2
Key Figures 3
CEO Letter 4
About the Company 5
FINANCIAL STATEMENTS
Board of Directors report 8
CONSOLIDATE FINANCIAL STATEMENTS (GROUP)
Statement of profit and loss 15
Statement of other comprehensive income 15
Statement of financial position 16
Statement of changes in equity 17
Statement of cash flow 18
Notes to the accounts 19
FIRST MOVER GROUP HOLDING AS FINANCIAL STATEMENTS
Statement of profit and loss 48
Statement of financial position 49
Statement of cash flow 50
Notes to the accounts 51
Auditor's report 56
Definitions 60
FMG - Annual Report 2021
FMG - Annual Report 20213
(400m in 2020) (18.2m in 2020)
(54.4m in 2020
2
) COMPANIES
2
See Note 1 for further information, CFO in 2020 annual
report was 34.8m but now interests have been moved from
CFO to CFF
3
Includes all full-time employees and employees with
variable contracts with a minimum of 20% fixed
employment
4
For FMG Norge the biggest entity in our Group
1
EBITDA adjusted and pro forma for 2021 was NOK 4.0m
Includes adjustments for extraordinary items
Proforma contribution from acquired companies was
NOK 0m in 2021
4
As we conclude 2021, we are looking back at a year that again will be
marked by the global pandemic.
It has been a year filled with challenges, but also great learning
experiences. Our organization has been tested to its limits and I am
tremendously proud of all our employees who have stepped up,
navigated, and rapidly adapted our operations – TOGETHER.
Lockdowns impacting financial results
In the first half of 2021 and the last quarter of 2021, our group
companies were hit by the lockdowns resulting from the pandemic.
Despite initiatives to secure alternative sources of income, the Group
experienced a significant drop in revenues in the pandemic months,
with pent-up demand in the non-lock down months creating a
recovery. All in all, we experienced a small reduction in revenue as a
group compared to our pro forma revenue in 2020. Several measures
were taken to adapt our cost base, but with less flexibility on the sick-
leave regulations and furlough regulations for our and other
companies’ cost base was more fixed this lock down than the previous.
In addition, it is also a major point that our culture is hurt by
continuous uncertainty and that we need to preserve our ability to
perform services at this high level also in the future and therefore
short-term adaptations to cost reductions in staff is viewed to be off
the table, although long term reductions are relevant if volume of
operations continue to be soft going forward.
Group development
During 2021 our group took new steps towards delivering a unified
product in all locations.
Germany had its full first year and is now a fully developed provider of
our services with a relevant orderbook for 2022 with positive EBITDA
expectations for the year. Although the upstart of this group was done
in the pandemic, we have experienced a great reception on our way of
delivering services and hope that our growth rates continue also going
forward.
In Denmark, we had 6 months of 40% furlough on our operations.
This hurt productivity and our financial results. The positive
development in this group company is that the intrapreneurship
change towards the FMG-way of doing business has gotten traction
and now represents approximately 35% of the revenue base with
higher margins and higher customer satisfaction. Q1 2022 started off
with one month of lock-down, but continues with a satisfactory
forecast given their order book for the coming months.
Norway represents our core and the most developed part of our group.
During 2021 our two Norwegian entities, Realia and First Mover
Group Norway, returned solid financial results and constitutes the
back-bone for the group. However, towards the end of 2021 the high
season of Q4 ended up being another lock-down period and as such
the results wavered and did not meet expectations. For Realia this
meant not being able to close projects, but with the expectation that
these will be closed during Q1 2022. First Mover Group Norge AS has
experienced one month of lock-down, but are now currently re-
building their orderbook for the coming months hoping to be ready
for high season in Q2.
The Swedish operations was hit hard during 2021, with the group
company Relokator Söders Stadsbud AB as the main contributor of
negative numbers. Having tried to turn around the operations in this
company throughout the year, we finally had to put that company
into bankruptcy on the 12 January 2022. Going forward our greatest
source of uplift in EBITDA for the group is to not have to support
this company financially in 2022. Another source of uplift in
EBITDA are the remaining companies in Sweden, Resultat
Prosjektledning AB and Move4U AB, and their ability to provide
supportive EBITDA supported by a conversion to the FMG-way of
doing business. This process is undergoing and the financial results
from this are promising.
Continuing the strategic journey
FMG seeks to professionalize an unprofessional industry and
our mission is to deliver premium services to businesses on the move.
We aim to do that by providing value adding services throughout the
lifecycle – from tenant advisory through business relocation.
No new acquisitions were performed in 2021 focusing on handling
the pandemic impact and integrating the FMG-way towards our newly
acquired companies. The process of building the FMG-way in
Sweden, Denmark and Germany continues and shows promising
results. FMG will always have discussions with our industry colleagues
but will continue our focus on our existing companies in 2022,
consolidating our efforts and building great companies delivering
superior services in our markets.
Tore Martinsen
CEO
“
Our organization has been tested to its limits and I am
tremendously proud of all our employees who have
stepped up, navigated, and rapidly adapted our operations
FMG - Annual Report 2021
FMG - Annual Report 20215
Introduction
First Mover Group (FMG) is a leading Nordic player offering premium services to businesses on the move. Based on investments in technology,
infrastructure, and a highly specialized workforce, we have a unique offering which adds significant value to our client’s workplace investment.
We work hard every day to create Better Beginnings for our customers. We do that by providing a full range of services; starting with identifying
future workplace needs, searching to find the perfect property, and negotiating the best deal for our customers. Then we manage the entire project
from A to Z including coordination and construction follow-up, interior design specification, procurement services and relocation planning.
Finally, we execute the relocation process and return of existing premises, we manage the logistics and assembly of all new furniture, AV equipment
and racks and have you up and running at your new premises with minimum downtime.
Each year, thousands of business are signing new rental contracts in the Nordics. Many of these contracts result in relocation or upgrades of
workplaces. This is our market. Few to none can deliver what we can – because we keep moving.
Our Group
established when FMGH acquired First Mover Group AS (including its subsidiaries) 7 May 2019. The acquisition is considered to be a transaction
after IFRS. Subsequently, historical financial statements for 2019 for First Mover Group AS are the consolidated statements as of 7 May 2019, and
not the full financial year 2019.
Geographical coverage
As of 31 December 2021, the Group has operations in Norway , Sweden, Denmark and Germany. The geographical reach includes all larger cities in
Scandinavia including Oslo, Drammen, Stavanger, Bergen and Trondheim in Norway , Stockholm, Gothenburg and Malmö in Sweden,
Copenhagen and Aarhus in Denmark. In addition, the company has a branch in Krefeld outside Düsseldorf in Germany.
FMG is headquartered at Skøyen in Oslo.
Market position
#1 Norway
#1 Denmark
#3 Sweden
N/A Germany
6
• Tenant advisory services – future needs and workplace analysis,
search for premises and contract negotiation, project mgmt. and
construction follow-up, interior design specifications and
procurement services
• Business relocation services – project mgmt. services including
detailed planning, budgeting and follow-up, communication, site
mgmt. and coordination deliveries at new facility, mgmt. of existing
furniture (move/sale/dispose) coordination and execution of the
relocation process and return of existing premises
• Logistics and assembly services – storage, transportation, and
assembly of office furniture, audio-visual equipment, warehouse
racks, and other high-end equipment
FMG - Annual Report 2021
FMG - Annual Report 20217
Our Vision: We create better beginnings.
Our vision answers the big questions: Why are we doing this? What makes us get up in the morning and go to work?
What is our driving force, purpose and intent? Our vision is our dream, something we never finish doing. It is our reason for being. The positive
difference we make in society. And ours is: “We create better beginnings”!
It reflects the work we do for our customers every day! We help them realize new dreams through better beginnings.
Our Mission: Deliver premium services to businesses on the move.
A mission statement describes what we do and whom we do it for.
When we asked our employees, they highlighted the importance of delivering high quality. They stated it again and again: That it is at the heart of
who we are and that it should be further strengthened. That high quality is what differentiates us from our competitors. That our quality makes
them proud to be part of our company. So, we took quality to heart and call it “premium services”. It is also a commitment that we want to be
innovative and ahead of our competitors, ensuring a seamless process for our customers.
We state that we deliver our premium services “to businesses on the move” to clarify that our focus is on helping businesses – which includes
private and public companies, institutions and organizations.
Our Values
Our values describe the way we deliver our services.
Our behavior should always aspire to our values, so that we behave consistently towards each other, our customers and our partners. Our values are
at the core of our unique culture, at the heart of who we are. How people recognize us and how we consistently behave and deliver our services over
time.
Professional means that we are knowledgeable, thorough, trustworthy and tidy in everything we do. The value describes the premium services and
quality we strive to deliver. We keep our high-end promises.
Together means that we deliver as a team. We work together as an extended family, support each other and share successes as well as challenges.
”Together” also describes how we collaborate with our customers, and how we work together across and throughout our value chain.
Ahead means that we are on top of our game. We know what our customers need before they do, and we deliver ahead – never late. Also, we are
ahead with the tools and technology needed to deliver premium services.
FMG - Annual Report 20218
Overview of the Group
First Mover Group (FMG) is a Nordic player offering services to businesses in a
relocation process. Our services include tenant advisory services, business relocation
services and logistics and assembly services. The Group has operations in Norway,
Sweden, Denmark and Germany. First Mover Group Holding AS (“the Group” or
FMGH) is a holding company controlling all the subsidiaries of FMG. The Group has
its headquarter in Skøyen, Norway.
Statement on the annual financial statements
In accordance with the Norwegian Accounting Act § 3.3a the Board confirms that First
Mover Group Holding AS fulfils the requirements necessary to operate as a going
concern, and the 2021 financial statements have been prepared on the basis of this
assumption. First Mover Group Holding AS has prepared the consolidated financial
statements for the Group (“First Mover Group”, “FMG”, “the Group” or “the
Company”) for the financial year 2021 in accordance with IFRS (International
Financial Reporting Standards) as adopted by the European Union.
Consolidated income statement for the Group
The Company’s revenue continued increased from last reported revenue, from NOK
400m in 2020 to NOK 443m with no inorganic growth in 2021. However, our organic
growth dropped to -1,6% from last year’s full pro forma revenue of NOK 450m. The
business segment Business Relocation remains the largest segment representing 57%
(52%) of the revenues. Logistics and Assembly is the second largest segment with 26%
(26%) of revenues, and Tenant Advisory and Other representing 10% (17%) and 7%
(6%) respectively.
of revenues. Denmark and Sweden equally large with 14% each. Sweden in 2020
constituted 11% and Denmark 10% of the revenue. Germany was still in its startup
phase in 2021.
The Company retracted part of its position in Sweden in January 2022 declaring Söders
Stadsbud AB bankrupt and terminating all activity in the Swedish management
company FMG Sverige AB. Some long-term contracts were transferred into Move4U.
Move4U will serve operations in Stockholm through a satellite office. In 2020 and 2021
the two Swedish companies that were concluded represented a large share of the
negative results outside Norway.
Throughout this report, we compare the 2021
consolidated income statement with figures from
2020 (in brackets).
Norway (71%)
Sweden (14%)
Germany (0%)
Denmark (14%)
Business relocation (57%)
Log. and assembly (26%)
Tenant advisory (10%)
Other (7%)
FMG - Annual Report 20219
Revenue for 2021 was NOK 443m (400m). Operating profit was
NOK -26.9m (18.2m) resulting in a negative operating margin of
-6.1% (4.6%). The negative development on operating profit is a result
from lower revenue from contracts with customers compared to
relevant pro forma figures in 2020, increased depreciation and
impairments and high operating costs as result of increased sick leave
and subsequent usage of hired crew. Included in the operating profit
of 2021, an impairment cost, related effects from reducing balance
values in our Swedish subsidiaries, including the bankruptcy of Söders
Stadsbud AB, amounting to NOK 33.2m. IFRS 16 effect on operating
profit was NOK -1,4m. FMG had a cash flow from operating activities
of NOK 16.0m (34.8m).
Consolidated statement of financial position, liquidity and cash
flow for the Group
The Company’s book value of total assets on 31 December 2021 was
528m (532m). Current assets totaled NOK 111m (145m) and current
liabilities were NOK 336m (326m). Non-current assets totaled NOK
417m (388m), of which other intangible assets including goodwill
totaled NOK 226m (249m). The reduction reflect the impairments
made during the year, see note 14. The Company’s equity was NOK
22.6m (74.3m), resulting in an equity ratio of 4.3% (14 %).
The cash balance on 31 December 2021 was NOK 51m (68m) (of
which NOK 30m (30m) is restricted). The Company had interest-
bearing loans of NOK 198m (196m) and an unused credit facility of
NOK 10m.
Cash Flow from Operation (CFO) came in at NOK 36.9m (54.4m).
In 2020 reports, CFO included net financial expenses. In 2021 net
financial expenses are moved to Cash Flow from Financing (CFF) in
the Consolidated statement of cash flow.
Increased use of hired crew, in general higher pressure on operating
margins and lower reduction of working capital were key elements that
took down the CFO in 2021 compared to 2020. CFO accounts only
for the actual cash transactions, and is adjusted for none cash items like
depreciation, impairment and for changes in working capital.
Operating Profit includes these none cash costs and revenues.
In September 2019, First Mover Group Holding AS issued a bond in
the capital market with a face value of NOK 200m maturing 20.
September 2022. The margin of the bond is 6.00% over 3 months
NIBOR. The bond was issued to facilitate the acquisition of First
Mover Group AS, to refinance existing debt and to secure funding for
acquisitions going forward. The funds for acquisitions are separated in
an escrow account which the Group can call upon to fund the full
amount of an acquired entity, depending on the leverage position of
the Group.
We are currently in breach with our covenants in the bond term sheet,
see note 21 and 24. The Group has engaged in a constructive dialogue
with our creditors and expect that we will find a new bond structure
that supports the Group on both issues listed above. Support in our
scarce short to midterm liquidity through interest holidays, and time
to rebuild EBITDA to levels where the cost of debt is supported at a
comfortable level, enabling us to refinance.
Going Concern
Both 2020 and 2021 have been years where the Group have suffered
under challenging market conditions. Reduced activity and increased
costs due to precautionary measures and increased sick leave have
taken its tow on the finances of the Group. During 2021 the liquidity
position in the Group was further deteriorated NOK 8,0m. The
Group is also in breach with its Leverage covenant on the NOK 200m
bond which matures in September 2022. These two conditions are
representing risks to the Group’s ability to continue as a going
concern, see Note 2 for further information.
Income statement and statement of financial Position for First
Mover Group Holding AS
Total revenue in 2021 came in at NOK 2.0m (0.04m). Total assets on
31 December 2021 amounted to NOK 283m (281m). Total assets
consist of shares in First Mover Group AS valued at NOK 152m
(152m) and debt and receivables to subsidiaries of NOK 106m (104m)
and NOK 24.1m (24.0m) in bank deposits. The total equity on 31
December 2021 was NOK 83.9m (82.8m) and the equity ratio was
29.6% (29.4%). Total debt amounts to NOK 198m (196m).
200
280
373
450
443
0
100
200
300
400
500
2017
mNOK
2018 20202019 2021
18
18
43
28
4
0
10
20
30
40
50
2021
mNOK
2017 20192018 2020
0
5
10
15
1.0%
2020
%
2017 2018 20212019
8.9%
6.3%
11.6%
6.2%
FMG - Annual Report 202110
Financial risk
The Group’s central financial department manage the financial risk,
and the Board of Directors FMG approve the Group’s policies for the
management of financial risk. The main objective of financial risk
management is to identify, quantify and manage financial risk. The
Group is exposed to exchange rate risks, credit risks, liquidity risks and
interest rate risks. The Group was at the end of 2021 not able to
comply with its Leverage ratio and revived a waiver for this breach
accordingly. The process is ongoing between the Group and its
bondholders to develop a set of amendments to the Bond’s term sheet,
see note 2, 21 and 24.
