shares within the mandate approved by the Board of Directors. Changes in collateral value are

monitored daily and adjustments are made by either reducing exposure or providing additional

collateral. Regular stockbroking transactions are settled on a delivery versus payment basis, such

that the credit risk is minimised to the difference between the unsettled amount and the market

value of the shares.

The Board is not aware of any matters arising during the year that have had a materially negative

effect on the Company’s or the Group’s business position.

COMMENTS ON CORPORATE GOVERNANCE

Implementation and Reporting on Corporate Governance

ABGSC is committed to the Norwegian code of practice for Corporate Governance as issued

by NUES (the Norwegian Corporate Governance Board) and has implemented sound corporate

governance regulations and practices for the Group. The ABGSC Corporate Governance Policy

is published on the ABGSC website and should be read in combination with this statutory report

to understand the overall compliance with the Code of Practice.

32 ABG Sundal Collier | Annual Report 2023

Equity and Dividends

The Board is committed to returning excess capital to shareholders through cash and buy-backs

of shares over time. Excess capital will be evaluated on a continual basis, taking into consideration

several factors including market conditions, regulatory requirements, counterparty and market

perceptions and the nature of our business.

ABGSC’s balance sheet and liquidity position are very solid relative to our capital requirements.

Consequently, the Board will propose to the AGM a payment to the shareholders of NOK 0.50

per share for the accounting year 2023 (NOK 0.50 in 2022). Prevailing regulatory core capital

rules imply a need to increase our core capital as the operational risk determination is driven

by our consolidated revenues. Norway is expected to implement the new EU capital regulations

some time in either 2024 or 2025. Although the final details remain to be clarified, our current

interpretation indicated a lower minimum capital requirement after implementation.

The Board currently has a mandate from the shareholders to acquire a number of ABG shares

corresponding to approx. 10% of the share capital. The one-year mandate is valid until the end

of June 2024. Under the mandate, ABGSC purchased 14,775,512 ABG shares in 2023.

The Board currently has a mandate from the shareholders to issue a number of new ABG shares

corresponding to approx. 20% of the share capital. The one-year mandate is valid until the end

of June 2024. Under the mandate, ABGSC issued 14,120,000 new ABG shares in 2023.

Equal Treatment of Shareholders and Transactions with Close Associates

Internal guidelines require that special approval be given for any transactions whereby members

of the Board or management might have conflicting interests with the Group. During 2023, there

were no such transactions requiring special approval.

General Meetings

The ordinary general meeting was held on 26 April 2023. Shareholders had the opportunity

to participate in, and vote at, the general meeting without being present by giving proxy to

the Company. Knut Brundtland represented the Board of Directors at the AGM. The Nomination

Committee and the auditor did not attend the AGM.

No extraordinary general meeting was held in 2023.

Nomination Committee

In 2023, the Nomination Committee consisted of Stein Aukner, Roy Myklebust and Leiv Askvig. The

committee is thereby independent of the Group’s executive management and Board of Directors.

The shareholdings and fees of the members of the Nomination Committee are disclosed in Note

9 to the Consolidated Financial Statement.

Board of Directors: Composition and Independence

The Board of Directors is of the opinion that, overall, it has sufficient expertise and capacity

to carry out its duties in a satisfactory manner. The Board of Directors has six members, including

three males and three females, and the composition represents sufficient diversity of background

and expertise. The Board members serve for a period of one year unless re-elected.

Three of the current members are independent of the Company’s main shareholders, the Company’s

executive personnel and material business contacts. No executive personnel are members

of the Board.

Three out of six of the Board members own shares in the Company. Board member shareholdings

are disclosed in Note 9 to the Consolidated Financial Statement.

The Work of the Board of Directors

The Board held 11 board meetings in 2023. Two meetings were physical meetings, and the rest

were held as video conferences. Board members’ total attendance in 2023 was 98%.

The Board of Directors has established the Compensation Committee and the Audit Committee

as sub-committees.

In 2023, the Compensation Committee consisted of Knut Brundtland as chairperson and Arild A.

Engh as a member together with a non-management staff representative. The Compensation

33 ABG Sundal Collier | Annual Report 2023

Committee is thereby independent of the Group’s executive management. The Compensation

Committee met three times in 2023 in relation to the remuneration process in the Group.

In 2023, the Audit Committee consisted of Adele Norman Pran as chairperson and Arild A. Engh

as a member. The Audit Committee is thereby independent of the Group’s executive management.

The Audit Committee had five meetings during 2023.

Risk Management and Internal Control

The Board of Directors has drawn up general policies and guidelines for management and control.

These policies deal with the Board’s responsibility for determining the Group’s risk profile,

approval of the organisation of the business, assignment of areas of responsibility and authority,

requirements concerning reporting lines and information flow as well as management and internal

control requirements. The Board and CEO’s areas of responsibility are defined in the rules

of procedure for the Board and instructions for the CEO, respectively.

The Audit Committee supervises the financial reporting process and ensures that the internal

controls in relation to financial reporting function effectively. Among other things, the Audit

Committee reviews the quarterly and annual accounts and reports.

The Group Finance team is headed by the CFO and is organised outside of the business areas.

The Group financial controller reports to the CFO and is responsible for matters such as financial

reporting, direct and indirect taxes, and financial internal controls. On behalf of the CFO, the Head

of Group Accounting identifies, assesses, and monitors the potential risk of errors in the group’s

financial reporting.

The Group Finance team prepares the financial reports of the Group and ensures that such

reporting is in line with prevailing legislation, accounting standards, current accounting guidelines

and other relevant external and internal regulations. Processes and several control measures have

been prepared to ensure that the financial reporting is of high quality. These measures include

rules concerning authorisations, reconciliations, IT controls and management reviews. The Group

Finance team prepares a presentation to the Audit Committee every quarter, with details of any

questions to be discussed by the committee.

All quarterly and annual reports to the shareholders are reviewed by the Audit Committee with

a special focus on correct revenue recognition, correct accrual for costs and the accounting

treatment and presentation of any items of a non-recurring nature. The external auditor

participates in the meetings of the Audit Committee.

The Group Compliance team is organised as an independent control function separate from

the business areas and with established dual reporting lines to the CEO and the Chairman

of the Board. The objectives of the function are to support and advise senior management

in its work with internal steering and control and to ensure compliance with applicable securities

laws and other relevant regulations for conducting the business, to advise senior management

in its work with risk assessment, management, and control of risks in the business and ensure

that procedures, limits, and guidelines are adhered to.

The Compliance function takes a risk-based approach to allocate the function’s resources

efficiently. A compliance risk assessment is used to determine the focus of the monitoring

and advisory activities of the Compliance function. The risk assessment takes into account

the applicable obligations under relevant international and national laws and regulations, relevant

factors in the regulatory environment, the business structure, findings based on annual internal

control assessments and ICAAPs, signals from the business and its key staff/managers, signals

from the Executive Committee, the Board and relevant internal or external audit findings as well

as alerts and findings from monitoring activities and surveillance systems. Based

on the risk assessment and any other relevant signals, a high-level annual Group Compliance

Plan and derived local monitoring plans are established to ensure that compliance risks are

comprehensively monitored.

The Compliance function reports regularly to the Executive Committee and the Board. The

Executive Committee receives written risk reports on a weekly basis, and the Board receives

written compliance and risk control reports before every board meeting.

Risk management and internal control has been on the Board of Director’s agenda at most

board meetings for the Board to fully assess the Group’s risk and internal control environment.

The Board of Directors has received a summary of the annual internal risk and internal control

assessment process, which also reflects the risk and control assessment performed at the

business area level supplemented by an independent internal control assessment by the internal

auditor.

34 ABG Sundal Collier | Annual Report 2023

Liability insurance

ABGSC has entered into liability insurance for members of the Board of Directors and the CEO

for their potential liability towards the Company and third parties.

Remuneration of the Board of Directors

Knut Brundtland has received NOK 1,000k as board fee from the subsidiary ABG Sundal Collier

ASA. The payment is NOK 500k for the period 2022-2023 and NOK 500k for the period 2023-2024.

Jan Petter Collier received remuneration as partner of ABGSC for 2023. Other than this, no members

of the Board of Directors have undertaken additional paid assignments for the Company in 2023.

Remuneration of the Board of Directors complies with the Code of Practice, and details

are disclosed in Note 9 to the Consolidated Financial Statement.

Remuneration of Executive Personnel

Remuneration of executive personnel complies with strict regulatory remuneration codes in the

relevant countries in which the Group operates, as well as the Code of Practice as demonstrated

in the Corporate Governance Policy. Remuneration to executive personnel is disclosed in Note

9 to the Consolidated Financial Statement.

Auditor

The Group’s auditor is Deloitte. Eivind Bollum Berge is responsible partner for the second year.

Memberships, political donations, and governmental support

There were no political contributions during the year, in line with our policy.

ABGSC has not received any financial assistance from any governments during the year.

ABGSC is a member of the Norwegian Securities Dealers Association, the Swedish Securities

Dealers Association, AksjeNorge and the Norwegian Petroleum Society (NPF).

COMMENTS ON SUSTAINABILITY

For sustainability related information and disclosures, please see the 2023 Sustainability Report

available on ABGSC’s website.

35 ABG Sundal Collier | Annual Report 2023

PROSPECTS FOR 2024

As 2023 once again demonstrated the resilience and balance of our operations, we believe we are

well-positioned to further strengthen our market position and increase our market share in 2024.

Inflation, interest rates and geopolitical risks remain some of the key themes as we enter the new

year. Whether interest rates will come down or stay “higher for longer” and the outlook for a “soft

landing” for the macro economy are likely to be important triggers for increased activity within

our key market segments.

We observe some signs of a revived appetite for IPOs in the not-too-distant future, but due

to the nature of these transactions, we do need to see stable markets for some time before we

can expect to see a significant uptick in IPO activity. In the meantime, we continue to experience

positive momentum within M&A and for other capital market transactions with shorter lead times.

Secondary trading activity is also holding up reasonably well.

Our transaction pipeline is larger than at the same time last year and is well adapted to the

prevailing market conditions. Our key priority remains to provide best in class advisory services

to our clients across geographies, industries, and products – every day. We are also looking

forward to launching our new Private Banking and Alternative Investment operations during

the year, albeit with a limited expected contribution to revenues in 2024.

Oslo, 21 March 2024

(sign) (sign) (sign)

Knut Brundtland Martina Klingvall Adele Norman Pran

Chairman

(sign) (sign) (sign)

Jan Petter Collier Arild A. Engh Cecilia Marlow

(sign)

Jonas Ström

CEO

36 ABG Sundal Collier | Annual Report 2023

Truls Wörsel / Untitled (For Erhard Klein, Gross Bonn), Svalbard, 1988

ABG Sundal Collier | Annual Report 2023

CONSOLIDATED

FINANCIAL

STATEMENT

ABG Sundal Collier \| Annual Report 2023 38 Consolidated statement of comprehensive income ALL AMOUNTS IN NOK 1,000
OPERATING REVENUES AND COSTS	Notes	2023	2022
Corporate Financing		57 9,98 6	5 19 , 047
M&A and Advisory		56 1,76 7	6 18 , 185
Brokerage and Research		56 4,97 9	5 67 , 091
Total operating revenues	3	1,70 6,73 2	1 , 70 4, 32 3
Personnel costs	9	98 7,967	943,016
Other operating costs	9	30 9,438	279,553
Depreciation	11 , 15	83,884	85 , 43 7
Total operating costs		1,38 1,28 9	1 , 30 8, 00 6
Operating profit		32 5,44 3	3 96 , 316
FINANCIAL INCOME AND COSTS
Interest income		13 2,16 8	55,41 8
Result from associated companies	16	-5,445	-6,275
Other financial income		576	959
Interest costs		-13 1, 70 8	-67,55 1
Other financial costs		-1,177	-3,089
Net financial result		-5,585	-20,537
Profit before taxes		31 9,85 8	3 75 , 779
Tax cost	10	82,54 4	93,770
NET RESULT FOR THE YEAR		23 7,3 14	282 ,0 09

Profit / loss for the year attributable to:	Notes	2023	2022
Owners of the parent		23 6,32 9	2 70,25 8
Non-controlling interests		985	11,752
Diluted earnings per share	21	0.44	0.50
Basic earnings per share	21	0.49	0.58
Consolidated statement of other comprehensive income
Items that may be reclassified to profit or loss
Exchange differences on translating foreign operations	13	22,705	15,867
Profit/loss on hedges of net assets of foreign operations	13	-20 , 65 4	-17 , 24 8
Income tax relating to items that may be reclassified	13	5,164	4,31 2
Total other comprehensive income		7,21 4	2,932
Total comprehensive income for the year		24 4,52 8	2 84,94 1
Total comprehensive income for the year attributable to:
Owners of the parent		24 2,76 8	2 73,19 0
Non-controlling interests		1,76 0	11,75 2

