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EBITDA of NOK 42.9 million (35.6). The company continues to experience limited
business impact from the Covid-19 situation and has a solid platform for further
profitable growth and expansion.
“Self Storage Group had a solid second quarter with safe operations and
profitable growth. We continue to experience limited business impact from the
Covid-19 pandemic, proving the resilience and robustness in the business model,
but monitors the situation closely,” says Fabian Søbak, Chief Executive Officer
of Self Storage Group.
Self Storage Group had revenues of NOK 71.7 million in the second quarter of
2020 (61.0), and an adjusted EBITDA of NOK 42.9 million (35.6). The revenue
growth follows the acquisition of Eurobox Minilager AS (Eurobox), opening of new
facilities and expansions, growth in occupancy for facilities opened the last
years, and increased revenues from mature sites with higher average rent per m2.
The profit before tax ended at NOK 9.6 million (18.6), following an increase in
finance expenses, partly related to two interest swaps. The current lettable
area has increased with 20 100 m2 since June 2019. The average occupancy in the
second quarter of 2020 for sites with more than 12 months of operation was 82%
(85%), with an average rent per m2 of NOK 2 349 per year (NOK 2 338).
"SSG has a proven track-record in developing an attractive portfolio of self
-storage facilities, leveraging on a lean and operationally focused organization
to increase margins and targeting additional growth, mainly through freehold
properties. We also see additional opportunities through already acquired
development projects and low-cost expansion within existing facilities, Søbak
adds.
The fair value of freehold investment properties increased to NOK 1 204 million
at the end of the quarter and the loan to value of freehold investment property
was 42%. Self Storage Group operates 113 facilities across Scandinavia with a
current lettable area of 142 100 m2.
“SSG is entering the second half of 2020 with a solid balance sheet, a strong
cash position and is well positioned to continue the profitable growth. We
maintain the target of developing 10 000 m2 in current lettable area in 2020 and
reiterate our strong long-term market outlook,” Søbak concludes.
The Board of Self Storage Group announced 31 January 2020 a strategic review of
the company. This review has now been ended with the conclusion that what is
likely to serve shareholders best at present is to continue the growth and
strategy of Self Storage Group as an independent and listed company.
The second quarter 2020 report and presentation are enclosed. The results will
be presented at 08:00 CET
at Felix Conference Centre, Bryggetorget 3, Oslo. The presentation will be held
by CEO Fabian Søbak and CFO Cecilie Brænd Hekneby.
The presentation will be broadcasted live on https://www.selfstoragegroup.no/web
-cast/
For additional information, please contact:
Cecilie Brænd Hekneby, CFO, +47 99 29 38 26
About Self Storage Group|www.selfstoragegroup.no
Self Storage Group ASA engages in the business of renting out self-storage units
to both private individuals and businesses through the two concepts; OK
Minilager and City Self-Storage. The company is one of the leading self storage
providers in Scandinavia with a particularly strong position in the Norwegian
market. Self Storage Group operates 113 facilities across Scandinavia with a
current lettable area of 142 100 square meters.
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