The Group is reporting its numbers in NOK, but has through its
international operations revenues and costs in SEK, DKK and EUR.
The exchange rate risk is considered to be limited, as our foreign
operations constitute to a large extent independent operations where
the majority of costs and revenues are in the same currency offsetting
each other. Exchange rate risk in operations is limited to management
fees transferred across borders, international loans between First
Mover Group AS (FMG AS) and its foreign subsidiaries and potential
distribution from daughter companies back to FMG AS.
All foreign acquisitions are subject to currency exposure. The Group
has not entered into any derivative or other agreements to reduce the
exchange rate risk and related operational risks. Intangible assets and
goodwill derived from M&A activity are also subject to currency
fluctuation.
Credit risk
The Group is exposed to credit risk from its operating activities,
primarily its trade receivables and accrued revenues, and from its cash
and cash equivalent deposited with banks.
The risk for losses on receivables is considered to be low. The gross
credit risk exposure per 31 December 2021 was NOK 51,5m (57.9m)
for the Group. This figure does not include inter-company receivables.
Since March 2020, the Group has entered into an agreement with
Aros Kapital AB for sale of receivables which effectively reduces credit
risk as well as working capital.
Liquidity risk
Liquidity risk is the risk that the Group will not be able to meet its
current and future cash flow and collateral requirements without
negatively and materially affecting the Group’s daily operations or
overall financial condition and the potential for expansion.
As of 31.12.2021 the Group had NOK 51m in cash equivalents with
additional NOK 10m in undrawn revolving credit facility. Of the cash
equivalents, NOK 30m is restricted, either on Escrow account,
deposits or payroll tax. The Group published a Recovery plan on the
31 March 2022 where a plan on how to rebuild liquidity buffer was
presented. Until the Group has rebuilt a stronger liquidity buffer, a
strict regime of cost control and low investments shall prevail.
The Group’s exposure to the risk of changes in foreign exchange rates
relates primarily to the Group’s operating activities (when revenue or
expense is denominated in a foreign currency) and the Group’s net
investments in foreign subsidiaries.
Interest risk
The Group is exposed to changes in the interest rate, as the company’s
interest-bearing debt has a floating interest rate element (NIBOR plus
a fixed margin) on the bond and car leasing agreements. The Group
will further be subject to prevailing market interest for any renewals or
refinancing going forward. Our main maturity debt is the NOK 200m
bond which matures on 20 September 2022. Changes in the interest
rate can also affect future investment opportunities.
Own shares
First Mover Group Holding AS and the other companies in the Group
have no ownership of their own shares.
Organization and work force
The total number of full-time equivalents (FTEs) in 2021 was 453
(497) excluding subcontractors. We have 10.8% female employees and
26% female leaders and managers. In Norway we have 83 part time
employees whereof two are women.
Leave of absence due to illness amounted to approximately 6.5%
(7.4%) of the total working hours in FMG Norge which is the biggest
entity in the Group. The numbers are negatively impacted by
precautionary measures taken related to the Covid-19 pandemic. The
Group will continue its efforts to reduce the number of sick days.
No incidents or reporting of work-related accidents resulting in
significant material damage or personal injury occurred during the
year.
Shareholder
Holding
Share
Competitore AS
(owned by Tore Martinsen, group CEO and
Chairman)
9 860 294
74,9 %
Calobra AS
(owned by board member Eric Øverby)
1 439 100
10,9 %
Vangbo Invest AS
(owned by Mats Vangbo)
408 857
3,1 %
Bjerke Eiendom AS
(owned by Anders Bjerke, FMG N CEO)
334 092
2,5 %
Hallin AS (employee FMG N)
104 175
0,8 %
Dresan AS (employee FMG N)
89 268
0,7 %
GGC AS
(owned by board member Jacob Gravdal)
76 460
0,6 %
Percam AS
71 210
0,5 %
Eirik Arnø (FMG N COO)
70 400
0,5 %
Celcas AS
65 846
0,5 %
Other
720 270
5,4 %
Total
13 249 974
100%
FMG - Annual Report 202111
The working environment is considered to be good, but efforts for
improvements are made on an ongoing basis based on feedback from
employee surveys.
Except from renumeration to two board members, First Mover Group
Holding AS had no employees in 2021.
Allocation of Total comprehensive income of the year
The Board of Directors proposes to the Annual General Meeting that
the Total comprehensive income of the year of the Group of NOK
-52.3m is charged to ‘Other equity’.
Outlook
The outlook for 2021 looked promising same time last year. The
expectations for 2021 was a gradual recovery back to pre-Covid-19
levels towards the last quarter of 2021. We experienced repetitive
shutdowns and specially the lock down in Q4 2021, as result of the
omicron mutation, made us miss our expectations of the year.
FMG published 31 March 2022 a 5 years Business Plan where we
shared our market and financial outlook for the next 5 years. The
overall market outlook remains attractive, and we see opportunities in
all our key markets. Until the Group has properly recovered from its
current position and again comply with debt covenants, no large
investments or M&A will take place. The Group expects an average of
5% growth in revenue per year the next five years.
As all future projections, risks are involved. Unforeseen events
impacted by elements like pandemics and political conflicts will
impact the development. We have however seen a relatively good
stickiness of our revenue in the two years of pandemic where home
office, the main threat to our services, were heavily imposed.
Although FMG has a positive market outlook, and the expectations
that our market will return to pre-Covid-19 levels, the Group needs
more time to revert to the levels of profitability experienced pre-
Covid-19. The Group is yet to see the level of long-term large projects
out in the market as pre-Covid-19 and the last two years cost cutting
projects has taken its tolls on the ability to handle high revenue
seasons. In addition, extraordinary increase in costs and more
competition puts pressure on margins.
The Group’s main goals are profitable growth and strengthened
position across the value chain in all key markets. Based on a re-
covering market, the Company expects to improve profitability and
strengthen cashflow from operations going forward.
The long-term effects and duration of Covid-19 are still uncertain, and
our outlook is hence characterized by uncertainty.
Environmental, Social and Governance reporting
Our biggest impact on the environment is our own influence through
our own activity and our efforts to influence customers’ activities.
Therefore, First Mover Group wants to reduce our own footprint and,
through our business, influence and contribute to raising awareness
and sustainability and corporate social responsibility for our customers
and partners. Each year we relocate approximately 40,000 employees.
This puts us in a unique position in the Nordic countries to influence
companies to make sustainable choices for their rental conditions.
The world is changing and so are we. To aim to meet the high
demands from our customers and other stakeholders, we have
launched our internal project FMGreen. FMGreen’s goals is to develop
new sustainable solutions while reducing our own environmental
footprint and helping customers and partners raise awareness of
sustainability and corporate social responsibility. FMGreen’s vision;
Inspire Green Moving
We consider the work with sustainability and social responsibility as a
challenge and as an opportunity to change our industry. As a full chain
provider, we have a great opportunity to make positive changes for our
customers and the industry. We work with exceptional people within
our own company as well as our customers and partners. We want to
develop our industry and meet the challenges of sustainability and
social responsibility together. The strategy and approach we have to
sustainability and social responsibility is closely linked to FMG`s
vision; We Create Better Beginnings.
We Create Better Beginnings…
By executing a greener moving process
… By finding the perfect property
Our skilled tenant advisors help clients find the right premises that suit
their needs. There are many factors to consider, including location,
local environment and size. We want the environmental aspect to be
prioritized in this context as well. Some of the areas we focus on are
environmental requirement specifications, building technical
solutions - example; ventilation and solar cells, find climate-efficient
premises, a location with the right size can save clients and the
environment for unnecessary heating or–air-conditioning costs with
BREAM-certified premises.
... By managing the entire process
Our experienced advisors can guide clients through the entire process,
whether it is relocation, refurbishment or reorganizing current
premises to organizational changes. We believe that a relocation
process is an opportunity to make good and environmentally friendly
choices. Some of the areas we focus on are inventory registration to
find suitable furniture for reuse or for sale though our Re-Use solution
and sustainable procurement processes - example; FSC labeling on new
furniture.
FMG - Annual Report 202012
... By handling all logistics and assembly
Our competent project managers ensure an efficient relocation
process, and we emphasize that the process should have the least
possible negative impact on the local community. Every year we throw
8 000 tons of waste for our customers. The waste has a sorting rate of
95% in the various fractions to the environmental stations. We want to
reduce the amount of usable furniture we deliver to recycling for our
clients.
2021 was a good year for innovative solutions. We started our work
with our new direction, FMGreen – inspire green moving, and we
launched two technical innovations which will help us towards
reaching our UN sustainability goals; Virtual FMG and FMG Re-Use.
We also continued our collaboration with GoGood to develop the
portal used in FMG Re-Use further. We strongly believe that our work
with GoGood will make a big difference in the industry, and we have
already received positive feedback from our customers through pilot
projects.
The UN sustainability goals we believe are the most relevant to us is
goal nr 8, 12, 13 and 17. Our main goal is nr 12 - Responsible
consumption and production. Since a big part of our business is
disposal of surplus furniture, we see the importance of implementing
measures and activities to reduce the amount of furniture delivered to
recycling stations.
A big part of our business is to dispose of surplus furniture. Therefore,
we feel as a player on the front line with first-hand experience of how
much furniture and related material disposed each year, have an extra
responsibility to focus on sustainability goal 12. Sustainable
consumption and production, is about doing more and better with
less. It is also about decoupling economic growth from environmental
degradation, increasing resource efficiency and promoting sustainable
lifestyles.
Our focus is to reduce the amount of furniture we deliver to Norsk
Gjenvinning. Therefore, First Mover Group has established a strategic
collaboration with GoGood to enable a circular economy. Furniture as
a fraction is challenging and expensive to repurpose/recycle as they are
manufactured and composed of several different materials; for
example, bases in metals, frameworks in wood and with various textiles
of both synthetic and natural materials. Therefore, we have a goal to
redistribute, repair, and reuse office furniture in a circular model.
Social
The Group aims to be a workplace with equal opportunities and has
included in its policies regulations to prevent gender discrimination
regarding salary, promotion and recruiting. The Group has
traditionally recruited from environments somewhat dominated by
men. The Group had per 31 December 2021 453 FTEs, of which
10.8% are women. Our Board of Directors constitute of 40% women
and 60% men.
The Discrimination Act’s objective is to promote gender equality,
ensure equal opportunities and rights, and to prevent discrimination
due to ethnicity, national origin, descent, skin color, language, religion
and faith. The Group is working actively, determined and
systematically to encourage the act’s purpose within our business.
We also make sure we don’t contribute to human rights
violations. Sustainable development goal number 8 is important for
our organization and our ambitions are:
• No one should be injured or ill as a result of working at FMG.
• The gender balance among managers must reflect the gender
balance as it is in the entire organization.
• Ethnic diversity in the organization must reflect the ethnic
diversity in the communities in which we operate.
• Be an attractive workplace for existing and new employees.
Governance
Building trust through good corporate governance is key to the license
to operate for every company. First Mover Group continue to identify
ways to improve on transparency, supply chain management and
professional conduct to name a few core areas.
The Group is working to implement The Norwegian Corporate
Governance Board’s recommendation on corporate governance to our
corporate governance strategy. We have an employee’s representative
in our board of directors which consists of 40% women. There are two
external directors, broadening the boards competencies in the areas of
legal, HR, strategy and finance. All board members own shares in the
company. External board members receive board renumeration. The
two external board members have had consultancy projects for the
company during 2021 amounting to NOK 80k.
The Group has developed a 5-year strategy plan with corresponding
references to capital structure, budgets and dividend policies. The
shares in First Mover Group Holding AS has equal voting rights. The
transfer of shares is subject to the Board's approval in accordance with
the rules set out in the Companies Act. All quarterly reports are
subject to approval and run-through of the auditing committee.
Insurance
The board of directors in First Mover Group Holding AS and Group
CEO are covered by an insurance policy for their potential
responsibility towards the company and any related parties herein. The
Group directors are covered in RiskPoint AS with an amount of NOK
10m. This insurance also covers the subsidiaries board members in
companies owned more than 50%, which are all group companies.
FMG - Annual Report 202113
We confirm that the financial statements for the year 2021, to the best of our knowledge, have been prepared in
accordance with International Financial Reporting Standards (IFRS), gives a true and fair view of the company’s and
Group’s consolidated assets, liabilities, financial position and results of operations, and that the annual report includes a
fair review of the development, results and position of the company and Group, together with a description of the most
central risks and uncertainty factors facing the Group.