ABG Sundal Collier | Annual Report 2023

Consolidated statement of financial position as of 31.12

ALL AMOUNTS IN NOK 1,000

ASSETS	Notes	2023	2022
Non-current assets
Intangible assets
Deferred tax assets	10	46 , 13 5	60,262
Goodwill	14	9 3,30 8	9 3,308
Other intangible assets	15	19 , 27 4	24,994
Total intangible assets		15 8,71 7	1 78,565
Tangible non-current assets
Office equipment and fittings	15	54 , 42 0	59,636
Right-of-use assets	11	43 5,16 7	4 71,65 6
Total tangible non-current assets		48 9,58 7	5 31,29 2
Financial non-current assets
Long-term receivables	8	2 8,23 2	27,665
Investments in associates	16	34 , 47 8	39,922
Other shares	12	2,61 0	2,905
Total financial non-current assets		65,320	70,491
Total non-current assets		71 3,624	78 0,34 8

	Notes	2023	2022
Current assets
Receivables
Accounts receivables	6 - 8, 19	1,40 1,63 3	1,418 , 70 2
Receivables from stockbrokers	6 - 8	94 7,52 9	5 89,56 7
Other receivables	6, 8 , 17	32 0,58 5	2 33,42 8
Total receivables	12	2,66 9,74 8	2,241 , 69 7
Investments
Securities and financial instruments	6, 12	14,164	63,114
Cash and bank deposits
Cash and bank deposits	6, 12, 20	52 5,70 9	8 31,95 4
Total current assets		3,20 9,62 1	3,136 , 76 5
TOTAL ASSETS		3,92 3,24 5	3,917 , 11 3

ABG Sundal Collier | Annual Report 2023

Consolidated statement of financial position as of 31.12

ALL AMOUNTS IN NOK 1,000

(sign) (sign) (sign)

Knut Brundtland Martina Klingvall Adele Norman Pran

Chairman

(sign) (sign) (sign)

Arild A. Engh Cecilia Marlow Jan Petter Collier

(sign)

Jonas Ström

CEO

The Board of ABG Sundal Collier Holding ASA

Oslo, 21 March 2024

EQUITY AND LIABILITIES	Notes	2023	2022
Equity
Paid-in-capital
Share capital	22	11 4,41 7	1 11,16 9
Treasury shares at nominal value	22	-1,990	-1,30 4
Share premium		25,397	24,408
Total paid-in-capital		1 37 , 824	13 4,27 3
Retained earnings		82 1,89 3	8 84,83 7
Equity attributable to owners of the parent		95 9,71 6	1,019,110
Non controlling interests	14	11 , 70 7	7,596
Total equity	4	9 71 , 423	1,02 6,70 6
Liabilities
Non-current liabilities
Deferred tax	10	8,71 8	8,718
Long-term provisions	8	2 6,77 7	35,154
Lease liabilities	11	39 3,72 9	4 32,35 5
Deposits from partners		4,120	4,210
Total non-current liabilities		43 3,34 4	4 80,43 6

Current liabilities	Notes	2023	2022
Accounts payable	6, 8	27,736	1 7,64 8
Liabilities payable to customers	6 - 8, 12	1,283 , 84 0	822 , 62 3
Securities and financial instruments (short positions)	6, 12	0	6 , 54 0
Liabilities payable to stockbrokers	6 - 8, 12	5 60 , 100	7 75 , 544
Income tax payable	6, 8, 10	42,829	7 0,44 1
Public dues payable	6, 8	32,011	3 6,04 0
Lease liabilities	11	7 8,881	6 8,858
Bank overdraft liability		2,88 0	69 , 97 3
Other liabilities	6, 8, 17	49 0,20 1	54 2,30 2
Total current liabilities	12	2,518,478	2 , 40 9, 97 0
Total liabilities		2 , 95 1, 82 2	2,890,406
TOTAL EQUITY AND LIABILITIES		3 , 92 3, 24 5	3,91 7,11 3

ABG Sundal Collier | Annual Report 2023

Consolidated cash flow statement

ALL AMOUNTS IN NOK 1,000

CASH FLOW FROM OPERATING ACTIVITIES	2023	2022
Profit before taxes	3 19 , 858	375 ,779
Interest income	-13 2, 16 8	-55,418
Interest received	12 8,68 0	55,38 1
Interest costs	13 1,70 8	67,55 1
Interest paid	-11 2, 64 9	-49,379
Total other comprehensive income before taxes	2,05 1	-1,380
Taxes paid	-92,990	-22 5,82 0
Depreciation	83,884	85 , 43 7
Result from associated companies	5,44 5	6,27 5
Change in investments	42,410	471,669
Change in accounts receivables/receivables from other stockbrokers	-34 0, 89 3	-736,919
Change in accounts payable/payable to customers and other stock- brokers	25 5,86 0	693,202
Change in other current assets/liabilities	-14 7,88 9	-7 39,49 2
Net cash flow from operating activities	14 3,30 6	-5 3,11 4
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets /intangible assets	-8,257	-2 1,175
Investments in financial non-current assets	-27 3	2,184
Net cash flow from investing activities	-8,530	-1 8,99 1

CASH FLOW FROM FINANCING ACTIVITIES	2023	2022
Repayment of loans	-90	-1 40
Change in bank overdraft	-67,093	69,973
Repayment of lease liabilities	-71,676	-6 2,379
Paid-in equity	4,23 6	16,32 1
Change in own shares	-57,667	-1 3,527
Payment to shareholders	-24 8,73 2	-4 94 , 66 7
Net cash flow from financing activities	-44 1,02 2	-4 84 , 41 9
Net increase/ (decrease) in bank deposits, cash and cash equivalents	-30 6,24 5	-55 6,52 4
Bank deposits, cash and cash equivalents as of 1 January	83 1,954	1,388,478
Bank deposit, cash and cash equivalents as of 31 December	5 25 , 709	83 1,95 4

ABG Sundal Collier | Annual Report 2023

Consolidated statement of changes in equity

ALL AMOUNTS IN NOK 1,000

					Cumulative	Non-
			Share	Retained	translation	controlling
	Share capital	Own shares	premium	earnings	differences	interests	Total equity
Shareholders' equity as of 1 January 2022	10 8,27 2	-4,456	10,98 4	1,07 7,37 5	2 1,69 9	19,764	1 ,233 ,639
Net result for the year				27 0,25 8		11,752	2 82 , 009
Other comprehensive income				4,31 2	-1 , 38 0		2,93 2
Payment to shareholders				-47 0, 74 7		-23 , 92 0	-4 94 , 667
Share issues	2,89 7		1 3,42 4				16,321
Change in own shares		3,15 1		-16 , 67 9			-13 , 52 6
Shareholders' equity as of 31 December 2022	11 1,16 9	-1,304	24,40 8	86 4,52 0	2 0,31 9	7,596	1 , 026 , 70 6
Net result for the year				23 6,32 9		985	237,314
Other comprehensive income				5,16 4	1,276	775	7,214
Payment to shareholders				-24 8, 73 2		0	-248 , 73 2
Share issues	3,24 8		988				4,236
Change in own shares		-68 6		-56,981			-57 , 66 7
Business combinations						2,35 0	2,350
Shareholders' equity as of 31 December 2023	11 4,41 7	-1,990	25,39 7	80 0,29 8	2 1,59 5	11,707	9 71,423

ABG Sundal Collier | Annual Report 2023

Notes to the Consolidated

Financial Statement

Policies

Note 1 – Accounting policies

Note 2 – Significant accounting judgements and

estimates

Segments

Note 3 – Information about segments and geographical

markets

Risks

Note 4 – Capital ratio

Note 5 – Risk management

Note 6 – Market risk

Note 7 – Credit risk

Note 8 – Liquidity risk

Income statement

Note 9 – Wages and social costs

Note 10 – Taxes

Note 11 – Rental costs and lease commitments

Statement of financial position

Note 12 – Fair value measurement of financial assets and

liabilities

Note 13 – Hedging of net assets of foreign operations

Note 14 – Goodwill, acquisitions and non-controlling

interests

Note 15 – Fixed assets

Note 16 – Investments in associated companies

Note 17 – Other receivables and liabilities

Note 18 – Guarantees and mortgages

Note 19 – Accounts receivables

Note 20 – Cash and bank deposits and funds on client

accounts

Other

Note 21 – Earnings per share

Note 22 – Shareholder information

Note 23 – Forward contracts for ABGSC shares held by

partners of the Group

Note 24 – Related parties

Note 25 – Legal matters / disputes

Note 26 – Significant subsequent events

ABG Sundal Collier | Annual Report 2023

ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED

Note 1 – Accounting policies

General information

When the Group has less than a majority of the voting rights of an investee, it has power over an

ABG Sundal Collier Holding ASA (“the Company”) is a public limited company and its head office is in

investee when the voting rights are sufficient to give it the practical ability to direct the relevant

Vika, Oslo in Norway. The Company together with is subsidiaries (“ABGSC” or “the Group”) provides

activities of the investee unilaterally. The Group considers all relevant facts and circumstances in

investment banking, stock broking and corporate advisory services that encompass the needs of both

assessing whether the company’s voting rights in an investee are sufficient to give it power, including:

international investors and Nordic business clients. The Company’s shares are listed on the Oslo Stock

Exchange.

• Potential voting rights held by the Group, other vote holders and other parties,

• Rights arising from other contractual arrangements, and

The consolidated financial statements comprise ABG Sundal Collier Holding ASA and its subsidiaries. The

• Any additional facts and circumstances that indicate that the Group has, or does not have, the

consolidated financial statements are presented in Norwegian kroner (NOK), which is the functional

current ability to direct the relevant activities at the time that decisions need to be made, including

currency of the Company. Except as indicated, the amounts presented have been rounded to the

voting patterns at previous shareholder’s meetings.

nearest thousand.

The consolidated financial statements for the Group for the year 2023 were approved by the Board of

See Note 24 in the consolidated financial statement for a complete list of subsidiaries.

Directors of ABG Sundal Collier Holding ASA on 21 March 2024.

Associates are those entities for which the Group has significant influence, which is the power to

participate in (but not control) the financial and operating policy decisions of the associates to obtain

Basis of preparation

benefits from its activities. Significant influence generally exists when the Group controls between 20%

The consolidated financial statements for the Group are prepared in accordance with the International

and 50% of the voting power of the investee.

Financial Reporting Standards (IFRS) published by International Accounting Standards Board (IASB) and

all interpretations from the Financial Reporting Interpretations Committee (IFRIC), which have been

Investments in associates are accounted for using the equity method and are initially recognised at cost.

endorsed by the EU commission for adoption within the EU as well as additional Norwegian reporting

The investments include goodwill identified on acquisition, net of any accumulated impairment losses.

requirements pursuant to the Norwegian Accounting Act. The accounting policies applied to the

The consolidated financial statements include the Group’s share of the total recognised gains and losses

consolidated financial statements are described below. The policies have been applied in the same

of associates, from the date that significant influence commences until the date that significant

manner in all presented periods, unless otherwise stated.

influence ceases. If the Group’s share of losses exceeds its interest in an associate, the carrying amount

The consolidated financial statements are prepared on the historical cost basis, except for certain

of that associate is valued at zero and recognition of further losses is ceased. If the associate

financial assets. Shares and equity instruments, derivatives, short positions, bonds, and other debt

subsequently reports profits, the Group resumes recognizing its share of profits only after its share of

instruments are measured at fair value through profit or loss.

profits equals the share of losses not recognised.

ABGSC’s consolidated financial statements comprise the parent company ABG Sundal Collier Holding

See Note 16 in the consolidated financial statement for a reconciliation of investments in associated

ASA and companies in which ABG Sundal Collier Holding ASA has a controlling interest.

companies.

Control is achieved when the Group:

The purchase method is applied when accounting for business combinations. Companies which have

• has power over the investee,

been bought or sold during the year are included in the consolidated financial statements from the date

• is exposed, or has rights, to variable returns from its involvement with the investee, and

when control is achieved and until the date when control ceases.

• can use its power to affect its returns.

All Group-internal transactions and intercompany balances, including internal profits and unrealised

The Group reassesses whether it controls an investee if facts and circumstances indicate that there are

changes to one or more of the elements listed above.

gains and losses, have been eliminated.

ABG Sundal Collier | Annual Report 2023

Segment reporting

An operating segment is a component of an entity that engages in business activities from which it may

earn revenues and incur expenses. Furthermore, the entity’s component’s operating results are

regularly reviewed by the entity’s chief operating decision maker to make decisions about resources to

be allocated to the segment and assess its performance, and thus separate financial information is

available. There are three reporting segments representing the following products levels: Corporate

Financing, M&A and Advisory and Brokerage and Research.

See Note 3 for financial segment reporting.

Revenue recognition

ABGSC accounts for revenue in accordance with IFRS 15 Revenue from Contracts with Customer.

Revenue is recognised when it is probable that transactions will generate future economic benefits that

will flow to the company and when the amount can be reliably estimated. IFRS 15 also requires us, for

each contract with a given customer, to complete the following: (1) identify the performance obligation;

(2) determine the transaction price; (3) allocate the transaction price to performance obligation, to the

extent the contract covers more than one performance obligation; (4) determine whether revenue

should be recognised over time, or at a given point in time; and, finally (5) recognise revenue when (or

as) the performance obligation is satisfied.

Brokerage and Research

Commissions income from trades are recognised at specific points in time as the performance obligation

is satisfied at trade date.

Ongoing services, such as fixed-price research, are recognised over time and typically billed periodically.

Discretionary fees from research are recognised where there is deemed to be no uncertainty related to

ABGSC’s right to claim compensation for research provided.

Corporate Financing / M&A and Advisory

Revenue from service delivery is recognised in conjunction with the execution of the services used to

complete an engagement. Revenue from performance fees is recognised upon completion of the

transaction, or if there is deemed to be no uncertainty related to ABGSC’s right to claim compensation

for a transaction. Fixed fees (contractual sign-on fees or periodical fees) are recognised at the time they

are earned.

Accounting of partnership

Some of the subsidiaries in the Group are the principal partners in silent partnerships. The relations are

as follows:

• ABG Sundal Collier ASA is the principal partner in ABG Sundal Collier silent partnership

• ABG Sundal Collier Eiendom AS is the principal partner in ABG Sundal Collier Eiendom silent

partnership

• Sundal Collier & Co AS is the principal partner in Sundal Collier & Co silent partnership

• Vika Project Finance AS is the principal partner in Vika Project Finance silent partnership

The silent partnerships’ accounts are fully incorporated in the financial statements of the principal

partner. The partner’s share of the profit is classified as variable personnel cost in the income

statement, while unpaid profits to partners are classified as current liabilities. Capital contributions from

partners are classified as long-term liabilities in the accounts of the principal partner.

Foreign currency

Transactions and balance sheet items in foreign currency

Foreign currency transactions are recorded at the rate of exchange on the date of the transaction. At

the balance sheet date, monetary assets and liabilities denominated in foreign currencies are translated

into the functional currency using the exchange rate applicable on the balance sheet date. Unrealised

foreign exchange differences on unsettled foreign currency monetary assets and liabilities are

recognised in the income statement. Unrealised exchange differences on non-monetary financial assets

(typically investments in equity instruments) are a component of the change in the instrument’s entire

fair value. For a non-monetary financial asset at fair value through profit or loss, unrealised exchange

differences are recognised in the income statement. For non-monetary financial investments,

unrealised exchange differences are recorded directly in equity until the asset is sold or becomes

impaired.

Net assets in foreign operations

Foreign subsidiaries’ assets and liabilities have been translated into functional currency at the exchange

rates on the balance sheet date. Revenues and expenses from foreign subsidiaries have been translated

using the monthly average exchange rates during the year. Translation gains and losses on both foreign

operations and related hedging instruments are recognised in equity as a separate component

(cumulative translation differences). When a foreign operation is disposed of, in part or in full, the

relevant amount in the translation reserve (both foreign operation and related hedging instrument) is

transferred from equity and recognised in the income statement as part of the gain or loss.

ABG Sundal Collier | Annual Report 2023

• A lease contract is modified, and the lease modification is not accounted for as a separate lease, in

which case the lease liability is remeasured based on the lease term of the modified lease by discounting

the revised lease payments using a revised discount rate at the effective date of the modification

The Group did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease

payments made at or before the commencement day, less any lease incentives received and any initial

direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying

asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that

the Group expects to exercise a purchase option, the related right-of-use asset is depreciated over the

useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are presented as a separate line in the consolidated statement of financial position.

The Group applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any

identified impairment loss as described under the “Impairment of financial assets”. Variable rents that do

not depend on an index or rate are not included in the measurement of the lease liability and the right-of-

use asset. The related payments are recognised as an expense in the period in which the event or condition

that triggers those payments occurs and are included in administration costs in profit or loss.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead

account for any lease and associated non-lease components as a single arrangement. The Group has not

used this practical expedient. For a contract that contain a lease component and one or more additional

lease or non-lease components, the Group allocates the consideration in the contract to each lease

component on the basis of the relative stand-alone price of the lease component and the aggregate stand-

alone price of the non-lease components.

Financial instruments

Financial assets and financial liabilities are recognised in the Group’s statement of financial position when

the Group becomes a party to the contractual provisions of the instrument.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly

attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets

and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of

the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly

attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are

recognised immediately in profit or loss.

Leases

The Group assesses whether a contract is or contains a lease, at inception of the contract. The Group

recognises a right-of-use asset and a corresponding lease liability with respect to all lease arrangements

in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months

or less) and leases of low value assets (such as tablets and personal computers, small items of office

furniture and telephones). For these leases, the Group recognises the lease payments as an

administration cost on a straight-line basis over the term of the lease unless another systematic basis is

more representative of the time pattern in which economic benefits from the leased assets are

consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at

the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily

determined, the lessee uses its incremental borrowing rate.

Lease payments included in the measurement of the lease liability comprise:

• Fixed lease payments (including in-substance fixed payments), less any lease incentives receivable

• Variable lease payments that depend on an index or rate, initially measured using the index or rate

at the commencement date

• The amount expected to be payable by the lessee under residual value guarantees

• The exercise price of purchase options if the lessee is reasonably certain to exercise the options

• Payments of penalties for terminating the lease, if the lease term reflects the exercise of an option

to terminate the lease

The lease liability is presented as a separate line in the consolidated statement of financial position.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the

lease liability (using the effective interest method) and by reducing the carrying amount to reflect the

lease payments made.

The Group remeasures the lease liability (and makes a corresponding adjustment to the related right-of-

use asset) whenever:

• The lease term has changed or there is a significant event or change in circumstances resulting in a

change in the assessment of exercise of a purchase option, in which case the lease liability is

remeasured by discounting the revised lease payments using a revised discount rate

• The lease payments change due to changes in an index or rate or a change in expected payment

under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the

revised lease payments using an unchanged discount rate (unless the lease payments change is due

to a change in a floating interest rate, in which case a revised discount rate is used)

ABG Sundal Collier | Annual Report 2023

that are an integral part of the effective interest rate. Accrued interest is included in the carrying

amount of the liabilities in the balance sheet.

Determination of fair value

For financial instruments traded in active markets, the determination of fair values of financial assets

and financial liabilities is based on quoted market prices or dealer price quotations. For all other financial

instruments, fair value is determined using valuation techniques. Valuation techniques include net

present value techniques, the discounted cash flow method and valuation models. The Group uses

widely recognised valuation models for determining fair values of financial instruments.

The output of a model is always an estimate or approximation of a value that cannot be determined with

certainty, and valuation techniques employed may not fully reflect all factors relevant to the positions

the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional factors

including model risks, liquidity risk and counterparty credit risk. Based on the established fair value and

the related controls and procedures applied, management believes that these valuation adjustments are

necessary and appropriate to fairly state the values of financial instruments carried at fair value on the

balance sheet.

Impairment of financial assets

In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss model. The

expected credit loss model requires the Group to account for expected credit losses and changes in

those expected credit losses at each reporting date to reflect changes in credit risk since initial

recognition of the financial assets. Specifically, IFRS 9 requires the Group to recognise a loss allowance

for expected credit losses on:

• Debt investments measured subsequently at amortised cost or at FVTOCI

• Lease receivables

• Trade receivables and contract assets

• Financial guarantee contracts to which the impairment requirements of IFRS 9 apply

As impairment of financial assets is only applicable to the Group’s receivables, the Group applies the

simplified approach and recognizes lifetime ECL for these assets, measuring the loss allowance at an

amount equal to lifetime ECL. The assessment is performed on a receivable-by-receivable basis.

Definition of default

The Group considers the following as constituting an event of default for internal credit risk

management purposes as historical experience indicates that financial assets that meet either of the

following criteria are generally not recoverable:

• when there is a breach of financial covenants by the debtor; or

• information developed internally or obtained from external sources indicates that the debtor is

unlikely to pay its creditors, including the Group, in full (without considering any collateral held by

the Group).

The Group classifies its financial assets in the following categories: financial assets and liabilities at fair

value through profit and loss, and financial assets and liabilities at amortized cost. Management

determines the classification of financial instruments at initial recognition. Financial assets and liabilities

measured at fair value are presented in the balance sheet as “Securities and financial instruments” and

“Securities and financial instruments (short positions)” and consist of derivatives, short positions, fixed

income, and equity securities.

Financial assets and liabilities

Classification and measurement of financial assets

Debt instruments that meet the following conditions are measured subsequently at amortised cost:

• the financial asset is held within a business model whose objective is to hold financial assets to

collect contractual cash flows; and

• the contractual terms of the financial asset give rise on specified dates to cash flows that are solely

payments of principal and interest on the principal amount outstanding.

Receivables from transactions with other stockbrokers and counterparties are measured subsequently

at amortised cost. Unsettled security trades transacted prior to the year-end for which settlement does

not occur until after year-end are recorded under accounts receivable and accounts payable to

customers / stockbrokers. These financial assets are measured at fair value on initial recognition, and

subsequently they are measured at amortized cost using the effective interest method, less allowance

for impairment. As the receivables are generally short term, the effect of amortization is minimal. The

losses arising from impairment are recognised in the income statement in “administration costs”.

By default, all other financial assets are measured subsequently at fair value through profit or loss

(FVTPL). Financial assets and liabilities measured at fair value are presented in the balance sheet as

“Securities and financial instruments” and “Securities and financial instruments (short positions)” and

consist of derivatives, short positions, fixed income, and equity securities.

Financial assets FVTPL are initially recognised and subsequently measured at fair value in the balance

sheet. Transaction costs are taken directly to profit or loss. Changes in fair value are recognised in the

income statement in “brokerage and research revenue”.

Financial liabilities

Short positions in shares are carried at fair value. All other liabilities are carried at amortized cost.

Financial liabilities measured at amortised cost are recognised initially at fair value net of transaction

costs incurred, and subsequently are carried at amortised cost using the effective interest method.

Amortised cost is calculated by considering any discount or premium on the issue and fees and costs

ABG Sundal Collier | Annual Report 2023

Where hedge accounting is applied, the Group documents, at the inception of the hedge, the

relationship between the hedged items and the hedging instruments, as well as the Group’s risk

management objective and strategy for undertaking the hedges. The Group also documents its

assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used

in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged

items.

Hedges of net investments in foreign operations seek to eliminate the currency exposure on the carrying

amount of the Group’s net investments in foreign subsidiaries in the consolidated financial statements.

The exchange differences arising from the translation of net investments in foreign subsidiaries into the

presentation currency are recognised directly in other comprehensive income. The effective portion of

the gains or losses on hedging instruments is also recognised within other comprehensive income, net of

tax. Any ineffective portion of changes in the fair value of hedging instruments is recognised

immediately in the income statement in the Net Financial Result. The amounts recognised in other

comprehensive income are transferred to the income statement upon disposals of hedged foreign

subsidiaries.

See Note 13 for further information.

Goodwill

All business combinations are accounted for by applying the purchase method. Goodwill represents the

difference between the cost of the acquisition and the fair value of all identifiable assets and liabilities

acquired.

Goodwill is not amortised but tested yearly for impairment. Goodwill is allocated to the relevant cash-

generating unit, and if the related discounted cash flow does not exceed the carrying amount of

goodwill, the goodwill will be written down to its fair value.

Fixed assets and depreciation

Fixed assets are carried at original cost less accumulated depreciation and impairment losses.

Depreciation is charged to the income statement on a straight-line basis over the estimated useful lives

of each part of an item of equipment.

The carrying amount of the Group’s equipment is reviewed at each balance sheet date to determine

whether there is any indication of impairment. If any such indication exists, the asset’s recoverable

amount (the greater of its net selling price and value in use) is estimated. An impairment loss is

recognised in the income statement

Irrespective of the above analysis, the Group considers that default has occurred when a financial asset

is more than 90 days past due unless the Group has reasonable and supportable information to

demonstrate that a more lagging default criterion is more appropriate.

Write-off policy

The Group writes off a financial asset when there is information indicating that the debtor is in severe

financial difficulty and there is no realistic prospect of recovery, e.g., when the debtor has been placed

under liquidation or has entered bankruptcy proceedings. Financial assets written off may still be subject

to enforcement activities under the Group’s recovery procedures, considering legal advice where

appropriate. Any recoveries made are recognised in profit or loss.

Measurement and recognition of expected credit losses

The measurement of expected credit losses is a function of the probability of default, loss given default

and the exposure at default. The assessment of the probability of default and loss given default is based

on experience adjusted by forward-looking information, primarily publicly available information

regarding the financial status of the debtor and the industry it operates within. As for the exposure at

default this is represented by the assets’ gross carrying amount at the reporting date. For financial

assets, the expected credit loss is estimated as the difference between all contractual cash flows that are

due to the Group in accordance with the contract and all the cash flows that the Group expects to

receive, discounted at the original effective interest rate. The losses arising from impairment are

recognized in the income statement in “Operating expenses”.

Hedge accounting

The Group uses derivatives and other financial instruments for trading purposes and to hedge its

exposure to market price risk and currency risk. These derivatives are classified as financial assets or

financial liabilities depending on whether their fair value at the balance sheet date is positive (assets) or

negative (liabilities). The derivatives are measured at fair value.

In accordance with the Group’s risk management objectives and strategies, The Group enters into

hedging transactions to ensure that it is economically hedged. However, as most of the hedged items

which are exposed to market price risk are carried at fair value though profit and loss, hedge accounting

would have no effect, as the hedging instrument also is carried at fair value through profit and loss.

Therefore, the Group only practices hedge accounting for net investments in foreign subsidiaries.