THE BOARD OF DIRECTORS OF FIRST MOVER GROUP HOLDING AS
SKØYEN, 2 MAY 2022
14 FMG - Annual Report 2021
15
(amounts in NOK)
(amounts in NOK)
1) The results for 2021 are negatively impacted by NOK 8.0m and in 2020, 1.0m due to IFRS 16 effects related to leasing contracts (real estate and vehicles)
FMG - Annual Report 2021
Notes
2021 2020
Net Income (49 434 976 ) (4 322 751 )
Other Comprehensive Income
Items which may be reclassified over profit and loss in subsequent periods
Exchange differences (2 840 148 ) (1 012 596 )
Net Other Comprehensive Income
(2 840 148 ) (1 012 596 )
Total Comprehensive Income for the year (52 275 124 ) (5 335 347 )
Total Comprehensive Income attributable to:
Equity holders of the parent company (52 275 124 ) (5 335 347 )
Group (IFRS)
Notes
2021 2020
Continuing operations
Revenue from contracts with customers
Other operating income 22 175 648 5 559 595
Total revenue 3, 4
External hired crew
Cost of goods sold
5 61 905 123 58 809 914
Salary and personell costs
6, 7 240 219 426 229 260 388
Depreciation
13, 14, 15 31 869 810 22 401 359
Impairments
14, 15
Other operating expenses 8 55 219 940 47 797 924
Operating profit (26 912 609 ) 18 205 705
Financial income
9 487 389 888 334
Financial expenses 9 24 484 189 20 769 518
Profit before tax (50 909 409 ) (1 675 480 )
Income tax expense 10 (1 474 433 ) 2 647 271
Net Income (49 434 976 ) (4 322 751 )
Earnings per share:
- Basic 11 (3,73 ) (0,33 )
- Diluted 11 (3,73 ) (0,33 )
16
(amounts in NOK)
FMG - Annual Report 2021
Notes
31.12.2021 31.12.2020
ASSETS
Non-current assets
Right-of-use assets
14
Intangible assets
15
Goodwill
15
Deferred tax assets
10
Property, plant and equipment
13
Other non-current assets
Total non-current assets 417 165 730 387 541 771
Current assets
Inventories
Accounts receivable
18
Other short term recevivable
Restricted escrow account
19
Cash and cash equivalents
19
Total current assets 110 550 231 144 770 258
TOTAL ASSETS 527 715 962 532 312 029
EQUITY AND LIABILITIES
Equity
Paid in capital
Share capital
20
Share premium
20
Total paid in capital 77 554 059 77 554 059
Other equity
Other equity
(54 938 062 ) (3 187 283 )
Total other equity (54 938 062 ) (3 187 283 )
Total equity 22 615 997 74 366 776
Non-current liabilities
Interest-bearing loans and borrowings
21
Non-current lease liabilities
14
Other non-current financial liabilities
16
Deferred tax liabilities
10
Total non-current liabilities 169 057 799 131 809 837
Current liabilities
Current lease liabilities
14
Short term interest bearing debt
21
Accounts payable and other current liabilities
16, 22
Liabilities for current tax
10
Public taxes owed
Total current liabilities 336 042 166 326 135 416
Total liabilities 505 099 965 457 945 253
TOTAL EQUITY AND LIABILITIES 527 715 962 532 312 029
Group (IFRS)
17
(amounts in NOK)
FMG - Annual Report 2021
Notes Share capital Share premium Currency
effects
Other equity Total equity
Equity as at 01.01.2020 20 131 692 75 858 767 36 948 2 111 117 78 138 524
Issue of share capital and share premium 808 1 562 792 - - 1 563 600
Net Income - - - (4 322 751 ) (4 322 751 )
Net Other Comprehensive income - - (1 012 596 ) - (1 012 596 )
Equity 31.12.2020 20 132 500 77 421 559 (975 648 ) (2 211 634 ) 74 366 776
Issue of share capital and share premium - - - - -
Net Income - - - (49 434 976 ) (49 434 976 )
Net Other Comprehensive income - - (2 840 148 ) - (2 840 148 )
Other adjustments - - - 524 345 524 345
Equity 31.12.2021 20 132 500 77 421 559 (3 815 796 ) (51 122 266 ) 22 615 997
Group (IFRS)
THE BOARD OF DIRECTORS OF FIRST MOVER GROUP HOLDING AS
SKØYEN, 2 MAY 2022
18
(amounts in NOK)
FMG - Annual Report 2021
Group (IFRS)
Notes
2021 2020
Cash flow from operating activities
Profit before tax (50 909 409 ) (1 675 480 )
Taxes paid 10 (3 036 336 ) (909 571 )
Gain/loss on sale Property, plant and equipment 13 363 616 (576 240 )
Depreciations 13,14,15 31 869 810 28 520 409
Impairments 13,14,15 33 257 345 -
Net financial expenses 22 355 281 19 643 925
Change in Working capiral 3 067 507 9 425 584
Net cash flow from operating activities
Cash flows from investing activities
Sale of Property, plant and equipment 13 4 814 134 637 399
Purchase of Property, plant and equipment 13 (2 848 461 ) (1 800 360 )
Sale of Intangible assets 15 - (1 068 476 )
Purchase of Intangible assets 15 (5 253 644 ) (6 251 535 )
Acquisition of subsidiary, net of cash acquired - (27 806 203 )
Net cash flow used in investing activities
(3 287 971 ) (36 289 176 )
Cash flows from financing activities
Net repayments of overdraft facility (RCF) (485 949 ) 493 999
Proceeds from new borrowings (incl Bond fee) 2 408 105 2 598 885
Repayment of borrowings (3 692 903 ) 2 169 494
Issue of new Equity - 1 563 600
Payments of interests on loans and borrowings 9, 21 (15 758 943 ) (14 808 764 )
Payment of interest on lease liabilities 14 (6 596 337 ) (4 835 161 )
Payment of principal portion of lease liabilities 14 (26 512 754 ) (17 391 437 )
Cash flows from financing activities
(50 638 782 ) (30 209 384 )
Net currency translation effect (36 687 ) (123 942 )
Net increase/(decrease) in cash and cash equvivalents (16 995 626 ) (12 193 875 )
Cash and cash equivalents at beginning of period 44 061 685 52 896 221
Cash from subsidiaries acquired - 3 359 339
Cash and cash equivalents at end of period 19
19 FMG - Annual Report 2021
FMG - Annual Report 202120
Specification of the notes
Note
Accounting principles
Going concern and financial risk management
1
2
Segment information 3
Profit and loss statement
Revenue from contracts with customers 4
Cost of goods sold 5
Salary and personnel expenses and management renumeration 6
Pensions 7
Other Operating Expenses 8
Finance cost, finance income and other income 9
Income tax 10
Earnings per share 11
Changes from Q4 report and annual report 12
Non-current assets
Property, plant and equipment 13
Leases (IFRS 16) 14
Intangible assets 15
Impairment testing of goodwill 15
Categories of financial assets and financial liabilities 16
Reconciliation for liabilities arising from financing activities 16
List of subsidiaries 17
Current assets
Accounts receivables and contract assets 18
Cash and cash equivalents 19
Equity information – share capital, shareholder information and dividend 20
Liabilities – Loans 21
Other
Contingent liabilities 22
Business Acquisition 23
Events after the balance sheet date
Related parties’ transactions
24
25
21
Note 1. General information, basis for preparation
and significant assumptions
General information
First Mover Group (the Group), is a limited liability company
incorporated and domiciled in Norway, with its head office in
founded 2 July 2018.
First Mover Group is a growing company providing advisory and
logistic services to firms in relation to office relocation and consists of
several brands that all address the market that arises when a company's
lease agreement is about to expire. The process begins with search
arbitration, continues with advice on designing new or reused
office/store areas. The physical part of the process starts with good
planning and efficient execution of both furniture assembly and
business relocation. First Mover Group is the largest company in its
niche in Scandinavia.
These consolidated financial statements have been approved for
issuance by the Board of Directors on 2 May 2022 and is subject to
approval by the Annual General Meeting on 14th May 2022.
Basis of preparation
The consolidated financial statements have been prepared in
accordance with applicable international standards for financial
reporting (IFRS) and interpretations from the IFRS Interpretation
Committee (IFRIC), as approved by the EU.
The consolidated financial statements are based on a modified
historical cost principle. The accounting principles used are consistent
with last year. These consolidated financial statements have been
prepared on the assumption of going concern.
New standards, interpretations and amendments adopted from
1 January 2021
There are no new amended accounting standards or interpretations
issued by the IASB effective from 1 January 2021 impacting the
financial statements of the Group for the year ended 31 December
2021.
New standards, interpretations and amendments not yet
effective
There are several standards, amendments to standards, and
interpretations which have been issued by the IASB that are effective
in future accounting periods that the group has decided not to adopt
early. None of these are expected to have significant effect on the
financial statements of the Group.
Consolidation principles
The Group’s consolidated financial statements comprise the parent
company and its subsidiaries as of 31 December 2021. Subsidiaries are
all entities over which the Group has control. The Group controls an
entity when the Group is exposed to, or has rights to, variable returns
from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is
transferred to the Group. They are deconsolidated from the date that
control ceases.
Intercompany transactions, balances and unrealized gains on
transactions between Group companies are eliminated. Unrealized
losses are also eliminated unless the transaction provides evidence of an
impairment of the transferred asset. Accounting policies of
subsidiaries have been changed where necessary to ensure consistency
with the policies adopted by the Group. Non-controlling interests in
the results and equity of subsidiaries are shown separately in the
consolidated statement of profit or loss, statement of comprehensive
income, statement of changes in equity and balance sheet,
respectively.
Presentation currency
The Group’s presentation currency is Norwegian Kroner (NOK).
This is also the parent company’s functional currency.
Foreign currency transactions and balance
Transactions in foreign currencies are translated to the respective
functional currencies of the Group entities at the exchange rate at the
date of the transaction. Monetary assets and liabilities denominated in
foreign currencies at the balance sheet date are retranslated to the
functional currency at the exchange rate on that date.
Foreign operations
The results and balance sheet items of subsidiaries that have a
functional currency different from the Group’s presentation currency
(NOK) are translated to NOK as follows:
• Assets and liabilities, including goodwill and applicable
consolidation adjustments, for each balance sheet presented, are
translated at the closing rate on the date of that balance sheet
• Income and expenses for each income statement are translated at
the average exchange rates for the year, calculated on the basis of
four quarterly averages
Foreign exchange translation differences arising from this translation
are recognized in other comprehensive income and presented as a
separate component in equity. These translation differences are
reclassified to the income statement upon disposal or liquidation of
the related operations. All historical translation differences were set to
zero at the date of transition to IFRS in accordance with IFRS 1.
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these
consolidated financial statements are set out below. The financial
statements have been prepared on a historical cost basis, except for fair
value of contingent considerations in business combinations. The
consolidated financial statements are presented in Norwegian kroner
(NOK). Accounting policies and basis of consolidation have been
consistently applied to all periods presented, unless otherwise stated.
They have been applied under the assumption of going concern.
FMG - Annual Report 2021
22
Business combinations
Business combinations are accounted for using the acquisition
method at the acquisition date, which is the date on which control is
transferred to the group. Costs related to the acquisition that the
group incurs in connection with a business combination are expensed
as incurred. On the acquisition date, the identifiable assets acquired,
and the liabilities assumed are recognized at their fair value, except for
deferred tax assets or liabilities are recognized and measured in
accordance with IAS 12 (income taxes). Goodwill represents the excess
of the cost of an acquisition over the fair value of the Group’s share of
the identifiable assets acquired and the liabilities assumed and is
recognized at cost. Goodwill is allocated to cash generating units
(CGU) and not amortized but tested for impairment at least annually
Cash generating unit
A cash-generating unit (CGU) is the smallest identifiable Group of
assets that generates cash flows that are largely independent of cash
inflows from other assets or Groups of assets. In order to identify
whether cash flows from an asset (or a Group of assets) are
independent of cash flows from other assets (or Groups of assets),
management assesses various factors, including how operations are
monitored . Each CGU or Group of CGUs to which goodwill has
been allocated represent the lowest level in the entity where goodwill is
monitored for internal management purposes. The Group of CGUs
are in all instances no larger than an operating segment as defined in
IFRS 8 Operating Segments.
Impairment of goodwill or other non-current assets
Impairment losses are recognized in profit and loss. Impairment losses
recognized in respect of CGUs are allocated first to reduce the carrying
amount of any goodwill allocated to the CGU (or Group of CGUs)
and then, to reduce the carrying amount of the other non-current
assets in the CGU (or group of CGUs) on a pro rata basis. An
impairment loss on goodwill is not reversed. An impairment loss on
other non-current assets 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 amortization, if no impairment loss had been
recognized.
Goodwill
Carrying amounts of intangible assets and equipment and fixtures are
reviewed at the end of each reporting period to determine whether
there is any indication of impairment. If any such indication exists,
then the asset’s recoverable amount is estimated. Goodwill and
intangible assets with indefinite useful life are tested for impairment
annually or more frequent if impairment indicators are identified. An
impairment loss is recognized if the carrying value of an asset or cash
generating unit exceeds its recoverable amount.
The recoverable amount of an asset or a CGU is the highest of their
estimated fair value less cost to sell and value in use. In assessing value
in use, estimated future cash flows are discounted to their present
value using a post-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the
asset or CGU. For the purpose of impairment testing, assets are
Grouped together into the smallest Group of assets that generate cash
flows independently of other assets or CGUs. Subject to the operating
segment limit, CGUs to which goodwill has been allocated are
aggregated so that the level at which impairment testing is performed,
reflects the lowest level at which goodwill is monitored for internal
reporting purposes. Goodwill is allocated to Groups of CGUs that are
expected to benefit from the business combination in which the
goodwill arose.
Software development
Expenditure on software development activities is capitalized if the
project is technically and commercially feasible, the group has
sufficient resources to complete development, and is able to measure
reliably the expenditure attributable to the intangible asset during its
development. The expenditure capitalized includes primarily direct
labor attributable to preparing the asset for use. Capitalized
development expenditure is stated at cost less accumulated
amortization and impairment losses. Straight-line amortization is
applied over the estimated useful life of the asset, from the date it is
available for use. The carrying value of capitalized development is
reduced by government grants when applicable. Expenditure on
research is expensed as incurred.
Government grants
Government grants are recognized when it is reasonably certain that
the company will meet the conditions stipulated for the grants and
that the grants will be received. Grants are deducted from the cost
which the grant is meant to cover. Investment grants are capitalized
and recognized systematically over the asset’s useful life. Investment
grants are recognized either as deferred income or as a deduction of the
asset’s carrying amount. For Covid-19 a special Government grant has
been issued which gives reimbursement for unavoidable fixed costs for
companies qualifying by showing a 30% reduction in external income.
Equipment and fixtures
Equipment and fixtures are stated at historical cost less accumulated
depreciation and any impairment charges. Depreciations are calculated
on a straight-line basis over the assets’ expected useful life and adjusted
for any impairment charges. Expected useful lives are reviewed
annually and, where they differ significantly from previous estimates,
depreciation periods are changed accordingly. Ordinary repairs and
maintenance costs are charged to the profit and loss during the
financial period in which they are incurred. Gains and losses on
disposals are determined by comparing the disposal proceeds with the
carrying amount and are included in operating profit.
Equipment and fixtures are reviewed for potential impairment
whenever events or changes in circumstances indicate that the carrying
amount of an asset exceeds its recoverable amount. The difference
between the assets carrying amount and its recoverable amount is
recognized in the income statement as impairment. Equipment and
fixtures that have suffered impairment are reviewed for possible
reversal of the impairment at each reporting date.
Financial instruments
A financial instrument is any contract that gives rise to a financial asset
of one entity and a financial liability or equity instrument of another
entity.
FMG - Annual Report 2021
23
Financial assets
The group's financial assets are primarily trade receivables, cash and
cash equivalents. The group classifies its financial assets in the
following categories: at fair value through profit and loss or at
amortized cost. The group currently does not have any financial assets
at fair value through profit and loss.
Trade receivables and other current receivables
Trade receivables are amount due from customers for services
provided in the ordinary course of business. Trade receivables and
other current receivables are initially recognized at fair value plus any
transaction costs. The receivables are subsequently measured at
amortized cost using the effective interest method, if the amortization
effect is material, less provision for impairment based on expected
credit losses. The group has an expected credit loss model for trade
receivables, whereby expected credit losses are recognized based on
ageing categories of trade receivables.
Cash and cash equivalents
Cash and the equivalents include cash on hand, deposits with banks
and other short-term highly liquid investments with original
maturities of three months or less.
Financial liabilities
Financial liabilities are classified, at initial recognition, as loans and
borrowings, payables, or as derivatives designated as hedging
instruments in an effective hedge, as appropriate. Derivatives are
recognized initially at fair value. Loans, borrowings and payables are
recognized at fair value net of directly attributable transaction costs.
Borrowings
Borrowings are recognized initially at fair value, net of transaction
costs incurred. Borrowings are subsequently measured at amortized
costs using the effective interest method. Finance charges, including
premium payable on settlement or redemption and direct issue costs,
are accounted for on an accrual basis in the income statement using
the effective interest method and are included within the carrying
amount of the instrument.
Trade creditors and other payables
Payables are measured at their nominal amount when the effect of
discounting is not material.
Income tax and deferred tax
Income tax consists of tax payable and changes to deferred tax. Tax is
recognized in the income statement, except to the extent that it relates
to items recognized in other comprehensive income or directly in
equity. In this case, the tax is also recognized in other comprehensive
income or directly in equity.
Deferred tax assets and liabilities are calculated on the basis of
temporary differences between the carrying amount of assets and
liabilities in the financial statement and their tax basis, together with
tax losses carried forward at the balance sheet date. Deferred tax assets
and liabilities are calculated based on the tax rates and tax legislation
that are expected to apply when the assets are realized or the liabilities
are settled, based on the tax rates and tax legislation that have been
enacted or substantially enacted on the balance sheet date. Deferred
tax assets are recognized only to the extent that it is probable that
future taxable profits will be available, against which the assets can be
utilized. Deferred tax assets and liabilities are not discounted. Deferred
tax assets and liabilities are offset when there is a legally enforceable
right to offset current tax assets against current tax liabilities and when
the deferred taxes assets and liabilities relate to income taxes levied by
the same taxation authority on the same taxable entity. The companies
included in the consolidated financial statement are subject to income
tax in the countries where they are domiciled.
Provisions
A provision is recognized when the Group has an obligation (legal or
constructive) as a result of a previous event, it is probable (more likely
than not) that a financial settlement will take place as a result of this
obligation and the size of the amount can be measured reliably. If the
effect is considerable, the provision is calculated by discounting
estimated future cash flows using a discount rate before tax that
reflects the market’s pricing of the time value of money and, if
relevant, risks specifically linked to the obligation.
Restructuring provisions are recognized when the Group has
approved a detailed, formal restructuring plan and the restructuring
has either started or been publicly announced.
Contingent liabilities and assets
Contingent liabilities are not recognized in the annual accounts,
except when part of the consideration of a business combination.
Significant contingent liabilities are disclosed, except for contingent
liabilities that are unlikely to be incurred. Contingent assets are not
recognized in the annual accounts but are disclosed if there is a certain
probability that a benefit will be added to the Group.
Revenue from contracts with customers
Revenue is generated by delivering relocation services. The group
provides a range of services, including commercial real estate
brokerage, consulting, project management and execution of
relocation services. The group recognizes revenue from rendering of
services over time. Revenue from contracts with customers is
recognized when control of the services are transferred to the customer
at an amount that reflects the consideration to which the group
expects to be entitled in exchange for those services.
The Group has generally concluded that it is the principal in its
revenue arrangements, because it typically controls the services before
transferring them to the customer. The group is primarily delivering
its services based on time and material used and has in the most cases
legal rights for payment for services delivered at date. The service is
delivered either on an hourly basis, or a fixed price contract. The
performance obligation for sale of services is generally satisfied upon
delivery of the services. The group recognizes as revenue the agreed
transaction price in the contract with the customer in the period when
the group provide the relocation services to a customer. Revenue is
measured at the fair value of the consideration received or receivable.
Revenues are presented net of value added tax, discounts and after
eliminating sale within the Group. The group considers whether there
are other promises in the contract that are separate performance
obligations to which a portion of the transaction price needs to be
allocated. If the consideration in a contract includes a variable amount,
the group estimates the amount of consideration of which it will be
entitled in exchange of transferring the services to the customer. The
variable consideration is estimated at contract inception and
constrained until it is highly probable that a significant revenue
FMG - Annual Report 2021
24
reversal in the amount of cumulative revenue recognized will not
occur when the associated uncertainty with the variable consideration
is subsequently resolved.
Leases
The Group has applied IFRS 16 using the modified retrospective
approach with effect from 2 July 2018. IFRS 16 sets out the principles
for the recognition, measurement, presentation and disclosure of leases
and requires lessees to account for most leases under a single on-
balance sheet model. The group leases consists mainly of premises,
cars, trucks and some office equipment.
At the inception of a contract, the group assesses whether the contract
is or contains a lease. A contract is or contains a lease if the contract
regulate the right to control the use of an identified asset for a period
in exchange for a consideration. At the commencement date of a lease,
a lessee will recognize a liability to make lease payments and an asset
representing the right to use the underlying asset during the lease term.
The leases standard requires lessees to recognize right-of-use asset and
liabilities for most leases. Exceptions for short term leases, low value
leases, non-lease components and intangible assets have been adapted
by the group. Short term leases is defied as contracts over one year or
less. Low value assets is defined as contract value of NOK 50,000 or
less. For these leases, the group recognizes the lease payments as other
operating expenses in the statement of profit and loss when they
occur.
Lease liabilities are measured at the present value of the contractual
payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease or the Group’s
incremental borrowing rate.
Right-of-use assets are initially measured at the amount of the lease
liability reduced for any lease incentives received. Right-of-use assets
are amortized on a straight-line basis over the remaining term of the
lease or over the remaining economic life of the asset.
The right-of-use assets is measured at an amount equal to the lease
liability, adjusted by the amount of any prepaid or accrued lease
payments relating to the lease recognized in the statement of financial
position immediately before the date of initial application. Lessees will
be required to separately recognize the interest expense on the lease
liability and the depreciation expense on the right-of-use asset.
Pension plans
Obligations for contributions to defined contribution pension plans
are recognized as an expense in the income statement as incurred.
Cash flow statements
The cash flow statement is presented using the indirect method. Cash
and cash equivalents includes cash and bank deposits. Receipts and
payments are presented separately for investing and financing
activities, whilst operating activities include both cash and non-cash
line items. Interest received and paid, and dividends received are
reported as part of operating activities. Dividends paid are presented as
part of financing activities.
Classification of current and non-current items
An asset is classified as current when it is expected to be realized or
sold, or to be used in the Group’s normal operating cycle or falls due or
is expected to be realized within 12 months after the end of the
reporting period. Other assets are classified as non-current. Liabilities
are classified as current when they are expected to be settled in the
normal operating cycle of the Group or are expected to be settled
within 12 months of the end of the reporting period, or if the Group
does not have an unconditional right to postpone settlement for at
least 12 months after the balance sheet date.
Other new and revised IFRS standards in issue but not yet
effective
A number of limited scope amendments and interpretations and
another standard have been issued. These have been assessed to have
no material impact on the Group. Management expects to implement
these standards, amendments and interpretations on the
aforementioned effective dates, assuming that these have then been
adopted by the EU.
Significant estimates and judgements
The presentation of condensed interim consolidated financial
statements in conformity with IFRS requires the use of accounting
estimates and assumptions for the future. Management has, when
preparing the financial statements; made certain significant
assessments based on critical judgment when it comes to application of
the accounting principles.
Management has used estimates and assumptions that have affected
assets, liabilities, revenues, expenses and information on potential
liabilities. This particularly applies to the amortization of fixed assets,
capitalized development, evaluation of goodwill, evaluations related to
acquisitions, estimation of lease liabilities and estimation of
provisions.
Future events may lead to these estimates being changed. Estimates
and their underlying assumptions are reviewed on a regular basis and
are based on best estimates and historical experience. Changes in
accounting estimates are recognized during the period when the
changes take place. If the changes also apply to future periods, the
effect is divided among the present and future periods. Estimates and
assumptions, which represent a significant risk of a material
adjustment in the carrying value of assets and liabilities during the
coming financial year for the group concern the following items:
a) Business combinations: Business combinations require the use of
substantial judgement when assessing the fair value of the
consideration transferred, identifying, and valuing intangible assets.
b) Goodwill: The impairment test of goodwill is based on several
estimates and assumptions for instance about future cash flows and
discount rates.
c) Leases: The Group use its incremental borrowing rate as an estimate
to measure lease liabilities. The incremental borrowing rate is the rate
of interest that the Group would have to pay to borrow over a similar
term and with a similar security. The incremental borrowing rate
reflects what the Group would have to pay which requires estimation
when no observable rates are available.
d) Software: The group carries out software development activities
and projects. Some expenses incurred in the development phase of a
project require the use of judgements around the criteria's for
recognizing the development costs in the balance sheet.
FMG - Annual Report 2021
FMG - Annual Report 202125
Note 2. Going concern and financial risk management
Both 2020 and 2021 have been years where the Group have suffered under challenging market conditions. Reduced activity and increased costs due
to precautionary measures and increased sick leave have taken its tow on the finances of the Group. During 2021 the liquidity position in the
Group was further deteriorated. The Group is also in breach with its Leverage covenant on the NOK 200m bond which matures in September
2022. These two conditions are representing risks to the Group’s ability to continue as a going concern.
Going concern
Two main elements represent risks to the Group as a going concern and currently management’s main focus:
Liquidity:
The cash position of the group started in 2020 at NOK 76m and is reduced to NOK 51m at the end of 2021 with NOK 30m as restricted cash. In
the same period, we have engaged with Aros Kapital which acquires our customer receivables. This has increased our relative cash position by
receiving a large part of our invoices two to three weeks earlier. With a revenue of close to NOK 450m and a cost base close to the same level, the
Group currently has limited cash buffer to absorb any unforeseen events causing reductions or delays in revenue.
Refinance risk:
With a NOK 200m bond outstanding with 6% margin plus NIBOR the Group needs to produce a sizeable EBITDA, not only to account for our
interest, but to prove that we can either repay debt or defend a certain equity value. If the Group is not able to do so, refinancing of this debt will be
challenging. To support a long-term sustainable capital structure, we cannot re-finance the debt at terms that are not supported by our operation.
The two last years financial track record to the Group does not allow for such refinancing in the open market. The Group therefore needs to find a
solution that includes an extension of the maturity of the bond with its current Bondholders.
Due to multiple lockdowns and re-openings across all our geographies our financial results has been significantly hampered in 2021. This has in
turn resulted that during the last quarter of 2021 and through the first quarter of 2022 the Group has failed to comply with the Leverage ratio
covenants as defined in the Bond Term Sheet. In writing moment, FMG is in the process of addressing this issue with our bondholders. A five years
Recovery Plan was published the 31 March 2022 and presented to Bondholders as basis for developing a sustainable capital structure together. The
aim of the process is to develop a set of amendments to the current Bond Term Sheet that will support the Group as a going concern. The Group
need a short and long-term capital structure which will allow the Group to improve cash position and structurally recover profitability before
having to refinance in the open market.
A waiver valid through April 2022 was provided by bondholders in a bondholder’s meeting 15 March 2022 and with a bondholders’ resolution
providing an extension of the waiver period through May 2022. With a long-term and sustainable capital structure in place, the company is in a
solid position to maintain and enhance our market leader position as provider of quality services to our customers. FMG has a positive market
outlook, and we believe that our market will return to pre-Covid-19 levels.
The past two years have been challenging for the Group. Several rounds of restructurings and cost cutting programs has challenged both internal
culture and the general perception of the Group. It is management’s primary focus to regain Group’s internal and external momentum, focus on
business and reassure concerned employees by providing a long-term sustainable capital structure.
FMG - Annual Report 202126
Risk management
The Group is exposed to various financial risk factors through the Group’s operating activities, including interest rate risk, currency risk, credit risk
and liquidity risk as described below. The Group monitors and manages financial risks based on internal policies and standards set forth by
corporate management and approved by the Board of Directors.
Financial risk
The Group is financed with equity, bonds and short-term operating debt. The financial risk is considered to be high. The Group has a NOK 200m
bond outstanding as its main debt instrument in the capital structure. The Group is currently in breach with its covenant on Leverage ratio, see
note 21 and 24. The bond will mature on 20 September 2022, but the Group is in discussions with bondholders for an extension of the bond.
Interest risk
The Group is exposed to interest rate risk through its financial activities. The interest-bearing liabilities consists mainly of the NOK 200m bond
which includes two elements – 3 months NIBOR + 600 basis points. In addition, the Group has some short-term debt with floating interest rate
with limited exposure. The Group aims to secure the lowest possible interest rate payments over time within acceptable risk limits.
Credit risk
The Group has receivables to companies within the private and public sector in Norway, Sweden, Denmark and Germany. The risk that the
counterparty does not have the financial ability to fulfill its obligation is considered to be low. The Group has limited exposure to credit risk, and
historically losses on receivables has been low. See Note 18 for further information on trade receivables.
Currency risk
The Group has revenues and expenses in NOK, SEK, DKK and EUR and is exposed to currency exchange risk arising from the operating in
Sweden, Denmark and Germany. Change in currency rate between NOK and foreign currencies may influence the companies' statement of income
and equity. Overall, the Group is limited exposed to currency risk of any significant nature. Main monumental exposure is our Goodwill in Sweden
with NOK 15.0m in Swedish kronor and Denmark with NOK 9.3m in Danish kroner.
Liquidity risk
The Group is exposed to liquidity risk in a scenario of being unable to settle financial obligations at maturity. The Group has a cash pool
arrangement which is used to optimize liquidity management with a revolving credit facility of NOK 10.0m. The Group manages liquidity risk by
forecasting and monitoring cash and liquidity needs on short-term and long-term on a running basis. In September 2019, a NOK 200m bond with
three years maturity were issued mainly to be used for acquisitions and growth initiatives (see Note 21 for further information related to the bond).
On 31 December 2021, the Group had cash and cash equivalents of NOK 51m which includes an escrow account as described in Note 19,
excluding the revolving credit facility. Overall, the operating cash flow forecast is positive for the next years. However, after two years of Covid-19,
the available cash is low, and the Group has limited cash buffer for unforeseen events. The liquidity risk is assessed to be high in the short-term
outlook.
FMG - Annual Report 202127
*Calculated using the interest rate as of 31 December 2020
The loan amounts set out above may differ from the book value in the balance sheet due to the amortized cost principle and exclusion of loan items
related to IFRS 16. At 31 December 2020, the book value of the bonds amounts to NOK 196.0 m and a book value of acquired bonds of NOK
4.0m. The discount will be amortized in the period up to the maturity date.
Non-interest-bearing liabilities on balance sheet
A seller's credit to Realia at NOK 9.0m is classified as Other current liabilities in 2021, from Other non-current liabilities in 2020. Maturity
October 2022.
At inception of the lease contract in 2019 at our warehouse in Østre Akersvei 95, Oslo, an amount of NOK 12.5m was recognized as a financial
liability in our balance sheet. The liability is repaid through a yearly reduction in leasing cost other over the course of the 15-year long contract. At
31.12.2021 the residual amount is NOK 7.6m and classified as Other non-current financial liability.
The Lease liabilities in the balance sheet is a discounted figure, according to IFRS 16. In the table above, the undiscounted payments due are listed,
see Note 14.
*Calculated using the interest rate as of 31 December 2021
The loan amounts set out above may differ from the book value in the balance sheet due to the amortized cost principle and exclusion of loan items
related to IFRS 16. At 31 December 2021, the book value of the bonds amounts to NOK 198.3m and a book value of acquired bonds of NOK
2.86m. The discount will be amortized in the period up to the maturity date.
Overview of Financial liabilities and maturities
Interest-bearing liabilities
Bonds 200 000 000 200 000 000
Accrued interests* 13 000 000 9 750 000 22 750 000
Interest-bearing loans and borrowings
183 102 183 102
Non-interest-bearing liabilities
Accounts payable
82 280 914 82 280 914
Sellers credit and Office rent facility
9 000 000 8 333 333 17 333 333
Liabilities for taxes owed
31 409 041 31 409 041
Lease liabilities
27 243 579 22 224 188 18 583 624 14 719 358 75 361 889 158 132 638
Total 353 933 534 41 157 290 18 583 624 14 719 358 83 695 222 512 089 028
Period left
31.12.2020
Less than 1 year
1-2 years
2-3 years
3-4 years
More than 5
years
Total
Interest-bearing liabilities
Bonds 200 000 000 200 000 000
Accrued interests* 10 389 041 10 389 041
Interest-bearing loans and borrowings
2 125 533 2 125 533
Non-interest-bearing liabilities
Accounts payable
68 932 848 68 932 848
Sellers credit and Office rent facility
9 000 000 7 666 667 16 666 667
Liabilities for taxes owed
26 557 311 893 273 27 450 584
Lease liabilities
33 726 359 28 583 474 22 632 875 18 349 660 129 959 874 233 252 242
Total 348 605 558 31 602 281 22 632 875 18 349 660 137 626 541 558 816 915
Period left
More than 5
years
Total
31.12.2021
Less than 1 year
1-2 years
2-3 years
3-4 years
28 FMG - Annual Report 2021
Note 3. Segment information
The operating segments correspond to the management structure and the internal reporting to the Group's chief operating decision maker, defined
as the CEO. The operating segments reflect an allocation based on the type of operation. Segment performance is evaluated based on operating
profit or loss and is measured consistently with operating profit and loss in the consolidated financial statements. For management purposes, the
group is organized into business units based on the branches it operates, and has four reportable operating segments as follows:
Tenant Advisory
In the Tenant Advisory segment, the company supports tenants in defining future needs and conduct workplace analysis, search for new premises
and performs contract negotiations, conduct project management services including overall progress and financial follow-up, construction follow-
up, interior design specification, and procurement services. The company also has the license to sell commercial properties on behalf of clients.