ABG Sundal Collier | Annual Report 2023

whenever the carrying amount of an asset or of a cash-generating unit exceeds its recoverable amount.

The impairment loss is reversed if there has been a change in the estimates used to determine the

recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount

does not exceed the carrying amount that would have been determined, net of depreciation or

amortisation, if no impairment loss had been recognised.

Cash and bank deposits

Cash and bank deposits include cash, bank deposits and other monetary instruments where the

maturity is less than three months from the date of purchase. Client funds are not included in the

balance.

Income taxes

The income tax expense consists of the aggregate of current taxes payable and changes in deferred tax.

Current and deferred tax are recognised as expense or income in the income statement, except when

they relate to items recognised directly to equity, in which case the tax is also recognised directly in

equity.

Current tax is the expected tax payable on the taxable income for the period.

Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets

and liabilities in the financial statements and the corresponding amounts used in the tax returns.

Deferred tax liabilities and assets are generally recognised for all taxable temporary differences.

Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation

and regulations.

Pensions

The Group’s subsidiaries now have pension schemes where the company’s commitment is to contribute

to the individual employee’s pension scheme (defined contribution plans). Contributions to defined

contribution plans are expensed when employees have rendered services in exchange for such

contributions, generally in the year of contribution.

ABG Sundal Collier | Annual Report 2023

Note 2 – Significant accounting judgements and

estimates

Financial statement preparation requires estimates and assumptions that affect the application of

accounting policies and the amounts recognised in the consolidated financial statements. Actual results

may differ from these estimates. As the accounting estimates and underlying assumptions are reviewed

on an ongoing basis, the judgements, estimates, and assumptions are based on the best assessment

present at the time of the rendering of the accounts.

The most significant accounting judgements and estimates are the following:

Revenue recognition

Corporate Financing / M&A and Advisory

Revenue from service delivery is recognised in conjunction with the execution of the services used to

complete an engagement. Revenues from performance fees are recognised upon completion of the

transaction, or there is deemed to be no uncertainty related to ABGSC’s right to claim compensation for

a transaction. Accruing for performance fees requires management judgment of both the probability of

future events and the performance fee amount that the group is entitled to. See note 17 for further

information. The accruals are transferred to receivables when the rights become unconditional. This

usually occurs when the Group issues an invoice to the customer. Fixed fees (contractual sign-on fees or

periodical fees) are recognised at the time they are earn.

Determination of fair value of financial instruments

Most of the Group’s financial instruments are quoted in active markets, but determination of fair value

of financial assets and financial liabilities that are not quoted in active markets will have to be

performed by using valuation techniques. These valuation techniques are validated by qualified

personnel and all valuations are also performed by qualified personnel. To the extent practical, the

valuation models use only observable or known data, however as future cash flows and events are

unknown, valuation will require management to make estimates.

Income taxes

The Group is subject to income taxes in several tax jurisdictions. The use of silent partnerships in the

Norwegian subsidiaries is also affecting the calculation of the tax accruals. Estimates are required in

determining the Group’s provision for income taxes. The Group recognises liabilities for anticipated tax

using historical experience and estimates for taxable income. Where the final tax assessment is different

from the initially recorded accruals, such differences will impact the income tax cost and the deferred

tax provisions in the period the assessment is made.

Deferred tax assets are continuously assessed and are only recognised to the extent that is probable

that future taxable profit will be large enough for the deferred tax asset to be utilised.

Note 3 – Information about segments and

geographical markets

The Group segments its business primarily on a product level as this provides the best understanding of

the Group’s integrated operation. The Group does not allocate profits or split the balance sheet per

product. The revenues from the product level are shown in the Income Statement. Revenues are also

split at an overall geographical level as shown below.

	Geographical segment: 2023	2022
Norway	944,245	906,373
Sweden	495,536	587,154
Denmark	102,464	87,211
International	164,486	123,585
Total	1,706,732	1,704,323

ABG Sundal Collier | Annual Report 2023

Note 5 – Risk management

Risk management is an integral part of ABGSC’s core business activities. While conducting our business

operations, ABGSC is exposed to a variety of risks. These risks include market, credit, liquidity,

operational and currency risks that are material and require comprehensive controls and management.

The responsibility and accountability for these risks remain primarily within each business area. ABGSC

aims to maintain a low risk profile. Risk is managed through clearly defined decision-making processes,

authorisation systems and exposure limits. The Group’s accounting for and reporting of transactions as

well as information in disclosures are heavily dependent on IT systems. The IT systems are standardized,

and parts of system development and operations are outsourced. Effective internal controls related to IT

are important for ensuring accurate, complete, and reliable financial reporting.

Note 6 – Market risk

Market risk

ABGSC is exposed to fluctuations in the value of its own investments, market-making, and settlement

from customers. Financial market risk is managed under rules established in the Norwegian Companies

Act and internal control regulations. The Board has established procedures for internal control designed

to monitor financial market risk and ensure a robust control discipline. To facilitate settlement on

ABGSC's agency business, ABGSC may borrow securities or fund the purchase of securities, leaving

ABGSC with a risk that the buyer or seller may not be able to complete their obligation under the trade.

Settlement risk is mitigated by only trading with good-quality, credit-worthy clients that are institutional

investors or high net-worth individuals. Generally, the underlying securities are liquid securities for

which there is a transparent and liquid market.

Interest rate risk

ABGSC's interest rate risk is limited due to the modest volume of long-term balance sheet investments.

Note 4 – Capital ratio

ABGSC is required to have a capital ratio of a minimum 8% of total capital adequacy. The capital ratio is

calculated as core capital divided by capital adequacy. The capital ratio at year-end is:

	2023	2022
Capital adequacy of credit-, counterparty-, and business risk	829,546	790,110
Capital adequacy of position-, and currency risk	95,325	156,064
Capital adequacy of operational risk	3,928,253	4,060,165
Total capital adequacy	4,853,124	5,006,339
Booked equity	971,423	1,026,706
Proposed payment to shareholders and non controlling interests	-244,407	-246,433
Intangible assets	-103,879	-109,643
Core capital	623,137	670,630
Total capital adequacy ratio	12.8%	13.4%
Number of times regulatory minimum	1.6x	1.7x

	2023	2022 The operational risk is calculated using the following amounts (revenues and net financials):
2023	1,701,147
2022	1,683,785	1,683,785
2021	2,900,273	2,900,273
2020		1,912,206
Capital adequacy of operational risk	3,928,253	4,060,165

ABG Sundal Collier | Annual Report 2023

Note 7 – Credit risk

Credit risk is the risk of losses due to failure from counterparties or clients to meet their payment

obligations, and adverse credit quality migration of financial instruments. The main categories are:

Securities Financing

Key features describing the credit risk in securities financing are:

• Financing system based on securities as collateral (not based on credit capacity in general)

• Daily margin calculations based on real time market value, stock liquidity, volatility, and risk

Changes in the value of collateral are followed up daily and are compensated for by reduction in

exposure or with additional collateral. Credit losses have been moderate in previous years. Legal and/or

financial recovery is an everyday ongoing process.

Other accounts receivable/settlement risk

Regular stock broking trades are settled with exchange of cash and shares (delivery versus payments)

and the credit risk is thereby reduced to the difference between the unsettled amount and the market

value of the shares. Credit risk is considered low, and no loss has been booked in 2023.

Foreign currency risk

ABGSC's foreign currency exposure is linked to future cash flow and balance-sheet items in all

operations. The foreign currency risk is mitigated by use of drawing rights and currency derivatives in

the respective currencies.

Exchange rate risk is predominantly short term related to settlement of customer trades, where

settlement is executed at trade date plus two business days. The sensitivity to currency effects on these

trades is limited. Long-term exchange-rate risk is related to net investments in foreign operations where

accumulated profit and loss is kept in local currency. The Group hedge its exchange-rate risk related to

net investments in foreign operations.

ABGSC is also exposed to FX rate risk through positions in FX forwards.

The Group is only exposed to foreign currency risk for the net exposure, see below:

Financial assets and liabilities in foreign currencies			Net
			position in
			foreign
	Assets	Liabilities	currency	NOK
EUR	12,661	10,526	2,135	24,001
SEK	1,531,164	1,508,450	22,714	23,009
USD	45,811	44,330	1,481	15,070
GBP	14,103	13,518	586	7,575
DKK	109,347	125,830	-16,483	-24,860
Other currencies				2,422
Total net position currency 2023				47,219
Total net position currency 2022				71,536

	2023	2022
Receivables from Securities Financing clients	345,925	220,826
Market value of collateral from Securities Financing clients	1,184,207	866,105
Net exposure to Securities Financing clients	0	0

	2023	2022
Accounts receivables	1,055,708	1,197,877
Receivables from broker firms	947,529	589,567
Liabilities payable to broker firms	-560,100	-775,544
Liabilities payable to customers	-1,283,840	-822,623
Net exposure other accounts receivables / settlement risk	159,298	189,276

ABG Sundal Collier | Annual Report 2023

Note 8 – Liquidity risk

Amounts included earned interest:

Derivatives and FX contracts

ABGSC is exposed to counterparty risk in relation to derivatives. ISDA contracts and Credit Support

Annex (CSA) have been established with major counterparties, and changes in market value are settled

on a daily basis. Counterparty risk is largely eliminated by collateral and daily margin calculations, but

still considered as medium risk.

As of 31 December 2023, ABGSC has outstanding FX contracts of NOK 33m. That number will be

reduced in a possible default situation since ABGSC has netting agreements with the counterparties. In

addition, we have received 10% collateral from most customers.

Counterparty exposure related to derivative contracts

All market risk in relation to equity derivative exposure toward clients is offset through equivalent

contracts with counterparties. Credit risk exposure in connection with this activity is mitigated by daily

exchange of collateral.

	2023		2022
Assets	Book value		Net value Book value	Net value
Financial derivatives	33,290	28,783	5,267	1,415
Received collateral	24,720	24,720	1,507	1,507
Net exposure	8,570	4,063	3,760	0

	2023		2022
Liabilities	Book value	Net value Book value		Net value
Financial derivatives	9,515	5,008	7,266	3,413
Pledged collateral	109,880	109,880	97,395	97,395

	Forward	Option
Positive market value	29,779	10,403
Negative market value	-29,779	-10,403
Net value	0	0

		30 days -			Total
Agreed rest maturity assets	1-30 days	1 year	1-3 years	>3 years	value
Long term receivables			28,232		28,232
Accounts receivables	1,327,025	74,608			1,401,633
Receivables from stockbrokers	947,529				947,529
Other current receivables	215,170	105,415			320,585
Total 2023	2,489,724	180,024	28,232	0	2,697,980
Total 2022	2,081,093	160,604	27,665	0	2,269,362

		30 days -			Total
Agreed rest maturity liabilities	1-30 days	1 year	1-3 years	>3 years	value
Long-term provisions			24,618	2,159	26,777
Lease liabilities		78,881	120,526	273,203	472,610
Accounts payable	27,736				27,736
Liabilities payable to customers	1,283,840				1,283,840
Liabilities payable to stockbrokers	560,100				560,100
Social and corporate taxes		74,840			74,840
Other liabilities		490,201			490,201
Total 2023	1,871,676	643,922	145,144	275,363	2,936,104
Total 2022	1,615,816	717,641	132,704	334,805	2,800,967

ABG Sundal Collier | Annual Report 2023

results and individual performance. Principles for the allocation of variable compensation are decided by

the Board after recommendations from the Compensation Committee. The preliminary variable

compensation is decided by the Executive Committee and finally approved by the CEO. Variable

compensation to individual members of senior management is decided by the CEO after taking advice

from the Compensation Committee. The compensation of the CEO is proposed by the Compensation

Committee and approved by the Board. Members of the Executive Committee are all defined as

specifically identified staff ("SIS"). Variable compensation to SIS is subject to various deferral

mechanisms, determined by the local regulations governing the legal entity at which the SIS is

employed.

There are no specific agreements regarding remuneration at termination of employment for the CEO or

members of the Executive Committee.

The CEO and members of the Executive Committee participate in pension schemes according to the

same conditions as other partners and employees.

Note 9 – Wages and social costs

Board of Directors’ statement on Executive Committee Remuneration

The Board of Directors has prepared a separate statement regarding the remuneration of the Executive

Committee in accordance with the Norwegian Public Limited Companies Act, § 6-16 (a). Following

amendments to the Public Limited Liability Companies Act, i.e amendment of section 6-16 (a), addition

of a new section 6-16 (b), and associated new regulations, the statements is now subject to new and

more detailed requirements for determining salaries and other remuneration. From 1 January 2021, the

board is required to prepare both guidelines for such determination and a report that provides an

overview of paid and outstanding remuneration. The guidelines will be forward-looking and will be

adopted by the Annual General Meeting through a binding vote, while the report will be retrospective

and will be subject to an advisory vote at the Annual General Meeting. The report will be presented at

the Annual General Meeting on 18 April 2024.

Executive Committee Remuneration policy in 2023

The remuneration policy has been implemented in accordance with the guidelines adopted in 2021 and

presented at the Annual General Meeting on 20 April 2021.

The remuneration to senior management is based on the same principles for remuneration that are

applied for all partners of the Group. Compensation to partners and employees consists of a fixed salary

or compensation and a variable discretionary compensation, the amount of which is dependent on a

combination of Group

	2023	2022
Wages/partner remuneration	800,705	764,568
Social security tax	112,575	114,338
Pension costs including social security tax	39,998	34,877
Other personnel costs	34,688	29,232
Total wages and social costs	987,967	943,016
Average number of man-labour years	341	332

ABG Sundal Collier | Annual Report 2023

Board of Directors Remuneration

The highest governing body of the Group is its Board of Directors. The Board has a majority of Non-

Executive Directors. Remuneration to Board members consists of payment of fees and is based on the

position of the Board member. There are no specific agreements regarding fees at termination for the

Chairman of the Board or other members of the Board. ABGSC did not have any outstanding loans to, or

guarantees made on behalf of, any Board member during 2023. Board fees paid in 2023 and

outstanding numbers of shares as of 31 December 2023 are shown in the table below:

1) Other fee is fees related to Audit Committee, Compensation Committee, Board Fees for board membership in subsidiaries and

remuneration for paid assignments.

2) Knut Brundtland received in 2023 board fee of NOK 400k for the period 2022-2023 and NOK 400k for the period 2023-2024. In

addition, he received board fee of NOK 500k for the period 2022-2023 and NOK 500k for the period 2023-2024 from ABG Sundal

Collier ASA as approved at the Annual General Meeting held 26 April 2023. Knut Brundtland incl. the family-owned company Giotto

AS also owns 2,500,000 ABGSC shares on a forward contract.

3) Jan Petter Collier has through his partnership in ABGSC received a fixed compensation of NOK 4,500k, a variable compensation of

NOK 1,000k, pension contribution of NOK 89K and benefits in kind of NOK 18k.

4) 75,000 of the shares are controlled through proxies.

Board Member	Board Fee	Other fee 1)	Number of Shares
Knut Brundtland (Chairman) 2)	800	1,025	11,583,000
Adele Norman Pran	270	100	0
Arild A. Engh	270	100	5,332,976
Cecilia Marlow	270	10	0
Jan Petter Collier 3)	270	10	40,538,000
Martina Klingvall	270	100	0

Nomination Committee	Other fee	Number of Shares
Stein Aukner 4)	40	140,429
Leiv Askvig	20	0
Roy Myklebust	20	2,000,000

ABG Sundal Collier | Annual Report 2023

Executive management remuneration

Executive committee members reporting directly to the CEO are defined as executive management. Remuneration to executive management consists of a fixed payment as well as a variable element ,

plus pension contribution and other remuneration in-kind. There are no specific agreements regarding salary at termination or change of conditions of employment for any executive management

individual.

Executive management individuals’ remuneration and shareholding as of 31 December 2023 and 31 December 2022 are shown in the tables below:

1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership.

2) Variable compensation in respect of calendar year 2023.

3) The forward contracts have settlement in 2024-2028.

		Fixed	Variable	Long-term				Number of shares
		compensation	compensation	incentive	Pension	Benefits	Number	on forward
Name	Position	1)	1) & 2)	compensation	contribution	in kind	of shares	contracts 3)
Jonas Ström	CEO	7,992	500	720	213	6	3,375,000	3,000,000
Geir B. Olsen	CFO	2,700	1,250	192	89	18	1,600,000	0
Jessica Blink	Head of Legal	2,012	533	0	216	6	250,000	25,000
Kristian B. Fyksen	Co-head of IB/CEO ABGSC Norway	7,000	2,661	384	89	18	1,250,000	1,500,000
Johan Lindén	Co-head of IB	7,998	0	384	213	22	1,625,000	3,300,000
John Olaisen	Co-head of Research	4,500	2,200	672	89	18	2,380,000	2,000,000
Per Flostrand	Head of Equity Sales, Sweden & International	7,998	0	768	189	6	2,665,000	2,050,000
Marius Opstad	Head of Fixed Income Sales	7,000	3,000	0	89	18	1,620,000	0

2023

ABG Sundal Collier | Annual Report 2023

1) Norwegian Executive management members are part of a silent partnership and receive fixed and variable compensation through participation of the profit distribution from the silent partnership.

2) Variable compensation in respect of calendar year 2022.

3) The forward contracts have settlement in 2023-2027.

4) Kristian B. Fyksen has been Co-head of IB from 1 September 2022 and CEO ABGSC Norway from 12 December 2022. The numbers are for the full year.

5) Johan Lindén has been Co-head of IB from 1 September 2022. The numbers are for the full year.

6) Peter Straume being CEO ABGSC Norway until 12 December 2022. The numbers are for the full year.

7) Are Andersen being Head of IB until 1 September 2022. The numbers are for the full year.

			2022
		Fixed	Variable	Long-term				Number of shares
		compensation	compensation	incentive	Pension	Benefits	Number	on forward
Name	Position	1)	1) & 2)	compensation	contribution	in kind	of shares	contracts 3)
Jonas Ström	CEO	9,534	0	413	204	6	3,000,000	3,375,000
Geir B. Olsen	CFO	2,200	1,750	0	89	17	1,600,000	0
Jessica Blink	Head of Legal	1,892	342	0	206	6	250,000	25,000
Kristian B. Fyksen 4) Co-head of IB/CEO ABGSC Norway		2,267	9,650	165	89	17	800,000	700,000
Johan Lindén 5)	Co-head of IB	9,540	0	330	203	6	1,425,000	3,500,000
John Olaisen	Co-head of Research	6,500	0	165	89	17	2,030,000	2,350,000
Per Flostrand	Head of Equity Sales, Sweden & International	9,540	0	660	184	6	2,265,000	2,450,000
Marius Opstad	Co-head of Fixed Income Sales	9,000	5,091	0	89	17	1,620,000	0
Peter Straume 6)	CEO ABGSC Norway	10,000	3,000	289	89	110	2,407,500	2,250,000
Are Andersen 7)	Head of IB	7,725	7,275	0	89	17	4,390,184	1,300,000

ABG Sundal Collier | Annual Report 2023

Note 10 – Taxes

Remuneration to auditors

The following table shows total audit and other services delivered to the Group by the appointed

auditor. Amounts do not include VAT.

1) Tax services consists of technical support regarding preparation of tax papers.

				Other
		Assurance Tax services		non-audit
2023	Audit fee	services	1)	services	Total
Deloitte Norway	1,451	264	616	0	2,331
Deloitte Abroad	894	0	0	16	909
Total Deloitte	2,345	264	616	16	3,240
Other	923	0	158	55	1,137
Total	3,268	264	774	71	4,377

2022
Deloitte Norway	1,112	102	529	0	1,743
Deloitte Abroad	608	0	119	2	729
Total Deloitte	1,720	102	648	2	2,472
Others	740	0	249	0	989
Total	2,460	102	897	2	3,461

Tax cost in the income statement	2023	2022
Tax payable in Norway	60,657	41,015
Tax payable outside Norway	17,227	25,108
Total tax payable	77,883	66,123
Change in deferred tax in Norway	4,107	29,024
Change in deferred tax outside Norway	554	-1,378
Total change in deferred tax	4,661	27,647
Tax cost	82,544	93,770
Reconciliation from nominal to effective tax rate
Profit before taxes	319,858	375,779
Expected tax cost based on nominal tax rate (22%)	70,369	82,671
Net tax free gain/loss and other income	-759	1,343
Non deductible costs	6,129	8,029
Prior year adjustment	-4,963	-5,715
Effect on finance tax in Norway	7,788	9,051
Differences in tax rates outside Norway and FX-effects	3,980	-1,609
Tax cost on ordinary profit	82,544	93,770
Effective tax rate	25.8 %	25.0 %
Tax payable in the balance sheet
Total tax payable	77,883	66,123
Tax on comprehensive income	-16,494	142
Tax paid in advance	-37,981	-37,481
Tax payable reclassified as short term receivables	0	40,648
FX effects	3,989	-4,706
Prior year adjustment	15,432	5,715
Tax payable at year end	42,829	70,441

ABG Sundal Collier | Annual Report 2023

Note 11 – Rental costs and lease commitments

Tax effect on temporary differences at year end	2023	2022
Current items
Receivables	2,496	2,290
Provisions	43,962	55,883
Other current items	-5,872	1,601
Total current items	40,586	59,774
Non current items
Fixed assets	-964	452
Other non current items	-5,620	-8,681
Total non current items	-6,583	-8,229
Loss carried forward	3,415	0
Net loss carried forward	3,415	0
Total deferred tax asset	37,418	51,544
Recognized deferred tax asset	46,135	60,262
Recognized deferred tax liability	8,718	8,718
Net deferred tax asset	37,418	51,544
Reconciliation of changes in deferred tax asset
Net tax asset at 1 January	51,544	47,719
Prior year adjustment	1	26,859
Total change in deferred tax	-4,661	-27,647
FX-effect	1,864	158
Income tax relating to other comprehensive income	-11,330	4,454
Total deferred tax asset as of 31 December	37,418	51,544

Right-of-use assets	2023	2022
Right-of-use assets as of 1 January	471,656	496,956
Additions	16,377	1,197
Depreciation of the year	-62,309	-62,156
Revaluation	-4,957	45,192
FX-effects	14,400	-9,533
Right-of-use assets as of 31 December	435,167	471,656
Remaining lease-term	1-8 years	1-9 years
Depreciation method	Linear	Linear

Lease liabilities
Undiscounted lease liabilities and maturity of cash outflow	2023	2022
< 1 year	78,881	68,858
1-2 years	77,615	65,412
2-3 years	74,679	66,002
3-4 years	72,680	66,634
4-5 years	73,450	67,278
> 5 years	170,597	261,300
Total undiscounted lease liabilities as of 31 December	547,902	595,484
Discount element	-75,292	-94,271
Total discounted lease liabilities as of 31 December	472,610	501,213

	2023	2022
Interest expense on lease liabilites	19,059	18,172
Income from subleasing right-of-use assets	3,460	3,417

ABG Sundal Collier | Annual Report 2023

Fair value measurement method

Level 1: Quoted marked prices

For financial instruments traded in active markets, fair values are based on quoted market prices or

dealer price quotations. All shares and bonds at this level are held as part of bonds and risk trading and

are all made within large volume and high liquidity markets and objects. Only those positions with high

volumes and high liquidity will be placed at this level.

Level 2: Valuation techniques with market observable input

For financial instruments where fair value measurement inputs are other than quoted prices included

within level 1, that are observable for the asset or liability, either directly (i.e., prices) or indirectly (i.e.,

derived from prices).

Level 3: Valuation techniques with non-market observable input

Financial assets valued without access to market observable input is generally valued at acquisition cost

as these assets are derived through our ordinary business. The assets are valued for impairment based

on assumptions for the timing and probability of the asset being exchanged for cash or being repaid in

full. Impaired assets are written down to expected net present realisable value based on debt servicing

ability and value estimates for collateral, if any. Assets which, at the choice of the debtor, can be

exchanged for cash within short notice, are never valued above the nominal repayment value.

Investments in equities and other investments where there is no market observable input are valued

based on gathered information related to the financial status of the assets, the value of the underlying

assets of the company and recent transactions in the market or for comparable assists, if any.

Note 12 – Fair value measurement of financial

assets and liabilities

Determination of fair value

For financial instruments traded in active markets, the determination of fair values of financial assets

and financial liabilities is based on quoted market prices or dealer price quotations. For all other

financial instruments, fair value is determined using valuation techniques. Valuation techniques include

net present value techniques, the discounted cash flow method and valuation models. The Group uses

widely recognised valuation models for determining fair values of financial instruments.

The output of a model is always an estimate or approximation of a value that cannot be determined

with certainty, and valuation techniques employed may not fully reflect all factors relevant to the

positions the Group holds. Valuations are therefore adjusted, where appropriate, to allow for additional

factors including model risks, liquidity risk and counterparty credit risk. Based on the established fair

value and the related controls and procedures applied, management believes that these valuation

adjustments are necessary and appropriate to fairly state the values of financial instruments carried at

fair value on the balance sheet.

Financial assets	2023	2022
Financial instruments at fair value through profit and loss	16,774	66,018
Receivables	2,669,748	2,241,697
Cash and bank deposits	525,709	831,954
Total financial assets	3,212,231	3,139,669
Financial liabilities
Financial instruments at fair value through profit and loss	0	6,540
Liabilities to customers and stockbrokers	1,843,940	1,598,168
Other current liabilities	674,538	805,262
Total financal liabilities	2,518,478	2,409,970

ABG Sundal Collier | Annual Report 2023

Note 13 – Hedging of net assets of foreign

operations

As of 31 December 2023, the Group had the following amounts in hedging instruments:

The Group hedges the carrying amount of net assets of the foreign operations by use of bank accounts

and FX forward contracts. It is the FX risk of the carrying amount of equity values that is hedged.

In 2023, the hedging instruments had a loss of NOK 15.5m net of tax, which is recognised in other

comprehensive income.