Business Relocation
In the Business Relocation segment, the company provides a full range of services to businesses on the move. This include project management
services including detailed planning, budgeting and follow-up, coordination and execution of the relocation process, management of existing
furniture (move/sale/dispose) and management and coordination of all deliveries at the new facility.
Logistics and Assembly
In the Logistics and Assembly segment, the company provide various assembly and logistics services directly to providers of office furniture,
archives and shelves, kitchens and audio-visual equipment.
Other
The remaining of the Group’s activities including headquarter costs is included in "Other".
Information regarding the Group’s reportable segments is presented below.
In order to comply with IFRS 8, Business Relocation Denmark was included as a new operating segment in 2021. Segment operating profit
includes revenues and expenses from inter-segment transactions.
Capital expenditure consists of additions of property, plant and equipment, intangible assets and investment properties.
The revenue information is based on the location of the company.
Year ended 31 December 2021
Total
Tenant
Advisory
Norway
Business
Relocation
Norway
Logistics and
Assembly
Norway
Business
Relocation
Denmark
Other
IFRS16
Adjustments
Consolidated
Revenue 35 003 154 189 371 286 82 110 098 38 654 918 97 977 430 - 443 116 886
Operating expenses (23 585 968) (170 002 973) (59 176 348) (37 359 309) (147 885 116) 33 107 374 (404 902 340)
Depriciation (31 869 810) (31 869 810)
Impairment (33 257 345) (33 257 345)
Segment result/ Operating profit
11 417 187 19 368 313 22 933 750 1 295 609 (49 907 686) (32 019 781) (26 912 609)
Year ended 31 December 2020
Total
Tenant
Advisory
Norway
Business
Relocation
Norway
Logistics and
Assembly
Norway
Business
Relocation
Denmark
Other
IFRS16
Adjustments
Consolidated
Revenue 59 439 308 168 314 953 86 245 526 25 788 370 60 197 188 - 399 985 344
Operating expenses (49 189 721) (146 692 774) (85 230 526) (23 773 668) (76 605 576) 22 226 598 (359 265 668)
Depriciation (22 401 359) (22 401 359)
Impairment (112 613) (112 613)
Segment result/ Operating profit
10 249 587 21 622 179 1 015 000 2 014 702 (16 408 389) (287 374) 18 205 705
FMG - Annual Report 202129
The performance obligation for sale of services is generally satisfied upon delivery of the services. The services is deliver
ed
either on an hourly basis, or a
fixed price contract. The terms are delivery plus 14
-30 days for payment. This is valid for all services rendered.
Information about major customers
The group’s largest 5 clients represent approximately 12% of our total revenue in 2021. The Group has no major customers whic
h p
rovides over 10% of
the total revenue during the year 2021.
Other Operating Income
Governmental grants
In 2021 the group received a total of NOK 2.0m (5.3m) through governmental support schemes in connection to COVID
-19 in Norway a
nd Sweden.
Compared to 2020, Norway did not benefit from a short notice
- and payment-period for effectuating temporary leave to employees.
Note 4. Revenue from contracts with customers
Disaggregated revenue information
The Group’s revenue from contracts with customers has been disaggregated and presented in the tables below:
Reporting segments
2021
Norway Sweden Denmark Germany Total
Major products and services
Tenant Advisory 35 003 154 8 900 000 302 344 44 205 498
Relocation 189 371 286 16 961 461 38 654 918 1 871 137 246 858 803
Assembly 82 110 098 27 237 193 4 207 626 113 554 916
Other 10 793 158 9 480 675 18 223 835 38 497 668
Total 317 277 696 62 579 329 61 388 723 1 871 137 443 116 886
Reporting segments
2020 Norway
Sweden Denmark Germany Total
Major products and services
Tenant Advisory 59 439 308 6 689 752 1 703 833 67 832 893
Relocation 168 314 953 12 463 089 26 223 026 207 001 068
Assembly 86 245 526 16 491 279 401 305 103 138 110
Other 3 230 389 8 620 942 10 161 942 22 013 273
Total 317 230 176 44 265 062 38 490 106 - 399 985 344
FMG - Annual Report 202130
Note 5. Cost of goods sold
Note 6. Salary and personnel costs and management remuneration
Other cost of goods consists of relocation costs for other costs associated with consumables, complaints, garbage handling, change in inventories
and accruals. In 2020, accruals and reversals reduced the Other cost of goods sold, compared to 2021 figures.
Management and board renumeration
The group management team consist of Chief Executive Officer (CEO) and Chief Financial Office (CFO) that are all employed by First Mover
group AS. Renumerating showed in the table below includes the full year period 1 January 2021 – 31 December 2021.
The group management received a bonus based on financial and operational performance. The group management takes part in the general
pension scheme described in Note 7. No special agreements have been made for management’s termination agreements.
No member of the group management has received renumeration or economical benefit from other companies in the group other than what is
stated above. No additional renumerating has been given for services outside the normal function as a director.
See Note 20 for shares owned by group management and members of the board.
Board
remuneration
Salary Bonus
Benefits in
kind
Pension cost Total
Management
Eirik Arnø (CEO to 31.8)
1 101 029 - 4 751 44 041 1 149 821
Tore Martinsen (CEO from 1.9) 661 680 4 033 26 467 692 181
Øystein Leivestad (CFO)
1 412 425 124 907 19 547 56 497 1 613 376
Mats Vangbo (COO to 31.8) 941 140 - 14 615 37 646 993 401
Members of the Board
Tore Martinsen (Chairman and Group CEO) 192 500 192 500
Henriette Grønn
131 250 131 250
Eric Øverby (CEO FMG Norway AS)
-
Jakob Greger Gravdal 131 250 131 250
Julie Alexandra Imset -
Total remuneration 455 000 4 116 274 124 907 42 947 164 651 4 903 779
Salary and personell costs 2021 2020
Salaries and holiday pay
200 624 022 192 247 196
Social charges
30 753 320 28 603 466
Pension costs defined contribution plans
3 886 235 3 746 002
Other personnel costs
4 955 849 4 663 725
Total salary and personnel costs
240 219 426 229 260 389
The number of man-years that has been employed during the financial year: 453 497
Cost of goods sold 2021 2020
Sub-contracted work
26 800 301 29 512 763
Long term leasing
1 664 546 2 671 037
Transport expense
11 153 712 14 816 364
Transport maintenance cost
6 213 639 6 214 456
Tolls and fuel
6 454 042 4 591 302
Other cost of goods sold
9 618 883 1 003 991
Total Cost of goods sold 61 905 123 58 809 914
FMG - Annual Report 202131
Note 7. Pensions
Defined contribution plan
The Group's companies have defined contribution plans in accordance with local laws. The contribution plan for Norway covers all full-time
employees over 20 years old, and with an over 20% position out of a full year. It amounts to 2 % of the salary between 1-12G and 4% between 1-12G
in FMG AS where increase in pension was preferred one year instead of salary adjustment. The employees may influence the investment management
through an agreement with DNB Livselskap AS or chose a different supplier. There are separate agreements for the management group in the Group.
In Denmark the contribution plan cover all full-time employees and amount 8% of the salary and the employees cover 4% through agreement with
PFA and Pension Danmark. In Sweden the contribution plan cover The contribution is expensed when it is accrued. As of 31 December 2021.
The contributions to pension plans recognized as expenses amounts to NOK 3.9m in 2021.
Note 8. Other operating expenses
VAT is not included in the auditor’s fee specified above. Auditor’s fee includes the full year period 1 January 2021 – 31 December 2021.
Note 9. Finance items
Finance income 2021 2020
Interest income
150 126 494 126
Other financial income
337 264 394 208
Total financial income
487 389 888 334
Finance expenses 2021 2020
Interest on loans and borrowings
22 355 281 19 643 925
Other financial expenses
2 128 908 1 125 593
Total financial expenses
24 484 189 20 769 518
Specification of other operating expenses 2021 2020
Freight costs 112 081 152 831
Energy costs 1 603 528 917 831
Advertising 2 285 997 1 702 005
Repair and maintenance costs 310 107 171 162
Rental and leasing costs 6 622 141 1 796 512
Travel costs 4 882 873 4 015 268
Consultancy fees and external personnel 22 437 792 21 419 254
Bad debts (118 367) 279 083
Gain/loss on sale of assets 417 798 229 271
Insurances 4 241 306 4 545 545
Other operating costs 12 424 684 12 569 162
Total 55 219 940 47 797 924
Specification of auditor's fee 2021 2020
Statutory audit 2 828 449 2 671 817
Other assurance services 326 316
Tax consultant services -
Total 2 828 449 2 998 133
FMG - Annual Report 202132
Note 10. Income tax
Income tax expense:
2021 2020
Current tax:
Tax payable
378 119 3 790 655
Correction of previous period income taxes
- (32 636)
Deferred tax
Changes in deferred tax
(1 852 552) (1 110 748)
Tax expense
(1 474 433) 2 647 271
A reconciliation of the effective rate of tax:
2021 2020
Pre-tax profit (including discontinued operations)
(50 909 409) (1 675 480)
Income taxes calculated (22% NO, 21.4% SE, 32.6% DE)
(11 884 880) (368 606)
Adjustment of current income tax prior period
(1 842 522) (1 256 782)
Non deductible expenses/Non-taxible income
12 252 969 (1 021 884)
Other
- -
Tax expense
(1 474 433) (2 647 273)
Deferred tax and deferred tax assets:
31.12.2021 31.12.2020
Property, plant and equipment
(412 866) (1 552 253)
Tax losses carried forward
(7 133 592) (1 503 912)
Other
820 612 38 372
Tax-reducing differences that cannot be offset
(1 673 178) (3 904 082)
Deferred tax assets (gross)
(8 399 024) (6 921 875)
Net recognised deferred tax assets
(1 847 785) (1 522 813)
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets
and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the
same tax authority.
The Group has a total loss carried forward of NOK 1.5 million as at 31 December 2020, it does not expires. The Group
intend to utilize the tax losses carried forward in the foreseeable future. The net tax asset in the balance sheet is
NOK 1.5 million.
Reconciliation of net deferred tax assets: 2021 2020
Opening balance as of 1.1.2021
(412 065)
Tax expense/income recognised in profit and loss (incl. discontinued operations)
(1 110 784)
Net deferred tax liability as of 31.12.2021 - (1 522 849)
FMG - Annual Report 202133
Note 11. Earnings per share
The basic earnings per share are calculated as the ratio of the profit for the year that is due to the shareholders of the parent divided by the weighted
average number of ordinary shares outstanding.
When calculating the diluted earnings per share, the weighted average basic shares outstanding is adjusted for any dilutive effects for employee share
options or convertible bonds.
3) Average number of shares outstanding does not include the share increase in 2020 as shares were not registered as per 31.12.2020.
2021 2020
Profit for the year due to holders of ordinary shares
Profit for the year from continuing operations
(49 434 976) (4 322 751)
Profit for the year due to the holders of ordinary shares
(49 434 976) (4 322 751)
2021 2020
Average number of shares outstanding (Note 20)³
13 250 074 13 169 323
Effect of dilutive potential ordinary shares:
Convertible bonds
0 0
Share options
0 0
Diluted average number of shares outstanding
13 250 074 13 169 323
Basic earningss/loss per share in NOK
(3,73) (0,33)
Diluted earnings/loss per share in NOK
(3,73) (0,33)
Note 12. Changes from Q4 report and annual report
The figures included in these financial statements deviates from figures included in the Q4 report due to issue reviled during the preparation of
these financial statements and the finalization of the group audit. The changes in the income statement is presented below:
Other operating income and Impairments changed as result of changing from net presentation of Impairment vs. reduction of debt related to sellers'
credits and earn outs. As a result of the adjustment the Net Profit for 2021 increased, affecting the equity of the Group.
As reported in Q4 Annual report
Other operating income 13 825 735 22 175 648
Impairments 26 257 345 33 257 345
Total comprehensive income of the year (54 898 288) (52 275 124)
Equity 19 468 488 22 615 997
FMG - Annual Report 202134
Note 13. Property, plant and equipment
Machinery and
equipment
Furniture and
vehicles
Total
Acquisition cost 1 January 2021
4 918 690 7 251 484 12 170 174
Additions from acquisition of companies
- - -
Acquired impairments from acquired companies
- - -
Disposals
- - -
Net Additions
(2 868 972) 903 299 (1 965 673)
Acquisition cost 31 December 2021 2 049 718 8 154 783 10 204 501
Accumulated depreciation and impairment 1 January 2021
(1 903 503) (3 990 800) (5 894 303)
Impairments
- - -
Depreciation
(565 687) 95 462 (470 225)
Exchange differences
- - -
Accumulated depreciation and impairment 31 December 2021 (2 469 190) (3 895 338) (6 364 528)
Carrying value 31 December 2021 (419 472) 4 259 445 3 839 973
Economic life 3-5 years 5-10 years
Depreciation method Linear Linear
Acquisition cost 1 January 2020
5 339 674 834 487 6 174 161
Additions from acquisition of companies
- 4 195 653 4 195 653
Acquired impairments from acquired companies
- -
Disposals
- - -
Net Additions
(420 984) 2 221 344 1 800 360
Acquisition cost 31 December 2020 4 918 690 7 251 484 12 170 174
Accumulated depreciation and impairment 1 January 2020
(1 340 297) (3 651 234) (4 991 531)
Impairments
- - -
Depreciation
(563 206) (339 566) (902 772)
Exchange differences
- - -
Accumulated depreciation and impairment 31 December 2020 (1 903 503) (3 990 800) (5 894 303)
Carrying value 31 December 2020 3 015 187 3 260 684 6 275 871
Economic life 3-5 years 5-10 years
Depreciation method Linear Linear
FMG - Annual Report 202135
Note 14. Leases
Right-of-use assets
The Group leases consist mainly of premises, vehicles, trucks and some office equipment. The Group’s right-of-use assets are categorized and
presented in the table below.
Premises Vehicles Other leases Total
Acquisition cost 1 January 2021
121 767 603 36 729 386 417 064 158 914 053
Addition of right-of-use assets 13 724 254 3 848 154 692 667 18 265 075
Adjustments 74 036 458 (4 210 064) 69 826 394
Disposals (5 981) (5 981)
Acquisition cost 31 December 2021 209 528 314 36 361 495 1 109 731 246 999 540
Accumulated depreciation and impairment 1 January 2021 17 963 500 12 276 399 162 939
30 402 838
Depreciation 18 414 150 9 655 480 126 906 28 196 536
Impairments 5 657 777 692 681 6 350 458
Currency exchange differences
1 704 224 148 114 1 852 338
Accumulated depreciation and impairment 31 December 2021 43 739 651 22 772 674 289 845
66 802 170
Carrying amount of right-of-use assets 31 December 2021 165 788 663 13 588 821 819 886
180 197 370
Premises Vehicles Other leases Total
Acquisition cost 1 January 2020 91 142 500 11 777 533 132 639
103 052 672
Addition of right-of-use assets 27 456 178 25 525 190 284 425 53 265 793
Adjustments 3 168 926 (573 337) 2 595 589
Acquisition cost 31 December 2020 121 767 603 36 729 386 417 064 158 914 053
Accumulated depreciation and impairment 1 January 2020 6 657 466 3 509 858 58 951
10 226 275
Depreciation 11 192 272 8 766 541 103 988 20 062 801
Impairments 113 761 113 761
Accumulated depreciation and impairment 31 December 2020 17 963 500 12 276 399 162 939
30 402 838
Carrying amount of right-of-use assets 31 December 2020 103 804 103 24 452 987 254 125
128 511 218
Lower of remaining lease term or economic life
1-15 years 1-3 years 1-3 years
Depreciation method
Linear Linear Linear
Lease liabilities 2021
Undiscounted lease liabilities and maturity of cash outflows
Total
Less than 1 year 33 726 359
1-2 years 28 583 474
2-3 years 22 632 875
3-4 years 18 349 660
4-5 years 15 376 312
More than 5 years 114 583 561
Total undiscounted lease liabilities at 31 December 2021
233 252 242
Summary of the lease liabilities
Total
At initial application 01.01.2021 133 050 610
New lease liabilities recognised in the year
17 914 620
Cash payments for the lease liability
(33 109 091)
Interest expense on lease liabilities
6 596 337
Adjustments
69 309 233
Currency exchange differences
(2 150 470)
Total lease liabilities at 31 December 2021
191 611 239
Current lease liabilities
33 314 816
Non-current lease liabilities
158 296 422
Total cash outflows for leases including interests
(33 109 091)
Summary of other lease expenses recognised in profit or loss 2021
Total
Variable lease payments expensed in the period
Operating expenses in the period related to short-term leases (including short-term low value assets)
2 111 599
Operating expenses in the period related to low value assets (excluding short-term leases included above)
83 168
Total lease expenses included in other operating expenses 2021
2 194 767
The leases do not contain any restrictions on the Group’s dividend policy or financing. The Group does not have significant residual value guarantees related to its leases to
disclose.
FMG - Annual Report 202136
Practical expedients applied
The Group also leases personal computers, IT equipment and machinery with contract terms of 1 to 3 years. The Group has applied the practical
expedient to not recognize lease liabilities and right-of-use-assets for short-term leases, presented in the table above. The leases are instead expensed
when they incur. The Group will also apply the practical expedient of low value items.
Extension options
The Group’s lease of buildings have lease terms that vary from 1 to 13 years and several agreements involve a right of renewal which may be
exercised during the last period of the lease terms. The Group assesses at the commencement whether it is reasonably certain to exercise the renewal
right.
The Group as a lease
The Group has 1 sublease arrangement of office building of NOK 8.0m running from 1 October 2021 and NOK 1.1m prior to 1 October 2021.
Subleases where the Group is the intermediate lessor, are considered finance leases when the head leases and the subleases have corresponding or
similar terms. At initial recognition, the right-of-use asset held the under sublease are derecognized and the net investment in the lease are
recognized in the financial position as a receivable. Any differences between the net investment and the right-of-use asset held by the Group are
recognized immediately in the profit or loss.
Bankruptcy in Sweden
The Group filed Søder Stadsbud Ab bankrupt the 13. January 2021 after several attempts to restructure the company out of a challenging
situation. Consequently, a negative temporary effect will hit the P&L of the Group from IFRS 16. The right of use of assets termination date, in
the subsidiary, was set to date of bankruptcy. The liabilities will however remain intact until the date of the bankruptcy and the subsidiary seize to
exist as part of the Group. The effect on Net Profit due to impairment caused by difference between liabilities and right of use assets from IFRS 16
was NOK (6.0)m in 2021. The negative effect related to the bankruptcy will be corrected in Q1 2022 when the liabilities are also set to zero.
Lease liabilities 2020
Undiscounted lease liabilities and maturity of cash outflows
Total
Less than 1 year 27 243 579
1-2 years 22 224 188
2-3 years 18 583 624
3-4 years 14 719 358
4-5 years 11 543 797
More than 5 years 63 818 092
Total undiscounted lease liabilities at 31 December 2020
158 132 638
Summary of the lease liabilities
Total
At initial application 01.01.2020 93 419 314
New lease liabilities recognised in the year
53 215 795
Cash payments for the lease liability
(22 176 598)
Interest expense on lease liabilities
4 835 161
Adjustments
2 595 589
Currency exchange differences
1 161 349
Total lease liabilities at 31 December 2020
133 050 610
Current lease liabilities
27 159 463
Non-current lease liabilities
105 891 147
Total cash outflows for leases including interests
(22 176 598)
The leases do not contain any restrictions on the Group's dividend policy or financing. The Group does not have significant residual value guarantees related to
its leases to disclose.
Summary of other lease expenses recognised in profit or loss 2020
Total
Variable lease payments expensed in the period
Operating expenses in the period related to short-term leases (including short-term low value assets)
1 759 686
Operating expenses in the period related to low value assets (excluding short-term leases included above)
36 826
Total lease expenses included in other operating expenses 2020
1 796 512
FMG - Annual Report 202137
Note 15. Intangible assets
Allocation of goodwill to cash-generating units
Recognized goodwill in the Group amounts to NOK 207m on 31 December 2021. Goodwill is mainly derived from the acquisition of First Mover Group AS, Realia
AS, AB Move4U i Syd, Resultat Prosjektledning Sverige AB and SIRVA Aps (Adam Transport Co. Aps). Goodwill is tested for impairment by groups of cash-
generating units (CGU) equal to the defined operating segment in accordance information presented in Note 3. Tenant Advisory, Business Relocation, Logistics &
Assembly and Other for each respective country was defined as a separate cash-generating unit (CGU) within the Group.
Impairment testing of goodwill
Goodwill is tested for impairment at least annually, or when there are indications of impairment. The impairment test was performed by the
company every quarter. The recoverable amount is set to the estimated value in use. The value in use is the net present value of the estimated cash flow before tax,
using a discount rate reflecting the timing of the cash flows and the expected risk.
2021 Software and tools Goodwill Total
Acquisition cost 1 January 2021
18 006 579 233 804 457 251 811 036
Additions - acquired separately
5 253 644 - 5 253 644
Acquisition of businesses - - -
Disposals 1 476 799 1 476 799
Tax relief (skatte funn) -
Impairments (26 906 887) (26 906 887)
Exchange differences
- - -
Acquisition cost 31 December 2021 24 737 022 206 897 571 231 634 593
Accumulated depreciation and impairment 1 January 2021
2 340 107 - 2 340 107
Depreciation
3 203 050 - 3 203 050
Exchange differences - - -
Accumulated depreciation and impairment 31 December 2021 5 543 157 - 5 543 157
Carrying value 31 December 2021 19 193 865 206 897 571 226 091 436
2020 Software and tools
1
Goodwill
Total
Acquisition cost 1 January 2020 11 755 044 198 996 464 210 751 508
Additions - acquired separately
6 251 535 - 6 251 535
Acquisition of businesses
40 814 429 40 814 429
Impairments
(6 006 437) (6 006 437)
Exchange differences
- -
Acquisition cost 31 December 2020 18 006 579 233 804 457 251 811 036
Accumulated depreciation and impairment 1 January 2020
904 324 - 904 324
Depreciation
1 435 783 - 1 435 783
Disposals
- - -
Exchange differences
- - -
Accumulated depreciation and impairment 31 December 2020 2 340 107 - 2 340 107
Carrying value 31 December 2020 15 666 472 233 804 457 249 470 929
1
Carrying value of other intangibles related to MoveIt system was transferred to Software 01 December 2020.
The software transfer is shown in Acquisition cost 1 January 2020 and contains the entire amount of 5,9 mNOk and the depreciation of 0,6 mNOK.
Economic life
5 years Infinite
Depreciation method
Linear Not applicable
Goodwill is not amortized, but tested yearly for impairment. The Goodwill impairment is described under the impairment testing of goodwill.
31.12.2021
Overview of the goodwill for the group: Norway Sweden Denmark Germany Total
Relocation 133 326 319 6 699 945 5 641 665 - 145 667 929
Assembly 24 868 910 1 378 052 109 154 - 26 356 116
Tenant advisory 23 971 400 6 849 400 657 912 - 31 478 712
Other - - 3 394 813 - 3 394 813
Total 182 166 629 14 927 397 9 803 544 - 206 897 571
31.12.2020
Overview of the goodwill for the group: Norway Sweden Denmark Germany Total
Relocation 133 326 319 11 814 978 5 652 318 - 150 793 615
Assembly 24 868 910 11 485 559 109 359 - 36 463 828
Tenant advisory 23 971 400 11 762 526 659 154 - 36 393 080
Other - 6 783 748 3 370 186 - 10 153 934
Total 182 166 629 41 846 811 9 791 017 - 233 804 457
First Mover Group AS incurred impairments in Sweden, primarily following bankruptcy of Søder Statsbud AB.
FMG - Annual Report 202138
Assessment of value in use
The value in use for the CGU for all companies has been calculated by using estimated cash flows based on the budgets approved by the group
management, covering a period up to 2027. The projected cash flows are based on historical numbers, our market share and the prices of our
products and services and adding a growth in the total market up to 2027. According to the management this is reasonable assumptions based on
the development of new products and technologies.
Key assumptions for value in use calculations
The following assumptions are used when deriving the cash flow:
Discount rate
The discount rate is deducted by a weighted average cost of capital (WACC) based on capital asset pricing model. The WACC is calculated to
11.9%, same as in 2020. The discount rate is reflecting the market rate of return relevant to the group and our CGUs. Cost of equity at 21.5% based
on a risk-free rate of 3,5%, market risk premium of 4,0%, a small stock premium on equity of 4,0% and group’s asset beta set to 1.35 up from 1.3 in
2020. Cost of debt set at 7,5% pre-tax reflecting current bond with a long term 3 months NIBOR of 1,5%. coming up from 0.5 in 2019. The
increase in cost of debt was offset by the reduction in share of equity in our capital structure. For Sweden and Denmark, we use 0,5% lower risk-free
rate.
EBITDA margin
EBITDA margins are based on historical and expected future profitability targets. Several distinct measures have been initiated in the group to
increase EBITDA margins going forward. The margins achieved in 2021 are not representative for normal operation as COVID-19 imposed
significant reductions in revenue and increase in cost through sick leaves and strict routines to prevent contamination amongst employees.
Growth rate
The growth rate in the discounted cash flow method is separated into two phases. The mid term phase running up to 2026 has an average growth of
5.2% where we target to regain some momentum after two years of COVID-19. From 2027 and onwards we model a steady state following our
inflation rate expectations at 2.5% same as last year.
Sensitivity analysis for key assumptions
A sensitivity analysis has been performed in order to determine if a reasonable change in key assumptions would cause the carrying amount to
exceed the recoverable amount, given that the remainder of the assumptions are constant. The calculation were performed for changes in key
assumptions for each CGU:
• A WACC analysis where WACC was increased with 15 %, would result in an impairment of NOK 53m
• A reduction in EBITDA margin by 15 %, would result in an impairment of NOK 77m
• A reduction in Growth rate at steady state by 15 %, would result in an impairment of NOK 0m
The results of the sensitivity analysis shows that from a current low valuation of the Group coming out of two years of pandemic, should either or
both the WACC increase, and the EBITDA reduction incur, the goodwill would have to be impaired.
Covid-19 impact
We do not expect long term negative impact on demand for our services due to Covid-19 pandemic. We experience that the demand for our
services are increasing along with a normalization of the society where a pandemic is no longer affecting our ways of living. In 2021 the repetitive
lockdowns and re-openings made it challenging to match our operations with right level of resources. In addition to higher volatility in activity,
governmental arrangements from 2020 which allowed for a flexible furlough strategy enabling us to adjust our salary costs, accordingly, were no
longer available. A tight labor market which forced us to hire resources further out in time over a longer period further increased our exposure to
sudden changes in the market.
Impairment of CGUs
The impairment test indicates a requirement to reduce goodwill in CGU's related to Swedish activities. In January 2022 the company Söders
Stadsbud AB filed for bankruptcy, with the effects taken in the balance for 2021. The goodwill in Sweden impaired with a total of NOK 26.9m in
2021, and NOK 6.0m in 2020. The remaining goodwill in the Group, NOK 206m is tested regularly for impairments according to the IFRS
standard. All CGUs are expected to generate a higher profitability than what they have done last two years, and this development is under close
surveillance.
Norway
Sweden
Denmark
WACC
11.9%
11.4%
11.4%
Growth rate long term
2.5%
2.5%
2.5%
The following assumptions were utilized when calculating value in use as of 2021
Impairment recognized in cash generating units
Relocation (5 125 686)
Assembly (10 107 712)
Tenant advisory (4 914 368)
Other (6 759 121)
Total (26 906 887)
Change in earnout recognised in 2021 (8 349 913)
Net effect on Equity (18 556 974)
39 FMG - Annual Report 2021
Note 16. Financial instrument categories and reconciliation of liabilities arising from financial activities
Categories of financial assets and financial liabilities
Acquired bonds and other financial assets
In 2020, the Group acquired 30 units, each of par value NOK 100k of its own outstanding bond. Presented as Other non-current assets in 2021
but was reported as net short-term interest-bearing debt in 2020. When calculating leverage ratio, the net debt is net of acquired bonds.
Non interest-bearing liabilities on balance sheet
A sellers credit to Realia at NOK 9.0m is classified as Other current liabilities in 2021, from Other non-current liabilities in 2020. Maturity October
2022.
The residual amount of a debt structure related to the lease contract in Østre Akersvei 95, NOK 7.6m is classified as Other non-current financial
liability. The liability is repaid through a yearly reduction in leasing cost.
31.12.2021
Financial instruments at
amortised cost
Total
Assets
Accounts receivable 51 574 467 51 574 467
Other short term receivables 7 158 589 7 158 589
Restricted escrow account
24 065 037 24 065 037
Cash and cash equivalents 27 066 059 27 066 059
Total Financial assets 109 864 152 109 864 152
Liabilities
Bonds 198 313 094 198 313 094
Bank loans 2 125 533 2 125 533
Accounts payable and other current liabilities 77 856 945 77 856 945
Total financial liabilities 278 295 572 278 295 572
31.12.2020
Financial instruments at
amortised cost
Total
Assets
Accounts receivable 57 873 512 57 873 512
Other short term receivables 18 300 409 18 300 409
Restricted escrow account 24 065 037 24 065 037
Cash and cash equivalents 44 061 685 44 061 685
Total Financial assets 144 300 643 144 300 643
Liabilities
Bonds 193 688 253 193 688 253
Bank loans 183 102 183 102
Accounts payable and other current liabilities 73 878 659
73 878 659
Total financial liabilities 267 750 014 267 750 014
Reconciliation of changes in liabilities arising from financing activities is shown in the tables below:
Non-cash changes
01.01.2021 Cash flows
Foreign exchange
movement
New leases Other 31.12.2021
Long-term borrowings 22 873 994 (20 748 461) - - 2 125 533
Short-term borrowings 193 688 253 - - 4 624 841 198 313 094
Lease liabilities 133 050 610 42 796 479 (2 150 471) 17 914 620 191 611 238
Total liabilities from financing activities 349 612 857 22 048 018 (2 150 471) 17 914 620 4 624 841 392 049 865
Non-cash changes
01.01.2020 Cash flows
Foreign exchange
movement
New leases Other 31.12.2020
Long-term borrowings 193 894 404 (193 894 404) - - 22 873 994 22 873 994
Short-term borrowings - 193 202 304 - - 485 949 193 688 253
Lease liabilities 93 419 314 (14 745 848) 1 161 348 53 215 795 - 133 050 610
Total liabilities from financing activities 287 313 718 (15 437 948) 1 161 348 53 215 795 23 359 943 349 612 857
2021
2020
40 FMG - Annual Report 2021
Note 17. List of subsidiaries
The following subsidiaries are included in the 2021 consolidated financial statements:
The new subsidiaries acquired has been consolidated as of date of acquisition, see Note 23.
In beginning of 2022 the Group terminated Relokator Söder Stadsbud AB.