Specification of financial instruments divided by valuation techniques

		2023
Assets	Level 1	Level 2	Level 3	Total
Securities and financial trading instruments	4,007	3,510	9,257	16,774
Total	4,007	3,510	9,257	16,774
Liabilities
Securities and financial trading instruments (short positions)	0	0	0	0
Total	0	0	0	0

		2022
Assets	Level 1	Level 2	Level 3	Total
Securities and financial trading instruments	63,114	0	2,905	66,018
Total	63,114	0	2,905	66,018
Liabilities
Securities and financial trading instruments (short positions)	6,540	0	0	6,540
Total Level 3 financial instruments (non-current assets)	6,540	0	0	6,540

	2023 The table below shows a more detailed description of level 3 financial instruments.	2022
Balance as of 1 January	2,905	2,789
Additions/purchase of shares	0	116
Disposal of shares	-295	0
Balance as of 31 December	2,610	2,905

Currency	Bank accounts	FX-forwards	in NOK
DKK	35,968	0	54,247
EUR	-94	-1,500	-17,914
GBP	162	-7,000	-88,438
SEK	48,922	-200,000	-153,042
SGD	14	-2,000	-15,302
USD	-805	-24,000	-252,328

ABG Sundal Collier | Annual Report 2023

Note 14 – Goodwill, acquisitions and non-

controlling interests

The carrying amount of goodwill was NOK 93,308 as of 31 December 2023 (2022: NOK 93,308). The

goodwill has been tested for impairment in line with the policy set out in Note 1. No impairment charge

has been booked in 2023 (2022: no impairment charge). The goodwill originates from the ABGSC

merger in 2001 and the acquisition of Vika Project Finance AS in 2017.

Total revenues, profit before tax and net cash flow for ABG Sundal Collier Fastena AB was in 2023

respectively NOK 14m, NOK -3m and NOK -11m, whereas total assets and equity was NOK 24m and NOK

21m. Total revenues, profit before tax and net cash flow for ABG Alternative Investments Holding AS

was in 2023 respectively NOK 0m, NOK -7m and NOK 8m, whereas total assets and equity was NOK 10m

and NOK 4m.

		2023			2022
	ABGSC	VPF	Sum ABGSC		VPF	Sum
Cost	34,870	58,438	93,308		34,870	58,438	93,308
Accumulated impairment losses	0	0	0	0	0	0
Balance at end of year	34,870	58,438	93,308	34,870	58,438	93,308
Cost	ABGSC	VPF	Sum ABGSC		VPF	Sum
Balance at beginning of year	34,870	58,438	93,308	34,870	58,438	93,308
Additional amounts recognised from business	0	0	0	0	0	0
combinations during the year
Balance at end of year	34,870	58,438	93,308	34,870	58,438	93,308

Equity attributable to non-controlling interests	2023	2022
Balance at beginning of year	7,596	19,764
Business combinations	2,350	0
Comprehensive income to non-controlling interests	1,760	11,752
Payment to shareholders	0	-23,920
Balance at end of year	11,707	7,596

ABG Sundal Collier | Annual Report 2023

Note 15 – Fixed assets

	Other	Office
	intangible	equipment
	assets	and fittings
Acquisition cost as of 1 January 2023	65,552	142,412
FX-adjustment	2,539	5,047
Additions	255	8,002
Acquisition cost as of 31 December 2023	68,346	155,461
Accumulated depreciation as of 1 January 2023	40,558	82,776
FX-adjustment	2,274	2,931
Depreciation	6,241	15,334
Accumulated depreciation as of 31 December 2023	49,072	101,042
Carrying amount as of 1 January 2023	24,994	59,636
Carrying amount as of 31 December 2023	19,274	54,420
Depreciation rates (linear method)	12.5 - 20%	12.5 - 33%

	Other	Office
	intangible	equipment
	assets	and fittings
Acquisition cost as of 1 January 2022	61,720	125,654
FX-adjustment	-1,030	445
Additions	4,862	16,313
Acquisition cost as of 31 December 2022	65,552	142,412
Accumulated depreciation as of 1 January 2022	31,974	68,758
FX-adjustment	-806	126
Depreciation	9,390	13,892
Accumulated depreciation as of 31 December 2022	40,558	82,776
Carrying amount as of 1 January 2022	29,746	56,895
Carrying amount as of 31 December 2022	24,994	59,636
Depreciation rates (linear method)	12.5 - 20%	12.5 - 33%

ABG Sundal Collier | Annual Report 2023

Note 16 – Investments in associated companies

			2023
			Carrying				Carrying
		Ownership	amount	Investment	Net result Received		amount
Entity	Industry	interest	01.01.2023	in 2023	2023 dividend		31.12.2023
Kameo AS	Crowdfunding	27.74%	29,916	0	-6,280	0	23,636
Novier Property Group AB	Property	20.35%	10,006	0	836	0	10,842
Total			39,922	0	-5,445	0	34,478

			2022
			Carrying				Carrying
		Ownership	amount	Investment	Net result Received		amount
Entity	Industry	interest	01.01.2022	in 2022	2022 dividend		31.12.2022
Kameo AS	Crowdfunding	27.74%	35,606	0	-5,690	0	29,916
Novier Property Group AB	Property	20.35%	12,448	0	-775	1,666	10,006
Total			48,053	0	-6,465	1,666	39,922

ABG Sundal Collier | Annual Report 2023

Note 18 – Guarantees and mortgages

The Group has pledged shares and receivables (net of corresponding debt) as collateral for the bank

overdraft liability. As of 31 December 2023, the Group has no bank overdraft, but has withdrawn

amount on some currency accounts within the Group account.

Note 19 – Accounts receivables

A summary of the financial information of Kameo AS and Novier Property Group AB:

Kameo AS and Novier Property AB are unlisted companies and are recognised within the Group accounts

using the equity method.

ABGSC has received revenue from Kameo AS for services in 2023 of NOK 1m (NOK 660k in 2022).

Note 17 – Other receivables and liabilities

			2022		Result for
	Assets Liabilities		Equity Revenues		the year
Kameo AS	52,893	8,551	44,432	40,849	-20,511
Novier Property Group AB	74,228	53,126	21,102	147,870	-1,846

			2023		Result for
	Assets Liabilities		Equity Revenues		the year
Kameo AS	38,996	14,580	24,415	51,360	-22,682
Novier Property Group AB	90,611	73,226	17,385	158,039	1,669

	2023	2022
Prepaid costs	74,959	62,347
Not yet invoiced revenues and project-costs	210,523	112,991
Prepaid taxes	0	40,648
Other receivables	35,104	17,442
Total other receivables	320,585	233,428
Amounts due to partners/employees (incl. national insurance contribution)	459,721	503,028
Accrued costs and other short-term liabilities	30,480	39,274
Total other liabilities	490,201	542,302

	2023	2022
Shares/bonds	51,252	99,401
Net receivables	505,223	410,102
Total assets pledged as collateral	556,475	509,503
Carrying amount of mortgaged liabilities	0	0

	2023	2022
Gross accounts receivables	1,404,879	1,419,128
Allowance for doubtful accounts	-3,246	-425
Net accounts receivables	1,401,633	1,418,702

ABG Sundal Collier | Annual Report 2023

Note 21 – Earnings per shareNote 20 – Cash and bank deposits and funds on

client accounts

Foreign currency holdings have been valued at the exchange rate as of 31 December. Included in the

balance of cash and bank deposits are amounts of restricted cash of NOK 244m (NOK 486m in 2022).

ABGSC has bank overdraft facilities with a total limit of NOK 1,000m (NOK 1,000m in 2022). Gross funds

on client accounts and corresponding client debt are not included in the balance sheet. Net funds on

client accounts are included in the cash and bank deposits in the financial statement.

	2023	2022
Gross client funds	1,446,040	1,098,699
Gross client debt	1,436,236	1,040,750
Net funds on client accounts	9,804	57,950

		Basic earnings per share 2023	2022
Profit for the year attributable to the owners of the parent		236,329	270,258
Average number of outstanding shares less own shares	Numbers in 1,000	484,584	468,502
Basic earnings per share		0.49	0.58
Diluted earnings per share
Profit for the year attributable to the owners of the parent		236,329	270,258
Interest on forward contracts		9,718	5,659
Numerator diluted EPS		246,047	275,917
Average number of outstanding shares	Numbers in 1,000	494,012	478,083
Average number of own shares	Numbers in 1,000	-9,427	-9,581
Average number of shares on forward contracts	Numbers in 1,000	73,750	88,768
Diluted average number of shares	Numbers in 1,000	558,334	557,270
Diluted earnings per share		0.44	0.50

ABG Sundal Collier | Annual Report 2023

Overview of shareholders as of 31 December 2023 (registered in VPS as of 3 January 2024)

Note 22 – Shareholder information

As of 31 December 2023, there are a total of 497,463,195 (483,343,195 as of 31 December 2022) shares

outstanding at a face value of NOK 0.23 in the Company. All shares have equal voting rights, and all

shares have the same right to dividends. The Company has forward agreements with partners

purchasing a total of 68,585,700 (81,775,700 as of 31 December 2022) shares from the company with

settlement in 2024-2028. The Company owns 8,649,490 treasury shares at year-end, an increase of

2,980,512 shares from the beginning of the year. The Company has authorisation to repurchase its

shares in the market or to issue new shares. In 2023, the Company issued 14,120,000 new shares at a

total of NOK 4,236,000. The Company purchased 412,500 shares from departing partners at a total of

NOK 1,999,770 and sold 11,795,000 shares to partners at NOK 27,915,450 either cash purchase or

related to previous forward agreements, and to specially identified staff who according to local

regulations must purchase shares as part of their variable compensation. The Company purchased

14,363,012 shares in structured buy-back offers at NOK 90,283,220.

Partners of the Group may purchase partner shares, which are settled in cash or financed up to a 5-year

period carried through by using a forward contract. Partner shares are offered at market price, with a

15% price adjustment reflecting several severe restrictions with regards to the selling (or purchasing) of

these shares.

Shareholder

	Number of
	shares	Share
Sanden Equity AS *	39,823,000	8.0%
Skandinaviska Enskilda Banken AB (nominee)	14,412,205	2.9%
Erling Neby AS	12,600,000	2.5%
Perestroika AS	12,425,422	2.5%
Landkreditt Utbytte	12,338,000	2.5%
Giotto AS **	9,783,000	2.0%
ABG Sundal Collier Holding ASA (own shares)	8,649,490	1.7%
Goldman Sachs International (nominee)	8,642,059	1.7%
State Street Bank (nominee)	6,625,190	1.3%
Citibank (nominee)	6,384,621	1.3%
Fondsfinans Utbytte	6,232,882	1.3%
Hausta Investor AS	5,857,518	1.2%
A/S Skarv	5,500,000	1.1%
Brown Brothers Harriman (nominee)	5,002,191	1.0%
Avanza Bank AB (nominee)	4,789,093	1.0%
Peter Schofield	4,623,000	0.9%
Hans Øyvind Haukeli	4,500,000	0.9%
KLP AksjeNorge Indeks	4,430,820	0.9%
Brown Brothers Harriman (nominee)	4,425,510	0.9%
Kilen AS ***	3,824,376	0.8%
Total top 20	180,868,377	36.4%
Other	316,594,818	63.6%
Total	497,463,195	100.0%

* Jan Petter Collier, who is a board member in ABG Sundal Collier Holding ASA, and family own

a total of 40,538,000 shares including shares owned by Sanden Equity AS

** Knut Brundtland, who is chairman of the board in ABG Sundal Collier Holding ASA, and family

own a total of 11,583,000 shares plus 2,500,000 shares on a forward contract, including shares

owned by Giotto AS and Piero AS

*** Arild A. Engh, who is a board member in ABG Sundal Collier Holding ASA, own a total of

5,332.976 shares including shares owned by Kilen AS

ABG Sundal Collier | Annual Report 2023

Note 24 – Related parties

The Group's ultimate parent company is ABG Sundal Collier Holding ASA. Subsidiaries, 100% controlled

unless stated otherwise, are listed in the following table:

• ABG Sundal Collier ASA

• ABG Sundal Collier AB

• ABG Sundal Collier AG

• ABG Sundal Collier Crowd AB

• ABG Sundal Collier Eiendom AS

• ABG Sundal Collier Fastena AB (50% ownership)

• ABG Sundal Collier Fastena Asset Management AB (50% ownership)

• ABG Sundal Collier Finance & Advisory AB

• ABG Sundal Collier Finance & Advisory AS

• ABG Sundal Collier Holdings Inc.

• ABG Sundal Collier Inc.

• ABG Sundal Collier LLP

• ABG Sundal Collier Ltd

• ABG Sundal Collier Pte. Ltd.

• ABG Alternative Investments Holding AS (75% ownership)

• ABG Alternative Investments AS (75% ownership)

• Lagerselskapet Holding AS and subsidiaries

• Sundal Collier & Co AS

• Vika Asset Management AS

• Vika Business Management AS

• Vika Project Finance AS

Note 23 – Forward contracts for ABG shares held by

partners of the Group

Partners of the Group held forward contracts for 68,585,700 shares as of 31 December 2023. The

forward contracts are for settlement in 2024 – 2028. Based on settlement on the termination date, the

number of shares under these contracts that will be issued in the following years, and the lowest and

highest settlement price for the shares, are noted below. The settlement price will be adjusted to reflect

any dividends paid prior to settlement. The interest element of the forward contract will also lead to an

adjustment of the settlement price in cases where the contract is settled prior to the original expiry

date.