The following subsidiaries are included in the 2020 consolidated financial statements:
Company
Country of
incorporation
Tenant
Advisory
Business
Relocation
Logistics &
Assembly Other
Ownership share
and voting power
(31.12.2021)
First Mover Group AS
Norway
X
100%
Relokator AS
Norway
X X X
100%
Realia AS
Norway
X
100%
Relokator Sverige AB
Sweden
X
100%
Relokator Söder Stadsbud AB
Sweden
X X
100%
AB Move4U i Syd
Sweden
X X X
100%
Resultat Projektledning Sverige AB
Sweden
X X
100%
First Mover Group Danmark Aps
Denmark
X X X X
100%
First Mover Group Deutschland GmbH (HRB17974)
Germany
X X X
100%
Company
Country of
incorporation
Tenant
Advisory
Business
Relocation
Logistics &
Assembly Other
Ownership share
and voting power
(31.12.2019)
First Mover Group AS
Norway
100%
Relokator AS
Norway
X X
100%
Relokator Drift AS
Norway
X X
100%
Bemann AS
Norway
X X X
100%
Relokator Montasje AS
Norway
X
100%
Realia AS
Norway
X
100%
Realia Prosjektrådgivning AS
Norway
X
100%
Bemann AB
Sweden
X X X
100%
RT Inreco Gøteborg AB
Sweden
X X
100%
Relokator Sverige AB
Sweden
X
100%
Relokator Söder Statsbud AB
Sweden
X
100%
41 FMG - Annual Report 2021
Note 19. Cash and cash equivalents
Cash and cash equivalents in the balance sheet and the cash flow statement includes cash, bank deposits and all other monetary instruments with a
maturity of less than three months from the date of acquisition and are measured at nominal value.
First Mover Group operates a cash pool in NOK where wholly owned subsidiaries participate. Such cash pool arrangements facilitate netting of
cash positions within the group, thereby reducing the requirement for external financing, and centralizing management of aggregated positions.
Use of the Escrow account is regulated by the bond terms. Any subsequent release from the Escrow account shall be applied toward finance
acquisitions of companies and/or assets provided that:
(1) if the leverage ratio of the group is below 3.25:1 up to 100 percent of the Acquisition price can be financed with funds from the Escrow
account
(2) if the leverage ratio of the group is above 3.25:1, maximum 50 percent of the Acquisition price can be financed with funds from the Escrow
account
Leverage ratio is calculated Net Debt to EBITDA. Net Debt is adjusted pro forma to exclude the cash consideration of the Acquisition Price. See
Note 21 for further information regarding bond covenants.
Note 18. Accounts receivables
Trade accounts receivables are non-interest bearing. See the table below for an ageing analysis of trade accounts receivables. The amount of pre-
invoiced revenues at year-end is limited. See Note 16 for description of the Group’s credit risk management.
Accounts receivables 31.12.2021 31.12.2020
Trade account receivables
45 014 617 48 498 171
Earned not billed
6 916 553 10 435 843
Total accounts receivables (Gross) 51 931 170 58 934 014
Allowance for expected credit losses -356 703 -1 060 502
Total accounts receivables (Net) 51 574 467 57 873 512
31 December 2021 Current
<30
days
30-60
days
61-90
days
>91
days Total
Trade accounts receivables 37 855 328 2 311 547 1 302 987 1 522 251 2 022 503 45 014 617
Expected credit loss 356 703 356 703
31 December 2020 Current
<30
days
30-60
days
61-90
days
>91
days Total
Trade accounts receivables 26 521 214 11 769 094 5 103 109 1 988 870 3 115 884 48 498 171
Expected credit loss 1 060 502 1 060 502
Bad debt expenses 2021 2020
Losses on accounts receivables 848 871 149 897
Increase in allowance for credit losses 224 083
Bad debt expenses 848 871 373 980
Aging of trade account receivables
Days past due
Aging of trade account receivables
Days past due
31.12.2021 31.12.2020
Cash and cash equivalents 27 066 059 44 061 685
Restricted escrow account 24 065 037 24 065 037
Cash and cash equivalents in the balance sheet 51 131 096 68 126 722
42 FMG - Annual Report 2021
Dividend paid and proposed
Treasury shares
Note 20. Share capital, shareholder information and dividend
Changes to share capital and premium:
All issued shares have equal voting rights and the right to receive dividend.
For computation of earnings per share and diluted earnings per share see Note 11.
In 2021 the group issued no new equity through the issuance of any new shares.
2021 2020
Ordinary shares
Dividend paid per share 0 0
Total 0 0
Overview of change in number of treasury shares
Number of
shares
Percent of
the
sharecapital
Number of treasury shares as of 31.12.2019 -
Share capital increase in 2020 (80 751 shares shall be issued from the acquisition of Resultat) -
Number of treasury shares as of 31.12.2019 - 0,00 %
Main shareholders on 31 December 2021
Number of shares
Ownership %
Competitore AS (owned by Group CEO and Chairman Tore Martinsen)
9 860 294
74.9%
Calobra AS (owned by board member Eric Øverby)
1 439 100
10.9%
Vangbo Invest AS (owned by Mats A. Vangbo)
408 857
3.1%
Bjerke Eiendom AS (owned by Anders Bjerke, FMG Norge CEO)
344 092
2.6%
Hallin AS
104 175
0.8%
Dresen AS
89 268
0.7%
GGC AS (owned by board member Jacob Gravdal)
76 460
0.6%
Percam AS
71 210
0.5%
Eirik Arnø (FMG Norge COO)
70 400
0.5%
Celcas AS
65 848
0.5%
Others
720 270
5.4%
Total shares
13 249 974
100%
2021 2020 2021 2020 2021 2020
Ordinary shares
Issued and fully paid 1 January 13 249 974 13 169 323 132 500 131 693 77 421 560 75 858 767
Share options exercised - - - - - -
Issued new share capital - 80 651 - 807 - 1 562 793
Transaction cost - - - - - -
31 December 2021 13 249 974 13 249 974 132 500 132 500 77 421 560 77 421 560
Share premium
Number of shares
Share capital
43 FMG - Annual Report 2021
Note 21. Loans
The effective interest rate is a calculated weighted average.
In September 2019, the Group issued a series of senior secured bonds at the maximum amount of NOK 400 million, whereof NOK 200 million is
drawn as of 31 December 2021. The bond matures on 20 September 2022 and the interest rate for the bond is 3-month NIBOR plus a margin of
6.00%. The net proceeds from the initial bond issue is used to refinance existing debt, financing acquisitions and growth initiatives, in addition to
general corporate purposes as described in the bond terms. The bond is secured by share pledge over the material subsidiaries and asset pledges of
bank accounts, accounts receivables and other operating assets in the material subsidiaries limited to NOK 1.3 billion.
The Group undertakes to comply with the following financial covenants at all times during the term of the bond issue:
(i) Leverage ratio: The leverage ratio shall not exceed 5.50:1
(ii) Minimum liquidity: the liquidity shall at all times be minimum NOK 10 million.
The definitions used in the financial covenants calculating for leverage ratio is regulated in the bond terms and may differ from the other
definitions. Leverage ratio is calculated as Net Debt to EBITDA. For the purpose of the calculation of the financial covenants, Net Debt is
calculated adjusted for IFRS 16 effects (lease or hire contracts which would, in accordance with GAAP or IFRS in force prior to 1 January 2021
have been treated as an operating lease, shall still be treated as operating leases), and presented net of acquired bonds by the Group.
Since Q4 2021, the group is not in compliance with its normal Leverage ratio covenant. On the 15 March 2022, the Group received a waiver from
Bondholders allowing a modified Leverage ratio through April 2022 and further a written Bondholders’ resolution on the 12 April 2022 extending
the waiver period until end of May 2022. A process towards Bondholders is initiated to find a more sustainable solution and expected to conclude
by end of May 2022. Note 2 and 24.
Nominal amount
Effective interest rate
Maturity date
2021
2020
Secured
Bond issue
NIBOR + 6%
20 September 2022
200 000 000
200 000 000
Total secured long
-term loan
200 000 000
200 000 000
The Group has the following outstanding secured short- and long-term loan commitments:
44 FMG - Annual Report 2021
Note 22. Contractual obligations and contingent liabilities
The Group does not have any material contractual obligations or off-balance sheet agreement not reflected in the financial statement.
The Group is through its ongoing business operations exposed to litigation and claims from customers and public authorities. These are usually
guarantee claims or claims for damages as a result of injury to persons or damage to property that has arisen due to the use of the company’s services.
The company is experiencing one material claim in FMG Denmark amounting to DKK 4.0m. The case regards a robot that was moved on a date
when it was not prepared for transport. Under the contract with the customer, a general industry standard limitation of liability for goods under
transport limits the liability for the contractor to DKK 50,000. The customer claims that this limitation is not relevant due to amongst other, that
the fault happened prior to transportation and that gross negligence was conducted from contractor’s side. Should this case be described as damage
under a transport assignment, we have a contractual limitation at DKK 50,000. Should this fault be regarded as something outside a transport
assignment, the Group has a liability insurance. Independent of the outcome, the Group believes to have a solid case and expect limited loss due to
this claim. As a consequence, the Group has not included the claim as a liability in our balance sheet.
Note 23. Business combinations
General note of the Group’s acquisitions
The group and all our subsidiaries as well as our target companies are asset light companies with values primarily related to its intangible assets. In
such, the underlying values in our corporate acquisitions mainly consist of people, market positions and know how. As a consequence of acquiring
asset light companies, we build up a considerable amount of goodwill.
Acquisitions in 2021
The Group did not do any acquisitions in 2021.
Acquisitions in 2020
Acquisition of AB MOVE4U i SYD
On 26 May 2020, the group acquired 100% of the shares of AB MOVE4U I SYD (Move4U). The company provides logistics and consulting
services in the Southern part of Sweden. Through the acquisition of Move4U the group will complete its position in the three largest cities in
Sweden and be able to copy our position in Norway where we can provide a consisted service throughout the country's most populated areas. The
group expects significant synergies between the Swedish companies to unite into one strengthened group with geographic reach and improved
service offerings backed with increased sales resources. The revenue pre acquisition was NOK 18.4 m and the result NOK -1.3 m. The full year
revenue was NOK 31.4 m and the full year result NOK -2.0 m.
The goodwill contains the identified excess value of synergy effects and inseparable intangible assets. The identified inseparable intangible asset was
assembled workforce. The workforce is skilled and costly to replace. The companies assembled work force has been deemed inseparable as the
contracts of the employees can't be readily be moved from the company.
Acquisition of Adams Transport Co. Aps
On 30 May 2020, the group acquired 100% of the assets and business Adams Transport Co. ApS, (Adam) from SIRVA International through a
carve out. Adam is one of Denmark's longest living companies with a solid market position. Adam provides business relocation and some tenant
advisory services. Adam also provides relocation and storage services to housing associations in relation to renovation projects. Through Adam the
group will expand and strengthen the service offering to be able to provide the full FMG offering in Denmark. Adam presented a Revenue of NOK
15.6 m pre acquisition and a result of NOK 0.4 m. The full year revenue was NOK 38.5m and the result was NOK -0.2 m.
The goodwill contains the identified excess value of synergy effects and inseparable intangible assets. The identified inseparable intangible asset was
assembled workforce. The workforce is skilled and costly to replace. The companies assembled work force has been deemed inseparable as the
contracts of the employees can't be readily be moved from the company.
Acquisition of Resultat Projektledning Sverige AB
On 31 October 2020, the group acquired 100% of the shares in Resultat Projektledning Sverige AB. The company provides tenant advisory services
in the three largest cities in Sweden (Stockholm, Gothenburg and Malmö) with office in Gothenburg. Through this acquisition the group sees a
significant potential for synergies to improve both revenue and margins in the Swedish companies by combining market intel and projects with
each other. Resultat Projektledning Sverige AB had a revenue of NOK 7.8 m pre acquisition and a result of NOK 1.2 m the full year revenue was
NOK 11.7 m and the full year result NOK 1.2 m.
The Goodwill contains the identified excess value of synergy effects and inseparable intangible assets. The company can provide the Group the
ability to take a leading national position within tenant advisory and workspace consultancy in Sweden. The identified inseparable intangible assets
were their own developed workplace consulting tool called NXTSTP and assembled workforce. The workforce is skilled and costly to replace. The
companies assembled work force has been deemed inseparable as the contracts of the employees can't be readily be moved from the company.
45 FMG - Annual Report 2021
Transactions and Fair Value Acquisitions 2021
No transactions were performed in 2021
Transactions and Fair Value Acquisitions 2020
Fair Value
The fair value of the identifiable assets and liabilities at the date of acquisition were:
Assets
Adams
MOVE4U
Resultat AB
Non
-current assets
57 308
3 314 637
864 240
Current assets
0
13 080 999
3 391 440
Total Assets
57 308
16 395 636
4 255 680
Liabilities
Non
-current liabilities
0
5 563 167
375 440
Current liabilities
0
8 723 733
1 674 400
Total Liabilities
0
14 286 900
2 049 840
Total identified net assets
57 308
2 108 735
2 205 840
Goodwill arising on acquisition
9 791 018
18 698 996
12 324 416
Purchase consideration transferred
9 848 326
20 807 731
14 530 256
In addition, the following minor acquisitions have taken place during 2020:
100% of the shares in Blitz B20-269 GmbH were acquired on 15 July 2020.
The acquired unit has from the date of acquisition until 31 December 2020 contribute to the Group’s revenues by NOK 81.6 million and profit
before taxes by NOK 0.1 million in 2020.
Changes in Earn-out liabilities 2021
In 2021 the Group reduced the amount of expected earn-out liabilities in our balance sheet related to the acquisition of Move4U and Resultat AB
by NOK 8.5m. See Note 15 under Impairment of CGUs.
Transaction details
Transaction time
Adams
MOVE4U
Resultat AB
Cash payments
2020
7 304 191
8 580 000
6 314 256
Share payment
2020
-
-
1 560 000
Assumed liabilities
2020
2 544 134
-
-
Earn
-out Cash
Future payment
-
7 673 866
1 612 000
Earn
-out Shares
Future payment
-
4 553 866
5 044 000
Total NOK
9 848 326
20 807 731
14 530 256
Impairment
As a consequence of Covid-19 an impairment of NOK 26m has occurred see note 15. The impairment occurred on the Swedish companies,
primarily on Søder Stadsbud AB which on 13 January 2022 filed for bankruptcy. The expected earn-out of future payments to Move4U and
Resultat SE were reduced by NOK 8.3m in 2021. The effect of the reduction in future obligations are reported at Other Operating Revenue.
46 FMG - Annual Report 2021
Note 24. Events after the balance sheet date
The Group is currently not in compliance with its Bond Covenants and has been sued by a client in Denmark as result of a damaged asset. See Note
2 and 22 for further information.
Note 25. Related parties' transaction
Competitore AS is a company owned by Tore Martinsen, the Group CEO and Chairman.
During parts of 2021 Tore was not employed by the Group and had a going consultancy-based engagement to the Group, in addition as the
Chairman of the Board. In this period, Erik Arnø had the role as Group CEO. When Mr. Arnø stepped down from the CEO role, Mr. Martinsen
was again employed by the Group.
Payments from Group to Competitore AS in 2021 was NOK 1 596 394, which consist mainly of consultancy fees and various outlays to the
Group like Workplace licenses of approximately NOK 120 000 per year, costs incurred during travel and coverage on social events.
Alternative Performance Measure
The Group uses Earnings before interest, tax, depreciation, amortization and impairment losses (EBITDA) as a key financial parameter. The
EBITDA represents operating profit plus depreciation and impairment losses.