The exercise price is adjusted for paid dividend after the partners purchased the shares on forward

contracts. The stated high/low and average prices have not been adjusted for the proposed final

payment to shareholders of NOK 0.50 per share.

Restrictions on shares

As of 31 December 2023, partners of ABGSC held a total of 123,684,411 shares (registered in VPS) in the

Company. These shares are subject to certain material restrictions. A total of 33,313,364 shares are held

as “Partner Shares” and regulated by the Partnership Agreement. In addition, all shares on forward

contracts are defined as “Partner Shares”.

				Volume weighted
		Lowest exercise	Highest exercise	average exercise
	Number of	price	price	price
Expiry year	shares	(NOK per share)	(NOK per share)	(NOK per share)
2024	29,271,700	0.46	1.16	0.72
2025	1,750,000	0.29	2.42	0.95
2026	12,509,000	5.94	8.69	6.09
2027	11,135,000	5.63	7.96	6.86
2028	13,920,000	5.59	6.09	5.99
Total	68,585,700

ABG Sundal Collier | Annual Report 2023

Note 25 – Legal matters / disputes

In 2014, ABGSC acted as co-lead manager in connection with the IPO of OW Bunker A/S (“OWB”). OWB

went bankrupt in November 2014. A group of institutional investors have issued a writ of summons

against the OWB bankruptcy estate and several other co-defendants. The OWB bankruptcy estate as

well as other parties in the complexes have as a precaution submitted a series of conditioned recourse

claims against the joint lead managers, ABGSC, a law firm and the auditor indemnifying the OWB

bankruptcy estate for any loss they may suffer if the prospectus is not deemed to be true and fair and

the OWB bankruptcy estate is found to be liable in this respect. ABGSC’s part of any claim is estimated

to a maximum of DKK 37m. ABGSC considers the claim to be unfounded and has not made any

provisions.

In the normal course of business, the Group will from time to time be involved in minor complaints with

various parties that will have no material impact on the Group's overall financial position.

Note 26 – Significant subsequent events

In February, the Board of Directors proposed a payment to the shareholders of NOK 0.50 per share,

equal to NOK 263.9m including shares issued during 2024.

ABG Sundal Collier | Annual Report 2023

ABG SUNDAL

COLLIER HOLDINGS

ASA – FINANCIAL

STATEMENT

ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier Holding ASA - Income statement

ALL AMOUNTS IN NOK 1,000

Notes 2023 2022

OPERATING REVENUES AND COSTS

Revenues 42 9

Total operating revenues 42 9

Wages and social costs 2 2,967 2,149

Administration costs 2 3,279 3,511

Total operating costs 6,245 5,660

Operating loss -6,203 -5,651

FINANCIAL INCOME AND COSTS

Interest income from group companies 3 7,407 5,740

Other interest income 556 21

Dividend/contribution from group companies 3 287,121 375,234

Other financial income 3 333 0

Interest costs to group companies 3 -22,002 -13,453

Other interest costs 0 -190

Other financial costs -5,445 -6,448

Net financial result 267,970 360,905

Profit before taxes 261,767 355,254

Tax cost 4 45,199 61,938

Notes 2023 2022

NET RESULT FOR THE YEAR 216,568 293,316

ALLOCATIONS AND TRANSFERS

To/From other equity -47,299 44,584

Proposed payment to shareholders 263,867 248,732

Total allocations and transfers 5 216,568 293,316

ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier Holding ASA - Balance sheet as of 31.12

ALL AMOUNTS IN NOK 1,000

ASSETS Notes 2023 2022

Non-current assets

Intangible assets

Deferred tax asset 4 2,407 2,436

Tangible non-current assets

Apartments 1,050 1,050

Financial non-current assets

Shares in subsidiaries 6 787,659 777,613

Investments in associates 7 34,672 40,117

Long-term receivables from group companies 5,109 0

Total financial non-current assets 6 827,440 817,729

Total non-current assets 830,897 821,215

Current assets

Receivables

Receivables from group companies 3 326,147 403,715

Other receivables 4,275 304

Total receivables 8 330,422 404,019

Cash and bank deposits

Cash and bank deposits 2,084 1,024

Total current assets 332,505 405,044

TOTAL ASSETS 1,163,402 1,226,259

ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier Holding ASA - Balance sheet as of 31.12

ALL AMOUNTS IN NOK 1,000

EQUITY AND LIABILITIES Notes 2023 2022

Equity

Paid-in-capital

Share capital 5, 9-10 114,417 111,169

Treasury shares at nominal value 5 -1,990 -1,304

Share premium 5 25,397 24,408

Total paid-in-capital 137,824 134,273

Other equity

Retained earnings 5 332,693 436,974

Total equity 470,517 571,247

Liabilities

Current liabilities

Liabilities payable to group companies 3 364,095 357,456

Income tax payable 4 58,621 43,085

Payment to shareholders 263,867 248,732

Public dues payable 4,234 4,133

Other current liabilities 2,068 1,607

Total current liabilities 692,886 655,012

TOTAL EQUITY AND LIABILITIES 1,163,402 1,226,259

(sign) (sign) (sign)

Knut Brundtland Martina Klingvall Adele Norman Pran

Chairman

(sign) (sign) (sign)

Arild A. Engh Cecilia Marlow Jan Petter Collier

(sign)

Jonas Ström

CEO

The Board of ABG Sundal Collier Holding ASA

Oslo, 21 March 2024

ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier Holding ASA - Cash flow statement as of 31.12

ALL AMOUNTS IN NOK 1,000

2023 2022

CASH FLOW FROM OPERATING ACTIVITIES

Profit before taxes 261,767 355,254

Result from assocoated companies 5,445 6,275

Taxes paid -29,633 -190,012

Change in intercompany accounts 84,207 299,473

Change in other current assets/liabilities -3,409 -3,637

Net cash flow from operating activities 318,377 467,352

CASH FLOW FROM INVESTING ACTIVITIES

Net sale / purchase of financial non-current assets -15,155 612

Net cash flow from investing activities -15,155 612

CASH FLOW FROM FINANCING ACTIVITIES

Paid-in share capital 4,236 16,321

Change in own shares -57,667 -13,527

Payment to shareholders -248,732 -470,747

Net cash flow from financing activities -302,162 -467,953

Net increase in bank deposits, cash and cash equivalents 1,060 12

Bank deposits, cash and cash equivalents at beginning of year 1,024 1,013

Bank deposit, cash and cash equivalents as of 31 December 2,084 1,024

ABG Sundal Collier | Annual Report 2023

ABG Sundal Collier Holding ASA

– Notes to Financial Statement

Index

Note 1 – Accounting policies

Note 4 – Wages and social costs

Note 3 – Related parties

Note 4 – Taxes

Note 5 – Shareholders' equity

Note 6 – Financial assets

Note 7 – Investments in associated companies

Note 8 – Guarantees and mortgages

Note 9 – Shareholder information

Note 10 –

Forward contracts for ABGSC shares held by

partners of the Group

ABG Sundal Collier | Annual Report 2023

An investment in associates is recognised within the P&L and balance sheet as Equity Investments.

Receivables

Receivables are carried at face value less provisions for expected losses. An estimate is made for

doubtful receivables based on a review of all outstanding amounts at year-end. Losses on receivables

are written off in the year in which they are identified.

Cash and bank deposits

Cash and bank deposits include cash, bank deposits and other monetary instruments where the

maturity is less than three months from the date of purchase. Client accounts are not included in the

balance.

Assets and liabilities in foreign currency

Realised and unrealised profit or losses arising from transactions, assets or liabilities denominated in

foreign currencies are included in the net result for the year. Exchange rates at year-end are used to

convert foreign currency amounts to NOK.

Income taxes

The income tax cost consists of the aggregate of current taxes payable and changes in deferred tax.

Current and deferred tax are recognised as cost or income in the income statement, except when they

relate to items recognised directly to equity, in which case the tax is also recognised directly in equity.

Current tax is the expected tax payable on the taxable income for the period.

Deferred tax liabilities and assets are recognised on differences between the carrying amounts of assets

and liabilities in the financial statements and the corresponding amounts used in the tax returns.

Deferred tax liabilities and assets are generally recognised for all taxable temporary differences.

Deferred tax and deferred tax assets are only off-set as far as this is possible under taxation legislation

and regulations. Deferred tax assets are continuously assessed and are only recognised to the extent

that is probable that future taxable profit will be large enough for the deferred tax asset to be utilised.

Note 1 – Accounting policies

General information

ABG Sundal Collier Holding ASA is a public limited company, and its head office is in Vika, Oslo, in

Norway. The Group provides investment banking, stock broking and corporate advisory services that

encompass the needs of both international investors and Nordic business clients. The company’s shares

are listed on the Oslo Stock Exchange.

The financial statements for the company, including notes, for the year 2023 were approved by the

Board of Directors of the company on 21 March 2024.

Basis of preparation

The accounts are prepared in accordance with the Norwegian Accounting Act and Norwegian Generally

Accepted Accounting Principles (NGAAP).

Classification of assets and liabilities

Receivables that are to be repaid within one year and assets that are not of a permanent nature or used

in the business are classified as current assets. Other assets are classified as long-term assets.

Liabilities are classified as a long-term liability if the liability is due to be repaid more than one year after

the balance sheet date. All other liabilities are classified as current liabilities.

Current assets are valued at the lower of cost and net realisable value.

Goodwill

When a business is acquired, a purchase price more than the identified fair value of assets and liabilities

is accounted for as goodwill. Goodwill is amortised using a straight-line method over the expected

economic life of the asset, not exceeding 10 years.

Financial non-current and current assets

Other non-current shareholdings, minor investments where the company does not hold substantial

influence and investments in subsidiaries, are in general carried at original cost. If a decline in fair value

below the carrying amount is expected to be permanent, the investments are written down. Dividends

received and other surplus distributions from these companies are recognised as financial income.

ALL AMOUNTS IN NOK 1,000 UNLESS OTHERWISE SPECIFIED

ABG Sundal Collier | Annual Report 2023

Note 3 – Related parties

Details of transactions with subsidiaries as of 31 December 2023 are as follows:

The Group has no other related parties than mentioned above, in Note 8 - wages and social costs, or

Note 9 - shareholder information. All transactions between related parties are carried out on an arms-

length basis.

Note 2 – Wages and social costs

The company has no employees.

There are no specific agreements regarding salary on termination or a change of conditions of

employment for the Chairman of the Board, other members of the Board or the management. One

board member (Jan Petter Collier) is a partner in ABGSC and receives remuneration and profit

participation through this engagement.

The Board of directors’ remuneration and shares can be found in the consolidated statements to

ABGSC.

The accounts include audit fees to Deloitte and associated companies as follows:

ABGSC’s fee to Deloitte AS (Norway) for ordinary audit was NOK 666k (2022: NOK 391k), NOK 53k for

assurance services (2022: 0) and fee for technical support regarding preparation of tax papers NOK 24k

(2022: NOK 40k). No non-audit services in 2023 (2022: 0).

2023 2022

Fees to external board and committee members 2,435 1,765

Social Security Tax 532 370

Other costs 0 13

Total wages and social costs 2,967 2,149

Company

Liabilities Receivables Interest

Dividend/Group

contributions

ABG Sundal Collier AB 0 1,608 0 0

ABG Sundal Collier ASA 348,799 239,037 -17,895 235,000

ABG Sundal Collier Crowd AB 0 22,823 1,487 0

ABG Sundal Collier Eiendom AS 0 4,640 179 4,200

ABG Sundal Collier Fastena AB 12,156 0 0 0

ABG Sundal Collier Finance & Advisory AB 0 17,637 340 17,221

ABG Sundal Collier Finance & Advisory AS 0 6,739 28 6,700

ABG Alternative Investments Holding AS 0 5,109 109 0

Lagerselskapet Holding AS 48 0 0 0

Sundal Collier & Co AS 3,091 0 -133 0

Vika Asset Management AS 0 466 0 0

Vika Business Management AS 0 172 7 0

Vika Project Finance AS 0 33,026 1,284 24,000

Total intercompany balance transactions 364,095 331,256 -14,594 287,121

ABG Sundal Collier | Annual Report 2023

Note 5 – Shareholders’ equityNote 4 – Taxes

capital

Own

premium

Retained

earnings

Total

equity

Shareholders' equity as of 1 January 2022 108,272 -4,456 10,984 409,069 523,869

Net profit for the year 293,316 293,316

Proposed payment to shareholders -248,732 -248,732

Share issues 2,897 13,424 16,321

Change in own shares 3,151 -16,679 -13,527

Total equity as of 31 December 2022 111,169 -1,304 24,408 436,974 571,247

Net profit for the year 216,568 216,568

Proposed payment to shareholders -263,867 -263,867

Share issues 3,248 988 4,236

Change in own shares -686 -56,981 -57,667

Total equity as of 31 December 2023 114,417 -1,990 25,397 332,693 470,517

Tax cost in the income statement 2023 2022

Tax payable 58,621 43,084

Change in deferred tax 29 36

Prior year adjustment -13,452 18,818

Total tax cost 45,199 61,938

Reconciliation from nominal to effective tax rate

Profit before taxes 261,767 355,254

Expected tax cost based on nominal tax rate (22%) 57,589 78,156

Tax-free income/costs 0 -2,871

Non deductible costs 1,291 1,381

Group contribution/dividend with no tax effect -7,089 -38,720

Effect on finance tax in Norway (3%) 6,859 5,175

Prior year adjustment -13,452 18,818

Tax cost on ordinary profit 45,199 61,938

Effective tax rate 17.3 % 17.4 %

Tax effect on temporary differences at year end

Non current items

Receivables 2,290 2,290

Other non current items 117 146

Total non current items 2,407 2,436

Total deferred tax asset 2,407 2,436

ABG Sundal Collier | Annual Report 2023

Note 7 – Investments in associated companies

See Note 16 to the consolidated financial statement.

Note 6 – Financial assets

Company name Registered office Number

Ownership /

Voting rights

Booked equity Net result 2023 Book value

ABG Sundal Collier ASA Oslo, Norway 1,200,000 100% 941,553 215,947 600,070

ABG Sundal Collier Crowd AB Stockholm, Sweden 50,000 100% 774 133 46

ABG Sundal Collier Eiendom AS Oslo, Norway 30,000 100% 3,051 3,726 3,020

ABG Sundal Collier Fastena AB Stockholm, Sweden 1,001 50% 21,411 -2,509 25,196

ABG Sundal Collier Finance & Advisory AB Stockholm, Sweden 50,000 100% 18,855 16,461 2,101

ABG Sundal Collier Finance & Advisory AS Oslo, Norway 30,000 100% 174 3,989 30

ABG Alternative Investments Holding AS Oslo, Norway 9,000 75% 4,006 -5,391 10,000

Sundal Collier & Co AS Oslo, Norway 256,000 100% 2,995 -45 589

Vika Project Finance AS Oslo, Norway 9,700 100% 691 18,872 146,560

Book value of shares in subsidiaries as of 31 December 2023 787,613

Entity

Ownership /

Voting rights

Head office

Book value

01.01.2023

Investment

in 2023

Profit for

the year

Received

dividend

Book value

31.12.2023

Kameo AS 27.74% Oslo 30,106 0 -6,280 0 23,825

Novier Property Group AB 20.35% Stockholm 10,010 0 836 0 10,846

Total 40,117 0 -5,445 0 34,672

ABG Sundal Collier | Annual Report 2023

Note 8 – Guarantees and mortgages

The company has pledged shares and receivables (net for corresponding debt) as collateral for the

Group bank overdraft facility. All companies participating in the Group bank overdraft facility are

responsible towards the bank for use of the facility. As of 31 December 2023, the Group has no bank

overdraft. The Group has a bank overdraft limit of NOK 1,000m.

Note 9 – Shareholder information

See Note 22 to the consolidated financial statement.

Note 10 – Forward contracts for ABGSC shares held

by partners of the Group

See Note 23 to the consolidated financial statement.

2023 2022

Book value of assets pledged as collateral

Shares 827,440 817,729

Net receivables 330,422 404,019

Total assets pledged as collateral 1,157,862 1,221,749

Carrying amount of mortgaged liabilities 0 0

ABG Sundal Collier | Annual Report 2023

Responsibility Statement

We confirm to the best of our knowledge that:

• the consolidated financial statements for 2023 have been prepared in accordance with IFRS as

adopted by the EU, as well as additional information requirements in accordance with the Norwegian

Accounting Act, and that

• the financial statements for the parent company for 2023 have been prepared in accordance with

the Norwegian Accounting Act and generally accepted accounting practice in Norway, and that

• the information presented in the financial statements gives a true and fair view of the Company’s

and the Group’s assets, liabilities, financial position, and results for the period viewed in their

entirety, and that

• the Board of Directors’ report gives a true and fair view of the development, performance and

financial position of the Company and the Group and includes a description of the material risks that

the Board of Directors, at the time of this report, deem might have a significant impact on the

financial performance of the Group.

(sign) (sign) (sign)

Knut Brundtland Martina Klingvall Adele Norman Pran

Chairman

(sign) (sign) (sign)

Arild A. Engh Cecilia Marlow Jan Petter Collier

(sign)

Jonas Ström

CEO

Oslo, 21 March 2024

ABG Sundal Collier | Annual Report 2023

Independent Auditor’s Report

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Opinion

We have audited the financial statements of ABG Sundal Collier Holding ASA, which comprise:

• The financial statements of the parent company ABG Sundal Collier Holding ASA (the Company),

which comprise the balance sheet as at 31 December 2023, 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 ABG Sundal Collier Holding ASA and its subsidiaries (the

Group), which comprise the balance sheet as at 31 December 2023, statement of comprehensive

income, statement of changes in equity and statement of cash flows for the year then ended, and

notes to the financial statements, including material accounting policy information.

In our opinion

• the financial statements comply with applicable statutory requirements,

• the financial statements give a true and fair view of the financial position of the Company as at

31 December 2023, and its financial performance and its cash flows for the year then ended in

accordance with the Norwegian Accounting Act and accounting standards and practices generally

accepted in Norway, and

• the consolidated financial statements give a true and fair view of the financial position of the

Group as at 31 December 2023, and its financial performance and its cash flows for the year then

ended in accordance with IFRS Accounting Standards as adopted by the EU.

Our opinion is consistent with our additional report to the Audit Committee.

To the General Meeting of ABG Sundal Collier Holding ASA

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 as

required by 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 were selected as the auditor of ABG Sundal Collier Holding ASA before 2000, and have been the

selected auditor over a consistent period of more than 20 years.

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 of 2023. 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.

Deloitte AS

Dronning Eufemias gate 14

Postboks 221 Sentrum

NO-0103 Oslo

Norway

Tel: +47 23 27 90 00

www.deloitte.no

Deloitte AS and Deloitte Advokatfirma AS are the Norwegian affiliates of Deloitte NSE LLP, a member firm of Deloitte Touche Tohmatsu Limited ("DTTL"), its network of member firms,

and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as "Deloitte Global") does not provide services to

clients. Please see www.deloitte.no for a more detailed description of DTTL and its member firms.

Registrert i Foretaksregisteret

Medlemmer av Den norske

Revisorforening

Organisasjonsnummer: 980 211 282

ABG Sundal Collier | Annual Report 2023

Page 2

Independent Auditor’s Report -

ABG Sundal Collier Holding ASA

Revenue recognition; Corporate Financing/ M&A and Advisory

Key

audit matter

How

the matter was addressed in our audit

The Groups accounting for and reporting of brokerage

transactions as well as information in disclosures relating to

brokerage services are heavily dependent on IT systems.

The brokerage IT system is

standardized and parts of system

development and operations are outsourced. See note 5 for

further information regarding development, management and

operations of IT systems.

Effective internal controls related to IT are important to ensure

accurate, complete and reliable financial reporting of brokerage

services and is therefore a key audit matter

The Group has established an overall governance model and control activities related to its IT

systems.

We have gained an understanding of the overall governance model for the brokerage IT

-system

relevant to financial reporting.

We assessed and tested the design of selected control activities that are relevant to financial reporting

related to access management. For a sample of these control activities, we tested if they operated

effectively in the reporting period.

We assessed and tested the design of selected automated control activities for the brokerage IT system

related to recording of transactions and calculations. For a sample of these control activities, we tested

if they operated effectively in the reporting period.

We assessed the

third party confirmation (SOC 2 Type II) from the service provider of the brokerage IT

system, to assess whether the service provider had adequate internal controls in areas that are

important for the Group’s financial reporting.

We used our own IT specialists to understand the overall governance model for the brokerage IT

system and in the assessment and testing of the control activities related to the brokerage IT

-system

ABG Sundal Collier | Annual Report 2023

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Independent Auditor’s Report -

ABG Sundal Collier Holding ASA

Brokerage post-trade IT system; control activities relevant to financial reporting

Key

audit matter

How

the matter was addressed in our audit

Revenues for the Group consist of Corporate Financing, M&A and

Advisory and Brokerage and Research revenues. See the revenue

recognition section in the Accounting Policies and note 2 for

further information.

Corporate Financing and M&A and Advisory revenues account for

approximately 67% of operating revenues. The majority of the

Corporate Financing and M&A and Advisory engagements are

settled before year

-end. There are however ongoing

engagements per 31. December which have an increased

inherent risk of error due to the judgement involved related to

recognition of performance fees.

Accruing for performance fees requires management judgment of

both the probability of future events occurring and the

performance fee amount that the Group is entitled

to, and is

therefore a key audit matter.

The Group has established control activities regarding recognition of revenue from Corporate

Financing and M&A and Advisory engagements. We assessed and tested the design and

implementation of selected control activities relevant to financial reporting. For a sample of these

control activities, we tested if they operated effectively in the reporting period. The control activities

tested were related to both the Group’s assessment of the probability of the future event occurring

and the performance fee amount that the Group is entitled to.

On a sample basis, we tested that the accrued Corporate Financing and M&A and Advisory revenue

was calculated in accordance with the engagement contract. We considered the adequacy of the

Groups’ disclosures related to revenue recognition for Corporate Financing and M&A and Advisory

revenues.

ABG Sundal Collier | Annual Report 2023

Page 4

Independent Auditor’s Report -

ABG Sundal Collier Holding ASA

Other Information

The Board of Directors and the Managing Director (management) are responsible for the information in

the Board of Directors’ report and the other information accompanying the financial statements. The

other information comprises information in the annual report, but does not include the financial

statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the

information in the Board of Directors’ report nor the other information accompanying the financial

statements.

In connection with our audit of the financial statements, our responsibility is to read the Board of

Directors’ report and the other information accompanying the financial statements. The purpose is to

consider if there is material inconsistency between the Board of Directors’ report and the other

information accompanying the financial statements and the financial statements or our knowledge

obtained in the audit, or whether the Board of Directors’ report and the other information accompanying

the financial statements otherwise appear to be materially misstated. We are required to report if there is

a material misstatement in the Board of Directors’ report or the other information accompanying the

financial statements. We have nothing to report in this regard.

Based on our knowledge obtained in the audit, it is our opinion that the Board of Directors’ report

• is consistent with the financial statements and

• contains the information required by applicable statutory requirements.

Our opinion on the Board of Directors’ report applies correspondingly to the statements on Corporate

Governance and Corporate Social Responsibility.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation of financial statements of the Company that give a true

and fair view in accordance with the Norwegian Accounting Act and accounting standards and practices

generally accepted in Norway, and for the preparation of the consolidated financial statements of the

Group that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU.

Management is responsible 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.

The financial statements of the Company use the going concern basis of accounting insofar as it is not

likely that the enterprise will cease operations. The financial statements of the Group use the going

concern basis of accounting unless management either intends to liquidate 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 aggregate,

they could reasonably be expected to influence the economic decisions of users taken on the basis of

these financial statements.

ABG Sundal Collier | Annual Report 2023

Page 5

Independent Auditor’s Report -

ABG Sundal Collier Holding ASA

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. We 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 a true and fair view.

• 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 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.

REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS

Report on Compliance with Requirement on European Single Electronic Format (ESEF)

Opinion

As part of the audit of the financial statements of ABG Sundal Collier Holding 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 abgsundalcollier-2023-12-31-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.

ABG Sundal Collier | Annual Report 2023

Page 6

Independent Auditor’s Report -

ABG Sundal Collier Holding ASA

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 compliance with

ESEF. We conduct our work in compliance 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 compliance with the ESEF

Regulation.

As part of our work, we have performed procedures to obtain an understanding of the Company’s

processes for preparing the financial statements in compliance with the ESEF Regulation. We examine

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, 21 March 2024

Deloitte AS

Eivind Bollum Berge

State Authorised Public Accountant

This document is signed electronically

91 ABG Sundal Collier | Annual Report 2023

Norway

ABG Sundal Collier ASA

Ruseløkkveien 26, 8

floor

NO-0251 Oslo

NORWAY

Tel +47 22 01 60 00

Sweden

ABG Sundal Collier AB

Regeringsgatan 25

floor

SE-111 53 Stockholm

SWEDEN

Tel +46 8 566 28 600

Denmark

ABG Sundal Collier ASA

Copenhagen Branch

Forbindelsesvej 12

DK-2100

Copenhagen Ø

DENMARK

Tel + 45 3546 3000

United Kingdom

ABG Sundal Collier Ltd

St. Martins Court

25 Newgate St.

London EC4M 7EJ

Tel +44 (0) 20 7905 5600

Germany

ABG Sundal Collier ASA

Frankfurt Branch

Schillerstr. 2

5. Obergeschoss

DE - 60313 Frankfurt/Main

Germany

Tel +49 69 96 86 96 0

Switzerland

ABG Sundal Collier AG

Representative Office

Schwanenplatz 4

6004 Lucerne

SWITZERLAND

Tel +41 79 502 33 39

USA

ABG Sundal Collier Inc

140 Broadway

Suite 4604

New York, NY 10005

USA

Tel +1 212 605 3800

Singapore

ABG Sundal Collier Pte. Ltd

10 Collyer Quay

Ocean Financial Center

# 40-07

049315

SINGAPORE

#2024010

Sam Francis / SFP 94-140, 1994