2021 2020
Operating profit -26 912 609 18 205 705
Depreciation 31 869 810 22 401 359
Impairments 33 257 345 112 613
EBITDA (IFRS) 38 214 546 40 719 676
EBITDA Adjusted Pro-forma (NGAAP)
Effect from IFRS 16 -33 107 374 -22 226 598
Other changes
Exceptional items (one off)
Exceptional revenue -8 349 913 -
Exceptional cost 7 264 902 9 565 000
Pro forma adj. to EBITDA 1 - -64 391
EBITDA Adjusted Pro-forma (NGAAP) 4 022 161 27 993 687
47 FMG - Annual Report 2021
48
(amounts in NOK)
FMG - Annual Report 2021
FMG Holding AS (NGAAP)
Notes 2021 2020
Continuing operations
Revenue from contracts with customers
-
-
Other operating income
2 028 716
41 949
Total revenue
2 028 716
41 949
Cost of goods sold
-
-
Salary and personnel cost
2
439 285
215 194
Other operating expenses
5 518 503
5 269 651
Total operating expenses
5 957 788
5 484 845
Operating profits
(3 929 072)
(5 442 896)
Income from investment in subsidiaries
7
12 884 150
17 080 915
Interest income from group companies
7
3 893 400
3 264 717
Other financial income
201 506
85 782
Total financial income
16 979 056
20 431 414
Other interest expenses
13 462 634
14 181 635
Other financial expenses
-
-
Total financial expenses
8
13 462 634
14 181 635
Net financial items
3 516 422
6 249 779
Profit before tax
(412 650)
806 883
Income tax expense
9
-
-
Profit after tax from continuing operations
(412 650)
806 883
Profit for the year from total operations
4
(412 650)
806 883
Attributable to:
Transferred to other equity
(412 650)
806 883
Total transfers and other dispositions
(412 650)
806 883
49
(amounts in NOK)
FMG - Annual Report 2021
FMG Holding AS (NGAAP)
Notes 31.12.2021 31.12.2020
ASSETS
Non
-current assets
Investments in subsidiaries
7
152 748 501
152 748 501
Loans to group companies
6
74 046 203
85 452 803
Right
-of-use assets
-
-
Intangible assets
-
-
Goodwill
-
-
Deferred tax assets
-
-
Property, plant and equipment
-
-
Other long
-term receivables
-
-
Total non
-current assets
226 794 704
238 201 304
Current assets
Inventories
-
-
Receivables from group companies
6
31 547 333
18 716 251
Other short
-term receivable
216 776
209 061
Cash and cash equivalents
3
24 567 039
24 081 833
Total current assets
56 331 149
43 007 145
TOTAL ASSETS
283 125 852
281 208 449
EQUITY AND LIABILITIES
Equity
Share capital
4,5
132 500
132 500
Share premium
77 421 559
77 421 559
Total paid in capital
77 554 059
77 554 059
Other equity
6 811 395
6 811 045
Non
-controlling interest
-
-
Total other equity
6 398 395
6 811 045
Total equity
83 952 454
84 365 105
Non
-current liabilities
Interest
-bearing loans and borrowings
-
-
Long
-term Bond 8
-
-
Non
-current lease liabilities
-
-
Other non
-current financial liabilities
-
-
Deferred tax liabilities
-
-
Total non
-current liabilities
-
-
Current liabilities
Current leases liabilities
-
-
Short
-term interest-bearing debt 8
1968 313 094
196 063 898
Accounts payable and other current liabilities
860 304
779 446
Liabilities for current tax
-
-
Total current liabilities
199 173 398
196 843 344
Total liabilities
199 173 398
196 843 344
TOTAL EQUITY AND LIABILITIES
283 125 852
281 208 449
50
(amounts in NOK)
FMG - Annual Report 2021
FMG Holding AS (NGAAP)
Notes 2021 2019
Cash flow from operating activities
Profit/Loss before tax
(412 650)
806 883
Changes in accounts payable
96 506
86 057
Changes in accruals
(1 507 260)
1 344 850
Net cash flow from operating activities
(1 823 404)
2 237 790
Cash flow from investing activities
Purchase / Sale of shares and other long
-term liabilities
-
-
Acquisition of subsidiary, net of cash acquired
-
-
Net cash flow used in investment activities
-
-
Cash flows from financing activities
Proceeds from bond
-
Payment of bond fees
2 169 494
2 169 494
Payment of new share capital
-
-
Loans to Group Contribution
6
139 118
(37 071 551)
Repayment of borrowings
-
-
Net cash flow from financing activities
2 308 612
(34 902 057)
Net change in cash and cash equivalents
485 208
(32 664 267)
Cash and cash equivalents 1 January 2021
24 081 831
56 746 098
Cash and equivalents at end of period
24 567 039
24 081 831
THE BOARD OF DIRECTORS OF FIRST MOVER GROUP HOLDING AS
SKØYEN, 2 MAY 2022
51
Note 1. General information, basis for preparation
and significant assumptions
Accounting principles
The annual accounts have been prepared in accordance with the
Norwegian Accounting Act and generally accepted accounting
principles
Tax
The tax expense in the income statement includes both the tax payable
for the period and the change in deferred tax. Deferred tax is calculated
at 22% on the basis of the temporary differences that exist between
accounting and tax values, as well as tax losses carried forward at the
end of the financial year. Tax-increasing and tax-reducing temporary
differences such as reverses or can be reversed in the same period is
settled and net.
Classification and assessment of fixed assets
Fixed assets include assets intended for permanent ownership and use.
Fixed assets are valued at acquisition cost, less depreciation and write-
downs. Long-term debt is capitalized nominal amount at the time of
the transaction.
Property, plant and equipment are capitalized and depreciated over
the asset's economic life. Essential fixed assets that consist of several
significant components with different lifetimes are decomposed with
different depreciation period for the various components. Direct
maintenance of fixed assets is expensed ongoing under operating costs,
while costs or improvements are added to the cost of the fixed asset
and depreciated in line with the fixed asset. Property, plant and
equipment are written down to the recoverable amount impairment
that is not expected to be temporary. Recoverable amount is the
highest of net sales value and value in use. Value in use is the present
value of future cash flows associated with the asset. The write-down is
reversed when the basis for the write-down is no longer present
Classification and assessment of current assets
Current assets and current liabilities normally include items that fall
due for payment within one year after the balance sheet date, as well as
items related to the product cycle. Current assets are valued at the
lowest value of acquisition cost and fair value. Current liabilities are
capitalized at a nominal amount of the time of the transaction.
Subsidiaries
Subsidiaries and associated companies are valued according to the cost
method in the company accounts. The investment is valued at
acquisition cost for the shares unless there has been a write-down
necessary. A write-down to fair value has been made when impairment
is due to reasons that cannot is expected to be temporary and it must
be considered necessary in accordance with generally accepted
accounting principles. Write-downs are reversed when the basis for
impairment is no longer present.
Dividends, group contributions and other distributions from
subsidiaries are recognized as income in the same year as they are set
aside in the subsidiary's accounts. Exceeds the dividend / group
contribution after the share of earned profit the time of acquisition,
the excess part represents repayment of invested capital, and the
distributions are deducted from the value of the investment in the
balance sheet of the parent company.
Receivables
Accounts receivable and other receivables are stated at face value after
deduction of provisions to expected loss. Provisions for losses are made
on the basis of an individual assessment of the individual receivables.
For other accounts receivable, an unspecified provision is made to
cover expected losses on claims. When accounting for pensions, the
linear earnings profile and expected final salary are as earnings basis
used as a basis.
Financial liabilities
The Group has financial liabilities measured at amortized cost.
Financial liabilities at amortized cost consists largely of loans, accounts
payable and other current liabilities. These obligations are recognized
first at fair value less transaction costs and then measured at amortized
cost through effective interest method.
Cash and Cash equivalents
Cash and the equivalents include cash on hand, deposits with banks
and other short-term highly liquid investments with original
maturities of three months or less.
FMG - Annual Report 2021
FMG - Annual Report 202152
Note 2. Salary and personnel costs and management renumeration
Salary and personnel cost
2021 2020
Salaries and holiday pay
0
0
Social charges
64 155
31 584
Pension costs defined contribution plans
0
0
Other personnel costs
455 000
224 000
Total salary and personnel costs
519 155
255 584
Number of full
-time equivalents (FTEs) that has been employed during the financial year
0
0
Pension obligations
The association is not obliged to have an occupational pension scheme under the Act on Mandatory Occupational Pensions.
Management and board renumeration
General Manager Board of Directors
Salaries and holiday pay
0
0
Other renumeration
0
455 000
Total management and board renumeration
0
455 000
Specification of auditor’s fee
2021
Statutory audit
713 666
Other assurance services
-
Tax consultant services
-
Total
713 666
Note 3. Cash and cash equivalents
31.12.2021
31.12.2020
Cash
502 002
16 796
Restricted cash
24 065 037
24 065 037
Cash and cash equivalents in the balance sheet
24 567 039
24 081 833
Tax deductions per 31 December 2021 amount to NOK 0.
Restricted cash on 31 December 2021 is placed in an Escrow account related to the bond obligation of NOK 200 million.
Note 4. Share capital
Share capital Share premium
Translation
differences Other equity Total equity
Equity as of 31.12.2019
131 692
75 858 767
-
6 811 045
82 801 505
Issue of share capital and share premium
808
1 562 792
-
1 563 600
Profit for the period
-
-
(412 650)
(412 650)
Other comprehensive income
-
-
-
-
-
Equity as of 31.12.2021
132 500
77 421 559
-
6 398 395
83 952 455
53 FMG - Annual Report 2021
Main shareholders on 31 December 2021
Number of shares
Ownership %
Competitore AS (owned by Group CEO and Chairman Tore Martinsen)
9 860 294
74.9%
Calobra AS (owned by board member Eric Øverby)
1 439 100
10.9%
Vangbo Invest AS (owned by Mats A. Vangbo)
408 857
3.1%
Bjerke Eiendom AS (owned by Anders Bjerke, FMG Norge CEO)
344 092
2.6%
Hallin AS
104 175
0.8%
Dresen AS
89 268
0.7%
GGC AS (owned by board member Jacob Gravdal)
76 460
0.6%
Percam AS
71 210
0.5%
Eirik Arnø (FMG Norge COO)
70 400
0.5%
Celcas AS
65 848
0.5%
Others
720 270
5.4%
Total shares
13 249 974
100%
2021
2020
Dividend paid per share
0
0
Total
0
0
Dividend paid and proposed
Overview of change in number of treasury shares
Number of shares
Percent of the share capital
Number of treasury shares as of 1 January 2021
-
Number of treasury shares as of 31 December 2021
-
0%
Treasury shares
Note 5. Share capital, shareholder information and dividend
Changes to share capital and premium:
Number of shares Share capital Share premium
2021 2020 2021 2020 2021 2020
Ordinary shares
Issued and fully paid 1 January
13 249 974
13 169 323
132 500
131 693
77 421 560
75 858 767
Share options exercised
-
-
-
-
-
-
Issued new share capital
-
80 651
-
807
-
1 562 793
Transaction cost
-
-
-
-
-
-
31 December 2021
13 249 974
13 249 974
132 500
132 500
77 421 560
77 421 560
54 FMG - Annual Report 2021
Note 6. Receivables, liabilities and transactions within the Group
Receivables from group companies are included in the accounting items with the following amounts:
Receivables
2021 2020
Received group contribution
18 644 515
15 882 652
Other current receivables
12 902 818
1 648 498
Other long
-term receivables
74 046 203
85 452 803
Total receivables
105 593 536
102 983 953
Transactions within the Group
2021
2020
Sales revenues
0
0
Interest income from group companies
3 893 400
3 264 717
Interest expenses to group companies
0
0
Compensation expenses charged the Group
0
0
Note 7. Investments in subsidiaries
Subsidiary
Ownership
Book value
Annual result 2021
Equity
(31.12.2021)
Dividend to
FMG H 2021
First Mover Group AS
100%
152 748 501
(2 281 991)
11 478 494
12 884 150
Note 8. Bond loans
In September 2019, the Group issued a series of senior secured bonds at the maximum amount of NOK 400m, whereof NOK 200m is drawn as of
31 December 2021. The bond matures on 20 September 2022 and the interest rate for the bond is 3-month NIBOR plus a margin of 6.00%. The
net proceeds from the initial bond issue is used to refinance existing debt, financing acquisitions and growth initiatives, in addition to general
corporate purposes as described in the bond terms. The bond is secured by share pledge over the material subsidiaries and asset pledges of bank
accounts, accounts receivables and other operating assets in the material subsidiaries limited to NOK 1.3bn. By 31.12.2021 and as of this report is
being made, the Group is not in compliance with the bond covenants. A process with the bondholders is being entertained to find a long term
sustainable solution. See note 21 and 24 in Group consolidated financial statement.
The Group undertakes to comply with the following financial covenants at all times during the term of the bond issue:
(i) Leverage ratio: The leverage ratio shall not exceed 5.50:1
(ii) Minimum liquidity: the liquidity shall at all times be minimum NOK 10m.
The definitions used in the financial covenants calculating for leverage ratio is regulated in the bond terms and may differ from the other
definitions. Leverage ratio is calculated as Net Debt to EBITDA. For the purpose of the calculation of the financial covenants, Net Debt is
calculated adjusted for IFRS 16 effects (lease or hire contracts which would, in accordance with GAAP or IFRS in force prior to 1 January 2021
have been treated as an operating lease, shall still be treated as operating leases).
Nominal amount
Effective interest rate
Maturity date
2021
2019
Secured
Bond issue
NIBOR + 6%
20 September 2022
200 000 000
200 000 000
Total secured long
-term debt
200 000 000
200 000 000
55 FMG - Annual Report 2021
Note 9. Deferred tax assets
Specification of this year's tax expense:
Note 9. Events after the balance sheet date
See Note 2 and 24 in FMG Group’s 2021 Annual Report.
Income tax expense:
2021 2020
Tax payable
-
-
Correction of previous period income taxes
-
-
Changes in deferred tax
-
-
Effect of changes in tax rate
-
-
Tax expenses
-
-
A reconciliation of the effective tax rate:
2021
2020
Pre
-tax profit (including discontinued operations)
(412 650)
806 883
Permanent differences
(12 471 500)
(16 394 811)
Temporary differences
-
-
Recognized group contribution
12 884 150
17 080 915
Tax base
-
-
Deferred tax and deferred tax assets
31.12.2020
31.12.2020
Tax expense
-
-
177 514
Tax on received group contribution
-
177 514
Tax payable in the balance sheet
-
-
FMG - Annual Report 202156
FMG - Annual Report 202157
FMG - Annual Report 202158
FMG - Annual Report 202159
TOTAL REVENUE
Sales Net of VAT.
EBITDA
Earnings before interest,
tax, depreciations and
amortization.
EXCEPTIONAL ITEMS
Items that are unusual or
infrequent in their nature.
EBIT
Earnings before interest and tax.
NET INTEREST
EXPENSE/INCOME
Financial income minus financial
expenses including exchange
rate differences related to
financial assets and liabilities.
From a presentation standpoint,
certain individual figures
may therefore differ from the
computed totals.
This report has not been subject audit.
A company’s workplace is its main physical perimeter which should encourage employees to perform their daily
work in an efficient manner. It is the main display of a company’s values, put into practice. The workplace also
represents a significant cost, not only to the firm’s financial statements, but also to our environment. Commercial
real-estates denote a heavy burden to the environment through construction and operation. The footprint is
depending on a building’s technical characteristics and how well we utilize its spaces. A conscious management of
your workplace can represent large savings, both financially and environmentally.
60 FMG - Annual Report 2021
Strandveien 50
1366 Lysaker
Norway
61 FMG - Annual Report 2021